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The Financial Situation
ITHIN the past day or two word has come
W
from Washington that the President and his
!tdvisors are
in coming to grips with it. It is none too early for
the sensible elements in the business community
and elsewhere to begin with vigor to marshall their
forces for what may be and ought to be a decisive
struggle for common sense in American life.
at work upon a broad "program" of
legislation designed to give effect to what they are
pleased to term "social and economic reform."
According to current accounts, the whole matter
The Legislative Situation
will be under intensive study by members of the
Administration and of Congress during the summer
HE time has arrived at which Congress was
with the intention of making definite recommendaexpected to adjourn. It is clear enough now,
tions to Congress next January. The "program," however, that several weeks may elapse before adas envisaged by the "brain trust" and apparently journment, and some of the events of the latter part of
by the President himself, embraces the establish- the past week indicate a distinct possibility of a still
ment of a permanent Labor Board, ostensibly to further deferment of the day when Congress will
"settle" labor disputes" but in reality to "protect" finish the work that the President has set for it to
labor, public unemployment, old age and sickness do. Indeed, it is not yet clear just what legislation
insurance, a permanent syswill find its way to the
tem of public relief, amendstatute books during the
ment of the minimum wage
current session. WashingDisregarding Facts.
provisions of the National
dispatches of the past
ton
"There is nothing unsound about inIndustrial Recovery Act in
few days assert that the.
surance of bank deposits, and no one
who really understands public opinion
order to "relate" such wages
President has become so
can for a moment believe that the American
to the cost of living, and
anxious to "get Congress
people will ever approve its abandonment.
further injection of the FedIt is no more unsound than to insure
off his hands" that he has
against death, fire, disasters at sea or the
eral Government into the
reduced the length of
again
honesty of men handling large sums of
housing business.
his list of "necessary" measmoney."—John H. Fahey, Chairman of the
Federal Home Loan Bank Board, in an
Apparently the whole efures, leaving off his program
address on Wednesday before the National
fort is viewed by the Adeven such bills as that inAssociation of Mutual Savings Banks.
It is the willingness of public officials
ministration as a sort of
tended to stimulate home
to make statements of this sort in utter
platform upon which the
renovation and construction
disregard of the facts that is responsible
Congressional elections are
for much of the apprehension so widely
from which Administration
felt in the business community to-day.
to be conducted during the
spokesmen for a good while
It would be much closer the truth to
coming summer and autumn.
past have been predicting
assert that there is nothing sound in the
Details either have not yet
system of insurance of bank deposits that
a
vigorous stimulation of the
is in force in this country at present, and
been formulated or else
heavy industries.
so-called
modeven
a
has
who
no
one
to add that
have been omitted from
erate acquaintance with the history of
A
Hornets'
Nest in the
the "experiments" of several American
Senate
semi-official announcements
communities in guaranteeing bank deso far vouchsafed. But the
Meanwhile,however,Senposits, or who "really understands" anything about banking, can for a moment
ator
Fletcher seems defiPresident is said to be planagree with this remarkable assertion of
ning to lay the matter in
nitely
to have assumed too
Board.
the head of the Home Loan Bank
The best way, and indeed the only debroad outline at least before
much in excluding Senators
pendable way, to insure bank deposits is
Congress and the country
Glass and Wagner from the
to encourage and indeed to demand sound
during the next week or ten
management of the banks. Certainly it
Conference Committee to
would be difficult to find any of this kind
days. This message is exwhich negotiations with the
of insurance of bank deposits in any of
pected apparently to be
the recent acts of Congress or in many
House concerning the Naof the policies of our banking officials.
fully as concrete as is the
tional Securities Exchange
usual political platform. If
measure have been encurrent news dispatches are
trusted. The resulting situborne out in the event, the common sense of the ation appears to have developed into an "incident" of
nation will receive a challenge such as has not been some importance, threatening a heated and possibly
its experience even in the hectic days of the past year. prolonged debate in the Senate. There is apparently
There could then remain not the slightest excuse for also a possibility, although a rather remote one,
not meeting the issue thus presented squarely and that Senator Fletcher's faux pas, together with the
decisively.
action of the President in taking the part of the
If this is evidence of the much advertised "swing House in the matter, may cause failure of the effort to
to the right" on the part of the Administration, enact such legislation at this time, thus greatly
then heaven help us if the President ever turns his embarrassing the President and at the same time
face to the "left." Such mad-cap schemes have immensely pleasing the financial community. What
been the financial ruination of a good many govern- is more probable is that it will cause further delay
ments and other institutions that have undertaken in adjournment, and arouse feelings in a way to
them in the past. It is little less than certain that make more difficult the task of the President in
the same experience will be repeated here if they obtaining the legislation upon which he has set
are permitted to flower in this country. Detailed his heart.
appraisal and criticism of the program in question
The list of bills upon which the Administration
must wait fuller information as to what is being is now said to be insisting includes, in addition to
projected. The public is, however, now on notice the National Securities Exchange bill, those proregarding the color of prevailing political thought viding for the appropriation of another $1,322,000,000
on these subjects, and no time ought to be wasted for emergency relief and "recovery" purposes, post-
T
3324
Financial Chronicle
ponement of the date of effectiveness of the permanent deposit insurance plan embodied in theBanking
Act of 1933, the grant of loans to business enterprises by the Reconstruction Finance Corporation
and the Federal Reserve Board in the amount of
some $530,000,000, and vesting in the President
of power to alter tariff rates in driving bargains with
foreign countries. Other measures said in current
dispatches from Washington to be regarded by the
President as highly desirable at this time include, in
addition to the bill designed to stimulate home construction and renovation, the so-called Ickes oil bill
and the measure intended to place the commodities
markets under a control similar to that proposed for
the stock market. It is still unclear whether silver
legislation is included in this or in the list of "absolutely essential" legislation, but it is supposed to be
in one or the other.
May 19 1934
the Federal Trade Commission or some other governmental body authority to supervise, regulate, control
and at times even prohibit practically all the operations normal to the securities markets of the country.
At many points only the vaguest of limits are placed
upon the Commission's authority in such matters.
Assuming the adoption of the bill in essentially its
present form, it will of necessity be several months
at best before those who make their living in the
securities market can possibly know just what they
are to be permitted to do in the future, and how they
are to be permitted to accomplish it.
The Bankhead Cotton Act is certainly not free of
obscurities, and the exact methods of its application
as well as its probable effects are troublesome problems for many groups in the business community.
The modification of the so-called Thomas amendment
to the Agricultural Adjustment Act somewhat reduced the area of uncertainty concerning our moneA Large Program
tary system, but it has left vast possibilities of furAll this, of course, makes a large program of work ther currency tinkering. Silver legislation which
still remaining for Congress. Unless that body is again seems more or less scheduled for this session
ready once again to convert itself into virtually a would, in any form resembling that currently derubber stamp for the White House, it will have to scribed, substantially add to the uncertainties of our
work with more than its customary dispatch in order monetary situation. The new tax law, in addition
to leave Washington before the first of July.
to carrying many highly undesirable features, is yet
Of one important fact the business community to be interpreted as applied to practical situations
can, in any case, rest assured. The adjournment of and unquestionably raises a good many questions as
Congress this year will bring no end of uncertainty to wise corporation management under its terms.
concerning public policy or in respect of what are in Presumably Congress will shortly grant the Presieffect legislative acts. The difficulties in this direc- dent's request for another $1,322,000,000 of relief or
tion arise in part from ambiguous phrases employed recovery funds to be expended in very substantial
in statutes and in part from the wide discretionary part according to the uncontrolled discretion of
powers which such enactments vest in administrative the Chief Executive. The tariff bill, which presumofficers. Then, too, of course, there is the trouble- ably will soon be the law of the land, while opening
some question of the extent to which the extraordi- hopeful possibilities of much needed reforms, necesnary legislative acts of the Roosevelt regime will sarily at the same time subjects the business combe upheld in the courts. The business community munity to a host of uncertainties for a long time to
has been made well enough aware by actual ex- come.
perience during the past year of this aspect of the
The business community, fearful of worse things
situation in connection with last year's extraordinary than have been or are scheduled to be done, will
crop of laws. Congress has already added other doubtless welcome the adjournment of Congress. At
uncertainties to the list and will unquestionably the same time, however, thoughtful groups among
bring still more into being before it adjourns. A business men of course know full well that adjourntypical illustration, although one that in itself is ment will not bring the relief obtained in former
perhaps of less importance than some others, is years when a large part of such uncertainties ended
found in the so-called Johnson Act forbidding the with the prospect of further legislation.
purchase or sale within this country of new obliHome Loans
gations of foreign countries or their political subAdministration,
which for a year or more
divisions where there has been a default by the
HE
debtor in payments to the United States Governhas been finding much to complain of in the
ment. The Act is so phrased that it is difficult to be volume of mortgage debt on farms and small homes,
certain of what its bearing is upon a number of prac- and which has developed elaborate machinery to intices in the financial district. It is true that the duce reduction of this debt, now comes forward with
Attorney-General has issued a lengthy opinion on a large plan for stimulating an increase in the mortthe subject, but a good deal of obscurity remains. gage indebtedness of all home owners of small means.
Moreover, the assertion of the authorities that It is an elaborate scheme which at points includes
nations which in the future make only what are within its scope plans for aiding construction by
known as token payments are to be considered in others than those owning and living in their own
default under the law suggests the extent to which homes. The program as outlined by the President
in practice the interpretation of the Act seems to and as revealed in legislative proposals is fully derest with administrative officers of the Government. scribed elsewhere in this issue. Suffice it here to
say that it involves mortgage guarantees under GovStock Exchange Uncertainties
ernment supervision and with Government aid; inof deposits, or similar funds, left with mortsurance
OTH obscurities and discretionary powers of wide
lending
institutions, again with Government
gage
scope are to be found in abundance in the proand
assistance;
the guarantee in substantial
control
Exchange
Act.
Apart
posed National Securities
least
lending institutions against
at
of
mortgage
part
its
are
of
phrases
many
from the fact that a good
from
the
extension
of credit to home owners
loss
situpractical
to
application
difficult to interpret in
others"
to
enable
them
to make repairs, alters"and
in
vest
either
will
question
ations, the measure in
T
B
Volume 138
Financial Chronicle
tions and improvements; and finally a plan designed to stimulate the organization of a system of
mortgage lending institutions under the tutelage of
the Government.
The message of the President to Congress on the
subject asking action this session, and the appearance of drafts of legislation designed to give effect
to the plans worked out in Administration offices,
early in the week led the financial community to
suppose that the ways had been well oiled for quick
enactment of the necessary legislation and an early
development of the plans under it. Word from
Washington later, however, that the President had
omitted all this from his official list of "must" legislation this session left the situation somewhat in
doubt. Earlier dispatches had insisted that this
plan was to form much of the President's bid for a
return to prosperity during the remainder of this
year and next. Whether he is in fact determined to
see this legislation through to the statute books this
session the next few weeks will tell.
Remarkable Provisions
Meanwhile the business community is studying the
text of the proposed law with much doubt and no
little puzzlement. In its present form it is a very
loosely drawn bill which gives unprecedented (even
in these days)• powers to the Government in Washington. It forbids the use of the facilities of the
more important of the proposed agencies for purposes which the politicians in executive offices consider "socially undesirable," and needless to say provides numberless opportunities for waste of the hardearned money of the American taxpayer.
Obviously this program, as in the case of the plan
to have the Reconstruction Finance Corporation and
the Federal Reserve Board lend directly to industry,
has been prepared upon the assumption that there
are many individuals or enterprises in this country
at the present time that can qualify as sound credit
risks 'but which nonetheless are unable to borrow
from existing agencies. Assertions to. this effect
have been repeatedly made by Administration
spokesmen for a long while past, but no demonstration of such statements has been vouchsafed. Experience, which may or may not be conclusive on the
subject, seems to point in an opposite direction. It
is apparent that neither a real need will be filled nor
a wholesome stimulation provided for the so-called
durable goods industries, or any other industries,
unless there are substantial numbers of such individuals who really desire at this time to undertake
to build homes or renovate existing homes largely
with borrowed funds. Nor is good likely to come of
it unless such long-time loans are made from savings
and not from funds created by the simple process of
writing credits on the books of the banks.
3325
pointedly reminded Congress and the country that
what is thus to be paid to the veterans and certain
Government employees must be deducted from
amounts available for expenditures for relief and
"recovery" projects. At any rate the President
stands by his original estimate of $3,166,000,000 requested at the first of the year for purposes of this
sort, and asks that Congress go no farther at the
present time, although he plainly asserts that more
may be necessary early next year.
Moreover, in the course of his message to Congress on the subject he takes pains to say that although expenditures for the current fiscal year are
running substantially behind his earlier estimates,
appropriations already made continue in force and
can be expended during the fiscal year ending July
31 1935. He estimates that such expenditures of
money already appropriated will total $1,500,000,000
during the period in question. He is apparently still
of the opinion that the budget for the fiscal year
1936 can really be balanced, although at another
point he reiterates that there can be "no abrupt
termination of emergency expenditures for recovery
purposes." The community is thus left to discover
for itself just what is the basis for the hope of a
balanced budget in 1936.
It is of course quite in keeping with the general
policies of the Administration that Congress is
asked to leave the decisions as to the particular
projects upon which vast sums of money are to be
expended entirely to the discretion of the President.
The fact is unpleasant to contemplate, but a fact for
all that, that the day of reckoning must inevitably
come at one time or another.
Silver in Washington
HE financial community has grown wary of
Washington dispatches concerning the status
of proposals for silver legislation. It has good cause
to adopt such an attitude. Yet apparently once more
legislation of a "permissive' nature is being scheduled. Until such time as a measure has actually
reached the statute book it would, apparently, be
hazardous to assume that anybody knows just what
its terms are to be. If current dispatches are to
be trusted in main outline, however, the measure
that is now more or less agreed upon would really
not add a great deal to the powers already in the
hands of the Chief Executive, and would not oblige
him to take any definite line of action within any
stated period of time.
The question then seems to be whether or not action of this type by Congress at this time would be
construed by the President as placing him under
moral obligations to "do something for silver." As
a matter of fact, the Treasury in one or the other of
its capacities has already been doing something for
the silver speculators, pointedly referred to not so
very long ago as not entirely "disinterested" in their
Another $1,322,000,000
advice on the silver question. There appears to be
HE public was hardly surprised by the Presi- good though unofficial authority for the statement
dent's request for another $1,322,000,000 not in- that some 50,000,000 ounces of the metal have been
cluded in budget estimates. The demand ought how- purchased within recent weeks by the Government,
ever to serve as a useful reminder of the enormous presumably to bolster prices in the New York
scale upon which we are attempting to squander our market. But no official explanation of the action
way back to prosperity. By including in the list of thus taken has been forthcoming any more than the
appropriations already made from the $3,166,000,000 public has been informed why sales of gold abroad
originally sought by the President the $228,000,000 have been made of late. Indeed no thanks are due
which Congress insisted upon adding in the Inde- to the Treasury that the public is aware that transacpendent Offices Act, the President is said to have tions of this sort have occurred.
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T
3326
Financial Chronicle
The Federal Reserve Bank Statement
HE current weekly statement of the 12 Federal
Reserve banks is interesting chiefly because
it does not reflect acquisitions of gold which are
known to have reached these shores in the period
from May 9 to May 16 covered in the report. This
is the third statement which fails to account for
gold arrivals, the omissions being first noted in the
accounting made available soon after the daily Treasury statement showed that the Treasury's stabilization fund had been set up in readily usable form.
The conclusion seems warranted, in these circumstances, that gold -is being accumulated by the stabilization fund, either in a special account in the
United States or in a similar manner abroad. Although information on this point is carefully guarded
and nothing is known outside official circles, it
seems more likely that the metal is being impounded
here in the United States and held for possible use
in the protection of the United States dollar, should
any further international monetary uncertainty develop. The amount of gold presumably acquired by
or for account of the stabilization fund in the last
three weeks cannot be determined without access to
official records. Imports of the last three weeks,
together with a decline of $3,000,000 in the monetary
gold stocks now reported, show that something more
than $22,000,000 is involved, without taking into
account the production from our own mines.
In other respects the condition statement for
May 16 reflects merely a continuance of tendencies
that have been in evidence for a number of weeks.
The gold certificates of the system, which now represent the interest of the institutions in the monetary
gold of the country, declined $1,222,000 in the week,
or from $4,585,034,000 on May 9 to $4,583,812,000 on
May 16. Other cash increased somewhat, and total
reserves of the System were slightly higher at $4,850,497,000 on May 16 than the figure of ,849,964,000
for May 9. Borrowings from the banks were again
lower, the discounts falling to $34,402,000 as against
the previous figure of $36,574,000. More of the bill
holdings of the banks were allowed to run off, dropping to $5,501,000 from $6,656,000. The holdings of
United States Government securities are not much
changed, the total on May 16 being $2,430,156,000
against $2,431,818,000 on May 9. Federal Reserve
notes in actual circulation were modestly higher at
$3,061,279,000 against $3,059,927,000. But the declining tendency of the net circulation of Federal Reserve
&pale notes still was in evidence, this currency falling to $63,752,000 on May 16 from $66,252,000 on
May 9. Member bank reserve deposits increased to
$3,694,493,000 from $3;677,863,000, and the excess
reserves are thus again close to the record level of
about $1,700,000,000 attained recently. Deposits by
the Treasury for general account, by foreign banks
and "others" all declined, and total deposits were
off slightly to $3,991,197,000 on May 16 from $3,994,876,000 on May 9. The slight increase in total reserves, coupled with the small decline in deposit
liabilities and substantially unchanged circulation
figures, resulted in an increase in the ratio of total
reserves to deposit and note liabilities combined to
68.8% on May 16 from 68.7% on May 9.
T
May 19 1934
& Texas Pacific Ry., which declared a dividend of
$4 a share on the common stock, payable June 26;
payments on this issue were resumed on Dec.26 last,
by the distribution of $8 a share; previously, regular semi-annual dividends of $4 a share were paid to
and including June 24 1932. Pittsburgh Plate Glass
Co. declared a quarterly dividend of 35c. a share on
the common stock, payable July 2; in the two preceding quarters only 25c. a share was paid, but on
April 2 last an extra distribution of 10c. a share
was also made. Action of an adverse nature was
taken by National Biscuit Co., which declared only
50c. a share on the common stock, payable July 14,
in comparison with 70c. a share each quarter from
April 15 1930 to and including April 14 1934; in
addition, the company paid an extra dividend of 50c.
a share on Nov. 30 1930. Louisville Gas & Electric
Co. (Del.) declared quarterly dividends of 37Y2c. a
share on the class A and class B common stocks, both
payable June 25; previously, quarterly dividends of
43%c.a share were paid on both issues since Sept.25
1925. Recent rate reductions, increases in taxes and
higher cost of operation, due to compliance with the
various national codes, were given as the reason for
the reduction in dividends on the class A and class B
common stocks, according to the Louisville company's statement.
Annual Report of New York Central RR.
HE annual report of the New York Central RR.
for the calendar year 1933, issued this week,
shows that this great railroad system was able to
make a comparatively favorable showing despite the
fact that the company failed to earn fixed charges
by the sum of $5,412,514. This deficit for the year
1933 is a great improvement over the previous year,
when the company reported a deficit, after fixed
charges, of $18,326,550. The better showing for 1933
was entirely due to a reduction of $19,253,326 in
operating expenses from those of 1932, even though
railway operating revenues showed a decline of $10,295,038 to $283,341,102 below the revenues for 1932.
The decrease of $19,253,326 in operating expenses
represents a reduction of 8.48% under those of 1932,
while operating revenues show a decrease of 3.51%
below the 1932 figures. The reductions in wages and
salaries, which became effective on Feb. 1 1932 and
continued throughout 1933, together with other economies, including reduced charges for depreciation
and retirement of equipment, were factors contributing to the decreased charges in operating expenses.
The decrease in revenues is accounted for partly because a drop of 5,585,049 in commutation passengers, a decrease of 15%. Revenues from passengers
carried amounted to $53,231,807, a decrease of
$6,920,114, or 11.50%. Railway operating revenues,
which fell from $478,918,348 in 1930 to $382,190,183
in 1931, and to $293,636,140 in 1932, dropped still further in 1933 to $283,341,102, showing a decrease for
the four years in the prodigious sum of $195,577,246.
That a railroad system so strongly located and so
well managed as the New York Central system should
have suffered such enormous losses bears testimony
to the unparalleled depression the country has gone
through. Although no one can prophesy what the
outcome for the current calendar year will be, neverCorporate Dividend Declarations
theless indications are for greatly improved results.
ORPORATE dividend declarations the present The returns for the month of March 1934 show a net
week were, on the whole, of a favorable nature, income after fixed charges of $1,376,356 (the first
month to show a profit since the month of October
and include the action of the Cincinnati New Orleans
C
T
Volume 138
Financial Chronicle
3327
1933), as compared with a deficit of $2,352,845 for Americ
an Iron and Steel Institute. This was the
the corresponding month of 1933, while for the first first
decline in six weeks. Production of electric
three months of 1934 the company reports a deficit power
for the week ended May 12, as reported by
of $1,171,977, after fixed charges, as compared with a the
Edison Electric Institute, was 1,643,433,000 kilodeficit of $6,228,655 for the corresponding quarter watt
hours, compared to 1,632,766,000 kilowatt hours
of 1933.
in the preceding week. Carloadings of revenue
freight for the week ended May 12 were 601,739 cars
The New York Stock Market
HE New York stock market was in the dol- as against 604,205 cars for May 5, the American Raildrums this week, with trading slow in all ses- way Association reports, this being a decline of 0.4%.
As indicating the course of the commodity marsions, and the price trend slightly irregular. There
was an evident tendency on the part of traders and kets, the May options for wheat in Chicago closed
/
4c. as against 88%c. the close on
investors to await the outcome of the numerous yesterday at 891
legislative proposals in Washington, the utility rate Friday of last week. May corn at Chicago closed
1
4c. as against 467
investigations now in progress, and international yesterday at 48/
/8c. the close on
monetary developments. Uncertainty regarding the Friday of last week. 'May oats at Chicago closed
course of business, which now is widespread, con- yesterday at 343
/
8c. as against 35/
1
2c. the close on
tributed to the dullness of the markets for securities. Friday of last week. The spot price for cotton here
Trading in stocks last Saturday brought a fresh in New York closed yesterday at 11.60c. as against
burst of liquidation and many issues fell to the 11.45c. the close on Friday of last week. The spot
lowest levels of the year, but the sharp decline which price for rubber yesterday was 12.94c. as against
ended with that session was not followed by any 13.75c. the close on Friday of last week. Domestic
rally worthy of note. Progress was made in one copper was again quoted at 8124c., the same as on
or two sessions this week, with the largest gains Friday of previous weeks. Silver this week closed at
scored on Thursday, but otherwise the market for slightly higher levels than a week ago, and it is eviequities was entirely lacking in enthusiasm. Even dent that the pending legislation with regard to silthe announcement on Wednesday of a maintained ver has been an important factor in advancing prices.
dividend rate by the American Telephone & Tele- In London the price yesterday was 19% pence per
graph Company failed to stimulate any interest in ounce as against 191
/
4 pence per ounce on Friday of
last week, and the New York quotation yesterday
the proceedings.
Movements on Monday resulted in only negligible was 45.27c. per ounce as against 45.03c. per ounce
changes of quotations, with a final rally wiping out on Friday of last week. In the matter of the foreign
the early losses. Small gains were the rule Tuesday, exchange,cable transfers on London yesterday closed
while equally small losses followed on Wednesday. at $5.11 as against $5.11% the close on Friday of
When it appeared Thursday that President Roose- last week, while cable transfers on Paris closed
velt desires powers to give silver a definite mone- yesterday at 6.61/
1
2c. against 6.613
/
4c. the close on
tary status, prices of equities advanced, with metal Friday of last week. On the New York Stock Exstocks naturally showing larger increases than change, 17 stocks reached new high figures for the,
others. Proposals for silver monetization always year, while 189 stocks touched new low levels. On
occasion apprehensions of inflationary expedients, the New York Curb Exchange,16 stocks touched new
and equities are in demand on such occasions. But high levels for the year, while 60 stocks touched new.
it was not generally believed that the President low levels. Call loans on the New York Stock Exwould make broad use of powers for silver moneti- change remained unchanged at 1%.
zation, even if Congress grants them, and the specuOn the New York Stock Exchange, the sales at the
lative enthusiasm did not last long. In yesterday's half-day session on Saturday last were 1,110,1
10
trading many leading stocks again tended to de- shares; on Monday they were 1,681,000 shares;
on
cline, although others advanced and the list at the Tuesday, 894,110 shares; on Wednesday, 717,494
end showed a greater number of gains than losses.
shares; on Thursday, 1,286,510 shares, and on FriThe bond market reflected much the same uncer- day, 910,830 shares. On the New York Curb
Extainty that prevailed in stocks. Highest rated issues change the sales last Saturday were 143,798
shares;
held to former levels, but the speculative section on Monday, 284,735 shares; on Tuesday, 148,625
of the bond market was irregular. Senior issues shares; on Wednesday, 132,420 shares; on Thursday,
of grain carrying railroads were much, in demand 197,550 shares, and on Friday, 248,260 shares.
early in the week, on modification of the drouth
As compared with Friday of last week, prices, in
scare, but when conditions again became such as most instances,
closed at higher levels. General
to occasion apprehension later in the week, these Electric closed yesterday
at 201/
8 against 191/
4 on
bonds promptly declined. Low priced bonds moved Friday of last week;
North American at 16% against
in a narrow range. The varying reports on grain 15%; Standard Gas &
Elec. at 101/
4 against 9%;
prospects caused wide changes in quotations for Consolidated
Gas of N. Y. at 33% against 32%;
these commodities, but the stock market was not Pacific Gas & Elec.
at 171
/
2 against 17%; Columbia
affected to any marked degree by such incidents. Gas & Elec. at 12%
against 117
/s; Electric Power &
This also indicated that legislative measures and Light at 6 against 5%;
Public Service of N. J. at 36
the immediate business prospects are the dominating against 33%; J. I. Case Threshi
ng Machine at 51%
influences at the moment. Business indices are be- against 501/
4; International Harvester at 331/
2
ginning to reflect the usual seasonal decline, and against 34%; Sears,
Roebuck & Co. at 423
/
4 against
since the level of business was already very low, this 417
/
8; Montgomery Ward & Co. at 25% against 241/
4;
could hardly be construed in any but a lugubrious Woolworth at 503
/
4 against 48; Western Union Telelight. Steel-making Operations were 56.6% of capac- graph at 44 against 411/s; Safeway Stores
at 48%
ity for the week beginning May 14, as against 56.9% against 48; American Tel. & Tel. at 115% against
for last week, according to the estimates of the 110%; American Can at 94% against 901/
4; COM,
T
3328
Financial Chronicle
4; Shattuck
/
mercial Solvents at 23 against 203
& Co. at 9% against 9, and Corn Products at 66
2.
1
against 55/
Allied Chemical & Dye closed yesterday at 134
against 135 on Friday of last week; Associated Dry
4 bid; E. I. du Pont de
/
8 against 113
Goods at 131/
1
/
Nemours at 83% against 832;.National Cash Regis/8; International Nickel at
2 against 157
ter"A"at 161/
4
Roller Bearing at 291/
Timken
27% against 27;
4;
/
461
t
agains
2
1
/
48
at
ville
Johns-Man
against 29;
8; National
2 against 101/
Gillette Safety Razor at 101/
Texas Gulf
15%;
t
agains
16%
at
ts
Produc
Dairy
8
8 against 32; Freeport-Texas at 391/
Sulphur at 341/
against 38%;United Gas Improvement at 16 against
15%; National Biscuit at 36 against 37½; Continental Can at 75 against 75%; Eastman Kodak at
4; Gold Duet Corp. at 20 against
4 against 901/
1
94/
8 against 19; Para191%; Standard •Brands at 201/
against 4%; West4
1
/
4
at
mount Publix Corp. ctfs.
t 32; Columbian
agains
33%
at
inghouse Elec. & Mfg.
ds Tobacco
Reynol
2;
/
631
t
agains
Carbon at 64%
rd at 17%
Lorilla
41%;
t
agains
2
/
class B at 431
B at 94%
class
Myers
8z
t
Ligget
against 16%;
against
4%
at
Coach
&
Truck
Yellow
;
%
921
against
United States
4½; Owens Glass at 76 against 761%;
% against 41%; Canada Dry
Industrial Alcohol at 403
at 22% against 22; Schenley Distillers at 28 against
8;
/
/8; National Distillers at 25% against 237
267
&
Mengel
and
,
2
/
251
t
Crown Cork & Seal at 27 agains
8.
Co. at 8 against 71/
The steel shares made modest advances over the
previous week. United States Steel closed yesterday
2 on Friday of last week; United
1
at 42% against 42/
8 against 88; Bethlehem
/
at 887
pref.
States Steel
2
1
and Vanadium at 21/
33%,
t
agains
Steel at 35
show
also
prices
group,
motor
the
In
.
2
/
191
against
gains for the week. Auburn Auto closed yesterday
at 35% against 34 on Friday of last week. General
4
/
2 against 31%; Nash Motors at 173
Motors at 331/
d
Packar
39%;
t
8 agains
/
'against 16%;Chrysler at397
against
8
/
37
at
Motors
8 against 4; Hupp
Motors at41/
In
4, and Hudson Motor Car at 14 against 12%.
closed
Rubber
&
Tire
ar
the rubber group, Goodye
2 on Friday of last week;
yesterday at 30 against 271/
t 13%, and United
agains
2
/
141
B. F. Goodrich at
17%.
t
agains
19
States Rubber at
The railroad list reversed its course the present
than
week and closed with higher prices prevailing
ay
yesterd
one week ago. Pennsylvania RR. closed
on
Atchis
at 31 against 30 on Friday of last week;
2 against 53; Atlantic
/
Topeka & Santa Fe at 551
Central at
Coast Line at 41% against 37; New York
/8 against
237
at
2; Baltimore & Ohio
1
8 against 26/
/
287
PaUnion
%;
141
t
agains
8; New Haven at 15%
221/
%
41
at
Pacific
ri
Missou
2 against 119;
cific at 1211/
20%;
t
agains
%
221
at
Pacific
2; Southern
against 31/
Southern
Missouri-Kansas-Texas at 9% against 9;
Ohio at
&
eake
Chesap
23;
t
8 agains
Railway at 251/
t 24,
agains
26
at
Pacific
rn
Northe
45 against 43%;
.
2
1
/
19
t
agains
21
at
rn
and Great Northe
presThe oil stocks also reached higher levels the
yesterday
closed
J.
N.
of
Oil
rd
Standa
ent week.
8 on Friday of last week; Stand8 against 421/
/
at 425
321%, and Atlantic
ard Oil of Calif. at 32% against
2 ex-div. against 24%. In the copper
Refining at 251/
yesterday at 15
group, Anaconda Copper closed
week; Kennecott Copagainst 13% on Friday of last
ng & Re4 against 19%; American Smelti
per at 201/
at 17
Dodge
Phelps
2 against 37%;
fining at 401/
May 19 1934
4 against.
2 Cerro de Pasco Copper at 351/
against 151/
/8 against
32%, and Calumet & Hecla at 47
European Securities Markets
TRREGULAR tendencies prevailed this week on
I stock markets in all the important European
financial centers. The exchanges at London, Paris
and Berlin reflected alternations of small upward
and downward movements, which left prices at the
end quite close to the opening levels of the week.
Trading was quiet in all markets. International
currency matters were factors in the European
markets, as the steady decline of the German gold
and foreign exchange coverage occasioned the belief
in some quarters that the Reich may find a new devaluation of the mark necessary. It is computed,
indeed, that the Reichsbank reserves will be exhausted entirely in two months at the present rate
of loss. The indications that the United States may
adopt silver as a secondary metallic reserve for currency proved perturbing. These suggestions that
monetary instability may again become almost worldwide proved anything but helpful in the securities
markets. Available trade reports show that the
trade tendencies in the foremost industrial countries
of Europe are not much changed. Slight improvement appears still to be the rule in the internal
transactions of Great Britain and Germany. Foreign
trade reports for April, made available this week,
show that British commerce is maintaining its substantial improvement over the figures for last year.
French foreign trade reflected a sizable decline for
last month, with imports falling off more than exports. German foreign trade statistics reflect a sensational adverse trade balance for April of 82,000,000 marks, as against the favorable balance of
3,000,000 marks in March.
The London Stock Exchange was quiet and uncertain in the opening session of the week, with unfavorable week-end reports from New York a factor.
British funds were rather firm, but almost all industrial securities eased. In the foreign list almost all
issues were sharply lower. The tendency Tuesday
was somewhat better, but trading again was on a
small scale. British funds showed fractional recessions, but a number of good features developed in
the industrial section, while home rail shares improved generally. Anglo-American trading favorites
were slightly better on more favorable reports from
New York, and other international securities likewise improved. Wednesday's session was again inactive, with the firm tone still in evidence. British
funds were well supported, while home rail and industrial stocks moved ahead rather easily. Some of the
gains in airplane manufacturing and motor stocks
were quite large. The international section was uncertain. There was more activity Thursday, on the
London market,and the tendency was generally good.
British funds were dull, but demand for airplane
stocks increased and substantial price increases resulted. Gold mining stocks were bouyant on expectations that monetary developments will occasion a
further price advance in the metal. The foreign section was quiet and uncertain. In a quiet session,
yesterday, prices of British funds and of most industrial stocks were well maintained. There was profittaking in airplane stocks, which receded.
Trading on the Paris Bourse was started in a quiet
fashion Monday, and the trend was uncertain.
Volume 138
Financial Chronicle
Rentes were well supported, owing to improvement
in the domestic political outlook. Heavy selling developed in some of the utility stocks and the recessions unsettled the entire market for equities. International issues receded on unfavorable advices from
New York. The decline was continued on Tuesday,
with rentes down slightly. French equities suffered
heavily, the recessions being especially pronounced
in some of the bank stocks. Liquidation was due in
part to the mid-month settlement, which was effected
with money at 334%, against 3/
1
2% on the May 1,
settlement. After a firm opening, Wednesday, prices
again eased on the Bourse and most issues closed
with small net losses. Rentes were well maintained,.
while most foreign issues improved. The opening
was uncertain on Thursday, but improvement set
in soon thereafter and small net gains were the rule
at the close. All sections of the market joined in the
modest advance. The tendency yesterday was upward on the Bourse, with rentes in the lead, owing
to improved domestic political prospects.
The Berlin Boerse was dull and generally lower
in the initial session of the week, owing in large part
to the uncertainty regarding the outcome of the
transfer conference and the steady dwindling of the
reserves of the Reichsbank. All sections of the
market participated in the decline, and leading
stocks dropped 1 to 2 points. A more cheerful view
of the transfer negotiations prevailed on Tuesday,
and the tone was better in this session. Small fractional advances were general and in a few cases the
gains were measured in full points, but there were
also a few recessions. Small dealings on Wednesday
resulted in very modest price changes, most of which
were again favorable. The movements were fractional in all but a few instances. Disclosure on
Thursday of a poor Reichsbank return and decidedly
unfavorable foreign trade statistics for April turned
the Berlin trend sharply downward. Losses of a
point or two were common,and in some instances the
recessions amounted to as much as five points. All
departments of the market were affected. Changes
yesterday were of no consequence, and turnover also
was small.
Annual Report of B. I. S.
AUTIOUS optimism regarding the future and a
firm faith in the international gold standard
mark the report covering the last twelve months,
submitted by President Leon Fraser, Monday, at the
annual meeting of the Bank for International Settlements. It was the first report submitted by Mr.
Fraser, who assumed the Presidency of the Basle institution last year. Twenty-three Governors and
Vice-Governors of central banks that hold shares of
the B. I. S. attended the meeting and they indicated
their concurrence in Mr. Fraser's views by unanimously adopting a resolution declaring "the final
object of monetary policy is the re-establishment of
stability on the basis of the gold standard as soon as
conditions are generally favorable." The report of
the bank contains an able and authoritative exposition of the monetary developments of the past year,
and it is noteworthy for its insistence upon a speedy
return to the gold standard in all countries, notwithstanding the important defections that occurred in
the period under review. The bank, according to Mr.
Fraser, is destined to play an indispensable role as
the center of monetary collaboration when monetary
C
3329
stability is achieved. Profits of the institution for
the fiscal year were 13,000,000 Swiss francs, compared with 14,000,000 Swiss francs in the preceding
year, and it was recommended that the usual 6%
dividend distribution be made.
Extensive reference is made in the report to the
series of novel currency experiments in the United
States and the qualified return to the standard
abandoned. "The qualified return to gold and a
more definite and clearer statement of the future
American policy reopened the door to international
discussions between the nations principally concerned as to the time of definite stabilization and to
a permanent parity of their respective currencies,"
the report states. "Many factors of progress have
developed in the direction of correcting and of mitigating the difficulties of restoring the gold standard.
between the principal countries and in the direction
of agreeing upon improvement of technique of its
operation, so that the time is approaching when
effective resumption of an international monetary
standard based on gold can become established in
fact." It is pointed out as highly significant that
countries like Great Britain and the United States,
where there has been much discussion about altering
the base of the monetary system, are to-day possessed
of greater gold reserves than ever before in their
histories. That popular belief and faith in the gold
standard is not waning is shown by the extensive
hoarding of the metal in the past year, it is added.
The conclusion is reached that "there is no evidence
of authorities in any country showing the slightest
distrust of the position which will be assigned to
gold in the future monetary system."
"For the purpose of promoting trade, normal
movements of capital and world economic recovery,
there must be a monetary system working internationally on the same fundamental basis, namely
gold," the report continues. "It is only then or
simultaneously that a.move toward the lowering of
tariff barriers and the suppression of quotas and import prohibitions can be undertaken with any hope
of success. While the year just closed records but a
limited general progress in the international field,
at least in the domain of monetary problems much
clarification has been achieved. Not only does the
prevailing public and governmental opinion preponderantly support the conclusion that the gold
standard constitutes the best available monetary
mechanism, but many of the impediments which prevented or delayed its restoration have been removed
or lessened, and some of the factors for its improved
application and operation have been substantially
agreed upon.There can be no doubt about the general
return to gold as the basis of the monetary system.
The real question is whether definite steps will be
adjourned for some time to come or whether by
common effort an early attempt will be made to
achieve a general settlement in monetary and economic fields, thus leading the way to restoration of
the monetary system and to the completing of economic recovery."
In its review of the last twelve months the report
notes many striking occurrences of financial history.
Such episodes as the abandonment of gold in the
United States, the devaluation of the dollar and the
eventual return to the qualified gold standard are
considered fully. The convocation of the World
Monetary and Economic Conference aroused high
3330
Financial Chronicle
hopes on every continent, but the expectations were
disappointed. In the monetary field a "gold bloc"
has been formed, while in the financial and economic sphere a retreat has taken place from the direction of internationalism toward self-reliant and
self-contained, but ominous, nationalism. The year
witnessed the imposition of more moratoria, more
transfer impediments, more artificial clearing, more
gold hoarding than any year on record, it is pointed
out. Private and central banks engaged extensively
in conversion of balances into gold or into gold currencies, while long-term foreign lending ceased almost entirely and short-term external credits were
reduced or limited. Gold hoarding was especially
prominent in the last quarter of 1933, when such
activities were stimulated by the German withdrawal
from the League of Nations, President Roosevelt's
gold purchasing policy and French parliamentary
and budgetary uncertainty. It is estimated by the
B. I. S., experts that at least 7,000,000,000 Swiss
francs of gold was in hoards by the end of 1933
throughout the world, and one-third of this is believed to be held in Britain, mainly by non-residents.
Notwithstanding the retrogression in an international sense, there has been marked progress in the
national field, the report asserts. As world conditions stand to-day, it is remarked, it may well turn
out that the shortest, though hardest, route back to
the healthy and stimulating financial economic internationalism 'which existed almost unnoticed in
so widespread a degree before the war will be found
to pass first through an area of nationalism: In a
considerable number of countries national indices
have begun to show signs of improvement, such as
recovery in industrial production, a great decline
in unemployment, a brisker movement of goods to
consumers, a strengthening of raw material prices,
a lowering of the rates at which capital is available,
a firmer tendency of stock markets, and adjustments
of production costs and prices. It is suggested, however, that in many cases this slow improvement has
been realized in part at the cost of other countries,
sometimes by deliberate reduction of imports, sometimes by disregard of contractual obligations and
nearly always by the erection of barriers against the
free movement of capital and goods. The belief is
expressed, moreover, that economic nationalism
eventually will be found insufficient and "that
human life and relationship cannot enjoy its fullest
realization intellectually, scientifically, economically or financially unless there be rebuilt on solidly
restored national foundations that richer, wider,
more profitable interchange between nations which
seemed almost a matter of course before the economic
debacle."
May 19 1934
interest in this question during the current week.
Sir John Simon, Foreign Secretary in the National
Cabinet of Great Britain, remarked informally in
an address late last week that the British budgetary
surplus was no genuine indication of Britain's ability
to pay the debt instalments in dollars, owing to the
transfer problem and the heavy taxation already imposed in the United Kingdom.
Sir Ronald Lindsay, the British Ambassador to
Washington, made inquiries at the State Department regarding the status under the Johnson law of
countries making token payments. He was informed,
Washington reports said, that token payments would
be accepted .but that no assurances could be held out
against countries making such payments being considered in default. In the House of Commons, Sir
John Simon was questioned on !Monday regarding
the precise application of the Johnson law to the
British position, but the reply was non-committal.
Whether further token payments will be held up
"until the position is clarified.," Sir John Simon
said, "will depend on the circumstances prevailing
at the moment." It is now generally believed that
Italy, Czechoslovakia, Lithuania and Latvia, which
also made token payments recently, will await the
British decision as to the June 15 instalment before
indicating their own attitudes. A dispatch from
Paris to the New York "Times," on Wednesday,
made it plain that the French authorities are not
likely to resume payments because of the Johnson
law. Nor is it believed that other defaulting
countries will make any payments next month. In
a press conference late last week, President Roosevelt again stated that the United States Government
is opposed to any general conference with debtor nations, but is always ready to hear the plea of any
individual debtor State.
German Transfer Conference
ISCUSSIONS in Berlin regarding the transfer
of interest on external long-term German
bonds have been continued this week, following a
brief interruption occasioned by the annual meeting
of the Bank for International Settlements. Informal
reports from the German capital indicate that the
creditor delegations hold widely divergent views regarding the best procedure, and there is still no
sign of an early termination of this conference, which
began April 27. Leon Fraser, President of the
B. I. S., and Chairman of the Berlin conference, declared on Wednesday that he is not at all dissatisfied with the progress made. But private reports
available in banking circles here confirm the Berlin
accounts of widely divergent views, and there is, accordingly, a good deal of interest in the attitude that
Intergovernmental Debts
Dr. Hjalmar Schacht, President of the Reichsbank,
HERE appears to be little reason to anticipate will take in the event the creditors are unable to
•any progress on the problem of the debts owed agree among themselves. There are no definite inby other countries to the United States Government dications available on this point. Over the last weekuntil after the proposed special message on this end it developed that the rift caused by the demands
matter is delivered to Congress by President Roose- of the Dutch and Swiss representatives for special
velt. It is quite possible, indeed, that the leading treatment of their bondholders is not the only one
debtor Governments will wait until the next pay- at the conference. British delegates, it appears, are
ment date of June 15 before making their decisions inclined to favor the traditional, and in many ways
on "token payments" known. The interpretive rul- excellent, English practice of providing a breathing
ings by the United States Attorney-General on the spell for the debtors through the issuance of funding
Johnson law and the subsequent intimations by bonds for a year or two, in place of cash payments.
President Roosevelt that token payers will not here- The American representatives, on the other hand,are
after escape the stigma of default occasioned further said to believe that a short'suspension of cash pay-
T
D
Volume 138
Financial Chronicle
ments is all that the present situation seems to require, and they maintain that substantial cash payments should be resumed by the Reich transfer
authorities within a few months.
Trade Discussions
iNTERNATIONAL trade and commercial treaties
I between nations again received a good deal of
attention this week in various capitals. Richard
Washburn Child, who is touring Europe as a special
representative of President Roosevelt in the interest
of trade revival, conferred at length with Premier
Mussolini of Italy, last Saturday. The question of a
currency stabilization agreement between the United
States, Great Britain and Italy is said in a Rome
dispatch to the Associated Press to have occupied
most of the conference, but the possibility of a trade
agreement between Italy and the United States also
was mentioned. The commercial treaty between
France and Great Britain, which has been in existence since 1882, expired last Sunday as a result of
the French denouncement of the accord. This treaty,
as well as the Anglo-French shipping treaty, was denounced after the failure of negotiations over the
French quotas on imports from England and the
British retaliatory imposition of higher duties on
French products. A Franco-German commercial
treaty is due to expire to-morrow as a result of a
French denouncement, but the French Government
was said this week to have requested extension of
the present accord until June 30. France and Brazil
have just completed ratification of a commercial
treaty which assures minimum tariff rates in each
country on the products of the other. Signatures
were attached in Rome, Monday, to a series of eight
commercial agreements involving Italy, Austria and
Hungary. These pacts, of which outlines were
furnished previOusly, are outgrowths of the Rome
discussions among the Premiers of the three countries early last month.
Armaments Problem
IT IS slowly being recognized in all countries that
the impasse in the protracted international
negotiations for disarmament is a serious one, and
that there is no longer any real likelihood of halting the headlong race in armaments already in progress. Announcement was made in Washington, Tuesday, that Norman H. Davis, the American Ambassador-at-Large, will return to Geneva for the sessions
of the General Disarmament Conference which will
begin May 29. But Mr. Davis remarked that he
would have nothing new or startling to reveal, and
would merely restate the American position. Arthur
Henderson, President of the Conference, completed
his discussions in Paris,last week,in which he sought
French consent for a limited convention on limitation or disarmament. He was unsuccessful, and it
thus appears that the sessions late this month may
well be the last of this exceedingly long conference.
In some of the private diplomatic conversations at
Geneva, this week, held while the League Council
was in session, plans are said to have been discussed
for terminating the Conference as gracefully as possible. Such reports were followed by statements in
London, however, that Foreign Secretary Sir John
Simon would attend the Geneva meeting and press
for a disarmament accord. Late last week the question of airplane engine shipments to Germany was
debated in the British House of Commons, and
3331
Stanley Baldwin, Lord President of the Council, repeated his assurances that Great Britain will build
a huge air fleet if the current disarmament negotiations collapse completely. The French Government
last Saturday announced additions to its naval and
air fleet building programs, but Premier Gaston
Doumergue assured his countrymen on Monday that
France will take no initiative toward aggression.
League Council Meeting
ESSIONS of League of Nations deliberative
bodies have been steadily dwindling in importance in recent years, and the League Council
meeting, which began on Monday, appears to be no
exception to this rule. Formerly these sessions were
attended by the Foreign Ministers of the Powers
represented on the Council, but this week's seventyninth gathering of the Council was attended by only
one Foreign Minister, Louis Barthou, of France.
That the League is engaged "in a battle for life," was
the view expressed in some circles in Geneva, an
Associated Press dispatch reported. Four rather important matters were on the agenda of the Council,
but actions taken do not appear to be any more
decisive than is customary in League decisions.
Under the urging of the British delegate, the Council
moved, Thursday, for an embargo on arms shipments
to Bolivia and Paraguay. Whether the League plea
will result in anything definite is still uncertain,
since Germany is not an active member of the League
any more, while the imposition of an arms export
embargo by the United States is a difficult and
cumbersome matter. Without American and german co-operation, arms embargoes would have little
meaning. The Council took a step, Tuesday, toward
the plebiscite in the Saar area, which will decide next
year whether that territory will be German or French
or remain neutral thereafter. League aid in the reconstruction of China and Liberia also were up for
discussion at the session.
The Council session began on Monday with another of the postponements for which the League
is renowned. The first question considered was a
complaint by the Hungarian Government against
Yugoslavia, concerning frontier incidents in which
a number of Hungarians were killed by Yugoslav
guards. The Yugoslav delegate requested that the
matter be put off to the next Council session, and
this procedure was adopted. Consideration of the
Saar plebiscite procedure was started on Monday,
and the Council decided the next day that the balloting should be entrusted to a plebiscite commission and a plebiscite tribunal, each consisting of
three neutral members. The commission will organize and supervise the voting, while the tribunal
will decide disputes. The League's Saar Committee
studied the problem of obtaining from France and
Germany guarantees for the protection of opposing
minorities after the question of adherence to either
of these countries is decided. The League's China
Committee was scheduled to meet Tuesday, but no
indications of action by that body are available.
While the League Council sessions were in progress,
some of the usual private conversations between
prominent diplomats occurred. On this occasion
such discussions were held chiefly by Captain Anthony Eden of Great Britain, and Foreign Minister
Louis Barthou of France, with disarmament procedure the main issue. It was generally conceded
that no progress was made.
S
3332
Financial Chronicle
Chaco War
ARNEST efforts to end the long-drawn war, between Bolivia and Paraguay over the borders
of the Gran Chaco area were in progress this week
at Geneva and in other political centers. Publication of a report by the League's Chaco Commission,
which recently abandoned its attempt to conciliate
the conflict, drew attention anew to the warfare.
The Council of the League of Nations considered the
entire matter Thursday, and suggested an arms embargo as a means of ending the war. The Chaco
Commission's report, made available last Saturday,
denounced the war as "senseless," and as "singularly pitiless and horrible." An appeal was made to
the nations of the world to help end the war by
refusing to supply Bolivia and Paraguay with arms
and equipment. It is pointed out that the armies
engaged are using the most modern airplanes, armored cars, flame projectors, quick-firing guns, machine guns and automatic rifles. "Arms and materials are not manufactured locally, but are supplied to the belligerents by American and European
countries," the report adds. "The Commission has
also observed that, although neither country produces arms or any considerable amount of war materials, both continue to obtain arms and war materials without any difficulty." If the two belligerents refuse to accept an honorable and just settlement, neighboring countries could exercise strict
control over transit and traffic in arms as a complement to the control other nations could exercise over
certain exports, the Commission observes. The report was described in Geneva dispatches as an unusually able, forceful and well-written document.
That the war between Bolivia and Paraguay is
increasing in intensity and destructiveness was indicated plainly this week, in reports that airplanes of
the two countries are engaging in extensive bombing
of each other's positions. The Bolivian Government
sent a message to Geneva last Saturday in which
the charge was made that the Paraguayans are treating Bolivian prisoners inhumanly. Unless such
practices stop, Bolivian airplanes will bomb Asuncion, the Paraguayan capital, the communication
stated. A number of unprotected towns in the Chaco
area actually were bombarded this week by the
Bolivian airmen. There was one report from Chile
which illustrates perfectly the difficulty of imposing an embargo on arms and thus bringing the war
to an end through sheer lack of fighting material.
Large Chilean sales of nitrate to Bolivia, the Santiago authorities declared, were not for war purposes
but for use as fertilizer. The problem of an arms
embargo was discussed in the British House of Commons, Wednesday, and Stanley Baldwin, Lord President of the Council, inferentially blamed the United
States for a previous failure to impose an embargo.
When negotiations for an international agreement
were in progress, some time ago, the United States
Government indicated that it could not impose an
embargo until Congress passed enabling legislation,
and such legislation was not passed, Mr. Baldwin
remarked. When Ile was asked if the failure was
due to the refusal of the United States, Mr. Baldwin
merely replied: "The House can draw its own conclusions." There would be no use in Great Britain's
declaring an embargo unless other leading nations
did likewise, he added.
E
May 19 1934
Captain Anthony Eden, Lord Privy Seal in the
British Cabinet, made the proposal at Geneva,
Thursday, for a cessation of arms shipments to the
two belligerents in the Chaco area. "I express the
hope," said Captain Eden, when the question was
taken up by the Council, "that the Council now will
feel able to send telegrams at once to the governments
whose co-operation is necessary—there are seventeen of them—to inquire whether they are prepared
to agree to an arms embargo." The countries were
not named, but it was assumed that Captain Eden
referred to all countries that produce arms for export. In some instances, governments do not possess
the power to place an embargo on arms shipments,
the British delegate added,and he expressed the hope
that in such cases the power would be granted by
legislative bodies. Representatives of France, Italy,
Spain, Argentina, Australia and Czechoslovakia
promptly indicated their support of the British proposal, and no opposing speeches were made. Hugh
R. Wilson, the American observer at the session, declared that he would ask instructions from the Government at Washington. Reports from Washington,
Thursday, made it plain that the action taken at
Geneva had the support of the Administration.
Under-Secretary of State William R. Phillips indicated that President Roosevelt will ask Congress to
authorize an arms embargo against Paraguay and
Bolivia.
Discount Rates of Foreign Central Banks'.
HERE have been no changes the present weefc'in
the discount rates of any of the foreign central
banks. Present rates at the leading centers are
shown in the table which follows:
-T
DISCOUNT RATES OF FOREIGN CENTRAL BANKS.
•
Rate in
Rate in
PreCountry. Effect
Date
Country. Effect
rious
Date
ltfaun Established. Rate.
May18 Established.
Austria__
Belgium _ _ _
Bulgaria...
Chile
C,olombta __
Csechoslovakia____
Danzig _ _ _ _
Denmark. _
England_ _.
Estonia__
Finland__
France_ ___
Germany_ _
Greece
ilnilarai
3
3
7
434
4
Mar. 23 1933
Apr. 25 1934
Jan. 3 1934
Aug. 23 1932
July 18 1933
334
4
234
2
514
434
3
4 •
7
27.C
Jan. 25 1933
July 12 1932
Nov.29 1933
June 30 1932
Jan. 29 1932
Dec. 20 1933
Feb. 8 1934
Sept.30 1932
Oct. 13 1933
Rant IR 1023
PreMous
Rate.
6
334
8
534
5
Hungary
434 Oct. 17 1932 5
India
334 Feb. 16 1933 4
Ireland_._ _ 3
June 30 1932 314
3
Italy
Dec. 11 1933 334
Japan
3.65 July 3 1933 4.38
Java
434 Aug. 16 1933 5
434 Lithuania-. 6
Jan. 2 1934 /
5
Norway... 334 May 23 1933 4
Poland... _ _ 5
3
Oct. 25 1933 6
234 Portugal... 634 Dec. 8 1933 6
634 Rumania _ _ 6
Apr. 7 1933 6
5
.outh Africa 4
Feb. 21 1933 7
234 qpain
6
Oct. 22 1932 ASSi
5
Sweden
234 Dec. 1 1933 3
734 Switzerland 2
Jan. 22 1931
34
R
Foreign Money Rates
TN LONDON open market discounts for short bills
I on Friday were %@15-16%, as against 7A% on
Friday of last week and 4
7 @1646% for three months'
bills, as against Y@15-16% on Friday of last week.
Money on call in London yesterday was 4
3 %.
At Paris the open market rate remains at 2%%,and
in Switzerland at 1
Bank of England Statement
of England statement for the week
Bank
HE
ended May 16 shows a loss of £39,092 in bullion
holdings, reducing the total to £192,046,170, in comparison with £186,976,757 a year ago. As the loss
of gold, however, was attended by a contraction of
£347,000 in circulation, reserves rose £308,000. Public deposits increased £3,735,000, while other deposits
fell off £9,578,490. Of the latter amount, £9,129,077
was from bankers' accounts and £449,413 from other
accounts. Proportion of reserve to liability is now
50.19%, as compared with 48.07% a week ago and
50.80% the same week last year. Loans on Govern-
T
Volume 138
3333
Financial Chronicle
ment securities decreased £6,045,000, and those on
other securities £102,927. The latter consists of discounts and advances and securities, which fell off
0,111 and E93,816, respectively. The discount rate
is unchanged from 2%. Below we give a comparison
of the different items for five years:
Silver and other coin, notes on other German banks,
and other assets record increases of 48,484,000 marks,
3,562,000 marks and 45,528,000 marks, respectively.
A comparison of the various items for three years
appears below:
REICHSBANK'S COMPARATIVE STATEMENT.
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
May 16
1934.
May 17
1933.
May 18
1932.
May 20
1931.
Changes
for Week.
May 21
1930.
£
£
£
£
£
Circulation
378,442,000 370,636,508 358,439,566 351,540,860 354,694,062
Public deposits
11,214,000 15,593,836 21,426,913 14,966,095 21.177,728
Other deposits
135,410,854 134,670.791107,219.991 90,659,369 95.071,654
Bankers' accounts 99,928,490 97,298,183 74,602,046 56,633,516 57,836,199
Other accounts_
35,482,364 37.372,608 32,617,945 34,025,853 37,235,455
Govt. securities
75,411,209 68,451,127 72.944,656 31,879,684 49,787,629
Other securities
15,368,368 23,248,481 33,387,561 31,845,895 20,480,300
Disct. Sr advances_
5,320,588 11,573,805 11,689,473 5,956,300 6,837,628
Securities
10,047,780 11,674,676 21,698.088 25,889,595 13,642,672
Reserve notes & coin 73,604,000 76,340,249 40,082,935 59,664,826 63,749,487
Coln and bullion_
192,046,170 186.976,757 123,522,501 151,205,686 158,443,549
Proportion of reserve
to liabilities
50.19%
31.15%
56.48%
50.80%
54.82%
Bank rate
2.7.
2%,
2 S.4 eZ,
254 .7,,
3%
Bank of France Statement
HE weekly statement of the Bank of France,
dated May 11, reveals another increase in gold
holdings, the current advance being 431,019,023
francs. The bank's gold now aggregates 76,607,962,159 francs, in comparison with 80,904,169,894
francs a year ago and 78,651,492,256 francs two
years ago. Credit balances abroad, French commercial bills discounted, bills bought abroad and
advances against securities record decreases of
1,000,000 francs,341,000,000 francs, 1,000,000 francs,
and 62,000,000 francs, respectively. The proportion
of gold on hand to sight liabilities is now 78.26%, as
compared with 78.08% last year and 71.91% the
previous year. Notes in circulation show a contraction of 611,000,000 francs, bringing the total of notes
outstanding down to 81,086,825,055 francs. Circulation a year ago stood at 84,024,305,370 francs, and
the year before at 81,749,819,735 francs. Creditor
current accounts registers an increase of 873,000,000
francs. Below we furnish a comparison of the various items for three years:
T
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
for Week.
May 11 1934. May 12 1933. May 13 1932.
Francs.
Francs.
Francs.
Francs.
Gold holdings
+431,019,023 76,607.962,159 80,904,169.894 78,651,492,756
Credit bale. abroad_
13,554,466 2,462,414,601 4,654,225.930
—1,000,000
aFrench commercial
bills discounted.- —341,000,000 4,608,801,566 3,089,556,612 3,551,465,276
bBills bought abroad
—1,000,000 1.082.517.123 1,370,969.764 6,232,571,845
Adv. against securs_
—62,000.000 3,061.695,980 2,656,173,048 2,767,225,748
Note circulation__._ —611,000,000 81,086.825,055 84,024,305,370 81,749,819,735
Credit. current accts +873,000,000 16,803,816,491 19,595,045,309 27,626,646,670
Proportion of gold
on hand to sight
liabilities
+0.23%
78.26%
78 OS W,
71 01%
a Includes bills purchased in France. b Includes bills discounted abroad.
Bank of Germany Statement
HE Bank of Germany, in its statement for the
second quarter of May, shows a further decrease in gold and bullion, the current loss amounting to 22,689,000 marks. The bank's gold now aggregates 160,894,000 marks, compared with 385,024,000
marks a year ago and 851,484,000 marks two years
ago. A decrease appears in reserve in foreign currency of 2,181,000 marks; in bills of exchange and
checks of 16,006,000 marks;in advances of 26,536,000
marks; in investments of 3,785,000 marks; in other
daily maturing obligations of 10,870,000 marks, and
in other liabilities of 1,564,000 marks. The proportion of gold and foreign currency to note circulation stands now at 4.8%, in comparison with 14.2%
last year and 25.3% the previous year. Notes in
circulation show a contraction of 61,189,000 marks,
bringing the total of the item down to 3,460,691,000
marks. A year ago,circulation stood at 3,336,504,000
marks, and the year before at 3,922,946,000 marks.
T
Assets—
Gold and bullion
Of which depos. abroad
Reserve in foreign curr_
Bills of exch. and checks
Silver and other coin_
Notes on 0th, Ger. No_
Advances
Investments
Other assets
Liabilities—
Notes in circulation_
0th.daily matur.obllg_
Other liabilities
Propor.of gold & foreign
gym". tn TIM,. pin...1'n
May 15 1934. May 15 1933. May 14 1932.
Retchsmarks. Retchsmarks. Retchsmarks. Retchsmarks.
—22,689,000 160,894,000 385,024,000 851,484,000
98,795,000
17,285,000
39,319,000
No change
87,558,000 139,192,000
—2,181,000
5,228,000
—16,006,000 3,087,515.000 2,928,805,000 3.015,040,000
+48,484,000 261,688.000 276,951.000 236.875,000
11,370.000
7.272.000
+3,562,000
12,296,000
69,642,000 102,401,000
62,696,000
—26,536,000
—3,785,000 642,428,000 317,142,000 361.561,000
+45,528,000 573,048,000 386,627,000 821,083,000
—61,189,000 3,460,691,000 3,336,504,000 3,922,946,000
—10,870,000 477,080,000 358,486.000 353,917,000
—1.564,000 145.225,000 144,978,000 690,619,000
—11 R%
a R%
14_2%
25.881
The New York Money Market
RANSACTIONS in the New York money market
were largely routine this week, with rates in
all departments remaining at the exceedingly low
levels occasioned by the official easy money policy.
Call loans on the New York Stock Exchange were
1% for all transactions of the week, whether renewals
or new loans. Transactions in call money were again
reported every day in the unofficial street market,
l.% from the
however, at Yi%, or a concession of Y
Official level. Time money was unchanged at a
range of A ®1% for all periods up to six months.
Some business in one-year funds was reported done
Thursday at 1%. Brokers' loans against stock and
bond collateral declined $5,000,000 in the week to
Wednesday night, according to the usual tabulation
of the Federal Reserve Bank of New York. The
Treasury sold two series of discount bills on Monday,
and new low records again were achieved. One series
of $50,000,000 bills due in 91 days was awarded at
an average discount of 0.06%, while another series
of $50,000,000 due in 182 days was awarded at an
average discount of 0.14%.
T
New York Money Rates
EALING in detail with call loan rates on the
Stock Exchange from day to day,1% remained
the ruling quotation all through the week for both
new loans and renewals. There has been no change
in the market for time money this week, though there
was a rumor of one offer of 1 year maturity at 1%
which was not accepted. Rates are nominal at Yi@,
1% for two to five months, and 1@13'1% for six
months. The market for prime commercial paper
has been fairly active this week, though there is still
an acute shortage of satisfactory offerings. Rates
are 1% for extra choice names running from four to
six months and 13'% for names less known.
D
Bankers' Acceptances
HE demand for prime bankers' acceptances has
continued largely in excess of the supply of
bills available, but the supply of bills available has
dwindled down almost to the vanishing point. Rates
are unchanged. Quotations of the American Acceptance Council for bills up to and including 90
days are 3.
4 % bid and 3-16% asked; for four months,
%% bid and 4
1 .% asked; for five and six months,
%% bid and /
8% asked. The bill buying rate of the
New York Reserve Bank is M% for bills running
from 1 to 90 days, and proportionately higher for
longer maturities. The Federal Reserve banks'
holdings of acceptances decreased during the week
T
Financial Chronicle
3334
from $6,656,000 to $5,501,000. Their holdings of
acceptances for foreign correspondents also decreased
from $4,002,000 to $3,622,000. Open market rates
for acceptances are nominal in so far as the dealers
are concerned, as they continue to fix their own rates.
The nominal rates for open market acceptances are
as follows:
SPOT DELIVERY.
—180 Days— —150 Days— —120 Dogs—
Asked. Bid. Asked. Bid. Asked.
Bid.
Prime eligible bills
34
M
M
M
54
34
—90Days— —60 Dogs— —30 Days—
Bid. Asked. Bid. Asked. Bid. Asked.
ore
Prime eligible bills
'ii
34
3ir
31
31
FOR DELIVERY WITHIN THIRTY DAYS.
34% Mei
Eligible member banks
% bld
Eligible non-member banks
Discount Rates of the Federal Reserve Banks
HERE have been no changes this week in the
rediscount rates of the Federal Reserve banks.
The following is the schedule of rates now in effect
for the various classes of paper at the different
Reserve banks:
T
DISCOUNT RATES OF FEDERAL RESERVE BANKS.
Federal Reserve Bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Rate in
!Med an
May 18.
Date
Established.
Precious
Rate.
2
134
234
2
8
8
234
234
3
3
3
2
Feb. 8 1934
Feb. 2 1934
Nov. 18 1983
Feb. 3 1934
Feb. 9 1934
Feb. 10 1934
Oct. 21 1933
Feb. 8 1934
Max. 16 1934
Feb. 9 1934
Feb. 8 1934
Feb. 18 1934
23.4
2
3
234
334
334
3
3
334
334
334
234
Course of Sterling Exchange
TERLING exchange is probably steadier than at
any time since Great Britain abandoned the
gold standard in September 1931. Fluctuations this
week were extremely narrow and the quotable rates
have been a shade easier than last week. The foreign
exchange market was never more apathetic. With almost a total lack of new developments here or abroad
which mightinfluence the market,speculative activity
is practically nil. Only the most routine business is
being done in New York. The market in London and
Paris, however, and in some other Continental
centers has been considerably more active. The
range this week has been between $5.103..( and $5.12
for bankers' sight bills, compared with a range of
between $5.103 and $5.13 last week. The range
for cable transfers has been between $5.103A and
8, compared with a range of between $5.103/
$5.123/
and $5.13% a week ago. The London check rate on
Paris has ruled fractionally firmer than last week
and has been steadier than the market has known it
to be for a long time, due to the active interference of
the British Exchange Equalization Fund, operating
in London and Paris.
The following table gives the mean London check
rate on Paris from day to day, the London open
market gold price and the price paid for gold by
the United States:
S
MEAN LONDON CHECK RATE ON PARIS.
77.32
77.487 1 Wednesday, May 16
Saturday, May 12
77.32
77.362 Thursday, May 17
Monday, May 14
77.22
May
Friday,
18
77.32
Tuesday, May 15
LONDON OPEN MARKET GOLD PRICE.
136s.
Saturday, May 12_ _ _ _135s. 10d. 1 Wednesday, May 16
136s. Id.
Monday, May 14_ __ _1358. 113id. Thursday, May 17
136s. 2d.
May 18
Friday,
Tuesday, May 15_ —136s. Md.
PRICE PAID FOR GOLD BY THE UNITED STATES (FEDERAL
RESERVE BANK).
35.00
35.00 I Wednesday, May 16
Saturday, May 12
_35.00
35.00 Thursday, May 17
Monday, May 14
35.00
May 18
35.00 Friday,
Tuesday, May 15
The strong demand in Paris for pounds which has
been evident for many weeks was responsible for the
May 19 1934
more active interference of the British Exchange
Equalization Fund in operating to steady the sterlingfranc rate. On Monday Paris had been selling sterling
so steadily in the morning that the pound was driven
down to 77.28 francs, compared with 77.437 francs
on Saturday last. At this juncture the British fund
countered promptly by selling francs and buying
sterling, until the rate mounted to 77.40, but from
the action of the market throughout the rest of the
week it would seem that the British authorities had
decided upon an anchoring point around 77.32
although on Friday the rate dropped to 77.22.
The annual report of the Bank for International
Settlements contained a number of features of interest to the foreign exchange market. One of these
was the fact that at the end of March 63% of the
deposits of the bank were held in French francs and
15% in gold. This was held to be an important
indication of central bank opinion regarding the
stability of the French franc inasmuch as the Bank
for International Settlements, like any other central
bank with deposits in foreign currency, would lose
in the event of depreciation of such currency. According to the Bank for International Settlements,
there is almost $2,300,000,000 of gold which is
hoarded, in addition to the vast amounts in Oriental
countries. This is largely gold which has been withdrawn by private interests in gold countries during
the last few years because of fears of currency disorders and it represents a store of potential credit
facilities, once the currency systems are reorganized.
About one-third, or more than $760,000,000, of this
amount is believed to be held in London alone. With
such a stock of gold held entirely sterile, the evidences
of de-hoarding which has been seen in the last few
weeks, such as the delivery of hoarded gold to the
Bank of France and withdrawal of gold from private
vaults in London for shipment to the Bank of France,
are of special significance as indicating a great return
of confidence to the Continental gold countries.
London is inclined to view the return of this gold to
the Continent with a great deal of satisfaction. The
movement has, of course, a tendency to depress
sterling in terms of the Continental currencies, but
is partly offset by seasonal demands for sterling,
by tourist requirements, and during the past week by
heavy purchases of both gold and silver for American
account in the London market.
On Saturday last the London bullion dealers
returned to the practice of fixing the open market
gold price on the basis of supply and demand, rather
than-with reference to the franc-sterling rate. While
this event would ordinarily have been of utmost
importance to the gold and exchange market, London
reported that it was without significance, for the
reason that the amount of gold handled was so small
that it was easily absorbed without reference to a
particular exchange rate. On Tuesday, for the first
time since the latter part of April, France failed to
obtain the gold which was available in the London
open market. The relative position of the dollarsterling and the franc-sterling rate were such as to
make it possible for New York to overbid Paris,
with the result that the entire amount available,
£699,000 of bar gold, was taken for shipment to
New York. The re-entry of New York as a successful bidder in the London gold market was marked
by an important development in the matter of price
fixing. For the first time since the United States
Volume 138
Financial Chronicle
suspended the gold standard morewthan a-year ago
the London price was based upon the dollar-sterling
rate. Prior to the American suspension of gold payments this was the normal procedure. Since the
American dollar was the most important of the gold
currencies, the sterling price for dollars (which were
a gold equivalent) and the sterling price for gold
itself naturally moved together. When the dollar
became a paper currency, however, there was no
longer a fixed relation between gold and the dollar.
Therefore the London gold price was fixed in accordance with the sterling-franc rate, as the French franc
was the principal remaining gold unit.
Dow-Jones & Co. made especial cable inquiry into
this matter on Tuesday and commented as follows:
"The return to gold in February was marked by
considerable confusion and for practically three
months the price was based solely on supply and
demand, without any attempt to gauge the price
according to the exchanges. Then, with comparative
stability appearing once more, a return was made
to the franc up to last week-end, when supply and
demand again were the dominating factors. The
London bullion brokers fixed the gold price on the
basis of the strongest gold currency rate against
sterling. On the basis of the exchange rate when the
gold price was fixed on Tuesday, it was more profitable to ship gold to America than to Paris. In other
words, the dollar was comparatively stronger against
sterling than was the franc, and for this reason the
gold price was fixed on the basis of the dollar-sterling
rate." On Saturday last £236,000 gold available in
the open market and on Monday £142,000 were
taken for shipment to Paris. On Tuesday, as stated
above, the entire available supply of £669,000 was
taken for American account. On Wednesday £95,000 and on Thursday £230,000 was taken for unknown
destination. On Friday £359,000 bar gold was
available in the open market and it is believed to
have been taken for Paris accounts.
Money continues in great abundance in London
and open market rates barely change from day to
day. The slight movements in the rates, whether
up or down, are due merely to the tactics of the banks
in first lowering and then advancing buying rates in
an endeavor to induce the market to sell bills to them.
Fundamentally monetary conditions are unchanged
and the possibility of any sustained advance in rates
remains remote. Call money against bills is in supply
at 4
34%. Two-months''bills are 4%
7
to 15-16%,
three-months' bills 15-16%, four-months' bills 1%,
six-months' bills 1 1-16%.
The Bank of England's statement for the week
ended May 16 shows a decrease in gold holdings of
£39,092, the total standing at £192,046,170, which
compares with £186,976,757 a year ago and with the
minimum of £150,000,000 recommended by the
Cunliffe Committee. At the Port of New York the
gold movement for the week ended May 16, as
reported by the Federal Reserve Bank of New York,
consisted of imports of $3,372,000, of which $1,680,000 came from Canada, $1,489,000 from Mexico,
$168,000 from England, and $35,000 from India.
Gold exports totaled $1,750,000 to England. The
Reserve Bank reported a decrease of $1,750,000 in
gold earmarked for foreign account. In tabular form
the gold movement at the Port of New York for the
week ended May 16, as reported by the Federal
Reserve Bank of New York, was as follows:
3335
GOLD MOVEMENT AT NEW YORK, MAY 10-MAY 16, INCL.
Imports.
Exports.
$1,680,000 from Canada
$1,750,000 to England
1,489,000 from Mexico
168,000 from England
35,000 from India
$3,372,000 total
$1,750,000 total
Net Change in Gold Earmarked for Foreign Account.
Decrease:111,750,000
We have been notified that approximately $300,000 of gold was received
from China at San Francisco.
The above figures are for the week ended Wednesday evening. On Thursday there were no imports
or exports of gold or change in gold held earmarked
for foreign account. On Friday $2,869,200 of gold
was received, of which $1,680,000 came from Canada
and $1,189,200 from England. There were no gold
exports but gold held earmarked for foreign account
decreased $350,100. Canadian exchange is firm,
ruling at a slight premium. On Saturday last
Montreal funds were at a premium of 3-16%, on
Monday from 1-16% to A%,on Tuesday from 1-16%
to 3-32%, on Wednesday from 1-16% to 3-32%, on
Thursday from M% to 3-16%, and on Friday from
1-16% to 34%.
Referring to day-to-day rates, sterling exchange
on Saturday last was steady in dull trading. Bankers'
sight was $5.113
,@$5.12; cable transfers $5.113/
2(0)
$5.128. On Monday sterling was dull and a
shade easier. The range was $5.103@$5.113 for
bankers' sight and $5.103
/@$5.11% for cable
transfers. On Tuesday the pound was steady.
Bankers' sight was $5.10%@$5.11%; cable transfers
$5.11@$5.113
/. On Wednesday dullness continued
with fluctuations narrow. The range was
$5.11% for bankers' sight and $5.10%@$5.113. for
cable transfers. On Thursday sterling was steady.
The range was $5.1034@$5.11% for bankers' sight
and $5.10%@$5.11% for cable transfers. On Friday
sterling was steady in a dull market. The range
was $5.10/@$5.113/ for bankers' sight and $5.11@,
$5.113j for cable transfers. Closing quotations on
Friday were $5.107A for demand and $5.11 for
cable transfers. Commercial sight bills finished at
$5.101A; 60-day bills at $5.093
%; 90-day bills at
$5.093; documents for payment (60 days) at
%, and seven-day grain bills at $5.103
$5.093
%.'
Cotton and grain for payment closed at $5.101A.
Continental and Other Foreign Exchanges
XCHANGE on the Continental countries shows
no important change in trend from the past-few weeks. The French franc has been ruling slightly
easier in terms of the dollar, so that while France,
as reported above in the comments on sterling exchange, was able to take gold from the market on
Saturday last and on Monday, it was unable to do
so on Tuesday, when the entire available supply of
£669,000 was taken for American account. However, the French situation continues to show steady
improvement and hoarded gold is fast returning to
the Bank of France, coming not only from private
supplies deposited with the London banks but from
secret hoards of French nationals. Since April 27,
France has withdrawn approximately £6,737,000 of
gold from London. The current statement of the
Bank of France shows a further increase of 431,019,023 francs in its gold stock, being the tenth successive
weekly increase in the gold holdings of that institu-•
tion, amounting to an aggregate increase of approximately 2,679,762,713 francs. The total holdings
of the Bank of France, on May 11, were 76,607,962,-
E
3336
Financial Chronicle
159 francs, which compares with 80,904,169,894
francs a year ago and with 28,935,000,000 francs
when the franc was stabilized. The bank's ratio is
at 78.26%, compared with 78.03% on May 4, with
78.08% a year ago and with legal requirement of
35%. The annual report of the Bank for International Settlements, commented upon in the review of
sterling exchange, points to the probability of continued soundness in the French franc and the gold
bloc units.
The following table shows the relation of the leading currencies still on gold to the United States
dollar:
may
19 1934
payment of which specially designated exchange
receipts from exports will be hypothecated.
The London check rate on Paris closed on Friday
at 77.24, against 77.35 on Friday of last week. In
New York sight bills on the French center finished
9 on Friday of last
on Friday at 6.61, against 6.613/
2, against 6.61%,
week; cable transfers at 6.613/
9, against 6.59.
and commercial sight bills at 6.583/
Antwerp belgas finished at 23.43 for bankers' sight
bills and at 23.44 for cable transfers, against 23.41
and 23.42. Final quotations for Berlin marks were
39.50 for bankers' sight bills and 39.51 for cable
transfers, in comparison with 39.57 and 39.58.
Range
Old Dollar
New Dollar
Italian lire closed at 8.51 for bankers' sight bills and
This Week.
Parity.
Parity.
at 8.52 for cable transfers, against 8.513/ and 8.523'.
France (franc)
6.63
6.59% to 6.62%
3.92
Belgium (belga)
23.54
23.39 to 23.46
13.90
Austrian schillings closed at 19.00, against 19.03;
Italy (lira)
8.91
5.26
8.4934 to 8.53
Germany (mark)
39.58 to 39.65
23.82
40.33
exchange on Czechoslovakia at 4.18, against 4.18;
Switzerland (franc)_ _ _
32.67
32.47 to 32.65
19.30
2; on Poland
9, against 1.013/
on Bucharest at 1.013/
Holland (guilder)
68.06
67.78 to 68.05
40.20
at 18.96, against 18.97, and on Finland at 2.26,
German mark quotations are largely nominal. against 2.263. Greek exchange closed at 0.943/
The mark situation is complex and, it would seem, for bankers' sight bills and at 0.95 for cable transfers,
tending toward a crisis. The mark is classified as against 0.943 and 0.94%.
a gold currency, but the denomination is more
fictitious than real. Many observers feel that GerXCHANGE on the countries neutral during the
many will be forced to devalue the mark, to abandon
war is ruling easier than in several weeks, but
all pretense to the gold standard, and perhaps to the fundamental situation respecting the neutral
declare a complete embargo on gold and a mora- currencies is unchanged. Continental markets betorium on all foreign payments within a few months. lieve that the strain on the Swiss franc recently
Gold holdings of the Reichsbank show a further loss apparent is now ended. Gold has been going from
for the week ended May 15 of 22,689,000 marks. Switzerland to Paris for many weeks. The Swiss
Most of the gold lost by Germany in recent months franc has improved against the French franc to a
went to London, Amsterdam and Paris. Present point where it is no longer profitable for Paris to
holdings are down to 160,894,000 marks, the lowest take gold. During the period between mid-February
level on record. This compares with 385,024,000 and May 1 the Swiss National Bank lost approximarks a year ago. The Reichsbank's ratio is down mately 362,000,000 Swiss francs in gold reserves.
to 4.8%, against 5.4% on May 7, 14.1% a year ago During the previous period of strain which occurred
and legal requirement of 40% (in gold and foreign from April to June, inclusive, in 1933, the bank had
currency, of which 30% was required to be in gold). a net loss of 750,000,000 Swiss francs. The Bank
The bank has been losing gold at an average rate now has gold reserves of 1,637,000,000 francs. Gold
of 20,000,000 marks a week for some months.
, If cover is now 81.74% as of May 7, compared with
this rate of loss were to be maintained Germany 94.42% in the middle of April and with 97.56% in
would be off the gold standard by July. At the April of last year. Legal requirement is 40% against
outbreak of the World War the Reichsbank's gold notes outstanding. Holland guilders have also begun
holdings were 1,250,180,000 marks. The highest to rule slightly above French franc parity, thus
point of all time was reached on Jan. 1 1929 at shutting off the movement of metal from Holland
2,799,245,000 marks. Dr. Hjalrnar Schacht, Presi- to Paris. The market is impressed by the improvedent of the Reichsbank, and other Berlin Government ment of the entire gold bloc, which it attributes to
and financial authorities have constantly reiterated the deflation measures taken by France and Italy.
Bankers' sight on Amsterdam finished on Friday
during the past year that the mark would not be
devalued, the gold standard would not be aban- at 67.92, against 67.90 on Friday of last week;
doned, and that there would be no inflation of cable transfers at 67.93, against 67.91, and commercurrency or credit in any form. It is now evident cial sight bills at 67.90, against 67.88. Swiss francs
that the Government is seriously considering de- closed at 32.58 for checks and at 32.59 for cable
valuation. Only a few weeks ago, by a special transfers, against 32.50 and 32.51. Copenhagen
decree, the mark ceased to be anything more than a checks finished at 22.82 and cable transfers at 22.83,
domestic currency, like the Russian ruble. Last against 22.84 and 22.85. Checks on Sweden closed
week Count von Schwerin-Krosigk, the Finance at 26.34 and cable transfers at 26.35, against 26.37
Minister, admitted that devaluation of the mark was and 26.38; while checks on Norway finished at
under consideration. He said: "To the idea of 25.67 and cable transfers at 25.68, against 25.69
devaluation we would come only if we were con- and 25.70. Spanish pesetas closed at 13.70 for
vinced that devaluation would really strengthen bankers' sight bills and at 13.71 for cable transfers,
export trade in any measure worth mentioning. against 13.71 and 13.72.
Until this question can be unconditionally answered
XCHANGE on the South American countries
with 'Yes,' risk of devaluation remains excessive."
declined
heavily
continues in a highly unsatisfactory state owing
and
German export trade has
arising out of the exchange contfols,
difficulties
The
exhaustion
of
curgrowing.
to
import excess is
other impediments. It is almost
force
devaluation.
moratoria
and
probably
rency reserves will very
to
effect
exchange operations. Finance
against
impossible
contracting
be
to
Dr. Schacht continues
Pinedo
of Argentina will be
Frederico
some
that
scheme
Minister
probable
seems
foreign loans. It
30
by
on
May
the
questioned
Chamber of Deputies
devised
for
the
be
will
materials
of credits for raw
E
E
Financial Chronicle
' Volume 138
on charges made by the Socialist Deputy Enrique
Dickman that the Government is issuing exchange
permits in an unfair manner, discriminating especially against Spain and the United States, and
for the benefit of Great Britain and Italy. One
question is whether the Government is selling in
the open market the exchange it buys from exporters
at a fixed rate. Senor Dickman said that there were
many who asserted that the abundance of exchange
in the open market was due to the fact that the
Government was not allotting the applicants all the
exchange it had available but was selling part in
the open market to attain an additional profit. He
admitted that there was no evidence to prove these
assertions, but said that this was one of the mysteries he expected to clear up when he interpellates
the Finance Minister. The official rate on Buenos
Aires continues around 34-345/
4 but the free market
in New York gives a range this week of from 23.25
to 23.70.
Argentine paper pesos closed on Friday nominally
at 34 for bankers' sight bills, against 34 on Friday
of last week; cable transfers at 343/8, against 345/
4.
Brazillian milreis are nominally quoted 83/2 for
bankers' sight bills and 8.52 for cable transfers,
against 87 and 8.53. Chilean exchange is nominally
quoted 103/
4, against 107,.. Peru is nominal at
22.10, against 22.123/2.
XCHANGE on the Far Eastern countries presents no new aspects of importance from the
past several weeks. The undertone of Japanese yen
is steady. The unit is under the strictest of government controls and the Bank of Japan seems to regulate it in harmony with the movements of sterling.
The Chinese units are firmer in tone, following the
course of the London silver market. The Indian
rupee of course fluctuates with sterling to which it
is legally attached at the fixed rate of one shilling
and six pence per rupee. Closing quotations for
E
FOREIGN
EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
MAY 12 1934 TO SLAY 18 1934, INCLUSIVE.
Country and
Monetary Unit
EUROPEAustria, sehilling
Belgium, beige
Bulgaria. ley
Crechosloyaka. krone
Denmark, krone
England. pound
sterling
Pinland, markka
France, franc
Germany, reichsmark
Greece. drachma
Holland. guilder
Hungary perm..
Italy, lira
Norway, krone
Poland, zloty
Portugal. mud°
Rumania. leu
Spain, Peseta
Sweden. krona
switrerland, franc
Yugoslavia. dinar
ASIAChinaChefoo (Yuan) dol'r
ITankow(yuan) dol'r
Shanghai(Yuan)dolr
Tientsin(yuan) dol'r
Hongkong. dollar
India. rupee
Japan. yen
Singapore( S.S.) dol'r
AUSTRALASIAAustralia. pound
New Zealand, pound
AFRICASouth Africa, pound
NORTH AMER.Canada. dollar
Cuba. peso
Mexico. peso
(silver)
Newfoundland, dollar
SOUTH AMER.Argentina, peso
Brazil, milreis
Chile. peso
Uruguay. peso
Colombia. peso
Noon Buying Rate for Cable Transfers in New
Value in United States Money.
May 12. May 14. May 15. May 16. May 17.
$
.189658* .189558* .189008. .189008' .188958.
.234000 .233875 .234000
.233941 .234146
.013250* .013125* .013250. .013250* .013256.
.041735 .041731 .041731
.041710 .041759
.228941 .228309 .228072
.228066 .228208
5.116916
.022545
.066075
.396061
.009441
.678450
.297500*
.005025
.257033
.189366
.046745
.010012
.136989
.263670
.324732
.022716
5.110000
.022540
.066098
.395761
.009450
.678507
.297166*
.085100
.256750
.189300
.046640
.010012
.136953
.263491
.325010
.022716
5.109000
5.109166
.022518
.022550
.066065
.066036
.395835
.395769
.000450
.009456
.678535
.678508
.296500* .296750*
.085016
.085055
.256566
.256616
.189566
.139400
.046720
.096725
.010031
.010043
.136992
.136950
.263245
.263300
.824985
.325239
.022700
.022708
.326666
.3211666
.325937
.326666
.36.1750
.384000
.102675
.599375
.321686
.321666
.321250
.321666
.360937
.385560
.302450
.598125
.325000
.325000
.323750
.325000
.361562
.363500
.302410
.598750
4.079062° 4.074375* 4.073125*
4.091562. 4.085937* 9.085000*
York.
May 18.
.189675*
.234280
.013250*
.041781
.228236
5.111416 5.110333
.022575 .022560
.066163 .066183
.396035 .395466
.009450 .009468
.679419 .679942
.296750* .298500.
.085155 .085211
.256750 .256700
.189500•.189700
.046715 .046735
.010037 .010043
.137096 .137198
.263472 .263468
.325546 .326135
.022786 .022816
.324166
.324166
.322812
.324166
.361250
.363480
.302390
.598750
.829583
.329583
.326437
.329583
.965937
.383625
.302510
.599375
.327916
.327916
.326875
.327916
.364062
.383350
.802450
.598750
4.075625* 4.076875 4.077500.
4.086875* 4.088125* 4.087083°
5.058750* 5.052250* 5.050250°
5.049750. 5.0522511. 5.047500*
1.001710 1.001093 1.000364
.999150 .999150 .999550
1.000468 1.000989 1.001770
.999150 .999350 .999150
.277100
.999375
.277500
.998625
.277500
.997750
.277500
.998125
.277500
.998437
.277500
.999187
.341160*
.086412*
.103450*
.809833.
.61730P
.340600*
.086212*
.102725*
.801166*
.611600*
.340800*
.066212*
.102725*
.809500*
.609800*
.340600*
.086200*
.102725*
.804033'
.611600*
.340766*
.086200*
.102725*
.804666*
.613500.
.840700.
.086212*
.102725*
.805166*
.611600*
• Nominal rates; firm rates not available.
3337
yen checks yesterday were 30.35, against 30.33 on
Friday of last week. Hong Kong closed at 36.80@
36 15-16, against 36%@36 13-16; Shang'lai at 333/s,
against 33@33 3-16; Manila at 503/s, against 503';
Singapore at 603/
8, against 6034; Bombay at 383/2,
against 38%, and Cale rtta at 383/2, against 38%.
Gold Bullion in European Banks
HE following table indicates the amount of gold
bullion in the principal European banks as of
May 17 1934, together with comparisons as of the
corresponding dates in the previous four years:
T
Bald* ofEngland_....
France a..-Germany bSpain
Italy
Netherlands
Nat.13e1g. _
Switzerland
Sweden_ _
Denmark_ _
Norway _ .._
1934.
E
192,046,170
812,883,697
6,078,750
90,499,000
74.022,000
66,446,000
77,281,000
81.117,000
15,022,000
7,397,000
8,577,000
1933,
.£
186,976,757
647,233,359
18,239,300
90,372,000
68,284,000
71,536,000
78,451,000
77,345,000
12,056,000
7,397,000
8,380,000
1932.
£
123.522,501
629,211,938
37,825,850
90,064,000
60,876,000
75,892,000
72,163,000
71,818,000
11,441,000
8.032,000
6,561,000
1931.
£
151,205,686
445,924.383
108.132,550
97.929.000
57,479,000
37,498.000
41,312,000
25,710,000
13,316.000
9,552.000
8,133.000
1930.
E
158.443.549
345.498,583
121,393.650
98,796.000
56.279.000
3.5,993.000
34,135,000
23,152,000
13,517,000
9,587.000
8,144,000
Total week_ 1,209,329,817 1,264,270,416 1.187,407,289 994,291,819 904,918,967
Prey. week. 1,206,969,807 1.274,104,709 1,178,628,350 993,107,621 907.289.834
a These are the gold holdings of the Bank of France as reported in the new torus
of statemen . b Gold holdings of the Bank of Germany are exclusive of gold held
abroad, the amount of which the present year is £1,965,9504
The Alleged Conservative Swing of
The Administration
It has been suggested several times lately in Washington dispatches that the Administration, or, to be
exact, President Roosevelt himself, appeared to be
becoming somewhat less radical and to be making a
noticeable, if not as yet very pronounced, swing
toward the political Right. The revision of the
Wagner labor bill in deference to criticisms of some
of its provisions, a reported disposition to modify
some of the rigors of the Securities Act and the Stock
Exchange Control bill, resistance to some of the demands of the silver extremists, and an apparent decision to let some of the minor codes lapse and concentrate upon the revision of codes for the larger
businesses or industries have been cited as indications that the recovery program was now felt to have
been pushed too far, and that a more conservative
course was likely to be followed, at least until it was
known how the Congressional elections next November had turned out. By way of explaining the alleged
change of front, attention has been called to such
matters as the opposition in the Senate to the confirmation of Professor Tugwell as Under-Secretary
of Agriculture, the sharp criticisms of the recovery
program voiced at the recent meeting of the United
States Chamber of Commerce, the multiplying criticisms and protests of trade bodies and code authorities, and the rumored preparations of William
Green and the American Federation of Labor for a
showdown on the labor situation.
Any one who imagines, because some of the activities of the National Recovery Administration have
apparently slowed down a bit, or because the plans
of the Agricultural Adjustment Administration are
not working very well, or because the American
Federation of Labor is more than ordinarily discontented, or because efforts have been made to placate opposition in Congress or in the country, that
the purposes of the Administration have been materially altered or the Administration temper modified may well be asked to show where, in the
measures recently 'brought forward or now under
consideration at Washington, the indications of a
conservative reaction are to be found. An examination of some of these measures, far from showing a
3338
Financial Chronicle
• swing to the Right,indicates pretty conclusively that
the objectives of the Administration have not been
abandoned, and that the changes in the Administration's course have been only the temporary deviations
made necessary or advisable by time and political
weather conditions.
The essence of the recovery program, as everybody
knows,is the establishment of Federal initiative and
• control in industry, business and agriculture and the
extension of Federal authority into the constitutional sphere of the States. The Federal power which
the program aims to magnify is written large across
the face of every important measure now pending at
Washington. The oil control bill, an Administration
measure introduced in the Senate on April 30, gives
to the Secretary of the Interior virtually complete
• control over the production and marketing of oil,
• including importation, and sets aside State regulations except in so far as the Secretary may choose
to accept and use them. The Municipal Bankruptcy
bill extends the Federal Bankruptcy Act to include
• the liquidation of bankrupt or defaulting municipalities, a subject hitherto regarded as falling under the
responsibility of the States. The Corporate Bankruptcy bill which passed in the Senate on May 4
carries a similar extension of Federal authority to
all corporations, except railroads, notwithstanding
that most corporations hold State rather than Federal charters and are subject to the laws of the
States in which they are legally situated or in which
they operate. The entire telegraph business, including cable and radio transmission, is scheduled for
Federal control through an elaborate code the public
hearings on which began at Washington on Wednesday, while another Administration bill which passed
in the Senate on Tuesday and awaits action by the
House creates a Federal Communications Commission with jurisdiction over all forms of electrical
communication by telegraph, telephone, cable or
radio.
The paralyzing effect of the Securities Act of 1933
upon the market for high grade securities and the
general field of refinancing is too well known to call
for more than a mention here, but while it is possible
that some minor restrictions or requirements of the
Act may be modified, there is as yet no clear indication that President Roosevelt's insistance upon an
act with "teeth" in it will be relaxed or the fundamental mischiefs of the Act undone. The bill for
the Federal control of stock exchanges bristles with
possibilities of conflict between State and Federal
authority, and when taken in connection with the
Securities Act makes the business of buying and
selling securities one fairly to be classed with extra.
hazardous occupations, but the bill is apparently
destined to receive Executive approval. There is
nothing in any of these measures to suggest that the
radical swing has reached a limit and that the "recovery" curve is being traced in a reverse direction.
The agricultural policy of the Administration,
according to some Washington observers, is in a bad
way, with the recent drought in the West also to be
reckoned with as an unpredictable and unpreventable calamity which calls, apparently, for further
Treasury aid. If the essence of the agricultural program, however, is being seriously questioned by the
Administration there are no observable signs of it.
The Bankhead Cotton Control Act, while perhaps
liable to extensive evasion and in any case necessitating a small army of Federal officials if its provi
May 19 1934
sions are to be enforced, has clamped the lid of Federal authority fast upon the cotton growing industry.
On Monday, according to the Associated Press, the
Agricultural Committee of the House added cotton
exchanges to the grain exchanges in the Administration's Commodities Exchange Control bill; thereby
completing in intention the legislation which, if it
becomes law, will bring practically all trading
markets under direct Federal supervision. The bill
itself is reported to have been included in the socalled "must" list of measures which President
Roosevelt insists shall be passed before Congress
adjourns.
Not only is there no curtailment or substantial
modification of the recovery program, but the program is being enlarged. On Monday President Roosevelt asked Congress for an appropriation of $300,000,000 to enable the Federal Government to "take
the initiative immediately to co-operate with private
capital and industry" in the modernization, repair
and construction of buildings and the support and'
control of mortgage insurance, mortgage associations and 'building and loan insurance. $200,000,000
of the amount asked for is to provide the capital of
a Home Credit Insurance Corporation, and $100,000,000 is for, the capital of a Federal Savings and
Loan Insurance Corporation. It will be recalled that
the Home Owners' Loan Act of June 13 1933, set up
a Home Owners' Loan Corporation with a capital
of $200,000,000 and authorized the corporation to
issue and sell bonds to the amount of $2,000,000,000,
but this huge subsidy has failed to ease the mortgage situation sufficiently or revive the building industry, and accordingly, as the National Emergency
Council put it in a statement explanatory of the new
plan, "from any one of several points of view an
attack on the housing problem can at the present
time be made a major factor in economic readjustment."
On the same day the United Press reported as
imminent a plan for aiding with "new Federal millions" the provision of "a comfortable home, garden
tools, livestock, seed, sufficient ground to grow
vegetables for home consumption, and part-time
jobs" for needy families of farmers or city workers,
together with "tentative plans" which "embody accelerated construction of rural 'farm-to-market'
roads and subsistence homesteads, and embrace hundreds of rural community projects, including libraries, consolidated schools, swimming pools and malaria control units." • The immediate object of this
new enterprise was stated to be the lightening of the
relief rolls, for whose administration the States are
now'being asked to take the chief responsibility, but
the plan was also described as furthering the industrial decentralization which the Administration
desires, and in aid of which, according to the United
Press, a poster is being prepared for use at a social meeting describing urbanized industry as the
"Frankenstein of civilization." Monday also saw
the passage by the Senate of the Glass-Barkley bill
appropriating some $530,000,000 for direct loans to
business enterprises through the Federal Reserve
banks and the Reconstruction Finance Corporation.
Where, in all this array of acts, bills and proposals, is there to be discerned the much talked-of
swing to the Right? Wherein have any of the essential aims of the recovery program been materially
modified, or where has any ground once claimed for
the New Deal been surrendered? If, as of course is
Volume 138
Financial Chronicle
entirely possible, some of the measures of the Administration which •are now before Congress are
amended here or there before final passage, is there
any sound reason for expecting that the essential
character of the measures will be so changed as to
constitute a kind of "retreat from Moscow"? Is
there any sign that the "national emergency" upon
which so much of the recovery legislation has been
hung is near its end, or that the elastic inter-State
commerce clause of the Constitution which has been
used to support so many extensions of Federal authority is regarded as having been stretched to its
limit?
The fact is, of course, that there has been no conservative recession and no swing away from the
radical Left.. Few of the concessions which the Administration has made appear upon examination to
be of much consequence, and most of them can be
accounted for by the necessity of meeting political
exigencies such as are always likely to arise in the
relations between a President and the Congress. As
for the widely heralded intimation that the National
Recovery Administration was now to concentrate
upon a comparatively small number, forty or fifty
perhaps, of the more important codes and let others
lapse or lie fallow for a time, there is no visible sign
that the new policy, if it is actually adopted, will
represent anything more than what in military parlance is described as consolidating one's position.
In the extreme haste with which the recovery program has been pressed it was inevitable that illconsidered and superficial things should have been
done, but a readjustment of parts of the machinery
and curtailment of some of its operations does not
imply that the production of Federal-directed "recovery" is to cease or the pattern or texture of the
product changed. Methods may be altered or displaced, but principles remain, and the principles
upon which the Administration has proceeded continue to govern Administration policy. It is with a
continuance for the time-being of those principles,
and their application upon a constantly widening
field, not their abandonment or fundamental modification in the face of temporary failure or public
criticism, that American business will do well to
reckon.
Foreign Tariffs and Commercial Policies
General Summarization of the Past Year and
Interpretation of Its Far-Reaching Effects
In a comprehensive study of the foreign tariffs and
commercial pplicies during 1933, Mr.Henry Chalmers
of the United States Department of Commerce
emphasizes the importance, during the present period
of disturbance in conditions of international trading,
of a clear understanding of current developments and
trends in tariffs and other trade control measures of
foreign countries.
He calls attention to the fact that the year 1933
failed to fulfill the hopes widely held at its outset
for a general agreement among the nations through
the London Economic Conference for reductions of
tariffs and other trade barriers. There was indeed
a brief pause in the spring for a customs truce,
proposed by the United States and substantially
agreed to by the countries accounting for 90% of
world trade, in order to afford a stable basis for the
deliberations of the London Conference. However,
it began to crumble by the time the conference had
suspended its sessions, as the nations again sought
3339
freedom of action to proceed with purely nationalistic
trade-control measures that had so dominated the
last few years.
According to Mr. Chalmers, many of the foreign
governments felt the need for further adjustment in
their foreign-trade relations: some because of complaints from distressed domestic producers about the
pressure from even the reduced volume of imports,
either upon the market or upon prices; a lew because
of an intensified desire to attain greater self-sufficiency in particular commodities, especially in certain
foodstuffs; and many because of the continued general
strain upon their international trade balance or
national financial position. Seeing little hope for
early relief through material expansion of their exports in the face of the continued general depression
and the accumulated trade barriers built up during
the earlier years, most of these governments resorted
to the further restriction of imports by the various
methods recently developed or revived, or upon the
diversion of their reduced foreign purchases to
selected countries on a more or less compensatory
basis, in accordance with the volume of sales to
those countries or the readiness of those countries to
facilitate larger purchases of their export products.
As a result, the level and comp!exity of barriers at
the close of the year were, in most cases, more
obstructive to the flow of trade between the nations
generally than they were at its opening. Thus the
return in the volume of wor'd trade during the latter
months of 1933, after the continued decline in the
earlier part of the year, can hardly be attributed to a
general easing of trade barriers but has apparently
taken place in spite of them.
Particular attention is directed to the countries of
Europe whose regulation of import quotas and
foreign exchange restrictions became so widespread
during 1933 as to be almost regarded as a regular
means of foreign trade control. Moreover, starting
as a temporary defensive measure primarily to limit
imports to a volume that could readily be absorbed
during a depression period, and distributed according
to the normal percentage of trade carried on with
the various supplying countries, the use of quotas—
and, in some cases, of exchange control—appears to
have been turned by various European governments
during 1933 to quite different purposes. By the end
of the year they were being widely used as aggressive
measures of restriction and as bargaining devices to
promote exports by granting or withdrawing quotas
of permitted imports, or allocations of exchange to
pay for them, in accordance with the relative balance
of trade with the given country, or the offer of
guaranteed or permitted purchases of national products on the part of the particular other country.
The unfavorable reactions to this program from
some directions is indicated by the fact that a number
of European countries gave broad authority to their
governments during the year to take defensive steps
against countries maintaining stringent quotas and
similar restrictions against their goods, although often
by the homeopathic method of authorizing retaliation
through like measures.
Among the areas comprising the British Empire it
is asserted that the year was marked by definite
steps toward giving effect to the trade agreements
reached by the Imperial Economic Conference held
at Ottawa in the summer of 1932, through the
introduction of new or greater preferences to the
products of each other over those of non-British
3340
Financial Chronicle
areas, thus carrying forward the program of the
preceding year toward closer commercial integration of the Empire. For instance, on Jan. 1 1933,
there was put into operation in British India for the
first time a general system of tariffs preferential to
the products of the Empire. The program for enlarging the orbit of the British preferential system to include, in some measure, the many widely dispersed
colonial areas, was apparently carried forward with
thoroughness, and seemed almost completed by the
end of 1933. Ceylon and Newfoundland fell in line
during the year.
With respect to the countries of Latin America,
it is stated that the availability of foreign exchange
appeared as a more dominant control of import trade
during the year—particularly in South America—
than did tariffs or other more usual trade-determining factors. Even where the centralized control of
foreign exchange — which has been the rule in
almost all of South America and parts of Central
America for the last few years—has not been particularly stringent in limiting the amounts of exchange granted for new foreign purchases, or in
those countries where no control is exercised, import trade has often been limited by the sheer inadequacy of the volume of foreign exchange currently
available. Owing to the still poor markets and continued low prices for their export staples, the
authorities in many Latin-American countries apparently did not have enough new foreign exchange
at their disposal, from 'current sales abroad, to
afford import merchants the necessary means of
paying for substantial purchases of any bus indispensable commodities, consistently with the various efforts at gradual liquidation of older obligations due to foreigners.
Perhaps the most significant long-term development of the year in the countries of South America
was the quickened movement for reciprocal trade
negotiations among themselves and with certain outside countries. In agreements with certain of their
neighbors,the major countries of the Continent made
marked progress in facilitating the purchase of each
other's products within the limits of their needs for
each other's products. This usually took the form
of exchanges of substantial import duty concessions
on groups of each other's distinctive products; as
between Argentina and Brazil, and between Brazil
and Uruguay, there was established a considerable
measure of free trade in certain products.
A striking innovation was the agreement arrived
at between Argentina and the United Kingdom
entailing the reduction of many Argentine duties to
the 1930 level and preferential exchange treatment
of British creditors, in return for the funding of
outstanding obligations to England and assurances
regarding Argentina's share of the British market for
certain products and unrestricted access in others.
The invitation from the United States to a number
of the countries of Latin America (Colombia,Brazil,
Argentina, and Cuba) to enter into negotiations with
a view to developing a basis for reciprocal tariff
agreements; marked another milestone in the progress of commercial policy on the American Continent. The first result was an agreement concluded
between the United States and Colombia in December, now awaiting ratification, designed to improve
and stabilize trading relations between the two
countries.
With the factors of price changes, trade declines,
debt burdens, depreciated currencies, disorganized
finances, and excessive trade barriers acting and re-
May 19 1934
acting on each other, and with the tariff and other
trade-control measures of the earlier years of the
depression likewise dominated by economic nationalism,and in the absence of any measures promising
early relief, the feeling appears to have grown that
solution of the problems of international trade barriers and related economic problems can come only
through international co-operation and concerted
action on the part of the principal countries.
Helping the Politicians—Municipal
Bankruptcy Bill
[Editorial in "Argus Leader," Sioux Falls, S. Dak., May 7, 1934.]
The Municipal Bankruptcy Bill is a lovely break for the
spending politicians in the big cities. It gives them another
opportunity to dodge the penalty for their extravagance.
Their normal course has been to spend all the cash available and then exhaust the credit. They didn't want to
stop at that juncture but the force of circumstances compelled them to do so.
The Municipal Bankruptcy Bill, however, provides a way
out. They can repudiate their debts in part and resume
spending on a credit basis.
There are in the United States a few communities wallowing
so deeply in debt that extrication is a virtual impossibility.
But they are the exception not the rule. And it is most
unwise to create a bankruptcy law for these exceptions that
will allow spending politicians everywhere to obtain a fresh
lease on life.
The favorable attitude in which this bill has been regarded
at Washington would be surprising if it were not for the
knowledge that there are politicians in Congress. They are
deeply sympathetic concerning the plight of other politicians.
They know how embarrassing it is to have an empty exchequer and many favorites to be rewarded.
So the politicians in Congress help the politicians in the
Cities. The forgotten men are the taxpayers and the holders
of municipal securities.
BOOK
NOTICE
"The Evaluation of New Trust Business," by Samuel
Witting, Chicago. Samuel Witting, Publisher, 1934.
187 pages, including 11 tables. $25.
The above book, "The Evaluation of New Trust Business," is intended to enable trust companies to appraise the
value to the trust company of their expected profits from
existing trust business (wills, insurance trusts, irrevocable
trusts, &c.), and particularly the value to the trust company of new items of business obtained by the new business
department—to enable that department to function more
intelligently in the interest of the institution. A committee
representing the six largest trust companies in Chicago
began about two years ago to make a study of this question,
and to find a logical and accurate method of valuation.
Actuarial elements were so clearly involved that they sought
the advice of an actuary, and employed for that purpose
Henry R. Corbett, consulting actuary, Chicago. Mr.
Witting, who has assumed the responsibility of publisher
of the work, was Chairman of the committee, and the result
of their research is set forth in his publication. The scope
of the work may be seen from the table of contents and the
index of tables, which are as follows:
Table of Contents—Development of Thought Regarding
This Subject; Volume Is Not the Sole Criterion of Worth;
Mortality and Lapsation Tables and Their Application to
the Problem; Discount to Be Allowed for Lapsation and
Withdrawal; Fluctuations in Size of Estates; Basis and
Construction of Present Value Tables; How to Use the
Tables; Tables.
List of Tables—Fixed Trust Period, Annual and Termination Fees; Annual Fees, One Life; Single Fee Deferred for
One Life; Lapsation and Retention Factors; Two Lives,
Wills, &c., Annual and Termination Fees; Three Lives.
Wills, &c., Annual and Termination Fees; Two Lives,
Living Trusts, Annual and Terminal Fees; Three Lives,
Living Trusts, Annual and Termination Fees; Expectation
of Life.
Financial Chronicle
3341
Text of Measure Providing For Sugar Control and Allotment—Includes Sugar Deets
and Sugar Cane as Agricultural Commodities Under Agricultural Adju3tment Act
Volume 138
marketing in, continental United States, and/or from processing in any
area to which the provisions of this title with respect to sugar beets and
sugarcane may be made applicable, for consumption in continental United
sugar from the Virgin Islands, the Philippine Islands, the Canal
Zone,
e iisnlaenxcleeosfe Guam
omh foreign countries,
dfixfrd
includiA
ngme
of quotas e
&ca, respectively,
y t Secretary of
Agriculture, for any calendar year, based on average quantities therefrom
brought into or imported into continental United States for consumption,
or which was actually consumed, therein, during such three years, respectively, in the years 1925-1933, inclusive, as the Secretary of Agriculture
may, from time to time, determine to be the most representative respeetive three years, adjusted, together with the quotas established pursuant to
paragraph (ii), (in such manner as the Secretary shall determine) to the
remainder of the total estimated consumption requirements of sugar for
continental United States, determined pursuant to subsection (2) of this
section, after deducting therefrom the quotas for continental United States,
provided for by paragraph (B) of this subsection: Provided, however, That
in
such quotas there may be included, in the case of the Virgin Islands, the
[H.R. 8861]
Philippine Islands, the Canal 'Zone, American Samoa, and the island of
AN ACT to include sugar beets and sugarcane as basic agricultural cornGuam, direct-consumption sugar up to an amount not exceeding the remodities under the Agricultural Adjustment Act, and for other purspective quantities of direct-consumption sugar therefrom brought into or
poses,
imported into continental United States for consumption, or which was
actually consumed, therein during the year 1931, 1932, or 1933, whichever
Be it enacted by the Senate and House of Representatives of the United
is greater, and in the case of Cuba, direct-consumption sugar up to an
States of America in Congress assembled, That section 11 of the Agriculamount not exceeding 22 per centum of the quota established for Cuba:
tural Adjustment Act, as amended, is amended by adding after the word
And provided further, That any imported sugar, with respect to which a
"tobacco" a comma and the words "sugar beets and sugarcane", followed
drawback of duty is allowed, under the provisions of section 313 of the
by a comma.
Tariff Act of 1930, shall not be charged against the quota established by
the Secretary of Agriculture hereunder for the country from which such
Sec. 2. Subsection (d) of section 9 of the Agricultural Adjustment Act,
sugar was imported, and the Secretary of Agriculture may, by orders or
as amended, is amended by adding after paragraph (5) thereof the folregulations, readjust any quota subject to the provisions of this section, ex-.
lowing:
cept quotas fixed by paragraph (B) of this subsection; and may allot (or'
"(6) In the case of sugar beets and sugarcane—
appoint an officer, including the Governor-General of the Philippine Islands
"(A) The term 'first domestic processing' means each domestic profor that area, in his name to allot) any quota, and readjust any
such allotcessing, including each processing of successive domestic processings, of
ment, from time to time, among the processors, handlers of sugar and
direct-conresults
directly
in
which
sugar,
raw
sugarcane,
beets,
sugar
or
others; and/or
sumption sugar.
"(ii) Forbid processors, handlers of sugar, and others from
transporting to, receiving in, processing or marketing in, continental United
"(B) The term 'sugar' means sugar in any form whatsoever, derived
States,
and/or from processing in the Territory of Hawaii or Puerto Rico
from sugar beets or sugarcane, whether raw sugar or direct-consumption
for consumption in continental United States, sugar from the Territory
sugar, including also edible molasses, sirups and any mixture containing
of
Hawaii
or Puerto- Rico, in excess of quotas fixed by the Secretary of
sugar (except blackstrap molasses and beet molasses).
for any calendar year, based on avetage quantities therefrom Agriculture,
"(C) The term 'blackstrap molasses' means the commercially so-desigbrought into
continental United States for consumption, or which was actually
nated 'byproduct' of the cane-sugar industry, not used for human conconsumed, therein during such three years, respectively, in the year
sumption or for the extraction of sugar.
1925-1933,
inclusive, as the Secretary of Agriculture may, from time
"(D) The term 'beet molasses' means the commercially so-designated 'byto
time,
determine to be the most representative respective three
product' of the beet-sugar industry, not used for human consumption or
years,
gether with the quotas established pursuant to paragraph adjusted, tofor the extraction of sugar.
(i), (in such
manner as the Secretary shall determine) to the remainder
"(E) The term 'raw sugar' means any sugar, as defined above, manuestimated consumption requirements of sugar for continental of the total
factured or marketed, in, or brought into the United States, in any form
United States,
determined pursuant to subsection (2) of this section,
whatsoever, for the purpose of being, or which shall be, further refined (or
after deducting
therefrom the quotas for continental United States, provided
improved in quality, or further prepared for distribution or use).
for by paragraph (B) of this subsection: Provided, however, That in
"(F) The term 'direct-consumption sugar' means any sugar, as defined
such quotas there
may be included direct-consumption sugar up to an
amount not exceeding
above, manufactured or marketed in, or brought into, the United States in
the respective quantities of direct-consumption sugar
any form whatsoever, for any purpose other than to be further refined (or
therefrom brought into
continental United States for consumption, or which
improved in quality, or further prepared for distribution or use).
was actually consumed, therein during the year 1931, 1932, or 1933,
whichever is greater,
"(G) The term 'raw value' means a standard unit of sugar testing 96
and the Secretary of Agriculture may, by orders or
sugar degrees by the polariscope. All taxes shall be imposed and all quotas
quotas and readjust any such allotment, from timeregulations, allot such
to time, among the
shall be established in terms of 'raw value' and for purposes of quota and
processors, handlers of sugar, and others; and/or
tax measurements all sugar shall be translated into terms of 'raw value'
"(B) Forbid processors, handlers of sugar, and
according to regulations to be issued by the Secretary, except that in the
in, or in the current of, or in competition with, orothers from marketing
so as to burden, obcase of direct-consumption sugar produced in continental United States
struct, or in any way affect, inter-State or foreign
commerce, sugar manufrom sugar beets the raw value of such sugar shall be one and seven onefactured from sugar beets and/or sugar cane, produced
hundredths times the weight thereof."
United States beet-sugar-producing area, the States in the continental
Sec. 3. (a) The first two sentences of subsection (b) of section 9 of the
Florida, and any other State or States in excess of theof Louisiana and
following quotas.
Agricultural Adjustment Act, as amended, are amended to read as follows:
for any calendar year, except as provided for in
subsection (2) of this
"The processing tax shall be at such rate as equals the difference between
section: United States beet-sugar area, 1.550,000 short
tons
raw value; the
the current average farm price for the commodity and the fair exchange
States of Louisiana and Florida, except as may be
value of the commodity; except that if the Secretary has reason to believe
graph (C) of this subsection, 260,000 short tons rawprovided under paravalue; and the Secthat the tax as such rate on the processing of the commodity generally or
retary of Agriculture may, by orders or regulations, allot
such
for any particular use or uses will cause such reduction in the quantity of
readjust any such allotment, from time to time, among the quotas and
processors,
the commodity or products thereof domestically consumed as to result in the
handlers of sugar, and others; and/or
accumulation of surplus stocks of the commodity or products thereof or in
"(C) For any calendar year, determine the quota, but
the depression of the farm price of the commodity, then he shall cause an
quota provided in paragraph (B), for any area producing not less than the
less than 250,000
appropriate investigation to be made and afford due notice and opportunity
long tons of sugar raw value during the next
preceding calendar year;
for hearing to interested parties. If thereupon the Secretary finds that any
and/or
such result will occur, then the processing tax on the processing of the
"(D) Establish a separate quota or quotas for edible
commodity generally, or for any designated use or uses, or as to any desigsyrup of cane juice produced in continental United States,molasses and/or
in addition to.
nated product or products thereof for any designated use or uses, shall be
and/or for edible molasses, syrups, and sugar mixtures
at such rate as will prevent such accumulation of surplus stocks and
other area or areas to which this title relates, as part of produced in any
deor
in addition to,
pression of the farm price of the commodity."
the quotas established pursuant to paragraphs (A) to
(C), inclusive, of
(b) Subsection (b) of section 9 of the Agricultural Adjustment Act, as
this subsection, for use as such and not for the
extraction of sugar.
amended, is further amended by adding at the end thereof the following:
"(2) (A) The consumption requirement of sugar for
continental United
"In the case of sugar beets or sugarcane the rate of tax shall be applied to
States, for the calendar year 1934, and for each succeeding
the direct-consumption sugar, resulting from the first domestic processing,
shall be determined by the Secretary of Agriculture calendar year,
from available
translated into tetms of pounds of raw value according to regulations to
statistics of the Department of Agriculture. The
be
issued by the Secretary of Agriculture, and the rate of tax to be so
ments so determined shall at such intervals as the consumption requireapplied
Secretary finds necessary to effectuate the declared policy and the purposes
shall be the higher of the two following quotients: The difference between
justed by him to meet the actual requirements of the of this Act, be adthe current average farm price and the fair exchange value (1) of a ton of
consumer as detersugar beets and (2) of a ton of sugancane, divided in the case of
mined by the Secretary.
modity by the average extraction therefrom of sugar in terms of each com"(B) In the event that available statistics of the
pounds of
Department of Agriraw value (which average extraction shall be determined from
culture during the course of any calendar year indicate
that the consumpstatistics of the Department of Agriculture); except that such available
tion requirements of sugar for continental United
rate shall
States
for such calendar
not exceed the amount of the reduction by the President on a
year will exceed the amount of the consumption
pound
of
requirements
determined
sugar raw value of the rate of duty in effect en January 1, 1934,
for that year, the Secretary of Agriculture may
under
prorate
such estimated
paragraph 501 of the Tariff Act of 1930, as.adjusted to the
excess amount on the basis of the respective quotas
treaty of comdetermined
by and
pursuant to subsection (1) of this section:
mercial reciprocity concluded between the United States and the Republic
Provided, however, That for
each calendar year there shall be allotted
of Cuba on December 11, 1902, and/or the provisions of the act of Decemto
continental
United
States
not
less than 30 per centum of any amount of
ber 17, 1903, chapted 1."
for above 6,452,000 short tons raw value. consumption requirements thereSec. 4. Section 8 of the Agricultural Adjustment Act, as amended, is
"(C) In the event that available statistics of the
amended by adding at the end thereof the following new section:
Department of Agriculture during the course of any calendar
year indicate that the consump"Sec. 8a. (1) Having due regard to the welfare of domestic producers
tion requirements of sugar for continental
United
States
the
for such year will
protection
and to
of domestic consumers and to a just relation between
be less than the amount of the consumption
determined for
the prices received by domestic producers and the prices paid by domestic
that year, the amount of such deficiency mayrequirements
be
proportionately deducted
consumers, the Secretary of Agriculture may, in order to
from the respective quotas determined by any
effectuate the depursuant
to
paragraph (A)
of subsection (1) of this section.
dared policy of this Act, from time to time, by orders or regulations—
"(D) If, during any calendar year, any producing
"(A) (i) Forbid processors, handlers of sugar, and others from importarea is unable to
produce and deliver its full quota of sugar, the Secretary
ing sugar into continental United States for consumption, or which shall
of Agriculture
may prorate this deficiency among the other areas
consumed, therein, and/or from transporting to, receiving in, processing be
on the basis of their
or
respective quotas and ability to supply the deficiency.
As signed by President Roosevelt on May 9 we give below
the text of the so-called Costigan-Jones sugar control and
allotment bill, which makes sugar cane and sugar beets basic
agricultural commodities under the Agricultural Administration Act. The measure also provides for a processing tax, the
proceeds to be used toward payments to growers for reduced
acreage. The action of the President in afffixing his signature to the bill on May 9, and his statement with respect to
the new legislation appeared in our issue of May 12, page
3201, and the final Congressional action on the bill was reported in these columns April 28, pages 2843-2844. The plans
under way by Secretary Wallace for the crop control program
were noted in our issue of May 12, page 3202. The following is the text of the newly enacted bill:
3342
Financial Chronicle
"(E) Notwithstanding the provisions of paragraphs (A) to (C), inclusive,
of subsection (1) of this article, the Secretary of Agriculture may, in order
to effectuate the declared policy of this Act, from time to time, by orders or
regulations, deduct from the quotas for production, importing, receiving,
and/or marketing, and/or from the allotments thereof, established pursuant
to said paragraphs, in any given year, an amount for each year, respectively,
representing the surplus stocks of sugar produced in that area, or a portion
of the total surplus stocks of sugar produced in that area, in whole or in part,
which may have accumulated in the year next preceding, qver and above the
quotas established for such year.
"(3) In order more fully to effectuate the declared policy of this Act, as
set forth in its declaration of policy, and to insure the equitable division
between producers and/or growers and/or the processors of sugar beets or
sugar cane of any of the proceeds which may be derived from the growing,
processing and/or marketing of such sugar beets or sugar cane, and the
processing and/or marketing of the products and by-products thereof, all
agreements authorized by this Act relating to sugar beets, sugar cane, or the
products thereof may contain provisions which will limit or regulate child
labor, and will fix minimum wages for workers or growers employed by the
producers and/or processors of sugar beets and/or sugar cane who are parties
to such agreements; and the Secretary, upon the request of any producer.
or grower, or worker, or of any association of producers, or growers, or
workers, or of any processor of sugar beets or sugar cane, is hereby auth‘rized
to adjudicate any dispute as to any of the terms under which sugar beets or
sugar cane are grown or are to be grown and/or marketed, and the sugar and
by-products thereof are to be marketed. The decision and any determination of the Secretary shall be final.
"(4) Any person wilfully violating any order or regulation of the Secretary of Agriculture issued under this section shall, upon conviction, be punished by a fine of not more than $100.
"(5) Any person wilfully exceeding any quota or allotment fixed for him
under this title by the Secretary of Agriculture, and any other person knowingly participating, or aiding, in the exceeding of said quota or allotment,
-shall forfeit to the United States a sum equal to three times the current
market value of such excess, which forfeiture shall be recoverable in a civil
suit brought in the name of the United States.
"(6) The several district courts of the United States are hereby vested
with jurisdiction specifically to enforce, and to prevent and restrain any
person from violating, the provisions of this section, or of any order, regulation, agreement, or license heretofore or hereafter made or issued pursuant to
this title, in any proceeding now pending or hereafter brought in said courts.
"(7) Upon the request of the Secretary of Agriculture, it shall be the
duty of the several District Attorneys of the United States, in their tespective
districts under the direction of the Attorney-General, to institute proceedings to enforce the remedies and to collect the forfeitures provided for in, or
pursuant to, this title.
"(8) The remedies provided for in this section shall be in addition to,
and not exclusive of, any of the remedies or penalties provided for elsewhere
in this title or now or hereafter existing at law or in equity.
"(9) The term 'person' as used in this title includes an individual, partnership, corporation, association, and any other business unit."
Sec. 5. Paragraph (6) of subsection (d) of section 9 of the Agricultural
Adjustment Act, as amended, is hereby renumbered (7).
Sec. 6. Section 9 of the Agricultural Adjustment Act, as amended, 13
amended, by adding after subsection (e) thereof the following new subsection:
"(f) For the purposes of part 2, of this title, processing shall be held
to include manufacturing."
Sec. 7. Subsection (f) of section 10 of the Agricultural Adjustment Act,
as amended, is amended by striking out the period at the end of such subsection and adding a semicolon and the following: 'except that, in the case
of sugar beets and sugar cane, the President, if he finds it necessary in order
to effectuate the declared policy of this Act, is authorized by proclamation
to make the provisions of this title applicable to the Philippine Islands, the
Virgin Islands, American Samoa, the Canal Zone, and/or the island of Guam."
Sec. 8. Section 15 of the Agricultural Adjustment Act, as amended, is
amended by adding at the end thereof the following new subsection:
"(f) The President, in his discretion, is authorized by proclamation to
decree that all or part of the taxes collected from the processing of sugar
beets or sugar cane in Puerto Rico, the Territory of Hawaii, the Philippine
Islands, the Virgin Islands, American Samoa, the Canal Zone, and/or the
island of Guam (if the provisions of this title are made applicable thereto),
and/or upon the processing in continental United States of sugar produced in,
or coming from, said areas, shall not be covered into the general fund of
the Treasury of the United States but shall be held as a separate fund, in the
name of the respective area to which related, to be used and expended for
the benefit of agriculture and/or paid as rental or benefit payments in connection with the reduction in the acreage, or reduction in the. production
for market, or both, of sugar beets and/or sugar cane, and/or used and expended for expansion of markets and for removal of surplus agricultural
products in such areas, respectively, as the Secretary of Agriculture, with the
approval of the President, shall direct."
Sec. 9. Subsection (a) of section 9 of the Agricultural Adjustment Act, as
amended, is further amended by striking out the period after the word
"proclamation," in line 8, and inserting in lieu thereof a semicoln and the
following: "except that, in the case of sugar beets and sugar cane, the Secretary of Agriculture shall, on or before the thirtieth day after the adoption
of this amendment, proclaim that rental or benefit payments with respect to
said commodities are to be made, and the processing tax shall be in effect
on and after the thirtieth day after the date of the adoption of this amendment. In the case of sugar beets and sugar cane, the calendar year shall be
considered to be the marketing year and for the year 1934 the marketing year
shall begin Jan. 1 1934."
Sec. 10. Section 16 (a) (1) of the Agricultural Adjustment Act, as
amended, is amended by inserting at the end thereof the following:
"Such tax upon articles imported prior to, but in customs custody or control on, the effective date, shall be paid prior to release therefrom. In the
case of sugar, the tax on floor stocks, except the retail stocks of persons
engaged in retail trade, shall be paid for the month in which the stocks are
sold, or used in the manufacture of other articles, under rules and regulations prescribed by the Commissioner of Internal Revenue with the approval
of the Secretary of the Treasury."
Sec. 11. Section 15 (e) of the Agricultural Adjustment Act, as amended,
Is amended by striking out in lines 3 and 4 the words "in chief value," and
inserting in lieu thereof the word "partly"; by inserting in line 7, after the
comma following the word "apply," the words "whether imported as mera
chandise, or as a container of merchandise, or otherwise" followed by
"processing," the words
comma; and by inserting in line 9, after the word
"of such commodity."
Act, as amended,
Sec. 12. Section 17 (a) of the Agricultural Adjustment
enactment of the said Act, to
Is amended, effective as of the date of the
'rad as follows:
may
19 1934
"(a) Upon the exportation to any foreign country (and/or to the Philippine Islands, the Virgin Islands, American Samoa, the Canal Zone, and the
island of Guam) of any product with respect to which a tax has been paid
under this title, or of any product processed wholly or partly from a commodity with respect to which product or commodity a tax has been paid under
this title, the tax due and paid shall be refunded. The refund shall be paid
to the exporter or to the consignor named in the bill of lading under which
the product is exported, as determined under regulations prescribed by the
Commissioner of Internal Revenue, with the approval of the Secretary of the
Treasury. In the case of sugar beets and sugar cane, this subsection shall
be applicable to exports of products thereof to the Philippine islands, the
Virgin Islands, American Samoa, the Canal Zone, and/or the island of Guam
only if this title with respect to sugar beets and sugar cane is not math
applicable thereto. The term 'product' includes any product exported as
merchandise, or as a container for merchandise, or otherwise."
Sec. 13. Section 17 (b) of the Agricultural Adjustment Act, as amended,
is amended by striking out in line 6 the words "in chief value" and inserting
in lieu thereof the word "partly."
Sec. 14. Subsection (1) of section 8 of the Agricultural Adjustment Act,
as amended, is amended by striking out the period at the end of the first
sentence, and inserting in lieu thereof a semicoln and the following: "and,
in the case of sugar beets or sugar cane, in the event that it shall be established to the satisfaction of the Secretary of Agriculture that returns to
growers or producers, under the contracts for the 1933-1934 crop of sugar
beets or sugar cane, entered into by and between the processors and producers
and/or growers thereof, were reduced by reason of the payment of the processing tax, and/or the corresponding floor-stocks tax, on sugar beets or sugar
cane, in addition to the foregoing rental or benefit payments, to make such
payments, representing in whole or in part Buell tax, as the Secretary deems
fair and reasonable, to producers who agree, or have agreed, to participate in
for
the program for reduction in the acreage or reduction in the production
market, or both, of sugar beets or sugar cane."
is
Sec. 15. Section 13 of the Agricultural Adjustment Act, as amended,
"In the
amended by inserting after the first sentence thereof the following:
shall
title
this
by
case of sugar beets and sugar cane, the taxes provided
in the Secrecease to be in effect, and the powers vested in the President or
after the adoptary of Agriculture shall terminate at the end of three years
at an earlier
tion of this amendment unless this title ceases to be in effect
date, as hereinabove provided."
by
Sec. 16. The Agricultural Adjustment Act, as amended, is amended
the addition of the following new section numbered "20."
to
"Sec. 20. (a) Whoever in connection with the purchase of, or offer
purchase, any commodity, subject to any tax under this title, or which is to
or
written
be subjected to any tax under this title, makes any statement,
oral, (1) intended or calculated to lead any person to believe that any amount
deducted from the market price or the agreed price of the commodity consists of a tax imposed under this title, or (2) ascribing a particular part of
the deduction frcm the market price or the agreed price of the commodity,
to a tax imposed under this title, knowing that such statement is false or
that the tax is not so great as the amount deducted from the market price or
the agreed price of the commodity, ascribed to such tax, shall be guilty of a
misdemeanor and, upon conviction thereof, shall be punished by a fine of not
more than $1,000 or by imprisonment for not exceeding six months, or both.
"(b) Whoever in connection with the processing of any commodity subject
to any tax under this title, whether commercially, for toll, upon an exchange,
or otherwise, makes any statement, written or oral, (1) intended or calculated
to lead any person to believe that any part of the charge for said processing,
whether commercially, for toll, upon an exchange, or otherwise, consists of a
tax imposed under this title, or (2) ascribing a particular part of the charge
for processing, whether commercially, for toll, upon an exchange, or otherwise.
to a tax imposed under this title, knowing that such statement is false, or that
the tax is not so great as the amount charged for said processing ascribed to
such tax, shall be guilty of a misdemeanor, and upon conviction thereof, shall
be punished by a fine of not more than $1,000 or by imprisonment for not
exceeding six months, or both.
"(c) Whoever in connection with any settlement, under a contract to buy
any commodity, and/or to sell such commodity, or any product or by-product
thereof, subject to any tax under this title, makes any statement, written or
oral, (1) intended or calculatetd to lead any person to believe that any
amount deducted from the gross sales price, in arriving at the basis of settlement under the contract, consists of a tax under this title, or (2) ascribing
a particular amount deducted from the gross sales price, in arriving at the
basis of settlement under the contract, to a tax imposed under this title,
knowing that such statement is false, or that the tax is not so great as the
amount so deducted and/or ascribed to such tax, shall be guilty of a misdemeanor, and, upon conviction thereof, shall be punished by a fine of not
more than $1,000 or by imprisonment for not exceeding six months, or both."
Sec. 17. Section 16 of the Agricultural Adjustment Act, as amended, is
amended by adding the following new subsections:
"(c) (1) Any sugar, imported prior to the effective date of a processing
tax on sugar beets and sugar cane, with respect to which it is established
(under regulations prescribed by the Commissioner of Internal Revenue, with
the approval of the Secretary of the Treasury) that there was paid at the time
of importation a duty at the rate in effect on Jan. 1 1934, and (2) any sugar
held on April 25 1934 by, or to be delivered under a bona fide contract of
sale entered into prior to April 25 1934, to, any manufacturer or converter,
for use in the production of any article (except sugar) and not for ultimate
consumption as sugar, and (3) any article (except sugar) processed wholly
or in chief value fr.= sugar beets, sugar cane, or any product thereof, shall
be exempt from taxation under subsection (a) of this section, but sugar held
in customs custody or control on April 25 1934, shall not be exempt from taxation under subsection (a) of this section, unless the rate of duty paid upon
the withdrawal thereof was the rate of duty in effect on Jan. 1 1934. The
provisions of paragraph (2) of subsection (a) of this section shall not apply
In the case of sugar beets or sugar cane or the products thereof.
"(d) The Secretary of Agriculture is authorized to purchase, out of such
proceeds of taxes as are available therefor, during the period this Act is in
effect with respect to sugar beets and sugar cane, not in excess of 300,000
tons of sugar raw value from the surplus stocks of direct-consumption sugar
produced in the United States beet-sugar area, at a price not in excess of the
market price for direct consumption sugar on the date of purchase, and to
dispose of such sugar by sale or otherwise, Including distribution to any
organization for the relief of the unemployed, under such conditions and at
such times as will tend to effectuate the declared policy of section 8a of this
Act. The sugar so purchased shall not be included in the quota for the
United States beet-sugar area. All proceeds received by the Secretary of
Agriculture, in the exercise of the powers granted hereby, are appropriated
to be available to the Secretary of Agriculture for the purposes described in
subsections (a) and (b) of section 12 of this Act."
Approved, May 9 1934, 11:23 a. m.
Financial Chronicle
3343
On succeeding days prices recovered, particularly on ThursThe Course of the Bond Market
Volume 138
Last week's performance was repeated this week, with high
grade bonds maintaining their top prices, yielding around
4.00%, and medium to lower-grade issues responding to
stock market influences. The decline among the latter
issues reached a climax on Monday, followed by a substantial upturn later in the week. General market sentiment seemed to improve with the announcement on Tuesday
of the President's plan for aiding home construction and on
Thursday when he was reported to have reached an agreement with silver proponents in the Senate. The shortterm money market continues to reflect a plethora of funds.
After beginning the week with several days of declining
prices, high-grade and medium-grade railroad bonds firmed
up and gains of a point or more were general throughout the
list. Atchison gen. 4s, 1995, closed at 102 on Friday, up
1% since a week ago; Norfolk & Western 1st con. 4s, 1996,
closed at 105%, up % point; Great Northern gen. 7s, 1936,
5 up 1. During the last few days,
ended the week at 95%,
some strength has been shown by the second and lower-grade
rail issues, which in previous weeks were irregularly lower.
Chicago Milwaukee, St. Paul & Pacific Mtge. 5s, 1975,
closed at 46 on Friday, up 34 since a week ago; Erie ref. 5s,
1975, rose 13
% points to 73%; Chicago & Northwestern Cony.
43
/0, 1949, closed at 433/s, a gain of 2% points; New York
Chicago & St. Louis Ref. 43/28, 1978, closed at 65, up 3.
Medium and speculative utility bonds have shown great
activity this week. On Monday declines were spread ovei
the entire list and were in some cases rather substantial.
day accompanying the rise in the stock market; on that day
some second-grade bonds rose three or more points. By
Friday many issues had recovered losses taken earlier in
the week. Florida Power Corp. 53's, 1979, lost % point to
733% since a week ago, Illinois Power & Light 5s, 1956, were
up 23% to 683/3, Standard Gas & Electric 6s, 1966, advanced
23' to 51%,and Rochester Central Power 5s, 1953, declined
3% to 38 for the week. High grades maintained a generally
firm tone.
After sagging early in the week, industrial bonds rallied
briskly in the latter part. Net changes for the week in
active issues were small and mixed. Among steel bonds,
Bethlehem 5s, 1936, were down % to 1023%, while Republic
Iron & Steel 53/35, 1953, were off % to 88. In the tire group,
Goodrich 6s, 1945, were 23/ higher to 86% but U. S. Rubber
5s, 1947, declined 1% to 843%. Building material issues
were strong on President Roosevelt's message on the building
situation, International Cement 5s, 1948, advancing 13%
points to 913% and Certainteed Products 53/25, 1948, gaining
3 to 63.
Foreign bonds fluctuated narrowly. German issues as a
Rhine Main
whole were irregular, and mostly lower.
Danube 7s, 1950, gained 17% points in one day, Wednesday,
apparently due to a conversion offer made to German holders
of the dollar bonds. The Polish 7s, 1948,lost about 8 points
of prior gains, then regained 3 points.
Moody's computed bond prices and bond yield averages
are given in the following tables.
MOODY'S BOND PRICES.
(Based on Average Yields.)
MOODY'S BOND YIELD AVERAGEELt
(Based on Individual Closing Prices.)
commompcommwwwwpm,
666bzW2WW:46444,
mmw Co .p.m•0mw•-m.-4
ccococccmccmcc,
104.88
104.51
104.68
104.68
104.68
104.88
104.85
104.85
104.68
104.51
104.51
104.51
104.68
104.51
104.51
104.68
ms§§
p
1414WW 2.2mm....bc..14M146W64t:4
00000000000W00
92.39
92.10
91.81
91.53
91.25
91.96
91.96
92.10
92.53
92.39
92.39
92.68
92.53
92.53
92.53
92.39
vot4
mw
".
78.10
P. U. Indus.
92.53
92.39
91.67
90.27
104.51
104.33
103.65
102.81
66Ma.,14kani4W..Tk.k.
tom.-wm m
w -m
0
0 0
92.10
00.07
RR.
89.17
89.86
88.50
87.96
88.36
88.36
87.43
87.04
83.97
82.38
78.44
74.25
92.82
74.25
89.31
70.05
101.81
102.47
101.47
100.49
100.81
100.81
100 00
99.68
98.88
98.73
98.00
97.00
104.85
96.54
99.04
78.44
79.91
89.17
71.67
85.54
82.02
81.90
81.30
80.95
80.72
81.30
81.66
82.02
82.82
82.38
82.62
81.90
81.78
82.87
83.11
83.11
83.48
83.60
82.74
81.18
79.68
80.60
78.88
78.66
79.68
80.37
78.88
78.99
75.50
74.86
70.52
66.55
83.72
66.38
77.66
53.16
ocooproc,wcco=oco
c
,
wo.
OM
83.72 103.15
62.87
120 Domestic
Corportuee by Groups.
68.30
Co
o
5._
High 1934
Low 1934
High 1933
Low 1933
Yr.AgoMy.18'33
2 Yrs.Ago
My.18'32
W000000000000000
-4-4-4-474m7l00000mpo
Jan. 26._
19..
12...
98.88 112.50 105.89
98.88 112.31 105.89
98.25 111.92 105.54
97.16 111.16 104.88
salmi's e Clime d.
95.93 110.42 103.48
96.70 111.18 104.16
95.63 110.79 103.15
94.88 110.23 101.81
95.18 110.23 101.97
95.33 109.86 101.47
93.99 109.12 100.00
93.85 108.75 99.68
91.53 107.67 98.41
90.55 107.67 97.16
87.69 106.25 95.48
84.85 105.37 93.26
98.88 113.26 106.60
84.85 105.37 93.11
92.39 108.03 100.33
74.15 97.47 82.99
113.26
112.88
112.88
112.88
112.88
112.69
112.88
112.69
112.69
112.89
112.50
112.69
112.50
112.31
112.31
112.50
o....000.1..MWOoo
Feb. 23-18--
Neqvvv...mr...0..ci4cm0
Mar.30._
23._
16_
0 0 00000000
m
4.
3..
2.
1_.
Weekly
Apr. 27._
20..
13._
108.60
106.25
106.60
106.42
106.25
106.25
106.42
106.42
106.25
106.25
106.25
106.25
106.42
108.07
105 89
105.89
98.57
98.25
98.09
97.94
97.78
98.09
98.41
98.41
98.73
98.57
98.57
98.88
98.73
98.57
98.57
98.73
0
8._
.64.6.6.6.64.00gggg
0000000000
May 18._
17_
16._
15._
14_
12._
11_
10...
.1MMOOMMM00000000 CS00
10.!4WWMe.M.I. Cm
.C...4NoP.,
0.8.
120
120 Domestic Corporals*
by Ratings.
1934
Om DomesDaily
Bonds.
tic.
Baa.
A.
Averages.
••
Aa.
Corp.' Aaa.
42.23
AU
120
1934
Daily
Dames
tic.
Averages
May 18._
17._
16._
15L
14..
12._
11..
10._
5__
4.84
4.86
4.87
4.88
4.89
4.87
4.85
4.85
4.83
4.84
4.84
4.82
4.83
4.84
4.84
4.83
120 Domestic Corporate
by Rattraps.
120 Domestic
Corporals by Groups.
tt
30
For,
P. U. Indus. dons.
Aaa.
Aa.
A.
Baa.
RR.
4.00
4.02
4.02
4.02
4.02
4.03
4.02
4.03
4.03
4.03
4.04
4.03
4.04
4.05
4.05
4.04
4.36
4.38
4.36
4.37
4.38
4.38
4.37
4.37
4.38
4.38
4.38
4.38
4.37
4.39
4.40
4.40
4.96
4.97
4.98
4.98
4.99
4.96
4.95
4.96
4.93
4.95
4.93
4.93
4.94
4.94
4.94
4.94
6.04
6.05
8.10
8.13
6.15
6.10
6.07
6.04
5.99
6.01
5.99
5.95
5.96
5.97
5.95
5.95
4.81
4.81
4.84
4.85
4.87
4.85
4.82
4.82
4.80
4.81
4.79
4.76
4.77
4.78
4.78
4.78
5.25
5.27
5.29
5.31
5.33
5.28
5.28
5.27
5.24
5.25
5.25
5.23
5.24
5.24
5.24
5.25
4.47
4.48
4.47
4.47
4.47
4.47
4.46
4.46
4.47
4.48
4.48
4.48
4.47
4.48
4.48
4.47
7.20
7.19
7.21
7.21
7.16
7.13
7.14
7.18
7.17
7.18
7.17
7.15
7.16
7.21
7.24
7.24
4.40
4.92
4.92
4.40
4.96
4.42
4.47
5.02
Close Q.
5.11
4.64
5.06
4.50
4.58
5.13
4.64
5.20
4.63
5.19
4.66
5.19
4.75
5.27
4.77
5.29
4.85
5.47
4.93
5.57
5.04
5.81
5.19
6.04
4.92
4.36
6.06
5.20
5.04
4.49
6.98
5.96
5.92
5.91
5.98
6.11
4.75
4.73
4.76
4.81
5.24
5.25
5.30
5.40
4.48
4.49
4.53
4.58
7.28
7.21
7.20
7.22
6.24
6.16.
6.31
6.33
6.24
6.18
6.31
6.30
6.62
6.73
7.12
7.56
5.90
7.58
6.16
9.44
4.91
4.85
4.91
4.97
4.93
4.92
5.05
5.05
5.23
5.32
5.54
5.74
4.73
5.75
4.83
7.22
5.48
5.43
5.53
5.57
5.54
5.54
5.61
5.64
5.88
8.01
8.35
6.74
5.22
6.74
5.43
7.17
4.64
4.60
4.66
4.72
4.70
4.70
4.75
4.77
4.82
4.83
4.87
4.94
4.46
4.97
4.60
6.35
7.34
7.23
7.25
718
7.49
7.52
7.67
7.55
7.97
8.05
8.33
8.65
7.13
8.85
7.23
11.19
Weekly
4.04
Apr. 27-- 4.82
4.05
20-- 4.82
4.07
13.- 4.86
4.11
6-- 4.93
Mar.30... Stock E xchang e
4.15
23-- 5.01
4.11
16-- 4.96
9.. 5.03 4.13
5.08
4.16
4.16
Feb. 23._ 5.08
5.05
4.18
5.14
4.22
5.15
4.24
4.30
Jan. 26._ 5.31
4.30
19.. 5.38
4.38
12._ 5.59
4.43
5.81
4.00
Low 1934 4.82
4.43
High 1934 5.81
4.11
Low 1933 4.98
High 1933 6.75
4.91
Yr. Ago4.56
My.1833 5.90
2 Yrs.Ago
5.35
My.1832 8.01
5.27
6.16
7.59
5.98
6.22
5.48
10.16
6.38
8.58
11.73
9.36
7.00
7.68
14.61
•These prices are computed from average yields on the basis of one "Ideal" bond (444% coupon, maturing In 31 years) and do not purport to show either the average
level or the average movement of actual price Quotations. They merely serve to Illustrate in a more comprehensive way the relative levels and the relative movement of
yield averages, the latter being the truer picture of the bond market. For moody's Index of bond prices by months back to 1928, see the Issue of Feb. 6 1932, page 907.
"Actual average price of 8 long-term Treasury Issues. t The latest complete list of bonds used In computing these Indexes was published In the issue of Feb. 10 1934,
page 920. tt Average of 30 foreign bonds but adjusted to a comparable basis with previous averages of 40 foreign bonds.
Indications of Business Activity
THE STATE OF TRADE-COMMERCIAL EPITOME.
Friday Night, May 18 1934.
Business activity receded somewhat from the peak of
the year reached in the last week in April. The uncertainty
over Washington legislation, together with unfavorable
weather, especially in the grain belts, has hurt business
very noticeably. Retail business fell off somewhat during
the week, and wholesale trade showed only moderate gains.
The tendency of industrial indices during the week was to
decline. Steel output showed the first falling off in several
weeks, and operations at automobile factories and petroleum
refineries were materially curtailed. Textile mills reported
little activity, and while lumber orders increased, both production and shipments showed a falling off. Consumption
of electricity, however, showed an unexpected rise. It came
as a complete surprise to many, who expected that the sea-
sonal decline in industrial activity, notably in the automobile center, would be reflected in reduced demands for
current. Most of the buying at retail was centered around
textiles, dry goods, dress accessories and shoes, and there
was a good demand for women's dresses and suits. Sales
of men's clothing and furnishings were also large. The
adverse weather, however, hurt the sale, of straw hats.
Wholesale trade held at about the same pace of recent
weeks. Commodity markets developed mixed trends during the week. Cotton declined, at times, under liquidation
influ .need by favorable weather and crop reports, but
later rallied with wheat and silver on the announcement
from Washington that an agreement had been reached between the Administration and the silverites on proposed
silver legislation. Silver became more active on this news,
and prices advanced sharply. Grain moved upward early
Financial Chronicle
3344
in the week, on continued reports of dry weather and dust
storms, but weakened later on, as the drouth was broken
in many sections of the belt. There were further decreases
in the visible supplies of wheat, corn and oats. Flour was
in very small demand, and fluctuated with wheat prices.
Sugar was rather quiet, and showed little change for the
week, flaws, however, were inactive and weaker, with
sales at one time reported at 2.80c. Coffee was dull both
for futures and spot, but prices are higher than a week ago.
A report that Brazil may decree a 20% sacrifice quota to
be put on the 1934-35 crop had a bracing influence, but
some thought this might only be done if the price of coffee
weakens. Hides at times were a little more active, but
on the whole trading was light and prices rather easier.
Rubber was rather quiet and a little weaker, owing to genend liquidation. The weather during the week was rather
cold, with intermittent showers. Over the great grain belts
of the country some relief was received from the drouth,
but more and heavy rains would be welcomed. In the South,
light showers in some sections were beneficial, while in
others they were not wanted, but, on the whole, the weather
was generally favorable for cotton. To-day it was fair and
warmer here, with temperatures ranging from 51 to 75
degrees. The forecast was for fair to-night and Saturday,
with little change in temperature. Overnight at Boston it
was 50 to 62 degrees; Baltimore, 52 to 68; Pittsburgh, 60 to
76; Portland, Me., 48 to 58; Chicago, 54 to 88; Cincinnati,
60 to 80; Cleveland, 56 to 80; Detroit, 48 to 82; Charleston,
58 to 64; Milwaukee, 48 to 86; Dallas, 62 to 84; Savannah,
58 to 66; Kansas City, 64 to 84; Springfield, Mo., 58 to 80;
St. Louis, 62 to 84; Oklahoma City, 60 to 86; Denver, 56 to
86; Salt Lake City, 64 to 84; Los Angeles, 58 to 76; San
Francisco, 52 to 64; Seattle, 48 to 62; Montreal, 44 to 66,
and Winnipeg, 48 to 62.
May 19 1934
Loadings of Revenue Freight for Latest Week 125%
Higher Than for Same Period Last Year.'
Loadings of revenue freight for the week ended May 12 1934
totaled 601,739 cars, a decrease of 2,466 cars, or 0.4% under
the preceding week, but was 66,933 cars, or 12.5% higher
than in the corresponding period in 1933. It was, also
a gain of 84,479 cars, or 16.3% over the comparable week
in 1932. Total loading for the week ended May 5 '1934
exceeded the same period last year by 14.6% and was also
13.2% in excess of the week ended April 30 1932.
The first 16 major railroads to report for the week ended
May 12 1934 loaded a total of 259,983 cars of revenue freight
on their own lines, compared with 261,689 cars in the preceding week and 237,891 cars in the seven days ended May 7
1932. With the exception of the Chicago Milwaukee St.
Paul & Pacific fly., the Missouri-Kansas-Texas Lines and
International-Great Northern RR., all of these carriers continued to show increases over the comparable period in 1933.
Comparative statistics follow:
REVENUE FREIGHT
LOADED AND RECEIVED
(Number of Cars.)
FROM
CONNECTIONS.
Loaded on Own Litses.Received from Connec.
Weeks Ended--
May 12 May 5 May 131fay 12 May 5 May 13
1934.
Atchison Topeka & Santa Fe fly
Chesapeake & Ohio By
Chicago Burl. & Quincy RR
Chicago Mile. Si. P. & Par. By
Chicago & North Western By
Gulf Coast Lines
International-Great Northern RR
Missouri-Kansas-Texas Lines
Missouri Pacific RR
New York Central Lines
N. Y. Chicago & St. Louis IV.•
Norfolk & Western By
Pennsylvania RR.
Pere Marquette Sty
Southern Pacific Lines
Wabash fly
Total
1934. 1933.
1934.
1934. 1933.
17,593
17,310
13.307
17,114
13,896
2,621
5,440
4,192
11,806
37,737
4,156
14,034
50.664
4,316
18,760
4,845
4,142 4,637 4,084
8,896 8.949 7.694
5,582 5,873 5,171.
5,798 6,369 5,732
8,175 8,844 7,456
1,361
1,314
867
2,288 2,132 1,722
1,830
2,534 2,381
7,805 7,841 7.085
54,041 58,212 46,231
7,523 8,301 7,137
3,604
3,621 4,097
34,925 37,007 31,546
1,345 5,021 3,496
259,983 261,689 237,891
158,273 168,689 139.786
18,659
20.413
13,318
16,638
14,769
2,901
2,378
4.164
12.976
42,808
4,304
18,592
55,861
5,001
22.100
5,101
17,913
20,792
14,093
17,072
14,901
2,873
2,565
4,183
12,968
44,413
4,480
18,520
55,374
5.055
21,237
5,250
7,284
7,664
6,131
x Not reported.
of 0.9 Point Noted in "Annalist" Monthly
Index of Business Activity for April.
The "Annalist" index of business activity shows a• slight
increase of 0.9 points to 79.2 (preliminary) for April from
78.3 for March, the "Annalist" has announced. The index
was 76.8 for February, 73.2 for January and 64.1 for April
of last year. Continuing, the "Annalist" said:
Increase
The rate of increase has tapered off considerably, the gain of 0.9 point
from March to April comparing with gains of 1.5 points from February
to March, 3.6 points from January to February, 3.5 points from December
to January and 1.2 points from November to December. The rate of
increase has been substantially less for the present upturn than for the
March-July rise last year. The gain since November amounts to 10.7
points, while the March-July increase amounted to 31.0 points.
The most important factor in the rise of the combined index was a sharp
increase in the adjusted index of steel ingot production. Next in importance were estimated gains in the adjusted indices of electric power production and boot and shoe production and a gain in the adjusted index of
pig iron production. Smaller gains were recorded in the adjusted indices
of cotton and silk consumption. A large portion of the gains were, however, offset by a sharp•decrease in the adjusted index of freight car loadings. The adjusted index of automobile production shows an estimated
decline of 0.4 point. The adjusted index of zinc production also shows a
slight decline.
Table I gives the combined index and its components, each of which is
adjusted for seasonal variation and where necessary for long-time trend,
for the last three months. Table II gives the combined index by months
back to the beginning of 1929.
TABLE I-TIIE ANNALIST INDEX OF BUSINESS ACTIVITY AND
COMPONENT GROUPS.
April.
64.7
Freight car loadings
70.7
Steel ingot production
.55.3
Pig iron production
094.0
Electric power production
90.8
Cotton consumption
Wool consumption
___71.6
Silk consumption
c110.5
Boot and shoe production
578.6
Automobile production
---Lumber production
Cement production___
5-9.
Zinc production
r,nnhinarl Ind,"
*79.2
March.
February.
69.0
60.1
50.9
93.1
89.9
77.4
69.6
*100.7
79.0
60.6
51.4
62.1
78.3
67.4
55.6
4.5.8
93.1
89.2
75.8
66.6
114.2
72.2
49.5
55.8
61.5
76.8
TABLE II-THE COMBINED INDEX SINCE JANUARY 1929,
January
February
March
April
May
June
July
August
September
October
November
- __---
1934.
1933.
1932.
1931.
1930.
1929.
73.2
76.8
78.3
*79.2
63.0
61.7
58.5
64.1
72.5
83.4
89.5
83.6
76.5
72.4
68.5
70.1
68.1
66.7
63.2
60.9
60.4
59.7
61.3
65.2
65.4
64.7
64.8
81.4
83.1
85.1
86.4
85.1
82.6
83.1
78.9
76.3
72.6
72.2
72.1
102.1
102.5
100.5
101.8
98.5
97.1
93.1
90.8
89.6
86.8
84.4
83.9
112.9
112.4
111.9
115.0
115.7
116.6
116.7
115.6
115.0
113.4
106.0
101.2
----------
WI 7
output of 7 284,000,000 kilowatt
* Subject to revision. a Based on an estimated
7,665,000.000 kilowatt hours in March
hours as against a Geological Survey tote of
estimated
output of 370,000 cars
an
on
and 6,462,000,000 in April 1933. b Based
Commerce total of 350,173 cars and trucks
and trucks as against Department of
Based
on an estimated
c
1933.
April
in
trucks
and
in March and 188,922 cars
estimated output of 30,000,000 pairs in
output of 29.000,000 pairs as against an
27,630,029
in April 1933.
of
total
Commerce
Department
of
March and as against
TOTAL LOADINGS AND RECEIPTS FROM CONNECTIONS (NO, OP CARS).
Weeks EndedChicago Rock Island & Pan. By
Illinois Central System
Total
May 12 1934 May 5 1934 May 13 1933.
19,528
24,008
19.179
24.976
19,430
23.633
43,536
41,155
43,063
The American Railway Association, in reviewing the week
ended May 5, reports as follows:
Loading of revenue freight for the week ended May 5 totaled 604,205
cars, a decrease of 4,449 cars below the preceding week, but 77,087 cars
above the corresponding week in 1933, and 70,254 cars above the corresponding week in 1932.
Miscellaneous freight loading for the week of May 5 totaled 240,943
cars, a decrease of 1,417 cars below the preceding week, but 42,294 cars
above the corresponding week in 1933, and 44,509 cars above the corresponding week in 1932.
Loading of merchandise less than carload lot freight totaled 166,426 ears,
an increase of 1,036 cars above the preceding week this year and 1,793 cars
above the corresponding week in 1933. It was, however, a decrease of
18,701 cars below the same week in 1932.
Grain and grain products loading for the week totaled 27,084 cars, an
increase of 577 cars above the preceding week. It was, however, a decrease
of 12,465 cars below the corresponding week in 1933, and 1,494 cars bel3w
the same week in 1932. In the Western districts alone, grain and grain
products loading for the week ended May 5 totaled 17,046 cars, a decrease
of 9,058 cars below the same week in 1933.
Forest products loading totaled 24,942 cars, a decrease of 21 cars below
the preceding week, but 5,523 cars above the same week in 1933, and
5,520 cars above the same week in 1932.
Ore loading amounted to 9,851 cars, an increase of 437 cars above the
preceding week, 4,083 cars above the corresponding week in 1933, and
7,657 cars above the corresponding week in 1932.
Coal loading amounted to 111,356 cars, a decrease of 4,061 cars below
the preceding week, but 33,698 cars above the corresponding week in 1933
and 30,962 cars above the same week in 1932.
Coke loading amounted to 6,853 cars, an increase of 693 cars above the
preceding week, 3,345 cars above the same week in 1933, and 3,628 cars
above the same week in 1932.
Live stock loading amounted to 16,750 cars, a decrease of 1,693 cars below
the preceding week, 1,184 cars below the same week in 1933, and 1,827 cars
below the same week in 1932. In the Western districts alone, loading of
live stock for the week ended May 5 totaled 13,521 cars, a decrease of 895
ears below the same week in 1933.
All districts except the Southwestern reported increases for the week of
May 5, compared with the corresponding week in 1933, but all
districts reported increases compared with the corresponding week in 1932.
Loading of revenue freight in 1934 compared with the two previous years
follows:
Four weeks in January
Four weeks In February
Five weeks in March
Four weeks in April
Week ended May 5
Total
1934.
1933.
2.177,562
2,308,869
3,059,217
2,334,831
604,205
1,924,208
1.970,566
2.354,521
2,025,564
527,118
2,266,771
2,243,221
2,825,798
2,229,173
533,951
10.484,684
8,801,977
10,098,914
1932.
In the following table we undertake to show also the loadings for the separate roads and systems for the week ended
May 5 1934. During this period 44 of the smaller roads
3345
Financial Chronicle
Volume 138
showed decreases as compared with the corresponding week
last year, when the bank holiday was in effect. Among the
larger carriers showing increases as compared with the same
week in 1933 were the Pennsylvania System, the Baltimore
& Ohio RR., the Chesapeake & Ohio RR.; the New York
Central RR., the Southern Ry. System, the Norfolk &
Western Ry., the Atchison Topeka & Santa Fe Ry. System,
the Chicago, Milwaukee St. Paul & Pacific Ry., the Louisville & Nashville RR., the Illinois Central System, the
Chicago & North Western Ry., the Chicago Burlington &
Quincy RR. the Southern Pacific Co. (Pacific Lines), the
Missouri Pacific RR., the Reading Co., and the Erie RR.:
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER OF CARS)-WEEK ENDED MAY 5.
Railroads.
1934.
Eastern District.
Group ABangor & Aroostook
Boston & Albany
Boston dr Maine
Central Vermont
Maine Central
New York. N.H.& Hartford....
Rutland
Total
Group BDelaware & Hudson
Delaware Lackawanna & West_
Erie
Lehigh & Hudson River
Lehigh & New England
Lehigh Valley
Montour
New York Central
New York Ontario dr Western_
Pittsburgh & Shawmut
Pittsburgh Shawmut& Northern
Total
Group CAnn 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 dr St. Louis
Pere Marquette
Pittsburgh & Lake Erie
Pittsburgh & West Virginia...Wabash
Wheeling do Lake Erie
Total
Grand total Eastern District
Allegheny District.
Akron Canton & Youngstown._
Baltimore & Ohio
Bessemer dr Lake Erie
Buffalo Creek & Gauley
Central RR.of New Jersey-Cornwall
Cumberland & Pentusylvania......
Ligonier Valley
Long Island
b Penn-Read Seashore Lines...Pennsylvania System
Reading Co
Union (Pittsburgh)
West Virginia Northern
Western Maryland
Total
Pocahontas District.
Chesapeake dr Ohio
Norfolk & Western
Norfolk dr Portsmouth Belt Line
Virginian
Total
Southern District.
Group AAtlantic Coast Line
Clinchrield
Charleston & Western Carolina
Durham & Southern
Gainesville & Midland
Norfolk Southern
Piedmont & Northern
Richmond Frederick. & Potom
Seaboard Air Line
Southern System
Winston-Salem Southbound-
Total Loads Received
from connections.
Total Revenue
Freight Loaded.
1933.
1932.
1934.
Railroads.
1934.
1933.
1932.
172
70.5
619
3.249
236
1.643
810
296
1,496
16,866
16.521
137
1,908
2,983
382
164
722
652
3,663
186
1,429
781
361
1,351
15,459
14,152
106
145
1,903
2,861
316
182
623
658
3.503
189
938
758
279
1,108
16,067
13,695
120
112
1,880
2,884
416
182
660
971
2,155
199
665
1,274
370
604
8.603
3,713
472
238
1,340
2,120
56.
160
597
1,008
2,205
172
535
1,441
325
590
6,974
3,861
399
231
1.557
2,481
491
48.125
44,231
43,412
24.133
23,027
87,748
82,113
80,449
52.729
50,820
Northwestern District.
912
Belt Ry. of Chicago
15,496
Chicago & North Western
2,276
Chicago Great Western
17,072
Chic. Milw.St. Paul & Pacific_
3,428
Chic.St.Paul Minn.& Omaha_
1,430
Duluth Mlssabe & Northern.....
630
Duluth South Shore & Atlantic_
5,792
Elgin Joliet & Eastern
348
Ft. Dodge Des M.& Southern..
10,194
Great Northern
467
Green Bay & Western
685
Lake Superior &
1,619
Minneapolis & St. Louis
Minn. St. Paul & 8.5. Marie_. 4,266
7,812
Northern Pacific
108
Spokane & International
1,409
Spokane Portland & Seattle....
745
13,897
2,286
16,990
3,575
3,439
313
3,736
281
7,248
505
211
1,879
4.127
7,061
102
903
1,490
13,529
2,234
15.536
3.041
4.2
286
3,411
290
6,850
511
a
1,630
3.020
7,159
a
1.148
1,383
8.844
2,484
6,369
2,828
107
354
4,505
99
2,467
400
75
1.304
2,160
2,106
129
844
1,626
7.502
2,036
6,108
2,716
37
289
3.790
136
2,081
327
52
1,154
1,977
1,229
123
839
73,934
67,299
61,457
36,658
33,022
17,913
2,411
'2.32
14,093
1,018
10.548
2,370
756
1,666
154
1,061
1,877
487
175
15,385
222
296
10.493
102
1,121
17.396
2,969
156
13,549
855
1(1,959
2,136
669
1,325
165
975
1,954
404
151
12,982
260
412
10.515
252
1,174
17.619
3,071
126
14,224
a
11,695
1.932
819
1,496
115
1,009
a
484
123
14,286
224
298
11,696
185
1,524
4,637
1,715
33
5.813
505
5.663
2,043
814
1,871
9
846
919
298
34
3,548
253
966
6.932
2
1,682
4,412
1.417
21
5.467
553
5,036
1.738
642
1,782
11
796
828
206
71
2,759
303
935
0.145
7
1.308
82,381
79,269
80,926
38.643
34,437
239
117
94
2.873
2,5i.5
86
1.663
1,123
155
362
469
126
4,183
12.968
r5
153
6.923
1,845
5,851
4,044
1,487
III
113
131
105
2.661
4,640
71
1,378
1,192
159
125
479
74
4.379
11.827
53
115
7.119
2,502
5.487
4.315
1.698
24
155
115
152
2.744
1,950
204
1.467
1.007
a
109
452
3,570
216
182
1,361
2,132
876
1.215
743
317
817
299
254
2.381
7,841
17
90
3,242
2.030
2,166
3.507
1,663
32
2.808
334
129
838
1,934
939
1.263
833
232
638
243
244
2.193
7,309
11
95
3,110
1.490
2.530
3.235
2,084
28
1933.
2,321
3,199
7,833
1.071
2,588
10,798
581
1,642
2,800
7,100
932
2,330
• 9,638
656
2,015
3,039
7,590
711
2,663
10,754
660
407
4,845
11,297
1,467
3,106
12,092
1.046
296
4.320
8,995
2.119
2,174
10,865
920
28,396
25,098
27,732
35,260
29,689
5.755
5,346
12,146
1,650
952
6,399
33
22.737
1,813
28
174
6,219
10,130
13,834
269
1,770
8,392
2.096
20.082
2.050
333
305
4,274
7.196
10,002
218
1,323
6,594
1.855
17,633
1,761
338
267
5,705
8,277
11,552
238
1.422
7.533
1,505
17,342
2,038
322
419
7,215
6,764
13,992
1,971
1,112
7,542
33
28,979
2,124
27
230
65.480
51,761
56,353
69,989
57,033
605
1,204
6.812
15
263
286
2,334
3.943
8.636
3,651
4,430
5,055
5,526
1.287
5.250
3,394
434
1,168
7,363
20
291
271
1,364
2,965
5,824
2..33
3,881
4,121
3,382
1.025
4,866
2,675
529
1.154
7,243
46
247
189
1,718
2.702
5,887
3,534
4.190
4.389
3,432
716
5,046
2,101
1,082
1,993
10,399
35
138
2,388
1,134
6,864
9,136
215
8,301
5,021
4,691
865
7,664
3,305
791
1,650
8,871
39
90
1,494
765
4,919
6,827
167
7,013
3.547
3,893
655
6.559
9,412
49,693
52,791
42.613
93,123
63,251
146,667
119,472
127,208
168,500
136,415
522
28,559
2,777
231
6,285
.537
228
50
793
1.115
55,374
13.722
8,652
68
3,322
391
22.874
1,276
218
4,606
548
154
54
990
893
49.130
10,203
2,945
50
2,106
a
24,857
956
142
6,308
45
171
70
1,239
b
53,698
12,622
3,558
49
2.958
661
13,918
1,471
6
10,865
73
23
29
2.972
1,051
37,007
15,245
2,-47
0
5,115
/37
11,736
770
5
9,125
35
23
11
2,434
955
29,715
13,405
844
3
3,341
122,235
96,838
106,673
00,683
72.939
20.792
18,520
1,504
2,942
16.687
13,027
1,341
2.425
16,243
12,571
1,626
2.485
8,949
4,097
1,224
701
7,419
3,115
1,095
622
43,758
33,480
32,925
14,971
12,251
8,623
1,131
374
183
50
1,226
464
343
8,202
18,913
141
8,377
836
402
156
40
1.440
478
317
7,199
18,471
166
8.106
780
375
134
55
1,502
472
294
7,166
17,973
180
4,311
1,619
964
4u8
91
1,150
1,031
3,279
3,497
11,569
617
4,044
1.236
970
311
95
1,121
790
3,987
3,302
11.271
666
Total Loads Receivedfrom Connections.
Total Revenue
Freight Loaded.
Group BAlabama Tenn. & Northern.
AtlanticBirmingham & Coast..
Atl.& W.P.-West.RR.of Ala
Central of Georgia
Columbus & Greenville
Florida East Coast
Georgia
Georgia & Florida
Gulf Mobile & Northern
Illinois Central System
Louisville & Nashville
Macon Dublin & Savannah....
Mississippi Central
Mobile & Ohio
Nashville Chatt. & St. Louis
Tennessee Central
Total
Grand total Southern District__
Total
Central Western District.
Atch. Top.& Santa Fe System_
Alton
Bingham & Garfield
Chicago Burlington & Quincy
Chicago & Illinois Midland_Chicago Rock Island & Pacific_
Chicago & Eastern Illinois
Colorado & Southern
Denver di Rio Grande Western_
Denver & Salt Lake
Fort Worth & Denver City
Illinois Terminal
Northwestern Pacific
Peoria & Pekin Union
Southern Pacific (Pacific)
St. Joseph & Grand Island
Toledo Peoria & Western
Union Pacific System
Utah
Western Pachic
Total
Southwestern District.
Alton dr Southern
Burlington-Rock Island
Fort Smith & Western
Gulf Coast Lines
International-Great Northern....
KansasOklahoma & Gulf
Kansas City Southern
Louisiana & Arkansas
Louisiana Arkansas & Texas
Litchfield & Madison
Midland Valley
Missouri & North Arkansas.....
Missouri-Kansas-1exas Lines...
Missouri Pacific
Natchez & Southern
Quanah Acme & Pacific
St. Louis-San Francisco
St. Louts Southwestern
Texas dr New Orleans
Texas & Pacific
Terminal RR. Assn. of St. Louis
Weatherford Min.Wells& N.W.
102
so
4.224
12,127
39
84
7,100
1.957
5.583
3,106
1,665
13
1934.
1933.
32.520
34.951
44,313
48,647
47.482
27.793
Total
28.596
37,037
Total
37,882
39,623
a Not available. b Pennsylvania-Reading Seashore Lines include the new oonsolidated lines of the West Jersei & Seashore RR.. formerly part of Pennsylvania
RR..and Atlantic City KR.. to merly part or Reading Co.: 1932 figures included In Pennsylvania System and Reading Co.
The movement of the Index number during the week, with
Moody's Daily Index of Staple Commodity Prices
comparisons, is as follows:
Loses Gain of Previous Week.
134.4
2 Weeks Ago, May 4
May 11------135.7
Friday,
Prices of the principal staples have continued to display Saturday,
134.1
Month Ago, Apr. 18
May 12.....134.5
116.0
May 18
Year Ago,
133.2
May 14
much irregularity and uncertainty during the week in review, Monday,
148.9
1933 High,
July 18
__ _133.6
Tuesday,
May 15
78.7
Feb. 4
Low,
but were predominantly weak, losing slightly more than the Wednesday, May 16 __-_ 134.3
140.4
Feb. 16
1934 High,
135.2
May 17_
gains of the previous week, as measured by Moody's Daily Thursday,
Jan.
2
126.0
Low,
134.2
Friday,
May 18
Index of Staple Commodity Prices. The Index declined 1.5
points to 134.2 and is again close to the lower limit of its "Annalist" Weekly Index of Wholesale Commodity
comparatively narrow range of the last four months.
Prices Dropped During Week of May 15-Slight
Decline Noted in Domestic and Foreign Indices for
Eight of the fifteen commodities comprising the Index
April.
declined in price during the week, in fairly equal measure.
In a somewhat mixed week, the "Annalist" Weekly Index
The most important declines were in rubber and hides, but
scrap steel, lead, sugar, wool tops, hogs and wheat also con- of Wholesale Commodity Prices receded moderately from
tributed to the lowering of the Index number. Cotton, the high of the week before, the index dropping back to
corn, silk, silver and cocoa all registered small gains and 110.7 on May 15 from 111.1 on May 8, the "Annalist"
noted. It added:
copper and coffee were unchanged.
3346
Financial Chronicle
The farm, food and textile products and miscellaneous groups were lower
(the latter reflecting the reaction in rubber), while the other groups were
unchanged. Among individual commodities wheat and flour,oats,potatoes,
some of the meats, lard, cheese and silk were higher. Losses were reported
for steers (a drop of 44 cents to $8.56), hogs (notwithstanding government
purchases), lambs, beef, veal, corn, rye, barley, eggs, cotton and cotton
goods and, as already noted, rubber.
TICE "ANNALIST" WEEKLY INDEX OF WHOLESALE
COMMODITY PRICES.
Unadjusted for seasonal variation (1913=100).
Matt 15 1934. Map 8 1934. May 16 1933.
Farm products
92.8
81.3
93.5
Food products
97.3
109.2
109.4
Textile products
*113.9
al14.0
82.3
Fuels
161.7
181.7
98.8
Metals
96.1
112.3
112.3
Building materials
114.2
106.7
114.2
Chemicals
95.5
100.2
100.2
Miscellaneous
74.1
91.2
89.8
All commodities
110.7
91.0
111.1
b All commoditleA on nlei dallar haath.
M fi
M.7
78.0
•Preliminary. a Revised. b Based on exchange quotations for France, Switzerland, Holland and Belgium.
Foreign price levels were more stable during April, the "Annalist"
International Composite declining slightly to a preliminary 72.3 from 72.4
(revised) for March 73.3 for February, and 77.1 a year ago. Except for
Canada, most of the countries showed only nominal losses from March in
terms of gold, reflecting the removal of the pressure of the falling dollar, as
anticipated in this column last month. Weekly indices at the end of April
showed some weakness, but no definite trends, the British, French and
Italian being slightly lower, and the German a little higher.
DOMESTIC AND FOREIGN WHOLESALE PRICE INDICES.
(Measured in currency of country; index on gold basis also shown when currency
has depreciated: 1913-100).
*April
1934.
aMarch
1934.
Feb.
1934.
April
1933.
April
1932.
bMorahs
Change
%
U.S. of America__ 108.6
108.2
83.8
+0.4
108.1
90.7
Gold
64.5
80.8
84.4
-0.2
65.4
90.7
Canada
111.1
112.6
106.8
112.5
102.1
-1.2
1. Gold
66.8
82.6
65.9
-1.4
67.7
96.0
United Kingdom_
102.8
103.8
105.3
102.4
97.2
-1.0
Gold
64.5
64.6
68.3
-0.2
85.9
78.9
France
392
400
394
-0.5
439
387
Germany
95.8
95.9
96.2
98.4
90.7
-0.1
Italy
275.4
275.2
276.0
318.8
282.2
-0.1
Japan
133.7
134.1
118.4
133.7
133.1
0.0
Gold
48.4
47.9
48.5
76.6
58.3
+1.0
Composite gold c
77.1
72.3
87.2
72.4
73.3
-0.1
* Prlelminary. a Revised. b Change from March 1934 to April 1934. c Includes
also Netherlands and Belgium.
Indices used: U. S. A., Annalist; Canada, Dominion Bureau of Statistics; United
Kingdom, Board of Trade; France, StatlstIque Generale; Germany, Statistische
Reichsamt; Italy, Milan Chamber of Commerce; Japan, Bank of Japan.
Business Activity in 1934 to Furnish Decisive Test of
Recovery Program, According to Col. Ayres of
Cleveland Trust Co.-Notes Greater Shortage of
Needed Goods and Greater Accumulations of
Money and Credit Seeking Employment Than
Ever Before-Effect of Securities Act.
"It is probably true," says Colonel Leonard P. Ayres, VicePresident of the Cleveland Trust Co., "that we now have
greater accumulated genuine shortages of goods and construction that the people want and need, and greater accumulations of money and credit seeking employment, than have ever
existed before anywhere. We have most of the component
requisites for sustained recovery, and world-wide business
improvement is under way," he states, adding: "Our records
of business activity in this year of 1934 will furnish the decisive test and measure of the efficacy of our national recovery program."
In the Cleveland Trust Co.'s "Business Bulletin" of May 15,
In which Colonel Ayres made the foregoing observation, he
stated, in opening his comments, that "business activity has
now been increasing in this country without any important
interruption during six consecutive months." He further
noted:
The serious decline which began last July continued to the middle of
November, and then the present recovery got under way, and has continued
to the present time. Such a sustained advance as we have had in industrial
production and in trade activity would normally be accompanied by a rising
market for stocks, but that has not happened. There has been, instead, a
hesitant market since last February, and recently a long decline that carried
average prices down to the levels of last autumn.
Clearly, business confidence has not been holding up as well as have the
business statistics. The reason for this appears to be that the increases in
the volumes of production, transportation, and trade have not really been
well distributed, but have been instead mostly due to two main factors.
These are the continued expenditure of huge sums of Federal funds in loans,
subsidies, and for public works, and the greatly increased output of the automobile industry Which has recently been producing each day new care worth
about 10 million dollars.
There has been a considerable increase in new construction financed by
public funds, but little in building paid for by private money. Recent gains
in employment in this country have been encouraging, but in Canada the rate
of re-employment since the low levels of last spring has been far more steady
and rapid than our own. Our excess of public expenditures over governmental
receipts has not been as great during the past few months as was expected,
but recovery in England is going forward steadily and rapidly, and the
national budget has been balanced and tax reductions are in prospect.
Colonel Ayres, among other things, discusses the effect of
the Securities Act of 1933, and the proposed silver legislation,
and as to the latter, he makes the statement that "It is greatly
to be hoped that Congress will not pass additional inflation-
May 19 1934
ary legislation." Omitting the diagrams, we give Colonel
Ayres's further comments in the "Bulletin" as follows:
Securities Act.
The Federal Securities Act went into effect more than nine months ago.
During most of that time business activity has been expanding, but the
recovery has not been accompanied by such an increasing flow of new security
issues as has marked previous upturns from depression in this country. This
condition has aroused much controversy about the new Act. Its opponents
have claimed that it has almost strangled the security markets, and greatly
retarded recovery because its severe liability provisions have prevented the
issuing of new securities which are essential for reviving the durable goods
industries where unemployment is most severe.
Its supporters deny this. They claim that it merely demands of the sellers
of securities the same standards of honesty that apply in other lines of
business, and that the scarcity and the meager amount of new issues in recent
months have been due to general economic causes. The diagram [this we
omit.-Ed.] is an attempt to throw light on this dispute by means of an
analysis of all new issues save those of the Federal Government, that have
been floated since the beginning of last year. The new Act does not apply
to all issues. It exempts State and municipal issues, and those of the railroads. It applies to the corporate issues of industrial and other firms.
The upper dashed line in the diagram [this we omit.-Ed.1 shows the
cumulative average monthly value of all new security issues not subject to the
Act which have been floated from the beginning of 1933 through March of
this year. There was a severe decline during the banking crisis and then s
sharp recovery. Since July, when the Act went into effect, there has been a
steady and rapid increase. The solid line represents in similar fashion the
new securities that are subject to the Act. The changes in the first part of
last year were similar to those of the upper line, but since last July there
has been a steady and rapid decrease.
It seems fairly clear that the Act has operated to restrict the issuing of
new industrial stocks and bonds. The only other explanation of the decline
would be that industry is not now seeking new funds for expansion. This is
hardly a tenable theory, for in previous recoveries there has always been
rapid capital expansion. This was notably true in 1922, and, the increases
were not in the rail and municipal securities, but in the industrials and the
utilities.
In the decade from 1921 through 1930 the volume of new securities averaged nearly seven and a half billion dollars a year, and in the last three
years of the prosperity period their average was well over 10 billions a year.
In 1933 they amounted to little more than one billion. The clear fact is that
the flow of new capital into enterprise has almost ceased, and the evidence
strongly indicates that the Federal Securities; Act is an important factor in
contributing to the stoppage, and so in retarding recovery and restricting
re-employment.
Silver.
It now seems probable that the present Congress will enact the silver bonus
legislation that it has been discussing. The Senate recently published the
names of silver holders and the amounts owned, and showed that the total
held was huge, and that most of it was in speculative accounts. The publication of the lists of holders has lifted the silver question out of its camouflage
of pretended desire to stimulate foreign trade, and shown it in its true light
as being in part a project to benefit silver producers, and for the rest an
attempt to ensure profits to speculators.
The proposed silver legislation that has recently been under discussion is
contained in the Dies bill. As passed by the House, it would have authorized
the Government to accept silver from foreign holders at prices above those of
the world markets in payment for our agricultural surpluses. As amended
by a Senate Committee, it would have directed the Government to buy all
the silver in this country, and to continue to buy 50 million ounces a month
until the resulting inflation had lifted general prices to the level Of 1926.
The President has resolutely opposed the passage of the bill in that form.
The upright columns in the diagram [this we omit.-Ed.] show how the
recent campaigns to have this Government subsidize the silver markets have
increased speculative holdings of the metal. The columns represent in millions of ounces the average holdings of silver by producers in Canada and
here during the past 13 years, and in the first months of this year. The
rapid increases since the campaigns in behalf of silver became active and
powerful are noteworthy. The amounts here represented are relatively small
as contrasted with the figures of the Senate lists, which showed that total
holdings in this country are probably well over 150 million ounces.
It is greatly to be hoped that the Congress will not pass additional inflationary legislation. The enactment of the Dies bill, or of any similar substitute for it, would provide an unwarranted bonus for Western silver producers, and for Eastern silver speculators. It would create hard times in the
Orient because costly silver there would result in falling prices for their
commodities just as costly gold here brought falling prices for our commodities. The evidence is clear that the motive force behind the proposed
legislation to do something for silver is the profit motive.
industrial Production,
The index of industrial production of this bank was 29.0% below normal
in January, 26.3% in February, 23.6% in March, and the April estimate is
21.7%. Further improvement seems indicated for May. April increases were
largest in iron and steel, textiles, lumber, automobiles and coal. The March
figures are still preliminary. The data given may be used to bring up to
date any of the long diagrams of business changes issued by this bank. The
comment that further improvement seems likely in May is based mostly on
the fact that there is a considerable increase in the number of active blast
furnaces at the beginning of the month.
Conatruction.
The volume of building remains disappointingly low, and it does not seem
probable that there will be muds improvement soon, except for publicly
financed operations. This is most unfortunate, for increasing volumes of new
building construction have repeatedly in the past proved to be powerful forces
In aiding business recovery following depressions. Among the reasons why
there is little new private construction must be included the slowing down in
the growth of population, the overbuilding during the prosperity period, the
large numbers of buildings for sale because of the financial straits of their
owners, and the difficulty in negotiating real estate loans for new construction.
Probably no one of these restricting factors, or even the combination of
them all, is as influential in preventing an important expansion in private
construction as is the high cost of building. At present rents are low, while
construction costs are high and advancing, and the natural result is that
there is little incentive to build. In the diagram [this we ornit.-Ed.] the
dashed line represents the changes in the average annual cost of building since
Volume 138
1914, while the solid line shows the course of house rents. In both cases the
figures for 1923 are taken as being equal to 100.
On this baste prevailing rents and the cost of building were close together
In 1916. Then the advancing prices and wages of the war period raised construction costs to high levels, and it was not until 1921 that rents advanced
sufficiently to overtake them. From 1921 through 1927 rents were relatively
high as compared with building costs, and that was the period of our great
construction boom. Since then rents have been steadily falling. Now
building costa are rapidly advancing, and the growing disparity between the
low rents and the high costs of both material and labor combines with the
cther restraining factors to hold the volume of new construction to small
proportions.
In the lower portion of the diagram [this we mnit.-Ed.] the line representing these changing ratios between the average rents and the costs of
building constitutes an index of the prospect or probability that the erection
of a new building may prove to be a profitable venture. This index was
high just before the war, but at relatively low levels during the war period
and the years immediately following, and at high levels from 1921 through
1927. Now it has declined to low levels once more, and it is still falling.
It is probable that the present Congress will enact legislation to aid in
financing the building of new homes, but it seems doubtful if these provisions can overcome the restraining effect of the advances in the costs of
construction resulting from the new codes provided for in the legislation of
the last congressional session.
Production.
The physical volume of all material production appears to have been a
little more than twice as great in the prosperity period just before the depression as it was at the beginning of the century. At the bottom of the
depression it had fallen to low levels about equal to those of 1909 and even
1906. It has now recovered to about the levels of 1915 and 1916.
The diagram at the foot of this page [this we omit.-Ed.] shows the
growth of total production, and subdivides it into four great groups. One is
the combined grouping of the products of mining, forestry, and fishing; the
second, those of agriculture; the third, the manufacturing output, and the
fourth, building construction. The combined total in 1899 is taken as being
equal to 100. The data on which the diagram is based are largely those of
the Census, supplemented by other figures for inter-Census years.
The relative weighting of the different groups is proportional to the
number of workers reported by the Census as gainfully occupied in each
kind of productive work. The index of the volume of building is based on
permit data adjusted to conform to the decennial count of dwellings made by
the Census, and with allowance for replacement construction. If all the
data were reduced to a per capita basis, the 1933 total would be reduced
from 160 to 95.
The diagram [this we ornit.-Ed.] shows that in most classes of American
production there was no great acceleration of production in the prosperity
period just prior to the depression. It is clear that there was not much
change in the volume of output of mining, forestry, and fishing. A straight
trend line computed by the method of least squares has been drawn through
the upper limits of the combined area representing these sorts of output plus
agricultural production, and this also indicates that there were but small
increases in that prosperity period.
When the surface representing the volume of manufacturing production is
superimposed upon the two below it, and another trend line drawn through its
upper boundary, we again find small evidence of much overproduction in the
recent prosperity. It is note worthy that severe depressions like those of
1908, 1914, 1921, and the 1930's, are characterized by sharp contractions of
industrial output. In reality, the serious shrinkages are largely in the production of durable goods. Building construction follows a different pattern
from those of the other groups. It had a considerable boom from 1900 up
to 1906, and an exceptionally large one during most of the prosperity period
following the World War. Our boom period excesses were largely in stock
speculation, real estate speculation, and building.
Decrease of 0.1 of 1% in Wholesale Commodity Prices
During Week of May 5 Reported by United States
Department of Labor.
Wholesale commodity prices declined 0.1 of 1% during the
week ending May 5, according to the index numbers computed by the Bureau of Labor Statistics, said an announcement made May 10 by Commissioner Lubin, of the Bureau of
Labor Statistics of the United States Department of Labor.
"The Bureau's index, now standing at 73.4% of the 1926 average," Mr. Lubin said,"remains approximately midway in the
narrow one-'point' range between 72.8 and 73.8, in which it
has fluctuated since Feb. 3." He added:
As compared with the index of 61.9 for the corresponding week of last
year, the present level is up by 181
2% above the level for the
/
2%. It is 121
/
same week of two years ago, when the index with 65.1. The average wholeGale price level now stands nearly 4% above that of the first week in January.
It is over 23% above the low point of last year (March 4), when the index
was 59.6.
The decline was caused by decided weakening prices in the groups of textile
products and fuel and lighting materials and a minor recession in the hides
and leather products group. Of the 10 major groups covered by the Bureau,
three showed decreases, four an increase, and three remained at the level of
the week before.
As to the index of the Bureau of Labor Statistics, Mr. Lubin's announcement said:
The largest decline, amounting to 1.2%, was recorded by the textile products group. Clothing prices moved downward by 2.7%, knit goods by 3.3%,
silk and rayon by nearly 7%, and, cotton goods by 1%. A minor decrease
was shown for woolen and worsted goods and other textile products. The
group as a whole now stands at 74.1% of the 1926 average, which is the low
for the current year.
A seasonal decline of nearly 2% in anthracite and a decrease of 3%% in
average prices for electricity and an 0.8 of 1% drop in petroleum products
caused the fuel and lighting materials group to move downward by 1.1%.
Minor fluctuations in the hides and leather products group resulted in a 0.1 of
1% decrease for the group as a whole.
The metals and metal products group moved upward to 88.7% of the 1926
average, attaining a new high for recent months. The upward movement
was caused by a nearly 7% advance in agricultural implements and a minor
strengthening of prices in the iron and steel subgroup. Certain non-ferrous
metals recorded lower average prices.
3347
Financial Chronicle
A further advance of 123% in crude rubber prices placed this index at
29.3% of the 1926 average, and shows an accumulated advance of nearly 64%
from the 1934 low. Strengthening prices of other miscellaneous items was
attributed to a % of 1% rise in the miscellaneous group index. Increases
more than offset decreases in the tuilding materials group, resulting in a 0.3
of 1% advance and placed the present index at 87.4% of the 1926 average,
establishing a new high for the year. The housefurnishing goods group showed
a fractional advance.
The important groups of farm products and foods showed no change in the
general averages. Grains advanced about 3%. Other farm products, including cotton, eggs, potatoes, and wool, declined nearly 2%. The prices of
calves and steers advanced, while hogs and lambs moved downward. Average
prices for butter, cheese, milk and cereal products showed advances, while
certain fruits, vegetables and other foods recorded declines. No change was
reported for the chemicals and drugs group, with fertilizer materials and
certain vegetable oils moving downward, while mixed fertilizers, copra and
inedible tallow moved upward.
The index number of the Bureau of Labor Statistics is composed of 784
separate price series weighted according to their relative importance in the
country's markets, and is based on average prices for the year 1926 as 100.0.
The accompanying statement shows the index numbers of the major groups of
commodities for the past two weeks, for the weeks of May 6 1933, yay 7 1932,
Nov. 18 1933 (high for year), and March 4 1933 (low for year), and the
average for the year 1929:
INDEX NUMBERS OF WHOLESALE PRICES FOR WEEKS OF MAY 5
1934, APRIL 28 1934 MAY 6 1933, MAY 7 1932, NOV. 18 1933, MARCH 4
1933 AND YEAR 1929. (1926=100.0.)
Week EndedMay 5 Apr. 28 May 6 May 7 Nov. 18 Mar.4 Year
1934. 1934. 1933. 1932. 1933. 1933. 1929.
Farm products
Foods
Hides and leather products
Textile products
Fuel and lighting materials
Metals and metal products
Building materials
Chemicals and drugs
Houseturnishing goods -- Miscellaneous
All commodities other than
farm products and foods
All commodities
47.9
60.2
73.3
56.7
71.7
80.2
71.7
74.0
76.2
64.7
58.7
65.4
88.5
75.8
74.5
83.5
84.7
73.5
82.1
65.4
40.6
53.4
67.6
50.6
64.4
77.4
70.1
71.3
72.7
59.6
104.9
99.9
109.1
90.4
83.0
100.5
95.4
94.2
94.3
82.6
66.4
70.8
77.5
66.2
91.6
61.9
65.1
71.7
59.6
95.3
59.1
66.6
89.5
74.1
72.7
88.7
87.4
75.3
83.1
69.6
59.1
66.6
89.6
75.0
73.5
88.3
87.1
75.3
83.0
69.2
47.8
58.2
73.3
53.7
62.1
77.5
70.8
72.4
71.7
58.8
79.0
79.2
73.4
73.5
Wholesale Commodity Prices During Week of May 12
Again Reported Higher by National Fertilizer
Association.
Wholesale commodity prices again advanced during the
week ended May 12, according to the index of the National
Fertilizer Association. This index advanced three points
during the latest week. During the preceding week it advanced four points and two weeks ago it advanced one
pOW The latest index number, 71.5, compares with the
index number of 71.2 a week ago, 71.1 a month ago and
59.8 a year ago. (The three-year average 1926-1928 equals
100.) The Association announced further on May 14:
Of the 14 groups in the index four advanced and three declined during
the latest week. Foods, fuel, grains, feeds and livestock, and textiles
advanced. The largest gain was shown in grains, feeds and livestock.
The declining groups were fats and oils, fertilizer materials and miscellaneous commodities.
During the latest week the prices for 26 individual commodities advanced
and the prices for 25 declined. During the previous week there were 23
advances and 34 declines. Two weeks ago there were 25 advances and 28
declines. The outstanding gain was in wheat. Cotton advanced more than
one-half cent per pound. Increased prices were also shown for corn, lightweight hogs, cheese, eggs, raw sugar, flour, cotton, silk, lard, cottonseed
oil, silver, coke and cottonseed meal. Among the declining commodities
were wool, butter, rubber, refined sugar, cattle, heavy-weight hogs, sheep,
heavy melting steel, zinc, sulphate of ammonia and anthracite coal.
The index numbers and comparative weights for each of the 14 groups
listed in the index are shown in the table below:
WEEKLY WHOLESALE PRICE INDEX-BASED ON 476 COMMODITY
PRICES (1926-1928=100).
Per Cent
Each Group
Bears to the
Total Index.
23.2
16.0
12.8
10.1
8.5
6.7
6.6 •
6.2
4.0
3.8
1.0
.4
.4
.3
1AA A
Group.
Foods
Fuel
Grains, feeds and livestock
Textiles
Miscellaneous commodities
Automobiles
Building materials
Metals
House-furnishing goods
Fats and oils
Chemicals and drugs
Fertilizer materials
Mixed fertilizers '
Agricultural implements
•11 nrves••••da .nrnfilnehol
Latest
Week
May 12
1934.
Preceding
Week.
Month
Ago.
Year
Ago.
71.5
69.5
54.8
68.8
70.7
91.3
81.0
84.4
85.6
49.6
93.0
64.3
76.1
92.4
71.4
69.1
53.0
67.8
70.8
91.3
81.0
84.4
85.6
50.3
93.0
65.5
76.1
92.4
70.8
68.7
55.0
71.8
69.6
91.3
80.5
79.7
85.2
48.7
93.0
67.5
75.9
92.4
60.5
48.4
49.3
51.1
60.0
84.4
71.6
70.3
75.2
51.6
87.2
63.7
62.4
90.2
71 X
71 9
71 1
CO II
Electric Output 11.9% Higher Than a Year Ago.
According to the Edison Electric Institute, the production
of electricity by the electric light and power industry of the
United States for the week ended May 12 1934 was 1,643,433,000 kwh., an increase of 11.9% over the same week
last year when output totaled 1,468,035,000 kwh. This
was the smallest percentage gain over the 1933 period registered since the week of Feb. 17. Production for the week
ended May 5 1934 amounted to 1,632,766,000 kwh., compared with 1,435,707,000 kwh. for the week ended May 6
1933, a gain of 13.7%. The Institute's statement follows:
3348
Financial Chronicle
PER CENT INCREASES (1934 OVER 1933).
Major Geographic
Divisions.
Week Ended
Week Ended
Week Ended
Week Ended
May 12 1934. May 1934. April 28 1934. April 21 1934.
New England
Middle Atlantic
Central Industrial_._ _
Southern States
Pacific Coast
West Central
Rocky Mountain
9.1
7.7
15.5
7.6
16.0
8.7
25.5
13.0
10.2
16.3
11.5
15.3
6.5
26.8
16.7
12.3
22.6
x17.2
12.5
10.6
25.2
15.7
13.3
22.4
16.5
13.3
11.2
20.4
Total United States_
11.9
13.7
16.8
16.9
x Corrected figure.
Arranged in tabular form, the output in kilowatt hours of
the light and power companies of recent weeks and by
months since and including January 1931 is as follows:
Week of-.
Jan. 6
Jan. 13
Jan. 20
Jan. 27
Feb. 3
Feb. 10
Feb. 17
Feb. 24
Mar. 3
Mar. 10
Mar. 17
Mar. 24
Mar.31
Apr. 7
Apr. 14
Apr. 21
Apr. 28
May 5
May 12
May 19
May 26
June 2
June 9
1934.
Week of-
1,563.678.000
1,646,271,000
1,624.846,000
1,610,542,000
1,636,275.000
1.651,535,000
1,640,951,000
1,646,465,000
1,658,040,000
1.647.024,000
1,650,013.000
1,658,389,000
1,665,650,000
1,616.945,000
1,642,187.000
1.672,765.000
1,668,564.000
1,632,766,000
1,643,433,000
1933.
Jan. 7:1,425,639.000
Jan. 14 1,495.116,000
Jan. 21 1.484,089,000
Jan. 28 1,469.636,000
Feb. 4 1,454,913,000
Feb. 10 1,482,509.000
Feb. 18 1,469,732,000
Feb. 25 1,425,511,000
Mar. 4 1,422,875,000
Mar,11 1,390,607,000
Mar. 18 1,375,207,000
Mar. 25 1,409,655,000
Apr. 1 1,402,142,000
Apr. 8 1,399,367.000
Apr. 15 1,409,603,000
Apr. 22 1,431,095,000
Apr. 29 1.427,960.000
May 6 1.435,707,000
May 13 1,468.035,000
May 20 1,483,090,000
May 27 1,493,923,000
June 3 1,461,488,000
June 10 1,541,713,000
Week ofJan. 9
Jan. 16
Jan. 23
Jan. 30
Feb. 6
Feb. 13
Feb. 20
Feb. 27
Mar. 5
Mar. 12
Mar. 19
Mar. 26
Apr. 2
Apr. 9
Apr. 16
Apr. 23
Apr. 30
May 7
May 14
May 21
May 28
June 4
June 11
1934 Over
1933.
1932.
1,619,265,000
1,602,482.000
1,598,201,000
1,588,967,000
1,588,853,000
1.578.817.000
1,545.469,000
1,512,158,000
1,519,679.000
1,538,452,000
1,537.747,000
1,514.553,000
1.480,208,000
1,465,076,000
1,480,738,000
1.469,810.000
1,454,505,000
1,429,032,000
1,436,928,000
1,435,731,000
1,425,151,000
1,381,452.000
1,435.471.000
9.7%
10.1%
9.5%
9.6%
12.5%
11.4%
11.6%
15.5%
16.5%
18.4%
20.0%
17.6%
18.8%
15.5%
16.5%
16.9%
16.87
13.7%
11.9%
:Revised figure.
DATA FOR RECENT MONTHS.
Month of-
1934.
1933.
1932.
1931.
1934
Over
1933.
January __ 7.131,158.000 6,480,897,000 7,011,736.000 7,435,782,000 10.0%
February_ __ 6,608,356.000 5,835.263,000 6,494,091,000 6,678.915.000 13.2%
7,198,232,000 6.182,281,000 6,771,684,000 7,370,687.000 16.4%
March6,024,855.000 6,294,302,000 7,184,514,000
April
-6.532,686,000 6.219,554.000 7,180,210,000
May
.....
6,809.440,000 6,130,077,000 7.070.729.000
June
_7,058,600,000 6,112.175,000 7,286.576,000
July
---7.218,678,000 6,310,667.000 7,166,086.000
August
-6,931,652,000 6,317,733,000 7,099,421.000
September_October
7,094,412,000 6,633,865,000 7,331,380,000
_November.
6.831,573.000 6,507,804,000 6.971,644.000
---December_
7,009.164.000 6,638,424,000 7,288,025.000
Total
80.009.501.000 77.442.112.000 36.063.969.000
Note.-The monthly figures shown above are based on reports covering approximately 92% of the electric ight and power industry and the weekly figures are
based on about 70%
Valuation of Construction Contracts Awarded in
April.
Contracts let during April for all classes of construction
showed a decline of about 26% from the March volume, according to F. W. Dodge Corp. The current total, however,
was more than twice as large as the total shown for April
1933. The April contract volume for the 37 Eastern States
amounted to $131,413,809 as against $178,345,800 for March
and only $56,573,000 for April of last year.
For the elapsed months of 1934 construction awards totaled $592,939,600
as against $252,599,800 for the corresponding four months of 1933. Gains
over 1933 were shown in the totals for 1934 to date in each of the four major
construction classes; about 80 millions in non-residential types, about 21
millions in residential buildings, more than 200 millions in public works,
and about 33 millions in public utilities.
Private construction awards, as distinguished from publicly-financed types
showed a larger total in April than was recorded for any other month since
August 1933. Public undertakings, on the other hand, showed a decline from
March approximately 40%, but were still considerably greater than the total
for April, 1933.
Contemplated construction reported in April totaled $319,721,600 as contrasted with $409,071,100 for March and $132,566,200 for April 1933. Gains
in contemplated construction as compared' with a year ago were recorded in
each of the 13 Dodge major areas east of the Rockies except Up-State New
York.
•
CONSTRUCTION CONTRACTS AWARDED-37 STATES EAST OF THE
ROCKY MOUNTAINS.
No. of
New Floor
Projects. Space (Sq. Ft.).
Month of April1934-Residential building
Non-iesidentlal building
Public works and utilities
Total construction
[933-Residential building
Non-residential building
Public walks and utilities
Total construction
First Four Months,934-Residential building
Non-residential building
Public works and utilities
Total construction
933-Residential building
Non-residential building
Public works and utilities
Trstal ermatructIon
May 19 1934
NEW CONTEMPLATED WORK REPORTED-37 STATES EAST OF THE
ROCKY MOUNTAINS.
Valuation.
3,596
3.141
1,377
5,985,300
7,990,800
231,000
$22,770,000
38.736,700
69,907,100
8.114
14.207,100
$131,413,800
4,034
2,535
685
5.813.900
4,972,000
84,500
$19,143,600
23,806,700
13,622,700
7,254
10,870,400
$56,573,000
10,253
11,771
7.249
20,513,700
25,451,900
900,400
$80,476,800
182,696,700
329,766,100
29,273
46,868,000
$592,939,600
10,912
7,787
2,542
16,896.100
18,517,600
1,181,800
$58,920,800
102,567,800
91.111,200
21.241
36,595,500
$252,599,800
1934.
No. of
Projects.
Month of AprilResidential building
Non-residential building
Public works and utilities._ _
Total construction
First Four MonthsResidential building
Non-residential building
Public works and utilities
Total construction
1933.
No. of
Projects.
Valuation.
Valuation.
4,296
3,854
1,544
$55,074,300
98,252,600
166,394,700
4,607
3,212
1,049
$26,674,000
64,801,900
41.090,300
9,694
$319,721,600
8,868
$132,566,200
12,792
16,314
9,018
$239,499,900
478,963,000
. 922.641,900
13,699
10,631
4,679
$101,825,000
202,864,300
188,674,300
38,124
$1,641,104,800
29,009
$493,363,600
April Volume of Business in Minneapolis Federal
Reserve District at About Same Level as MarchRetail Trade Reported Less Favorable.
"The volume of business in the Ninth (Minneapolis)
District during April barely held at the level of March,
according to early reports," stated the Federal Reserve
Bank of Minneapolis in its preliminary summary of agricultural and business conditions. "The index of bank
debits," the Bank said, "adjusted for seasonal variations,
remained at 61 in April, which was the same figure as that
for March." In its summary, issued yesterday (May 18),
the Bank continued:
The country check clearings index declined from 101 in March to 97
In April. The index of I.c.I. freight carloadings increased from 60 in March
to 61 in April. The index of miscellaneous freight carloadings declined
from 70 in March to 69 in April.
Agricultural marketings were smaller in April than in the same month
last year. Decreases occurred in market receipts of grains, butter, hogs
and lambs, and increases occurred in receipts of cattle and calves. The
majority of other indexes of business continued to show increases over last
year's figures. Such increases occurred in bank debits, country check
clearings, electric power consumption, freight carloadings, building contracts and real estate activity in Minneapolis and St. Paul. Decreases as
compared with April last year occurred in building permits, flour shipments and linseed products shipments. Business failures were fewer in
number in April this year than in the same month last year.
Retail trade in the district did not make as favorable a comparison with
last year's figures in April as in March. Part of the less favorable comparison was due to the fact that pre-Easter buying was in March this year
and In April a year ago. Drouth conditions this spring have also retarded
retail trade in recent weeks, whereas last year trade was expanding rapidly.
Nineteen city department stores reported sales in April to be 3% less than
sales in April last year, whereas the increase over last year's figures in March
was 29%. Eighty-nine country general stores reported an increase of 9%
in April over sales in April last year, whereas in March country stores
reported a 54% increase over March last year.
The estimated income of Northwestern farmers from seven important
products was 10% less in April than in the corresponding month last year.
Decreases occurred in income from bread wheat, durum wheat, rye, flax
and hogs, and increases occurred in income from dairy products and potatoes. These farm income estimates do not include payments to farmers
by the Agricultural Adjustment Administration, or loans through the
Federal Farm Loan System, or through the corn loan activities of the
Reconstruction Finance Corporation. Prices of all farm products which
are important in the Northwest were higher in April than a year ago, the
greatest increases occurring in barley, potatoes and lambs. The price
trends from March to April this year were mixed, with decreases occurring
in wheat, corn, oats, rye, calves, hogs, ewes, eggs and potatoes, and in
creases occurring in barley, flax, cattle, lambs and hens.
ESTIMATED VALUE OF IMPORTANT FARM PRODUCTS MARKETED
IN THE NINTH FEDERAL RESERVE DISTRICT.
Bread wheat
Durum wheat
Rye
Flax
Potatoes
Dairy products
Hogs
Total of seven items
Butter production (pounds)
April
1934.
April
1933.
$2,465,000
478,000
112.000
150.000
1,408,000
8,085.000
2,978.000
$4,586,000
959,000
328.000
238,000
779.000
7,612,000
2,993.000
63
181
106
99
$15.676.000
42.291.000
$17,495,000
47.121.000
90
nn
P.C. April 1934
of April 1933.
ae
50
34
Lumber Movement Slackens-Orders Below Last Year
for Third Consecutive Week.
New business booked at the lumber mills during the week
ended May 12 1934 was less than for any week but one
since February, prdouction was less than during any of the
four preceding weeks, shipments less than any of the preceding seven weeks, according to telegraphic reports to the
National Lumber Manufacturers Association from regional
associations covering the operations of 1,489 leading hardwood and softwood mills. Production of these mills was
209,385,000 feet; shipments, 184,280,000 feet; orders received, 200,894,000 feet. Revised figures for 1,517 mills
for the week ended May 5 were production, 214,862,000 feet;
shipments, 204,586,000 feet; orders, 219,563,000 feet. The
National Lumber Manufacturers Association, in reviewing
lumber operations for the week ended May 12, further
stated:
All softwood groups reported orders above production except Southern
Pine, West Coast and California Redwood. Total softwood orders were
3% below production. All hardwood regions reported orders below output, due partly to seasonal operations in the North and Northeast. Total
hardwood orders were 11% below output.
Volume 138
Financial Chronicle
For the third consecutive week orders were below those of corresponding
week of 1933. all regions reporting decline except Western Pine. All but
Southern Pine reported production greater than a year ago. Total softwood orders were 19% below those of similar week of 1933; hardwood orders
were 31% below those of last year. Production was 32% above that of
the same week of 1933; shipments were 5% below their last year's record.
Unfilled orders on May 12 1934 were the equivalent of 25 days' average
production of reporting mills, compared with 25 days' a year ago.
Forest products carloadings during the week ended May 5 were 24,942
cars, a decrease of 21 cars from the preceding week, but 5,532 cars above
the same week in 1933 and 5,520 cars above similar week of 1932.
Lumber orders reported for the week ended May 12 1934, by 1.009
softwood mills, totaled 177,736,000 feet, or 3% below the production
of the same mills. Shipments as reported for the same week were 158,363,000 feet. or 14% below production. Production was 183,276.000 feet.
Reports from 526 hardwood mills give new business as 23,158,000 feet,
or 11% below production. Shipments as reported for the same week
were 25,917,000 feet, or 1% below production. Production was 26.109,000
feet.
Unfilled Orders and Stocks.
Reports from 1,748 mills on May 12 1934 give unfilled orders of 909,962,000 feet and gross stocks of 5,369.797.000 feet. The 514 identical
mills report unfilled orders as 593,323,000 feet on May 12 1934, or the
equivalent of 25 days' average productioia, as compared with 578,438,000
feet, or the equivalent of 25 days' average production, on similar date a
year ago.
Identical Mill Reports.
Last week's production of 417 identical softwood mills was 158,012,000
feet, and a year ago it was 123,072,000 feet; shipments were respectively
141,349,000 feet and 146,617,000; and orders received 160,714,000 feet
and 197.817.000 feet. In the case of hardwoods, 200 identical mills reported production last week and a year ago 16,259.000 feet and 8.737.000;
shipments 16,020,000 feet and 19,236,000, and orders 14.411,000 feet
and 20,919,000 feet.
SOFTWOOD REPORTS.
West Coast.
The West Coast Lumbermen's Association reported from Seattle that
for 594 mills in Washington and Oregon, shipments were 19% below production, and orders 5% below production and 17% above shipments.
New business taken during the week amounted to 91,610,000 feet (previous
week 102,445,000 at 594 mills); shipments, 78,106,000 feet (previous
week 84,746,000); and production, 96,771,000 feet (previous week 95,255,000). Orders on hand at the end of the week at 594 mills were 416.036,000
feet. The 184 identical mills reported a gain in production of 23%, and
in new business a loss of 25% as compared with the same week a year ago.
Southern Pine.
The Southern Pine Association reported from New Orleans that for
187 mills reporting, shipments were 7% below production and orders 11%
below production and 3% below shipments. New business taken during
the week amounted to 26,088,000 feet (previous week 31,601.000 at 194
mills); shipments. 27.029,000 feet (previous week, 30,500,000); and
Production 29,179,000 feet (previous week. 31.249,000). Orders on hand at
the end of the week at 187 mills were 98,520,000 feet. The 96 identical
mills reported a decrease in production of 11% and in new business a loss
of 44%, as compared with the same
week a year age.
Western Pine.
The Western Pine Association reported from Portland. Ore., that for
120 mills reporting, shipments were 12% below production, and orders
2% above production and 16% above shipments. New business
taken
during the week amounted to 47,370.000 feet
(previous week, 48,830,000
at 139 mills); shipments,
40,727,000 feet (previous week, 48.533,000):
and production, 46,319,000 feet (previous week,
51,643,000). Orders on
hand at the end of the week at 120 mills were
125.657,000 feet. The 114
identical mills reported an increase in production of 59%
and in new
business a gain of 26% as compared with the same week a year
ago.
Northern Pine.
The Northern Pine Manufacturers of Minneapolis. Minn.,
reported
production from 21 American mills as 1,202,000 feet. shipments.
1,060.000
feet, and new business, 1,229,000 feet. Orders on hand at the end
of
the week were 5,803,000 feet.
California Redwood.
The California Redwood Association of San Francisco reported
production from 17 mills as 7,119,000 feet, shipments 6.230,000 feet,
and
new business 5,107.000 feet. Orders on hand at the end of the
week
were 32,704,000 feet. Eleven identical mills reported production
238%
greater and new business 26% less than for the same week last year.
Southern Cypress.
The Southern Cypress Manufacturers Association of Jacksonville,
Fla.,
reported production from 24 mills as 1.041,000 feet. shipments 2,657,000
feet, and new business 3,463.000 feet. Orders on hand at these mills at
the end of the week were 6,035,000 feet.
Northern Hemlock.
The Northern Hemlock & Hardwood Manufacturers Association of
Oshkosh. Wis., reported softwood production from 18 mills as 888,000
feet, shipments 1,098,000, and orders 892.000 feet. Week-end orders on
hand at 12 mills were 4,956,000 feet. The 12 identical mills reported a
gain of 84% in production and a loss of 15% in new business, compared
with the same week a year ago.
Northeastern Softwoods.
The Northeastern Lumber Manufacturers Association of New York
reported softwood production from 28 mills as 757,000 feet. shipments
1,456.000 and orders 1,977,000 feet. Orders on hand at the end of the
week were 10.062,000 feet.
HARDWOOD REPORTS.
The Hardwood Manufacturers Instituteof Memphis, Tenn., reported
production from 340 mills as 21,362,000 feet, shipments 21,942,000, and
new business 20,802,000. Orders on hand at the end of the week at 601
mills were 188,634,000 feet. The 188 identical mills reported production
78% greater and new business 27% leas than for the same week last year.
The Northern Hemlock & Hardwood Manufacturers Association of
Oshkosh, Wis., reported hardwood production from 18 mills as 2.056,000
feet, shipments 1,981,000 and orders 625.000 feet. Orders on hand at
the end of the week at 16 mills were 8,405,000 feet. The 12 identical
mills reported a gain of 219% in production and a loss of 76% in orders,
compared with the same week last year.
The North Central Hardwood Association of Indianapolis reported production of 140 mills as 1.276,000 feet; shipments. 1.266.000 feet; orders.
1,116,000 feet; unfilled orders, 7,194,000 feet.
3349
The Northeastern Lumber Manufacturers Association of New York
reported hardwood production from 28 mills as 1,415,000 feet, shipments
728,000 feet, and orders 615.000 feet. Week-end orders on hand were
5,956,000 feet.
25,431,000 Bushels of Wheat Sold for Export by North
Pacific Emergency Export Association Up to May 9
•
—25,758,000 Bushels Purchased.
Sales for export totaling 25,431,000 bushels of wheat and
wheat as flour had been made by the North Pacific Emergency Export Association up to the close of business May 9,
Frank A. Theis, chief of the grain processing section of the
Agricultural Adjustment Administration,announced May 10.
Purchases by the Association, it was indicated, totaled
25,758,000 bushels. Mr. Theis further said:
Exports by the Association are made under the terms of a marketing
agreement, the purpose of which is to remove surplus wheat from Washington. Oregon, and northern Idaho. Under the marketing agreement,
exporters are reimbursed for losses sustained as a result of selling in the
world market at lower than prevailing domestic prices.
When the Association was formed, it was estimated that between 30
and 35,000,000 bushels would be exported in order to remove the pressure
of the surplus in the northwest area. Purchases to date apparently have
been effective in relieving the surplus, and there is not a large amount
of wheat remaining from the last crop to be handled in that area.
Of the sales of 25,431.000 bushels reported up to May 9, there were
21,213,000 bushels as wheat, and 4,218,000 bushels of wheat in the form of
flour. Actual shipments up to May 5 were approximately 22,500.000
bushels.
On May 5 the Association was bidding Oi cents a bushel under the
Chicago May future, or about 4% cents under the Chicago July future.
for No. 1, soft white wheat, sacked, basis delivered Portland. This bid
was 75 cents a bushel, and was the nearest to Chicago prices that had been
bid by the Association since it began wheat purchases last fall. In July 1933.
when the plan for aiding Pacific exports was first discussed, there was
a spread of 26 cents a bushel between Pacific Coast and Chicago prices.
On May 5 the Association was offering wheat for sale for export at 51
cents a bushel. The average differential between domestic and world
prices on all wheat which has been sold to date has been approximately
22,4 cents a bushel. This differential is paid out of a fund created by
allocating two cents a bushel of the 30 cents a bushel processing tax on the
milling of flour.
Shipments have been to some 40 destinations, with many sales going
to the Orient.
Shipments of Raw and Refined Sugar from Puerto Rico
to United States-29,383 Short Tons Shipped
During Week of May 12 Compared with 16,626
Year Ago.
Raw sugar shipments from Puerto Rico to the United
States from Jan. 1 to May 12 totaled 406,367 short tons,
an increase of 10% when compared with shipments of 369,571
during a similar period last year, according to cables to the
New York Coffee and Sugar Exchange. Refined shipments
amounted to 53,826, a 27.2% increase over the 32,301 ton
total for the 1933 period. The Exchange announced May 14
that shipments of raw and refined together for the week
ended May 12 amounted to 29,383 tons against 16,626 in the
same week last year. About 58% of the expected quota
for the United States under the Costigan-Jones Sugar bill
has been shipped to date, the Exchange said.
Increase During April Over April 1933 Noted in Refined Sugar Deliveries by. United States Beet Sugar
Companies.
Deliveries of refined sugar by all United States beet sugar
companies during April amounted to 133,992 short tons
against 117,491 tons in April last year, a gain of 14%,
according to advices to the New York Coffee and Sugar
Exchange from the Domestic Sugar Bureau. Deliveries
for the first four months of 1934, the advices said, were
547,017 tons, against 435,482 tons in the similar 1933 period,
an increase of 25.8%.
United States Consumption of Beet Sugar Higher in
April Than Year Ago.
Beet sugar consumption in the United States for the
month of April, 1934 amounted to 131,600 long tons, raw
sugar value, according to B.W.Dyer & Co.,sugar economists
and brokers, from a report released by the Domestic Sugar
Bureau. This is an increase of 16,207 tons compared with
April 1933. Consumption of beet sugar during the first
four months of 1934 amounted to 537,250 tons, an increase
of 109,545 tons over the same period in 1933, the Dyer firm
reported.
10 European Countries Show Increased Consumption
and Production of Sugar During Seven-month
period from September 1933.
Both consumption and production of'sugar in 10 European
countries showed an increase during the seven months from
Sept. 1 last, the beginning of the crop year, according to
B. W. Dyer & Co., sugar economists and brokers. The
countries included in the Dyer firm report are Austria,
Czechoslovakia, France, Germany, Hungary, Italy, Poland,.
3350
Financial Chronicle
Spain, Sweden and the United Kingdom. The firm further
announced:
Consumption amounted to 3,823,673 long tons, raw sugar value, an
Increase of 77,423 tons or 2.1% compared with the corresponding period
of 1932-33. Production, which amounted to 4,687,133 tons, was an
increase of 322,381 tons or 7.4% more than the amount of sugar produced
during the same period of 1932-33. Stocks of sugar on March 31 1934
In.the 10 countries amounted to 3,547,312 tons, a decrease of 158,079 tons
;44.3% compared with the stocks of March 31 1933.
NI Stocks on hand on March 31 of this year show a decrease from last year
only because the carry-over into the present season was 385,100 tons less
than the stocks on hand at the beginning of the previous crop year.
Gen. Johnson Permits Great Western Sugar Co. to
Work 56 Hours.
Under date of May 15 a Washington dispatch to the New
York "Times" stated:
General Johnson has continued for thirty days the stay from work hour
provisions in the beet sugar code, which was granted the Great Western
Sugar Co. of Johnston, Colo. The stay allows the company to continue
operations under a 56-hour week instead of the code maximum of 40 hours.
The continuance of the stay ruling runs to June 2. General Johnson's
action was taken on the company's complaint that the code provisions would
Impose unusual hardships.
Cuban Sugar Institute to Function Again.
In Havana, advices May 10 to the New York "Journal
of Commerce," it was stated that President Mendieta has
reorganized the Sugar Institute and has appointed Marcelino
Garcia, President; J. M. Casanova, Vice-President; Jose
Gomez Mena, Second Vice-President. Aurelio Portuondo
and Jesus Acqueta have been made members of the board
representing the sugar mill owners. Arturo Berrayarza and
Ramiro Areces will represent the sugar planters. The
message added:
A decree is expected shortly.
According to Secretary of the Treasury, the Costigan-Jones sugar bill
has brightened the future considerably for the Cuban industry. He expects
Cuba to receive an increased preferential and a quota of 1,940,000 short
tons.
Canada Cuts Sugar Tax.
Under date of May 15, Canadian Press advices from Ottawa said:
The reduction in the sugar tax from 2 cents to 1 cent a pound will go
into effect at mid-night next Sunday Instead of on July 1,it was announced
in the House of Commons to-day. Prime Minister Bennett said it would be
a hardship If the reduction was held back after the preserving period began.
FSRC to Buy 225,000 Hogs Before End of May—Will
Be Distributed to Needy Families.
The Federal Surplus Relief Corporation announced on
May 14 that it has contracted to buy a maximum of 225,000
head of hogs by the end of May and has awarded bids to
27 meat processors at 23 market points. Harry L. Hopkins,
President of the Corporation, and Federal Emergency
Relief Administrator, said that buying would begin on
May 15 and would be continued for a maximum of 15 market
days at the rate of about 15,000 head of hogs daily.
A statement by the Agricultural Adjustment Administration on May 14 said in part:
This is a continuation of relief buying operations which have been conducted through the winter months to provide hog products for needy
families and to assist in the stabilization of the hog market through the
purchase and utilization of pork in excess of the normal requirements
of the customary trade channels.
In order that these current purchases might have the maximum direct
effect on the hog market, the country was divided into four regions and
bids from processors within each region were considered separately from
bids from processors within the other regions. The awards by regions
were then made in such volume as would distribute the Government
purchases more nearly in proportion to the geographical distribution of
total hog marketings than has been the case in past purchase operations.
This method will permit the Government to purchase a substantial number
of hogs without creating an abnormally high price of hogs at any one
market.
Hide Deadlock Broken—Big Four Packers Dispose of
300,000 Hides.
The "Boston News Bureau" on May 15 said:
Breaking a deadlock which has existed In the hide market since the latter
part of April,the Big Four packers have sold about 300,000 hides and smaller
packers around 20,000, at material price reductions.
Light native cowhides are down 1% cents a pound from the previous sales
on April 21, while heavy native steers, butt brands, Colorados and heavy
Texas steers are off one cent a pound from prices of April 28, when previous
sales of these varieties were made. Sales Monday were made on the basis
of 10 cents a pound for steer hides and 934 for light native cows.
Prior to the present movement the big packers were reported to have
about 400,000 hides on hand. Sales this week represent about three weeks'
kill.
Census Report on Cottonseed Oil Production
During April.
The Census Bureau report on cottonseed oil production
during April will be found in our Cotton Department.
Census Report on Cotton Consumed and on Hand,
&c., in April.
This report, issued on May 14 by the Census Bureau,
will be found in the latter part of our paper in the Cotton
Department.
May 19 1934
Cotton Ginned from the Crop of 1933.
The Bureau of the Census of the Department of Commerce
issued on May 16 its final report on the cotton ginned from
the crop of 1933. This report in full will be found in our
Cotton Department.
Study of Cotton Stocks Held in United States Called
for Under Senate Resolution.
A resolution passed by the U. S. Senate on May 10
authorizes a study by the Bureau of Census of the cotton
stocks held in the United States. The resolution as passed
reads as follows:
Resolved, &c., That the Director of the Census, Department of Commerce,
is authorized and directed to make a study of the stocks of cotton now held
In the United States with a view to determining what portion of such stocks
Is composed of gin-cut, water-packed, or perished-fiber cotton, and to
report the results of such study, as soon as practicable, to the Congress.
Petroleum and Its Products—Hearings Open on New
Oil Bill—Labor Troubles Upset Industry—Production Gains—Administrator Ickes Announces
June Gasoline Output Quotas.
Continued overproduction of crude oil during the past
week was overshadowed by more encouraging reports from
the refined products branch of the industry, a series of
gasoline price advances following these more favorable
developments. The unfavorable factors during the period
included continued labor uncertainty and the inability of
the regulatory bodies within the industry to bring crude
output under control.
The Administration oil bill became involved in a jurisdiction dispute on Monday, but it was places under the
jurisdiction of the Mines and Mining Committee and
hearings opened. This measure has been placed on the
list of bills which the White House wishes passed before
adjournment of Congress, it is understood. Replying to
criticism from certain interests in Texas which had contended that the bill would infringe on State rights, Oil
Administrator Ickes on Wednesday denied that the proposed measure would invade the rights of any States.
"Our aim," he said, "is to enforce and co-ordinate the
State's efforts to balance the production of crude oil with
the limited consumer demand. It is well established in
law that the States' authority ceases at its boundaries,
and it is equally well established in economic fact that
virtually all crude oil moves into inter-State commerce
either in the crude state or as refined products." The rank
and file of the industry are according the measure strong
support, it is understood.
With the season of heaviest petroleum consumption just
getting under way, oil companies are showing serious concern over the labor situation in their industry, both in the
field .and in the refining and marketing divisions. While
the outstanding labor disputes which recently arose have
been settled, for the time being at least, there is still an
undertone of uneasiness among the major companies and
fears are expressed that further labor disturbances are in
the offing. Skelly Oil Co. during the week secured in•
Seminole County District Court, Oklahoma, a temporary
order restraining union officials and others from entering
its properties and interfering with the operation of its
producing leases and gasoline plant in the Earlsboro pool of
the Greater Seminole region. The Court set May 28 for
hearing to determine whether to make the injunction permanent. It is regarded as probable that other oil companies
will resort to injunctions as well.
Up to within recent weeks the petroleum industry has
been singularly free from labor troubles, with the exception
of a few strike disturbances in the Bayonne refinery area,
and the major companies are somewhat at a loss as to how
best settle the present disagreements over equitable wage
differentials, the petroleum code not being as clear on this
matter as might be desired.
Wages in most branches of the oil industry have always
been relatively high, and oil companies are looking to
Washington for clarification of the code wage provisions.
The labor situation, coupled with the continued active
opposition by a minority group within the industry to the
Administration production control bill now in Congress,
has been keeping the industry's leaders on their toes in
Washington in an effort to see that the interests of the
majority are not jeopardized by any sudden developments
there.
The mid-year meeting of the American Petroleum Institute, which gets under way in Pittsburgh on Wednesday,
May 23, will attract a large attendance of oil leaders and
Volume 1,.?
Financial Chronicle
technicians. The meeting will consider primarily technical
developments in the oil trade since the beginning of the
year, and will deal largely with improvements in the manufacture of steel for oil-field equipment and special metals
for oil-field practice.
Crude oil production continues to run substantially in
excess of the Federal allowable, the American Petroleum
Institute reporting that daily average gross crude output
for the week ended May 12 was 2,522,950 barrels, an increase
of 93,450 barrels over the previous week, a new high for the
year, and considerably in excess of the allowable of 2,366,200
barrels per day. Current output, however, is more than
200,000 barrels per day under that for this time last year.
Reports from refining companies owning 89.7% of the
3,760,000-barrel estimated daily potential refining capacity
of the United States indicate that 2,308,000 barrels of crude
oil daily were run to the stills operated by those companies
during the week ended May 12 and that they had in storage
at refineries at the end of the week 36,318,000 barrels of
finished gasoline, 8,296,000 barrels of unfinished gasoline,
and 103,176,000 barrels of gas anf fuel oil.Gasoline stocks
at bulk terminals, in transit, and in pipelines amounted to
18,975,000 barrels at the end of the week. Cracked gasoline
production by companies owning 95.1% of the potential
charging capacity of all cracking units averaged 457,000
barrels daily dueing the week.
• Import movement showed a sharp decline during the week,
totaling 543,000 barrels, against 1,665,000 barrels in the
previous week. The week's imports consisted of 477,000
barrels of crude oil and 66,000 barrels of fuel oil.
Receipts of California oil at Atlantic ports, however, were
up sharply at 788,000 barrels (including 635,000 barrels of
fuel oil) as compared with 280,000 barrels (including 143,000
barrels of fule oil) during the previous week. A continued
heavy movement of California fuel oil to the Eastern seaboard, constituting deliveries against term contracts, is in
prospect for the balance of the current quarter.
By order of Administrator Ickes, National gasoline production for June has been set at 34,600,000 barrels, the
Administrator holding that this quantity should be sufficient
to meet consuming demand during the month. This total
will be allocated among the refining districts and refiners
by the Planning and Co-ordination Committee, which represents the industry under the provisions of its oil code. The
allocations of the Committee, however, are subject to appeal
to the Administrator.
In setting the June "allowable" the Administrator announced an order re-dividing the country into refinery districts. No. 1 area, embracing the East Coast, will include
the District of Columbia, Maine, New Hampshire, Vermont,
Massachusetts, Rhode Island, Connecticut, New Jersey,
Delaware, Maryland, Virginia, North Carolina, South
Carolina, Georgia, Florida, and that part of the State of
New York lying east of a line drawn from Elmira, N. Y.,
through Auburn, N. Y., to Lake Ontario, and that part of
the State of Pennsylvania lying east of a straight line drawn
from Elmira, N. Y., through Harrisburg, Pa., to the Maryland State line.
District No.2embraces the Appalachian area, and includes
the State of West Virginia, those parts of Pennsylvania and
New York not included in the East Coast district, and that
part of Ohio lying east of a straight line drawn from Sandusky
through Columbus to the Kentucky line.
Area No. 3 includes Indiana, Illinois, Kentucky, Tennessee, Michigan, Wisconsin, Minnesota, and that part of
Ohio not included in the Appalachian district.
No. 4 area includes Oklahoma, Kansas, Missouri, Iowa,
Nebraska, South Dakota and North Dakota.
District No. 5 includes only the State of Texas, and is
divided into two sub-districts, as follows: (a) All the State
of Texas except the Texas Gulf Coast;(b) Texas Gulf Coast.
Area No. 6, includes Louisiana, Arkansas, Mississippi,
and Alabama, while No. 7 takes in Montana, Idaho, Wyoming, Utah, Colorado and New Mexico. California makes
up District No. 8, with Washington, Oregon, Nevada, and
Arizona also included in this district.
Of outstanding interest to refiners and marketers was the
action of Administrator Ickes during the week in approving
an order signed by C. E. Arnott, Chairman of the industry's
marketing committee "D", permitting the giving of discounts on the sale of fuel oils, provided these discounts apply
to all consumers equally. The order likewise permits the
guaranteeing of a top price on fuel oil contracts. The order
was submitted by the planning and co-ordination corn-
3351
mittee, with the approval of Amos L. Beatty, Chairman,
and is designed to protect the established method of conducting business in this branch of the industry. The order
covers sales of range oil, Diesel oil, and fuel oil, the latter
term including heating oils, furnace oils, and distillate
(with the exception of tracot distillate).
Increasing field operations in Venezuela were reflected
by a gain in crude production last month, total output for
the period aggregating 11,027,698 barrels (a daily average
of 367,590 barrels), as compared with 10,900,047 barrels
(a daily average of 351,615 barrels) in the previous month,
and 9,058,356 barrels (or 301,945 barrels per day) in April
last year. Shipments of crude to ocean terminals last
month averaged 332,073 barrels daily, against 311,347
barrels per day in the corresponding month a year ago.
There were no changes in posted prices for crude oil
reported during the week. Quotations follow:
Prices of Typical Crudes per Barrel at Wells.
(All gravities where A.P.I. degrees are not shown.)
92.55 Eldorado, Ark.,40
$1.00
Bradford, Pa
Corning, Pa.
1.32 Rusk. Tex., 40 and over
1.08
Illinoia
1.13 Darst Creek
.87
.90
Western Kentucky
1.13 Midland District. Mich
Mid-Cont., Okla., 40 and above__ 1.08 Sunburst, Mont
1.85
Hutchinson, Tex., 40 and over.... 1.03 Santa Fe Springs, Calif.,40 and over 1.80
1.04
1.03 Huntington, Calif.. 28
Spindietop, Tex., 40 and over
2.10
Winkler, Tex.
.75 Petrol's', Canada
Smackover. Ark., 24 and over
.70
REFINED PRODUCTS—EASTERN GASOLINE MARKETS CON
TINUE PRICE GAINS—MID-CONTINENT BUYING SHOWS
INCREASES—WARMER WEATHER STIMULATES SALES
THROUGHOUT ENTIRE COUNTRY.
Further gains were recorded during the past week in
Eastern gasoline markets, and a series of price advances in
tank car, tank wagon and service station deliveries were reported from several quarters. The markets closed the week
firm, with indications that further advances would be witnessed in the near future.
Mid-Continent markets were working into firmer position
during the week, following the entry of several of the major
companies into the market with large talk car purchases.
It was estimated in some quarters of the trade that these
transactions involved upwards of 1,000 tank cars of motor
fuel during the week. In some circles this buying support
was looked on as marking the first "voluntary pool" purchases by the major companies in conformity with a suggestion recently put forth by their code committee. At the
close of the week it was reported that the quantity of resale
gasoline offered in the Southwest was the smallest for
some weeks back.
Reports from California during the week stated that the
temporary working agreement of independent Pacific Coast
refiners and distributors had been extended indefinitely
by the Oil Administrator to permit the development of a
permanent agreement.
Imperial Oil during the week resumed its competitive
status in Newfoundland, relinquishing its monopoly there
on the Government retirement of the loan which Imperial
had made the Government in return for oil monopoly
privileges.
Resumption of sharper competition in export marketing
of refined oil is forecast by the reported closing of a contract
by Socony-Vacuum Corp. for the purchase of approximately
500,000 barrels of refined oil from the Soviet for distribution
in the Near East by Socony. The contract involves $1,000,000 and is believed to call for delivery of kerosene. Socony
was formerly a large marketer of Soviet oil in world markets,
but terminated its purchasing operations a few years ago
At one time Socony's marketing of Russian oil was challenged by Royal Dutch-Shell and a bitter price war,involving
the loss of millions of dollars on both sides, was waged in
the kerosene market in India.
More favorable weather conditions throughout the
country were reflected in a sharp increase in refinery sales
during the week, and this development aided substantially
in enabling the markets to absorb the price advances which
developed during the period.
An indication of recent consumption gains is furnished
by the report of the American Petroleum Institute for
the week ended May 12, which show's that gasoline stocks
during that week fell off by 1,047,000 barrels notwithstanding
an increase in refinery operations during the week.
Price changes follow:
May 14.—Standard Oil Co. of New York, Inc., advanced tank car,
tank wagon and service station gasoline 34-cent per gallon at Buffalo
and Rochester.
May 14.—Leading marketers advanced gasoline prices 2 cents per
gallon in the Toronto area to 2434 cents. including the 6 cents Government
tax.
3352
Financial Chronicle
May 15.-Richfield Oil Corp. of New York advanced unbranded tank
car gasoline 31-cent to 6 cents per gallon at New York, and %-cent to 631
cents at Baltimore.
May 15.-Texas Co. advanced tank car gasoline 0.15 cent per gallon
at Portland, Me., and Providence, R. I., to 7.20 cents and 6.65 cents,
respectively.
May 16.-Standard Oil Co. of New York, Inc., advanced tank car
gasoline 0.15 cent per gallon throughout its entire territory, with the
exception of Portland, Me., Buffalo and Rochester. The new price at
New York harbor is 634 cents for "Mobilgas, 631 cents for U. S. Motor
(65 octane) and 6 cents for U. S. Motor (62-63 octane).
May 16.-Spot gasoline was quoted 31-cent per gallon higher at 431 to
431 cents per gallon for low octane material.
May 16.-Oklahoma City retal gasoline prices were cut 3 cents per gallon
as major companies joined the local price war. New prices are 17 cents
for ethyl. 15 cents for standard and 13 cents for third grades.
May 17.-Shell Eastern Petroleum Products, Inc., advanced No. 2
heating oil jic. per gallon to 5c. at its Atlantic seaboard ocean terminals.
May 18.-Standard Oil Co. of N. Y., Inc., advanced tank car gasoline
35 cent per gallon and tank wagon and service station gasoline 1 cent per
gallon in New York and New England.
May 18.-Standard 011 Co. of N. J. and Standard Oil Co. of Louisiana
advanced tank car, tank wagon, and service station gasoline prices % cent
per gallon throughout their territory, with the exception of Pennsylvania
and Delaware.
May 18.-Sinclair, Gulf, Cities Service, and American Oil Co. met the
advances posted by Standard Oil Co. of N. J. and Standard 011 Co. of
Louisiana.
May 18.-Major marketers met the advances in tank car, tank wagon,
and service station prices in New York and New England posted by Standard
Oil of N. Y., Inc.
Gasoline, Service Station. Tax Included.
New York
New Orleans
$.19
19
8.175
Detroit
Philadelphia
.18
z.14
Atlanta
22
Houston
San Francisco.
Boston
165
Jacksonville
22
Third grade_ __ _ .18
Buffalo
Los Angeles:
185
Above 65 octane_ .173i
Chicago
Third grade_ _ _ _ .11%
158
Premium
Cincinnati
13
Standard
1934
19
145
Cleveland
15
Premium
St. Louis
19
z Less taxes.
Denver
17
Minneapolis
174
Kerosene, 41.43 Water White, Tank Car, F.O.B. Refinery.
New York:
I North Texas
$ 03% i New Orleans, ex_$.044-05
8.05341 Los Ang.,ex- .0434-.05 I Tulsa
(Bayonne)
0334-.034
Fuel Off, F.O.B. Refinery or Terminal.
$1.15
N. Y.(Bayonne):
Gulf Coast C
California 27 plus D
Bunker C
1.30
81.00-1.10 Phila. bunker C
$1.30
Diesel 28-30 D___ 1.95 1 New Orleans C
1.15
Gas Oil, F.O.B. Refinery or Terminal.
N.Y.(Bayonne):
$.0234.-0234
I Tulsa
i Chicago:
28 plus GO S.0434-.0434 I 32-36 G 0_ _S.02 H-,024 I
U. S. Gasoline. Motor (Above 65 Octane), Tank Car Lots, F.O.B. Refinery.
N .Y.(Bayonne):
Chicago
N. Y.(Bayonne):
5.044.0434
Standard Oil N.J.:
Shell Eastern Pet 8.0834 New Orleans__ .0534
Motor, U. S__4.07
Los Aug., ex
New York'
05-.06
82-63 octane.-- .063j
Colonial-Beacon-- .0634 Gulf ports-----0534-06
Stand. Oil N. Y__ .07
.0454-.00$
z Texas
.084 Tulsa
*Tide Water Oil Co .0834
Gulf
084 Pennsylvania- .0814-.064
:Richfield 011(Cal.) .07
Republic Oil
.0634
Warner-Quln. Co_ .0634
Sinclair Refining- .0634
a Richfield "Golden." z "Fire Chief," $0.07. • Tydol. $0.07. y "Good
Gulf." $0.7.
May
19 1934
DAILY AVERAGE CRUDE OIL PRODUCTION.
(Figures in Barrels)
Adual Production.
Federal
Average
Agency
4 Weeks
Allowable Week End. Week End, Ended
Effectire
May 5
May 12
May 12
April 1.
1934.
1934.
1934.
Oklahoma
Kansas
476,400
122,100
Panhandle Texas
North Texas
West Central Texas
West Texas
East Central Texas
East Texas
Conroe
Southwest Texas
Coastal Texas (not including Conroe)
Week
Ended
May 13
1933.
548,350
129.850
481,350
130,850
517,100
129,350
484,200
115,950
55,700
.57.000
27,100
143,400
49,700
470,350
52,950
46.750
57,850
55,750
26,600
143,850
49,200
464.850
52,200
49,000
57,100
58,400
28,600
141,000
48,600
464,250
51,050
48,400
43,700
49,800
21,200
157,750
58,550
807.600
73,550
49,750
119,400
117.950
115,900
114,750
980.700 1,022,350 1,017,050 1,009,300 1,378,450
Total Texas
North Louisiana
Coastal Louisiana
25,550
57,350
Total Louisiana
25,550
53,200
25,750
51,950
27,450
42,250
72,400
82,900
78.750
77,700
69,700
Arkansas
Eastern (not incl. Mich.)_
Michigan
32,300
99,600
31.300
30,650
99.350
30,700
30.550
99,550
31,100
30,650
98,700
29.550
29,950
87,750
16,400
Wyoming
Montana
Colorado
32,400
7,700
3.000
31.700
7.100
3,200
30.950
7,250
2,850
30,650
7,150
2,800
30,950
5,900
2,850
Total Rocky Mtn.States
New Mexico
California
43,100
42,000
41,050
40,600
39,500
45,800
462.500
48.200
492,800
46,150
473,100
45,600
479,900
38,050
477.900
Total United States_ _
2,366,200 2,522,950 2.429,500 2.458,450 2,733,850
Note -The figures indicated above do not include any estimate of any oil which •
might have been surreptitiously produced.
CRUDE RUNS TO STILLS,FINISHED AND UNFINISHED GASOLINE AND
GAS AND FUEL OIL STOCKS-WEEK ENDED MAY 12 1934.
(Figures In Thousands of Barrels of 42 Gallons Each.)
District
East Coast__
Appalachian.
Ind, III., KY
Okla., Kan.,
Missouri__
Inland Texas
Texas Gulf_
La. Gulf__ __
No, La.-Ark,
Rocky Mtn_
California__
Poles(fat
Rale,
Crude Runs
to Stills.
Stocks a Stocks
of
of
Fin(inDaily P. C. (shed finished
Reyor ing.
Aver- Oper- Gaso- Gayaline.
Total. P. C. age, ated. line.
Daffy Refining
Capacity of Plants.
582
150
446
582 100.0
140 93.3
422 04.6
481
351
588
168
92
98
848
386
187
.552
162
77
64
822
83.7
47.6
97.5
96.4
83.7
66.7
98.9
478 82.1 17.709
94 87.1 1.724
295 69.9 9.065
1,401
316
1,218
63.7 5,496
57.5 1,372
85.3 4.507
77.2 1,300
54.5
263
34.4 1,349
53.4 12,508
841
299
2,858
209
70
182
924
246
96
471
125
42
22
439
b Stocks
of
Other
Motor
Fuel.
191
157
48
Stocks
of
Gas
and
Fuel
Oil.
7,170
848
2,804
566 3,908
313 1,758
170 5,120
1,101
___
30
493
43
706
2,832 80,172
Totals week:
May 12 1934
3,760 3,374 89.7 2,308 68.4 c55,293 8,296 4,350 103,176
5 1024
2700
2 274 5Q7 2.172 64.4 d55.689 8.148 4 200 102 nya
a Amount of unfinished gasoline contained in naphtha distillates. b Es imated.
Includes unblended natural gasoline at refineries and plants, also blended motor fuel
at plants. e Includes 36.318,000 barrels at refineries and 18,975,000 barrels at bulk
terminals, in transit and pipe lines. d Includes 37,385,000 barrels at refineries
and 18,324,000 barrels at bulk terminals, in transit and pipe line.
May
Lead Price Reduced
Points to Four Cents a Pound,
New York.
Two increases in the price of lead at New York, on successive days, were made the past week by the American
Smelting & Refining Co. The company lowered the price
10 points on May 17 from 4.25 cents a pound to 4.15 cents,
and yesterday (May 18) 15 points to 4 cents a pound,a total
drop of 25 points. The price is now at the same level it
was more than a month ago when the company raised the
prices to 4.25-cent price. Reference to the increase at that
time was made in our issue of April 1, page 2489.
25
Crude Oil Output 93,450 Barrels per Day HigherInventories of Gas and Fuel Oil 100,000 Barrels
Higher.
The American Petroleum Institute estimates that the
daily average gross crude oil production for the week ended
May 12 1934 was 2,522,950 barrels, an increase of 93,450
barrels higher than in the preceding week and also exceeds
the Federal allowable figure, which became effective April 1,
by 156,750 barrels. The current figure also compares with
a daily average production of 2,458,450 barrels during the
four weeks ended May 12 and with an average daily output
of 2,733,850 barrels during the week ended May 13 1933.
Further details, as reported by the American Petroleum
Institute, follow:
Imports of crude and refined oil at principal United States ports totaled
543,000 barrels for the week ended May 12,a daily average of 77,571 barrels,
compared with a daily average of 237,857 barrels in the preceding week
and a daily average of 129,786 barrels over the last four weeks.
Receipts of California oil at Atlantic and Gulf ports totaled 788,000
barrels in the week ended May 12,a daily average of 112,571 barrels, against
a daily average of 40,000 barrels in the preceding week and a daily average
of 74,607 barrels over the last four weeks.
Reports received for the week ended May 12 1934 from refining companies owning 89.7% of the 3,760,000-barrel estimated daily potential
refining capacity of the United States, indicate that 2,308,000 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 36,318,000 barrels
offinished gasoline,8,296,000 barrels of unfinished gasoline and 103,176,000
barrels of gas and fuel oil. Gasoline at bulk terminals, in transit and in
pipe fines amounted to 18,975,000 barrels. Cracked gasoline production by
companies owning 95.1% of the potential charging capacity of all cracking
units averaged 457,000 barrels daily during the week.
Quiet Prevails in Non-Ferrous Metal Market-Interpretation of Copper Code Holds Interest of Producers
and Consumers.
"Metal and Mineral Markets," in its issue of May 17,
announced that, with the movement of non-ferrous metals
into consumption expanding, producers of copper, lead and
zinc were not greatly disturbed over the quiet that prevailed
in the domestic market last week. The copper industry
again was disposed to hold back pending complete clarification of the marketing provisions of the Code. The matter of
establishing quotas for secondary production has been the
cause of much discussion and general dissatisfaction. Leaders
in the copper industry are confident that the Code can be
made to function so that both producers and consumers may
benefit in the long run. Copper, lead and zinc quotations
underwent no change last week; tin and silver both sold off.
Steel operations for the week were at the rate of 56.6% of
capacity, against 56.9% a week previous. "Metal and
Mineral Markets" further reported as follows:
Copper Sales Improve.
A moderate Increase in domestic demand for copper prevailed last week,
total sales for the seven-day period amounting to about 3,500 tons. The
price of the metal was unchanged at 834c., delivered Connecticut. Although much of the week's business was of carload character, several lots of
fair tonnage were booked for August shipment. Trading in the early part
of the week was on a very moderate basis, but during the last few days
consumer interest in the metal improved substantially.
The volume of business abroad fell off somewhat last week, but nevertheless a fair demand for the metal developed, and prices moved up slightly.
During the seven-day period prices ranged from 8.225c. to 8.95c. c.i.f.
Deputy Administrator King has assigned temporary allotments to producers of copper from secondary sources. The monthly sales quota of
9,500 tons of "Blue Eagle" allotted to copper smelters will be divided
about as follows: American Metal Co., 3,280 tons; Nichols Copper Co..
3,062 tons; American Smelting & Refining Co., 2,408 tons; Lewin Metals
Co., 750 tons. Sales quotas for copper produced from scrap by Anaconda
and Nassau Smelting (Western Electric) have been left open for negotiation.
Francis H. Brownell, Chairman of the board, American Smelting &
Refining Co., has been made Chairman of the publicity committee of the
Copper Code Authority.
The statistical position of copper continues to improve. World stocks of
refined metal at the end of April showed a reduction of 25,500 tong, corn-
Volume 138
pared with a month previous. Stocks in the United States were reduced to
the extent of 19,500 tons during April. A summary of the monthly statistics circulated privately among the members of the Copper Institute,
reduced to a short-ton basis; follows:
April.
March.
95.000
104,500
Production, refined
43,500
42,500
Delivieries, refined-United States
77.000
84.000
Foreign
Totals
Stocks, refined-N.& S. Am
Rest of world
126,500
496,000
97.000
120.500
476,000
91,000
567,500
593,000
Totals
United States mine production during April amounted to about 20,000
tons; output from secondary sources came to 10,000 tons. World production of mine and secondary copper totaled 103,500 tons in April.
Lead Market Steady.
Sales of lead were in small volume last week, but prices were unchanged,
with the undertone steady. Most producers are convinced that consumers
are booking sufficient business in their products to bring in buying of a
substantial chatacter in the near future. The market held at 4.25c..
New York, the contract basis of the American Smelting & Refining Co.,
and 4.10c., St. Louis. The fact that most of the inquiry for lead was for
nearby metal was regarded as a favorable indicator. With deliveries of
lead holding around 30,000 tons a month,consumers have purchased about
one-third of their June requirements. May needs are about 90% covered,
according to private estimates.
Corroders have experienced a more than seasonal improvement in sales
of pigments. Interpretation of the buying movement in this field is made
a little difficult because of a change in the method of doing business this year
under the "proposed" code.
The lead code is expected to be ready for signing soon.
Zinc Holds at 4.35c.
ri'A fair tonnage of zinc changed hands early last week on a 4.35c., St.
Louis, basis. During the past few days, however, the market has been
practically at a standstill. Rumors of weakness in the price structure
Prevailed in the market yesterday, but no sales below the 4.35c. level
reported. Concentrate production in the Tri-State district last week at
the highest level for the year totaling 7,380 tons. Efforts are being made.
It is said, to keep production within reasonable bounds.
Tin Closes Lower.
'WStraits tin recorded a loss for the week of 1 XC. per pound, yet the decline
failed to bring large domestic consumers of the metal into the market.
Tin-plate operations declined to 70% of capacity, which compares with
the recent high of 80%.11Unless the demand for tin plate increases materially and automobile activity reverses its present trend, buyers of tin in
this country will continue to purchase the metal sparingly at anything near
prevailing prices, according to trade authorities. The International Tin
Committee met in Paris on May is to take action on the buffer pool.
According to some reports a movement is on foot to increase output for
this pool 10% instead of 5% as mentioned recently.
Chinese 99% tin was nominally as follows: May 10. 53.1250.; 11th.
53.125c.; 12th, 53.125c.; 14th, 52.25c.; 15th, 52.125c.; 16th, 52.25c.
Steel Output Risesrurther to 61% of Capacity, Says
"Iron Age"-Outlook More Uncertain-Scrap Prices
Again Decline.
Steel production has made another gain of one point to 61%
of capacity, but the peak of operations is believed to be near
and the outlook for coming months is'obscure, reports the
"Iron Age" of May 17, in its weekly review of iron and steel
conditions. The "Age" continues:
Foremost among factors contributing to waning confidence is the belief
that current accumulations of material, prompted by recent price advances,
will rob the third quarter of tonnage. The common apprehension of a sharp
drop in mill operations after June 30 is reflected in the uninterrupted fall
in scrap prices, which this week declined from $11.92 to $11.67 a ton, or
only slightly above the year's low of $11.33 registered on Jan. 2.
Other disturbing influences are the epidemic of strikes which is sweeping
the country, the continuance of drouth in the West relieved only by local
rains, and the slackening pace of the automobile industry.
The extent to which iron and steel inventories are being built up is difficult to estimate. The stocking of semi-finished steel at the mills in preparation for a rush of specifications from consumers in June has probably been
completed. But, to date, pressure for steel from customers has been less
than was expected, and it is now believed that mills will have little difficulty
in filling all commitments before July 1 except in strips and some finishes
of sheets. Producers of sheets are now preparing to set final dates for the
acceptance of releases so that they can meet the code deadline for shipments. At least one sheet mill has already closed its books to second quarter
specifications.
The evidences of increasing caution on the part of buyers reflect business
prospects in general and the labor outlook in particular. The rising tide of
industrial unrest has not only increased the uncertainty of costs, but, :n
some cases, has raised doubts as to the possibility of continuing operations.
Those who fear further increases in labor charges point to the example of
one of the smaller steel mills which, after weathering the depression, wad
finally forced into receivership. Shortened hours and higher wage rates
saddled on this company by the code were not offset by belated price advances.
Other deterrents to excessive stocking are the inability of consumers to
anticipate their precise needs and fear of the deterioration of materials in
storage. The automobile industry found it costly to store certain grades of
steel last year, and during the current quarter will probably limit expansion
of inventories to the heavier products.
It is not surprising, therefore, that specifications from the motor car
builders are receding in step with their operations. It is encouraging, however, to note that releases from miscellaneous sources, although not showing
further increases, are holding their own. Even in the case of tin plate, a
product in which considerable stocking is known to have taken place, mill
operations have received fresh support and are holding at 75% of capacity.
Whether or not this is due to fresh alarm over a possible steel strike is not
yet ascertainable.
The most encouraging market developments are the placing of additional
railroad business, and the award of 11,000 tons of steel pipe by the Great
Lakes Pipe Line Co. to the Milwaukee fabricator, the first large line pipe
order to be closed in many months. Railroad buying is featured by the purchase of 25,000 tone of rails by the Union Pacific and 10.000 tons by the
Reading. The Chicago Great Western has bought 500 steel box cars, While
3353
Financial Chronicle
the Boston 5: Maine has ordered 10 de luxe coaches, 21 suburban passenger
cars, 10 steam locomotives and four Diesel electric engines.
New structural steel projects include a new Rockefeller Center unit, New
York, calling for 10,000 tons, the main span of the Tr -borough bridge in
the same city, requiring 11,000 tone, and a section of the Philadelphia-Camden
bridge, 5,000 tons. Fabricated steel lettings for the week, though made up
of small projects, total 15,800 tons, compared with 25,800 tons a week ago.
Suggested code changes are being discussed this week at Washington by
steel executives and NRA officials. The Administration is said to favor the
abolition of the 10-day waiting period following price filings and recognition
of water rates in quoting delivered prices. Elimination of the 10 days'
notice would, in the opinion of the trade, open the doors to a return of
"chiseling" competition and would work to the advantage of large buyers
instead of the smaller buyers whom Washington authorities profess to be
anxious to protect. Without the grace period, sharp concessions could be
made by the simple device of filing a reduction and then immediately withdrawing it.
The "Iron Age" composite prices for finished steel and pig iron are unchanged at 2.222c. a pound, and $17.90 a ton.
THE "IRON AGE" COMPOSITE PRICES.
Flashed Steel.
Based on stee, bars, beams, tank plates
May 15 1934, 2.2220. a Lb.
2.2220.1wire, rails, black Pine and sheets.
One week ago
2.0280. These products make 85% of the
One month ago
1.867o. United States output.
One year ago
Low.
High.
2.0280. Jan. 2
2.2220. Apr. 24
1934
1.867e. Apr. 18
2.0360. Oct. 3
1933
1.9260. Feb. 2
1.977c, Oct. 4
1932
1.945c. Dec. 29
2.0370. Jan. 13
1931
22730. Jan. 7
2 018c. Dec. 9
1930
2.273o. Oct. 29
2.3170. Apr. 2
1929
2.2170. July 17
1928
2
860
202
A:4
2.212c. Nov. 1
0.. Jan.
p". 1'1
1927
Pig Iron.
ra ed on average o basic Iron at Valley
May 15 1984.$17.90 a Oran Ton. s
817.90 furnace foundry Irons at Chicago.
One week ago
.
hilglahdelphia.
Buffalo, Valley. and Mr16.90 PH
One month ago
14.41( minglaam.
One year ago
Low.
318.90 Jan. 2
$17.90 May 1
1934
13.58 Jan. 3
16.90 Dec. 5
1933
13.56 Dec. 6
14.81 Jan. 6
1932
14.79 Dec. 15
15.90 Jan. 6
1931
15.90 Dee. 18
18.21 Jan. 7
1930
18.21 Dec. 17
18.71 May 14
1929
17.04 July 24
18.59 Nov.27
1928
17.54 Nov. 1
19.71 Jan. 4
1927
Steel Scrap.
May 15 1934,$11.67 a Cross Ton. (Sued on No. 1 heavy melting steel
$11.92 I quotations at Pittsburgh, Philadelphia.
One week ago
12 581 and Chicago.
One month ago
9.83
One year ago
Low.
High,
$11.33 Jan. 2
$13.00 Mar.13
1934
6.75 Jan. 3
12.25 Aug. 8
1933
.42 July 5
8.50 Jan. 12
1932
8.50 Dec. 29
11.33 Jan. 6
1931
11.25
Dec. 9
18
Feb.
16.00
1930
14.08 Dec. 3
17.58 Jan. 29
1929
13.08 July 2
16.60 Dec. 31
1928
13.08 Nov.22
16.25 Jan. 11
1927
The American Iron and Steel Institute on May 14 announced that telegraphic reports which it had received indicated that the operating rate of steel companies having 98.1%
of the steel capacity of the industry would be 56.6% of the
capacity for the current week,compared with 56.9% last week
and 50.3% one month ago. This represents a deuease of 0.3
points, or 0.5% from 'the estimate for the week of April 30.
Weekly indicated rates of steel operations since Oct. 23 1933
follow:
1933Oct. 23
Oct. 30
Nov. 6
Nov. 13
Nov. 20
Nov.27
Dec. 4
Dec. 11
193331.6% Dec. 18
26.1% Dec. 25
25.2% 193427.1% Jan. 1
26.9% Jan. 8
26.8% Jan. 15
28.3% Jan. 22
31.5% Jan. 29
193434.2% Feb. 5
31.6% Feb. 12
Feb. 19
29.3% Feb. 26
30.7% Mar. 5
34.2% Mar. 12
32.5% Mar. 19
34.4%
193437.5% Mar.26
39.9% Apr. 2
43.6% Apr. 9
45.7% Apr. 16
47.7% Apr. 23
46.2% Apr. 30
46.8% May
May 14
45.7%
43.3%
47.4%
50.3%
54.0%
55.7%
56.6%
"Steel," of Cleveland, in its summary of the iron and steel
markets, on May 14 stated:
With a smaller volume of specifications from automobile manufacturers and
a sharp decline in tin plate output, steel consumption last week began to level
off, though steelworks operations still were buoyed by heavy tonnages on
mill books for shipment before July 1 and advanced 2 points to 62%.
The divergent trends were no more in evidence than in the Pittsburgh district, where steelmakers in their efforts to get out material booked for this
quarter increased their average rate 3 points to 51%, and sheet mill operations
rose 5 points to 60%, while tin plate mills dropped from 80% to 70%.
Production of automobiles continues to taper off. Total output by the
industry has fallen from a monthly rate of 400,000 cars in the last week of
April to one of 315,000 in the past week. To a large extent, the present
slowing in steel releases is attributed to the effects of recent strikes at autobody plants. Specifications for June shipment in many instances last week
exceeded those for delivery this month.
These developments have not shaken steel producers' confidence in a continuation of a strong operating position through the reminder of this quarter
and June. Based on specifications already in hand, shipment by some of the
leading steel interests in the first half of this year will equal their entire
tonnage for 1933. Threat of a strike in the steel industry is causing some
uneasiness among producers and consumers, though apparently it has not
driven in orders. Production and sales of agricultural implements have not
been influenced adversely so far by the drouth in agricultural areas.
Railroad buying has passed its spring peak, with few additional orders for
rails or equipment, although specifications from equipment builders continue heavy, and some of the leading track accessory manufacturers are booked
to capacity for the remainder of this quarter. The Reading RR. is expected
in the market shortly for 10,000 tons of rails and a tonnage of accessories.
Pittsburgh Shawmut & Northern Is inquiring for 150 steel hopper cars. The
PWA is making a loan to the Baltimore & Ohio to build 820 box care, and two
streamlined trains-one of a new alloy steel and the other of aluminum.
A flurry of specifications for structural shapes is noted for projects recently awarded, but new awards for the week dropped to 16,985 tons, from
3354
Financial Chronicle
Steel ingot production for the week ended May 14 is placed
at a shade over 59%, according to the "Wall Street Journal"
of May 16. This compares with a little under 57% in the
previous week and with a fraction over.55% two weeks ago.
The "Journal" further states:
U. S. Steel is estimated at about 45%, against a little over 43% in the
week before and 42% two weeks ago. Independents are credited with a rate
of a fraction under 70%, compared with a shade below 68% in the preceding
week and 66% two weeks ago.
The following table gives the percentage of production for the nearest
corresponding week in previous years, together with the approximate changes
from the week immediately preceding:
1933
1932 *
1931
1930
1929
1928
1927
*Not available.
Industry.
U. S. Steel.
3555+2
29;1+2
4055-1-2
48 -1
80
10034+ X
89 -1
87 --2
45 --1
72-1
94 --1
80 --1
73 --1
46 --1
76
35
9751+35
8434-1
80 --1
Independents.
Holdings of United States Steel Corp. Stock.
Foreign holdings of U. S. Steel Corp. common stock increased 33,803 shares during the quarter ended March 31, and
at that date aggregated 331,629 shares, or 3.81% of the total
outstanding, as compared with 297,826 shares, or 3.42% of the
total, at Dec. 31 1933. The number of these shares held
abroad has been increasing steadily in recent years, and the
total now held is the highest since June 30 1920, at which
date the figure was 342,567 shares (6.74%). As compared
with March 31 1914, just prior to the World War, when
1,285,636 shares, or 25.29% of the total, were held abroad,
the present figure does not appear so large.
Preferred stock held abroad, on the other hand, has declined consistently since March 31 1914, when it totaled
312,311 ghares, or 8.67%, and the 68,476 shares (1.90%) reported in foreign countries at March 31 last is the smallest
amount ever reported. As of Dec. 31 1933, 69,640 shares, or
1.93%, were held abroad.
Holdings of common stock by brokers, domestic and foreign, at March 31 amounted to 1,654,704 shares, or 19.01%, of
which 1,521,860 shares, or 17.49% of the total issue, were held
by brokers in New York State. Holdings of investors, here
and .abroad, amounted to 7,048,548 squires, or 80.99%, of
which those in New York State held 1,508,746 shares, or
17.34% of the total.
Preferred holdings by brokers in all countries totaled
359,121 shares (9.97%), while holdings of investors, within
and outside the United States, aggregated 3,243,690 shares,
or 90.03%. In New York State, 329,679 shares (9.15%) of
preferred shares were held by brokers, and 1,363,710 shares
(37.85%) by investors.
Bituminous Coal Production During Week Ended May 5
1934 Slightly Lower-Anthracite Output Off 8.4%.
According to the United States Bureau of Mines, Department of the Interior, production of soft coal for the country
as a whole showed little change in the week ended May 5
1934, amounting to 6,330,000 net tons, as compared with
6,340,000 tons in the preceding week and 4,810,000 tons in
the corresponding period last year. Anthracite output was
estimated at 1,361,000 net tons, a decrease of 124,000 tons,
or 8.4%, from the preceding week, and also compares with
664,000 tons produced in the corresponding week in 1933.
During the calendar year to May 5 1934 production
amounted to 133,241,000 net tons of bituminous coal and
May 19 1934
24,437,000 tons of anthracite as against 102,212,000 tons of
bituminous coal and 16,156,000 tons of anthracite during
the calendar year to May 6 1933. The Bureau's statement
follows:
ESTIMATED UNITED STATES PRODUCTION OF COAL AND BEEHIVE
COKE (NET TONS).
Week Ended
May 5
1934.c
Apr. 28
1934.d
Calendar Year to Date.
May 6
1933.
1934.
1933.
1929.
Bitumin. coal:a
Weekly total 6,330,000 6,340.000 4,810,000 133,241,000 102,212.000 185,544,000
Daily aver_ 1,055.000 1,057,000 802,000 1,253.000
956,000 1,734,000
Pa. anthra.: b
Weekly total 1,361,000 1,485,000 664,000 24,437.000 16,156,000 25.712,000
Daily aver_
226,800 247,500 110,700
231,600
153,100
243,700
Beehive coke:
Weekly total
12,600
13.500
11,500
435,800
317,700 2,168.200
Daily aver__
2,100
2,250
1,917
4,035
2,942
20,076
a Includes lignite, coal made into coke, local sales and colliery fuel. b
Sullivan County. washery and dredge coal, local sales and colliery fuel. cIncludes
Subject
to revision. d Revised.
ESTIMATED WEEKLY PRODUCTION OF COAL BY STATES(NET TONS).a
Week EndedStale.
April 28
1934.
April 21
1934.
Alabama
108.000
30,000
Arkansas and Oklahoma
9,000
7,000
Colorado
59,000
66,000
Illinois
625,000
614.000
Indiana
220,000
215.000
Iowa, Kansas and Missouri
120,000
117,000
Kentucky-Eastern
602,000
598,000
Western
145,000
100.000
Maryland
22,000
25,000
Michigan
5,000
5,000
Montana
27,000
25,000
New Mexico
22,000
19,000
North Dakota
20,000
19,000
Ohio
313,000
322,000
Pennsylvania (bituminous) 1,760,000 1,775,000
Tennessee
69,000
70.000
Texas
13,000
12,000
Utah
28,000
26,000
Virginia
186,000
194,000
Washington
21,000
19,000
West Virginia-Southern b 1,474,000 1,410,000
Northern.c
100,000
464,000
Wyoming
70,000
61,000
Other States
1,000
6,000
April 29
1933.
0m owww..om a..t.z
1-14:
4P,P$.
§§§§§§ §§§§§§§§§§§§§§
41,282 tons in the preceding week. Youngstown Sheet & Tube Co. has taken
bids on 5,000 tons for a strip mill at Struthers, Ohio. Negotiations for a
heavy tonnage of sheet bars, pipe, automobile and other steel products for
Russia are delayed pending a legal interpretation by steel companies of the
Johnson Act. Russia has contemplated purchasing 20,000 tons of oil country
material in this country. .
Three additional blast furnaces have been blown in since the first of the
month, and pig iron shipments continue to expand. Renewed pressure of
scrap supplies has caused further weakness, with the market at Pittsburgh
off $2 a ton from the high point three weeks ago, and "Steel's" scrap composite down 12c. last week to $11.58.
In addition to the advance of 3 points in steelworks operations at Pittsburgh last week, the rate rose 6 points to 67% at Youngstown; 6 to 100%,
Detroit; 2 to 641
,%, Chicago;
point to 45%, eastern Pennsylvania. It
was off 9 points to 80%, New England, and 3 to 77%, Cleveland, while unchanged at 79%, Wheeling; 66%, Buffalo, and 52%, Birmingham.
With 2,935,631 gross tons of steel ingots produced in April, output for the
four months this year reached 9,941,252 tons-within 107,642 tons of the
total for the first four months of 1933 and 1932 combined. Daily average out•
put in April was 117,425 tons, 13.3% over March, and highest since July
last year.
Steel ingot production in Great Britain in April, "Steel's" correspondent
cables, amounted to 716,800 tons; on a daily average basis, 10% under
March. Pig iron production was 496,300 tons; on a daily basis, 1.7% higher
than in March.
"Steel's" iron and steel price composite holds at $34.77, and the finished
steel index, $54.80.
April 30
1932.
April
1923
Average.a
152,000
412,000
14.000
70,000
75,000
184,000
70.000 1,471,000
140,000
514,000
138,000
238,000
381,000
620,000
116,000
188,000
29,000
52,000
10,000
22,000
28,000
42,000
22,000
59.000
18,000
16,000
92,000
766,000
1,470,000 3,531,000
62,000
121,000
9,000
20,000
40,000
70,000
122,000
249,000
33,000
35,000
1,201,000 1,256,000
483,000
778,000
71,000
116,000
3,000
6,000
Total bituminous coal
6,340,000 5,878,000 4,824,000 4,779,000 10,836,000
Pennsylvania anthracite_. 1,485.000 1,273,000
675,000 1,430,000 1,974,000
Total coal
7,825,000 7,151,000 5,499,000 6.209.000 12,810.000
a Figures for 1923 and 1932 only are final. b Includes operations on the N.&
C. & O.; Virginian: K.& M.,and B. C.& G. c Rest of State, including Panhandle,
Grant, Mineral and Tucker Counties. d Original estimates in error. Figures
being revised.
Employment in Pennsylvania Anthracite Collieries
Decreased 14% from March to April-Payrolls
Down 37% During Period.
The number of workers in tile Pennsylvania anthracite
field showed a decrease of nearly 14% from March to April,
after an almost stettay rise for several months, reaching, in
March, the highest level since the spring of 1932. These figures were compiled by the Philadelphia Federal Reserve
Bank from original reports received by the Anthracite Institute from 34 companies; in April these companies operated
135 collieries employing almost 81,000 workers, whose average weekly earnings amounted to about $2,091,000. The Philadelphia Reserve Bank further announced as follows, on
May 14:
Total wage payments declined by 87% from the March level, which was
the highest since the fall of 1931. The amount of work done, as measured
by employee-hours actually worked during April in the collieries of 29 companies, also dropped almost 38%, reflecting largely a seasonal trend.
Computed from the current reports and from the figures of the Bureau of
Mines, it is estimated that the entire Pennsylvania anthracite industry about
the middle of April employed approximately 115,330 workers, or 12% more
than a year ago. The total amount of wage disbursements was about 38%
larger than in April 1933. Comparisons follow:
Prepared by the Department of Research and Statics of the Federal Reserve Bank
of Philadelphia.
1923-25 Average=100.
Men Employed.
January
February
March
April
May
June
July
August
September
October
November
December
VARA,' AvArageR
Payrolls.
1931. 1932. 1933. 1934. 1931. 1932. 1933. 1934.
88.3 74.2 51.1 62.3 75.0 51.5 36.3 59.4
87.1 69.3 57.2 61.4 85.5 48.0 47.7 55.2
79.9 71.7 53.1 65.7 59.6 51.3 40.9 69.2
82.9 68.1 50.3 56.6 63.1 60.4 31.3 43.3
78.3 65.1 42.0
63.9 48.6 25.2
74.2 51.5 38.5
55.9 31.4 28.8
63.4 43.2 42.7
45.0 29.0 32.0
65.5 47.8 46.4
47.2 34.6 39.0
77.8 54.4 55.2
54.4 39.4 50.9
84.4 62.1 55.3
76.3 56.0 51.6
81.2 61.0 59.4
66.6 42.7 40.1
77.7 60.6 53.0
65.6 47.1 37.2
79.4 60A 50.4
na 2 4IS A RR A
Text of Revenue Bill As Passed By Congress and Signed
By President Roosevelt.
The signing by President Roosevelt on May 10 of the
revenue bill, passed by Congress, was noted in our issue of
May 12, page 3203, wherein we gave an outline of its principal provisions. In a special supplement accompanying
to-day's issue of our paper, we give the complete text of the
new Revenue Act.
Volume
Financial Chronicle
138
3355
Current Events and Discussions
The Week With the Federal Reserve Banks.
The daily average volume of Federal Reserve bank credit
outstanding during the week ended May 16, as reported by
the Federal Reserve banks, was $2,482,000,000, a decrease
of $2,000,000 compared with the preceding week and an
increase of $196,000,000 compared with the corresponding
week in 1933. After noting these facts, the Federal Reserve
Board proceeds as follows:
tit On May 16 total Reserve bank credit amounted to $2,473,000,000, a
decrease of $11,000,000 for the week. This decrease corresponds with
decreases of $16,000,000 in Treasury cash and deposits with Federal Reserve
banks, $8,000,000 in money in circulation and $7,000,000 in nonmember
deposits and other Federal Reserve accounts, offset in part by an increase
of$16,000,000 in member bank reserve balances and a decrease of$3.000,000
in monetary gold stock.
The System's holdings of bills discounted decreased $3,000,000, of bills
bought in open market $1,000,000, of United States bonds $2,000,000
and of United States Treasury notes $3,000,000, while holdings of Treasury
certificates and bills increased $3,000,000.
The statement in full for the week ended May 16 in comparison with the preceding week and with the corresponding
date last year will be found on pages 3400 and 3401.
Changes in the amount of Reserve bank credit outstanding
and in related items during the week and the year ended
May 16 1934 were as follows:
Bills discounted
Bills bought
U. S. Government securities
Other Reserve bank credit
Increase (+) Or Decrease (—)
Since
May 16 1934. May 9 1934. May 17 1933.
$
$
$
34,000,000 —3,000,000 —296.000,000
6,000,000 —1,000,000
—72,000,000
2,430,000,000 —2,000,000 +593,000,000
—6,000,000
3.000,000 —6,000,000
TOTAL RES'VE BANK CREDIT2,473,000,000 —11,000,000 +219,000,000
Monetary gold stock
7 753,000,000 —3,000,000 +3,727,000.000
+81,000,000
Treasury and National bank currency-2,380,000.000
Money in circulation
5,344,000,000 —8,000.000 —221,000.000
Member bank reserve balances
3,694,000,000 +16,000.000 +1.580,000.000
Treasury cash and deposits with F. R.
banks
3,082,000,000 —16,000,000 +2,712,000.000
Non-member deposits and other F.It.
—44,000,000
accounts
485,000,000 —7.000.000
Returns of Member Banks in New York City and
Chicago—Brokers' Loans.
Below is the statement of the Federal Reserve Board for
the New York City member banks and that for the Chicago
member banks for the current week, issued in advance of
the full statement of the member banks, which latter will not
be available until the coming Monday. The New York
City statement also includes the brokers' loans of reporting
member banks, which for the present week shows a decrease
of $5,000,000, the total of these loans on May 16 1934
standing at $942,000,000, as compared with $331,000,000
on July 27 1932, the low record since these loans have been
first compiled in 1917. Loans "for own account" decreased
from $777,000,000 to $771,000,000, but loans "for account
of out-of-town banks" decreased from $162,000,000 to
$163,000,000 while loans "for account of others" remained
even at $8,000,000.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York.
May 16 1934. May 9 1934. May 17 1933.
$
Loans and investments—total
7 022,000,000 7.055,000,000 6,847,000,000
Loans—total
On securities
All other
Investments—total
U. S. Government securities
Other securities
3 232,000,000 3,284,000,000 3,352,000.000
1 663,000,000 1,718.000,000 1,735,000,000
1 669,000,000 1,566,000,000 1.617,000,000
3 790,000,000 3,771.000,000 3,495,000,000
2 738,000,000 2.727.000,000 2,378,000,000
1 052,000,000 1,044,000,000 1,117.000,000
Reserve with Federal Reserve Bank __ __1,264,000.000 1,257,000,000
Cash In vault
37,000,000
39.000,000
823,000,000
38,000,000
Net demand deposits
Time deposits
Government deposits
5,969,000,000 5,985,000,000 5,558,000,000
675,000,000 670,000.000 692.000,00
561,000.000 575,000,000 105,000,000
Due from banks
Due to banks
78,000,000
78,000,000
81,000,000
1 594,000.000 1,593,000,000 1,300,000,000
Borrowings from Federal Reserve Bank_
Loans on secur. to brokers & dealers.
771,000,000
For own account
.163,000,000
For account of out-of-town banks_
8,000,000
For account of others
777,000,000
162,000,000
8,000,000
594,000,000
17,000,000
7,000,000
942,000,000
947,000,000
618,000,000
Total
On demand
On time
Loans and investments—total
Loans—total
On securities
All other
671,000,000 677,000,000 472,000,000
271,000,000 270,000,000 148,000.000
Chicago.
1 432,000,000 1,439,000,000 1,146,000,000
595.000.000
598,000,000
637,000,000
283,000,000
312,000,000
289.000,000
309,000.000
335,000.000
302,000,000
Investments—total
May 16 1934. May 9 1934. May 17 1933.
$
$
837,000,000 841,000,000 509,000,000
U. S. Government securities
Other securities
547,000,000
290,000,000
551,000,000
290,000,000
312,000.000
197,000,000
Reserves with Federal Reserve Banks__ 405,000,000
Cash in vault
40,000,000
387,000,000
41,000,000
184,000,000
42,000,000
1,294,000,000 1,280,000,000
365,000,000 365,000,000
30,000,000
28.000,000
860,000,000
350,000,000
8,000,000
172,000.000
391,000,000
221,000,000
254,000,000
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
187,000,000
401,000,000
Borrowings from Federal Reserve Bank
Member Banks of the Federal
Reserve System for the Preceding Week.
As explained above, the statements of the New York and
Chicago member banks are now given out on Thursdays
simultaneously with the figures for the Reserve banks
themselves and covering the same week, instead of being
held until the following Monday, before which time the
statistics covering the entire body of reporting member banks
in 91 cities ca:nnot be got ready.
In the following will be found the comments of the Federal
Reserve Board respecting the returns of the entire body of
reporting member banks of the Federal Reserve System for
the week ended with the close of business on May 9:
Complete Returns of the
The Federal Reserve Board's condition statement of weekly reporting
member banks in 91 leading cities on May 9 shows decreases for the week of
$134.000,000 in loans and investments. $13,000,000 in net demand deposits
and $26,000,000 in Government deposits, and increases of $105,000,000 in
reserve balances with Federal Reserve banks and $16,000,000 in time
deposits.
Loans on securities declined $12,000,000 at reporting member banks in
the New York district and $23,000,000 at all reporting member banks.
while "All other" loans show a net increase of $8,000,000 for the week.
Holdings of United States Government securities increased $24,000.000
at reporting member banks In the New York district, and declined $12,000.000 in the Philadelphia district. $10,000,000 in the Dallas district. and
$7.000,000 each in the Boston and St. Louis districts, all reporting member
banks showing a net decrease of $6,000,000. Holdings of other securities
declined $110.000,000 in the New York district and $113,000,000 at all
reporting banks, and increased $6.000,000 in the San Francisco district.
Licensed member banks formerly included in the condition statement
of member banks in 101 leading cities, but not now included in the weekly
statement, had total loans and investments of $1,004,000,000 and net
demand, time and Government deposits of $1,141,000,000 on May 9.
compared with $1,009,000,000 and $1,146,000,000, respectively, on May 2.
A summary of the principal assets and liabilities of the reporting member
banks, in 91 leading cities, that are now included in the statement, together
with changes for the week and the year ended May 9 1934, follows.
May 9 1934.
$
Loans and investments—total_ _17,328.000,000
Increase 1+) or Decrease (—)
Since
May 2 1934.
May 10 1933.
$
—134,000,000 +1,010.000,000
Loans—total
On securities
All other
8,121,000,000
3,554,000,000
4,587,000,000
Investments—total
9,207,000,000
—119,000,000 +1,293,000,000
U. S. Government securities_ __ 6,249,000,000
Other securities
2,958,000,000
—6.000,000 +1.341.000,000
—113,000,000
—48,000,000
Reserve with F. It. banks
Cash in vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from F. it. banks
—15,000,000
—23,000,000
+8,000,000
—283,000,000
—161.000,000
—122.000,000
2,693,000,000
244,000,000
+105,000,000 +1,157,000,000
+33,000,000
+13,000,000
12,208,000,000
4,470,000.000
1,029,000,000
—13,000,000 +1,699,000,000
+16,000,000 +152,000,000
—26,000,000 +798,000,000
1,564,000,000
3,675.000,000
6,000,000
+28,000,000
+82,000,000
+309.000,000
+975,000,000
—74,000.000
Return to Modified Gold Standard Urged in Report of
Leon Fraser, President of Bank for International
Settlements—Resolution Adopted Declares for
Re-Establishment of Standard.
At the annual General Assembly of the Bank for International Settlements at Basle, May 14, Leon Fraser, President
of the Bank, concluded with a strong championship of the
gold standard, modified along the lines recommended by
the London Conference, as being "no fetish or intellectual
abstraction," but the best "medium for permitting, facilitating and enhancing the exchange of goods, capital and
services internally and externally." Wireless advices from
Basle to the New York "Times" stated that the Bank Assembly, composed of delegates from 23 Central Banks,
shared Mr. Fraser's views by unanimously adopting a resolution declaring "the final object of monetary policy is the
re-establishment of stability on the basis of the gold standard as soon as conditions are generally favorable," and reaffirming the principles contained in the Bank's gold standard resolution of July 11 1932.
.
May 19 1934
Financial Chronicle
3356
The resolution also approved the World Economic Conference's resolution concerning the necessity of close cooperation among Central Banks and the important role
the World Bank should play in this connection.
The Bank's Assembly voted the usual 6% profit, which,
despite the heavy fall in the Bank's funds, attributed to the
dollar's devaluation, was 13,000,000 Swiss francs, only
1,000,000 less than in 1932.
Regarding Mr. Fraser's enunciations as to gold, we quote
the following from a copyright cablegram May 14 to the
New York "Herald Tribune":
Fraser Finds Gold Basis Necessary.
Mr. Fraser's report declares notably "for the purpose of promoting trade,
normal movements of capital and world economic recovery there must be a
monetary system working internationally on the same fundamental basis,
namely gold. It is only then or simultaneously that a move toward the
lowering of tariff barriers and the suppression of quotas and import prohibitions can be undertaken with any hope of success. While the year just
closed records but a limited general progress in the international field, at
least in the domain of monetary problems much clarification has been
achieved.
"Net only does the prevailing public governmental opinion preponderately
support the conclusion that the gold standard constitutes the best available
monetary mechanism, but many of the impediments which prevented or
delayed its restoration have been removed or lessened and some of the
factors for its improved application and operation have been substantially
agreed upon.
"There can be no doubt about the general return to gold as the basis
of the monetary system. The real question is whether definite steps will
be adjourned for some time to come or whether by common effort an early
attempt will be made to achieve a general settlement in monetary and
economic fields, thus leading the way to restoration of the monetary sytsem
and to the completing of economic recovery."
"In international financing and monetary relations the 12 months have
seen a series of retrograde developments—more moratoria, more transfer
Impediments, more artificial clearing, more gold hoarding than any year
on record, more conversion of foreign balances, and their repatriation into
some currency or into gold by private and central banks, almost complete
cessation of new long-term lending abroad and further limitation or reduction of the volume of short-term credits.
Progress Is Stressed.
"But in the National field, marked progress has been made. Indeed,
as world conditions stand to-day, it may well turn out that the shortest,
though hardest, route back to the healthy and stimulating financial economic internationalism which existed almost unnoticed in so widespread
a degree before the war will be found to pass first through an area of
nationalism. In a considerable number of countries national indices have
begun to show signs of improvement. Recovery in industrial production,
a great decline in unemployment,a brisker movement of goods to consumers,
a strengthening in raw material prices, a lowering of the rate at which
credit and capital are available, a firmer tendency on the stock markets
and an adjustment of production costs and prices.
"Instances of national improvement to date could be multiplied, but
It will be necessary in order to keep a proper perspective to indicate in how
many cases this slow restoration of a degree of internal equilibrium has been
realized, in part, at the cost of one's neighbor, sometimes by deliberate
reduction of imports,sometimes by disregard of contractual obligations, and
nearly always by the erection of barriers to restrict the free movement of
goods and capital."
Stressing that the "Bank for International Settlements looks forward
with faith and fortitude," Mr. Fraser sees it playing a big and indispensable
role as the centre of monetary collaboration when gold is restored.
Survey of Relations Between United States and Canada
Being Conducted Under Supervision of Carnegie
Endowment for International Peace.
Dr. James T. Shotwell, Director of the Division of Economics and History of the Carnegie Endowment for InterIn the "Times" advices from Basle it is stated that Mr. national Peace, announced on May 5 plans for a survey of
Fraser's report is marked by an expression of confidence that the economic, social and political relations of the United
the gold standard has already decisively won in the world States and Canada. The survey, which will require two
monetary war, by faith that the world will return to general years to complete, will be conducted by a number of leading
economic internationalism and by cautious optimism over educators, economists and legal authorities of both countries.
the immediate prospects of general recovery. From the Preliminary work was begun two years ago, and results will
be made public this year and in 1935. Separate National
same account we also quote:
In the last respect Mr. Fraser finds in 1933 "a series of retrograde
research programs were followed in both Canada and the
developments" in international financial and economic relations toward
United States to study the relations of the two countries
"ominous nationalism." Yet he is impressed by "marked progress" toward
from the time their principal occupation was fur trading
recovery, made through the efforts of certain nations, and though he recalls
that this has been partly achieved at their neighbors' expense and that the
down to the present day. Dr. Shotwell said that such a
value of world trade continues to fall, he is comforted by the fact that the
represents an attack on the problem of international
study
1933 trade volume was only 25% less than in 1929. He was also willing to
peace from a new angle. Further details of his announceadmit that the nationalist method "may well turn out to be the shortest,
though the hardest, route to world recovery."
ment are given below, as contained in the New York "Times"
Among the reasons Mr. Fraser lists for reporting "a real advance on
May 6:
the part of public opinion, Governments and central banks in appreciating
how indispensable is restoration of the gold standard" are the resolutions
by the World Economic Conference in 1933 and by the International
Chamber of Commerce in March 1934 the fact that Britain and the United
States, despite all talk of changing monetary systems, now have "greater
gold reserve than either ever held" and the fact that the United States
and Czechoslovakia in devaluing, fixed new parities in relation to gold.
Hoarding Is Widespread.
He finds popular belief in gold "only too clearly visible" in widespread
gold hoarding and gives figures showing it not merely broke all records
in 1933, but was six times greater than in 1932.
The chapter entitled "Record Year in Gold Production, Gold Movements
and Gold Hoarding" shows world production reached 24,720,000 ounces in
1933, 494,000 above the previous peak, set in 1932. Of 3,240,000,000
Swiss francs in new gold made available, however. (including China and
India deliveries) only 228,000,000 went into central bank reserves, 3,012,000,0000 thus going into hoards.
A table giving the monthly hoarding movement for 1933 shows it was
strongest in the last quarter, when nearly half of it occurred.
Mr. Fraser adds. "It is an instructive lesson in public psychology to
analyze this chronological table against the background of simultaneous
political and financial events." He attributes the last quarter's heavy
hoarding to Germany's withdrawal from the League of Nations, President
Roosevelt's gold purchasing policy to depreciate the dollar and the French
parliamentary and budgetary uncertainty.
He estimates that there was a minimum of 7,000,000,000 Swiss francs'
worth of gold hoarded in the world at the end of 1933. or more than 2%
times the value of the current annual gold production. He estimates that
one-third of this is held in Britain, chiefly by non-residents.
The chapter on short-term indebtedness estimates the totals for the
United States and Europe, in billions of Swiss francs, at 70 at the end
of 1930, 45 at the end of 1931. 39 at the end of 1932, and 32 at the end of
1933, of which more than 11,000,000,000 was frozen. Repeatedly Mr.
Fraser refers to how ignorance of short-term indebtedness heavily contributed to the breakdown of the gold standard, but points out that the situation
Is much better known now, though not all the data the central banks and
other authorities have collected thereon is yet available.
He believes these statistical reports "seem likely to be continued in the
future," thus bringing out implicitly the continued lack of any guarantees
that with recovery the profit motive would not lead the world back into its
previous dangerous ignorance.
Dramatic Episodes Listed.
Mr. Fraser thus summarizes 1933.
"These 12 months have been striking ones in the financial history of the
modern world. They have witnessed dramatic episodes in the United
States, culminating, first in abandonment of the gold standard with its
world-wide economic monetary repercussions, and then, after a series of
novel currency experiments and a profound change in the banking and
central banking structure in devaluation of the dollar and qualified return
to the standard abandoned.
aps."They have witnessed high hopes aroused on every continent by convocation of the London Monetary and Economic Conference . . . dashed
consequence the formation
to the ground. They have witnessed as a
the financial and ecnoomic
In the monetary field of a 'gold bloc' and in
internationalism toward self-reliant
field a retreat from the direction of
and self-contained but ominous nationalism.
Dr. Nicholas Murray Butler, President of the Carnegie Endowment
and President of Columbia University, heads a central international planning committee composed of 20 Americans and Canadians, whose function
is to plan the character and scope of the survey.
P. American members are: Newton D. Baker, John W. Davis, Alanson B.
Houghton, Frank B. Kellogg, Frank 0. Lowden, Dr. Henry S. Pritchett,
Dr. James Brown Scott and Owen D. Young. Canadian members are:
Sir Robert Borden, Arthur Meighen, Senator Rodolphe Lemieux, Sir
Robert A. Falconer, Dr. C. W.Colby, Newton W. Rowell, Vincent Massey,
Edward W. Beatty, Thomas A. Russell, Dr. John W. Dafoe and Dr. R. C.
Wallace.
The actual work of the survey, it is announced, will be conducted by
technical committees.
The historical studies to be made in the United States and Canada, which
are to furnish the background for the studies in all the other divisions, will
be directed by a Canadian historical committee and an American historical
committee, composed of experts in historical research.
The two historical committees have been named as follows.
Canadian: Professor George W. Brown, University of Toronto; Professor D. C. Harvey. Archivist of Nova Scotia; Major Gustave Lanctot,
Dominion Archives; Professor Fred Landon, University of Western Ontario;
Professor D. A. McArthur. Queen's University; Professor Chester Martin.
University of Toronto, Chairman; Professor R. G. Trotter, Queen's University.
American: Professors Samuel Flagg Bemis, Washington University;
Robert C. 13inkley, Western Reserve University; J. Bartlett Brebner,
Columbia University: Herbert E. Bolton, University of California; Arthur
C. Cole, Western Reserve University; Evans II, Greene, Columbia University; Edward C. Kirkland, Bowdoin College; Allan Nevins, Columbia
University, Chairman; Robert L. Schuyler, Columbia University; James T.
Shotwell, Columbia University; Miss Edith E. Ware, Carnegie Endowment;
Professor Carl F. Wittke, Ohio State University.
Norman H. Davis to Head American Delegation to Disarmament Conference Which Re-opens May 29—
Little Hope Seen of International Agreement.
Norman H. Davis, who has acted as Chairman of the
United States delegation to recent sessions of the World
Disarmament Conference, will return to Europe and be
in Geneva by May 29, the date set for the reconvening of the
general conference, according to an announcement by Mr.
Davis, May 15, after he had talked with President Roosevelt
at the White House. Mr. Davis said that he was not taking
back any new American proposals and expressed doubt that
the European nations were ready to reach a disarmament
agreement.
Reports from leading European capitals recently reveal
little hope in either England or France for practical accomplishments when the conference again meets late this month.
The uncertainties are intensified by Germany's insistence
Volume 138
Financial Chronicle
pon her right to re-arm. This was evidenced on May 11
when Joachim Von Ribbentrop, special German delegate on
arms matters, suggested to Sir John Simon, British Foreign
Secretary, that Great Britain, France and Germany enter
into a three-power air force treaty. Sir John was reported
to have replied that Great Britain is not ready to discuss the
matter at this time.
Meanwhile Premier Gaston Doumergue of France on
May 14, in a radio address, asserted that France is already
disarming while other nations are building up armaments.
He added that France will not take the initiative toward any
aggression. A wireless dispatch May 14 to the New York
"Times"from Paris quoted from this speech in part asfollows:
M. Doumergue's reference to foreign affairs came as a brief interlude
In his discussion of domestic events. He defined France's foreign policy
as "a desire for peace with the whole world, a hand loyally outstretched
to all who will accept it without afterthought, no territorial or other ambition to satisfy, no hatred in her heart against anybody, but a desire and
an ardent need for security."
"These serious and efficacious guarantees of security," he continued,
"can be all the less dispensed with as we have never ceased to reduce our
effectives and armament since the war. We know, and every one else
knows, that while we are reducing our military forces others are openly
or covertly increasing their effectives and armaments, and that all this
is being done in violation of peace treaties.
"How can any one wonder that our desire and need for real security,
far from diminishing, is increasing? France will never take the initiative
of aggression. Every one knows that. Our attitude and the widespread
disarmament we have already accomplished furnish resounding proof.
Only those can pretend to doubt our intentions who desire to camouflage
their own."
President Roosevelt Asks Senate to Ratify Geneva
Munitions Convention of 1925—Calls Uncontrolled
Private Arms Manufacture "Serious Source of International Strife."
President Roosevelt, in a special message to the Senate
yesterday (May 18), urged ratification of the Geneva arms
and ammunition convention of 1925 as an "important step"
in the international effort to control the traffic in munitions.
He also expressed the hope that the World Disarmament
Convention which will meet in Geneva on May 29 will
agree upon a convention "containing provisions for the
supervision and control of the traffic in arms much more
far-reaching than those which were embodied in the convention of 1925." The President indorsed the Senate investigation into the private manufacture of arms and munitions, sponsored by Senator Nye, and promised that the
executive departments of the Government will co-operate
closely with the investigating committee.
"The private and uncontrolled manufacture of arms and
munitions," the President said, "and the traffic therein has
become a serious source of international discord and strife.
It is not possible, however, effectively to control such an
evil by the isolated action of any one country."
The text of the President's message follows:
I have been gratified to learn that, pursuant to a resolution
of the Senate,
a committee has been appointed to investigate the problems
incident to
the private manufacture of arms and munitions of war and the
international
traffic therein. I earnestly recommend that this committee
receive the
generous support of the Senate in order that it may be enabled to
pursue
the investigation with which it is charged with a degree of
thoroughness
commensurate with the high importance of the question at
issue. The
executive departments of the Government will be charged
to co-operate
with the committee to the fullest extent in furnishing It with any
information in their possession which it may desire to receive, and their views
upon
the adequacy or inadequacy of existing legislation and of the
treaties to
which the United States is a party for the regulation and
control of the
manufacture of and traffic in arms.
The private and uncontrolled manufacture of arms and munitions
and
the traffic therein has become a serious source of international discord
and strife. It is not possible, however, effectively to control such an evil
by the isolated action of any one country. The enlightened opinion
of the
world has long realized that this is a field in which international action
is
necessary. The negotiation of the convention for the supervision
of the
International trade in arms and ammunition and in implements of
war,
signed at Geneva. June 17 1925, was an important step in the right direction. That convention Is still before the Senate. I hope that the
Senate
may find it possible to give its advice and consent to its ratification.
The
ratification of that convention by this Government, which has
been too
long delayed, would be a concrete indication of the willingmess of the
American people to make their contribution toward the suppression
of
abuses which may have disastrous results for the entire world if they are
permitted to continue unchecked.
It is my earnest hope that the representatives of the nations who will
reassemble at Geneva on May 29 will be able to agree upon a convention
containing provisions for the supervision and control of the traffic in arms
much more far reaching than those which were embodied in the convention
of 1925. Some suitable international organization must and will take
such action. The peoples of many countries are being taxed to the point
of poverty and starvation in order to enable governments to engage in a
mad race in armament which, if permitted to continue, may well result
in war. This grave menace to the peace of the world is due in no small
measure to the uncontrolled activities of the manufacturers and merchants
of engines of destruction, and it must be met by the concerted action of
the Peoples of all nations.
FRANKLIN D. ROOSEVELT.
The White House, May 18 1934.
Associated Press advices from Washington yesterday outlined the principal provisions of the Geneva convention of
1925, as follows:
3357
The convention which the President has asked Congress to ratify class!
flee arms, ammunition and implements into five categories.
1. Arms, ammunition and implements exclusively designed and intended for land, sea or aerial warfare; (2) arms and ammunition capable
of use both for military and other purposes; (3) war vessels and their armament; (4) aircraft and aircraft engines, and (5) gunpowder and explosives
(except common black gun-powder) and revolvers, Pistols, shotguns, &c.
Signers of the embargo agree not to export or permit the export of arms
and munitions in the first category except to another government or to
manufacturers of war material required by the industry.
Rifles, muskets, carbines and ammunition for rifle associations organized for sporting purposes would be exempted.
Canadian House Committee Votes Down Motion
Vesting Control of Proposed Central Bank in
Canadian People — Premier Bennett Protests
Against Rumors of Link to the Bank of England.
Canada's new Central Bank will not be owned by the
Canadian Government, and its Governor apparently will
be an Englishman, said an Ottawa dispatch May 17 to
the New York "Times." The dispatch stated that the
House of Commons Banking Committee on that day voted
down liberal motions to have ownership and control of the
Central Bank vested in the Canadian people, and to choose
Canadian nationals as its Governor and Deputy-Governor,
• instead of merely British subjects, as provided in the Central
Bank bill. From the same account we also take the following:
"Is this bank going to be run from London, and is it to be a branch
of the Bank of England?" asked Maximo Raymond, Liberal, in introducing the second motion.
When Premier Bennett replied that central banking was highly specialized,•and it might become necessary to borrow a man with the necessary
qualifications. Ernst LaPointe. former Minister of Justice, pointed out
that to obtain an experienced central banker who was a British subject
would mean that he inevitably would be a Bank of England official.
"A distinct disservice has been done to the new Bank of Canada,"
replied Mr. Bennett. "by the circulation of rumors that it is to be tied
up with the Bank of England. Everything we have done so far has been
to the opposite purpose."
When he had wished to consult Montagu Norman about the new bank,
the Prime Minister added, the Bank of England Governor had been fearful
of giving any advice, so apprehensive was he that it might be misconstrued
as implying interference by the Bank of England.
The Committee concluded consideration of amendments of the Bank
Act, which is the charter of Canadian banks. At the course of the inquiry
into banking conduct during the depression, almost every allegation
hurled against American banks was leveled at the Canadian banks.
When the Canadian banks pointed out that they had remained solvent
while American banks were crashing, evidence was produced which was
designed to show that they had remained above water by pushing Canadian
Industry into the depths.
It was alleged that the banks had deflated rapidly and cruelly; that
they had forced furniture manufacturers and lumbermen to throw their
stocks on the market at once, thereby ruining prices; and that they had
agreed to peg share prices on the Montreal Stock Exchange, and then
had sold out at less than market values.
It was brought out that while the banks were discouraging Canadian
stock speculation in the 1929 boom, they had kept $303,000,000 of Canadian depositors' money on call and short loan in New York, obtaining
from 6 to 12% because it was being used to finance stock speculation.
It also was brought out that through interlocking directorates, the banks
controlled the bulk of Canadian industry.
But a motion that would have prevented bank directors serving also
as directors of insurance, trust, investment or loan companies was defeated. Relations between the banks and Canadian pulp and paper
companies are yet to be investigated.
The only limitation of banking freedom has been an amendment sponsored by Premier Bennett removing and making ineligible for re-election
any bank director sitting in at a meeting at which his board is passing
on a loan to himself, or a company of which he is a member.
Europe's Wheat Area Reduced—Decrease from Year
Ago Put at 2,000,000 Acres.
Under date of May 5 a London cablegram to the New
York "Times," said:
A preliminary estimate on the wheat sown in Europe gives 64,500,000
acres or four-fifths of the total area. This is a decrease of about 2,000,000 acres compared with the preceding season.
Wheat to be harvested this Summer, taking Spring sowings into account
will probably represent a decrease of nearly 3,000.000 acres from 1933.
World requirements for 1933-34 are estimated at 63,000.000 quintals and
the world surplus at 130,000,000.
Future of 1933 Wheat Agreement in Doubt After
Meeting in London of Representatives from
Argentina, United States, Canada and Australia—
Subcommittee of Rome Conference Recommends
Quarterly Wheat Export Quotas.
Ten days of private negotiations between representatives
of the United States, Canada, Australia and Argentina ended
in London on May 16 with no definite decision reached as to
the probability of preventing Argentina from breaking the
1933 wheat agreement. It was reported from London on
May 16 that a report which was being sent to the governments concerned includes a tentative compromise arrangement whereby no set amount would be lent to Argentina on
her quota under existing wheat export agreements.
On May 15 the subcommittee of the World Wheat Conference issued a communique recapitulating a report of
April 19, made at the conclusion of the Rome wheat conference. This report recommended a system of quarterly
wheat export quotas. The communique said, in part:
3358
Financial Chronicle
We feel that complementary measures to adjust export quotas to the
demand for the season as a whole and possibly within the season are essential
to maintenance of the system of export pric3 minimum. We recommend
preparation of data on the possible import demand for the year 1934-1935
and distribution of exports by countries by quarterly or other inter-seasonal
periods. The data will be examined by members of the advisory committee
as a basis for further examination of the subject before preparing agendas
for the June and August meetings.
The subcommittee adjourned May 16 until May 28.
Soviet Acts to Insure Harvesting of Crops—Decree
Specifies July 15 for Completion of Machinery.
A United Press account from Moscow, May 15, is taken
as follows from the New York "Harald Tribune":
A drastic step to insure adequate machinery for harvesting the Soviet
grain crop was taken to-day by the Council of People's Commissars.
In an official decree the government placed responsibility for adequate
machinery directly on the Commissariat of Heavy Industry,specifying that
the machines must be delivered in time to aid the harvest.
The decree supported previous predictions that the Soviet Union was
likely this year to produce an unusually large wheat and rye crop, not only
for purposes of national defense in event of war in the Far East, but also to
enter the world export market as a competitor of the United States, Canada
and Argentina.
The decree specifies that by July 15 factories must complete, among other
other machinery, 6.475 combines of various types. 4,000 tractor-operated
binders, 500 horse-operated binders ad 7.150 threshing machines of three
tYPes.
Governmental Approval of International Agreement
for Regulation of Rubber Production and Exports
—Basic Export Quota Percentages.
Governmental approval of the international export control
plan agreed upon at London on April 29 by trade representatives of the various rubber producing countries was completed with the signing of an agreement to that effect at
London on May 7 by the Governments of the United Kingdom, France, Netherlands, India, and Siam, making the
plan operative from June 1 next for a minimum period of
43' years, according to a cablegram received in the Department of Commerce at Washington from Commercial Attache
Lynn W. Meekins, London. The Department's announcement added:
The scheme, embracing Malaya, Netherland East Indies, Ceylon, India,
Burma, French Indo-China, North Borneo. Sarawak, and Siam, which
together account for fully 98% of world rubber production, provides principally for basic annual export quotas for each plantation rubber producing
territory, and for an International Rubber Regulation Committee to be appointed by the respective governments which would fix from time to time
the percentage of the basis quotas which may be exported from each territory.
It is reported that consuming interests are to be invited to advise with
the International Rubber Regulation Committee on matters pertaining to
stocks, export quotas, and related subjects.
The signing of the agreement at London was noted in our
issue of May 5, page 3009, at which time it was indicated
that it would be necessary for the Government of each of the
participating territories to give legislative effect to the
provisions of the accord.
On May 11 the Department of Commerce made public
advices from Mr. Meekins to the effect that the International Rubber Regulation Committee, representing the
signatory countries to the export control plan, had announced
the following basic export quota percentages for the designated periods:
June to July 100%.
August to September 90%.
'October to November 80%.
December 70%.
The Department further said:
The Committee appointed by the respective governments of the areas
involved (Malaya, Netherland East Indies, Ceylon, India, Burma, French
Indo-China, North Borneo, Sarawak, and Siam) is authorized to fix the
percentages of the basic annual export quotas (provided for in the agreement)
which may be exported from each plantation—rubber producing territory
from time to time.
It is understood that the following are the basic quotas for 1934 allotted
to each territory (excluding French Indo-China, which is subject to a
special arrangement) on which the above percentages will be based (in
thousands of tons to nearest 500); Malaya, 504; Netherland East Indies,
352; Ceylon, 77; India, 7; Burma, 5; North Borneo, 12; Sarawak, 34:
and Siam, 15, in all totaling 1,019,000 tons (including Freneh Indo-China).
In advices issued by the Commerce Department May 1,
it was indicated that the announcement of the accord
"carries no statement with regard to price control." It
may be noted that at the time of the signing of the agreement
it was stated that it was proposed under the accord to
maintain "a fair and equitable price level which will be
reasonably remunerative to efficient producers."
As pertinent thereto we quote the following which was
contained in London advices May 3 to the New York
"Times":
The financial editor of the "Times," of London, referring to criticism by
William Krafft of the United States Rubber Co. that the new plan does
not fix a maximum price and does not ensure an adequate supply of rubber
says:
"It Is premature to say what the International Regulation Commission
will decide, but the declared purpose of the scheme is 'to maintain a fair
and equitable price level which will be reasonably remunerative to ef-
May 19 1934
ficient producers.' Neither the United States Rubber Co. nor any other
consumer could count upon continuance of an adequate supply of rubber
at an uneconomic price."
We also quote from a Landon account May 7 to the
New York "Journal of Commerce" the following:
Representatives of the governments of Great Britain, Holland, France,
India and Slam to-day affixed their signatures to an international agreement to restricting the production, export and planting of crude rubber.
At the same time the efforts of the United States Government,representing the largest single consumer, to protect its large rubber manufacturing
Industry by inserting in the agreement a clause carrying a maximum price,
was officially rebuffed.
In answer to a question in the House of Commons as to the measures
taken to provide for the rubber consumer, Sir Phillip Cunliffe-Lister, the
Secretary for the Colonies, said:
"We have had many discussions with the United States long before the
restriction scheme was formulated. I am satisfied that the scheme is
adequately designed to secure a reasonable price level; it does not aim at
maintaining a pivotal price, and I do not think it advisable to introduce
the suggested clause to reconsider the scheme if the price exceeds a certain
level."
German Import Control Established for Rubber. Under date of May 15 an announcement by the Department of Commerce at Washington said:
The German Government has issued a decree extending the Government
import control on the purchase of foreign raw materials to include rubber,
gutta percha and balata (tariff item 98) and reclaimed rubber (tariff item
571), according to a cablegram received in the Department of Commerce
from Acting Commercial Attache Attache Douglas Miller, Berlin.
It is anticipated that an order prohibiting the purchase abroad of these
products, similar to the purchase prohibitions affecting textile raw materials, copper, hides and skins, will be issued shortly.
"Token" Payments on War Debts Said to Be Unacceptable for Amounts Due June 15—Sir John Simon
Declares Great Britain Should Not Pay the United
States.
No further official word on war debt payments by foreign
nations to the United States came from Washington this
week, although newspaper advices reported that Sir Ronald
Lindsay, the British Ambassador, had been told at the State
Department that unless Great Britain paid the amount due
on June 15 in full she would be considered as in default, and
that a "token" payment could not be accepted.
Sir John Simon, British Foreign Secretary, in a speech at
Manchester on May 11 alluded to the war debts, adding that
he must not be considered as "making an announcement
concerning Government policy." A wireless dispatch from
London to the New York "Times" May 11 reported this
speech in part as follows:
He referred to American comment to the effect that the British budget
surplus indicated that the war debt could be paid.
"There seem to be someirresponsi ble commentators on the otherside of the
Atlantic," he added, "who overlook the fact that the argument based on
our budget surplus is entirely fallacious for two reasons, as far as the American debt is concerned.
"The first reason is because what lies back of our difficulty in connection
with these vast international payments is not a question of whether a particular country has a budget surplus. It is an injury done to world trade
and world recovery as a whole if they contemplate the transfer of enormous
quantities which,indeed, are received in the form of goods but which we are
asked to pay back in the form of money.
"Secondly, it must be borne in mind that in relation to national wealth,
British taxation last year was at least twice as heavy as the corresponding
taxation in the United States."
President de Valera Says Irish Free State Wishes
Economic Peace With England.
President de Valera of the Irish Free State, in a speech at
Cork on May 13, asserted that his country is anxious for
economic peace with Great Britain and added that if the
British would grant trade preference to Irish agricultural
products, the Free State would give preference to England
in buying capital equipment. He took occasion to demand
freedom of speech, even for opponents of his Administration.
A Dublin cable to the New York "Times" on May 13 quoted
from his address as follows:
Referring to the economic dispute with London, he said:
"We don't want to be at enmity with Britain and if Britain should give
preference to our agricultural produce we would be prepared to give Britain
the preference in such capital equipment as we may need."
A feature of his long address was an appeal for freedom of speech for the
government's political opponents.
"We all love individual as well as National liberty," he said, "and we
can't deny to other citizens the right to meet in public which the supporters of the government enjoy. Anybody who does not agree with the
opinions of our opponents should keep away from their meetings. This is a
peaceable meeting; let other people be allowed to hold their meetings in
peace too."
He made an appeal to the opposition to be temperate in their speeches
and not make the government's task of preserving order more difficult.
Lee, Higginson Extends German Credits a Year—
Interest Rate Cut to 4% on $71,000,000 Debt.
The following United Press advices from Berlin May 16
is from the New York "Herald Tribune."
The newspaper "Deutsche Allegemeine Zeitung" announced to-night
that credits advanced in Germany by an American group headed by the
Lee, Higginson Trust Company, of Boston, had been extended another
Volume 138
Financial Chronicle
year. The newspaper said the interest rate had been reduced from 43§ to
4% on the credits which originally totaled $125,000,000.
It was explained that German bankers, after withdrawing from an international group and making separate arrangements with the Reich Finance
Minister and after various redemption payments, had reduced the amount
of credit involved to slightly more than $71,000,000.
The amortization plan provides for quarterly redemptions to be paid into
a special account at 4.20 marks to the dollar. Interest will be paid at the
prevailing rate of the day.
Trade Treaty Between Germany and Jugoslavia Will
Become Effective June 1—Pact Expected to Promote Greater Central European Co-operation.
A new trade treaty between Germany and Yugoslavia,
which will become effective June 1, was signed at Belgrade
May 1. The treaty will supplant the most-favored-Nation
agreement which the two countries concluded last July, and
is expected to result in greater Central European co-operation between Germany and the Danubian countries. A
Berlin dispatch May 3 to the New York "Times" described
its principal provisions as follows:
The new treaty takes the place of the most-favored-Nation agreement
which the two countries concluded last July. It provides for an intensified
exchange of German industrial products for Yugoslav agrarian products.
Germany grants considerable advantages for imports of Yugoslav
fruits,
vegetables, tobacco, lumber and oilseed, while Yugoslavia grants full
mostfavored-Nation treatment and, in addition, a series of preferential tariff
rates for German manufactured goods.
Both countries are to establish special government commissions the duties
of which will be to stay in close contact with each other and co-operate on
all questions calculated to promote trade.
3359
"The rapidity," he said, "with which your governments responded to
our proposal is a witness of the speedy growth of mutual confidence and
mutual understanding. Sincere champions of peace could not, of course,
hesitate for long over such a proposal.
"We had it in mind at first to propose pacts not limited to a specific
number of years, but, in the end, we decided that such pacts would appear
too much like philosophical abstractions. At any rate, the entire world
will know that our move is not of a temporary character, but rather is
an expression of our permanent policy of peace, in which one essential
element is preservation of the independence of young States of the type
which you represent.
NMI
"It should not be overlooked that what we have done to-day is done
in the face of an increasingly grave international situation. In every
corner of the globe much Is being written and said about the menace of
war, but little about means of averting such a catastrophe. Let the agreements which we have signed here to-day remind the world that there are
governments which consider it their duty to work toward strengthening
the peace structure, at lease in those areas where its character depends.
to some extent, on their activities.
"I have used, advisedly, the term 'to some extent,' for there are States
not represented here to-day which likewise have a great influence on the
Peace structure of this territory. The Soviet Government will direct
its efforts toward bringing such governments into collaboration."
Litvniov concluded by saying that the Soviet Union has no territorial
controversies with any other State, and that it "never did insist, and does
not intend to insist, upon revision of existing treaties."
Trade Promotion Tour to Russian Soviet Union.
Incident to United States-Soviet recognition, a trade promotion tour to the Soviet Union is being organized by the
American Russian Chamber of Commerce,which is extending
invitations to Chambers of Commerce in this country and
to various trade groups and technical societies to appoint
delegates to join this group. It is announced that the
Poland and Soviet Union Renew Non-aggression Pact purpose of this mission is to enable
American business
Until 1945—Automatic Two-year Extensions Pro- executives
, manufacturers, industrialists and bankers to
vided.
visit and study at first hand the great new mining and
The non-aggression pact between Poland and the Soviet
manufacturing centers which have been developed in the
Union was extended until 1945 through the signing of a protoSoviet
Union within the last few years, and to give them
col at Moscow, May 5. The pact was originally signed in 1932.
an opportunity to survey the Soviet Union as a prospective
The protocol of extension, which was signed by Foreign Coramarket for their products.
mis.sar Maxim Litvinoff and the Polish Ambassador, M. LuThis trade promotion delegation will sail from New York
kasevich, provides for automatic extension of the pact for
on June 21 on the SS. Manhattan. The travel details of
two-year periods after 1945, provided neither party indicates,
within six months of the date of expiration, desire to end it. this movement are in the hands of the American Express
A Moscow dispatch of May 5 to the New York "Times" added Co., which has arranged the itinerary to allow time for
remaining in Russia and either stopping over or traveling
the following details of the treaty:
in Europe at the end of the conference which is to held
The signing of the protocol is deemed of great importance here
and as
another victory for Soviet diplomacy. It is regarded as solving
two vexing
and perhaps dangerous problems.
First. it settles the question of whether Germany and Poland
have had
some secret agreement which might menace the Soviet
Union. By the terms
of the peace treaty between Poland and the Soviet Union,
signed at Riga in
1921, the Ukraine was divided into two parts, of
which Russia took the
eastern and Poland the western. In Article 3 of this
treaty both nations
renounced further territorial claims against each other.
A recent rapprochement between Poland and Nazi
Germany, marked by
their signing of a pact of peace and good will last November,
aroused the fear
in some Soviet circles that Poland and Germany had also
reached some secret
agreement whereby Germany planned to get Silesia from
Poland, compensating her with the Soviet's part of the Ukraine.
To-day's protocol states categorically that neither
party is under any
obligations which would lead to a violation of the Riga
treaty, especially its
Article 3. This is taken here as a demonstration
that there is no secret
German•Polish agreement.
The other problem is the dispute between Poland
and Lithuania over Wilno,
the ancient capital of Lithuania, which both claim.
The Soviet never recognized Poland's claim to Wilno, and, on the other
hand, never supported Lithuania's claim. In 1926, however, Georges Tchitcherin,
then Soviet Foreign
Commissar, wrote into an annex to the Soviet-Lithua
nian non-aggression pact
that the Soviet Government did not regard Wilno as
Polish territory.
To-day's protocol puts the Soviet Government
on record as glad to recognize any voluntary settlement to be made between
Poland
The Soviet Government's program of guaranteeing and Lithuania.
peace on her western
borders has met with only one rebuff, the recent
refusal of Germany to sign a
pact ruaranteeing the territorial integrity of
the Baltic States.
Soviet Union Signs Non-Aggression Pacts with
Estonia,
Latvia and Lithuania—Extends Treaties 10
Years
to 1945.
April
4
On
the Russian Soviet Union signed non-aggression
pacts at Moscow with the neighboring Baltic States
of
Estonia, Latvia and Lithuania. The pacts extend
for
10 years the five-year treaties which will expire in 1935.
Foreign Commissar Maxim Litvinoff, after signing the
treaties, made a statement in which he said there is
great
danger of war in many parts of the world. He emphasize
d
desire
of
the Soviet Union for peaceful relations with all
the
countries.
A Moscow dispatch of April 4 to the New York "Herald
Tribune" added the following details regarding this latest
move on the part of Russia:
Since the original pacts with Latvia, Lithuania and Estonia expire in
1935, they will continue in force, under the extension now effected, until
1945- The necessary documents were signed here to-day at the Soviet
Foreign Commissariat by Maxim M. Litvinof, Commissar for Foreign
Affairs, and the ministers at Moscow of the three Baltic States.
In a speech following the ceremony, M. Litvinov characterized
the
step thus taken by the Soviet Union and three of its neighbors as a new
earnest of their sincere desire for peace.
in Moscow.
President Roosevelt Supports Bill to Protect Copyrights Under Rome Treaty of 1928.
President Roosevelt, in a letter made public May 13, expressed his support of a bill which would grant American
authors and scenario writers automatic protection under the
Rome copyright treaty of 1928 in 53 countries and protectorates. The letter, which was written to Dr. Robert Underwood Johnson, said that it would be pleasing to the President
if, "early in my Administration I should be empowered
to
make the United States a party to this convention." A hearing on the bill was recently held before the Senate Foreign
Relations Committee. The text of the President's letter to
Dr. Jdhnson follws:
My dear Dr. Johnson:
This is to acknowledge and to express appreciation for your
letter of
April 16 1934, in which you advocate the ratification of the convention
for
the protection of literary and artistic works which I sent to the
Senate requesting advice and consent to adherence thereto on the part of
the United
States, on Feb. 18 of the present year.
Needless to say, I fully concur in your sentiments, and assure
you that
It would be pleasing to me if, early in my Administration,
I should be empowered to make the United States a party to this convention.
Sincerely yours,
FRANKLIN D. ROOSEVELT.
ir Mexico Issues Bonds to Extend Its Highways,
The Banco de Mexico, which is the sole bank of issue and
rediscount in Mexico, and which showed last year a profit
of well over $1,000,000,issued on May 12 20,000,000 pesos,
worth of "road construction bonds of Mexico," it was stated
in a cablegram on that date from Mexico, D. F. to the New
York "Times" from which we also quote:
The issue will pay 6% interest and Is guaranteed by gasoline
taxation.
Mexico's national Urban Mortgage Bank will be the intermediar
y for
collections.
The road building program Includes the construction of part of
the PanAmerican highway and the completion of several national roads.
Gold Holdings of State Bank of Soviet Russia.
According to adviees received by the Soviet American
Securities Corp., the gold holdings of the note issue department of the State Bank of the U.S.S.R. as of April 1 1934
amounted to $10,747,350 gold roubles, equivalent to $706,404,166 at present rouble parity of $0.8713. Total bank note
circulation is given as 3,328,838,600 roubles, a decrease of
103,663,860 roubles over Jan. 1 1934, whereas gold holdings
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Financial Chronicle
as shown above represent an increase of 3,039,010 gold
roubles during the same period. With regard to these figures
it is stated:
This is a continuation of a trend in evidence since Sept. 1 1932, during
which period gold reserves have advanced over 13%. whereas bank note
circulation has decreased. In adidtion to its gold holdings, the State Bank.
which is the central credit Institution of the Soviet Union. also holds
precious metals worth 87,643,461 at present parity of the gold rouble as
against $8,007,438 on Jan. 1 1934.
Colombia Issues Decree Establishing 8-Hour Day.
Under date of May 1, Bogota advices to the New York
"Times" stated:
The promulgation of a law making the 8-hour day and 48-hour week effective in certain employments was the contribution of the Colombian
Government to the celebration of May Day here to-day.
The decree makes effective the law of 1931 ratifying the 1919 Washington
convention of the League of Nations Labor Bureau for the limitation of
hours of work In transportation and heavy industries. The new regulations
go beyond the 1919 convention by specifically applying the provisions to
oil and gas production and air transportation.
Chile Acts to Pay Debts—Finance Minister Buys Gold
to Meet Postal Union Obligations.
A cablegram from Santiago, Chile, May 17, to the New
York "Times" stated:
As a preliminary step toward the gradual paying off of the nation's debts
abroad, Minister of Finance Gustavo Ross to-day purchased gold from gold
washing deposits with money obtained from the sinking fund bureau,to pay
obligations pending with the International Postal Union since 1913.
This initial payment was close to $1,000,000.
Exporters Reported as Re-using Offer of Payment
by Argentina in Treasury Notes.
It was stated in the New York "Journal of Commerce"
of May 16 that the larger exporting concerns which ship
to Argentina are refusing the offer of the Argentine Government of five-year 2% Treasury notes in payment of sales
between Feb. 1 1933 and Nov. 30 1933, according to statements in commercial quarters. There has been no effort
to bring about concerted action by the commercial creditors
of Argentina, said the paper quoted, in which it was also
stated:
The notes, if sold, would bring a loss on exchange of about 20% to the
creditor. At the present time his only choice is to convert his Argentine
pesos into dollars in the free exchange market. This involves a still greater
loss.
Exporters said that the State Department on several occasions was
asked to intervene on behalf of the American creditors. The State Department has consistently maintained that there is nothing for the Government to do and that the exporters, either Individually or through group
action, must act for themselves.
An exporter accepting the notes completely discharges the obligations
of his debtors, it was pointed out. There is of course no way of acceptance under protest. Concerns needing the cash or without hope of doing
better in the future are accepting the offer while larger companies insist on
full payment.
The effort on the part of the Argentine Government to bring about
a reduction in payments results from the transfer problem being faced
by Argentina.
A detailed account of the offer appeared in our issue
of May 12, page 3187.
Resolution Passed by Argentine Chamber of Deputies
Calling for Information from Finance Minister
Regarding Government's Exchange Transactions.
Charges alleging that exchange permits are being issued
in an unfair manner, discriminating especially against Spain
and the United States for the benefit of Italy and Great
Britain, respectively, were made by the Socialist Deputy
Enrique Dickman in a newspaper interview at Buenos Aires,
according to a cablegram from that city May 13 to the
New York "Times", which also stated:
Senor Dickman Is the author of a resolution which the Chamber of
Deputies passed last week requesting Finance Mister Federico Pinedo to
appear In the Chamber on May 30 to answer a long list of questions regarding the Government's exchange transactions.
Additional Export Tax on Wool Established by Peru.
As a revenue-producing measure to guarantee national
defense loans, a law passed on April 25 among other things
establishes an additional export tax on wool, amounting to
one-tenth of the selling price in excess of 35 soles per quintal
of 100 pounds, which is considered as the basic cost of production, according to a cable dated April 29, from Commercial Attache Julian D. Smith, Lima, the United States
Commerce Department announced May 2. The Department added:
The basic export duty on wool is 2 shillings or 48 cents per quintal of
100 pounds gross weight, when the price in Liverpool is not over 14 pence
per pound, and in New York not over 28 cents per pound for first grade
Arequipa wool. When the price in Liverpool or New York Is higher than
14 pence or 28 cents per pound respectively, the export duty is increased
by one-tenth the excess of the selling price over the basic price.
Wool from the Department of Puno pays a basic export duty of 2 Peruvian
soles per quintal of 100 pounds, while wool exported through the ports
May 19 1934
of ho or Mollendo pays a basic export duty of one-half Peruvian sol per
quintal of 46 kilos net weight.
To these must now be added the new additional duty of one-tenth the
excess of the selling price over 35 soles per quintal.
Bill Providing for Regulation of Stock Exchanges in
Conference Following Passage by Senate—Latter's
Bill Carries Rider Liberalizing Provisions of
Securities Act—President Roosevelt Indicates Administration of Stock Exchange Bill by Federal
Trade Commission Is Favored.
Conferees representing the Senate and House were named
on May 14 to adjust the differing provisions of the bills
of the two bodies of Congress providing for the Federal
regulation of stock exchanges. This action followed the
passage by the Senate on May 12 (by a vote of 62 to 13)
of the Fletcher bill; the House had previously, on May 4,
passed the Rayburn bill, as was indicated in our issue of
May 12, page 3188. Aside from the fact that the Senate
on May 12, without a roll call, added as a rider to its bill,
amendments offered by Senator Fletcher (Chairman of the
Senate Banking and Currency Committee), liberalizing the
provisions of the Securities Act of 1933; there are other essential differences between the two bills, noted as follows in a
Washington dispatch May 12 to the New York "Herald
Tribune":
The House bill provides for the administration of the proposed Act by
the Federal Trade Commission, with two members added to it, whereas the
Senate bill provides for new machinery to be known as a Federal Securities
Exchange Commission to be composed of five members appointed by the
President by and with the advice and consent of the Senate.
Bills Differ on Margin Requirement.
The House bill sets up a margin standard. This standard, from the
standpoint of what the customer must "put up," is a 45% margin. The
Senate bills leaves the fixing of margin requirements to the Commission
which is to administer the proposed law. It authorizes the Commission to
prescribe rules and regulations for the purpose of preventing the excessive
use of credit for the purchasing, selling, carrying or trading in securities.
From the same account we quote:
The House bill did not attempt to deal with the modification of the
Securities Control Act of 1933. The Senate bill, at the last minute, was
amended at the instance of Senator Duncan U. Fletcher, Chairman of the
Banking Committee, by the addition of the proposed changes in the Securities Control Act, which were made public some days ago as meeting the
favor of the Administration. These amendments, now embodied in the stock
exchange bill, are intended to mitigate the alleged extreme severity of the
1933 securities control measure. The effect of that law, it has been widely
charged, has been to prevent the flotation of securities to such an extreme
degree as to be preventive of recovery.
With respect to the margin, provisions of the House bill
a "Times" account from Washington, May 12, noted:
The House bill stipulates that the rules governing margins shall be based
upon a fixed standard. The standard is "an amount not greater than
whichever is the higher of (1) 55 per centum of the current market price of
a security or (2) 100 per centum of the lowest market price of the seoulty
during the preceding three years, but not more than 75 per centtun of the
current market price."
These restrictions are, however, subject to revision downward or upward
by the Federal Reserve Board when in its opinion a situation justifying
such action exists.
On May 14 Representative Rayburn was quoted as saying:
"the House will accept the amendments to the Securities
Act, passed by the Senate, virtually without change."
On May 14 the House received the Senate bill, and on
motion of Chairman Rayburn of the Inter-State Commerce
Committee named conferees and instructed them to insist
on the bill passed by the House. Besides Chairman Rayburn,
the conferees on the part of the House named on May 14
include Representatives Huddleston of Alabama and Lea of
California, Democrats, and Cooper of Ohio and Mapes of
Michigan, Republicans.
The Senate conferees,appointed by Vice-President Garner,
are Fletcher of Florida, Byrnes of South Carolina and
Barkley of Kentuckt, Democrats, and Goldsborough of
Maryland and Couzens of Michigan, Republicans. In the
New York "Times" it was noted that all the conferees voted
for the legislation, in one form or the other, except Senator
Goldsborough.
Incident to the conferees chosen, it was noted on May 15
by the Washington correspondent of the New York "Journal
of Commerce" that the failure of Senator Carter Glass
(Dem., Va.) to be accorded a place on the committee created
discord in Democratic ranks and led Senator Glass to seek
release from membership on the Senate Banking and Currency
Committee. It was added in the paper from which we quote
that Senator Wagner (Dem., N. Y.) also was ignored in the
appointment of conferees, despite the fact that he may
become the next Chairman. It was further stated:
Fletcher Selects Group.
The appointments to the conference committee were engineered by
Banking Committee Chairman Fletcher (Dem., Fla.), who told newspaper
correspondents that he had selected Senators who would not throw some
proposition into the conference that might wreck the chances of the bill or
Volume 138
Financial Chronicle
limit its effectiveness. With this purpose in mind he also passed by Senator
Walcott (Rep., Conn.) and selected Senator Couzens (Rep., Mich.) in his
stead.
Senator Robinson, the majority leader, refused to accept
the resignation of Senator Glass.
On May 16, when President Roosevelt made known that
he favored the House bill providing for the administration
of the Stock Exchange Control Act by the Federal Trade
Commission, it was indicated that two Democrats named
as conferees, viz., Senators Barkley of Kentucky and Byrnes
of South Carolina, offered to withdraw in his favor, but
Mr. Glass rejected such a plan, according to a "Times"
dispatch from Washington (May 16) which also said:
The President's announcement of to-day placed both Senators Barkley
and Byrnes in a highly delicate situation.
Both are stanch followers of
the administration as well as close friends of Senator Glass,
Senator Barkley to-day tendered his resignation from the conference
committee to Senator Fletcher, but, like that of Senator Glass, it was
rejected. The Kentuckian agreed to continue as a conferee, but with the
understanding that he could not be bound by decisions of the other Senate
members.
One suggestion to-day was that the President's statement had been
intended to free Senators Barkley and Byrnes from responsibility and
embarrassment and, possibly too, prompted by the fact that Senator Glass
has been an outpsoken critic of many of the Administration policies.
In reporting the President's views regarding the pending
legislation, Washington advices to the "Times" May 16
stated in part:
President Roosevelt came out to-day in favor of administration by the
Federal Trade Commission of stock exchanges as provided in the House's
regulation bill instead of by an independent agency as set up in the Senate
measure.
The President also prefers the 45% margin requirement of the House bill,
instead of giving discretion in this matter to the independent agency, as the
Senate insisted.
The two policies were defined in the Senate bill by amendments sponsored
by Senator Glass of Virginia.
Upset by the President's attitude, Senate conferees on the legislation
obtained a postponement until to-morrow of a conference scheduled with
House delegates for this afternoon and agreed to stand fast by the independent commission until they could receive further instructions from the
Senate.
President's Personal Views.
•
President Roosevelt was much disturbed by reports that his position was
interpreted as an attempt to influence the conference. It was stated
emphatically at the'White House that his personal views were expressed.
and they were not designed in any way to preclude a free and open conconference.
It was said that the President did not feel that a vital question was
involved in the decision over what form of control administered the new law.
Senate conferees were further disturbed when Senator Barkley threatened
to resign as a conferee, because he felt pledged to the two important Senate
amendments, sponsored by Senator Glass, and because it had been represented that the Senate conferees would yield to the House. This difficulty
was adjusted, however, by an understanding that Senator Barkley would
remain on the conference committee, but as a free agent. Senator Robinson,
the Democratic leader, said that while he regretted Mr. Barkley's action,
the matter was "now a closed incident."
On May 16 conferees on the bill, meeting for the first
time, thrust aside temporarily discussion of the chief controversial points, said the dispatch to the "Times,"including
what agency shall administer the new law. Progress was
made on about 25 pages dealing with technical matters, but
debate on the disputed issues was postponed until other
features are disposed of.
In our issue of a week ago(May 12, page 3189), we referred
to the fact that Senate debate on the bill was brought under
way on May 7. We also noted therein the Senate action up
to May 11; on that date it was indicated in the "Times"
account from Washington that Senators favoring modification fought hard to alter some of the more drastic of the
measure's 32 sections, but, although a few minor amendments were adopted,all moves to change the major provisions
were voted down by a ratio of two and three to one.
In part the dispatch continued:
The battle to-day was directed mainly against the section on registration
requirements for securities and the provision giving the Securities Exchange
Commission the power to appoint and set the compensation of attorneys,
examiners, experts and other employees.
The right of the Commission to assess the cost of administration against
the exchanges also was under fire. This provision includes a clause which
acts to make civil service regulations inoperative so far as the Stock Exchange Regulation Act is concerned.
Hastings Offers 19 Amendments.
Senators Hastings, Hebert and Stelwer led the forces urging modification
Senator Hastings offered 19 amendments, all of which were promptly
voted down. The first would have modified materially the security registration provision and, in submitting it, Mr. Hastings had the support of
four Democrats and a majority of the Republicans. The four Democrats
were Senators Copeland, Wagner, Gore and Reynolds.
This amendment produced the only record vote of the day, 55 against
and 23 for. Eight Republicans of the Progressive group voted with the
Democrats.
.
One other Hastings amendment caused a flare-up that continued for
an hour. It applied to Section 10, which empowers the Commission to
fix the salaries of attorneys and experts, the right to assess administrative
charges against the exchanges, and finally exempted their appointees from
the civil service regulations.
Senator Glass, opposing this amendment, said the vesting of such wide
authority in a commission was not unusual. The Federal Reserve Board,
be pointed out. was supported entirely by contributions from member
3361
banks, while the expenses of examination of National banks by Federal
bank examiners were paid by the banks examined.
Borah Would Limit Attorney Fees.
Senator Borah was of the opinion that the committee made a mistake
in not limiting the amount of attorney fees.
"We already have too many cases where attorneys who could not make
$5,000 in the open field get fees of $40,000 and more due to this unregulated
practice," he said.
Senator Barkley, who is second to Senator Fletcher in command of
this legislation, said he had always opposed the system of making the
regulated pay for regulation. However, it was being done and he would
vote with the majority.
On the vote, which was viva voce, the proposal was defeated by the
usual sizable majority.
An amendment by Senator Steiwer exempting railroad companies from
making reports on transactions involving securities was unanimously
adopted. The committee some time ago indicated that it would approve
such an amendment because, it was explained, the railroads were regulated
by the Inter-State Commerce Commission.
An amendment by Senator Fletcher exempting reports on foreign securities also was adopted, mainly for the reason that there apparently was no
way of getting them.
Trade Information Protected.
At the instance of Senator Hebert, Section 23 was amended to prohibit
the disclosure of trade information of "a confidential or competitive"
nature. As written, the provision prohibited the revealing of trade secrets.
It now reads "trade secrets or confidential or competitive information."
An amendment by Senator Byrnes, also approved, removes the retroactive feature of the clause governing the validity of contracts made in
violation of the Act.
The provision, as written in committee, made the law apply to contracts
"heretofore" made. The amendment struck out the words "heretofore
made" and substituted "hereafter made."
All ether amendments proposed to-day were minor and rejected as fast
as offered.
It was stated on May 13, when final action was taken on
the bill by the Senate, that every effort that day to amend it
in important particulars was voted down by majorities
ranging from four to one. As we note above, the bill passed
the Senate (May 13) by a vote of 62 to 13; 47 Democrats
and 15 Republicans voted in favor of the bill, while one
Democrat and 12 Republicans voted against it.
As to the Senate action on May 13, the "Herald Tribune"
advices from Washington reported in part:
Senate Meets at 10 a. m.
The Senate met at 10 o'clock and passed the bill shortly beforel p.m.It had
been engaged in discussion of the measure for the entire week. Nearly the
entire time to-day was taken up with discussion of the amendments to the
securities control act, as embodied in an amendment to the exchange bill
proposed by Senator Duncan U. Fletcher, Democrat, of Florida, these
amendments, which were made public some days ago, went through with
but little change. When the bill was passed, Senators from both sides of
the chamber walked over to Senator Fletcher and congratulated him.
Senator Frederic C. Walcott, Republican, of Connecticut, offered an
amendment intended still further to liberalize the securities act. This,
however, was defeated after considerable discussion by a vote of 46 to 30.
Senator Walcott's proposal embodied the ideas of the Association of Durable
Goods Industries,
The 46 votes in apposition to the Walcott amendment were
those of 37 Democrats and 9 Republicans, while 18 Republicans and 12 Democrats cast the 30 votes for adoption.
Senator Fletcher's amendments were adopted without a
roll call. With reference to these amendments we quote
as follows from the Washington account May 12 to the
"Times":
The amendments were in the form of a rider to the Stock Exchange,
regulation bill. They now go to conference, since they were not included in
the House exchange control measure.
In approving the Administration plan for liberalizing the Securities Act,
the Senate resisted all efforts at further concessions made by members not
supporting the Democratic leadership. The leaders agreed, however, that
the conferees would consider the possibility of further changes.
Senator Fletcher explained that the amendments were modifications of
sections that have been attacked by industry and business generally.
In the opinion of the Banking and Currency Committee, the amendatory
action makes blackmail difficult; eliminates a guarantor from the definition
of an issuer; exempts municipal bondholders' protective committee, from
the law's provisions and places only a reasonable instead of an absolute
duty upon the issuer of a prospectus to keep 13 months after its issuance
the information up to date.
Limit Put on Damages.
One amendment limits recovery for damages resulting from misstatements or omissions in registration statements to those persons who acquired
securities in reliance of such misstatements or omissions.
Another substitute for the provisions dealing with "fiduciary relationship" the accepted common law definition of the duty of a fiduciary.
The amendment to Section 11, the "purpose amendment," is called by
Senator Fletcher the most important of all. This amendment has three
purposes.
It permits the defendant in an action under Section 11 to reduce the
damages so that he will not be liable for damages which he proves had no
relation to his misconduct.
It provides that an underwriter who does not receive any preferential
treatment is permitted to limit his total liability for all suits brought under
Section 11 to the extent of the public offering price of the securities which he
underwrote. It provides, as a defense against blackmail suits as well as
a defense against purely contentious litigation on the part of the defendant,
that a court can require a bond for costs and can asses costs against either
when the plaintiff's suit had no merit or that the defendant's defense had
no merit.
Two other amendments proposed to-day by Senator Fletcher and adopted
read as follows.
"Section 206 (a) Section II (a) of such Act is amended by adding after
the last line thereof the following now sentence: 'If such person acquired
the security after the issuer has made generally available to its security
holders an earning statement covering a period of at least 12 months beginning after the effective date of the registration statement then the right
3362
Financial Chronicle
of recovery under this subsection shall be conditioned on proof that such
person acquired the security relying upon such untrue statement in the
registration statement or relying upon the registration statement and not
knowing of such omission, but such reliance may be established without
proof of the reading of the registration statement by such person.
"Section 203—After the word 'underwriter' add the following: 'As
used in this paragraph, the term "public offering" shall not be deemed to
include an offering made solely to employees of an issuer or of its affiliates
in connection with a bona fide plan for the payment of extra compensation
or stock investment plan for the exclusive benefit of such employees."
First among a series of "unofficial" amendments offered was one by
Senator Kean, which sought to modify greatly the Fletcher amendments.
This was rejected without a roll call.
The next amendment, offered by Senator Walcott, had more support,
but was rejected, 46 to 30, on a record vote, 12 Democrats leaving the
Administration lines to vote for the amendment, which was really a series
of changes submitted by the Durable Goods Industries Committee.
"The Securities Act as it exists to-day and the bill which we shall very
likely pass in a short time known as the Stock Exchange Regulation Bill
are companion bills," said Senator Walcott.
"The business portion of this new bill and the treatment of securities to
be issued under the Securities Act are so restrictive as to give a black eye to
business. They will keep business from properly financing its requirements.
"From now on, assuming a recovery or even a partial recovery of normal
business, the Securities Act is going to appear in glaring fashion as a restrictive and almost a paralyzing proposition. It will be difficult to put the
proper personnel on a board of directors to-day if one were starting a new
business or to hire the proper attorneys, the restrictions upon the men
holding such relations are so great."
With the Walcott amendment disposed of, Senator Thomas of Oklahoma
read some suggested amendments on which he did not ask a vote but which
he requested the conferees to consider.
New York Stock Exchange Eases Ruling Affecting
Customers' Men—Ruling Relating to Traveling
Representatives of Brokers Also Amended.
An amendment to the rules of the New York Stock Exchange, adopted by the Governing Committee of the Exchange at a meeting held May 16, provides for the renewal
of contracts by brokers with customers' men for a period of
not less than one month, instead of the minimum threemonth period as heretofore. The Committee on Quotations
and Commissions of the Exchange reported to the Governing
Committee that it had decided to set the minimum weekly
salary to be paid customers' men $10 lower than now existing.
The rules governing the relations between firms and customers' men, as originally adopted about six months ago,
provided that initial contracts be made for a period of not
less than six months with renewals for a period of three
months, at least. The original rules also fixed a minimum
salary of $60 a week for customers' men employed in offices
in New York City, with corresponding rates in outside cities.
Under the new ruling renewal contracts may now be made at
$50 a week for New York City, and at correspondingly
reduced rates in outside cities.
The Governing Committee at its meeting on May 16 also
adopted an amendment to the rules relating to traveling
representatives of Stock Exchange firms. In an announcement issued May 16 by the Committee on Publicity of the
Exchange, the amendments were explained as follows:
The Governing Committee at its meeting to-day adopted two amendments to the rules governing the employment ane activities of customers'
men and other representatives of Stock Exchange firms.
The first amendment provides that renewals of existing employment
contracts may be made for a period of not less than one month instead of
three months as heretofore provided in the rules. At the same time the
Committee on Quotations and Commissions reported to the Governing
Committee that it proposed to authorize renewals of such contracts at a
uniform reduction of $10 per week in the existing minimum schedule of
salaries. The object of these two modifications is to permit the continued
employment of customers' men who otherwise be forced to resign their
Positions.
The other amendment to the rules is in effect a clarification of the existing
rule in that personal solicitation by traveling representatives of Stock
Exchange firms of commission business from individuals is forbidden, although the solicitation of such business from banks, financial institutions,
non-member firms and other similar organizations, will not be disapproved.
The amendments adopted by the Governing Committee
were announced as follows by Ashbel Green, Secretary of
the Exchange:
NEW YORK STOCK EXCHANGE.
Office of the Secretary.
May 18 1934.
To the Members.
At a meeting of the Governing Committee held this day, the second
paragraph of Section 9 of Chapter XVI of the Rules adopted by the Governing Committee pursuant to the Constitution was amended by striking out
the words "three months" in the second sentence thereof, and substituting
therefor the words "one month"; said second paragraph as amended, to
read as follows:
"No member of the Exchange or firm registered thereon shall employ
and 'customers' man,' except pursuant to the provisions of a written contract of employment which shall provide for a term of employment of at
least six months duration and a salary at least equal to the minimum fixed
from time to time by the Committee on Quotations and Commissions.
The renewal of any such contract may be for a period of not less than one
month. Prompt notice shall be given to said Committee on Quotations
and Commissions of any,modification or termination of any such contract
and the reason therefor.'
The Committee on Quotations and Commissions, pursuant to the power
vested in it by Section 9 of Chapter XVI of the Rules, has determined
that the minimum salaries • to be paid to "customers' men" on renewal
contracts for not less than one month, shall be at the weekly rate of $60
in New York City; $40 in Boston. Chicago, Detroit, Los Angeles, Philadelphia, and San Francisco, and $30 elsewhere in the United States.
At the same meeting the last paragraph of said Section 9 was amended
to read as follows:
May 19 1934
"Employment of traveling representatives for the solicitation of commission business in listed securities from individuals will not be approved."
ASHBEL GREEN, Secretary.
Ruling on Active Bond Sales Adopted by New York
Stock Exchange.
At a meeting of the Committee on Bonds of the New
York Stock Exchange held May 11, the following rule was
adopted, Ashbel Green, Secretary of the Exchange, announced May 12:
When a "cross" is made in any active crowd at a bid or offered price
which has been established publicly, the bidders or offerers shall determine
their rights by matching, conforming to all provisions of Chapter I of the
rules adopted by the Governing Committee.
Chapter I of the rules of the Governing Committee covers
the methods of making transactions.
Officers of New York Stock Exchange Elected—
Richard Whitney Re-elected for Fifth Term.
At the annual election of the New York Stock Exchange
held May 14, Richard Whitney was re-elected President
for the ensuing year, and Warren B. Nash was re-elected
Treasurer. This will be Mr. Whitney's fifth consecutive
one-year term that he will serve as President of the Exchange. Mr. Nash has served the Exchange in the capacity
of Treasurer since 1919. E. H. H. Simmons, former
President of the Stock Exchange, was re-elected Trustee
of the Gratuity Fund for a term of five years at the election.
The 10 members for the Governing Committee, nominated
by the Nominating Committee on April 9, were elected for
a term of four years. The members are:
Edward E. Bartlett Jr., Oliver C. Billings, Arthur F. Broderick, John
A. Cissel, Maurice L. Farrell, Laurence M. Marks, Roger D. Mellick,
L. Martin Richmond, E. H. H. Simmons, Herbert G. Wellington.
The Messrs. Farrell, Marks and Mellick are new members
of the Committee; the other members were re-elected.
The nomination of the officers was referred to in our issue
of April 14, page 2497.
The Stock Exchange announced on May 15 that at a
special meeting of the Governing Committee held that
day Allen L. Lindley was re-elected Vice-President of
the Exchange and E. T. H. Talmage Jr., was re-elected
Assistant Treasurer.
Michael J. O'Brien Re-nominated President of Chicago
Stock Exchange—Seven Governors Re-named.
The Nominating Committee of the Chicago Stock Exchange on May 2 named the nominee to be voted on at the
annual election to be held June 4. Michael J. O'Brien was
renominated as President and Paul B.Skinner was re-named
for Treasurer. Nominees named for the Governing Committee of the Exchange follow:
Members of the Governing Committee to serve three years. * Arthur M.
Betts, *Morton D. Cahn. * Robert J. Fisher, * Leeds Mitchell, * Charles
C. Renshaw, Joseph A. Rushton and Edwin T. Wood.
Members of the Governing Committee to serve one year. *M. Ralph
Cleary, *Kingman Douglass and Richard W. Philips.
* Re-nominated.
New York Curb Exchange Suspends H. H. Buck for
30 Days.
On May 17, announcement was made from the rostrum
of the New York Curb Exchange that the Board of Governors had suspended Howard H. Buck, member of the firm
of Buck Sr Co., this city, from regular membership for a
period of 30 days from that date. According to yesterday's
New York "Herald Tribune," Mr. Buck was disciplined for
failure to "use diligence in ascertaining the essentail facts
relative to an account in his office and to the orders accepted
and executed for such account." The violation was in connection with Section 7 of Article XVII of the constitution
for violation of Section 10 of Chapter XII of the rules.
Stetson & Blackman (Failed Philadelphia Brokerage
Firm) Settlement.
The U. S. District Court in Philadelphia, Pa., on May 11,
approved an offer by the Pennsylvania Co. for Insurances
on Lives Sr Granting Annuities of Philadelphia to acquire
the main assets of the brokerage house of Stetson Sr Blackman of that city, which is in equity receivership, under an
arrangement which will yield 60 cents on the dollar to the
creditors of the firm, 30 cents of which will be in cash and
the other 30 cents in the 195 first collateral trust and refunding 6s of the Delaware Valley Utilities Co. The offer
is in line with a settlement of litigation pending between
the Pennsylvania Co., the Stetson Sr Blackman firm and a
corporation of the same name. The Philadelphia "Financial
Volume 138
Financial Chronicle
3363
Journal" of May 11, from which the above information is
obtained, also said:
Reporting this a Washington dispatch to the "Wall Street
Journal" yesterday (May 18) also said:
Among the assests to be taken by the PennsylVania Co. is $137,017
In cash realized from the sale of John B. Stetson, Jr.'s, seat on the New
York Stock Exchange and Daniel S. Blackman's seat on the Philadelphia
Stock Exchange. which the Pennsylvania Co. claims were assigned to It
as part collateral for extensive loans to the Stetson & Blackman Corp.,
as part collateral for $84,970 advanced to the firm and for individual
obligations of the brokers.
The legality of the assignment of the seats is undetermined, and two
minority creditors, who objected to the offer being approved by the Court
maintain that the proceeds belong to the creditors and not to the Pennsylvania Co.
Judge Kirkpatrick, however, approved the offer, saying he felt impelled
to recognize the views of 111 creditors of the Stetson & Blackman firm
who were in favor of the offer being accepted.
The measure restates the revised statute to the effect that a national
association, after the effective date of proposed bill, shall have paid in surplus equal to 20% of its capital stock before it shall be authorized to commence business of banking.
.1 However,this requirement may be waived at the discretion of the Comp
troller of the Currency in the case of a:bank converting to a national associarepursuant
to
a
plan
of
association
formed
to
a
national
tion, and as
organization.
The suspension on Sept. 13, last, of Stetson & Blackman
from the New York and Philadelphia Stock Exchanges was
noted in the "Chronicle" of Sept. 16, page 2024, and its
affairs referred to further in our issue of Oct. 14, page 2731.
House to Consider Commodity Exchange Control Bill
Next Week, with Cotton Trading Included.
The Administration's commodity exchange control bill
will be considered by the House next week under a rule
limiting debate to three hours, it was decided by the House
Rules Committee on May 16. The bill was favorably reported to the House on May 10, and on May 14 the House
Agricultural Committee voted to include cotton exchanges
among the commodity markets to be regulated by the measure. In reporting the bill May 10 the Committee said that
it is "in no sense a relief or emergence measure," but nevertheless urged its early enactment. Associated Press Washington advices May 10 noted the Committee's report as
follows:
The Committee'sformal report on the commodities bill said the exchanges
"have failed utterly" in self-regulation despite many opportunities given
them.
The bill, of which Mr. Jones is the author, as it stands would apply only
to wheat, rice, corn, oats, barley, rye, flaxseed, grain sorghums and mill
feeds. Chairman Jones indicated If it were decided to include the cotton
markets,the change probably would be made byan amendmentIn the House.
Whether the bill will be enacted at this session is problematical. The cotton
feature is certain to encounter opposition. In the Senate Ellison D.Smith,
chairman of the Agriculture Committee, is opposed to regulation of cotton
exchanges.
The measure calls for a board composed of the Secretaries of Agriculture
and Commerce and the Attorney General to fix limits on futures trading,
and outlaws a number of existing practices.
A Washington dispatch May 14 to the New York "Journal
of Commerce" commented on the decision to include cotton
exchanges in the bill as follows:
While no reason was assigned for inclusion of cotton as one of the commodities subject to the provisions of the Grain Futures Act, it is believed
that the action was based on fears expressed by Secretary of Agriculture
Wallace that passage of the securities exchange bill would drive the professional speculators into the commodity markets.
This. It is said, also caused proponents of the measure to press for legislation after it had been generally admitted that no action would be taken
this season.
Possibility of the speculators transferring their activities from the stock
markets to the commodity markets was brought to the attention of the
committee in a letter from Secretary Wallace to Chairman Jones in which
he declared that such speculative activity would bring "harmful results."
"I do not mean to suggest that speculation In all its aspects is harmful
to the commodity markets," the Secretary said, "but it,is clear from past
experience that unbridled speculation and speculation of the type which
asserts itself in markets not properly regulated is not only a dangerous
threat to the recovery program, but may be the means of again plunging
the country into a depression such as followed the wild speculation in which
the people were induced to participate in 1929."
An item regarding the Committee's report appeared in
our issue of May 12, page 3192.
"Bawl Street Journal" for 1934 to Be Issued in Connection with Annual Field Day of Bond Club of New
York, on Sale May 25.
The Bond Club of New York has announced receipt of
suitable material from many States for the 1934 edition of
the "Bawl Street Journal" from both new and old contributors. The publication is issued in connection with the
annual field day of the Bond Club, which will be held May
25 at the Sleepy Hollow Country Club. Thirty-five prizes,
amounting to $1,000, will be awarded for the best material
submitted and used in the paper. Copies of the 1934 edition
will be on sale beginning May 25 at the office of the Secretary of the Bond Club, Warren W. Ayres, of Kean, Taylor
& Co., 20 Exchange Place.
Senator Glass Introduces Bill Requiring One-Tenth
Profit to Surplus Before Dividends Are Declared.
A bill requiring that before directors of any National Banking Association shall declare a dividend the association shall
pay one-tenth part of its net profits of the preceding half year
to its surplus fund, until the same shall equal its capital
stock, was offered in the Senate by Senator Glass of Virginia.
W. Randolph Burgess of Federal Bank of New York
Says Banks Have Paid Off $40,000,000 of the $1,400,000,000 Owed the Reserve System at End of 1933.—
Address Before New Jersey Bankers' Association
Warns Against Dangers in Huge Excess of Easy
Money.
Banks of the country have paid off all but $40,000,000 of
the $1,400,000,000 they owed the Federal Reserve System at
the end of 1933, and in addition have reduced their debt to
the Reconstruction Finance Corporation within the past year
from $675,000,000 to $280,000,000, and are now liberal-minded
as to purchases of securities and the making of loans, declared W. Randolph Burgess, Deputy Governor of the New
York Federal Reserve Bank, in a speech at Atlantic City, on
May 18, before the annual convention of the New Jersey
Bankers Association.
The New York "Sun," in thus reporting Dr. Burgess, in a
dispatch from Atlantic City, further indicated his remarks
as follows:
Besides this great debt repayment, said Dr. Burgess, the banks are in
possession of more than $1,500,000,000 excess funds for which they seek employment. "There are dangers in a huge excess of easy money," Dr. Burgess
warned, adding that "the time will come when restraint must be exercised,
but at the moment the huge supplies of available funds are a tremendous
force working toward economic recovery." The Federal Reserve official
continued:
"We cannot expect at this time a rapid expansion of credit. This country
has been very ill. As it begins the process of recovery the amount of nourishment in the form of bank credit it can take from day to day is of course
limited. It must be careful about overeating. But it is important to know
there is plenty of food available when the patient requires it.
"We all know the difference in attitude of the individual when he becomes
able to pay off all his debts and still finds his pockets bulging with money.
Banks behave the same way. A bank heavily in debt is not seeking to snake
loans, but to liquidate assets. A bank with surplus funds is buying securities
rather than selling and making, rather than calling loans."
Dr. Burgess said that while the banking system was now again in operating order with the trend toward fewer and better banks rather than more
and worse banks, the final work was not yet done. It was important that
each bank act promptly on the program worked out with the national and
State authorities. Each bank should not only be solvent but in a position
to expand credit to meet the needs of expanding business.
Dr. Burgess is also quoted as saying "the return of banking
to an operating condition constitutes the best reason I know
for expecting gradual return to prosperity." His remarks
on this point are taken from the "Wall Street Journal," which
also quoted him as follows:
Prosperity does not have to be imposed on the American people. They
make it themselves, if given a chance. It is millions of individuals, all seeking to make a living, to resume normal activities, to create something, that
constitutes an almost irresistible army fighting its way toward prosperity.
They can only be prevented from reaching their objective by most powerful
impediments.
A bad banking system which tends to destroy the means by which economic life is conducted is such an impediment. To-day it has been largely
removed.
Meeting of Federal Advisory Council with Federal
Reserve Board.
Current banking and economic conditions were discussed
on May 15 at the quarterly meeting of the Federal Advisory
Council with the Federal Reserve Board, Associated Press
advices from Washington (May 15) said:
At its last session, the Council, which consists of one member from each
of the 12 Federal Reserve Districts, reviewed Government financing
plans and endorsed Governor Eugene R. Black's proposal for special
credit to heavy industries.
•
_
w3 stated that
n11.117F,r
ices to
—the New York "Times" it--711
the silver program, activities of the stabilization fund, the
gold situation, and monetary policies, were understood to
have been discussed.
Eugene R. Black to Resign as Governor of Federal
Reserve Board with Adjournment of Congress—
To Resume Post as Governor of Atlanta Federal
Reserve Bank,
Eugene R. Black will resign as Governor of the Federal
Reserve Board when Congress adjourns and resume his old
post as Governor of the Federal Reserve Bank of Atlanta.
Associated Press advices from Washington (May 15) said:
Mr. Black came to Washington at the personal request of President
Roosevelt more than a year ago, with the understanding that he would
serve temporarily. He has made known to the President that he feels the
time has come to resume his Atlanta bank governorship once the program
of the Adminstration now before Congress Is completed.
cfc( 3364
Financial Chronicle
'Governor Black Urges Construction of Building fo
Use of Federal Reserie Board.
Governor Eugene R. Black of the Federal Reserve Board,
appearing on May 2 before the House Banking and Currency
Committee recommended the construction of a Federal
Reserve Board building in Washington. The Washington
"Evening Star" in indicating this said:
Authorization for the building is carried in the Glass bill, authorizing
the Federal Reserve Board to create in each Federal Reserve District a
credit bank for industry.
Mr. Black said the proposed Federal Reserve Board building would
cost in the neighborhood of $1,000,000. The necessary funds would be
raised by assessment of the 12 Federal Reserve Banks.
No money would be required from the Federal Treasury. Governor
Black pointed out that the Federal Reserve Board at present had offices on
three different floors of the Treasury Department, that it leases rooms on
three floors in the Shoreham, and has some rooms in a third building. He
said that this arrangement is inconvenient in carrying on the business of
the Board. When any statistical information is desired the Board has to
send three blocks for it, he said. For the sake of efficiency, he said, it was
necessary to build a home which would house all the activities of the Federal
Reserve Board.
If the Federal Reserve Board were compelled to rent all the space it
needs here it would cost about $50,000 a year, according to Black. At
present the offices occupied in the Treasury Department are rent free.
Members of the Committee said after the hearing they saw no reason
why the Federal Reserve Board should not be permitted to go ahead
with the construction of a building of its own.
Assets of National Banks on March 5 Totaled $22,941,173,000 Compared With $21,747,483,000 on December
30. Comptroller of Currency O'Connor Announces
Figures Before Texas Bankers' Convention.
Figures of National banks shown under the March 5 call
were made known by Comptroller of the Currency J. F. T.
O'Connor, in an address before the Texas Bankers' Association at Dallas May 17, the occasion marking the fiftieth
anniversary of the Association. In making available the
figures the Comptroller said:
For the first time I am releasing to you to-day the results of the call
report of March 5 of all National banks. The total assets of the 5,293
licensed National banks operating on an unrestricted basis in the continental United States, Alaska and Hawaii on March 5 1934, the date of the
recent call for statements of condition, amounted to $22,941,173,000, in
comparison with total assets of $21,747,483,000 reported by 5,159 national
banks as of December 30 1933, the date of the previous call, and total
assets of $20,860,491,000 reported by 4,902 national banks as of June 30
1933, the date of the mid-summer call last year.
Loans and discounts, including rediscounts, on March 5 aggregated
57,899,279,000. These items on December 30 1933, and June 30 1933,
were $8,101,156,000 and $8,116,972.000. respectively.
Holdings of United States Government securities on March 5 totaled
$5,407,348,000, which was an increase of 5938,201,000 since December
and an increase of 51,375,772.000 since June 30 1933. Investments in
other miscellaneous bonds, stocks and securities aggregated $3,428,443,000
and showed increases in the two and eight months periods of 526,818.000
and $88,388,000, respectively.
Balances with correspondent banks and bankers of $4,528,681,000,
which included reserve with Federal Reserve Banks of 52,029,848,000,
showed an increase of $467,863,000 since December and an increase of
$735,221.000 since June last year. Cash in vaults of $358,302,000 showed
increases in the two and eight month periods of515,185,000 and 569,824,000,
respectively.
The book value of capital stock of licensed banks on March 5 aggregated
$1,653,930,000 and represented par value of 51,654.988,000. The latter
figure was composed of class A preferred stock of $243,291,000, class B Preferred stock of $5,535,000 and common stock of $1,406,162,000. The
book value of capital stock showed increases in the two and eight month
periods of $65,680,000 and $138,283,000, respectively. The par value of
the stock on March 5 1934, was $65,534,000 more than on Dec. 30 1933.
and $137,783,000 more than on June 30 1933. Surplus funds of 5867.825.000, undivided profits of $248,870.000, reserves for contingencies of 6149,807,000 and preferred stock retirement fund of 5130,000, a total of
51,266.632,000, showed decreases in the two and eight month periods of
$47,284,000 and $74.275,000. respectively.
The liability oflicensed banks on account of circulating notes outstanding
on March 5 1934, was 5790,037,000, in comparison with $778,556,000 on
Dec. 30 1933, and $730,435,000 on June 30 1933.
The deposit liabilities aggregated $18,790,487,000 and showed an increase of $1,200,605,000, or 6.83%. since December and an increase of
52.016.372,000. or 12.02% since June 30.last year. The total on the date
of the recent call included balances due to correspondent banks and bankers
and certified and cashiers' checks outstanding of *2.675.326.000, United
States deposits of $958,160,000, other demand deposits of $8,564.337,000
and time deposits of $6.592,664,000. In the total of time deposits were
included postal savings of $551,092,000, time certificates of deposit of
5656.222.000 and deposits evidenced by savings pass books of $4,765,947,000, the latter figure representing 13,155,358 accounts.
Money borrowed by the licensed banks amounted to $52,719,000 and
showed decreases of $29,268,000 and $65,136,000 in the two and eight
month periods, respectively. The aggregate borrowed at the date of the
current call was represented by bills payable of $47,369,000 and rediscountii
of $5,350.000.
The percentage of loans and discounts to total deposits on March 5
1934, was 42.04, in comparison with 46.06 on December 30 1933 and 48.39
on June 30 1933.
In the course of his remarks the Comptroller had the following to say:
You, as bankers, have an important duty to perform. All of you must
be determined at all times that your financial institutions, particularly
your banks, shall be conducted in such an efficient and honest manner as
to bring credit to your beloved State. The time has passed—I hope forever
—when the careless or the incompetent banker can "get by." The banker
must boa man of courage, of vision and of strength. It is not enough that
he is not actively dishonest; he must be actively and aggressively honest.
He must be looking—not to quick and sure profits—to the best interests
of his community and his nation. He must be willing to make loans which
May 19 1934
will stimulate trade and industry, and thus make himself and his institution
factors which promote the growth and prosperity of his locality.
There is no doubt that many bankers—and I am speaking generally now
have been reluctant to make good loans. They have preferred, through
dity, to sit on the side-lines and watch the struggle toward economic
r
very without lending their resources and thus becoming a part of it.
Such men are not bankers; they are pawnbrokers. A banker should have
the courage and the vision to see that this country is surely advancing;
that loans made now on any reasonable basis will almost certainly be repaid,
and that the foundation stones for success are almost invariably laid during
times of depression.
Purchase and Sale of Corporate Stocks by State Member
Banks of Federal Reserve System Permissible According to Ruling by Federal Reserve Board.
The Federal Reserve Board on May 15 in considering
anew a previous ruling, decided on May 15 that the Federal
statutes do not forbid State banks which are members of
the Federal Reserve System from buying or selling corporate
stocks solely upon order and for account of customers. The
previous ruling, it was noted had generally been interpreted
as barring such transactions after June 16, under Section 16
of the Glass Banking Act of 1933. Regarding the Board's
rulings announced this week, we quote the following from
Washington (May 15) to the New York "Times":
The Board has also ruled that provisions of the Glass Act limiting the
right of banks to engage in syndicate operations with investment houses
do not apply to such operations involving Government securities, State
and.municipal bonds and other classes of bonds which National or State
member banks are permitted to buy for their own account.
The latter ruling, which it is believed will help to stimulate the longterm capital market, was made in connection with an application by the
Union Trust Co of Pittsburgh to join in syndicate operations with investment houses to buy a large issue of bonds of the State of Pennyslvania.
Text of Board's Ruling.
The ruling on the purchase and sale of corporate stocks was contained
in a telegram sent to the Federal Reserve Banks throughout the country,
which read.
Referring to Board's telegram of April 28 1924, re authority of member
banks to purchase corporate stocks solely upon order and for account
of customers, Federal Reserve Board has reconsidered the question and
is of the opinion that there is no prohibition in the Federal statutes against
banks buying and selling corporate stocks solely upon order and for account
of customers. You will understand that the Board's ruling is applicable
to State member banks only and you are authorized to advise them accordingly.
The status of national banks in this connection is in the hands of the
Comptroller of the Currency. The Comptroller, J. F. T. O'Connor, was
away from the city to-day and no statement could be obtained. A ruling
Is expected soon, however.
The action by the Reserve Board attracted widespread interest, as
there have been many complaints from banks and customers since the
earlier ruling and which, it was understood, the banks felt was not justified by the provisions of the Glass Act.
From the "Times" of May 16, we also tak,the following:
The original ruling on the meaning of Section 16 of the Banking Act
of 1933. that member banks of the Federal Reserve should not handle
stocks for their customers after June 16. the anniversary of the effective
date of the law, is understood to have been made by the Comptroller
of Currency. The Federal Reserve Board concurred in this interpretation.
Since the informal interpretation was made last week by the Board, interested banks have protested that the ruling was contrary to the intent
of Section 16.
Further questions were raised by the banks in regard to the ruling,
such as on the point of selling out securities in cases of impaired loans.
New York banks complained that the original interpretation would
cause considerable inconvenience, inasmuch as they frequently act as
custodians of securities and adjust portfolios from time to time at the
direction of their customers. Under this interpretation, they pointed
out, the customer would have to take physical possession of the stocks
to be sold, make arrangements through a broker and then deposit any
new securities purchased with the bank. Thus, it was said, the value
of custodian accounts with the banks would be impaired.
Now that the Federal Reserve Board's ruling clarifies the position
of State banks which are members of the Federal Reserve, it is expected
that national banks will petition the Comptroller for a favorable ruling
regarding their position.
According to further advices (May 17) from Washington
to the "Times" national banks will be permitted to buy and
sell corporate stocks solely for the account of their customers
unless Congress passes an amendment to the Glass Banking
Act of 1933, specifically prohibAing such practice, it was
learned on the 17th. The advices of that date added in
part:
The Federal Reserve Board has already ruled that in its opinion nothing
in the Federal statutes prohibits State banks which are members of the
Federal Reserve System from carrying on these operations.
Legislative leaders are understood to hold that it was not the intent
of Congress, in writing Section 16 of the Glass Act, to preclude buying
and selling of corporate stocks by the banks, if this was restricted to performing a service for customers in which the banks were no way obligated.
Amendment Believed Unnecessary.
An amendment which would remove all uncertainty may be introduced within a few days, but some leaders are said to feel that even this
is not necessary.
As the situation stands, if no action is taken by Congress before June
16, when Section 16 of the Glass Act becomes effective, it is understood
that national banks making inquiry will be informed that the Comptroller's
office will not interfere if they continue to carry on the purchase and sale
of the corporate stocks for customers.
Classification of Deposits as Savings Deposits Under
Regulation of Federal Reserve Board.
A statement by the Federal Reserve Board with regard
to the classification of deposits as savings deposits, within
Volume 138
Financial Chronicle
the meaning of the Board's Regulation Q, was made available under date of May 10 by J. H. Case, Chairman of
the Board of the Federal Reserve Bank of New York.
While the statement cites certain considerations in determining whether funds constitute "thrift" deposits, the
Board points out that none of the considerations mentioned
"is to be considered as conclusive of the question whether
funds may be regarded as accumulated for bona fide thrift
purposes or as savings deposits, and as indicated, each case
must be determined in the light of its particular circumstances." The Board's statement follows:
Classification of Deposits as Savings Deposits Under Regulation Q.
There have been presented to the Federal Reserve Board numerous
inquiries regarding the meaning of the word "thrift" as used in the definition
of savings deposits which is contained in Section V of the Federal Reserve
Board's Regulation Q. As the Board has heretofore stated, it believes
that the question whether deposits may be considered funds accumulated
for bona fide thrift purposes so as to constitute savings deposits within
the meaning of the regulation is one upon which no general rule can be
prescribed and each case must necessarily be determined upon the basis
of its particular facts. However, in view of the repeated requests for
a statement as to the practical interpretation to be placed upon the phrase
"funds accumulated for bona fide thrift purposes" as used in the regulation, and in order to be as helpful as may be possible to the member
banks in this connection, the Federal Reserve Board desires to state herein
some of the considerations which it feels may properly enter into a determination of the question whether deposits constitute savings deposits
within the meaning of Regulation Q.
It will be observed that Regulation Q relates to three classes of deposits:
Deposits payable on demand, time deposits and savings deposits. The
Payment of interest on deposits payable on demand, directly or indirectly
by any device whatsoever, is prohibited. Interest may be paid in accordance with the regulation on time deposits, but no time deposit may
be paid before its maturity. Interest may be paid in accordance with
the regulation on savings deposits and savings deposits may, under certain
conditions, be paid without requiring notice of withdrawal. The primacy
Purpose of the requirement that savings deposits consist of funds accumulated for bona fide thrift purposes is to prevent the payment of interest
on funds which should properly be classified as deposits payable on demand
and the payment before maturity offunds which should properly be classified
as time deposits. Accordingly, an important consideration in undertaking to determine what are funds accumulated for bona fide thrift
purposes is to guard against the use of savings accounts as a means of
evading the prohibition against the payment of interest on deposits payable
on demand or of the prohibition upon the payment of a time deposit before
Its maturity, and, in any case in which a member bank is doubtful as to
whether an evasion of either of these prohibitions is involved or as to
whether funds may properly be classified as savings deposits, it should
not classify the funds in such manner unless, after diligent inquiry into
the nature of the deposit, it is satisfied in the light of the information
developed that no evasion of either such prohibition is involved and that
the classification of the funds as savings deposits is proper.
Generally speaking and without intending to exclude other classes of
deposits, the Federal Reserve Board feels that deposits which consist
of funds in relatively small amounts which are being or have been accumulated by persons oflimited financial means may be considered presumptively
by the banks to be funds accumulated for bona fide thrift purposes. Likewise it is believed that the same presumption should usually obtain with
respect to funds which are being or have been accumulated in order to
provide for old age or for contingencies which may not be foreseen, such
as sickness or accident, and also with respect to funds which are being
or have been accumulated in order to provide for anticipated expenditures
such as,for example,the purchase of homes,furnishings, &c.,and Christmas
or vacation expenses, as well as for anticipated obligations falling due
within a reasonable time, such as tax liabilities or insurance premiums.
It would seem that deposits of corporations in most cases probably
would not consist of funds accumulated for bona fide thrift purposes;
but here again no general rule can be laid down. Funds of a business
enterprise which are temporarily idle, such as surplus funds or funds
commonly known as reserve funds, would not ordinarily seem to constitute
funds accumulated for bona fide thrift purposes. With respect to firms
and individuals engaged in business, the nature of the business may be
important in determining this question. Funds deposited by one bank
in another would not,in the opinion of the Board,constitute funds accumulated for bona fide thrift purposes. In some instances the amount of the
funds on deposit may be a factor for consideration in determining the
propriety of their classification as savings deposits.
None of the considerations mentioned above is to be considered as
conclusive of the question whether funds may be regarded as accumulated
for bona fide thrift purposes or as savings deposits and, as indicated.
each case must be determined in the light of its particular circumstances.
The Federal Reserve Board feels that questions as to whether deposits
may be regarded as funds accumulated for bona fide thrift purposes should
be considered by the member banks in the exercise of their best judgment
and in the light of the provisions of the law and the regulation. It would
not be practicable for the Federal Reserve Board to undertake to determine
such questions as they may arise in individual cases with member banks
when deposits are offered to them. It is hoped, however, that the general
statements above set forth may be indicative of the classes of deposits
which in proper circumstances may constitute savings deposits and that
they may be of assistance to the member banks in this connection.
As indicated in the regulation, if the circumstances with respect to
the deposit are such as to raise a question as to whether it is properly
classified as a savings deposit, the bank must be prepared to show clearly
that it is a deposit consisting of funds accumulated for bona fide thrift
purposes and that it otherwise complies with the definition of savings
deposits set forth In the regulation.
Discount Rate of Federal Intermediate Credit Banks
Reduced M% to 2%—Interest Rate on New Loans
from Production Credit Corporations Lowered
to 5%.
from 5
Governor W. I. Myers, of the Farm Credit Administration,
announced on May 15 that the discount rate of the 12 Federal
Intermediate Credit banks would be lowered from 2/
1
2% to
2% on May 16 throughout the United States. The following
1
2%
day (May 16) Governor Myers announced a reduction of/
3365
to 5% in the interest rate on new loans and advances made
by the Production Credit Associations throughout the country, effective immediately. The changes in the rates of both
the Credit banks and the Credit Associations, which will remain in effect until further notice, are the second to be made
in two months. The earlier reduction was made on March 16,
at which time the rate of the Credit banks was lowered from
3% to 2Y2%,and that of the Credit Associations from 6% to
5/
1
2%. Reference to these changes were made in our columns
of March 17, page 1840.
In the announcements of the latest changes, issued May 15
and May 16, Governor Myers said that the reductions in the
interest rate on new loans from Production Credit Corporations to 5%,and the discount rate of the Federal Intermediate
Credit banks to 2%, are "made possible by a recent sale of
Federal Intermediate Credit bank debentures, which carried
an unusually low rate of interest, and were heavily oversubscribed." The offering, bearing a rate of 2%, is referred to
in another item in this issue. In his announcement of May 16,
regarding the change in the rate of the Credit Associations,
Mr. Myers said:
The Production Credit Associations are passing on immediately to farmerborrowers the saving made possible by lower cost of getting money in investment markets through the Federal Intermediate Credit banks. If the money
market stiffens and the Federal Intermediate Credit banks have to increase
their discount rate, the interest rate charged borrowers from Production Credit
Associations will be advanced correspondingly.
The new interest rate of 5% will not affect loans already advanced in full,
which will continue to bear the rate of interest prevailing at the time the
loan was closed. The interest on Production Credit Association loans is not
collected until the loan is due.
The confidence of investors in the security of the Intel mediate Credit banks
has been such that the banks are able to get money to lend at the lowest
discount rate in their history. The resulting low rate of interest on Production Credit Association loans is enabling farmer-borrowers to save thousands
of dollars on the cost of their farming operations this year. If the Associations make sound loans, and loans that are collectible, an adequate supply of
low cost money will continue to be available.
$32,500,000 of 2% Debentures Offered by Federal
Intermediate Credit Banks—Books Closed Following Over-Subscription.
Charles R. Dunn,Fiscal Agent in New York of the Federal
Intermediate Credit Banks, announced on May 8 an offering" of $32,500,000 debentures of this Government-owned
b—an-king system. On May 9 Mr. Dunn announced that the
offering wasroversubscribed four times and that Ihe books
had been closed. A-description of the debentures was issued
on May 8 as follows:
The securities, carrying 2% coupons, will mature in six and nine months.
They are priced to yield slightly less than the coupon rate. This financing
for the 12 Federal Intermediate Credit Banks will involve $12,500,000 of
new money, while $20,000,000 will be used for the retirement of a similar
amount of debentures maturing May 15.
The announcement further said:
After this financing is completed there will be $171,000,000 debentures
of the banks outstanding, which is the largest amount in the history of the
institutions, so far as available records show. The coupon rate of 2% is
the lowest ever placed on debentures. The rate was first affixed several
Months ago and has since been maintained on all financing for the credi
banks.
Keen demand for these instruments is assured, as they are prime investments for banks. Excess reserves of member banks with the Federal
Reserve Banks remain close to $1,700,000,000, and in these circumstances
the banks are eager buyers of suitable short-dated paper.
An offering of $45,000,000 2% debentures by the Banks in
April was referred to in our issue of April 14, page 2503.
Assets of Federal Intermediate Credit Banks Rise—
Increased from $195,648,812 Dec. 31 1933 to
$213,283,531 March 31 1934.
Loans and discounts of the Federal Intermediate Credit
Banks gained from $149,462,951 on Dec. 31 1933 to $156,343,168 as of March 31 1934, Charles R. Dunn, Fiscal
Agent of the system announced May 6, while assets of the
Banks increased from $195,648,812 to $213,283,531 during
this three-month period. Capital stock, surplus, undivided
profits and reserves on March 31 aggregated $64,091,895,
compared with $63,579,367 on Dec. 31. Mr. Dunn said
that the continued strength of the Banks is further shown by
cash of $19,525,026 on March 31, against a similar item of
$8,979,033 at the end of 1933. Notes and accounts receivable were $3,328,327 against $2,946,515, and holdings of
United States Government securities $32,740,605 compared
with $32,747,214 in the preceding quarter.
House Banking Committee Postpones Further Consideration of Deposit Insurance Extension Bill
Pending Draft of New Measure—President Roosevelt Urges House Action on Bill Prolonging $2,600
Guarantee.
The House Banking and Currency Committee decided
yesterday (May 18) to postpone additional hearings on the
Administration's bill extending the temporary deposit insur-
3366
Financial Chronicle
ance provisions of the Glass-Steagall Act for another year,
until new legislation, containing a section regarding payments in the case of closed banks, can be drafted. The President was reported on May 15 to have urged members of the
Committee to speed action on the deposit insurance extension
measure, which has already been approved by the Senate.
Unless it is also approved by the House, a permanent plan
would become effective on July 1, insuring deposits up to
$10,000 in full, and larger deposits in part.
The system in effect at the present time guarantees only
deposits up to $2,500. It was reported yesterday in Washington that the President would be willing to have this figure
raised to $5,000, if this would mean passage of the extending
legislation.
J. F. T. O'Connor, Comptroller of the Currency, appeared
before the House Banking and Currency Committee, May 15,
and urged it to report out the extension measure, without
raising the $2,500 limitation. United Press advices from
Washington, May 15, described his testimony as follows:
Mr. O'Connor said the temporary one-year extension was sound, as 95% of
all depositors now are protected. He explained that at present husband and
wife may have deposits in any one bank insured up to $7,500.
"The average deposit in a National bank is $183," he said, "and I think
that figure justifies continuance of the $2.500 limit. I think the whole
country is sold on the idea. Why disturb it?"
He said additional study was required before the proposed increase to
$5,000 should be adopted.
Mr. O'Connor said that at present 55,000,000 accounts are insured, affecting $16,000,000,000.
May 19 1934
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.
No tender for an amount less than $1,000 will be considered. Each
tender must be in multiples of 31.000. 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 21
1934, all tenders received at the Federal Reserve banks or branches thereof
up to the closing hour will be opened and public announcement of the
acceptable prices for each series will follow as soon as possible thereafter,
probably on the following morning. The Secretary of the Treasury expressly
reserves the right to reject any or all tenders or parts of tenders, and to
allot less than the amount applied for, and his action in any such respect
shall be final. Any tender which does not specifically refer to a particular
series will be subject to rejection. Those submitting tenders will be advised
of the acceptance or rejection thereof. Payment at the price offered for
Treasury bills allotted must be made at the Federal Reserve banks in cash
or other immediately available funds on May 23 1934.
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 Aggregating $325,981,000 Received to Two
Series of Treasury Bills Dated May 16 Offered to
Total of $100,000,000 or Thereabouts—$50,254,000
in Bids Accepted for 91-Day Bills at New Low Average Rate of 0.06%, and $50,080,000 for 182-Day
Gov. Lehman of New York Signs Bill Authorizing
Bills at Average Rate of 0,14%.
Savings Banks to Insure Deposits Under Federal
In announcing on May 14 that tenders amounting to
Deposit Insurance Corporation—Savings Banks
Also Permitted to Become Members of Federal $325,981,000 had been received at the Federal Reserve
Reserve System—Other Banking Bills Signed.
banks and the branches thereof, up to 2 p. m., Eastern
Savings banks in New York State are permitted to become Standard Time, that day, to the offering of $100,000,000 or
members of the Federal Reserve System, under the D. M. thereabouts of two series of 91-day and 182-day Treasury
Stephens bills, signed by Gov. Lehman on May 15. Savings tills dated May 16, Henry Morgenthau Jr., Secretary of
banks also are permitted to maintain insurance on deposits the Treasury, said that $100,334,000 has been accepted.
up to $2,500 with the Federal Deposit Insurance Corpo- Both series of the bills were offered in amount of $50,000,000
ration under another measure signed by the Governor on or thereabouts; the tenders to the 91-day issue (maturing
the same day. Other banking bills approved by the Gov- Aug. 15) totaled $172,335,000 of which $50,254,000 were
ernor at the same time, according to the "Knickerbocker accepted, while the 182-day issue (maturing Nov. 14)
Press" of Albany, are:
"gought tenders of $153,646,000, of which $50,080,000 were
That banks and trust companies must obtain approval by a two-thirds
accepted.
vote of the State Banking Board for investments in the stock of any corThe bids for the 91-day bills, Secretary Morgenthau
porations except as specifically provided in other parts of the banking law.
That industrial banks may maintain deposit insurance with the Federal
announced, were accepted at an average rate of about 0.06%
Deposit Insurance Corporation and may accept deposits and issue notes
ppy annum, on a bank discount basis, the lowest rate at
Or bonds as evidence of indebtedness.
wTh.ich Treasury bills ever sold. The bids were accepted
Changing the name of the Land Bank of New York State to the Savings
and Loan Bank of the State of New York.
Fn. the 182-day issue at an average rate of about 0.14%.
revious offering of bills (dated May 9) brought average
Adoption by Senate and House of Conference Report rates of 0.07% per annum for 91-day bills (the previous low
on Municipal Bankruptcy Bill.
rate), and 0.15% for 182-day bills. Details of the result
fiTie Municipal Bankruptcy Relief bill was sent to the of the offering dated May 16 follow:
White House on May 16 with Senate approval of the con91-Day Treasury Bills, Maturing Aug. 15 1934.
ference report. The House adopted the report on May 14.
For this series, which was for 350,000,000, or thereabouts, the total
Me bill is intended to permit towns and cities to reduce their amount applied for was $172,335,000, of which $50,254,000 was accepted.
par to 99.982, the latter price being
debts through agreements with creditors. The previous The accepted bids ranged in price from
equivalent to a rate of about 0.07% per annum, on a bank discount basis.
Congressional action on the measure was noted in our issue Only part of the amount bid for at the latter price was accepted. The
average price of Treasury bills of this series to be issued is 99.984 and the
of May 5, page 3026.
average rate is about 0.06% per annum on a bank discount basis.
New Offering of 91-Day and 182-Day Treasury Bills to
182-Day Treasury Bills, Maturing Ncs. 14 1934.
Total Amount of $100,000,000 or Thereabouts— . For this series, which was for 350,000,000, or thereabouts, the total
Each Series to Be Offered in Amount of $50,000,000 amount applied for was $153.646,000, of which 350.080.000 was accepted.
The accepted bids ranged in price from 99.940, equivalent to a rate of about
or Thereabouts and Dated May 23 1934.
per annum. to 99.926. equivalent to a rate of about 0.15% per anAnnouncement was made on May 17 by Henry Morgen- 0.12%
num, on a bank discount basis. Only part of the amount bid for at the
than Jr., Secretary of the Treasury, that tenders to a new latter price was accepted. The average price of Treasury bills of this series
and the average rate is about 0.14% per annum on a
offering of two series of Treasury bills to the total amount of to be issued is 99.929
bank discount basis.
$100,000,000 or thereabouts will be received at the Federal
The offering was announced on May 10 by Secretary MorReserve banks, or the branches thereof, up to 2 p. m.,
Eastern Standard Time, Monday, May 21. Tenders will not genthau, and was referred to in our issue of May 12, page
be received at the Treasury Department, Washington, the 3194.
Secretary said. Both series of the bills, which will be offered 600,631.10 Fine Ounces of Silver Purchased During
in amounts of $50,000,000 or thereabouts maturing in 91
Week of May 11 by Treasury Department.
days and 182 days, respectively, will be dated May 23 1934.
In accordance with the President's proclamation of Dec.
The 91-day bills will mature on Aug. 22 and the 182-day 31 1933, which authorized the Treasury Department to buy
bills on Nov. 21, and on their respective maturity dates the at least 24,000,000 ounces of silver annually, the Department
face amount of the bills of each series will be payable without purchased 600,631.10 fine ounces during the week ended
interest. The tenders accepted to the bills will be used in May 11, which compares with 647,223.59 fine ounces purpart to retire an issue of similar securities amounting to chased during the week of May 4. A statement issued May
$75,115,000 which matures on May 23. Secretary Morgen- 14 by the Treasury showed that of the amount purchased
than said that both series of the new offering will be sold on a during the latest week, 194,339.63 fine ounces were received
discount basis to the highest bidders, and stated that the at the San Francisco Mint; 5,114 fine ounces at the Denver
bidders will be required to specify the particular issue for Mint, and 401,177.47 fine ounces at Philadelphia. Since
which each tender is made. The Secretary's announcement the issuance of the proclamation, referred to in our issue of
of the offering also said in part:
Dec. 23 1933, page 4440, the weekly receipts by the various
The bills will be issued in bearer form only, and in amounts or denominamints are as follows (we omit the fractional part of the
$1,000.000
(maturity
S500.000
and
tions of 31.000. 310,000, 3100,000,
ounce):
•
U
value).
Financial Chronicle
Volume 138
Week Ended—
Jan. 5
Jan. 12
Jan. 19
Jan. 26
Feb. 2
Feb. 9
Feb. 16
Feb. 23
Mar. 2
Ounces. Week Ended1,157Mar. 9
547 Mar. 16
477 Mar. 23
94,921 Mar. 30
117,554 Apt II 6
375,995 April 13
232,630 April 20
322,627 April 27
271,800 May 4
May 11
Ounces.
126.604
832,808
369.844
354.711
469.274
10,032
753,938
436,043
647.224
600.631
Treasury Purchases of Government Securities During
Week of May 12 Amounted to $500,000—Smallest
Weekly Purchase Thus Far.
The Treasury Department purchased S500,000 of Government securities in the open market during the week of
May 12, it is indicated in a statement issued by the Department on May 14, for the investment account of various
Government agencies. This is the smallest amount purchased by the Treasury in any one week since the inception
of its support to the Government bond market last November
(reference to which was made in our issue of Nov. 25, page
3679), and compares with $5,001,500 purchased during the
previous week ended May 4. The total weekly purchases
have been as follows:
Nov.25 1933
Dec. 2 1933
Dec. 9 1933
Dec. 16 1933
Dec. 23 1933
Dec. 30 1933
Jan. 6 1934
Jan. 13 1934
Jan. 20 1934
Jan. 27 1934
Feb. 5 1934
Feb. 13 1934
$8,748,000
2,545,000
7,079,000
16.600,000
16,510,000
11,950,000
44,713,000
33,868.000
17,032,000
2.800.000
7.900,000
Feb. 17 1934
$7,089,000
Feb. 24 1934
1,861,000
Mar, 3 1934
10,208.100
Mar. 10 1934
6,900,000
Mar. 17 1934
7,909,000
Mar. 24 1934
37,744,000
Mar. 31 1934
23,600,000
April 7 1934
42,389,400
April 14 1934
20,580.000
April 21 1934
30,500,000
April 28 1934
4,885,000
*22,128,000 May 5 1934
5,001,500
May 12 1934
500,000
•In addition to this amount $638.400 of bonds held by the Treasury as collateral
eternity for postal savings deposits purchased Feb. 9 by the FDIC.
Hoarded Gold Amounting to $1,023,036 Received During
Week of May 9—$86,786 Coin and $936,250 Certificates.
Receipts of gold coin and certificates during the week of
May 9 by the Federal Reserve banks and the Treasurer's
office, according to figures issued by the Treasury Department on May 14,amounted to $1,023,036.03. Total receipts
since Dec. 28 1933, the date of the issuance of the order
requiring all gold to be returned to the Treasury, and up to
May 9, amount to $84,936,681.14. Of the amount received
during the week ended May 9, the figures show $86,786.03
was gold coin and $936,250 gold certificates. The total
receipts are shown as follows:
Received by Federal Reserve banks:
Week ended May 9
Received previously
Total to May 9
Received by Treasurer's Office:
Week ended May 9
Received previously
Gold Coin.
'Gold Certificates,
$86,786.03
27,562,291.11
$903,650.00
54.617.860.00
127,649.077.14
$55,521,510.00
245,994.00
532,600.00
1,487,500.00
Total
$245,994.00
$1,520,100.00
Note.—Gold bats deposited with the New York Assay Office to the amount of
$200,572.69 previously reported.
Value of Commercial Paper Outstanding as Reported
by Federal Reserve Bank of New York $139,400,000
on April 30, Compared with $132,800,000 on
March 31.
The following announcement, showing the commercial
paper outstanding on April 30, was issued on May 16 by
the Federal Reserve Bank of New York:
Reports received by this bank from commercial paper dealers show a
total of $139,400,000 of open market commercial paper outstanding on
April 30 1934.
Below we furnish a record of the figures since they were
first reported by the bank on Oct. 31 1931:
1934—
Apr. 30
Mar. 31
Feb. 28
Jan. 31
$139,400,000
132,800,000
117,300,000
108,400,000
193A—
Dee. 31
Nov.30
Oct. 31
Sept. 30
Aug. 31
july 31
JUDO 30
1933—
May 31
Apr. 30
Mar. 21
Feb. 28
Jan. 31
$60,100,000
64,000,000
71,900,000
84,260,000
84,600,000
108,700,090
133,400,000
129,700,000
122,900.000
107,400,000
96.900,000
72,700,000
1932—
Dee. 31
Nov.30
Oct. 31
Sept.30
Aug. 31
July 31
1931—
81.100,000
109,500,000 Dec. 31
113,200.000 Nov. 30
110,100,000 Oct. 31
108,100,000
100,400.000
1932—
June 30
May 31
Apr. 30
Mar. 31
Feb. 29
Jan. 31
$103,300.000
111,100,000
107,800,000
105,606,000
102,818,000
107,902,000
117,714,784
173,684,384
210,000.000
List of Companies Filing Registration Statements
With Federal Trade Commission Under Federal
Securities Act.
Ten registration statements covering issues amounting to
about $5,000,000 filed with'the Federal Trade Commission
under the Securities Act, were announced May 14. They
comprise the following:
Industrial and commercial issues
Certificates of deposit
Reorganization or readjustment issues
Voting trust certificates
$2,178,000
1,485.300
1,298.500
127.935
These issues, the Board said, include an Iowa electric
company,an Omaha brewery,a Denver mining loan business,
3367
a Salt Lake City gold mining company, San Francisco and
Miami real estate and building property, a Milwaukee
terminal company and a Bluefield, W. Va., hotel. The
registration statements (860-869) were announced as follows:
Iowa Electric Co. (2-860. Form D-2), Cedar Rapids. Iowa, an Iowa corporation proposing, under a readjustment plan, to issue first mortgage collateral convertible bonds amounting to $1,168,800 face value. The readjustment plan is in effect an exchange of the old bonds for new. The company
has outstanding $1.168.800 first mortgage 6% gold bonds due July 1 1934.
payments on which, it reports, it will not be able to meet. In lieu of these
bonds it proposes to issue the new first mortgage collateral convertible
bonds as named above. Holders of the 1934 gold bonds will be asked to
deposit them and to acecpt in lieu thereof the new convertible bonds due
in 1939. They will be convertible into first lien and refunding 6% bonds
which will be due in 1959. Bondholders who convert their 1939 bonds into
1959 bonds will receive a 5% cash premium. Details of the call for deposits of
the first mortgage gold bonds due July 1 1934 were presented in Release
No. 161, Registration Statement No. 2-859. Among officers of the company are Isaac B. Smith, President. and C. S. Woodward, SecretaryTreasurer, both of Cedar Rapids; James A. Reed, Kansas City. Mo..
Vice-President; and Sutherland Dows, Cedar Rapids, Vice-President,
Assistant Secretary and Treasurer.
Fred Krug Brewing Co. (2-861. Form A-1), Omaha, Neb., a Nebraska
corporation organized July 12 1933, proposing to manufacture and sell
beer and to issue 60,000 shares of common capital stock at an aggregate
price of $120,000, the proceeds to be used "for additional working capital
to liquidate present obligations and to provide funds for buying of cooperage. cases, bottles, and for publicity purposes." The underwriter.
Associated Distributors. Inc., Minneapolis, will sell the stock at $2 a share,
receiving a commission of 30 cents each. Among officers are. Albert
Krug. President; Delta Krug (Mrs. Albert Krug), Secretary and Mrs. Tillie
Krug Becht, Treasurer, all of Omaha.
Mines Financing. Inc. (2-862, Form A-1), Denver, a Colorado corporation
organized May 2 1934, to loan money to owners of mining properties.
proposes to issue 200,000 shares of class A common stock of an aggregate
amount of $2,000,000. The company expects to pay $600,000 of the net
proceeds to the Pennsylvania Company for Insurance on Lives and Granting
Annuities, Philadelphia. to be invested in fully paid units of the Union
Investment Trust. The issue is not underwritten, but will be sold to the
Public at $10 a share. It will be offered for sale to registered brokers and
dealers at a discount of not more than 20% or $2 a share. The sales cost
is not expected to exceed $2 a share.
Among officers are: Oliver H.Shoup, Colorado Springs, Colo.. President;
Chalres M. Armstrong, Denver, Secretary; and James S. McGaw, Denver,
Treasurer.
Insurance Exchange Building. Inc. (2-862. Form D-2), San Francisco, a
California corporation organized Jan. 12 1934. owning and operating
Insurance Exchange Bldg. at 433 California St.. San Francisco, and proposing to issue 11,035 shares of capital stock and $1.103,500 par value 20year sinking fund (convertible) income bonds (maturing July 1 1953) under
a reorganization plan of the reorganization managers. The capital stock
will be sold to Edwin D. Witter. H. S. Boone, Robert L. Coleman Jr..
Chaffee E. Hall and George Knox, as voting trustees, for the holders of
certificates of deposit. The trustees will issue voting trust certificates
representing the stock. Holders of the outstanding 20-year sinking fund
bonds will exchange them for the company's first mortgage fixed interest
bonds in an aggregate amount of $1,103,500. Among officers are. Edwin
D. Witter. President, and William L. Holloway, Secretary-Treasurer.
Edwin D. Witter and Others (2-864. Form F-1), San Francisco, constituting
the voting trustees named in Registration Statement No. 2-863 above in
the matter of Insurance Exchange building,Inc.,San Francisco. Thisfiling
covers the voting trust certificates for 11,035 shares of capital stock of a
stated value of $I a share or an aggregate of $11,035.
Little Map Mining Co. (2-865, Form A-1), Salt Lake City, Utah, a Utah
corporation developing mining claims and mining for gold, silver, lead and
other metals, proposing to issue 580,000 shares of common stock at an
aggregate price not °weeding $58,000, the proceeds to be used for development of mining property owned or under bond and lease by the corporation.
A broker's commission varying from 10 to 20% will be paid. Among
officers are: John Matson, President; and H. E. Mfrs, Secretary-Treasurer.
both of Salt Lake City.
New Tatum Building Corp. (2-866, Form D-2), 721 Locust St., St. Louis,
a Florida corporation organized Oct. 18 1933. proposing to issue 390 shares
of common stock of no par value to be exchanged for $195,000 in first
mortgage 6% real estate gold notes under a plan of reorganization. This
amount represents the value, as determined by the board of directors, of
the properties known as "Tatum Building," Miami, Fla., conveyed to the
New Tatum Building Corp. by a Special Master at a foreclosure sale.
Default had occurred in payment of principal of notes aggregating $195,000
maturing May 1 1932 and May 1 1933, and in the payment of 1932 city
and State taxes. Holders of the notes deposited them with MercantileCommerce Bank & Trust Co., St. Louis, under a deposit agreement of
June 9 1933. Among officers of the company are. R. L. Rinehart, Webster
Groves, Mo., President; and J. J. Farrell. University City, Mo., SecretaryTreasurer.
Milwaukee Terminal Buildings First Mortgage Bondholders' Committee
(2-867. Form D-1), 310 South Michigan Ave., Chicago. calling for deposits
of $151.500 principal amount (market value given as $21,210) of 6% first
mortgage gold bonds dated April 15 1920, and due serially on and prior to
April 15 1932. The original issue was $1,700,000 principal amount which
was reduced to $835.000. The amount on deposit with the committee as
of April 30 1934 was $683.500. Members of the committee are. Harry B.
Hall, appraisal company official; Frederick P. Jones. real estate man, both
ov Milwaukee, and Sidney H. Kahn, of the securities business, Chicago.
Harry B. Hall and Others (2-868, Form F-1). 752 North Milwaukee St..
Milwaukee, voting trustees proposing to issue voting trust certificates for
8.350 shares of no par value common stock of Milwaukee Terminals, Inc..
of an aggregate mariet value of $116,900. Approximately 6,135 shares of
the foregoing amount are based on bonds to be deposited pursuant to a
plan of reorganization dated Nov. 1 1933 of the property to be acquired
by Milwaukee Terminals, Inc. The 8.350 shares represent the total authorized common stock of Milwaukee Terminals, Inc., which, according to the
registration statement, will be sufficient to provide for issuance of one share
of stock for each $100 bonds deposited pursuant to the plan. "However.
the actual amount to be issued and to be represented by the certificates registered hereunder will be dependent upon the amount of bonds deposited
pursuant to the plan of reorganization. If the holders of all outstanding
bonds accept the plan, the enitre 8,350 shares will be issued and be represented by the certificates registered . . ." Persons serving as voting
trustees are those listed as members of the bondholders' protective committee
In Registration Statement No. 2-867 above.
First Mottgage Corp. (2-869. Form D-1), State-Planters Bank Building,
Richmond, Va.. calling for deposits of first mortgage real estate bonds of
Cole Realty Co., Inc., Bluefield. W. Va., owners and operators of the West
3368
Financial Chronicle
Virginian Hotel, Bluefield. The bonds have a face value of $165,000. No
market value if given. The agreement provides for deposit of the above
principal amount of bonds with authority to the depositary to distribute to
holders of deposit receipts the interest due as of June 1 1934. when and as
such funds are received from the realty company, to declare the extension
program effective, to attch proper interest notes to various first mortgage
bonds aggregating $157,500, and to carry out other dutues outlined. Cole
Realty Co., Inc., has agreed to pay First Mortgage Corp. $5,000 for its
services in securing deposit of bonds necessary to make the extension
program effective
On May 16 the Commission announced that 10 registration statements covering issues amounting to more than
$10,600.000 had been filed with it. They are as follows:
Investment companies
Certificates ofdeposit
Industrial and commercial issues
Reorganization or readjustment issues
$5,000,000
3,312,000
1,183,820
1,132,000
The Commission's announcement said that these issues
include a petroleum company with holdings in the British
West Indies, a California railroad for which certificates of
deposit are called, and several realty issues. Companies
or committees filing these statements have headquarters or
operate in New York, Chicago, Cleveland, San Francisco,
Los Angeles, Atlanta, Hamilton, Ont., Norfolk, Va., and
• Wichita Falls, Tex.
Statements filed for registration (870-879) were listed as
follows on May 16:
Yosemite Valley RR. Co. Second Mortgage Bondholders' Reorganization
Plan and Agreement Committee (2-870, Form D-1), 464 California St., San
Francisco, calling for deposit of second mortgage 5% sinking fund gold
bonds of Yosemite Valley RR. Co. of a face value of 52.000,000. No
market value is given. The company failed to pay certain of its first and
second mortgage bond obligations and to earn operating expenses in 1933.according to the committee. The reorganization plan contemplates a "test
period" during which company properties will be administered along present
lines as economically as possible. The committee "believes that the position
of the second mortgage bondholders is precarious, and that it is entirely possible that the committee will be unable to accomplish any realization for
those who become parties to the reorganization plan and agreement. On the
other band, it seems possible that holders of second mortgage bonds who
do not deposit their bonds under the agreement will realize nothing."
Members of the committee are: Dunning Rideout, Marysville, Calif.;
William J. Brennan and Wellington Henderson, both of San Francisco.
W.R. Duke (2-871, Form A-1), Wichita Falls, Texas, oil and gas prospector, operating as an individual, proposes to issue 588 units of undivided
interests in land-owners' royalty, the property being situated in Beckham
County, Okla. Units will be issued at $15 each in an aggregate of $8,820,
according to the registration statement.
Bob Tough Gold Mines, Ltd. (2-872, Form A-1), 21 Main St., East Hamilton, Ont., a Canadian corporation proposing to explore and develop 840
acres of gold bearing mineral lands in McKinnon Township, Sudbury
mining division, Algoma District, Ont., issuing 900,000 shares of common
stock at an aggregate price of$225,000, the proceeds to be used for organization expenses.. The company is to offer 400,000 shares to the public at 25
cents each and 500,000 shares at 35 cents each. Norman G. Bellinger,
underwriter, of 1215 Genesee Bldg., Buffalo, is to receive an average gross
profit of 113.1 cents a share on the first 400.000 shares sold and 12 cents each
on the remaining 500,000 shares. Mr. Bellinger is also the United states
agent. Among officers are: Edward Bevan Ratcliffe, President; and
Walter Boughton Ellis, Secretary-Treasurer, both of Hamilton.
Bondholders' Protective Committee Ohio Building Realty Co. (2-873, Form
D-1), 1204 Guardian Building, Cleveland, calling for deposits of first mortgage leasehold 6%% sinking fund gold bonds of a face value of $398,000
out of an original issue of $500,000. No market value is given. A reorganization plan is proposed, the committee stating that "it is imperative that
the property be relieved of the receiver who now operates it." The company's building is reported to be 98% occupied but at "sharply reduced
rentals." Committee members are: Adolph Keller, Cleveland; S. M.
Diener, Cleveland; and E. H. Brooks, Akron; Fred W. Adams, Akron;
David Robison, Toledo; S. M. Schultz. Cleveland.
Jones Cold Storage Corp.(2-874, Form D-2), 1215 East Water St., Norfolk,
Va., a new Virginia corporation proposing, under a readjustment plan,
to issue bonds and stock aggregating $627.500 face value. New securities
will include $40,000 prior lien bonds to Norfolk Sz Western Railway Co.
in settlement of a claim for rental and taxes, and $150,000 first mortgage
bonds to Virginia Holding Corp.for land and building,or a total of$190,000.
Additional new securities to be issued in exchange for certificates of deposit
include $62,500 first mortgage bonds to old first mortgage bondholders;
$200,000 par value new preferred stock to old first and second mortgage
bondholders and $175.000 par value common stock to old second mortgage
bondholders and old preferred stockholders, or an aggregate of $437,500.
The foregoing will be exchanged for certificates of deposit representing the
following old securities: First mortgage bonds, 8250,000; second mortgage
bonds. $150,000; and prbferred stock. 8200.000, or certificates of a total
face value of$600,000. In lieu ofan actual market value these certificates,for
filing fee purposes, have been assigned a computed market value of $200,000.
The registration fee paid the Commission Is based on the $190,000 securities
to settle claims and acquire property and the computed market value of
the certificates of deposit of $200.000 or a total of $390,000. The Virginia
Holding Corp. will take possession of the property of Jones Cold Storage
and Terminal Corp., the old corporation, and convey it to the new corporation. Jones Cold Storage Corp., the holding company accepting in payment
the 8150.000 par value of first mortgage bonds. The new corporation is
to issue 1,750 shares of authorized common stock of which 1,000 shares
will be issued to Jones Cold Storage and Terminal Corp. in compensation
for the transfer of its assets to the new corporation. This stock will be
distributed to present preferred shareholders of Jones Cold Storage and
Terminal Corp. on the basis of one share of common stock of the new company for each two shares of preferred stock of the old company, and 750
shares will be issued to the present second mortgage bondholders to the
extent of 50% of their holdings. Among officers of the new corporation
are: Arthur P. Jones, President; W. Barham Jones, Vice-President and
Treasurer, and W. L. Bentley Jr., Secretary, all of Norfolk.
Milwaukee-Kimball Business Block Building Corp. (2-875, Form D-2),
2728 Milwaukee Avenue, Chicago, an Illinois corporation organized June 28
1933 to operate a business building and now proposing under a readjustment or reorganization plan, to issue 5% mortgage bonds limited to the
principal amount of $379.500, which are to be exchanged par for par for
outstanding certificates of deposit. The issuer took over the operation
May 19 1934
of the building in January 1934 from its predecessors, Milton H. Friend
and Henry Friend, who operated the property from July 1929 to August
1932 when Henry Friend died. Among officers of the issuer are: J. S.
Rosenberg, President, and Anna Drella, Secretary-Treasurer, both of
Chicago.
American Participations, Inc. (2-876, Form A-1), 32 Peachtree St., N. W.
Atlanta, a Delaware corporation organized Feb. 3 1934 and re-chartered
April 27 1934 to operate as a trading and investment company of the
general management type and now proposing to issue $5,000,000 ineome
bonds. Among officers are: B. R. Bradley, President, and J. S. Hearn,
Secretary-Treasurer, both of Atlanta.
Trinidad International Petroleum, Ltd. (2-877, Form A-1), 408 South
Spring St., Los Angeles, a Nevada corporation organized June 29 1933 to
produce petroleum in Trinidad, British West Indies and elsewhere, marketing the product in world markets. The company expects to issue 100,000
shares of common stock at an aggregate price of $500,000, the proceeds
to be used to develop 20,000 acres of prospective oil land on the Chupadera
anticline in New Mexico. Among officers are: J. M. Danziger, Chairman;
H. A. Andrews, Treasurer, and A. Faulkner, Secretary, all of Los Angeles.
Gold Lode Mines, Inc.(2-878, Form A-1),617 South Olive St., Los Angeles,
a Nevada corporation organized Feb. 15 1934 to mine, mill and reduce
gold, silver, lead, mercury and other metallic and non-metallic elements.
The registration statement is for 450,000 shares of common stock to be
sold at an aggregate price of $450,000. B. A. Atkinson, Los Angeles, is
sole selling agent for 400,000 shares of this stock at 81 a share. From the
company he is to receive a selling commission of $112,000 or 28% of the
selling price of the 400,000 shares, and from William T. Garrett, of Vernon,
Calif.. promoter of the issue, he is to receive a bonus of 50,000 shares of
stock at the rate of one share for each four shares sold by Atkinson. Garrett
will pay the 50,000-share bonus from another 400,000 shares of common
stock which he as trustee along with two other persons received as consideration for assigning to the issuer certain mining claims and a secret process.
Among officers are: W. D. Moriarty, President; Harry E. Hopper, Treasurer, and F. M. McDonnell, Secretary, all of Los Angeles.
Protective Committee, 257 West Thirty-Ninth Street Building (2-879, Form
D-1), 420 Lexington Ave., New York City, calling for deposits of $914,000
(market value, 5203.500) 6% first mortgage gold bond certificates of
Kermacoe Realty Co., Inc., which is said to have operated the building
at 257 West Thirty-Ninth St. from the time of its construction in 1925
until about May 1932. when a receiver was appointed to collect the rents
and profits for the benefit of the holders of the gold bond certificates.
Members of the committee are: E. J. Coolahan, Thomas F. Corrigan,
both of New York City; C. A. Neumeister, Auburn, N. Y.; G. Arthur
Heermans, Corning, N. Y., and F. Eugene Newbold, Philadelphia.
In making public the above lists the Commission said:
In no case does the act offiling with the Commission give to any security
its approval or indicate that the Commission has passed on the merits
of the issue or that the registration statement itself is correct.
The last previous list of registration statements appeared
in our issue of May 12, page 3196.
Securities Act of 1933 Blocks Employee Stock
Distribution Plans, Merchants Association of
New York Finds.
The Securities Act of 1933 has interfered with the sale to
employees at prices below the market of stock in companies
whose officials have used this means of developing "a spirit
of partnership," according to a statement by the Merchants
Association of New York, made public on May 11. The
announcement said that two large companies having employee stock distribution plans have informed the Association
that such distribution has been blocked by the Act. Other
concerns were also said to have been similarly affected. The
statement added,in part:
One of the concerns which has made complaint in the matter, desired to
distribute to a group of employees at $32 a share about 12,000 shares which
at the time of the proposed distribution were selling on the market at about
$60 a share. The plan was advanced to the point where the employees had
paid in cash for the stock and the matter was then presented to the Federal
Trade Commission.
The Federal Trade Commission refused to permit the sale without registration on the ground that the number of employees who were to purchase
the stock was so large as to constitute a public offering. The company, on
the other hand,took the view that since there was no underwriting and since
nobody would receive any profits from the sale of the stock and its sale
would be limited to a relatively few deserving employees under an agreement
by which the company would repurchase at any time within a year for the
full purchase price, it should be allowed to make the distribution. Following the ruling by the Federal Trade Commission, however, the company
decided that it could not go to the expense and trouble and assume the
liability which would be a consequence of registration and would therefore
have to abandon the sale to its employees unless the Commission should
alter its position.
Senate Approves Administration Bill Setting Up 5-Man
Communications Commission to Control Wire,
Radio and Telephone Systems—W. S. Gifford
Assails Similar Measure at Hearing Before House
Committee.
The Senate on May 15, without a record vote, approved the
Administration bill which would establish Federal regulation of telegraphs, telephone systems, and radio under a five
man Communications Commission. The bill was sponsored
by Senator Dill, while a similar measure has been the subject
of hearings before the House Inter-State and Foreign Commerce Committee, as noted in our issue of May 12, page 3217.
One amendment to the Senate bill, which was adopted
May 15 without a roll call, provided that:
no one licensee nor organization of licensees, whether effected by purchase,
lease, chain broadcasting, or other method, shall be able to monopolize or
exercise dominant control over the broadcasting facilities of any community,
city, or State, or over the country as a whole.
Financial Chronicle
Volume 138
Another amendment adopted by the Senate provides that
Civil Service laws and the Classification Act could be waived
only in the selection of a communications chief engineer and
a general counsel at a salary of $9,000 each, and a Secretary
at $7,500. Otherwise, no important amendments were
adopted. The five-member Communications Commission,
which would be created by the bill, would assume the functions of the existing Radio Commission and the regulatory
functions exercised by the Inter-State Commerce Commission
over communications. Carriers would be required to furnish
service upon reasonable request, to establish physical connections with other carriers, as well as to maintain through
routes, through rates and divisions of through rates. It forbids inter-locking directorates, and prohibits the merger of
the Western Union Telegraph Co. and the Postal Telegraph
Co. The Commission would inquire into telephone and telegraph contracts and leased wire services.
A Washington dispatch, May 15, to the New York "Times"
summarized the Senate debate on the bill as follows:
Most of the debate on the bill dealt with an amendment proposed by Senators Wagner and Hatfield to reallocate all licenses in six months and to
give one-fourth of the time on the air to educational, religious, agricultural,
labor, co-operative and similar non-profit-making organizations.
Senator Dill argued that the new Commission was directed to make a study
of the time such agencies should have. The amendment was beaten in a
vote of 42 to 23.
Senator Wagner remarked that only 2% of air-time was now given to nonprofit broadcasting.
Senator Fess, asserting that many commercial programs were "nauseating,"
said he favored future study.
•
Senator Dill, pointing out that under the Wagner-Hatfield amendment, educational or other stations obtaining air time could lease this time, argued
that this would make the stations commercial in aspect, after all.
"Let's not be too solicitous over the large stations who, through the favor
of government, have secured a practical monopoly," Senator Wagner remarked.
Smelt 'Phone Companies Exempt.
The Senate accepted an amendment by Senator Clark to exempt from Federal control and regulation small independent intra-State telephone companies not owned by inter-State companies.
An amendment by Senator King, also approved, removed the bill's stipulation for a 100-watt power qualification where the Commission granted licenses
to additional stations needed for adequate broadcasting.
Under the bill, each of the five Commissioners, chosen by the President
with consent of the Senate, would receive $10,000 a year for a six-year term.
The Commission would take over the present powers of the Inter-State Com -•
fnerce Commission over telephones and telegraphs and of the Federal Radio
Commission over radio.
While the Rayburn bill, pending in the House Committee, says that three
divisions must be set up, the Senate bill stipulates two divisions, one to
control radio, the other to supervise telegraph systems and telephones.
Jurisdiction is given over all radio stations and inter-State and foreign
communications, with the exception of intra-State telephone and telegraph
communications. Study is directed and reports must be made to Congress
by next February on (1) the desirability of permitting State regulation of
systems of accounts and rates of depreciation charges, and (2) the percentage
of air time to be given to the non-profit programs discussed to-day.
At the hearing before the House Inter-State and Foreign
Commerce Committee on the Rayburn bill, on May 10, Walter
S. Gifford, President of the American Telephone & Telegraph
Co., attacked the measure as an attempt to create "a regime
of public management over property." A Washington dispatch, May 10, to the New York "Journal of Commerce"
quoted from his testimony in part as follows:
"Federal control will wreck the telephone industry," Mr. Clifford declared.
"Present decentralized and adaptable operation would be transformed into
rigid, centralized bureaucratic operation. This would devitalize the very
principles of management which have been responsible for progress of telephony in this country."
Cites A. T. & T. Investors.
Mr. Gifford said there were 681,000 A. T. dz T. stockholders, "men and
women of small means who have invested their savings in this business. To
most of them this investment is vital. As trustees responsible to these hundreds of thousands of people, we must oppose, to the extent of our ability,
passage of this measure."
The Senate Inter-State Commerce Committee held hearings
in March on the bill originally proposed by Senator Dill, its
Chairman, to place all electrical communications industries
under strict Government supervision. Most of the witnesses
who testified before the Committee opposed the provisions
of the bill, contending that its enaction would transfer to the
Government unwarranted authority over private industry.
• Members of the Inter-State Commerce Commission and of
the Federal Radio Commission endorsed the measure, however.
Henry A. Bellows, Chairman of the Legislative Committee
of the National Broadcasters Association, testifying on
March 9, said that the measure far exceeded suggestions
made in the special message to Congress from President
Roosevelt, which advocated that a Federal Communications
Commission be formed to take over communications work
now handled by the Federal Radio Commission and the InterState Commerce Commission. . .
3369
One of the principal witnesses before the Senate Committee, March 13, was Walter S. Gifford, President of the
American Telephone & Telegraph Co., who asserted that the
bill would set up a new Commission that would have powers
"of a most drastic and far-reaching character."
Senate Approves Bill Granting Women Equal
Nationality Rights with Men—Measure Was Previously Passed by House.
American women will in the future have complete equality
with men in matters of citizenship, under a bill passed by the
Senate on May 10. The measure, which had previously been
approved by the House, was supported by the National
Women's party, which said that its passage was the outstanding achievement for equal rights since women were granted
the vote in 1920.
When the Cable law was enacted 12 years ago it changed
the nationality laws so that women might retain their American citizenship after marriage to aliens, but they could not
transmit this citizenship to children born abroad. The new
bill grants mothers equal power to transmit citizenship, provided that the child returns to the United States before reaching the age of 18 and lives in this country five years. It also
clarifies certain uncertainties regarding the citizenship of
minor children of women who become American citizens, and
equalizes the law regarding renunciation of citizenship when
marrying an alien and the law regarding aliens who marry
citizens.
A statement issued by the National Women's party headquarters, in Washington, on May 10 said:
The measure is in line not only with the country's policy of granting equal
suffrage rights to women, but with its nationality policy as announced on
several previous occasions and recently embodied in the Equal Nationality
Treaty signed at the Pan-American Conference at Montevideo.
Its enactment, it is held by the National Women's party, which has been
the chief proponent of this legislation, although the principle has been endorsed by many other women's groups, will make the ratification of the
treaty, which, it Is expected, will be presented to the Senate in a short time,
a matter of form.
It should also advance the efforts of the Women's Consultative Committee
on Nationality in Geneva of the League of Nations to secure the adherence of
all other nations to the Pan-American treaty.
Postal Ruling Issued Covering Mailing of Fabricated
Gold from United States to Foreign Countries.
Postmaster John J. Kiely of New York City announced
on May 14 that articles fabricated from gold may be accepted
for dispatch by mail from the United States to foreign countries, upon filing an affidavit upon a prescribed form. It
was explained that neither gold coin nor scrap gold constitute
fabricated gold, and that mailers must satisfy the Post
Office that the shipment is not being made for the purpose of
holding or disposing of the fabricated gold outside of the
United States primarily for the value of the gold content.
The announcement added the following information:
Copies of Form TG-10 may be obtained at, or on written request to,
any United States mint or assay office. Federal Reserve Bank,the
Treasury
Department, Washington, D. C., the Second Assistant Postmaster General.
Division of International Postal Service, Washington, D. C., or the Third
Assistant Postmaster General, Division of Classification, Washington, D.
C. The most convenient point for patrons of the New York Post Office
to obtain these forms in New York City is at the Federal Reserve Bank,33
Liberty Street, or at the United States Assay Office, Old Slip and South
Street.
Articles of fabricated gold will not, under any conditions, be accepted for
despatch by mail to those countries which have expressed an unwillingness
to accept such articles.
The exportation of gold coin, scrap gold, gold bullion or gold certificates
is still prohibited and will be refused unless the sender presents a license to
export issued by or under authority of the Secretary of the Treasury.
President Roosevelt Signs Johnson Bill Limiting
Rate Contests by Public Utilities to State Courts.
On May 15 President Roosevelt signed the Johnson bill
to prevent public utilities from taking rate orders of State
Commissions into Federal District Courts. The utilities,
however, may appeal the final decisions of State Courts
to the United States Supreme Court, it was noted in Associated Press dispatches from Washington May 15, which
also noted:
The measure was introduced by Senator Johnson of
California in the
first session of the 72d Congress and was favorably
reported over the
opposition, among others, of the American Bar Association. It failed of
passage, however, and was re-introduced and again reported by the Sneate
Judiciary Committee in the first session of the present Congress.
Approved by the Senate during the current siting, it went to the
House
and was radically changed by the Judiciary Committee
there over the
opposition of Chairman Sumners of Texas.
Once the bill reached the House floor the Senate version was adopted
with the addition of an amendment which extended the
Federal court
ban to cover rate-making bodies of municipalities and other subdivisions.
Heretofore, public utilities could appeal decisions of State rate-making
bodies to Federal courts on two grounds: That the orders violated the
Fourteenth Amendment 01 the Constitution or on diversity of citizenship.
3370
Financial Chronicle
The diversity of citizenship privilege allows corporations or individuals
Whose legal residence Is in a State other than the one in which the legal
action begins, to transfer the suit to the Federal courts.
Senator Johnson, Senator Morris and others, in urging approval of the
measure, cited instances of long delay due to appeals to the Federal courts
and argued that the costs of the litigation were borne by the taxpayers
and customers of the utilities, no matter who won.
The bill passed the Senate without a record vote on
Feb. 9, and as noted in our issue of May 12 (page 3196) it
passed the House on May 9, the Senate on May 10 agreeing
to a House amendment which would prevent Federal District Courts from acting on appeal from "any rate-making
body of any political subdivision."
It is stated that more than 40 of the 48 State Utility
Commissions recommended the Johnson bill as it passed
the Senate.
House Passes Bill to Allot $460,000,000 to States for
Road Construction—Vote Is 255 to 26 on Measure
Termed a "Pork Barrel."
The House of Representatives on May 11 approved the
Cartwright bill, which would set aside $460,000,600 from Federal relief funds to be given to the States for road construction. The vote was 255 to 26, and after passage the measure
was sent to the Senate. There, according to newspaper reports from Washington, no action Is likely to be taken on the
bill during the present session of Congress. During the House
debate charges were made that the bill constituted a "pork
barrel" appropriation. A Washington dispatch, May 11, to
the New York "Times" said that many Representatives privately admitted that the bill would not be approved by the
Senate, and remarked that nevertheless it was a splendid
"vote-getter." The dispatch mentioned described the House
debate as follows:
The measure was broader than the $400,000,000 measure incorporated last
year in the National Recovery Act, but it followed the same general lines.
The total was divided into three parts—$400,000,000 for State roads, $50,000,000 for Indian trails and national park roadways, and $10,000,000 to be
expended in future to repair damage to highways caused by floods, hurricanes
or other disasters.
The latter provision caused Representative Snell to remark:
"This is the first time in the history of Congress that disaster has been
anticipated and an appropriation asked in advance."
Representative Martin, one of Mr. Snail's chief lieutenants, charged that
the bill was a "pork barrel" measure under the guise of a relief plan. But,
nevertheless, Mr. Martin sought to modify it so that aid would be granted
to States on a basis of population.
The measure was attacked by Representative O'Connor, who said that New
York State would eventually pay back to the United States Government about
$133,000,000, but would receive only $22,000,000 direct aid from the highway fund.
Representative Mapes also attacked the bill, asserting that there was no
demand for the measure at this time.
"Everybody wants roads and States need them; this money ought to be
spent where it will do the most good; it's going to be spent anyway," Representative Mott retorted.
A peculiar situation was indicated when many members of the House de.
Oared privately that the bill would never be approved by the Senate. They
pointed out that it was just a duplication of the NIRA and was opposed by
the Administration, or would be if it ever went to the White House.
"But what a vote-getter the thing is, and almost everybody will vote for
it 1" a veteran member asserted.
A desperate effort to reduce all the allotments authorized in the bill was
made by Representative Taber.
One amendment adopted authorized the expenditure of part of the fund
for elimination of grade crossings and other safety improvements.
Before the bill was passed by the House, on May 11, it
rejected by a vote of 207 in opposition to 85 in favor, a motion
to recommit the bill to Committee with an amendment to provide that "no part of any money authorized to be appropriated by this Act shall be used to purchase or contract for any
article other than those of the growth, production, or manufacture of the United States notwithstanding that such
articles of the growth, production or manufacture of the
United States cost more, if such excess of cost be not unreasonable."
House Votes $158,000,000 to Finance Bankhead Cotton
Control Act and Jones Cattle Relief Act—Appropriation Measure Sent to Senate.
The House on May 17 adopted a resolution appropriating
a total of $158,000,000 to finance the Bankhead Compulsory
Cotton Control Act and the Jones Cattle Relief Act. The
appropriation measure, which was sent to the Senate,
allocates $150,000,000 to finance the law making cattle a
basic agricultural commodity under the Agricultural Ad,000,000 to finance the operation of
justment Act, and
the Cotton Control Act. The cattle to be purchased by
the Government will probably be used for relief purposes,
it was announced.
Associated Press advices from Washington (May 17) noted
the passage of the appropriation measure and added:
Efforts of Republicans, led by Representative Robert L. Bacon, of New
York. to eliminate the processing taxes from cattle and cotton under
May 19 1934
the Farm Adjustment Act were defeated after Representative Marvin
Jones, Democrat, of Texas, told the House:
"The processing fee is not involved in this bill, which may make a processing tax on cattle unnecessary. If a processing tax is levied on cattle it
will be small."
In testifying before the Appropriations Committee, Chester C, Davis,
Farm Adjustment Administrator, said 168,873,000 would be needed to
administer the Bankhead Cotton Act for the coming season.
President Roosevelt Hopes for Congressional Adjournment by June 9—Now Places Five Bills in "Must"
Classification.
President Roosevelt hopes that Congress will be able to
complete its legislative program in time to enable it to
adjourn not later than June 9,it was reported from Washington May 16. With that end in mind, the President is said
to have reduced his "must" list of bills to be passed to five
measures, in addition to the Stock Exchange control bill
which has already passed both House and Senate and is now
in conference. The bills which the President was described
as considering absolutely necessary before Congress adjourns
are:
1. The Emergency Appropriation Bill, providing $1,322.000,000 for relief
purgoses.
2. Extension of the temporary guaranty of bank deposits for another
year.
3. The Dill-Rayburn Communications Bill, passed by the Senate this week.
4. The Glass-Barkley Loans-to-Industry Bill.
5. The Reciprocity Trading Tariff BM, passed by the House and now
being considered by the Senate.
We quote from a Washington dispatch May 16 to the
New York "Times" regarding the Administration program
before Congressional adjournment:
Beyond this list. the President was said to have mentioned three other
measures as "highly desirable" but not necessarily "must."
These were the "Home Renovising" Bill, now' pending before committees
the Ickes Oil Bill, also already introduced, and the Commodity r.xchange
regulation measure, which has been reported to the House to await its
place on the program.
House leaders intimated that they would hold these measures in readiness
to be called up for action should an opportunity arise. The one understanding was that these should not interfere with adjournment.
Silver Legislation is Up.
The prospect of silver legislation being added either to the "must" or
"desirable" list was heightened as a result of the conference this afternoon
between Senate silverites and President Roosevelt.
Senate leaders withheld any conclusive forecast of adjournment pending
a few days' experience with the tariff bill. The conceded this to be the,
most controversial measure yet to be acted upon in that body.
Neither list, as brought away from the White House by the House
members, contained provisions for labor legislation. Every indication was
to the effect that all labor proposals were to be foregone for this session and
submitted to detailed study during the long recess between June and the
meeting of the new Congress on Jan. 3 1935.
Mr. Byrns said that President Roosevelt would probably send a message
to Congress within a few days dealing with the whole subject of social
legislation, suggesting, among other things, that a joint Congressional
committee study the questions of labor relations, unemployment insurance
and old age pensions.
...tomcod
Loans by HOLC—Refinancing to Be Barred Where
Owner Can Meet His Obligations.
A statement by the Washington headquarters of the
Home Owners' Loan Corporation (it was stated in the
New York "Sun" of May 12) declared that thousands of
cases have arisen in which the debtors were well able to
keep up their present contract payments, or could refinance
if necessary through private sources, but made application
in the hope of securing the benefits of long-term amortization
and the low interest rate provided in Federal emergency
financing. From the "Sun" we quote further as follows:
k Applications of this character are rejected.
Reads the statement:
le "In many cases, deliberate default in payment of interest or principal,
through which the home owners sought to lead the creditors Unto action
that would create the appearance of impending foreclosure, have come to
the attention of offices of the corporation. Mortgage holders have even
pressed their debtors for the obvious purpose of causing distress and
eventually obtaining corporation bonds in lieu of their mortgages. Instances
of attempted collusion between mortgagor and mortgagee have come to
light.
"To eliminate such abuses and to expedite the work of relieving genuinely
distressed home owners. Section 2 of the amended Home Loan Act lays
down rigid provisions restricting the type of mortgages which the corporation may refinance.
"This section, in part, reads as follows.
"'No home mortgage or other obligation or lien shall be acquired by
the Corporation under subsection (d), and no cash advance shall be made
under subsection (f) unless the applicant was in involuntary default on
June 13 1933 with respect to the indebtedness on his real estate and issuable
to carry on or refund his present mortgage indebtedness.'
"Under this amendment leaders can accomplish nothing toward liquidating their liens by exchange for Home Owners' Loan Corporation bonds
through unduly pressing their mortgagors. In turn, it will now be disastrous to their credit standing for home owners, who are not in difficulty,
to discontinue payments and present an appearance of distress in order
to get a 5% long-term mortgage. The applicant must have been in involuntary default on June 13 1933 unless he can clearly show that subsequent default was due to lack of work or other conditions beyond his
control.
"The Government refuses to take over the financing of home mortgages for those who neglect or repudiate their just debts when they are
able to pay them,' commented John H. Fahey, Chairman of the Home
Loan Bank Board.
Volume 138
Financial Chronicle
"It also refuses to co-operate with lenders whose only motive is to
liquidate mortgages that are actually sound. The new definition in the
Jaw will greatly speed the machinery of the Corporation in its attempt
to complete the refinancing of some 500,000 to 600,000 distressed urban
home mortgages which the Act was intended to cover. It will enable
the field offices to concentrate directly on the exa-rination and clearance
of legitimate cases. It will permit us to eliminate "chiselers" at the start.'
"For the purpose of alleviating the hardships of depositors, mortgages
held by banks In liquidation are exempted from this section of the Act.
A comparatively small proportion of the mortgages being refinanced by
the Corporation are affected by this exception."
Conversion of Bonds of HOLC—Statement by Board.
Misunderstanding and confusion which has arisen from
an announcement on May 7 relative to conversion of the
outstanding 4% bonds of the Home Owners' Loan Corporation prompted the issuance on May 10 of the following
statement by the Corporation:
The Home Owners' Loan Act of 1933 as amended on April 27 1934, authorized the corporation to extend the right to holders of the corporation'.
4% bonds, which are guaranteed by the United States as to interest onlys
to convert the same during a period of6 months, up to and Including Oct. 27
1934, for an elual face amount of the new series A 3% bonds, guaranteed as
to both principal and interest.
The wording of the recent amendment to the Act in this regard is permissive rather than mandatory. Under the terms of the original act as
passed a year ago, the board has authority to call the 4% bonds on giving
30 days' notice previous to any interest date. The nett interest date is
July 1 1934. It has, therefore, been necessary for the Board to pass a
resolution covering the holders' rights to conversion. The resolution takes
into account the fact that the privilege of such exchange would automatically cease prior to Oct. 27 in case the 4% bonds are called for redemption
as of July 1.
Should the bonds be called for redemption as of that date. public notices
ofsuch redemption must be made not later than May 311934.
The Board has so far made no decision as to whether the outstanding
4% bonds will be called for payment on July 1. It takes this opportunity
to advise holders of such bonds that the conversion privilege is not necessarily available for the entire six months cited in the Act. It may terminate
as of June 30 1934.
If before May 31 the board does not give public notice calling the bonds
for payment on July
then the holders of such bonds will have the right
of conversion for the new 3% bonds, guaranteed as to both principal and
interest. until Oct. 27 1934.
The action of President Roosevelt in signing on April 27
the bill guaranteeing principal as well as interest on bonds
of the HOLC was noted in our issue of April 28, page 2846,
and the text of the Act appeared in these columns May 12,
page 3162. The proposed conversion of the bonds was
referred to on page 3018 of our May 5 issue.
Jersey Court Rules HOLC Bonds Good as Cash—
Orders Mortgagee to Accept Issue for Payments.
Newark, N. J., ad vices May 8 to the New York "Times"
reported that Vice-Chancellor M. L. Berry ruled on that
day that trustees of the Fidelity Union Title and Mortgage
Guaranty Co. must accept bonds of the Home Owners'
Loan Corporation from mortgagors in payment of principal
or interest. It is stated that the court remarked that
HOLC bonds were "as good as cash," and that recently
he had accepted them in payment on a mortgage and had
disposed of them at 100 9-16% of their face value.
Governor Black of Federal Reserve Board Says United
States Is Back on Gold Reserve Basis in Less Than
Year.
In the Washington "Evening Star" of May 4 it was
stated that a broad hint by Eugene R. Black, Governor of
the Federal Reserve Board, that the administration's abandonment of the gold standard was of a temporary nature was
given at the annual banquet of the Chamber of Commerce
of the United States at the Washington Auditorium on
May 3. In part the item also said:
In his speech, Black said "there is no man in this room who believes more
In the gold standard as a base for international operations than I believe.'
He recalled that the country was off the yellow metal base for 18 years
:
after the Civil War.
Cites Gold Reserve Basis.
"America," he said, "went off the gold standard in April, and within
less than a year the gold content of the dollar was fixed, gold reserves were
fixed back of the dollar so that to-night America is back on a gold reserve
basis in less than a year. and yet we're impatient about it.
"America was not driven off the gold standard; America left it voluntarily. At the time she left it she had $4,000,000.000 in gold. She left it as
a part of a large recovery program, . . . to prevent the flight of capital
and primarily to raise the price of agricultural commodities and raw
materials."
President Roosevelt to Send Message to Congress
Regarding Silver Legislation—Bill "Permitting"
Executive to Add Silver to Monetary Reserve and to
Nationalize White Metal Ready for Introduction—
Proposal to Accept Silver Payments for War Debts
Reported Abandoned.
President Roosevelt is expected to send a message to
Congress within the nextfew days regarding silver legislation.
This action appeared assured on May 16 when silver proponents in the Senate conferred with the President at the
White House, and later said they were willing to accept
3371
the suggestions he had made for the introduction of legislation which would state that it is the policy of this Congress
to favor the nationalization of silver, but not making mandatory any action by the President at this time. The proposed
bill, which members of the Senate bloc were reported prepared to introduce immediately after the receipt of the
President's message, contains the three following principal
provisions:
1. A declaration by Congress that it is its policy to establish a metallic
reserve consisting of 75% gold and 25% silver.
2. Discretionary authority for the President to buy silver in world
markets until the 25 to 75 ratio has been attained or until the price of the
metal reaches $1.29 an ounce.
3. Discretionary authority for the President to nationalize all domestic
stocks of silver which would be taken over at a price of 50 cents an ounce.
A tax of 50% on speculative pralts on silver will probably be carried in
the bill.
The purpose of the tax,it is stated, would be to discourage
speculation so that the Government could pursue its purchase
program without wide price fluctuations.
In its Washington advices May 16 the New York "Herald
Tribune" stated that the eventual carrying out of such a
program as was laid down on that day would mean the
enlargement of the present supply of government silver by
1,700,000,000 ounces. In part the account added:
Since the legislation would provide that the acquired silver be either
coined or used for the issuance of silver certificates, a theoretical expansion
of the country's money supply by roughly 32,200,000,000 would be possible
at the present statutory value for silver of $1.29 an ounce.
The present price of world silver is around 44% cents an ounce. The
quotation would have to be almost tripled to halt a Treasury purchase
program under one of the alternatives provided in the bill. Although no
huge program is believed to be in the Treasury's immediate calculations,
informed quarters would not be surprised if some silver purchases over
and above the present plan of buying newly mined domestic silver should
be made in the ne ct few months. Although disappointed with the results
of the gold devaluation policy, there has been nothing to indicate that the
President has decided to eschew all monetary devices as a means of raising
the commodity price level. With that price level now long stationary and
commodity and stock markets uncertain, further action has seemed to be
in the cards.
The program provided in the contemplated legislation would not interfere with the present Treasury practice of buying domestic newly mined
silver at 64% ce Its an ounce. Profits made by selling American mined
silver to the Treasury would be exempt also from the tax provided in the bill.
On May 14 it was proposed hisilver advocates in Congress
to add another plan to their manifold program by reviving
authority for the Treasury to accept payments on the war
debts in silver. In reporting this, a Washington despatch
May 14th, the New York "Times" added:
Senator Thomas of Oklahoma, whose amendment to the Agricultural
Adjustment Act carried the first authorization for such payments in silver,
stated that he would offer a new section to the impending silver bill which
would apply to the installments due June 15
$11.359,592 in Silver So Far,
The first authorization permitting the war debtor nations tn make payments in silver at 50 cents an ounce was contained in the Thomas Inflation
amendment to the Farm Relief bill approved May 12. last year, which
extended the privilege for six months.
On June 15. Great Britain made a token payment of $10.000,000 in that
form, and smaller payments by Italy, Czezhoslovakia, Finaind, Rumania
and Latvia brought the total to 511.359,592.
The six months during which silver was acceptable expired November 12,
and the few token payments made in December were either in currency
or United States Government bonds, which the debtors were able to buy
at a discount.
Later advices from Washington May 15 are taken as
follows from the same paper:
Upon reconsideration of the matter to-day, silver advocates in Congress
decided to drop the idea of attaching a war-debt payment plan to anybill
for remonetization of the metal.
The decision was reached at a conference of silverites this morning,
during which they convinced themselves that they had better keep prospective silver legislation as simple as possible in order to avoid additional
resistance either from the White House or from groups in Congress.
Informed Senators believe that President Roosevelt prefers to handle
the debt matter alone when he sends the projected debt message to Congress.
Moreover, the silver Senators came to the conclusion that specific mention of war debts would not be necessary if a bill including a silver purchase
plan could be enacted. If their ideas of legislation should prevail with the
President, silver would be made acceptable as money and hence could be
collected on the debt installments without specific authorization.
Senators expressed opposition, too, to accepting silver at a fixed price
which undoubtedly would be above the world price at the time the debt
payments become due in June.
Those attending the informal conference to-day included Senators Ring,
Borah, McCarran, Smith and Shipstead. A subcommittee, including
Senators Borah, Thomas of Oklahoma, King and Wheeler, was designated
to-day to meet again to-morrow and to hold itself in readiness for a prospective interview with President Roosevelt
A Washington dispatch May 16 to the New York "Times"
reported the results of the White House conference on that
date in part as follows:
Nine Senators were closeted with the President for an hour and a half
to-day. Their deliberations were secret, but following the conference
Senator Borah, who stalked out of a Senatorial conference a week ago in
protest against a permissive bill, appeared pleased with the r esults of the
conference.
Those who attended the meeting besides Mr. Borah were Senators
King, Pittman, Wheeler, Thomas of Oklahoma, Shipstead, McCansn.
Smith and Adams.
Afterward the White House announced that within a day or two the
President expected to send his message to Congress. It will relate to the
Financial Chronicle
3372
metallic base behind the currency, both gold and silver, and is expected
to review the steps taken heretbfore to reach an agreement.
The message also will make specific recommendation as to the meat
steps the Administration will propose for an improved monetary system.
Silver Senators Optimistic.
While Senator Borah was more optimistic than at any previous time,
he declined to say complete agreement had been reached. . . .
The bill to effectuate the compromise is being drafted by Herman
Oliphant, gen ral counsel of the Treasury, and will be sent to the Senate
for introduction within a few days. Its place in the legislative calendar
has not been decided.
Labor Legislation Believed Uncertain of Passage at
Present Session of Congress—Many Drastic Features of Wagner Bill Modified-30-hour Week Bill
and Unemployment Insurance Measure Also Likely
to Die.
Despite the fact that the Wagner Labor Board Bill has
been revised so that it is now approved "in principle" by
President Roosevelt, Washington newspaper advices this
week stated that the measure is unlikely to be adopted during
the current session of Congress unless the President himself
exerts pressure to speed its passage. The bill is being considered by the Senate Committee on Education and Labor
in executive sessions. Among the revisions made in the
measure are modifications of provisions which had been
criticized by employers as being discriminatory and one-sided.
It was reported from Washington on May 15 and again
on the following day that the President would not include
labor bills in his classification of "must legislation" which
he desired acted upon during the present session of Congress
and that therefore it appeared probable that Congress would
adjourn without voting upon these measures, which include
the Wagner bill, the unemployment insurance bill, and the
bill, sponsored by Representative Connery and supported
by the American Federation of Labor, which would establish
a six-hour day and a five-day week in industry throughout
the country. The backers of this last bill have sought to
force House consideration by circulating a petition which
would automatically bring it on the floor, but late in the week
still had far less than the 145 signatures necessary for that
purpose.
A Washington dispatch May 12 to the New York "Times"
listed the principal changes which have been made in the
Wagner bill as follows:
The original bill's ban on establishing company unions, a point of controversy, has been stricken out. Instead, employers are prohibited from
dominating the unions and from continuing to support them financially
once they have been initiated.
Now it is reported that a compromise has been reached on the "majority"
provision of the bill. This section would have followed the precedent
of the National Labor Board in having the spokesman for the majority
make collective bargaining agreements covering all the workers in a plant
or subdivision of a plant.
Some committee members held that this provision was contrary to the
Principle of proportional representation set up under the President's automobile agreement, which states that each group shall be represented at
wage conferences by a number of delegates proportional to its strength In
a company.
The compromise is said to have reserved to the minority the right to
petition for redress of its grievances while reserving to the majority the
right to make agreements for its group.
Even the title of the bill has been changed. As the "Labor Disputes
Act" the measure was criticized by employers as emphasizing strife, as
lining up employer against employee. The new title is the "National
Labor Act."
Objection to the Preamble.
Employers still object to the preamble, although it has been considerably
modified. They also object to some of the unfair labor practices as smacking
of the closed union shop.
The preamble, or declaration of policy, states:
"Under prevailing economic conditions, developed with the aid of
governmental authority, owners of property are organized in the corporate
and other forms of ownership and trade associations, and the individual
unorganized worker, or the worker whose concerted activites are not free
from the dominance and control of his employer, is commonly helpless
to exercise actual liberty of contract and to protect his freedom of labor
and thereby to obtain acceptable terms and conditions of employment
and preserve a decent standard of living, with consequent detriment to the
general welfare and the free flow of commerce.
"Inadequate recognition of the right of employees to bargain collectively
and freely through representatives of their own choosing has forced them
to attempt to preserve their standards of living by strikes and similar
manifestations of economic strife, thus obstructing commerce and imperiling the general welfare.
"It is hereby declared to be the policy of Congress to remove unnecessary obstructions to the free flow of commerce, to encourage the establishment of uniform labor standards and to provide for the general welfare,
by establishing agencies for the possible settlment of labor disputes and
of association,
by protecting the exercise by the worker of full freedom
own choosing,
self-organization, and designation of representatives of his
of his employment
for the purpose of negotiating the terms and conditions
or their mutual aid or protection."
"Unfair Practices" Specified.
"unfair" labor practice:
Section 5 of the bill states that it shall be an
interference, influence or coercion
"1. For an employer to attempt by
to form or join labor orright
the
of
to impair the exercise by employees
activities for the purpose of colganizations and to engage In concerted
protection;
lective bargaining or their mutual aid or
interference, influence, or coercion,
"2. For employers to attempt, by
of the right to join or form employee
to impair the exercise by employes
May 19 1934
organizations and to designate representatives of their own choosing for
the purpose of collective bargaining;
"3. For an employer to interfere with or dominate the administration
of any labor organization or contribute financial support to it;
"4. For an employer, by discrimination in regard to the hire or tenure
of employment or any term or condition of employment, or by contract or
agreement, to encourage or discourage membership in any labor organization, provided, that nothing in this Act, or in the National Industrial
Recovery Act, or in any code or agreement provided thereunder, or in
any other statute of the United States, shall preclude any employer from
making an agreement with a labor organization (not established, maintained or controlled by any unfair labor practice) to require as a condition of employment membership in such labor organization, if the agreement is made by representatives of a majority of the employees covered by
it when made."
Setting forth the powers of the Board, the bill says:
"The Board is empowered, as hereinafter provided, to prevent any
person from engaging in any unfair labor practice listed in Section 3 that
burdens or affects commerce or obstructs the free flow of commerce, or
has led or tends to lead to a labor dispute that might burden or affect commerce or obstruct the free flow of commerce."
Approval by President Roosevelt of Findings of Tariff
Commission Recommending Reduction in Sugar
Duty.
As was noted in our issue of May 12, page 3201, President
Roosevelt made known on May 9 the signing of a proclamation, based on the recommendations of the Tariff Commission
reducing the rate of duty on sugar. The Commission likewise issued an announcement May 9 to the effect that the
President had approved the Commission findings with respect to sugar, and had reduced the rate on 96 degree raw
sugar from Cuba to 1.5 cents per pound, and on sugar
from other countries to 1.875 cents per pound. Rates on
other degrees are changed in proportion. The new duties
become effective June 8. The President at the same time,
as we reported in our item on page 3201, signed the JonesCostigan Sugar Bill which makes sugar a basic commodity
under control of the Agricultural Adjustment Administration
and subject to a processing tax "not greater than" the reductions in the tariff rates.
The Tariff Commission's announcement May 9 regarding
its findings on sugar, said in part:
Sugar, under the Tariff Act of 1930, paragraph. 501, is dutiable at 23
cents per pound for 96 degree raw sugar full duty, and 2 cents per pound
for Cuban.
The action reducing those rates is based on a comparison of the costs
of production of cane and beet sugar in continental United States and of
cane sugar in Hawaii with the costs of production of cane sugar in Cuba,
the principal competing country. This means a reduction in the rate on
Cuban sugar, testing not over 75 degrees, from 1.37 to 1.0275 cents per
pound, and in the differential for each additional sugar degree from 0.03
to 0.0225 cent per pound. The rate on 96 degree sugar from Cuba will
thus be reduced from 2.0 to 1.5 cents per pound. Since the United States
Imports of Cuban sugar are entitled (under the Cuban Convention of 1902)
to a reduction of 20% from the general rate on sugar, the general or world
rate under this proclamation will be 25% higher than those specified above
on Cuban sugar.
The findings of the Commission, with respect to refined sugar, state
that the differences in cost of production between that produced in the
United States and that produced in Cuba,during the cost period 1929-1931,
do not warrant any change in the relationship in the duty on refined (100
degree) sugar to the duty on raw sugar prescribed in the Act of 1930 and
that, consequently, any reduction in the duty on raw sugar should be
accompanied by the same percentage reduction in the rate on refined sugar.
The rate on 100 degree sugar imported from Cuba, therefore, by the proclamation, is reduced from 2.12 to 1.59 cents per pound.
May Consider Copeland Food and Drug Bill
Before Adjournment—Senate Places Measure on
Calendar.
Senator Copeland hopes to obtain Congressional action
at this session on his food, drugs and cosmetics bill, he said
on May 16, after the measure had been placed on the Senate
calendar. The Senate agreed to consider the bill, however,
by a margin of only two votes, indicating that it may encounter considerable opposition at a later date. The vote to
consider the bill was 26 to 24. A Washington dispatch of
May 16 to the New York "Journal of Commerce," discussing
the likelihood of Senate passage of the Copeland measure,
said in part:
Congress
Whether the Copeland bill will be permitted to come before the Senate
again after the tariff bill has been passed, has not been decided by the
leadership but indications are that if any of the so-called "must" legislation
is ready at that time, action on the drug bill will go over until next session.
The significance attached to the vote of the Senate in finally agreeing to
consider the measure, Senator Copeland said, is that "either the bill is
understood by the Senate or the Senate thinks it understands it."
He said that the propaganda against food and drug legislation has been
directed against the first draft of the measure and not the present bill which
Is the result of four reviosions of the first bill, and long hearings and numerous conferences with interests to be affected.
Senator Copeland frankly admitted that there was much opposition to
the legislation but asserted that "there are at least 25 reasons why this bill
should be enacted into law." He exhibited several illustrations from the
"chamber of horrors" of the Department of Agriculture in support of his
arguments.
The Copeland Pure Food and Drugs Bill, changed in many
respects from provisions of the more radical "Tugwell Bill,"
was favorably reported by the Senate Commerce Committee March 15. The bill was designed to regulate the adver-
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Financial Chronicle
tising and sale of food, drugs and cosmetics, and it gives
broad powers to the Secretary of Agriculture to control the
three industries in the interest of public health, but limits
many of the powers originally proposed. President Roosevelt had failed to endorse the so-called Tugwell bill, but after
a conference at the White House Feb.8 with Assistant Secretary of Agriculture Tugwell and Senator Copeland, it was
said he approved the principles of the revised Copeland bill.
Among the important revisions was one which relieved newspapers and publishers from liability for statements made by
their advertisers. Mr. Tugwell's original draft of legislation controlling this industry was sent to Congress last
spring. Senator Copeland said March 15 that his bill
"will wipe out the unworthy, hole-in-the-wall manufacturers who have been sniping at the trade of the original interests." He added that protracted hearings which the Senate
Commerce Committee held before reporting the bill resulted
in "a sane and sensible workable measure which will not
embarrass legitimate manufacturers."
President Roosevelt Does Not Believe Liquor Taxes
Will Be Cut—Unlimited Importation of Alcoholic
Beverages Authorized from July 1 to Aug. 31.
President Roosevelt is reported as regarding it unlikely
that Congress will reduce liquor taxes during its current session, and, it is stated, he does not believe it would be legal to
lower the tariff on liquor imports at this time, according to
newspaper advices from Washington, May 2. Both plans had
been suggested by Joseph H. Choate Jr., Federal Alcohol Control Administrator, as methods of reducing retail liquor
prices and eliminating bootlegging. Twelve members of the
House of Representatives on April 30 asked the President
either to abolish the FACA or to reorganize it, contending
that it interfered with the liquor business. In the Senate,
on May 2, Senator Borah attacked the manner in which the
liquor industry was being operated since the repeal of the
Eighteenth Amendment, and said that conditions in many
places were worse than before prohibition.
The FACA on April 29 received a notice from Secretary of
Agriculture Wallace and Secretary of the Treasury Morgenthau authorizing the unlimited importation of alcohol beverages from July 1 to Aug. 31. A previous authorization for the
period March 10 to June 30 had been issued in the hope of
reducing liquor prices through an increase in imports. The
text of the agreement of April 29 was as follows:
Pursuant to the provisions of Article III of the marketing agreement and
license for the importers of alcoholic beverages, we determine that, for the
period from July 1 to Aug. 31 1934, the amount of alcoholic beverages to be
permitted to be imported into the United States from any country shall be
without limit. (Signed) 11. A. Wallace, Secretary of Agriculture; H. Morgenthau Jr., Secretary of the Treasury.
President Roosevelt Says Nation's Press Is Freer
than Ever in History—Views Contined in Letter
Read at Journalistic Banquet.
President Roosevelt, in a letter read at the 25th annual
journalism banquet, held at Columbia, Mo., on May 11, said
that the country's press "is freer than it ever has been in our
history." There has been no attempt, he added, in Washington, "to 'gag' newspaper men or stifle editorial comments.
There will be no such attempt." The letter, which was read
by Frank L. Martin, Dean of the University of Missouri
School of Journalism, was as follows:
Please voice to the Missouri newspapermen and delegates of the National
Editorial Association, gathered for your annual journalism week banquet, my
sincere regret that because of duties in Washington I cannot be with you
to-night. I understand that at your table to-night are assembled some of the
foremost representatives of the relatively small but extremely influential
newspapers of the country.
To these representatives please express my appreciation of their effective
support of the national recovery program. Recovery cannot be achieved
entirely by proposals from Washington. There must be co-operation from all
our citizens, those in the cities, the smaller towns and the rural areas.
American editors have performed a notable service by presenting the facts
of the recovery program to their readers, and they have been of immense
help to us in Washington in reflecting the conditions and views of their
own communities.
Neither the millions and millions of people constituting the reading public,
nor the hundreds of individuals representing the overwhelming majority of
newspaper publishers can in any way be concerned with or wrought up over
the silly and wholly unjustified conversation on the part of a small minority
who suggest that the freedom of the press has been either destroyed or assailed.
Freedom of the press means freedom of expression, both in news columns
and editorial columns. Judging by both these columns in papers in every
part of the country, this freedom is freer than it ever has been in our history.
There has been no attempt in Washington to "gag" newspaper men or
stifle editorial comment. There will be no such attempt.
On the basis of personal experiences with newspaper publishers and newspaper workers—and they have been many—I believe the publishers, with few
exceptions, agree with me in all that I have said on the subject of freedom
of the press, and that they, in the great majority, have the Interests of their
employees close to their hearts.
3373
Glass Bill Providing Loans by Federal Government
to Industry Opposed by Directors of Merchants
Association of New York—Hold Credit May Be
Obtained Through Established Channels.
L. K. Comstock, President of the Merchants' Association of
New York, announced on May 14 that the directors of the
Association had unanimously gone on record as opposed to
direct loans by the Government to industry as proposed in
the Glass bill now pending before Congress, and other measures having similar purposes. The Glass bill, which embodies
an agreement arrived at in the conference between President
Roosevelt, Governor Black of the Federal Reserve Bank, and
Senator Glass, is part of the program for the enactment of
which, it is understood, the President intends to press at the
present session.
Action in opposition was taken by the Association after the
Glass bill had been studied by its Committee on Banking and
Currency, of which Percy H.Johnston,President of the Chemical Bank & Trust Co., is Chairman. Most of the members
of the Committee are familiar with the credit situation existing to-day, and they took the view that enterprises entitled
to credit can obtain it through established channels. The
views of the Association were set forth in the following report, the substance of which was sent yesterday to the Senate
leaders:
Your .Committee is unanimously of the opinion that the need for such
assistance from the Government as is proposed is theoretical rather than
actual. Sufficient investigation to demonstrate clearly the need of such aid
has not been made by Government officials. On the contrary, more evidence
has been produced to indicate that industrial and commercial enterprises
entitled to credit can secure it through established financial institutions than
has been produced to indicate that such enterprises are deprived of due
credit. In any event, it is most unwise for the Federal Government to undertake the supply of credit for the well-recognized reason that any agency
furnishing capital to industrial and commercial enterprises is always subject to heavy losses, and if the Government undertakes the supply of such
credit the ultimate result probably will be further heavy losses to the taxpayers.
Ever since the measure under consideration was agreed upon at the con
ference with the President, there have been strong indications of a general
financial easement which tend to confirm the opinion of your Committee
that businesses worthy of credit can secure it through the usual channels
open to such enterprises.
Federal Government Urged to Permit Private Investors
to Assume Rightful Place as Suppliers of Funds for
Industry—Hugh Knowlton of Kuhn, Loeb & Co.
Calls for Removal of Impediments in Securities
Act and Pending Stock Exchange Measure.
An adequate amendment of the Securities Act, and a tempering of the.Stock Exchange bill was urged by Hugh Knowlton, partner in Kuhn, Loeb & Co., in addressing the annual
meeting of the New York State Society of Certified Public
Accountants at the Waldorf-Astoria, in New York, on May 14.
Mr. Knowlton pointed out that "the business of financing
corporate enterprise in this country through the investment
market fell almost to the vanishing point after the enactment
of the Securities Act." Citing "the actual results of the Securities Act, which became effective on July 27 of last year,"
Mr. Knowlton said:
The yearly average of offerings to the public of the securities of domestic
corporations, from the beginning of 1919 to the beginning of 1932, was
$4,360,000,000. In this period there were good years and bad. It included
the depression of 1921 and 1922, the recovery period' thereafter leading up
to the boom, and the years immediately following the crash. In the first
seven months of 1933, a period which included the bank mortaorium and
the dark days preceding it, the amount of such public offerings was $313,266,000, a staggeringly small figure in relation to normal, but as the effects
of the renewed confidence of the late spring became felt, one would have
supposed that in the natural course of events the amount of new financing
would have shown a marked increase. What actually happened? In the
last five months of 1933 the figure fell off to $66,584,000.
The figures of the first quarter of 1934, said Mr. Knowlton,
are no more reassuring, amounting only to $49,000,000. Incidentally, he said,"it may be interesting to note that although
the volume of recorded business done by investment bankers
In this country decreased over 90% in the past four years.
the number of their employees has decreased but 38%, and
the wages of their employees have decreased on an average
of only 15%. This would appar to me to indicate that the
investment bankers as a class have maintained the burden
of high overheads, not for the pleasure of starving themselves, but in the hope that they can soon resume active business." From his personal knowledge, Mr. Knowlton declared,
"there is much sound capital financing which should be done
now," and in calling attention to the several measures for
the placing of Government funds at the disposal of industry
in the form of capital loans of up to five years' maturity, he
added, "the long list of present applications for such loans
in Washington bears ample testimony to the pressing need of
Industry in this connection." In part, Mr. Knowlton con •
tinned:
3374
Financial Chronicle
There is constant pressure on the commercial banks to supply this financing, and in many instances the commercial hanks have done so. There is
grave danger in this, as we all know, both from the standpoint of the commercial bank, whose loans should be current and self-liquidating, and from
the standpoint of the borrower, who should not put himself in the precarious
position of financing this long-term requirements by means of short-term loans.
We have seen, in spite of an investment demand, in spite of industry's
sound and legitimate need of financing, and in spite of the availability of
the investment banker to do his share in bringing the two together, that the
quantity of new corporate financing through the private investment market
has nevertheless fallen off to an alarming extent since the enactment of the
Securities Act. The impressiveness of this decline is borne out by the contrasting experience of the London market, the volume of whose corporate
issues in 1933 was off only 22% from the volume in the active year of 1928.
/
2%.
The comparable decline of corporate financing in our market was 941
It is equally significant that the quality of our new financing, from the
corponew
Investment standpoint, has likewise suffered. Two-thirds of the
rate financing in this country last year took the form of common stock
issues, the bulk of which was for the liquor and allied industries, with a
large part of the remainder in the stocks of new ventures such as gold mines
and other speculative enterprises.
In the past, in this country a strong investment market, coupled with the
flow of new funds into seasoned enterprises, has been a necessary concomitant
to business recovery. Such operations, under the Securities Act, have been
conspicuous by their absence.
This leads me to what I regard as the most important part of what I have
to say, and that is the real significance of this stagnation in the capital
markets and the inability of industry to obtain its capital requirements in
the normal way.
Upon whom has the burden of this suspended animation been falling? The
answer is simple. It has been falling upon our Government. According to
the President's last budget message and subsequent legislation, the Government and instrumentalities guaranteed by it will, from the date of the
organization of the Reconstruction Finance Corporation, on Feb. 2 1932, to
June 30 1935, have made extraordinary expenditures to the prodigious amount
of $16,837,000,000. By extraordinary expenditures I mean those falling outside the cost of running the Government machine.
Let us analyze these extraordinary expenditures of nearly $17,000,000,000.
Between six and seven billions represent amounts spent for purposes upon
which private investment capital would not normally embark, such as relief
of distress and unemployment, conservation and improvement of Government.
owned natural resources, and public works.
/
4 billion will have been spent, not for purely governThe balance of 101
mental purposes upon which private capital would not normally embark,
but for purposes coming within the field of private capital. I refer to loans
to banks, railroads, mortgage companies, farmers, home owners, loans by the
PWA for private undertakings, loans for power development, Sze
If by the end of the next Government fiscal year, namely, June 30 1935,
the indicated extraordinary expenditures have materialized, we will have increased our Government debt, including obligations unconditionally guaran/
2 billion
teed by the Government, to nearly $36,000,000,000, which is 91
greater than the war-time high and is over 220% of the amount of our debt
in the middle of 1930.
That the service of this increase in debt will involve great deficits is
undoubted. . . .
The President has expressed the hope that by June 30 of next year conditions will be such that the trend of Government deficits con be reversed
and that from that time on our Government may have a balanced budget.
Well may we hope so, and well may we all join in prayer to that end. For
if that end is not to be achieved—if not at that exact time, at least not long
thereafter—further inflation will be upon us.
Therefore, why may it not be argued that the more of the Government's
loans to business which are of sound investment calibre—and therefore do
not represent a drain on the national exchequer—the better? From the
standpoint of the Government credit, yes. But the course of Government as
an investor in business, in competition with the private investment market,
Is an evil by itself which goes to the very fundamentals of our economic and
political life.
Commenting on the fact that "we have heard much of regimentation, managed economy, and the like, Mr. Knowlton
observed:
We have heard quite recently many of the advocates of the New Deal protest when it has been intimated that the results of the present course of
Government were perhaps as revolutionary as evolutionary. Be that as it
may, one thing is true, and that is that public funds cannot indefinitely
replace private capital in business without causing an evolution of our
entire economic system which will in fact be revolution. . . .
My remedy is for the Government at the earliest moment to make it possible
for the private investors of the United States to assume their rightful place
as the suppliers of the capital funds needed by the industry of the United
States. . . .
All this can be accomplished simply by an adequate amendment of the
Securities Act and a tempering of the Stock Exchange bill—in other words,
by a removal of the actual and threatened legislative impediments. . . .
The investment banking profession stands ready to perform its invaluable
task of raising from the private investment market of this country the
funds that industry must have to carry on. Some weeks ago our very able
Secretary of Agriculture, Mr. Wallace, wrote an article on another subjent
entitled "America Must Choose." The burden of my remarks to-night might
well be entitled "The Government Must Choose."
What is the choice? It rests between two roads. One leads to the continuing participation of Government in business, resulting in either an intolerable burden on Government credit with financial consequences beside which
our recent experiences will pale into insignificance, or a usurpation by Government of the reins of business against which the American people will
eventually protest in no uncertain terms. The other road leada to recovery
along the natural route through the resumed flow of private investment capital into business. The choice rests in Washington—not at some later day—
but now.
Federal Trade Commission to Scrutinize Radio
Advertising.
Radio advertising is to be subjected to the scrutiny of the
Federal Trade Commission, according to an announcement
made by that Commission on .May 16. In its announcement
the Commission said:
May 19 1934
This announcement means simply that the Federal Government will
extend to radio advertising the same principle that for many years has been
applied to newspaper, periodical, and other forms of advertising, under
Section 5 of the Federal Trade Commission Act, which gives the Commission jurisdiction over unfair methods of competition in Inter-State commerce. This the courts have uniformly held to embrace false and misleading advertising. The Federal Trade Commission has handled thousands
of such cases.
Anticipating a fine spirit of co-operation from the radio industry, as
already manifested by some of the leading e:ecutives. the Commission is
approaching the radio field in a spirit of friendly co-operation. Consequently, instead of adopting a plan of monitoring broadcasting programs.
the Commission is asking for copies of advertising announcements to be
furnished by the networks and broadcasting stations. Pursuant to that
plan, the Commission has addressed letters to the broadcasting stations
requesting them, beginning July 1 next, to mall weekly copy of commercial
continuities, which will be checked to determine whether or not any of
them are in violation of the Federal Trade Commission Act.
Copy of the letter Is as follows:
"Gentlemen:
"This Commission has directed that hereafter more attention shall be
given to the subject of commercial representations by radio broadcast.
This is in response to a general demand that the same rules for advertising
be observed in radio broadcasts as those enforced by the Commission with
respect to periodical advertising.
"It is anticipated that the radio industry will display the same cooperative spirit as the publishing industry has, to the end that unfair,
false and misleading advertising shall be eliminated from Inter-State
commerce.
"Commencing July I 1934, and until further notice, you are resnectfully
requested to procure copies of all commercial continuities (other than network programs and electrical transcriptions) issued through your facilities,
and forward these, with dates of broadcasts and addresses of advertisers,
to the Special Board of Investigation. Federal Trade Commission, Washington, D. C.
"For convenience these may be mailed once a week, to be flied and
reviewed by the Board.
"Government franks are enclosed for your use in transmitting such
copies. Additional franks will be supplied as needed.
'Your co-operation will be appreciated by the Commission.
"Yours sincerely,
"FEDERAL TRADE COMMISSION.
"OTIS B. JOHNSON, Secretary."
Whenever statements occur in commercial announcements which appear
to be false and misleading, or otherwise constitute an unfair method of
competition in commerce, notices will be sent both to the advertiser and
the radio station broadcasting the advertising, with the view of effecting
a stipulation under which the advertiser and the broadcaster agree to cease
and desist from the practices complained of. Execution of such a stipulation would end the case. However,should such compliance not be effected,
the case would then proceed through a public hearing, with argument before
the Commission, decision by the Commission, and perhaps appeal to the
courts.
Exchange of Services at Basis of Economic System,
According to George E. Roberts of National City
Bank—Economist Tells Taylor Society "Normal
Equilibrium" Must Be Maintained to Have Prosperity.
The key to an understanding of the economic system and
"all its disorders" is recognition of the fact that all business
consists of an exchange of services, George E. Roberts,
Economic Adviser of the National City Bank of New York,
said on May 11 in an address before the Taylor Society in
New York City. Interference with markets, he said, results
in the accumulation of surpluses, decreased prices and lower
purchasing power. Mr. Roberts declared that in order to
have prosperity "a normal equilibrium in economic relations"
must be maintained. His address, in part, follows:
The key to an understanding of the economic system and all of its
disorders is in recognition of the fact that in the last analysis all business
consists of an exchange of services. The purchasing power of every group
In the economic system Is in the products or services which it has for sale.
Society in its progress from primitive times has developed a very highly
organized, highly specialized system for supplying Its wants. One of the
important factors in this system is the banking system. The great bulk
of these exchanges is accomplished through the banks and their system
of clearings. The principal currency of the company is bank checks. A
continuous stream of these checks is passing through over 400 clearing
houses over the country or an average of about 10 to a State. These checks
offset and cancel each other to within 5 to 10% of the total and less than
that over an average of weeks or months. Lawful money to-day is only
the small change of the business world. Money as currency is not original
purchasing power. The only real purchasing power in the markets consists
of the goods and services that are moving in trade.
Now with this emphasis upon the fact that all business consists of an
exchange of products and services, how easy it is to understand that all
of this variety of products and services which is coming to the markets
dally must be offered with some regularity, in due proportions and in
accustomed price relations, in order that the markets may be readily
cleared and the products move into consumption. If the markets are not
cleared, surpluses will pile up. prices will fall, the purchasing power of
one or more groups of producers will be diminished, trade will decline,
unemployment will result and all of the conditions of the last four years
will appear.
All of the disorders and abuses of the economic system, including apparent
over-production, under-consumption, abnormally low prices and wages
and unemployment, are results of unbalanced relations. Nobody wants
to sell at abnormally low prices or work for abnormally low wages, or will
do it if he can help himself, but when consumption falls off and trade
slackens there are always business men who are compelled by their necessities to move goods even at a loss, and when there is not enough work
to go around there always are workmen whose necessities compel them to
accept any wages they can get.
Much is said of the pressure of debt when prices are falling, but that
is only an extension of the disorder to another relationship. The trend
of prices would be quickly reversed if normal relations in trade were restored.
To alter the value of the money or try to adapt the value of money to such
price fluctuations introduces a new uncertainty, aggravates the disorder
and multiplies the ill effects.
The lesson of all this is that there is a normal equilibrium in economic
relations which must be maintained in order to have prosperity. When
that equilibrium exists, with all branches of industry in balanced relations,
with every worker employed, production at capacity and all the products
Volume 138
Financial Chronicle
moving into consumption, the system is at its maximum; all is being gotten
out of It that it can give at the existing stage of development, and the
exchanges are handled in the most economical manner conceivable.
U. S. Supreme Court Sustains Injunction Restraining
Gov. Langer of North Dakota from Enforcing
State's Grain Embargo Act Pending Final Decision
•
as to Validity of Statute.
On May 7 the United States Supreme Court upheld an injunction restraining Governor William Langer and other
State officials from enforcing the North Dakota Grain Embargo Act pending final decision as to its validity. On May 1
the same court refused to pass on the validity of the North
Dakota Grain Embargo Act and proclamations issued under
it by Governor William Langer, and indicated the State's
appeal against a Federal Court injunction would be dismissed. On that date (May 1), Associated Press advices from
Washington stated:
It (the Supreme Courtl confined the argument of counsel, in the appeal
brought by Governor Langer and other State officials, to the question of
whether a three-Judge Federal District Court had abused its discretion in
issuing the injunction suspending the embargo until the validity of the
statute could be decided.
Peter 0. Sathre appeared as counsel for the State and declared that the
real question was the validity of the Embargo Act and the Governor's proclamation and State law. He was prepared to argue it if permitted by the
court.
Chief Justice Hughes, Justice Van Deventer and other members of the
court stated the appeal which had been taken from the injunction order precluded a consideration of the constitutionality of the embargo statute, and
restricted the court to a decision as to whether the constitutionality of the
Embargo Act was so clear the three-Judge court had abused its discretion in
granting the injunction.
When the embargo statute was enacted by the North Dakota Legislature and
Governor Langer issued his proclamation under it, the Grandin Farmers' Cooperative Elevator Co. and 31 other elevator and warehouse companies challenged its validity, claiming it constituted illegal restraint on inter-State
commerce. Its enforcement was enjoined until its validity could be decided.
Mr. Sathre insisted the intention of the Embargo Act and the proclamations
was to control the movement of grain in North Dakota before it entered interState commerce, and that North Dakota was not attempting to control it
after it got into inter-State commerce. He emphasized the importance of
the legislation as an emergency measure made necessary by the low price of
grain, and insisted the State officials were warranted in his judgment in
attacking the injunction as the means of hastening a final decision by the
high court on the validity of the law.
Chief Justice Hughes suggested the injunction had been issued months ago,
and that the State should have pushed the trial of the case involving the constitutionality of the Embargo Act.
Mr. Sathre failed to convince the court that the injunction was an abuse
of discretion, and the court indicated that it had found no ground for reviewing the action of the three-Judge court in granting the injunction, and that
the appeal of the State would be dismissed, probably Monday [May 71.
The court's conclusions, May 7, are noted above. In our
Issue of Jan. 20 1934 (page 439), we referred to the decision,
Jan. 15, of the United States District Court at Fargo, N. D.,
declaring void the embargo proclaimed on Oct. 16 (effective
Oct. 19) on shipments of wheat from North Dakota—the court
at the same time holding to be without force or effect the
law under which the embargo was imposed. The decision was
handed down by Judges John B. Sanborn, Andrew Miller and
Matthew W.Joyce. Reference to Governor Langer's embargo
was made in these columns, Oct. 21, page 2878, and in our
issue of Dec. 9, page 4080, it was noted that on Dec. 6 the
Governor lifted the embargo for a 10-day period.
Six Anti-Crime Bills Go to White House as Congress
Approves Conference Report.
Six anti-crime bills, designed to aid in eliminating bandit
gangs and to prevent kidnapings, were sent to the White
House on May 15 as the Senate approved the conference
report which was accepted by the House on May 14. Details of the measures were given in our issue of May 12,
pages 3199-3200. The bills make it a Federal offense under
the inter-State commerce clause of the Constitution to
transport a kidnaped person from one State to another; to
extort money by means of any message; to kill or assault
a Federal officer; to transport stolen goods from one State
to another: to rob Federal banks, or to assist in the escape
of prisoners from a Federal prison. Heavy penalties are
Imposed for all these offenses.
A Washington dispatch May 15 to the New York "Times"
added the following regarding this legislation:
The bill permitting Federal action in kidnaping cases gives the Government the power to intervene after seven days on the assumption that if
the person kidnaped has not been returned, he has been carried across a
State line. The original Senate bill provided for only a three-day limit
and Senator Robinson, Democratic floor leader, objected to any extension of time.
Senator Asnurst, Chairman of the Senate Judiciary Committee,explained,
however, that House conferees were adamant and that it had been neccasang
to accede to the seven-day clause if the bill was to become law.
The Justice Department to-day intensified its activities to obtain a
Federal army with which it intends to "crack down" on crime under the
new powers. Attorney-General Cummings, it is understood, expects to
get the 270 men he requested to build up an American police force without
uniforms but capable of getting its "man."
3375
The Justice Department believes that armed with the new laws the
business becomes one solely of catching the offenders and breaking up
the gangs.
The bill to prohibit a person from fleeing from one State to another to
avoid prosecution was not reported out of committee because of objections
to a clause by which witnesses who flee from one State to another to avoid
testifying are also declared to be rebels against the Federal Government.
Federal Government's Suit Against Members of New
York Clearing House Association in Case of Harriman Bank Default to Be Tried May 21—Rumors
That Some Banks Might Make Cash Settlement
Unconfirmed.
The suit brought by the Comptroller of the Currency
against the 20 member banks of the New York City Clearing
House Association has been placed on the calendar of the
New York Supreme Court for May 21 and will probably be
tried that week. Meanwhile newspaper reports that some
of the banks were preparing to effect a cash settlement with
the 11,000 depositors in the closed Harriman Bank & Trust
Co., and thus avert the suit, remained unconfirmed late this
week. The New York "Herald Tribune" of May 12, commenting on these rumors, said that efforts to make a cash
settlement still lack any concrete agreement, and added,
in part:
The Clearing House Association, it was said, plans to meet and vote on
individual settlements before the trial date, although no meeting has been
called yet, but the government will hold out for 100% payment to depositors, contending that as a member of the association the Harriman
bank's accounts were guaranteed.
Alfred A. Cook, counsel for plaintiff, refused yesterday to comment on
published reports that individual banks were considering early payment of
their shares in full. Mr. Cook said he had no idea as to where the report
originated.
Bankers in the financial district expressed ignorance of the reported payment plan, but it was said that seven of the banks refusing to settle before
court trial are Bankers Trust Co.. Bank of Manhattan Co.. Chemical Bank
Is Trust Co., Fifth Avenue Bank, First National Bank, Guaranty Trust
Co. and National City Bank.
This group, with one exception, was reported to have balked at arbitration plans several months ago, when that method of settlement was
being considered.
New York State Senate Judiciary Committee Concludes
Inquiry into Relations Between Senator W. F.
Thayer and Associated Gas & Electric Co.—
Senate Will Vote on Charges Next Month.
The Judiciary Committee of the New York State Senate
on May 15 concluded its investigations into the relations of
State Senator Warren T. Thayer with the Associated Gas &
Electric Co. when he was Chairman of the Senate Committee
on Public Service. Hearings were begun by the Committee
on May 8 and a number of witnesses, including Senator
Thayer himself, testified regarding allegations that his
influence in the Senate had been used improperly in either
promoting legislation favored by the company or in derea ing
legislation to which it was opposed. Senator Thayer denied
that he had at any time used his office other than in a
manner entirely consistent with his duties as a legislator.
The ease will now go before the full State Senate for a
final decision as to whether Senator Thayer is to retain his
seat. It was reported from Albany this week that Governor
Lehman may call an extraordinary session of the Senate
to consider the evidence about June 11 or 12. Charges
against Senator Thayer, and his reply thereto, were noted
in our issues of April 7(page 2345), April 14 (pages 2513-14)
and April 28 (page 2852).
Trial of Joseph W.Harriman and Albert M. Austin.
Joseph W. Harriman, former President of the closed
Harriman National Bank & Trust Co., and Albert M.
Austin, former Executive Vice-President of the bank, went
on trial May 14 before Judge John C. Knox in United
States District Court in New York City. A jury was selected
on the first day of the trial. The two former bank officials
are accused of manipulating the bank's accounts, misapplying funds, and abstracting and converting to Mr.
Harriman's use 15,000 shares of stock of the Standard Oil
Co. of New Jersey. The Government charges that irregular
withdrawal entries total $1,661,170.
The court proceedings on May 15 were devoted to opening
addresses to the jury by Jacob J. Rosenblum, Federal
prosecutor; George S. Leisure, Chief Counsel for Mr.
Harriman; Thomas J. Kerwin, Mr. Austin's counsel, and
testimony by two Government witnesses. The principal
witness on May 16 was Louis Klein, formerly bookkeeper of
the bond department in the bank, who described methods
allegedly used to deceive Federal bank examiners about the
institution's condition. The New York "Times" of May 17
summarized this testimony, in part, as follows:
When the bank examiners came to the bank in December 1931, and
again in April 1932, Mr. Klein testified, he made out bookkeeping slips
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Financial Chronicle
which concealed the fact that the bank funds were being sunk to an increasing amount in the bank's own stock.
The bond department of the bank was holding more than $300,000 of
its stock when the first of these bank examinations started, and the amount
had risen to more than $1,500,000 when the examiners made their next
visit four months later, according to Mr. Klein's testimony, despite the
Federal banking laws which prohibit a National bank from dealing in its
own stock.
Mr. Klein said these bank stocks were kept by the bond department
In a red envelope entitled "Harriman Securities Corp. Suspense Account,"
but that the securities corporation never paid any interest to the bank on
the money put into the suspense account in its name.
How Account Was "Cleaned Out."
He said he "cleaned out" this account before the bank examiners got to
it, each time by issuing charge tickets from the bond department reporting
the purchase of all the accumulated Harriman Bank stock by a sufficient
number of depositors. When the examiners departed, he testified, he issued
another set of tickets from the bond department, crediting the same depositors with the amounts which had been charged to them during the
period of examination.
He admitted the Harriman Securities Corp. was never notified of the
supposed sales, nor were the depositors who were charged with the supposed
purchases. The stock never moved out of the red envelope of the suspense
account, he said.
Throughout his description of the falsification of the bank records,
however, Mr. Klein insisted that he did not know they were false until
the Federal Bank Examiners made another visit in June 1932, and uncovered the whole situation.
Mr. Klein said all he could recall was that he had been directed by
his immediate superiors to make the entries in this way.
President Roosevelt Asks American Law Institute to
Study Criminal Code and Suggest Modifications
to Modernize It—,Chief Justice Hughes Pleads for
Stricter Law Enforcement.
Revision of the code of criminal law, in order to clarify
and at the same time strengthen its effectiveness, was
recommended by President Roosevelt May 10 in a message
to the American Law Institute which was meeting in
Washington. Chief Justice Hughes appeared before the
Institute May 10 and also advocated co-operation to insure
better law enforcement. President Roosevelt in his message
said that the "adaptation of our criminal law and its administration to meet the needs of a modern complex civilization is one of our major problems." He added that the
Institute is in a position to make "important contributions"
to the solution of this problem. The President's suggestions
were made as follows:
It affords me a great deal of pleasure to send this word of greeting to
the members of the American Law Institute upon the occasion of your
twelfth annual meeting.
In 1923 you undertook a great public service: namely, the restatement
of the American common law. For 11 years you have been engaged upon
this important undertaking and your labors have been fruitful indeed.
With the generous co-operation of one of our leading public foundations you have performed and are performing your task in such manner
as to merit and to secure public and professional confidence.
The success which has attended your efforts has been due in large measure
to the fact that you have succeeded in uniting, in the conduct of a great
public undertaking in the field of law, the expert knowledge of the legal
scholar and the practical wisdom of toe judge and practicing attorney.
Toe restatement of the law has not yet been completed. You have,
however, already published the results of your work on contracts and
agency. and I understand that the completion of other principal subjects
of the common law, such as trusts, conflict of laws, torts and property.
is in sight.
I wish, therefore, to take the liberty of suggesting that, while you continue to carry forward the clarification and simplification of what we
lawyers call tne private civil law, serious consideration should be given
to the question of whether you should not now begin an undertaking
of equal importance in the field of the substantive criminal law.
There is an urgent need for intelligent, painstaking and patriotic work
in this field. There is no organization better fitted for this great task
than the American Law Institute.
We all realize, of course, that the problems of our criminal law and
its administration cannot be solved by any one agency. Much of the
necessary work can be effectively done only by public commissions charged
with the duty of making special investigations and recommendations.
However, such an organization as yours is peculiarly well fitted for
the task of carrying on those intensive and scholarly investigations which
educate the public and furnish essential material and suggestions to public
commissions and legislative bodies.
I need not point out to you that the adaptation of our criminal law
and its administration to meet the needs of a modern, complex civilization is one of our major problems. I believe the American Law Institute
is in a position to make important contributions to the solution of this
perplexing problem.
Samuel Insull to Appear in Federal Court May 22—Case
in State Court is Continued Until June.
Samuel Insull, former utilities operator who is charged
with using the mails to defraud, appeared in Criminal Court
in Chicago on May 16, and after his attorney had challenged
the jurisdiction of the court, his case was continued until
June 1. Meanwhile Mr. Insull is to appear in the Federal
court in Chicago on May 22. The Federal case, in which
Mr. Insull also questions the court's jurisdiction, accuses
him and 17 other persons, of charges incident to the selling
of stock in the $153,000,000 Corporation Securities Co. A
reference to Mr. Insull's return to the United States, after
almost two years' residence abroad, appeared in our issue
of May 12, page 3210.
May 19 1934
President Roosevelt Accepts Resignation of W. L.
Thorp, Head of Bureau of Foreign and Domestic
Commerce, Appointing John Dickinson to Fill
Post Temporarily.
President Roosevelt on May 11 accepted the resignation
of Willard L. Thorp as Director of the Bureau of Foreign
and Domestic Commerce and at the same time issued an
Executive Order appointing John Dickinson to be temporary
Director of the Bureau. The President's withdrawal of
Dr. Thorp's nomination after the Senate Commerce Committee had voted against his confirmation was noted in our
issue of May 12, page 3204. Dr. Thorp's letter of resignation and the President's letter of acceptance read as follows:
My dear Mr. President:
In view of your message to Congress yesterday, I hereby offer my resignation as Director of the Bureau of Foreign and Domestic Commerce, to
become effective at your pleasure.
Faithfully yours,
WILLARD L. THORP.
My dear Mr. Thorp:
It is with real regret that I accept your resignation as tendered in your
note to me of May 10.
In accepting it I want to express to you my very sincere appreciation
for the loyal and conscientious work that you have been doing down here
for the past months. You have given freely of your time and your rare
talents, and in leaving I want you to know that we feel you have made a
real and substantial contribution to the great cause to which we have all
committed ourselves.
With all best wishes for your personal success,
Very sincerely yours.
FRANKLIN D. ROOSEVELT.
The Executive Order naming Mr. Dickinson to the post
vacated by Dr. Thorp reads as follows:
Under the authority vested in me by Section 179 of the Revised Statutes
(U. S. Code, Title 5, Section 6), I hereby authorize and direct John Dickinson, Assistant Secretary of Commerce, to perform the duties of the
Director of the Bureau of Foreign and Domestic Conimerce of the Department of Commerce in case of the resignation, absence, or sickness of the
Director of said bureau, until the sickness or absence of the said incumbent
shall cease, or in the event of resignation until a successor shall have been
appointed.
FRANKLIN D. ROOSEVELT.
T. K. Smith Resigns from Treasury Post.
Secretary of the Treasury Morgenthau announced yesterday (May 18) the resignation of Tom K. Smith, who has
served as his special assistant since Nov. 27. The resignation becomes effective to-day. Mr. Smith will return to
his former post as President of the Boatmen's National Bank
of St. Louis. Mr. Morgenthau in announcing Mr. Smith's
resignation said:
I am extremely sorry to have to lose the services of Tom X. Smith.
He has done a wonderful work in the Treasury Department at a crticial
and trying time. His help was so valuable that I persuaded him to stay
far beyond the period for which he originally consented to come.
He is leaving now only because he feels that it is urgently necessary
to give attention to his responsibilities in St. Louis.
Not only am I personally deeply grateful to him, but I feel that he
deserves public recognition of able services to the nation.
It is stated that Mr. Smith early this year was offered
and refused the post of Under-Secretary. It has since been
filled by Thomas Jefferson Coolidge of Boston.
Sales of New York Life Insurance Co.
During April 60% Above Year Ago.
The volume of new applications for insurance received
by the New York Life Insurance Co. in April amounted to
$57,788,000, an increase of 9% over the previous month
and 60% over April 1933, the company announced May 2.
Each of the first four months of 1934, it was said, has
registered a successively higher increase over the corresponding month in 1933. New business in April was better
than in any other month since January 1932. The number
of applications for insurance in April totaled 24,624, the
company said, adding that there were also 1,915 applications
for annuities.
Insurance
President Roosevelt Asks Congress to Enact Housing
Legislation Designed to Promote Flow of Private
Funds into New Construction—Bill Introduced
Would Provide $300,000,000 to Insure Repair,
Construction
Mortgages, &c.—Provides for
Creation of Two Federal Insurance Corporations.
President Roosevelt, in a special message to Congress
on May 14, asked for the enactment of legislation designed
to stimulate housing construction and renovation in the
United States, particularly in the field of residential building.
Immediately after the receipt of the message an Administration housing bill was introduced simultaneously by Senator
Fletcher and Representative Steagall, and was referred to
the Banking Committees of the Senate and House, of which
Mr. Fletcher and Mr. Steagall are the respective Chairman.
Senator Robinson of Arkansas said on May 14 that the new
bill would require at least three weeks for consideration,
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Financial Chronicle
while other Senate leaders predicted it would delay adjournment of Congress until late in June.
President Roosevelt in his message outlined a four-point
program which provides for Federal insurance of repair and
construction mortgages and certificates issued by building
and loan associations. Specifically, the program as embodied
in the bill introduced in Congress covers the following principal points:
1. It provides for Federal long-term loans at low interest rates, with
a maximum of $2,000 to any individual, for the modernization of all types
-of real property, with particular emphisis on residential building.
2. The Government would guarantee new mortgages on existing residences
up to "60% of currently appraised value," and guarantee mortgages on
newly constructed homes up to 80% of appraised value.
3. Mortgage associations would be privately organized, "under Federal
supervision," to furnish low-cost, long-term financing for home owners
or builders under certain safeguards.
4. The Federal Government would insure the shares and certificates
of "sound" building and loan associations, much in the same manner that
bank deposits are now insured.
The bill would establish a Federal Home Credit Insurance
Corporation to administer the legislation. This agency
would have an authorized capital of hot more than $200,000,000 to be furnished by the Treasury. The bill would also
set up the Federal Savings and Loan Insurance Corporation,
with a capital of $100,000,000, to insure the shares of
building and loan associations within certain limits.
The entire purpose of the legislation was said to be the hope
that it would stimulate the flow of private capital into
construction and modernization as a result of the Federal
guarantee of the necessary securities. The President, in
his message, said that many of the country's homes are
"in decadent condition and not fit for human habitation.
They need repairing and modernizing to bring them up to the
standard of the times. Many new homes are needed to
replace those not worth repairing. The protection of the
health and safety of the people demands that this renovizing
and building be done speedily. The Federal Government
should take the initiative immediately to co-operate with
private capital and industry in this real-property conservation. We must lay the groundwork for this effort before
Congress adjourns its present session." The full text of
the President's message is given elsewhere in this issue.
Frank C. Walker, Executive Director of the National
Emergency Council and one of the authors of the housing
legislation, issued a statement on May 14 in which he said
that the construction industry has been "the most severely
depressed" of all industries. Mr. Walker said that the
present annual rate of new construction is only about $3,000,000,000, as compared with a peak of $11,000,000,000.
Residential construction, he added, has decreased even more
sharply, and is currently running around $200,000,000
annually or only one-tenth of its peak rate.
President Roosevelt's Message to Congress Recommending
Legislation
to
Improve
Housing
Conditions,
in another item, we give details of President Roosevelt's
program for the improvement of housing conditions as outlined in a message addressed to Congress on May 14, recommending legislation to bring about the modernization of
homes. The President's message follows:
To the Congress:
May I draw your attention to some important suggestions for legislation
which should tend to improve conditions for those who live in houses, those
who repair and construct houses, and those who invest in houses?
Many of our homes are in decadent condition and not fit for human habitation. They need repairing and modernizing to bring them up to the standard
of the times. Many new homes now are needed to replace those not worth
repairing.
The protection of the health and safety of the people demands that this
renovizing and building be done speedily. The Federal Government should
take the initiative immediately to co-operate with private capital and industry in this real-property conservation. We must lay the groundwork for this
effort before Congress adjourns its present session.
The purpose of the program is two-fold: First, to return many of the
unemployed to useful and gainful occupation; second, to produce tangible,
useful wealth in a form for which there is great social and economic need.
The program consists of four major, interrelated divisions:
1. Modernization, repair and new construction;
2. Mortgage insurance;
3. Mortgage associations, and
4. Building and loan insurance.
The modernization phase of the program will furnish national guidance and
support for locally managed renovizing campaigns throughout the country
and protection for home owners against unwarranted cost advances. For
these purposes and to assure adequate financing at low cost and on moderate
terms of repayment, a new governmental agency is required.
Modernization of commercial and industrial structures is envisioned, as
well as residential, but the new features providing governmental assistance
are confined largely to home improvements.
Loans by Private Agencies.
Loans to individuals will be made by private agencies which will be insured by a governmental agency against loss up to a certain percentage of
3377
their advances. This insurance against loss on the rehabilitation loans will
be met by the Government and will be confined to advances of credit that meet
standards and conditions designed to protect both the home owners and the
co-operating agencies.
To make funds available for new home construction and to improve the
mortgage market, the second phase of the program is long-term mortgage
financing.
It provides mutual mortgage insurance under governmental direction to
enable private agencies to make first mortgage loans on newly-constructed
houses up to 80% of the appraised value of the property, and to make new
mortgages on existing homes up to 60% of the appraised value of the property.
The loans will usually carry not more than 5% interest and will be
amortized by periodic payments over 20 years.
Similar insurance arrangements are provided to help finance low-cost residential projects of the slum-replacement type.
PMili8i011 for Mortgage Associations.
The third phase provides for the incorporation of mortgage associations
under strict Federal supervision to increase the amount of mortgage funds
available in regions where interest rates are unduly high because sufficient
local funds are lacking. The activities of these associations will be limited
almost entirely to insured residential mortgages.
Insurance for share and certificate holders in building and loan associations, similar to the insurance provided for bank depositors, is the fourth
phase of the program. These institutions are custodians of the funds of small
savers, and it is essential they should be given every reasonable protection.
Insurance of this type is necessary in order to arrest any further drain on
these institutions and to put them in a position to resume their normal useful
functions.
I believe that the initiation of this broad and sound program will do much
to alleviate distress and to raise perceptibly the standards of good living for
many of our families throughout the land.
FRANKLIN D. ROOSEVELT.
The White House, May 14 1934.
Message of President Roosevelt Asking Congress to
Appropriate $1,322,000,000 for Relief Expenditures
Until July 1 1935—Indicates Desire for Balanced
Budget in 1936 Fiscal Year and Warns Against
Excess Appropriation.
President Roosevelt, in a special message to Congress on
May 15, asked for emergency appropriations of $1,322,000,000 for financing relief work in the fiscal year beginning
July 1 next. Of this amount he proposed to allocate $940,905,000 for general relief and public works. The President
reminded Congress of his desire to attain a balanced budget
in the fiscal year 1936, and said that an appropriation of
more than $1,322,000,000 would "make more difficult, if
not impossible," an actual balanced budget at that time
unless taxes were greatly increased. He said that his
present estimates "should be sufficient as a whole to take
care of the emergencies of relief and of orderly re-employment at least until the early part of the calendar year 1935."
If conditions have not materially improved by that time,
he added, the next Congress would be in session and able
to pass whatever legislation then proved necessary.
The President pointed out that actual expenditures of
the Federal Government since the delivery of his budget
message last January have proceeded at a slower rate than
then estimated, but he said that although the deficit for
the current fiscal year will be less than had been anticipated,
"appropriations are still in force and the amounts actually
to be expended during the following fiscal year will,therefore, be increased over and above my estimate for that
fiscal year." He called attention in this connection to the
fact that during the 1935 fiscal year there will be expended
on public works $1,500,000,000 out of appropriations already
made.
In his message the President several times stressed his
desire for a balanced budget in the 1936 fiscal year, and
quoted from his budget message of Jan. 3 1934 in which he
stated that the foundation of confidence is necessary to
recovery and that "the cornerstone of this foundation is
the good credit of the Government." In his January message the President had estimated that for the period ending
June 30 1935 the sum of $3,166,000,000 would be required
for additional emergency expenditures. He calculated that
of this amount $940,905,000 would remain after certain
detailed items were taken into consideration and after
$285,000,000 was voted for continuing the work of the
Civilian Conservation Corps. This is the fund he asked
Congress to make available for general relief and for the
Public Works Administration. The President asked Congress to give him "fairly broad powers" in appropriating
the money because no one could "determine the exact needs
under hard and fixed appropriation headings."
The complete text of the President's message to Congress
asking for an appropriation for recovery purposes follows:
To the Congress of the United States:
In my budget message to the Congress of Jan. 3 1934. I said to you:
"It is evident to me, as I am sure it is evident to you, that powerful
forces for recovery exist. It is by laying a foundation of confidence in
the present and faith in the future that the upturn which we have so far
seen will become cumulative. The cornerstone of this foundation is the
good credit of the Government.
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Financial Chronicle
"It is, therefore, not strange nor is it academic that this credit has a
profound effect upon the confidence so necessary to permit the new recovery
to develop into maturity.
"If we maintain the course I have outlined, we can confidently look
forward to cumulative beneficial forces represented by increased volume
of business, more general profit, greater employment, a diminution of
relief expenditures, larger governmental receipts and repayments and
greater human happiness."
The budget which I submitted to the Congress proposed expenditures
for the balance of this fiscal year and for the coming fiscal year, which
in the light of expected revenues, called for a definite deficiency on June 30
1935, but, at the same time, held out the hope that annual deficits would
terminate during the following fiscal Year.
It is true that actual expenditures since January have proceeded at
a slower rate than estimated; nevertheless, it must be borne in mind that,
even though the actual deficit for the year ending June 30 1934, will be
below my estimate, appropriations are still in force and the amounts
actually to be expended during the following fiscal year will therefore be
increased over and above my estimate for that fiscal year. In this connection it is relevant to point out that during the fiscal year 1935 it is
estimated that there will be actually expended on public works $1,500.
000,000 out of appropriations heretofore made.
In my budget message of Jan. 3 1934, it was pointed out that there
could be no abrupt termination of emergency expenditures for recovery
purposes, that the necessity for relief would continue, and that appropriations amounting to $3,166.000,000, in addition to the appropriations contained in the budget itself, would be requested for the two fiscal years
ending June 30 1935.
The present Congress has already made appropriations out of which in the
two fiscal years in question, it is estimated there will be expended the
following sums:
Relief
$950,000,000
Crop loans
$40.000,000
Farm mortgages
$40,000,000
Reconstruction Finance Corporation
500.000.000
Veterans' benefits
22,000.000
Army Air Corps
5,000,000
Flood control. Mississippi River, &c
29,000,000
Independent Offices Act
228.000,000
Miscellaneous supplemental estimates
30,000,000
Total
$1,844,000,000
This leaves a balance of $1.322,000,000 to be appropriated.
Out of this balance it is necessary first to take specific items to be appropriated for:
Federal Land Banks—
Subscription to paid-in capital
75,000,000
Reduction in interrest payments
7,950.000
Emergency Bank Act and gold transfer
3,000,000
Internal revenue service
10,000.000
Salaries, office of the Secretary of the Treasury
100,000
Secret Service
45,000
Total
96.095,000
This leaves $1,225,905,000 available for the following purposes: Civilian
Conservation Corps camps, Public Works and relief works, in addition to
amounts already appropriated, and including aid to the dairy and beefcattle Industries.
It Is estimated that the minimum requirements for the CC° will be
$285,000,000. and that the amount available, therefore, for Public Works
and relief will be $940,905,000. A very simple check-up of these figures
Shows that they total $3,166,000,000, to which reference was made in my
budget message of Jan. 3 1934.
It was my thought in January, and is my thought now that this sum
should be appropriated to me under fairly broad powers, because of the
fact that no one could then or can now determine the exact needs under
hard and fixed appropriation headings. In furtherance of this thought it
seems appropriate to provide that any savings which can be effected out of
certain appropriations made for emergency purposes shall be available for
emergency relief purposes.
In my judgment an appropriation in excess of the above amount would
make more difficult, it' not impossible, an actual balance of the budget
in the fiscal year 1936. unless greatly increased taxes are provided. The
present estimates should be sufficient, as a whole, to take care of the emergencies of relief and of orderly re-employment at least until the early part
of the calendar year 1935. If at that time conditions have not improved
as much as we to-day hope, the next Congress will be in session and will
have full opportunity to act.
FRANKLIN D. ROOSEVELT.
The While House, May 15 1934.
Senate Passes Glass-Barkley Bill, Making Available
$530,000,000 for Direct Loans to Industry—House
Expected to Amend Measure—Merchants Association of New York Expresses Opposition to Plan.
The Glass-Barkley bill, providing approixmately $530,000,000 for direct loans to industry by the Federal Reserve
banks and the Reconstruction Finance Corporation, was
approved by the Senate May 14 without a record vote and
was sent to the House of Representatives, where several
amendments are expected to be inserted before the measure
as a whole is voted upon. The Senate bill would make about
$280,000,000 available by the Federal Reserve banks and
$250,000,000 by the RFC. The share of the Federal Reserve banks would consist of about $140,000,000 in surplus
now on hand, together with funds from surplus already paid
into the Federal Deposit Insurance Corporation which would
be rebated by the Treasury out of the so-called "gold profits."
Other provisions of the measure were outlined as follows
in a Washington dispatch May 14 to the New York "Times":
Individual loans from both agencies would be limited to five years in
duration and advances from the RFC would be limited to $1,000,000 to
any one borrower.
Loans would be on adequate security and only to solvent concerns which
could not obtain credit in regular channels with which to maintain and
increase employment.
Poliiical Influence Is Forbidden.
Handlers of the bill in the Senate brought up the Administration's
reserve strength to run it through a gauntlet of amendments. The measure was amended in only one important particular. This was to make it
unlawful for members of Congress or other Federal, State, county or
May 19 1934
municipal officials or members of political party committees to exercise
political influence in the obtaining of the industrial loans through the RFC.
This amendment, proposed by Senator Black and supported by Senators
Byrnes, Norris, Ashurst and others, was sharply assailed by a group led
by Senator Barkley. Its consideration occupied most of to-day's long
session, which continued from 11 a. m. until after 5 p. m.
When the final vote came both sides agreed to a viva voce vote. The
result was an overwhelming chorus of "aye."
Pro.osals to open the RFC to a variety of public loans were voted
down. Among amendments rejected was the one offered Saturday by
Senator Johnson to permit the RFC to make 20-year construction loans
to public distributors of electricity that have contracts with the Government; a revised version of the Vandenberg-Copeland amendment, re-offered
by Senator Copeland, to empower the corporation to lend to receivers and
liquidating agents of closed banks on the "full" appraised value of the
assets of those banks; and a proposal, offered by Senator Walsh at the
instance of a Mayors' organization, to permit the RFC to lend to municipalities on tax anticipations.
The Johnson amendment for loans to publicly owned power distributors
was defeated by a tie vote.
On the first roll-call it was carried. 37 to 36, but Senator Stephens was
able to obtain a transfer of a pair with Senator Robinson of Indiana, who
was absent, and voted "no." As adoption of an amendment requires
an affirmative majority, the Johnson proposal was lost.
Later Senator Robinson of Indiana entered and made a motion to reconsider this vote. Senator Barkley moved immediately to table the
motion, thereby cutting off further debate. On a roll-call the motion to
table the Robinson reconsideration motion was defeated, 34 to 30, but
on another roll-call Senator Robinson's original motion was voted down.
32 to 30. and the rejection of the Johnson amendment stood.
The Vandenberg-Copeland amendment was rejected, 36 to 34. Its
form was changed from that in which it was defeated Saturday to make
the lending power "discretionary."
Increase of 19.3% in Number of Employees of Federal,
State and Local Governments from 1922 to 1932,
According to National Industrial Conference
Board—Population in Same Period Increased
13.6%.
The total number of employees of the Federal, State and
local governments increased from 2,618,000 in 1922 to
3,122,000 in 1932, or 19.3%, according to an analysis of the
National Industrial Conference Board, made public on
May 14. These figures, it is pointed out, do not include recipients of any form of relief. During the same period the total
population of the country increased 13.6%. The percentage
increase in Government employees was about 1% times as
great as the increase in population, says the Board, which
adds:
In 1932 there were 49.6 million persons available for gainful employment,
including the unemployed. In the same year there WRS enough work of
various types available to provide employment on a full-time basis for
34,131,000 persons. government employees, therefore, accounted for Pi%
of the full-time jobs available in 1932, or for one full-time job in 11.
In 1932 employees of the Federal government numbered 952,419, or 30.5%
of the total. This number includes 274,852 persons belonging to the Army,
Navy and the Marine Corps. The postal service gave employment to 369,866
persons, or 38 8% of all Federal employees. Civil service employees totaled
307,701, or 32.8% of the total.
In 1932 the State governments employed 251,813 persons; the county
governments, 136,990 persons, and the city governments, 591,505 persons,
excluding education. The number of school teachers and other city employees
classified under public education was 1,189,188.
Figures made public by the Board, allowing the number of
persons employed by New Deal agencies of the Federal Government, were given in our May 12 issue, page 3215.
Federal Government to Purchase 3,762,186 Acres of
Forests in the South and East at Cost of $1,853,560.
Secretary of War Dern announced on May 13 that purchases, approved by the National Forest Reservation
mmission,of which he is Chairman,of more than 3,000,000
acres will be made to expand the National forests in the
g'Outhern Appalachian area. In addition 762,186 acres in
§tates east of the Great Plains will be acquired. Mr. Dern
said that about 750,000 acred in 45 National forests and
17nits will be acquired by the Government, and with the
Appalachian purchases a total of $1,853,560.25 will be expended. Mr. Dern added that an allotment of $20,000 000
by President Roosevelt last summer from the Emergency
Conservation Work funds will finance the necessary purchases.
Ownership of the new units will "enable the United States Forest Service
and co-operating agencies o consolidate fire protection, combat excessive
erosion in many portions of the Tennessee drainage and put thousands of
acres of forests in better productive condition to sustain the economic
interests of the people," the Secretary of War said, adding:
"Rehabilitation of the new National forest areas is expected to hell}
reduce toe occurrence of disastrous floods that have resulted from the
removal of timber and the farming of steep mountain slopes, and to furnish
continuous and even streamflow for the benefit of hydro-electric development and municipal and community water supply.
"The new areas are largely mountainous and formerly were covered with
vast forests of mountain hardwood, usually mixed with pine and hemlock.
In some areas there are stands of spruce. A few small patches of virgin
timber remain.
"Industries that can be aided by the protection and development of
timber stands in the region include pulp and paper mills, wood-using factories of various kinds, rayon mills and other factories depending upon
the forest products."
Financial Chronicle
Volume 138
Salaries and Wages Paid by Federal, State and Local
• Governments in 1932 Amounted to $6,800,000,000,
Says National Industrial Conference Board—
Exceeds by 900 Million Total Income Produced
by Manufacturing Industry of Country.
Federal, State and local governments disbursed in 1932, in
the form of salaries, wages and interest, $6.8 billion, or about
$900 million more than the total income of $5.9 billion produced by all the manufacturing industry of the country, according to an analysis of official figures of the changes in the
production and distribution of the national income since 1929,
issued May 12 by the National Industrial Conference Board.
The Board's announcement states:
Government disbursements in 1932 were $340 million larger than in 1929,
while income produced by manufacturing in 1932 was $13.5 billion less than
in 1929.
The actual payments by Government to labor and capital employed by it
represents income produced by government. Income originating in the field
of Government activity is thus made up of the payments to employees plus
interest on governmental debt. Payments to employees increased from $4,984
million in 1929 to $5,277 million in 1932, and during the same period interest
payments on public debt rose from $1,472 million to $1,520 million.
In 1932 Government payments to employees and interest payments on the
public debt accounted for 17.3% of the total national income produced, as
compared with 7.8% in 1929. In 1932 income disbursed by Government
was larger than the total contribution to the national income produced made
by the manufacturing industries or by any other industrial group. In 1929,
the manufacturing industries accounted for 23.3% of the total national
Income produced, as compared with only 14.9% in 1932.
NATIONAL INCOME PRODUCED, INDUSTRIAL CLASSIFICATION.
1929 AND 1932.
(Amounts in Million Dollars.)
1929.
Industrial Ctassificatton.
Agriculture
mining
Electric light and power and gas
Manufacturing
Construction
Transportation
Communication
Trade
Finance
Service
Miscellaneous
Government
Total
1932.
Amount. Per Cent. Amount. Per Cent.
7,538
1,876
1,289
19,354
3,087
7,020
1,019
11,353
9,633
8,453
5,953
6.456
9.1
2.3
1.6
23.3
3.7
8.5
1.2
13.7
11.6
10.2
7.2
7.8
2,232
527
958
5,873
454
3,583
740
5.408
4,614
4,813
3.367
6,796
5.7
1.3
2.4
14.9
1.2
9.1
1.9
13.7
11.7
12.2
8.6
17.3
83.032
100.0
30.355
100.0
Federal Government Acts to Relieve Sufferers in Area
Wherein Drouth Threatens Nation's Grain Crop—
White House Statement.
Incident to the prolonged drouth, which has been threatening a portion of the country's wheat crop, and Which was
partially broken early this week by scattered rains in the MidWest, the Federal Government has acted to afford relief to
drouth sufferers. A statement issued at the White House, on
May 14, said that "new and present activities to meet needs
In the drouth area will be continued energetically and expanded as necessary." President Roosevelt's advisers told
him, however, that any "apprehension that there will be a
shortage of food" in the United States is "entirely unwarranted."
At the White House conference, on May 14, attended by
officials of the various agencies concerned with the problem,
a four-point program for relief in the affected area was outlined, calling, it is stated, for an estimated expenditure of
$50,000,000. In a dispatch from Washington to the New York
"Herald Tribune," in which this was indicated, it was also
stated, in part:
Harry Hopkins, Relief Administrator., announced grants of $450,000 to
three States for seed and expressed the belief they would save much livestock
on which the farm families depend for their livelihood. The grants went:
Wisconsin, $200,000; North Dakota, $200,000, and South Dakota, $50,000,
the last supplementing $150,000 already expended by that State from relief
funds previously allocated.
The program projected at the conference, which was attendee also by
Chester C. Davis, Agricultural Adjustment Administrator; W. I. Myers, Governor of the Farm Credit Administration, and Lawrence Westbrook, assistant
to Mr. Hopkins, calls for:
Purchase by the Government of cattle that farmers are unable to keep;
Relaxation of AAA crop control contracts;
Provision of stuck feed for drouth areas:
Distribution of seed for emergency forage crops to replace grain lost in the drouth.
The cattle purchases, it is believed. can be made when necessary to provide
funds for their owners out of money appropriated for the Agriculture Department for buying tubercular animals. The forage grass project, for which
Mr. Hopkins to-day made grants totaling $450,000 to these States, is conceded to be more or less a gamble, since continuation of the drouth will prevent growth of the grass.
In addition to the Government's direct efforts to relieve the situation, it
will ask the railroads to assist by reducing freight rates on shipments of
supplies and by facilitating their movement into the stricken areas.
Members of Congress Organize.
Meanwhile, members of Congress from the drouth areas organized to-day
Into a committee to work with Administration officials in expediting relief.
A committee of nine was designated to represent the group in such co-operative activities. It is headed by Representatives James H. Sinclair, Republican of North Dakota, and includes Representatives Guy M. Gillette, Democrat,
Iowa; Einar Hoidale, Democrat, Minnesota; Fred H. Hildebrandt, Democrat,
3379
South Dakota; Gerald J. Boileau, Republican, Wisconsin; Terry M. CarpenAyers,
ter, Democrat, Nebraska; James A. Meeks, Democrat, Illinois; Roy E.
Democrat, Montana, and Virginia E. Jenckes, Democrat, Indiana.
The White House statement of May 14, relative to the conference, follows:
The President to-day conferred with Harry Hopkins, Federal Emergency
Relief Administrator; Chester Davis, Agricultural Adjustment Administrator;
W. I. Myers, Governor of the Farm Credit Administration, and Lawrence
Westbrook, assistant to Mr. Hopkins, who presented a report on conditions
in the drouth areas of the country and measures being taken by the Government to meet the situation.
The President was told that any apprehension that there will be a shortage
carryof food in this country is, of course, entirely unwarranted. The wheat
over is more than twice normal. The supply of corn on hand is adequate
drouth.
to make up any probable deficiency on account of
The Committee agreed that new and present activities to meet needs in
the drouth area will be continued energetically and expanded as necessary.
These include the giving of direct relief to needy farmers and their families;
providing
the providing of stock feed until new pastures are available, and the
of seed for emergency forage crops.
numsubstantial
Mr. Hopkins reported that the FERA would purchase a
ber of cattle in the drouth areas, paying cash to the farmers for their cattle.
The FERA will have the beef canned and will use it in general relief work.
The AAA, Mr. Davis said, will relax its restrictions on farmers under contract so as to permit production of summer forage crops.
Work of the FERA in providing funds to deepen wells and sink new wells
will be continued in efforts to provide increased water supplies.
A request will be made to the railroads throughout the drouth areas to
co-operate in further reducing freight rates to permit the moving of cattle
out of the drouth area and to move feed in.
The Government agencies will continue to keep in close touch with the
situation here and in the field, and stand ready to take every necessary step.
The President indicated that in his judgment it will not be necessary to
ask the Congress for additional powers or grants to enable the emergency
agencies to cope with the situation.
A Washington dispatch, May 14, to the New York "Times"
described some of the relief plans discussed by Federal
officials, in part, as follows:
The AAA will so shape its cattle reduction program that farmers in areas
where there is a feed shortage may take advantage of the cattle reduction
made inevitable by the drouth. This would place such cattle raisers in a
position to receive the same treatment in benefit payments as those who
undertook to reduce their output voluntarily.
Farm officials are also discussing the possibility of'advancing benefit payments on next year's wheat reduction program in time for the funds to provide
relief from the suffering occasioned by drouth. The program heretofore
has called for the disbursement not earlier than next summer of benefit payments under next year's program.
A final benefit payment of six cents a bushel is due next fall to wheat
farmers who agreed to reduce their 1934 production. It is now planned to
have this final payment available by July. As in the case of the cattle
program, the sign-up of wheat producers in the spring wheat section has
been extended to May 16 by the AAA to permit farmers to capitalize on crop
destruction by the drouth. Officials reported to-day that large numbers were
taking advantage of the opportunity.
Secretary of Agriculture Wallace said, on May 9, that unless precipitation in normal amount is recorded in the wheat
areas shortly a sharp reduction in the total crop is probable.
He said the present drouth was almost unprecedented, since
subnormal rainfall in May is most unusual. On the following
day (May 10), Mr. Wallace said that because of a surplus of
260,000,000 bushels of wheat carried over from previous crops
there is no danger that the nation will experience a food
shortage. Mr. Wallace's remarks, on May 9, were reported
as follows in Associated Press Washington advices of that
date:
"So far this year, weather conditions are more serious than in 1930, when
similar weather prevailed," he added, likening the situation to the growing
season of 1894, the record low precipitation year in the history of the Weather
Bureau.
The Secretary said any estimate of damage to this year's crops should be
obtained from the monthly crop bulletins to be issued to-morrow. Earlier, at
the White House, Mr. Wallace had been understood by an Associated Press
reporter to say that in his opinion the crop this year might be as low as
450,000,000 bushels. The Secretary later said he had not meant to estimate
the total yield.
Mr. Wallace said he believed it was one of the primary functions of the
Farm Administration to meet such conditions as the present with necessary
adjustments, but that the chances for a wheat shortage in this country were
about "one in 20," in view of the prospective carryover of 270,000,000 bushels,
more than twice the normal figure.
Cash Farm Income Increased 39c", During First Year
'of AAA-12% of Increase Due to Benefit and
Rental Payments.
During the first year of the Agricultural Adjuement
Act, which ended May 12, cash income of American agriculture increased 39%, it was said in an announcement
issued by the Agricultural Adjustment Administration.
The announcement, issued under date of May 13, indicated
that farmers have signed more than 2,860,000 contracts
to restrict acreages under production control plans which
provide benefit payments. In addition, approximately
800,000 farmers are benefiting from marketing agreements
which have been put into effect during the year. It was
further stated in the announcement:
The total farm cash income during the 12-month period was 39% larger
than the cash income for the preceding 12 months. The estimated farm
Income, exclusive of the value of products used on the farm for the period
which terminated May 1 1933, was $3,979,000,000. In the 12-month
3380
Financial Chronicle
period terminating May 1 of this year, the cash income is estimated at
more than $5,530,000,000. The increase is more than $1.500,000,000.
Of this increase in agricultural income, rental and benefit payments
accounted for more than 12%. The payments totaled in excess of $185,380.000. The distribution of this total among growers of the various
crops on which payments are made was as follows: Cotton. $112,515,866:
wheat,$67,617,486;tobacco, $5,206,778: corn, 315,536, and hogs, $24,844.
For cotton and tobacco the payments include those made under the 1933
and 1934 programs. On the others the payments were made on the
1934 program only.
These increases in farm income are in addition to the added returns
to income that farmers received through increased prices resulting from
programs to adjust production to effective demand in these basic commodities.
Initial steps towards adjustment programs now are being taken for other
products recently added to the list of basic farm products by amendments
to the Act. Conferences have been held on a program for the adjustment
of the beef-cattle industry. A program for the adjustment of the domestic
sugar industry also is contemplated with a view to supporting the market
and adding $30,000,000 to the income of sugar growers.
In addition to the programs for basic commodities, 22 marketing agreements for special crops such as fruits, vegetables, nuts, gum turpentine
and rosin are in effect. The Administration has in prospect 56 other
agreements to cover 68 commodities. While some of these agreements
have been put in effect too recently to show resulting additions to farm
income, added returns to farmers from those first established are evident.
Increases in returns to growers of California cling peaches, Tokey grapes,
walnuts, olives. Northwest deciduous fruits, citrus fruits, peanuts and
asparagus resulting from such agreements are estimated at more than
$35,000,000. Additional benefits from informal agreements on canning
vegetables exceed $2,500,000.
The 19 milk licenses now in effect provide for minimum prices to producers of 15% of the fluid milk and cream consumed by the non-farm
Population of the country. Codes for fair competition affecting agricultural products have been signed and others are in prospect.
Price-supporting operations through surplus removal programs were
also carried on. The North Pacific Emergency Export Association has
sold for export approidmately 25,000.000 bushels of surplus wheat grown
in ,the Pacific Northwest. Approximately $35,000,000 have been expended in the emergency pig-buying campaign to support the hog market.
Large quantities of surplus agricultural products also have been removed
from commercial channels by the Secretary of Agriculture and distributed
to the needy and underfed of the country. Generally, funds for the
purchase of basic agricultural commodities have been provided by funds
from the AAA, and all costs of processing and distribution have been
paid by the Federal Surplus Relief Corporation. Commodities purchased by the Secretary have been donated to the relief corporation for
distribution. When funds were not available to the AAA, the Federal
Emergency Relief Administration has provided funds for the purchase
of various items. This joint program has resulted in the removal from
commercial channels of approximately 240,000.000 pounds of pork and
Pork products; 100,000,000 pounds of flour and 8,000,000 bushels of wheat
for feed; 50,000,000 pounds of butter; 6,000.000 pounds of cheese; 18,000,000 pounds of canned beef, and quantities of such other items as
oranges, beans, apples, syrup, cereal foods, corn, oats and barley. The
expenditures, including the $35,000,000 spent in the emergency hog campaign, totals approximately $90,000,000, of which about $50,000,000 has
been paid from AAA funds.
Of the total commitment of $250,000,000 available through the Commodity Credit Corporation for loans of 10 cents per pound on cotton,
about $80,000,000 have been disbursed. Nearly $90,000,000 has been
disbursed on corn loans at 45 cents per bushel, out of a total commitment
of$150,000,000 made available for this purpose through the CCC. Cribbed
earn corn under seal represents a loan value totaling in excess of $120,000,000.
Definite progress has been made toward "parity" for farm prices, which
is the objective of the Act. A year ago the ratio of prices the farmer
received to the prices he paid was 52. It now has advanced to 62. Thus,
nearly 20% of the disparity has been removed during the year. Parity
will have been attained when the ratio is 100. The ratio figures apply
to the general level of farm prices. The basic commodities to which
production control programs were applied made a much closer approach
to parity than did the general price level.
On the domestically consumed portions of the wheat, cotton and tobacco
crop, parity has practically been attained.
While more than 2,860,000 contracts have been signed by farmers to
restrict production of wheat, cotton, tobacco, and corn and hogs, that
figure does not completely express the extent of co-operation on the part
of the farmers, since sign-ups for the campaigns have not yet been completed.
In addition to the programs for basic commodities, marketing agreements and licenses are including a large number of farmers within the
benefits of the Act. It is estimated that 80,000 dairy farmers supply
the markets in which the 19 milk licenses are enforcing minimum prices.
The marketing agreement which covers the rice industry benefits 10,800
grower's. The 22 agreements covering special crops are increasing prices
and stabilizing marketing conditions for more than 740.000 growers.
Under contracts signed so far nearly 36,000,000 acres of land are being
removed from production of cotton, wheat, tobacco and corn. The
seed demand indicates that much of this acreage is being used to grow
soil-improving crops and grasses that will retard erosion. In the South,
some of the land withdrawn from cotton production is being used to supply
local deficiencies in crops for home use under provisions of the contracts.
Secretary of Agriculture Wallace Urges Amendments
Clarifying Marketing Agreements Under AAA—
Flour Milling Industry Opposes Extension of
Control—"Dictatorship" Is Charged.
Secretary of Agriculture Wallace, testifying on May 8 before the Senate Agriculture Committee, urged favorable
action on a number of proposed amendments to the Agricultural Adjustment Act, which he said would "do away with
ambiguities in the Act" and would make specific the powers
originally given the Agricultural Adjustment Administration
by implication. Mr. Wallace was also reported to have told
Committee members privately that marketing agreements
and attempts. at their enforcement might as well be abandoned if the amendments to the AAA were not adopted. A
representative of the flour milling industry, who also ap-
May 19 1934
peared before the Committee, said that Mr. Wallace was
actually requesting "a broad extension of the licensing power
of the Act so as to enable the Secretary of Agriculture, if he
should so desire, to control or dictate the conduct of practically every phase of business operation of a large portion of
the industries of the United States."
We quote below, in part, from a Washington dispatch,
May 8, to the New York "Times," summarizing the testimony
before the Committee:
Marketing agreements under the AAA are the agricultural equivalent of
the NRA codes of fair competition for industry. Their importance to the
Administration's program of farm recovery may be seen from the fact that
President Roosevelt has been importuned by high Administration officials
to appeal to members of the Committee to insure their continuance by favorably reporting the amendments proposed.
"If these proposed amendments are not adopted," Mr. Wallace told the
Committee, "the chances for effective relief for a great many of our farmers under the provisions of the AAA may be in grave jeopardy because of serious delays in enforcement."
Broader Licensing Urged.
Most important to the food manufacturing and distributing industry of the
proposed amendments is one that would remove present limitations upon the
imposition of licenses so as to "eliminate unfair practices or charges that at
present tend to prevent the effectuation of" the purposes of the Act.
It also is proposed to strike out the words "not in conflict with existing
Acts of Congress or regulations pursuant thereto," as applied to purposes to
which the licensing power might be put.
In substitution of the present provisions, it is suggested that Secretary
Wallace be empowered to prohibit processors and distributors from handling
any agricultural or competing commodity without a license, and to issue
licenses "upon such terms and conditions as the Secretary of Agriculture may
deem necessary to effectuate the declared policy of this Act."
The amendments would also leave no doubt as to the right of the Secretary
to prescribe quotas on the production of particular commodities and their
marketing where two-thirds of the producers agree, and to ix the price of the
marketable portion of such crops.
Ralph Field, Vice-President of the trade association for the
feed manufacturing industry, told the Committee on May 9
that the proposed amendments would enable Secretary Wallace to establish a "dictatorship" over American agriculture
and to control two-thirds of business enterprise. Samuel Fraser, testifying on behalf of the International Apple Association, also opposed the amendments to the AAA and urged that
a hands-off policy be adopted. He added that the best method
of assisting agriculture would be to enlarge export markets
through tariff agreements and reductions.
Referring to the wide powers which would be conferred
upon the Secretary of Agriculture under the amendments,
Washington advices, May 4, to the New York "Journal of
Commerce" said, in part:
Can Piz Prices.
If the Secretary considered necessary to effectuate the policy of the Act or
to restore normal economic conditions, it is averred, he could fix prices. As
one of the declared purposes of the Act is to re-establish parity prices for
farmers, the fixing of higher prices to be paid to the farmer by a licensee
might be deemed compatible with such purpose, it is explained by the opposition.
The Secretary could even go further, for there is seen nothing in this or
any other law to prevent him from fixing the sale prices to be charged by
the licensee for agricultural commodities or products thereof handled by
him. The licensee also might be limited as to the amount of his product he
could sell or handle.
License Terms.
"The terms and conditions that may be inserted in licenses uneer the present Act are only those necessary to eliminate unfair practices or charges that
prevent or tend to prevent the effectuation of the declared policy or the
restoration of normal economic conditions In the marketing of such commodities and products and the financing thereof," inquirers are told by the industry representatives. "Under the bill such terms and conditions are
practically
unlimited and extend to every phase of business operation."
It is pointd out also that the expenses of administation under
a licensing
system are to be assessed pro rata In such amounts and in such manner and
on such persons as the Secretary may direct.
Secretary Wallace's Corn Balks His Plea to Reduce
Crop—As Secretary, He Demands Cut—As Seed
Salesman, He Offers 19.8% Gain—Even His Magazine Split.
In a Washington dispatch, May 12, to the New York
"T:mes" it was stated that while Henry A. Wallace, as
Secretary of Agriculture, is vigorously pressing a campaign
to induce corn growers to cut their acreage 20% to increase
prices, it was observed to-day that, as a private citizen, he is
indirectly offering them an opportunity to increase production
per acre by 19.8%. The dispatch continued:
This dual role arises out of the fact that he owns the III-Bred Corn Co.,
of Grimes, Iowa, which advertises to Iowa and Illinois farmers that if they
buy its seed corn they will add 19.8% more bushels to their crop per acre.
Moreover, the advertisement is carried in "Wallace's Farmer," the weekly
of which the Secretary is "editor on leave of absence," and which, in its
editorial columns, urges the farmers to sign the corn acreage reduction
contracts offered by the government.
If the farmers buy the seed corn advertised and accept the acreage reduction contracts advocated, it was reasoned, they can get the government bonus money obtained from processing taxes which is offered by
Secretary Wallace and still produce on the reduced area virtually the same
amount of corn they would have produced if they had stuck to their local
seed corn, saving money and labor but defeating the purpose of the Agriculture Adjustment Administration program.
Volume 138
Financial Chronicle
Still Holds Stock in Firm.
Mr. Wallace, before joining President Roosevelt's Cabinet, was President
of the Hi-Bred Corn Co., which he founded after, in personally conducted
experiments, he had created his record-producing seed corn. He resigned as
president of the company, but still holds his stock. His personal attorney,
Fred Lehmann Jr., is now president of the company, according to Des
Moines dispatches, and the vice-president is .J. J. Newlin, who is the tenantoperator of Secretary Wallace's farm near Grimes. For a time John Wallace,
brotherjof the Secretary, was manager of the company.
Secretary Wallace with other members of his family formerly owned
"Wallace's Farmer," but sold their interest when the magazine failed
financially. Mr. Wallace was retained as editor, and upon joining the
Cabinet, became, as the masthead of the magazine shows,"Editor on leave
of absence."
In "Wallace's Farmer" of December 23 1933, an advertisement of the
Hi-Bred Corn Co. appears in which it is claimed that 210 farmers who used
the company's seed corn averaged 11.4 more bushels an acre over local
corn. This was an average increased yield, the advertisement stated, of
19.8%.
Crop Reduction Favored.
On the very next facing page, under the heading. "Pushing the corn-hog
program," the readers are given arguments and specific directions on how
to join the acreage reduction campaign. At the top of the next page,
under the heading "Editorials," the first editorial starts out as follows.
"We sympathize with the farmer who wants to grab the first copy of
the corn-hog contract he sees, put his signature on it, rush the contract
to Washington and get his check back next week."
Following this is another detailed statement of how to fill out applications
for the contract, which will bring him the coveted Federal check.
In the Jan. 6 1934, number of "Wallace's Farmer" appears an advertisement of the HI-Bred Corn Co. stating that in 2,500 comparisons it was
found that "on the average HI-Bred has produced twelve more bushels
per acre than local corn."
On the front cover of the same issue, under the title "What price do
you want for hogs?"is published another appeal for signatures to the cornhog contracts, in which the following language appears.
"The contract signer will be benefited, no matter how the general program works out. He will get his $5 a head bonus on hogs raised in 1934
and his rental on corn land taken out of production no matter what happens
to prices in general."
In the issue of Jan. 21 1933, when Mr. Wallace was editor of the magazine
and President of the HI-Bred Corn Co. and when Mr. Roosevelt was awaiting inauguration, the corn company, under Wallace's own signature, advertised its prolific seed corn under the heading "Balancing the Farm
Acreage—Larger Yields from Smaller Fields."
Mr. Wallace stated that if the entire corn belt was planted with the best
strains of his seed corn the result in the ordinary year would be an increase
in corn yields of 300,000,000 bushels. He conceded this would be a "most
serious calamity." But then he stated:
"In our sales efforts we do our best to get corn farmers to cut their corn
acreage by 25%. By putting one-fourth of the land into clover and by
planting Ill-Bred corn on the three-fourths, it is ordinarily possible to get'
the same yield with much less labor."
Four More Hogs per Bushel.
At the end of the same advertisement, Mr. Wallace declared:
"The problem of civilization is to make it socially advantageous for the
individual to produce to the maximum. The Hi-Bred Corn Co. is fully
acquainted with this problem, and through its officers is doing its best to
get the people of the United States to use efficient methods for social ends.
When we improve our efficiency and control it in a balanced way, we can
all of us have twice as high a standard of living as we now enjoy."
In the Jan. 1 1933 issue of "Wallace's Farmer," the Hi-Bred Corn Co.
advertised its corn as "Wallace Hi-Bred Seed Corn," and said 1,000 tests
had shown an average Increased yield per bushel of seed of 84 bushels of
corn over the yield with ordinary seed corn.
"Four more hogs in every bushel." was the heading on this advertisement, which in text explained that the 84 bushels would be enough to produce four extra hogs a year.
Secretary Wallace is now sending out thousands of "advance checks" to
corn growers who have signed up under the acreage-reduction program.
These partial payments are given for the farmers' promises to reduce acreage, the balance to be paid at the end of the season.
If they follow the advertisements in "Wallace's Farmer," it has been
suggested, the farmers will take Secretary Wallace's checks, buy Citizen
Wallace's seed corn, market just as many bushels as they did in years past
and get another Federal money bonus at the end of the season, even though
their production was not reduced by an ear."
Formation of Sugar Section and Rice Section in AAA
for Adjustment of Production of Two Commodities
—John E. Dalton Heads Former and Charles G.
Miller Latter.
Organization of separate sections in the Agricultural
Adjustment Administration for adjustment of sugar and
rice production which formerly were joined in one section,
was announced May 11 by Chester C. Davis, Administrator,
Mr. Davis, simultaneously, announced appointments of
John E. Dalton as Chief of the sugar section, and Charles G.
Miller, as Chief of the rice section effective that day. The
Rice and Sugar Section formerly was directed by A. J. S.
Weaver who recently was appointed Associate Director of
the Division of Program Planning. The announcement
states that Mr. Weaver will continue to serve in an advisory
capacity on plans for the adjustment of production of the
two commodities. Continuing, the announcement also said
in part:
Mr. Dalton was executive assistant to the Commodities Division. As
chairman of the Administration's code analysis committee he assisted in
drafting codes and marketing agreements. He is also chairman of the
Alcoholic Beverage Committee and is the representative of the Department
of Agriculture on the Federal Alcohol Control Administration. A change
in this position Is anticipated.
The sugar section will develop plans for the crop control program for
sugar beets and sugar cane, and for the administration of the CostiganJones Act. Mr. Dalton will be assisted by an intra-departmental committee which will handle matters of general policy and consider problems of
the various groups affected by the control program and the CostiganJones Act.
3381
Besides Mr. Dalton, the committee includes Mr. Weaver who will give
particular attention to long-time problems and the Puerto Rican situation:
Prew Savory of the Legal Division; Joshua Bernhardt, as economist, and
C. B. Wightman, as secretary. Mr. Bernhardt and Mr. Wightman were
associated with the sugar and rice section.
Tne personnel of the section also will include C. M. Rosenquist, formerly
assistant chief of the sugar and rice section; R. H. Cottrell of Salt Lake
City; and D. R. Pulliam, of Loveland, Colorado.
In addition to his association with the sugar section, Mr. Weaver is
serving as a representative of the Secretary of Agriculture on an interdepartmental committee which sets sugar quotas for Puerto Rico, Hawaii.
the Philippine Islands, the Virgin Islands, and foreign countries. The
Departments of Agriculture, State, War,and Interior are represented on the
committee, of which the Secretary of Agriculture is chairman.
Corn Loan Program of CCC Terminated April 30—
$113,799,097 Advanced to Producers Under Plan—
Loans Mature Aug. 1 1934.
The Government corn loan plan administered by the
Commodity Credit Corporation terminated on April 30.
As of the date of termination, Lynn P. Talley, President of
the Corporation announced May 11, a total of $113,799,097
had been advanced to producers upon approximately
252,450,000 bushels of corn, sealed and stored on the farm
in accordance with State law, as security for loans of 45
cents per bushel. Of this Amount, $87,057,186 were disbursed by the Corporation in direct loans to producers, Mr.
Talley said, the balance being advanced by banks and other
lending agencies, on the Corporation's prescribed form,
under arrangements whereby such loans will be purchased
by the Corporation at par, plus accrued interest, when
tendered on or before June 30. Mr. Talley continued:
The Government corn loans do not mature until Aug. 1, and until that
date, or such date thereafter as the Corporation's policy may be determined
with reference to the disposition of the corn collateral then held by it. The
corn pledged as security for Government corn loans may be sold only by
borrowers who desire to repay their loans, plus accrued interest and all
charges thereon, and obtain the release of the pledged farm warehouse
certificates.
Under the Government corn loan documents, the Corporation is granted
the privilege of free storage of the corn collateral until Oct. 15 1934.
Steel Code to Be Extended Beyond Expiration Date on
May 31—Some Amendments to Pact Expected.
The code for the steel industry, which expires May 31, will
be extended beyond its present expiration date and will be
slightly amended within the next two weeks, according to
reports in trade circles this week,as a committee of Directors
of the American Iron and Steel Institute, representing the
major producing companies, prepared to discuss proposed
changes with the NRA. General Hugh S. Johnson, Recovery
Administrator, said on May 8 that any changes "would be
in accordance with our own ideas." The Federal Trade Commission. recently assailed the basing point method of establishing prices as a procedure which resulted in price-fixing
in the steel industry. General Johnson is also believed to
favor alteration of this system.
The New York "Journal of Commerce" on May 15 discussed
possible changes in the code as follows:
There is reported to have been much opposition within the industry to the
continuance of the 10-day trial period for new prices, on the ground that
delay by manufacturers in meeting new prices sets back the dates when the
prices become effective until 10 days after the last producer agrees.
On April 1 and 3 a lengthy list of sharply higher prices were posted with
the Institute, but it was not until April 27 that the last of them became
effective.
This, together with the code provision that permits contract to be made
for deliveries within the ensuing quarter-year, is said to have worked hardship
on a number of companies. It is known that most of the steel now being
rolled is at the old prices.
There are two other features of the pricing system which have met with
some criticism, but in these cases from outside the industry. The one is the
open price system now in use whereby all companies members of the code
post prices with the Code Authority instead of quoting their own prices
separately. The second is the basing point system.
Prices for the products vary with the basing point, and the charge of
"selling transportation" has been raised against the system.
PWA Allotments to Railroads Will Provide $11,525,000
in Wages, Secretary Ickes Announces—Details
of Loans for Equipment Made Public.
Secretary of the Interior Ickes, Public Works Administrator, announced on May 13 that Public Works Administration allotments to the railroads will result in payments of
$11,525,000 in wages and $15,700,000 for materials. Mr.Ickes
added that 1,175 highway projects financed by the PWA have
been completed, and that construction is under way on 4,781
additional projects. Most of the money spent for materials
under railroad allotments, it was pointed out, will eventually
be used as wages to pay men employed in iron and coal mines,
forests, factories and mills where the raw materials are produced. A Washington dispatch, May 13, to the New York
"Times" gave further details of the announcement, as
follows:
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Financial Chronicle
Loans to railroads will relieve unemployment in the railroad shop towns,
PWA officials hope. In addition, the millions spent for material are expected
to react favorably on the heavy goods unemployment pool.
Loans for equipment repairs have been made to the following railroads,
whose shopmen will receive the $11,525,000 in wages:
Baltimore & Ohio, Boston & Maine, Delaware Lackawanna & Western, Great
Northern, Illinois Central, Lehigh Valley, Southern Pacific, Chicago Milwaukee St. Paul & Pacific, New Haven, Wabash (receivers), Erie, and the
Interstate.
Equipment Being Repaired.
In the shops of these companies 1,552 locomotives, 1,956 passenger cars
and 33,323 freight cars will be repaired.
Secretary Ickes has signed contracts covering $182,074,000 of the $199,607,800 allotted by PWA for railroad loans. Much of this money will go
for trackage and purchase of new equipment.
Completed highway projects and those on which construction is already
under way account for 87.6% of the $400,000,000 highway lump sum earmarked by Congress out of PWA funds. The Bureau of Public Roads reported
165,382 men at work on roads on May 5.
Connecticut stood third on the list of States showing the highest percentage
of allotments already awarded in contracts, with 99.6%. New York was
eighth, with 94.7%. The District of Columbia, with 100%, headed the list.
Only Maryland and New Hampshire failed to report completed projects.
Custom Smelters Assigned Arbitrary Sales Quotas
Under Copper Code—Action Taken After Failure of
, Companies to Reach Agreement.1
— Dissatisfaction of leading copper interests with several
provisions of the recently approved National Recovery
AgEinistration copper code induced 11. 0. King Deputy
NRA Administrator, to announce 'May 15 that customs
smelters in thecep.p7,-r industry haebeen assigned arbitrary
sales quotas. Smelters had failed to agree among themselves
on production allotments. The sales quotas will be effective
until May 317-There is no restriction on actual production
of thishowever, and the companies may accumulate inventories of the metal if they so desire. The
copper code Authority ruled on May 2 that non-Blue Eagle
copper would be withdrawn from the market until May 22
pending a study of the exact status of the metal. This is
copper which is not produced under the code specifications
and is produced in excess of code sales quotas.
The allotments made public on May 15 were given as
follows in the New York "Journal of Commerce" of the
following day:
The quotas total 9,500 tons, as the code specifies. The American Meta
Co., Ltd., has received 3,280 tons of this, the Nichols Copper Co., Phelps
Dodge Corp. division, has received 3.062 tons, the American Smelting &
Refining Co. 2.408 tons and the Lewin Metals Co. 730 tons. The Anaconda Copper Mining Co. was allotted no quota. It being expected that the
four producers named will cede part of their quotas to that concern, which
only entered the scrap copper market a year ago. The American Smelting
& Refining Co. quota does not include the ingot metal made by the Federated
Metals Co., a subsidiary.
Gen. Johnson's Firm Denies Violations Under NRA—
Newark Concern, Headed by Federal Administator,
Says It Lives Up to Code.
It was indicated in Newark, N. J. advices May 12 to the
New York "Times" that answering charges made in a magazine article that Lea Fabrics, Inc., 768 Frelinghuysen Avenue, of which General Hugh S. Johnson is President, had
violated the letter and spirit of the NRA, Ellery K. Files,
Vice-President and General Manager of the plant, said the
average weekly wages of employees since Jan. 1 was "equal
to or better than" the 1929 scale. The dispatch continued:
The plant is on a 40-hour-a-week basis under the Carpet and Rug Manufacturing Code, which went into effect Jan. 12. Mr. Files said that even
for those employees who had been on a 48-hour week before the NRA,the
present weekly earnings were equal to or better than their weekly earnings
before the NRA.
From January to May 1 between 90 and 100 men were employed on full
time, Mr. Files said. Since May 1 the business has dropped to 60% and
about 60 men are at work all the time, which means that a larger number
are employed, but on part-time, the work being spread. Mr. Files explained.
As to charges that the company had opposed collective bargaining. Mr.
Files said he had told the men they were free to join any union, and that in
view of the plant's connection with the NRA Administrator "we had to
mean it." He said the men appeared to be satisfied and had not unionized,
and that there was no such thing In the plant as a "company union," or
"employee representation plan."
Mr. Files remarked that the published charges appeared to be a repetition
of charges made last September and of which the company was exonerated
by the State Recovery Board. No complaint against the company is
pending.
Company Fined $500 for Violating NRA Coat and Suit
Code by Wage Underpayments—Case First of Its
Kind Brought in Federal Court.
In what was described as the first action brought in a Fed
eral court bearing on alleged wage violations of a NRA code,
Federal Judge John Boyd Avis, of Camden, N. J., on May 11
imposed a fine of $500 on the Perfect Coat & Suit Co. of that
city, after Herman Saluk, the company's President, pleaded
guilty to violations of the Coat and Suit Code. The case was
prosecuted by United States Attorney Harlan Besson and
Meyer Turin, Assistant Counsel of the NRA Litigation
Division. In addition to imposing the fine, the court ordered
May 19 1934
the company to reimburse workers for underpayments
amounting to $1,093.90. A Camden dispatch, May II, to the
New York "Times" described the court decision as follows:
The information filed against the company cited four counts of violation
of the maximum weekly hours and six counts of minimum wage violation.
It was charged that the maximum hour violations took place subsequent to
Feb. 26, and that the company's 75 to 80 workers put In between 39 and 40
hours a week, while the code prescribed a maximum of 35 hours.
It was further charged that the company paid six employees at the rate
of 47c. an hour, whereas the code provided for 81c. an hour .
Mr. Besson asked for leniency, pointing out that Mr. Saluk already had
paid the $1,093.09 to F. Nathan Wolf, of New York City, Secretary of the
National Coat and Suit Authority, and that that amount represented restitution to workers. The money is to be distributed to the workers who were
underpaid.
Besson recommended that the company be fined $50 for each of the 10
violations, making a total fine of $500.
Milton Stern, of Newark, representing the company, informed the court
that the defendant was not entirely in favor of the NRA, but had made his
peace with the Coat and Suit Authority. He asked for a suspended sentence.
Judge Avis followed the suggestion of the prosecutor.
"The decision is a salient victory not only for the Coat and Suit Code,
but for the NRA, because of the precedent it establishes," said a statement
issued from the offices of the Coat and Suit Authority soon after the conviction was made known.
900 Silk Mills Throughout Country in One-week
Shutdown Ordered by Code Authority to Correct
Evils of Overproduction.
The 900 silk mills in the United States were closed this
week, beginning May 14, as the result of the recent order
by the Silk Code Authority designed to stabilize the industry.
The mills will reopen May 21. The order is believed to have
affected 17,000 broadsilk workers in Paterson, N. J., and
more than 50,000 workers in other districts. Members of
the Code Authority told the National Recovery Administration that while they do not expect the shurdown to cure all
the evils of overproduction, they believe it will alleviate the
situation both for the manufacturers and for labor. While
some scattered protests were received, the order receive
general compliance. A Paterson dispatch of May 14 to the
New York "Times" reported the closing of the mills in that
section as follows:
J. J. Kehoe, Paterson representative of the Code Authority, devoted
the day to a survey of silk plants In the Paterson area. He reported
to-night that he found 100% compliance with the holiday order. The
only plants working were narrow goods factories and a few jacquard shops,
which, all told, employ about 1,500. The holiday order does not affect
narrow goods mills. Jacquard shops are permitted, under the regulations,
to manufacture samples only during the week.
The Associated Silk Workers' Union, which controls most of the workers
taking part in the holiday, started the day by picketing the Harris Brothers
Silk Co., which they say is not obeying union regulations. The rest of the
week will be devoted to organization work.
Commission manufacturers, who control the industry here, are considering calling a holiday of their own volition at a later date for further
reducing silk stocks and obtaining better prices.
NRA Plans to Abandon Codes for Service Industries
and Small Business Establishments, Substituting
Hour and Wage Agreements—Protests Sent to
Washington.
Press reports that the National Recovery Administration
is planning to
abandon codes for thousands
of small industrial
,
plants and service estabhshments resulted in a number-of
protests this week fronismall_firms wishing to continue tio
operate under codes of fair competition. It is stated that
the NRA on May 14 received more than 3,000 messages of
this character, including many from tailors, cleaners and
dyers. General Hugh S. Johnson, Recovery Administrator,
said on May 11 that he was planning to substitute simple
agreements covering hours and wages for the complicated
codes now affecting many small industries. Among the
telegrams made public May 14 by the NRA was one from
Jacob Maged, a tailor of Jersey City, N. J., who recently
was fined and imprisoned for violating minimum price provisions of the cleaning and dyeing code. Mr. Maged is
quoted as saying he was "heartily in favor of the code,"
and asked that it be maintained.
United Press advices from Washington May 11 to the
New York "Journal of Commerce" discussed the new policy
of the NRA as follows:
Recovery Administrator Hugh S. Johnson said he was working on arrangements to substitute simple agreements for codes covering small industries
These agreements merely will cover wages, hours and the collective bargaining guarantees of the Recovery Act.
The agreements may be identical with the Presidential re-employment
compact that employers signed last summer pending adomion of codes.
Those who are relieved from codes will be permitted to continue to display
the blue eagle if they sign such agreements.
Tao relaxation probably will apply to nearly all small establishments
except retail stores.
Johnson declined to comment specifically on future plans for handling
such service trades as dry cleaning, laundries, beauty parlors and barber
shops. It Is believed, however, that codes also will be dropped for them
and similar agreemena on Wages and hours substituted.
General Johnson assumed full responsibility for delay in publication of
the report of the NRA Review Board headed by Clarence Darrow. The
Volume 138
Financial Chronicle
report was laid before the White House more than a week ago. It is understood to condemn many phases of NRA, especially with respect to small
business.
General Johnson said the report would be disclosed next week.
"I am on the spot," Gen. Johnson said. "The President accorded me the
right to look over the Board's findings and prepare an answer, which
will be made public with the report.The delay has been due to the time required for preparation of this reply.
National Editorial Association Protests Section in Proposed
Communications Code Which Would
Eliminate Press Rates.
The National Editorial Association, in a resolution transmitted to the National Recovery Administration on May 12,
protested against Section 4 of the proposed code of fair competition for the communications industry, pointing out that
its enforcement would "materially affect" press rates now
charged for the transmission of news material and would act
to increase the tolls on newspaper dispatches. A United
Press dispatch from Colombia, Mo., May 13 added the
following regarding the resolution:
"It places a hardship on newspapers throughout the country by increasing
costs to an extent they will be unable to absorb and continue to give adequate news service," the resolution said.
W. D. Allen, President of the National Editorial Association and editor
of the Brookline, Mass., "Chronicle." reported the association's action to
L. H. Peebles, Deputy NRA Administrator, in Washington. Mr. Allen
telegraphed Mr. Peebles that the burden of the increased costs of news
collection particularly applied to small daily and weekly newspapers. He
suggested the section be clarified by adding the clause: "This section shall
not apply to any rates or service furnished to the press."
Section 4 prohibits rates to users of any class of service which are discriminatory against users of anr other class. Many publishers contend
this would eliminate press rates.
Strike of 3,000 Men at New York Shipbuilding Corp.
Plant Ends as Strikers Are Given 14.6% Pay
Increase.
A strike of 3,000 workers of the New York Shipbuilding
Corp., which began on March 27, ended May 12 when the
stiikers voted to accept the terms of a settlement agreed
upon by representatives of the company and of the shipbuilding workers' union. The men returned to work on
May 14, after being granted a payroll increase which totaled
14.6%. The strikers had originally demanded a 25%
increase, and some weeks ago rejected the company's offer
of a flat 10% increase. The agreement settling the strike
included other provisions which partially met the original
demands of the strikers. Associated Press advices May 12
from Camden, N. J., reported the agreement in detail as
follows:
The terms include company recognition of the Industrial Union of Marine
& Shipbuilding Workers of America; a 10% flat wage Increase and a reclassification making a total increase of 14.6% in the payroll: a 36-hour week
instead of a 32-hour work week; priority for former employees in rehiring,
and no discrimination to be exercised.
The statement of terms was presented by Clinton L. Bard°, President
of the company, and John Green, acting President of the Camden division
of the union.
The highest wage rate increase under the agreement, one of 16.5%, will
affect the largest number of workers. Skilled mechanics numbering 1,300,
formerly earning from 61 to 75 cents an hour, will receive from 70 to 83
cents an hour.
Other rates include:
Unskilled workmen—Old rates, 32-47;5 cents an hour; new, 45-54.
Semi-skilled workmen—Old rates, 48-60 cents an hour; new. 58-66.
Specialists and working leaders—Old rates, 77M-90 cents an hour: new,
88-1.00.
Strike at Fisher Body Plant Prolongs Labor Troubles
in Automobile Industry—Statement By President
Green of A. F. of L.—Other Workers End Strikes.
Labor troubles continued to impede the automobile in-
dustry this week as the result of a strike of workers in the
Fisher Body Plant No. 1 at Flint, Mich. The men, who
began the strike May 10, are members of the United Automobile Workers of America. Their demands include the
reinstatement of union men who they allege were discharged
for participating in a demonstration against piece-work
rates. They also ask a slowing down of the production line
and higher pay for piece work. The strike affected production at the Flint plant of the Buick Motor Co., where 2,000
Buick employees on the assembly line were forced to suspend
operations.
William Green, President of the American Federation of
Labor, issued a statement May 13 in which he said that the
Flint situation reflects "the spirit of unrest and discontent
which prevails among the automobile workers at the present
time." A Washington dispatch May 13 to the New York
"Journal of Commerce" quoted from this statement as
follows:
The A. F.of L. head charged that the Automobile Labor Board,appointed
by President Roosevelt several weeks ago to adjust labor disputes in the
industry, has failed to function "properly and constructively."
He contended that the automobile workers have been fighting for "the
enjoyment of the right to organize and bargain collectively through re-
3383
presentatives of their own choosing." They seek equality in collective
bargaining, he said, "and have accepted Section 7(A) of the National
Recovery Act literally as meaning that they have been accorded the right
to organize into independent unions and to use the independent unions
with which they are associated as the instrumentality through which they
may bargain collectively with the automobile management.
"There is no doubt but that the automobile workers will continue to
protest, even to the extent of striking," he continued, "so long as the
automobile manufacturers attempt to force them to accept the company
union and deny them the right of free organization, equality in bargaining
Power and the right to be represented by men of their .own choosing in
collective bargaining."
Discussing the mediation body, Mr. Green said:
"The Board was appointed about seven weeks ago. The workers complain that thus far no substantial redress of grievances has been brought
about..The cases of a large number of workers who were discharged for
union activity still remain unsettled. The workers allege that thus far no
decision has been made upon the merits of any case of discharge or discrimination for union activity and union membership, this notwithstanding the fact that the Board was appointed for the specific purpose of making
decisions upon cases of discharge and discrimination presented, with the
understanding that the decision of the Board would be final and binding
upon both employers and employees."
Labor troubles in the automobile industry, which have provoked sporadic walkouts since late in April, appeared to have
been solved, at least temporarily, last week, as 2,200 former
employees of the Chevrolet and Fisher Body plants in St.
Louis returned to work May G, while on the following day
employees of the Chevrolet and Fisher Body plants in Kansas
City also returned to work, after being assured by the National Automobile Labor Board that they would not be discriminated against because of union activities. Four thousand employees of the Fisher Body Co. at Cleveland, who
had gone on strike April 23 to protest the refusal of the company to negotiate with the Federated Automobile Workers of
America, returned to work May 1. In all of these cases the
principal point at issue was the question of union recognition, and in all cases the strikes were ended after the men
had been assured they would not be discriminated against,
and an agreement on collective bargaining had been reached.
A dispatch from Detroit, May 2, to the New York "Times"
described the general agreement on a method of collective
bargaining in part as follows:
This concession on the contentious question of collective bargaining is
regarded here as the longest step taken by the General Motors Corp. toward
meeting the demand of the union for outright recognition.
The "bogy" of union "recognition" is handled in this way. Overt "recognition" of the American Federation of Labor is not given to the union committee. However, the plant managers will meet the union committees in
their representative capacity and not as individuals representing individuals.
The conferences which ended this evening had considered the broad outlines of grievances submitted by the unions. These concerned wages, seniority,
lay-offs, company union activity and allegations of coercion.
Specific agreement was not reached on any point except the method of
procedure for collective bargaining In the individual plants.
Although the company union question was discussed at the conference, the
employers gave no assurance that they would cease from trying to convince
their employees that the employee representation form of organization was
the best one for them. Nor did the union give any promise that they would
refrain from continuing to form the employees into A. F. of L. unions.
From now on the unions will follow a policy of "watchful waiting." If
the managements of the Fisher Body Co. or the General Motors Corp. continue to circularize employees urging them to join the company union the
A. F. of L. unions will take the matter up with the employers and then
with the Automobile Labor Board.
3,000 Tool and Die Workers Strike for Higher Wages,
but General Walkout Is Averted.
tool and die workers in the Detroit area re3,000
About
cently went on strike, demanding shorter hours and higher
wages, but a threatened extension of the walkout to include
19,000 other workers in a general strike affecting 164 tool
and die shops was averted. Some of the individual members
of the Automobile Tool and Die Manufacturers Association
agreed to demands by the Mechanics Educational Society
for a 20% wage increase and a 36-hour week. Automobile
manufacturers said that the strike had had little, if any,
effect on the automobile industry, since most of the necessary
tool and die work has been completed.
Carl K. Withers in Discussing Branch Banking Before
New Jersey Bankers Association Points to Dangers
in Over-Establishment of Branches—Views on
Code.
In his address as President of the New Jersey Bankers'
Association, Carl K. Withers, on May 18 reviewed some of the
events of the years 1933-34, probably the most eventful in
the history of American banking. Mr. Withers spoke at the
31st banquet of the Association held at the Hotel Ambassador,
Atlantic City. In his address Mr. Withers pointed out that
"prominently in the foreground of discussion at the present
moment, is the perennial question of branch banking, which
takes on a new significance under the provisions of the
Banking Act; allowing the establishment of branches of na-
3384
Financial Chronicle
tional banks in States where branch banking is permitted."
Continuing he said:
Again a sharp line may be drawn and a formidable array of argument
presented both for and against this extension of individual banking power,
with all of its sinister implications of domination and control, toward the
ultimate extinction of local independent banking.
There is a unanimity of opinion that one of the principal faults of our
dual banking system in the past has been the competition for charters
existing between the State and National systems. The entire system was
unquestionably weakened by the competitive conditions created through
the over-establishment of banks without adequate regard to community
needS. This same objection—and danger will apply with equal, if not
greater significance to the over-establishment of branches. At least, this
has been the common experience wherever branch banking has been permitted under comparable circumstances.
In New Jersey, should State-wide branch banking come to pass, the possible solution may be found in the enactment of legislation which shall
provide for the mutual approval of both State and National authorities before
the establishment of branches of either State or National banks in any community—and then only after careful analysis of the normal banking needs
of that community, made by the Bank Advisory Board, or some other cornpetent and impartial authority. To accomplish this end—changes must be
made in the Banking Act itself, for in its present form, no restriction as to
the number of branches which may be established is implied, other than to
those States in which branch banking is not permitted.
"In the matter of the continuation of the Federal Deposit
Insurance Corporation," said Mr. Withers, "we again would
urge that the temporary fund be made permanent as insuring
nearry 96% of the depositors in our banks and that in examination and qualification, the same yardstick be applied to all
classes of banks; whether National, member or non-member
State banks." Mr. Withers further said:
No one intimately familiar with the haste and inequality of examination
for the temporary fund can question the injustice which seemingly was done
In singling out non-member State banks and subjecting them to an exarnination which was manifestly unfair under any reasonable appraisal of conditions as they existed at the time. This is not said unkindly, nor with
reference to any one institution or group of examiners. While it Is true
that the task was a gigantic one, and the eventual result reasonably fair,
the suspense and uncertainty were nothing short of maddening. The yardstick as first applied in the examination of non-member banks it seemed
could be construed in no other way than as a carefully conceived plan to
either drive these local institutions immediately into the Federal Reserve
System and the sale of preferred stock, or out of existence at the earliest
possible time.
Commenting on the Bankers' Code Mr. Withers had the
following to say:
As regards the Code, and with no attempt made to be facetious, we are—
fortunately or unfortunately—in just about the same predicament as Columbus was on his return to Spain. When he sailed toward America, he didn't
know where he was going—when he landed here, he didn't know where he
was, and when he got back, he didn't know where he had been. So with the
Code. We have been buffeted and kicked about so much, that like Columbus
—we know we've been some place but we don't know where—nor can anyone seemingly tell us where we go from here. But to the credit of the
bankers of New Jersey, and the country at large, let it be said, in all fairness and in fact, that the present status of the Code is not, as implied by
high authority, one entirely of our own doing. Let us again give way to
the exigency and the hysteria of the situation, and possibly our own overzealousness in an effort to contribute in every way to the success of the experiment—the fact remains, that with reasonable forebearance, the bankers,
left to their own initiative, would to-day be much further along the way
toward the solution of this troublesome problem than they are.
If we are to have a Code and we should—by all means let us have one
which can be interpreted; one that will be workable and equitable alike to
depositor and bank, and one which shall not require of every institution the
elaborate system of costs apparently required in the present regulations. Let
us assume for once that most bankers are honest and ready and willing to cooperate in every way possible to bring about a return to more nearly normal
conditions. Let us get together in our local clearing house or county associations and trade areas, and work out a code of compliance which shall be
fairly based upon average conditions in our individual communities. Let
us have co-operation—not recrimination, and our Codes will be speedily completed—and enforced.
General Management Conference in New York City
to Consider Policies in Light of "New Deal."
The annual General Management Conference will be held
arthe Hotel Pennsylvania in New York City on May 24
and 25. Among the topics of discussion on the program are
"The Economic, Political and Social Setting of Business
Administration," and "Management Policies in the Light
• of the New Deal." The conference will be under the direction of W. J. Donald, Managing Director of the National
Electrical Manufacturers Association, and William J. Graham, Vice-President of the Equitable Life Assurance Society
of the United States.
Illinoi • Bankers Association to Hold Annual Convention in Springfield, Ill., May 21 and 22.
The 44th annual convention of the Illinois Bankers Association will be held in Springfield, Ill., May 21 and 22.
Leo T. Crowley, Chairman of the Federal Deposit Insurance
Corporation, is scheduled to address the convention as is
Representative Charles E. West of Ohio, and Otis F. Glenn,
former United States Senator from Illinois. Two officials
of Illinois, John C. Martin, Treasurer, and Edward J.
Barrett, Auditor of Public•Accounts, will also speak. Also
listed to address the convention are Wirt Wright, President
of the State Bank & Trust Co. of Evanston, Ill.; Prof.
May 19 1934
James Washington Bell of Northwestern University, and
A. J. Stilwell, Vice-President of the Continental Illinois
Bank & Trust Co., Chicago, and a member of the Banking
Code Committee H. A. Brinkman, of Chicago, has been
nominated for President for the coming year; S. Nirdlinger,
of Galesburg, for Vice-President, and E. B. Appleton, of
Litchfield,for Treasurer.
James P. Warburg Dec/ares Government's Monetary
Policy Deprives Savings Depositor of Part of His
Savings—Effect of Securities Act on Investment
Machinery.
Speaking before the annual banquet of the National Association of Mutual Savings Banks, at the Waldorf-Astoria
Hotel, in New York, on May 17, James P. Warburg, ViceChairman of the Bank of the Manhattan Co. of New York,
asserted that about 15c. of every dollar saved in the United
States already had been sacrificed, and further sacrifice
might be expected as a result of the monetary policy on which
the Government has embarked. Mr. Warburg said that no
group of men in the country had better opportunity to serve
the people by opposing inflation because of the confidence
reposed in mutual savings bankers by the people. In part,
he said:
/
2 billions of dollars
The mutual savings banks represent more than 91
/
2 millions of people. You are the guarentrusted to your care by some 131
dians of the little fortress that each one of these millions of hard-working
people has erected against old age, sickness or accident. In your hands lies
the hope chest of every one of your depositors.
We are living in a time when strange things are being done to the economic order, and many strange ideas are being tried. Much of this is a
necessary consequence of the admitted failure of our past leaders. Much
of it is a natural revulsion against the excesses committed under the old
order. But much, too, is an unnecessary and unwise emotional jettisoning
of anything and everything that had to do with the traditions and beliefs
of the pest.
Upon you, the savings bankers, who are immune from popular disfavor,
there rests all the more heavily, it seems to me, the duty to make your voices
heard, wherever and whenever you see injustice bing done to the interests
of th millions whom you disinterestedly represent.
Let me say quite simply and clearly that I do believe an injustice—a
great injustice—is being done to every man and woman who has money
deposited in your care. That is a strong statement and requires a bill of
particulars.
I shall confine myself to two major reasons for this statement: Because
the savings depositor is actually being deprived of a part of his savings, and
because the savings depositor is in the process of being denied the opportunity
to receive a fair return on his savings because we have embarked upon a
monetary policy which, though in many ways obscure, is quite clear in one
respect at least, in that:
It is a policy of deliberately depreciating the dollar in order to raise
prices and lighten the so-called "burden of debt." I do not hesitate to
affirm my conviction that a savings depositor is damaged directly and immediately to the extent that such a policy is successful. Reducing the value
of $100 to $60 is the same thing as taking away $40 out of every $100.
The dollar probably is still about an 85c. to 90c. dollar in internal
purchasing power. Therefore, the savings depositor—unless he intended to
spend his money abroad—so far has lost at most only a sixth of his savings.
But is seems to me that for the great majority, if not for all of your depositors, a loss of $15 in every $100 is a very serious loss indeed.
Nor is that the worst of it. Frank avowal by the Government of its
Intention to seek a considerably higher price level—which is the same thing
as seeking a considerably lower dollar—is a very definite threat of greater
loss still to be inflicted upon the savings depositor.
The Government itself has not to my knowledge defined the exact extent
to which it seeks to debase the purchasing power of the dollar—or, to use
the polite phrase, to what extent it seeks to "reflate" the price level. Some
of the proponents of this policy have been more specific than the Government. They have advocated the restoration of a 1926 "honest dollar."
Why the 1926 dollar should be any more honest than the 1913 dollar, or the
dollar of any other particular year, is something which, to me at least,
remains shrouded in mystery. I only know the 1926 price level means that
a housewife would have to pay 18c. for a yard of gingham as against 10c.
to-day; that a man would have to pay $5 for a pair of shoes as against $3
to-day; that a pound of butter would cost a little more than 53e. as against
a little more than 27c. to-day, and that potatoes would cost more than twice
as much as they do now.
No one has ever explained to me what is to give people the increased
incomes, which they would need in order to pay those prices--which they
would need if the "honest dollar" of 1926 were restored.
Now as to the second point: I believe that the savings depositor is in the
process of being deprived of the opportunity to receive a fair return on his
savings in the future. I say this because of a general philosophy which is
being pursued by our Government, and because of certain specific legislation.
The general philosophy to which I refer is the philosophy that government
is the mainspring of national life—a view which is being carried to its
logical conclusion in several European countries at the present time, and
which leads to the complete suppression of the individual in favor of the
all-powerful State.
The essence of our present system is that the hope of reward for work
and enterprise makes the wheels go round. If the heavy hand of bureaucracy
takes away from us that fundamental desire for achievement in some line
or other by means of one of our variegated capacities, the human machine
slows down and the system for which it supplies the motive power tends
to become paralyzed.
Securities Act and Stock Exchange Legislation.
Specifically, the Securities Act of 1933 and the proposed National Securities Exchange Act of 1934 have expressed this philosophy in a way which
directly affects the savings depositor. In its anxiety to prevent a recurrence
of the unfortunate experience of investors in the past, the Government has
practically destroyed the investment machinery, and thereby destroyed the
channels through which the savings of the people in the past have found their
.natural employment in supplying the capital needs of business.
Volume 138
Financial Chronicle
3385
If the Government is to be the one great spender, the one great employer
of men, the one great borrower of funds—if private enterprise is to be unable
to find capital to replace outworn plant and machinery except by going to
the Government—if bankers are no longer to perform their traditional function of bringing together the accumulators of savings with productive enterprise, which legitimately requires capital, and if that function is henceforth to be exercised by the Government—
Then, it is difficult to see how you gentlemen are going to be able to find
investments which will provide safety for your depositors and at the same
time enable you to pay them a reasonable rate of return.
We have gone far down the road which leads to the abandonment of an
economic order based upon the hope of reward for work or enterprise. We
have done this, to my mind, because, in our perfectly proper desire for
reform, we have not fully realized the dangers of going too far in the
direction of Government planning and control. But we have not gone too
far to turn back.
If you agree with me that the American people do not want a further
debasement of the dollar, do not want an alteration of their basic form of
economy, and do not want the change in the form of government which
such an economic alteration would involve, then I know of no group of
men who can exercise a greater influence in helping the American people to
face the fundamental issues which are at stake. I know of no group of men
who can state their convictions with so little fear that they will be accused
of serving any other interest than that of the masses whom they represent.
private enterprise and initiative can best operate, and the avoidance on
the part of Government of competition with the economic affairs of the
people.
8. Taxation only for the purpose of enabling Government to safeguard
the lives, property and liberties of the people, and to perfcrm its function
as an arbitrawr of human relationships; not for the purpose of subsidizing
or benefiting one particular class of the people at the expense of another
class or of the naticn as a wh.le.
9. Realization of all that in this country the same person may be both
consumer and producer, a seller of labor and an owner of capital, and that
there is no real basis for assuming the existence of separate classes.
10. Preservation of the checks and balances involved in our system of
government and recognition of the functions of each branch and exclusicn
of all branches of Government from direct control over our economic
affairs.
Freedom of Private Enterprise Called for by President
Benson of National Association of Mutual Savings
Banks.
Declaring "we still believe that the least government is
the best government," President Philip A. Benson called to
order on May 16 the annual conference of the National
Association of Mutual Savings Banks, held in New York
City. This group of institutions holds about 25% of active
bank deposits. Addressing representatives from the 18
States in which mutual institutions operate, Mr. Benson
laid down 10 fundamentals, saying: "It would not be amiss
to state at this time and place, what we believe are some of
the cardinal principles from which we should not deviate,
the principles that are inherent in our American philosophy."
In part, Mr. Benson spoke as follows:
Philip A. Benson Re-elected President of National
Association of Mutual Savings Banks—Other
Officers Elected.
Philip A. Benson, President of the Dime Savings Bank
of Brooklyn, N. Y., and for the past year head of the National Association of Mutual Savings Banks, to-day [May
18] was re-elected President of that body for the ensuing
year. For a number of years Mr. Benson was connected
with the Realty Associates. In 1917 he joined the Dime
Savings Bank of Brooklyn as Assistant Secretary. Later he
was elected Secretary, then Treasurer, and in January 1932,
became President.
He is author, with Nelson L. North, of the book, "Real
Estate Principles and Practices." From 1928 to 1930 he
was President of the Savings Banks Association of the State
of New York.
The savings bankers also elected-and installed Robert C.
Glazier, President of the Society for Savings, Hartford, as
Vice-President. Walter E. Hallett, Vice-President of the
Bank for Savings, New York, was re-elected Treasurer and
John W. Sandstedt, New York, Executive Secretary.
We have watched with careful attention the measures put forth by the
National Government, designed to restore prosperity to the people of our
Country. These plans have made drastic changes in our economic and
financial structure, even going to the extent of a revaluation of the dollar
In terms of gold. No doubt much good has been accomplished in relieving
the distress of a large number of home owners, in bringing employment to
those who could not otherwise be employed, and in stimulating business by
the use of various agencies. However, I believe prosperity is something
that cannot be confined within the limits of our National borders, nor can
It be kept outside of those borders. If we are to be prosperous, the world
must be prosperous and better trade relations with the world would be
helpful to us. Of course it is to be assumed that this country cannot do
everything to secure world prosperity, that other nations must do their
part, but to help bring about conditions of prosperity through normal
trade might be more effective than any number of relief measures.
I am inclined to believe that some measures proposed would have been
harmful if enacted. Others that have been enacted should be modified.
Regulation of normal business activities, including matters within the scope
of private management, enforced disclosure of information, and matters
oflike purport, are socialistic in trend and will be harmful in effect. While
we believe in honesty and integrity and fair dealing, as do all men of good
will everywhere, we still believe that the least Government is the best
government.
There is one feature of the many varied governmental activities of the
last year that I believe will be borne in upon us with increasing force as
the months go by. Every dollar spent for relief, for recovery and for
Governmental expense and activities of every kind is going to be repaid
eventually by the taxpayer. The whole of our increasing National debt,
with the interest thereon, must be paid through the levy of taxes. The
only exception is some loans to business that will be repaid in the course
of time.
The great fund of more than 89,500.000,000 committed to the custody
of the members of this association constitutes one of the largest reservoirs
of savings in existence now or at any time in the world's history. To my
mind the fund is one of a very particularly inviolable character.
What should be the answer of those who own these accounts to the blatant
demagogy of those who speak of destroying capital and of transferring
wealth from those who own it to those whom they vaguely call "the
debtors?" Who own those things that represent the wealth of this country? Where do those things come from? What money produced them?
The simplest and truest answer I know is that they came from savings.
Furthermore, thrift, savings, the creation of wealth, its ownership, in
fact all of the social and economic progress of the nation, have been upbuilt
under the protection of the Federal Constitution, To undermine the
foundations which we have built, to destroy much of what has been accomplished during a period of years, to arrest the progress of human enterprise
for the purpose of correcting the evils that have crept into our economic
system Is, to my mind, wrong and dangerous.
It would not be amiss to state, at this time and place, what we we believe
are some of the cardinal principles from which we should not deviate, the
principles that are in herent in our American philosophy.
As a basis for continued economic and social progress it seems to me that
we should stand for:
1. Firm adherence by the people of this country, and by their elected
representatives, to the spirit of the Federal Constitution.
2. Recognition both by Government and people that private ownership
of capital, the things of which wealth consists, is essential to individual
liberty and is necessary for the preservation of a purely democratic society.
3. Just compensation to capital, that is, wealth (to which, as a product
of savings, it is entitled), in order to encourage individual thrift and savings
and to guarantee that private ownership shall continue.
4. Recognition of the right of labor to the maximum opportunity for
realization of new ambitions and compensation based upon ability and the
amount of service rendered.
5. Protection of the consumer of goods and services against waste,insuring fair and reasonable prices and keeping him truthfully informed regarding
such goods and services.
6. Realization on the part of those who occupy positions of leadership
and management in all forms of enterprise that they hold such positions as
trustees, that they have responsibilities toward the public, which they serve:
toward the labor which they employ, and toward capital, which they represent.
7. Limitation of the functions of Government to those fields wherein
it alone can operate, removing it as far as possible from those fields where
Vivian H. Smith, London Banker, Here as Guest of
J. P. Morgan.
Vivian H.Smith, partner of Morgan, Grenfell & Co., London banking firm, arrived in New York City from England
May 11. He will be the guest of J. P. Morgan for about
two weeks. Mr. Smith said that he was in New York on
routine financial business. Mr. Smith told reporters that
conditions in England are "considerably better, and the
country is living within its budget."
Harry G. Duntemann Elected President of Chicago
Chapter of American Institute of Banking.
Harry G. Duntemann, who has been connected with the
Chicago Chapter of the American Institute of Banking for
21 years, was elected President on May 8. Mr. Duntemann
is a member of the advertising staff of the First National
Bank of Chicago. Other officers elected were: R. D.
Beckett, City National Bank, Vice-President, and Carsten
E. Ronning, ContInental Illinois National Bank, T easurer.
Six directors were elected for a two year term; they are:
Edward Bernard, Northern Trust Co.: J. H. Klug, American National
Bank; Lewis Levey, Federal Reserve Bank: John H. McDonough, Harris
Trust & Savings Bank; R. Kenneth Newhall, First National Bank; Harry
Pavis, National Security Bank.
American Institute of Banking to Hold Convention
at Washington, D. C., June 11 to 14.
The American Institute of Banking Section of the American Bankers' Association will hold a convention at Washington, D. C., June 11 to 14. Conferences on present day
bank operating problems, debates on public questions, a
public sneaking contest and general sessions to be addressed
by speakers of national prominence will make up the program of the four day convention. The general convention
session will be held on June 12 at which time greetings from
the American Bankets' Association will be presented by
Francis M. Law, President of the Association.
Illinois Bankers Association Holds Annual Convention
in Chicago Next Week.
Men active in promoting the Administration policies in
Washington • will be included among the speakers at the
44th annual convention of the Illinois Bankers Association,
to be held in Chicago on May 21 and 22. They will include
Representative Charles E. West of Ohio and Leo T. Crowley,
Chairman of the Federal Deposit Insurance Corporation.
Mr. Crowley will speak on "Benefits of Deposit Insurance."
National Convention of Special Libraries Association
to be Held in New York June 19 to 23.
The national convention of the Special Libraries Association will be held at the Hotel Roosevelt, in New York City,
June 19 to 23. The Association is a National group of
business, industrial and professional librarians and research
workers. One of the chief topics to be presented before the
convention will be the financial aspects of the New Deal.
The speakers at the convention will include F. Cyril James,
Financial Chronicle
3386
Professor of Finance, Wharton School of Commerce and
Finance; Antoine Friedrich, Professor Departmen , of
Economics New York University; Elsie Raekstraw, Librarian Federal Reserve Board; Stuart Rice, member of the
President's Research Committee on Social Trends, 1931-32,
and George Eder, Manager Foreign Department Standard
Statistics Co., Inc.
Reopening of Closed Banks for Business and Lifting
of Restrictions.
Since the publication in our issue of May 12 (page 3218),
with regard to the banking situation in the various States.
the following further action is recorded:
FLORIDA.
Charles I. Dwiggens, receiver for the First National Bank
of Commerce of Tarpon Springs, Fla.; has been given
authority by the Comptroller of the Currency to pay an
initial dividend of 25% to those depositors who have proven
their claims. Advices from Tarpon Springs on May 12 from
which the foregoing is learned, added:.
Checks have already been prepared calling for the amount of the dividend
and forwarded to Washington for completion.
The receiver states this dividend was derived from collection of assets
only and he is preparing to apply for a loan through the RFC for a second
dividend.
The bank was closed by Presidential orders of March 4 1933, operating
until the close of business of Oct. 26 last under a conservator.
INDIANA.
Concerning the affairs of the First National Bank of
Greenwood, Ind., a dispatch from that place under date of
May 14 to the Indianapolis "Journal", contained the
following:
The first step in voluntary liquidation of the First National Bank was
taken to-day (May 14). Depositors were asked to sign waivers on interest
payments from March 1933.
Washington officials turned down a proposition made by the depositors
and substituted the waiver feature. The bank will pay 100% to the
depositors, all money on deposit to be released by liquidating officials.
'ILLINOIS.
A new bank is being organized in Chicago, Ill., and will
open for business in the former quarters of the old Northwestern Trust & Savings Bank of that city, which closed
its doors in June 1931, according to the following taken
from th3 Chicago "Journal of Commerce" of May 11:
The Milwaukee Avenue National Bank is being organized to open
for business in the home of the old Northwestern Trust & Savings Bank
at 1201 Milwaukee Ave., and will be headed by Charles S. Dewey,former
financial adviser to the Polish Republic.
Mr. Dewey announced yesterday (May 10) that the new bank was
planned to be opened with the indirect aid of a $2,500,000 loan by the
RFC to the old Northwestern bank, which would make possible a 20%
Payment to the depositors. In addition, $115,000 has been raised by
the depositors and three cash subscriptions to the new bank total $.50.000. Mr. Dewey said also that he expects 300 or 400 depositors to subscribe for stock.
More than 1,600 of the depositors have agreed by assignments to allocate a portion of their payments to purchase of stock in the new bank.
An application for a charter is in the hands of the Comptroller of the
Currency at Washington. The plans call for capital of $200,000 and
paid-in surplus of $35,000. A deficiency is expected to be covered by
purchase of preferred stock by the RFC. Mr. Dewey is to be Chairman
of the board.
From the St. Louis "Globe-Democrat" of May 11, it is
learned that plans for the reorganization of the First National
Bank of Madison, Ill., were completed the previous night,
when it was announced at a meeting of the reorganization
committee that the entire $25,000 common stock in the new
institution had been fully subscribed. The paper mentioned
continued:
The actual re-opening of the bank hinges on the completion of the duties
of H. C. Ransburgh, conservator, and approval by the RFC, the Federal
Reserve Bank of St. Louis and the Chief National Bank Examiner of the
list of officers and directors. Ransburgh was unable to name any tentative
date for the opening.
The plan of reorganization calls for a new institution with a capital of
$50,000 and a surplus of $10,000. Of the stock, $25,000 preferred, was
subscribed by the RFC and the remaining $25,000 non-assessable common
as well as the surplus was to be subscribed by individuals.
The new institution will purchase all acceptable assets of the old bank,
closed since the bank holiday, in March 1933. Depositors were compelled
For this
to waive 50% of their funds on deposit at the time the bank closed.
amount they will be issued certificates of participation.
persons
This bank will be the sole depository serving approximately 10,000
in Madison and Venice.
KENTUCKY.
The Louisville "Courier-Journal" of May 12 stated that a
30% distribution to depositors of the Bank of Fern Creek,
Fern Creek (P.0.Buechel), Ky.,which remained closed after
the banking holiday last year, was to be made on that day,
according to an announcement May 11 by its receiver, A. B.
Wigginton. The dividend, amounting to $25,000, would be
the first distribution since the bank closed, it was said.
MARYLAND.
Maryland,
John J. Ghingher, State Bank Commissioner of
plan
reorganization
a
of
approval
his
announced on May 8
Baltimore, which provides
of
Bank
Savings
Clifton
the
for
May 19 1934
for unrestricted withdrawal of all balances (on hand prior
to Feb. 24 1933) of $25 or less and an additional 40% of
all remaining balances. The Baltimore "Sun" of May 9,
authority for the above, continuing said:
For all balances remaining after these payments there will be issued
non-interest-bearing certificates of beneficial interest representing depositors' pro-rata interest in certain assets of the bank transferred to a
liquidating corporation. Payments are to be made to holders of these
certificates as money is realized on these assets, on approval by the board
of directors and Mr. Ghingher. The bank previously lifted restrictions
on 8% of all deposits. Balances on deposits made subsequent to Feb.
24 1933 will be credited in full as new accounts.
The reorganization plan is to become effective 30 days hence, the period
which must elapse after approval by the Bank Commissioner under the
terms of the Maryland Emergency Banking Act.
According to the Baltimore "Sun" of May 11, a plan
for the reorganization of the Washington Trust Co. of
Maryland at Ellicott City, Md., has been approved by
the State Bank Commissioner of Maryland, John J.
Ghingher. It provides for the formation of a new State
bank to be known as the Howard County Bank, with
capital of $50,000 and surplus of $10,000. We quote
further from the paper mentioned as follows:
The plan was drawn up by 25%, in interest, of depositors under the
terms of the Maryland Emergency Banking Act.
A liquidating agency is to be formed to be called the Howard County
Liquidating Corp., and, on approval by the Court, the Bank Commissioner, as receiver, will turn over to this corporation all assets in his
possession. The liquidating corporation will own all stock of the new
bank except directors' qualifying shares.
The plan provides that, at the time the bank is opened, each depositor .
will receive at least 25% of his balance.
The Washington Trust Co. was taken over by the Central Trust Co.
of Frederick as a branch a few months previous to the closing of the Central
Trust Co. in September 1931. Subsequently, the Court at Frederick
put the bank back in its original independent status and made the Bank
Commissioner receiver on Dec. 27 1933.
MASSACHUSETTS.
The Boston "Transcript" of May 15 stated that under
an arrangement made possible by a loan from the RFC,
nearly 7,000 depositors of the Belmont Trust Co.of Belmont,
Mass., having accounts of less than $25, will be paid in full.
Of the remaining 3,900 depositors, those who have assented
to the plan will receive payment of 50% in the savings
department and 25% in the commercial department, but
not less than $25 in either case. The paper mentioned,
also said:
George W. Harbour of the bank commissioner's office was appointed
liquidating agent of the bank.
MICHIGAN.
Associated Press advices from Lansing, Mich., on May 8
stated that Rudolph E. Reichert, State Bank Commissioner
for Michigan, had announced that day that RFC loans
had been granted for the reorganization of four State banks;
namely, The First State Bank of Allegan; Charlevoix
State Savings Bank, Charlevoix; State Bank of Standish,
and Romeo Savings Bank, Romeo.
The People's First National Bank of Bronson, Mich.,
which has been in the hands of a conservator,0. W.Holmes,
since the Michigan bank holiday, went into receivership on
May 10, according to a dispatch from that place on May 11,
appearing in the Toledo "Blade." The dispatch said that
R. W.Cutler, of Sherwood, was appointed receiver. Bronson
has one other bank, the First State Savings Bank which was
re-opened April 9.
According to the Detroit "Free Press" of May 17, the
Guardian National Bank of Commerce of Detroit, Mich.,
requires only the co-operation of the RFC to pay from 90
to 100% of all remaining claims, Alex. J. Groesbeck, receiver of the Guardian Detroit Union Group, Inc., sets
forth in his first annual report and petition for approval
of his accounts filed May 16 with Circuit Judge Adolph F.
Marschner. The "Free Press" added:
The bank has paid dividends of 68%. Through voluntary subordinating
of $50,000,000 of their claims by 250 larger depositors, 130.000 claims of
$1,000 and less already have been paid in full.
Remaining assets have a book value of $70,000,000 against outstanding
claims of $53,000,000. Groesbeck points out, asserting that plans are
being shaped by the Depositor's Committee "which will result in the
payment of remaining depositors of between 90 and 100%."
The paper quoted Mr. Groesbeck as saying:
That any such realization could be accomplished after the bank was
closed and its assets thereby greatly depreciated amply prove that it was a
going concern and at the time of its closing it was entirely solvent.
In my opinion, the matter of making a satisfactory settlement and
disposition of all problems and liabilities of this bank presents little, if
any, difficulty. It merely requires the co-operation of the RFC, which
It will undoubtedly receive.
When it is recalled that the liquidity of this unit was in excess of 42%
at the time of its closing, it can readily be seen that depositors and creditors
were in little danger of losing any material portion or percentage of what
was coming to them.
Recently there has been introduced in Congress a bill by Congressman
McLeod to authorize the RFC to take over the remaining assets of banks.
such as the Guardian National, and to pay their depositors.
3387
Financial Chronicle
Volume 138
This worthy legislation has met with considerable misguided opposition,
and lately there has been further action along similar lines proposed by
Congressman Stegall. This is likewise being opposed.
In my judgment, the adoption of either of these measures so far as
they relate and apply to the Guardian National Bank of Commerce would
not result in any financial loss to the Government, but would on the contrary, be partially righting the many injustices done the city and State
when this and other banks were forced to close, and their affairs and assets
placed in receivership.
The "Free Press," furthermo're, went on to say:
Nine units of the Guardian Detroit Group, at Port Huron, Battle Creek,
Saginaw, Grand Rapids, Kalamazoo, Hamtramck, Royal Oak, Highland
Park and Clinton, are now operating as going concerns, Groesbeck pointed
out.
He explained that the Highland Park State Bank and the Guardian
Bank of Dearborn, through an arrangement with the Manufacturers
National Bank and the RFC and the subordinating of Ford deposits, have
paid their creditors in full.
Groesbeck has collected $1,870.008 during the year of his administration. has retired $30,000 of a secured claim of the Harris Trust & Savings
Bank, of Chicago, Ill., and $665,000 of a $777,285 secured claim of the
Bankers Trust Co., of New York. The receiverships has paid $33,746 of
the expenses of the depositors committee in paying off small depositors,
as authorized by the Court, and has incurred $66,595 of operating costs,
or slightly more than 3% of the amounts collected.
Total disbursements were $1,088,158, leaving cash on hand March 31
of $861.849.
NORTH CAROLINA.
Six North Carolina banks which have been operating
under restrictions since March 4 1933 were licensed on
May 12 by Gurney P. Hood, the State Bank Commissioner,
and were to resume business on an unrestricted basis May 14,
making available approximately $450,000 to their depositors, according to the Raleigh "News & Observer"
of May 13. The banks as listed (all of which were to have
deposit insurance, it was stated) with data concerning
each, follows:
Commercial & Savings Bank of Boonville: F. W- Day. President;
J. W. Shore, Cashier. Capital, $20,000;•deposits, $32,998.
Bank of Bladen at Clarkton: E.J. Cox,President; E.C.Clark, Cashier.
Capital. $22,500; deposits, $19,643.
Bank of Colerain at Colerain: Dr. L. A. Nowell, President; C. B.
Sessoms, Cashier. Capital, $25,700; deposits, .$32,725.
Bank of Harrellsville at Harrellsville: John 0. Askew, Jr., President;
E. D. Calais, Cashier. Capital, $20,000; deposits, $67.910.
Bank of Windsor at Windsor: W. L. Lyon, President; T. Gilliam,
Cashier. Capital, $20000; deposits, $155,079.
Bank of Yadkin at Yadkinville: W. A. Hall, President; E. H. Barnard,
Cashier. Capital, $20,000; deposits, $138,805.
OHIO.
A dispatch from Bryan, Ohio, on May 11, printed in
the Toledo "Blade," reported that the Union Savings Bank
of Bryan will pay a 50% dividend, amounting to $133,206,
beginning May 28, to about 1,500 depositors who have
proved their claims. The advices also said:
This is the first payment since the bank was closed. An application
was made in Common Pleas Court to permit the bank to borrow $20,000
from the Edgerton State Bank to help meet this dividend, but T. R.
Donoghue, conservator, said the loan may not be necessary.
PENNSYLVANIA.
The RFC at Washington has approved a loan of $425,000
to the defunct United Security Trust Co. of Philadelphia.
This sum is $322,000 less than the amount of a loan recommended by a group of Philadelphia bankers, acting in
an advisory capacity to the RFC on loans to closed banks.
In noting the above the Philadelphia "Inquirer" of May 9
went on to say:
The United Security Trust Co. closed its doors Oct. 5 1931 with a net
deposit liability of $5,187,518, against which there were assets of an appraised value of $3,222,911 available for the use of depositors.
In the course of liquidating the affairs of the institution, the Pennsyl
vania Banking Department has made payments to depositors aggregating
40% of the moneys due them.
Approval of the $425,000 loan, plus other cash resources of the bank,
ndicate that the Banking Department will be in a position to make an
additional payment of 10% to depositors in the next 60 days, following
approval by the Common Pleas Court of various legal matters in con
nection with the loan.
The bank has 22,654 deposit accounts.
Ferdinand Thun, President of the Berkshire Knitting
Mills, is to be Chairman of the board of directors of the
new Union National Bank of Reading, Pa., which is to
succeed three banks in that city, viz: Farmers' National
Bank & Trust Co., Reading National Bank & Trust Co.
and Pennsylvania National Bank & Trust Co. In indicating the above, Reading advices on May 14 to the
"Wall Street Journal" also said:
A joint reorganization plan has been "successfully completed," Dr.
Gordon said.
The new bank's capital is $50,000,surplus $25,000,and deposits $417,192.
Officers are P.S. Green,President; R. M.Wolf,Executive Vice-President
and Secretary; Harry L. Smith and M.M.Decoursey, Vice-Presidents, and
J. J. Nicholson, Cashier.
VIRGINIA
The Richmond "Dispatch" of May 13 stated that under
an order entered the previous day by the State Corporation
Commission of Virginia, the Tr -County Bank at Hanover,
Va., was given permission to operate in the future on a
100% basis.
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
The New York Coffee and Sugar Exchange membership
of the late Daniel M. Enright was sold, May 18, to David E.
Fromm for $5,500, a decline of $1,000 from the last sale of
March 27.
The New York *Cotton Exchange membership of Bernard
E. Hyman was sold, May 12, to Marshall Geer, for another,
for $17,500, a decrease of $2,500 from the preceding sale of
Feb. 9.
Robert F. Loree was elected a trustee of the Emigrant Industrial Savings Bank, New York City, on May 10. Mr.
Loree, who succeeds the late James Butler, is a Vice-President of the Guaranty Trust Co., in charge of the Foreign Department.
At a meeting of the board of trustees of the Bank for Savings, New York City, held May 9, William Shields was elected
a trustee. Mr. Shields is Vice-President of the Mutual Life
Insurance Co.
Lawrence M. Jay, former Vice-President of the International Banking Corp., New York City, died suddenly at his
home in West Palm Beach, Fla., on May 11. Mr. Jay was 56
years old. He graduated from the University of Chicago in
1899, and in 11103 joined the National City Bank of New York
at the insistence of Frank A. Vanderlip, then President. Mr.
Jay became Vice-President of the institution, and from 1909
to 1915 represented the bank in Europe. He returned to the
United States in 1915 to become Vice-President of the International Banking Corp. Mr. Jay retired from business
In 1926.
Julian Wainwright Robbins, trustee of the Union Square
Bank, New York City, died on May 12 at the age of 77 years.
Mr. Robbins graduated from Harvard University in 1879, and
was for many years associated with George Leask & Co. He
retired from the firm about 15 years ago.
At a meeting of the Board of Directors of the Banca Commerciale Italiana Trust Co. of New York, George S. Montgomery Jr., of the law firm of Coudert Bros., was elected a
director.
At a meeting of the Directors of the Fulton Trust Company
of New York, held May 17, the office of Chairman of the Executive Committee was created, to which position Edmund
P. Rogers, who had been President of the Company since
1925, was elected. The newly elected President is Arthur J.
Morris, who has been a Vice-President of the trust company
since 1923, and in addition thereto had been Trust Officer
since 1931. Mr. Morris has been associated with the company since 1900. At this week's meeting the board also
elected Frederic Foster de Rham, Vice-President and Trust
Officer. Mr. de Rham was recently associated with the
Commercial Investment Trust Corporation.
Wellington M. Bertolet, Conservator, announced the approval by the
RFO of a loan of $4,812,000 to the new Union bank. The loan, which
is expected to enable the new bank to reopen about June 1, will permit
payment of over $4,000,000 to the 30,000 or more depositors in the three
underlying institutions. Depositors in the Farmers' will get 35% of their
money, and those in the other two banks 25% each.
William L. Wood, of Brooklyn, N. Y., former Manager of
the Queens County branch of the Corn Exchange Bank Trust
Co., New York City, died on May 13 of a heart attack. Mr.
Wood, who was 76 years old, was one of the founders of the
Bank of Jamaica, Jamaica, L. I. He served the bank for a
time as Cashier, following which he became manager of the
branch of the Corn Exchange. Mr. Wood was at the time of
his death one of the oldest active trustees of the Jamaica Savings Bank. He had been on the board of the institution since
1900.
Dr. William D. Gordon, State Secretary of Banking for
Pennsylvania, announced on May 15 that the State Bank of
Jersey Shore, Jersey Shore, Pa., and the Jersey Shore Trust
Co. had resumed normal banking business under the name of
the Jersey Shore State Bank. Associated Press advices from
Harrisburg, Pa., from which this is learned, continuing said:
Chandler P. Anderson Jr., has been elected President of
the Chase Corporation, investment affiliate of the Chase National Bank, New York City, to succeed Robert L. Clarkson,
who resigned from the post on March 1. Mr. Anderson was
formerly a Vice-President of the Chase Harris Forbes Cor-
3388
Financial Chronicle
poration, securities distributing affiliate of the Chase National Bank. Mr. Clarkson, whose resignation as President
of the Chase Corporation was noted in our issue of March 10,
page 1682, announced on May 16 the opening of his own organization at 2 Wall Street. The firm will conduct a general
securities business, including the handling of reorganizations, mergers and other financial problems of corporations.
In our issue of May 12, page 3193, we referred to the completion of plans of the Chase National Bank in its process of
divorcing its two affiliates in accordance with the Banking
Act of 1933.
Chauncey H. Murphey, senior member of the New York
Stock Exchange firm of C. H. Murphey & Co., New York
City, died on May 17. Mr. Murphey was 56 years old and
had graduated from Princeton University in 1900. He was
a Vice-President of the United States Mortgage & Trust
Co. until 1923, following which he became a Vice-President
of the Metropolitan Trust Co. Later, Mr. Murphey was
elected Vice-President of the Chatham National Bank &
Trust Co., which he subsequently left to become a partner
in the brokerage firm of Davies, Thomas & Co. With the
liquidation of this firm he became a partner in Baylis & Co.,
brokers. About two years ago Mr. Murphey formed C. H.
Murphey & Co. with his two sons, Chauncey H. Murphey
Jr., and Welles Murphey, as junior partners.
James E. Keeler, Vice-President of the Long Island Safe
Deposit Co., Brooklyn, N. Y., died on May 10 in the New York
Hospital. Mr. Keeler's death was caused by a cerebral
hemorrhage. He was 60 years of age. In addition to his
connection with the safe deposit company, Mr. Keeler was
manager of the banking department of the Brooklyn office
of the Title Guarantee & Trust Co., New York City.
Robert C. Clarke, Commissioner of Banking and Insurance
for the State of Vermont for the past 11 years, has resigned
to become an executive officer of the Vermont Trust Co. of
Montpelier, Vt., according to the Hartford "Courant" of
May 12, which added:
Mr. Clarke is a native of Brattleboro, Vt. His successor has not as yet
been named.
_•_—.
On May 11 the First National Bank of Boston, Boston,
Mass., began a suit in equity in the Supreme Court against the
directors of the former Atlantic National Bank of Boston for
alleged failure to attend to their duties and negligence. The
action is brought by the First National Bank inasmuch as on
May 3 1932 it purchased all of the assets of the Atlantic National Bank. While the exact amount was not named in the
papers, Bartholomew A. Brickley, counsel for the First National, who filed the suit, declared the losses will approximate
$50,000,000. The Boston "Herald" of May 12, in reporting the
matter, quoted Philip Stockton, President of the First National, in a statement discussing the action, as saying:
In the legal proceedings against the directors of the Atlantic National
Bank brought by the First National Bank of Boston, the First National Is
acting in a fiduciary capacity to preserve whatever rights there may be for
all parties in interest.
The paper mentioned furthermore said in part:
The bill charges the defendant directors with approving improper loans.
It further charges the directors with purchasing securities of little or no
value; with neglecting to supervise the executive officers of the Atlantic
National, in that they entered into an agreement of merger of the Atlantic
National and the Beacon Trust Co. which resulted in great and disastrous
losses to the Atlantic.
It is additionally charged that they speculated in real estate, one instance
being cited as the purchase at a cost of $4,000,000, and through the instrumentality of the Water Street Co., of a building at Kilby and Water Streets
and Post Office Square. which caused them great losses and brought in no
income.
Regarding the merger of the Atlantic National and Beacon Trust, the bill
sets forth that the defendants did not make a proper and prudent investigation of affairs of the Beacon Trust before the merger, and did not submit all
the facts to the stockholders who. on June 16 1930, approved the merger.
Another complaint is that the directors failed to prosecute a claim which
they had against officers of the Beacon Trust for misrepresentation in the
matter of merger. . . .
The suit says that certain of the defendants were also officers of the Atlantic National Bank and it avers that Herbert K. Hallett, as Chairman of
the Board, and George S. Mumford, as President, and Albert E. Gladwin, Arthur W. Haines, Samuel R. Haines and Arthur P. Stone, as vice-Presidents,
performed their duties as executives of the bank negligently and unskillfully so as to cause the bank large losses.
It is alleged that on July 12 1930 the Beacon Trust Co. had nominal capital
of $3,000,000, a reputed surplus of $3,000,000, a reputed undivided profits
of $573,744, and reputed reserves for taxes and interest of $15,975, but no
reserves for depreciation and losses; that its demand deposits subject to
check were $20,805,475, and its time deposits $11,096,543 ; that its affairs
nad been conducted in an unsound and improper manner: that its reputed
surplus and undivided profits had been wiped out and its capital impaired or
lost, that it had been making speculative loans on real estate, and that its
savings department was in a dangerous and precarious position.
May 19 1934
According to the Hartford "Courant" of May 12, the Meriden National Securities Co. of Meriden, Conn., the investment
affiliate of the Meriden National Bank, has filed a preliminary certificate of dissolution.
Howard W.Alcorn,receiver of the City Bank & Trust Co.of
Hartford, Conn., was authorized to pay a 5% dividend to commercial depositors by Judge John Rufus Booth of the Superior
Court on May 11, according to the Hartford "Courant" of
May 12, which went on to say:
The dividend amounts to about $207.000. About $700,000 is being distributed to savings depositors, making the total dividends paid during the
past month more than $900,000.
Supplementing our item of last week (page 3220) with
reference to the proposed merger on May 22 next of the Danielson Trust Co. of Danielson, Conn., with the Windham
County National Bank of that place, we learn from the Hartford "Courant" of May 11 that the Windham County
National Bank in addition to the acquisition of the Danielson
Trust Co., will later absorb the Killingly Trust Co. of Danielson, which is now confining its operations to trust and
fiduciary business. With the merger of the Killingly Trust
Co. completed, it was stated, the commercial banking
facilities of Danielson will be concentrated in the Windham
County National Bank, with capital of $250,000, surplus
of $200,000 and total resources in excess of $5,000,000.
The "Courant" went on to say in part:
. . . In acquiring the Danielson Trust Co. only the sound assets are
being taken over, so that the capital and surplus of the Windham County
National in the aggregate of $450,000 will be free and clear. There will
be an immediate distribution of $160,000 in ratio of $40 per share to the
stockholders of the Danielson Trust Co. and in the near future they are
expected to receive at least $20 a share more—thus restoring to them their
payment of $100,000 capital and $140,000 by subscriptions at $60 a share
when the Danielson Trust was reorganized just one year ago Danielson
Trust Co. was closed Dec. 18 1931. The Windham County National
Bank is paying 3813,540 for the Danielson Trust Co. . .
The Windham County National Bank will increase its present capital
of $100,000 to $200.000 and still further to $250,000 upon the merger of
the Hilingly Trust Co.
In its issue of May 12, the "Courant" also contained additional information as follows :
The Windham County National Bank proposes to issue preferred stock
in connection with its plan to acquire the Danielson Trust Co. of Danielson.
Stockholders of the Windham County National will convene shortly to act
on a recommendation that the issuance of $100,000 additional stock be
authorized. This stock will be offered to stockholders of the Danielson
Trust Co. Par value of the Windham County National will be reduced
from $100 to $25. Par value of the new preferred will also be $25.
—•—.—
A dividend of 10%, amounting to $176,605.50, for the depositors of the savings department of the Commercial Trust
Co. of New Britain, Conn., was approved May 4 by Judge John
Rufus Booth, of the Superior Court, on application of Attorney Donald Gaffney, of counsel for the receiver, Frederick
A. Searle, according to the Hartford "Courant" of May 5,
which also said:
The dividend will make the total paid in the savings department 60%, and
the total amount distributed in dividends of all kinds, $2,090,463.90. These
are divided as follows: Accounts of $10 or less,s$18,681.19 ; 50%, of accounts more than $10, $885,276.75: Christmas Club savings, $31,338.80:
Vacation Club savings, $9,104.75; commercial deposits, 15%, $299,456.91.
We learn from the Hartford "Courant" of May 5 that
Judge John R. Booth, of the Superior Court, lifts approved
the application of Attorney Frank E. Healy, counsel for
William H. Leete, receiver of the Windsor Locks Trust &
Safe Deposit Co., of Windsor Locks. Conn., for authority to
pay a 10% dividend to depositors in the savings and commercial departments of the institution, the total to be paid
aggregating $96,000, or $17,000 in the commercial department
and $79,000 in the savings department.
The First National Bank & Trust Co. of Summit, N. J.,
announced on May 11 the election of Guion H. Fountain
of Chatham Township, N. .J., as Vice-President and Trust
Officer of the institution, according to advices from Summit
to the Newark "News" on the date named. Edward S.
Bancroft will continue as a Vice-President of the institution,
but will give up his active duties because of pressure of
personal business, while H. Donald Holmes, who has been
acting Vice-President in an advisory capacity, has resigned.
but continues with the bank as a member of the board. •
Announcement was made on May 17 of the proposed consolidation of the Citizens' National Bank & Trust Co. of
Ridgewood, N. J., and the First National Bank & Trust Co.
of that place, according to Ridgewood advices on that date to
the New York "Times," which went on to say:
The new bank, to be known as the Citizens' First National Bank & Trust
Co. will use the building of the First National. It will have combined deposits of about $7,000,000. Combined capitalization will be $700,000, of
Volume 133
Financial Chronicle
which the Reconstruction Finance Corporation will subscribe $400,000 in
preferred stock, while $100,000 will be issued in convertible 5% stock and
$200,000 in common shares.
F. Z. Board, President of the First National, and John V. Knowlton,
President of the Citizens' Bank, head a joint committee on selection of
directors and new officers.
As of April 27, the Springs-First National Bank of Cambridge Springs, Cambridge Springs, Pa., went into voluntary
liquidation. The institution, which had a capital of $100,000,
was replaced by the Springs-First National Bank in Cambridge Springs.
Altoona, Pa., advices on May 15, appearing in the Philadelphia "Record," stated that Blair C. Seeds of Loretto,
Pa., personal representative of Charles M. Schwab, had
been elected that day President of the First National Bank
of Williamsburg, Pa., succeeding E. S. Shelly, who resigned
the previous day. The following statement (as contained
in the dispatch) was posted at the bank, according to the
"Record":
E. S. Shelly, former President, has defaulted. We do not consider it
serious. He is under bond and turned over to the bank his farm and some
securities and his family have assured Mr. Schwab they will bear a portion
of the loss. The officers of this bank have nothing to conceal and we
feel this information should come direct from us to you. The present
Cashier and Assistant Cashier will remain, Charles M. Schwab owns
most of the bank stock and is its largest depositor. The stability of the
bank is in no way affected and business will continue under the new officers.
C. A. Cunningham succeeds Mr. Seeds as Vice-President. Deposits of
the bank are insured.
With reference to a new banking institution being organ
ized in Pittsburgh, Pa., the Pittsburgh "Post-Gazette" of
May 8 had the following to say:
3389
institution, which succeeds the First National Bank in Salem,
is capitalized at $50,000, made up of $25,000 preferred stock
and $25,000 common stock. Truman Payne is President, and
Robert White, Cashier, of the new organization.
From the Toledo "Blade" of May 3 it is learned that another dividend of 5%, carrying distribution of more than
$800,000 to depositors of the defunct Security Home Trust Co.
of Toledo, Ohio, will be paid shortly. The paper mentioned
went on to say:
Liquidators reported to-day (May 3) that they have in excess of $600,000
In cash on hand. They also have more than $200,000 of Home Owners' Loan
Corp. certificates, which will be exchanged for the HOLC bonds as soon as
the transactions can he completed. It is expected that by the latter part of
next week sufficient money will be on hand to make the payment. . . .
The bank paid 5% in February. That payment made a total of 25% that
has been paid to depositors. The next payment will increase it to 30%.
A new banking institution, the Brookville National Bank,
Brookville, Ohio, was granted a charter by the Comptroller of
the Currency on May 9. The new bank is capitalized at
$50,000, half of which is preferred and half common stock.
Theodore Detwiler is President and H.E. Monroe, Cashier.
C. C. Stevenson, special agent in the liquidating bureau of
the Ohio State Banking Department, on May 8 was to pay
another 10% dividend to depositors and creditors of the
Roseville State Bank of Roseville, Muskingum County, Ohio,
It is learnt from the "Ohio State Journal" of May 5, which
added:
The payment, which amounts to $29,444.34, Is the fourth dividend paid
by the liquidators and will make a total of 721
/
2% returned.
The new Central National Bank of Pittsburgh is expected to open for busi•
nese within 90 days, at the "forks of the road," Penn Avenue, Thirty-fourth
and Butler Streets, according to Thomas McCaffrey, Chairman of a saks
committee, who announced 1,200 shares of stock had been subscribed at $75
per share. The Reconstruction Finance Corporation has agreed to purchase
$100,000 of preferred stock, provided $150,000 of the common stock is subscribed locally.
Negotiations are under way for purchase of the building formerly occupied by the Pennsylvania Bank & Trust Co., at the "forks of the road." The
new bank, McCaffrey said, will have a capitalization of $200,000, surplus
of $40,000, and undivided profits of $10,000.
From the Cleveland "Plain Dealer" of May 13, it is
learned that the directors of the Central United National
Bank of Cleveland, Ohio, have recommended the issuance
of I,000,000 in 4% preferred stock, which may be subscribed by stockholders and the public, according to a
letter sent to the stockholders under date of May 12, The
AFC, it is stated, has agreed, upon completion of the plan,
to purchase all shares remaining after these subscriptions
are made. Continuing the Cleveland paper said, in part:
Arrangements for the payment of depositors in three Penn
sylvania closed banks, the Parkway Trust Co. of Philadelphia; the Conshohocken Trust Co. of Conshohocken, and the
State Bank of Salina, Salina, were announced on May 11 by
Dr. William D. Gordon, State Secretary of Banking for Pennsylvania. In reporting this, the Philadelphia "Inquirer" of
May 12 said, in part:
According to the letter to stockholders, the issuance of this stock arises
from benefits of the Emergency Banking Act as linked with the National
Industrial Recovery program and will give the bank a capital structure
of $14,000,000, consisting of the new $8,000,000 preferred. $5,000.000
common as at present and $1,000.000 surplus. Par value of the preferred
stock is $16. . . .
At the time of the meeting of the bank stockholders, called for May
24 to vote on the proposal, a meeting of the stockholders of the Central
United Co., the bank's securities affiliate, will be held for the purpose
of retiring that company from business, it was announced.
Depositors of the Parkway Trust Co. will be paid 12%%. Checks will be
mailed Tuesday (May 15), it is expected. The total to be paid is $131,709.
This bank has already paid 57%% to the depositors, and this dividend
brings the total to 70%. The bank closed Sept. 2 1931.
"This payment is made possible by a loan from the Reconstruction Finance
Corporation," Dr. Gordon said. "The local Deposit Liquidation Board fixed
the assets of the bank at $151,300. Washington then set the loan at $75,000,
and a check was sent us for $74,530, certain necessary deductions having
been made. The balance of the payment came from cash obtained by liquidation of certain assets." . . .
The dividend to be paid depositors of the Conshohocken Trust Co. will be
the first they have received, but will be, proportionately, one of the largest
on record, being equal to 62%% of the deposits, or $159,212.83. When it
closed, Sept. 30 1933, the bank owed its depositors $254,839.22.
The depositors of the State Bank of Salina are still more fortunate, however, for they will receive a dividend of 82%, or $88,347.67. Depositor
liability, when this bank closed, which was on the same day as the Conshohocken institution was taken over, was $107,779.
The Comptroller of the Currency on April 28 issued a charter to the First National Bank of Charleroi, Charleroi, Pa.
The new institution is capitalized at $100,000, consisting of
half preferred and half common stock, and succeeds the First
National Bank of Charleroi. W. C. Clark and C. S. Bateman
are President and Cashier, respectively.
Dr. E. G. Brumback, a director of the First National Bank
of Luray, Va., for 25 years, was elected a Vice-President of
the institution on May 4, to succeed W. L. Rhodes, who died
recently, according to Luray advices, on May 5, printed in
the Richmond "Dispatch," which added:
The First National Bank showed a total in resources of over $604,000 at
Its meeting to-day.
On May 9, the First National Bank at Moundsville, Moundsville. W. 'Va., was granted a charter by the Comptroller of
the Currency. It replaces the First National Bank of
Moundsville,and is capitalized at $100,000, made up of $50,000
preferred stock and $50,000 common stock. T. L. Rogerson
heads the new bank, with T. S. Riggs as Cashier.
The Comptroller of the Currency on May 5 granted a charter to the First National Bank at Salem, W. Va. The new
The proposed union of the Bank of Marysville Co. of
Marysville, Ohio, and the Commercial Savings Bank of that
place, under the title of the Marysville-Commercial Bank,
was announced by officials of the respective institutions on
May 12, according to a dispatch from Marysville on that
date, appearing in the "Ohio State Journal," which continuing said:
The consolidation will leave only one bank in Marysville with resources
of more than a million dollars.
111The Bank of Marysville was organized in 1854 and the Commercial
Savings Bank in 1909. The change will take place about May 21. The
Commercial Savings Bank will be moved into the modern Bank of Marysville building.
On May 3 depositors of the Aetna Trust & Savings Bank of
Indianapolis, Ind., were to receive a 30% dividend, according
to the Indianapolis "News" of May 2, which stated that distribution of the dividend, amounting to $191,000, had been
ordered that day by Judge John W. Kern, in the Superior
Court. The money, it was said, would be distributed from
the proceeds of the liquidation of the bank by the State Department of Financial Institutions, under the new State
banking law.
As the result of a $2,500,000 loan from the Reconstruction
Finance Corporation, depositors of the North-Western Trust
& Savings Bank of Chicago, fll., will receive an additional
dividend of 20% about July 1, it was announced May 9. The
Chicago "Journal of Commerce" of May 10, in reporting the
matter,further reported:
David E. Shanahan, receiver of the bank, was notified by the Government
agency of the approval of the loan, and the local office of the RFO is now
engaged in checking the collateral to secure the loan.
The forthcoming distribution will bring the total liquidating dividends paid
to depositors to 50%, 30% already having been paid since the closing of
the bank in June 1931.
The dividend will make the total amount paid to depositors and general
claimants in excess of $4,800,000. The total amount of claims filed with
the receiver was $9,410,995.
In addition to the sum of $4,846,747 paid and to be paid to the general
creditors and represented by the 50% dividend, Receiver Shanahan has paid
preferences and trust claims aggregating $1,567,589.
3390
Financial Chronicle
The First National Bank of Englewood, Chicago, Ill., is
asking its small savings depositors-3,000 of them—to withdraw their money, because, under present conditions, it costs
too much to serve them. A letter addressed to the small depositors, under date of May 5, and signed by J. M. Nichols,
the President of the institution, said in part:
We regretfully announce that the small account must go. In order to
maintain our institution on a sound and profitable basis, we are obliged to
ask that those carrying savings accounts of $50 or less come in at once and
get their money.
It is a nice state of affairs, isn't it, when a small depositor is asked to
leave? No one realizes this any more than we. It is just another example of
what the "little fellow" may expect when a Government goes into business.
To-day we see both finance and industry in a headlong flight before a
conflagration of professor-born, socialistic ideas, such as the NRA, FDIC, &c.
It is in spite of the New Deal that we exist rather than because of it. Were
it not for political coercion and interference, there is no doubt in our minds
but that we should have been on the road to recovery long ago.
The Neat, Condit & Grout National Bank of Winchester,
Winchester, Ill., with capital of $55,000, was chartered by the
Comptroller of the Currency on May 8. The new institution
represents a conversion of the National system of the banking
firm of Neat, Condit & Grout of Winchester.
A charter was granted on May 5 by the Comptroller of the
Currency to the First National Bank of Woodstock, Ill. The
new bank replaces the American National Bank of the same
place, and has a capital of $50,000, consisting of $25,000 preferred and $25,000 common stock. Frank J. Green and John
M. Hoy are President and Cashier, respectively, of the new
institution.
We learn from the "Commercial West" of May 12 that
Guy F. Jensen, a Vice-President of the Produce State Bank
of Minn_apolis, Minn., was recently given the additional
office.of Cashier, succeeding in that capacity T. A. Heck, who
resigned in order to accept a position with the Security National Bank of Huron, S. D. Swen Huso, formerly a teller,
was promoted to the post of Assistant Cashier.
The Nebraska State Banking Department on May 9 paid a
35% dividend amounting to $166,642 to depositors in the
failed Farmers State Bank of Columbus, Neb., with funds obtained by a Reconstruction Finance Corp. loan, according to
Associated Press advices from Lincoln, Neb., on that date.
The depositors now have received 45% of their deposits or
$214,255, the dispatch said.
That the'First National Bank of Odebolt is planning toso
in
-To—voluntary liquidation in the near future, is indicated in
erfrom that place on May 11 to the
the following dilFt
Des Moines "Register":
Voluntary liquidation of the First National Bank of Odebolt was proposed in a resolution of its Board of Directors made known Thursday
morning (May 10).
No reason for liquidation was advanced by bank officials except that
"the bank does not choose to operate."
Established as a State bank in 1886, and receiving its national charter
in 1911, the bank has never closed its doors except during the National
Bank Holiday in March 1933.
Controlling stock Is owned by W. P. Adams & Sons, extensive land
owners here. Robert Adams is President and .1. L. Mathews, Cashier.
Directors say the bank is able to pay its depositors in full.
Business will be discontinued on a date to be fixed at a stockholders'
meeting, June 12.
The American National Bank of Walters, Walters, Okla.,
capitalized at $30,000, was placed in voluntary liquidation on
April 26. It was succeeded by the Walters National Bank.
Concerning the affairs of the defunct Savings Trust Co.
of St. Louis, Mo.(one of the numerous small St. Louis banks
which closed in January 1933). the St. Louis "Globe-Democrat" of May 13 had the following to say:
Special Deputy Finance Commissioner W.A.Lockett,in charge ofliquidation of the Savings Trust Co., announced yesterday (May 12) he expected
to make payments to depositors and other creditors shortly. About
$1,325,000 in claims are filed. A 3718.000 loan from the Reconstruction
Finance Corporation, which has been tentatively approved, will make the
payment possible.
The amount of the payment, is indefinite, Mr. Lockett stated, as some
of the loan will be used to take care of the $300,000 in bills payable, and
taxes on property secured by deeds of trust to be given to the RFC as
collateral.
The National Deposit Bank in Owensboro, Owensboro, Ky.,
capitalized at $150,000, was granted a charter by the Comptioller of the Currency on May 5. The new organization,
which replaces the National Deposit Bank of Owensboro, is
capitalized at $150,000, consisting of $100,000 common stock
and $50,000 preferred stock. Reid Brodie heads the new
hank. while Thomas G. Bartlett is Cashier.
May 19 1934
The Tropical State Bank (formerly of Lake Placid, Fla.)
opened for business in Sebring, Fla., on May 7, giving that
place unrestricted banking facilities, it is stated, for the first
time in a year. The institution was moved from Lake Placid
following the close of business May 5. Associated Press advices from Sebring, from which the above information is obtained, further said:
It had served the Lake Placid community 10 years, and deposits at closing
time, Saturday (May 5), exceeded $120,000.
Comptroller J. M. Lee came here especially to attend the opening.
Members of the directorate who were present at the opening included
President W. J. Kelly, of Jacksonville; E. L. Tappen, of Lake Placid;
W. F. Coachman, of Lake Placid, and E. D. Treadwell, of Arcadia.
Associated Press advices from Tallahassee, Fla., on May 9
stated that a charter was issued on that day for the Bank of
Melbourne at Melbourne, Fla., with capital of $25,000.
Officers of the new bank were named as follows: C. H.
McNulty, President; Harvey Huggins, Vice-President;
John R. Deberry, Cashier, and Gene Tucker, Assistant
Cashier.
-Idaho, to the Portland "OreA dispatch from Moscow,
gonian," under date of April 30, stated that word had been
received from Boise, Idaho, that a 15% dividend would be
paid that day to the depositors of the Moscow State Bank,
which closed Feb. 23 1933. The dispatch added:
The payment will total around $20,000, and is being paid on all ordinary
deposits, as well as on public funds. The bank had deposits of around
$250,000 when it closed.
Two Nevada banks, the Ely National Bank, Ely, and the
McGill National Bank, McGill, both capitalized at $25,000,
were consolidated on May 9 under the title of the Ely National
Bank. The consolidated institution is capitalized at $100,000.
consisting of $50,000 preferred stock (subscribed for by the
Reconstruction Finance Corporation at $100 par value per
share), and $50,000 common stock, and has a surplus of
$5,000. On the same date (May 9) permission was given the
new bank to maintain a branch at McGill.
Depositors in the defunct B- ank of Commerce of Eugene,
Ore., will shortly receive a third dividend, according to the
following dispatch from Eugene on April 30 to the Portland
"Oregonian":
A third dividend will soon be declared to the depositors of the Bank of
Commerce of Eugene, which closed two years ago, it was indicated when a
petition for the distribution was filed In Circuit Court. It is proposed to
declare a dividend of 10% in both commercial and savings departments.
The resignation, effective May 15, of Fred E. Callister
as Manager of the Albany (Ore.) Branch of the First National Bank of Portland, Ore., to accept an important position in the loan department of the FederalIntermediate Credit
Bank of Spokane, Wash., and the appointment of C. M.
Howard,for many years Cashier of the First National Bank
of Sheridan, Ore., as his successor, was indicated in the
Portland "Oregonian" of May 8, which also said in part:
Mr. Canister came to Oregon in 1911 from Spokane, where he was connected with the old Traders' National Bank. He located in Silverton in
the banking business and remained there some time, leaving to go to
Albany, where he was named Vice-President of First National Bank.
This institutlion failed to open after the banking holiday and Mr. Canister
was appointed conservator, a position he held until First National of
Portland opened its branch in Albany on July 26 1933. when he was made
Manager.
It is learned from the Toron- to "Globe" of May 11 that several changes in the official staff of the Dominion Bank (Head
office, Toronto, Ont.) were announced the previous day.
M. S. Bogert, Manager of the Montreal Branch of the institution, retires from active service on July 1 next, and will be
succeeded by W.A. Fisher; A. C. Ashforth has been appointed
Manager of the Toronto Branch; Percival Huffman is to become Manager of the London, England, branch; T. Wilding
has been appointed Supervisor at the head office in Toronto,
and Cyril Waite has been made Manager of the St. John,
N. B., branch. The "Globe" went on to say:
M. S. Bogert has been Manager at Montreal since 1912. He entered the
service at Belleville, Ont., in 1887, and in the intervening years has held
various important posts throughout Canada, and is widely known. Prior to
his assuming the management of Montreal branch he was Superintendent of
the Eastern branches at head office.
Mr. Fisher, who succeeds Mr. Bogert, has had extensive banking experience
since entering the service in 1910, having been Manager of branches at Marmore, Ont.; St. Lawrence Boulevard, Montreal; Huntsville, Ont., and Saint
Jahn, N. B. Mr. Waite succeeds Mr. Fisher at Saint John,
A. C. Ashforth, who has been appointed Manager of the main office, in
Toronto, entered the bank in 1910, and has been attached to the head office
staff since 1917, during the past five years as a Supervisor.
Percival Huffman, who has been Manager at Toronto branch during the
past three years, resumes the management in London, England, office, which
position he held from 1928 to 1931, and Mr. Wilding, Acting Manager in
London during Mr. Huffman's absence, returns to head office, where he has
been appointed a Supervisor.
Volume 138
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
For the review of the New York stock market, see editorial
pages.
THE CURB EXCHANGE.
Curb prices were lower during the initial session of the
present week,but gradually improved from day to day though
the changes were largely fractional. The volume of business
was small, most of the speculative interest centering around
the specialties and the metal stocks, particularly toward the
end of the week when the latter pointed sharply upward.
Considerable irregularity was apparent and some profit
taking was in evidence but the market continued to hold
steady and in some instances, small gains were recorded by
a number of the more active stocks.
On Saturday lower prices prevailed all along the line,
though the public utility shares held fairly steady and, at
times, showed small gains. Oil stocks were generally soft
with International Petroleum and Gulf Oil of Pennsylvania
both showing slight losses. Toward the end of the session
there were occasional gains, but the changes were small and
not especially noteworthy. Greyhound slipped back fractionally and some of the miscellaneous industrials like Singer
Manufacturing Co. fell back quite sharply. Toward the
end of the final hour, selling increased as the volume of sales
grew larger.
Moderate downward tendencies were apparent on Monday
as curb stocks developed an easier tone, though on the whole,
the market was somewhat broader than in the preceding
session. Small declines were recorded among the liquor
stocks, particularly Hiram Walker and Distillers Seagrams,
both of which moved somewhat erratically during most of
the day. Public utility shares displayed some resistance
and small gains were recorded by Electric Bond & Share
and Niagara Hudson, while American Gas & Electric
lost most of its early advance. Mining stocks moved within
a narrow compass and oil shares like Humble Oil and Standard Oil of Indiana slipped back from fractions to three or
more points.
Shares on the curb market were slightly higher on Tuesday,
and as the trend of the previous day wa3 reversed, stocks
moved slowly upward under the leadership of the specialty
issues. Trading was active and a sizable number of fast
moving stocks showed modest advances before the close.
Public utilities were moderately firm and small gains were
recorded by Electric Bond & Share, American Gas & Electric and United Light & Power. Oil shares moved higher,
Gulf Oil of Pennsylvania, Humble Oil and Standard Oil of
Indiana showing the best gains. Mining issues and metal
stocks were fairly steady, though the changes were scarcely
noticeable. Lucky Tiger Mines opened with a small sale
after a long absence from the tape. Aluminum Co. of
America was higher by a point or more and Sherwin Williams
improved around two points. Great Atlantic & Pacific Tea
Co., on the other hand, dipped around two points on a single
sale. Distillers Seagram and Hiram Walker were moderately
strong all day.
Curb listings displayed a strong upward tendency on
Wednesday, though the turnover was comparatively light
and the gains, with the exception of a few of the industrial
issues and volatile specialties, were generally in the fractional
class. Sherwin Williams, one of the strong stocks of the
previous day,extended its gain by a point or more. American
Cyanamid B improved more than a point and National
Container forged ahead around a point and a half. Oil
shares were in fairly heavy demand during the morning
session, the strong stocks including Creole Petroleum,
International Petroleum and Standard Oil of Indiana. South
Penn also was in fair demand and improved about 13% points.
There was little change in the public utilities and alcohol
stocks were comparatively quiet. Metal issues, mining
stocks and most of the miscellaneous industrials like Pittsburgh Plate Glass, Wright Hargreaves and Aluminum Co.
of America were slightly down on the day.
Share values again pointed upward on Thursday, the
metal shares leading the forward movement with sizable
gains following the developments in Washington regarding
silver. There was little activity in other parts of the list
as price changes continued extremely narrow and the list
heavy. Public utilities showed moderate firmness in stocks
like Electric Bond & Share, American Gas & Electric,
Niagara Hudson and United Light & Power, and some of
the oil shares like Standard Oil of Indiana, Gulf Oil of
Pennsylvania and Humble Oil were slightly firmer. Alcohol
3391
Financial Chronicle
stocks, including such active issues as Hiram Walker and
Distillers Seagram, showed improvement. Active shares
among the specialties included Sherwin Williams, American
Cyanamid B, Swift & Co. and Montgomery Ward A.
The volume of sales was somewhat larger on Friday,
though prices were irregular and many popular speculative
favorites were inclined toward lower levels. There were
occasic nal firm spots that checked the downward movement,
Greyhound Corporation being one of the outstanding features of this group as it moved up 13% points to 173/2. Aluminum Ltd. pref.
. also moved briskly forward and closed
with a gain of 23/i points to 503/2. United Gas pref.
. reached
44 with a gain of 4% points and Singer Manufacturing Co.
showed a net gain of 432 points at 1603/2. As compared with
Friday of last week, many of the leading issues were higher,
American Gas & Electric (4) closing on Friday at 243%
against 23% on Friday of last week, American Superpower
at 23
% against 23/2, Associated Gas & Electric A at /8 against
%, Cities Service at 2% against 2%, Consolidated Gas of
7 Electric Bond & Share
Baltimore (3.60) at 60 against 59%,
at 143% against 133
%,Gulf Oil of Pennsylvania at 61 against
4,
603/8, Hudson Bay Mining & Smelting at 133% against 123
% against 413%, New York TeleHumble Oil (new) at 427
phone pref.
. (63/2) at 1173/2 against 1153%, Niagara Hudson
Power at 53% against 5%, Pennroad Corporation at 23%
against 23
4,Standard Oil of Indiana (1) at 263% against 26,
United Gas Corporation at 27
% against 23
4, United Shoe
Machinery at 663% against 65, and Utility Power at 13%
against 1.
A complete record of Curb Exchange transactions for the
week will be found on page 3421.
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE.
Week Ended
May 18 1934.
Stocks
(Number
Of
Shares).
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Bonds (Par Value).
Foreign
Foreign
Domestic. Government. Corporate.
143,798 82,322,000
284,735 3,716,000
148,625 3,413,000
132,420 3,031,000
197,550 3,512,000
248,260 3,858,000
$85,000
94,000
90,000
177,000
145,000
51,000
1,155,388 $19,852,000
3642.000
Sales at
New York Curb
Exchange.
Week Ended May 18.
1934.
1933.
Stocks-No,of shares_
1,155,388
2,649,189
Bonds.
Domestic
$19,852,000 322,341,000
Foreign government_
642,000
1,446,000
Foreign corporate
420,000
865,000
Total
$20.914,000 $24,652,000
Total.
$38,000 82,445,000
81,000 3,891,000
56,000 3,559,000
70,000 3,278.000
107,000 3,764,000
68,000 3,977,000
$420,000 $20.914,000
Jan 1 fo May 18.
1934.
1933.
33,717,315
21,961,475
3475,311,000
17,357,000
14,573,000
$335,024,000
13,713,000
17,743,000
$507,241,000
$366,480,000
COURSE OF BANK CLEARINGS.
Bank clearings this week will again show a satisfactory
increase as compared with a year ago. Preliminary figures
compiled by us, based upon telegraphic advices from the
chief cities of the country, indicate that for the week ended
to-day (Saturday, May 19) bank exchanges for all cities of
the United States from which it is possible to obtain weekly
returns will be 13.1% above those for the corresponding
week last year. Our preliminary total stands at $5,061,772,091, against $4,476,907,091 for the same week in 1933.
At this center there is a gain for the five days ended Friday
of 5.0%. Our comparative summary for the week follows:
Clearings-Returns by Telegraph.
Week Ending May 19.
1934.
1933.
Per
Cent.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
$2,595,476,038
197,512,646
252,000,000
182,000,000
61.716,217
65,600,000
91,894,000
77,339,036
65,741,500
53,220,498
49,901,249
20,816,000
$2.471,897,645
+5.0
163,097.527 +21.1
199,000,000 +26.6
152,000,000 +19.7
44,402,190 +39.0
51,800,000 +26.6
75,739.000 +21.3
53,415,286 +44.8
6,888,545 +854.4
37,100,894 +43.4
30,459,520 +63.8
9,329,342 +123.1
Twelve cities, 5 days
Other cities, 5 days
$3,713,217,184
504,926,225
33,295,129,949
435,625,960
+12.7
+15.9
Total all cities. 5 days
All cities, 1 day
$4,218,143,409
843,628,682
53,730,755,909
746,151,182
+13.1
+13.1
$5,061,772,091
$4,476.907.091
+13.1
Total all cities for week
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-clay, inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week has to be in all eases estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous-the week ended May 12. For
that week there is an increase of 15.8%, the aggregate of
clearings for the whole country being $5,279,239,344, against
$4,559,259,647 in the same week in 1933.
Outside of this city there is an increase of 15.8%, the bank
clearings at this centre having recorded a gain of 10.2%. We
May 19 1934
Financial Chronicle
3392
group the cities according to the Federal Reserve districts
in which they are located, and from this it appears that in
the New York Reserve District, including this city, the
totals register an increase of 10.2%, in the Boston Reserve
District of 16.6% and in the Philadelphia Reserve District
of 34.4%. In the Cleveland Reserve District the totals
record an improvement of 31.8%, in the Richmond Reserve
District of 33.9% and in the Atlanta Reserve District of
40.5%. The Chicago Reserve District has enlarged its
totals by 46.5%, the St. Louis Reserve District by 18.5%
and the Minneapolis Reserve District by 14.8%. In the
Kansas City Reserve District the increase is 30.8%, in the
Dallas Reserve District 22.9% and in the San Francisco
Reserve District 13.2%.
In the following we furnish a summary of Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Mean'
Dec.
1933.
1934.
Week End. May 12 1934.
$
Federal Reserve Dists.
226,743,781
1st Boston _ _ _ _12 cities
3,556,877.289
2nd NewYork__12 "
306.644.035
3rd Philadelpla 9 "
188.907.409
4th Cleveland__ 5 "
95,469.998
5th Richmond _ 6 97,094,586
6th Atianta____10 "
337,826,806
7th Chicago _ - _19 "
93,885,281
8th St.Louis__ 4 "
72,725,511
9th Minneapolis 7 "
98,862,579
City10
"
10th Kansas
38,891,822
5 "
11th Dallas
166,310,247
12th San Fran_ _13 "
112 cities
Total
Outside N. Y. City
5,279,239,344
1,817,636,045
R9 91.190
'Sr, ARA 090
$
415,609,782
6156,757,476
456,665,681
315,350.697
140,724,921
123,687,482
691,005,890
129,400,889
93,272,509
139.131,359
61,102,397
324,705,746
4,559,259,647 +15.8
1,416632.785 +28.3
4.691,369,999
1,826,652,690
9,037,414,829
3,024,089,355
4.15.7
236.783.681
358.219.142
We now add our detailed statement, showing last week's
figures for each city separately for the four years:
Week Ended May 12.
Clearings as
1934.
1933.
Inc. or
Dec.
1932.
1931.
3
$
%
$
First Federal Reserve Dist rict-Boston501,090 -4.5
478.375
Me.-Bangor. -849.863 +83.0
1,555,594
Portland
Mass.-Boston _ _ 199,245,065 170,696,762 +16.7
560,541 +34.0
751.347
Fall River- _ _ _
280.977 -1.1
277,867
Lowell
548.096 +0.5
551,022
New Bedford
+11.7
2,303,629
2.572,866
Springfield. _
1,002,693 +33.2
1,335.923
Worcester
8,134,987 +14.8
9,339,924
Conn.-Hartford
2.905.234 +4.5
3.037,017
New Haven_
6,253,000 +15.1
7,196,900
35.1.-Providence
427,721 -6.0
401,881
N.H.-Manches'
423,100
2,103,025
187,023.119
668,939
382,672
620,334
3.217,458
2,282,997
7,866,880
5,768,992
7,760.300
673,403
656.156
3,146,805
370,577.471
1,038,097
565,196
1,040,466
5,194,624
2,804,641
9,928,168
7,521,174
12,632,100
504,884
194,464,593 +16.6
218.791,219
415,609,782
Total (12 cities)
226,743,781
$
Second Fede al Reserve D !strict-New York10,220,703
4,453,264
11,856,326 +19.9
14,213,202
N. Y.-Albany_
1,406,233
753.472
849,556 -13.3
736,713
Binghamton_ _
40,732,631
25,893,040
21,912,784 +16.9
25,617,784
Buffalo
1,029,852
614,514
+12.7
416,125
468,860
Elmira
1.188,484
670,174
246,730 +68.3
415,364
Jamestown__ _
New York_ _ _ 3,461.603,299 3,142,626.862 +10.2 2,864,712,309 6,013,325,474
6,889,294
9,929,270
+8.2
5,675,931
6,142,544
Rochester
4,882,736
3,580,111
3,924,413 -25.2
2,934.534
Syracuse
3,078.474
2,593,442
2,222,548 +20.5
2,679,191
Conn.-Stamfor
678.318
459,480
326,632 -23.5
.250.000
N. J.-Montcla
21.989.251
30,412,906
14,380.987 +13.6
16,339,653
Newark
39,872,395
26,301,283
21.825,410 +16.7
25.476,145
Northern N. J
Total(12 cities 3,556,877,289 3,226,264,304 +10.2 2,958,909,634 6.156.757,476
Third Federa Reserve Dis trim-Phila delphl a428,970
269,599 +49.9
404.167
Pa.-Altoona__ _ •
b
b
b
b
Bethlehem_ _
404,365
-6.9
276,461
•
257,342
Chester
1,008,520
540,224 +34.3
•
725,645
Lancaster
Philadelphia , 295,000,000 219,000,000 +34.7 247,000,000
2.324,274
965,093 +46.5
1,414,328
Reading
2,080,245
1,629,990 +15.2
1,878,197
Scranton
1,627,994
+8.3
1,290,723
•
1,398,410
Wilkes-Barre _
1,252,623
965,591 +22.4
1,181,946
York
+34.5
3,023,000
3,259,000
•
4,384,000
2.
-Trenton.
N.
624,123
b
1,012,302
2,703,203
428,000,000
7,322.454
4,358,344
3,238,555
1,868,700
7,538,000
228,196,681 +34.4
259,149,991
456,665,681
Reserve D Istrict-Clev elandc
c
c
c
c
C
32,399,138 +19.3
38,650,260
38,332,855 +43.2
54,908,324
6,942,900 +39.9
9,715.700
831,145 +35.4
1,125,726
b
b
b
64.827,582 +30.4
84,507,399
c
c
39,713,827
63.716,201
8,025,500
939,799
b
86,986,766
c
c
59,429,151
110,468,140
14,556,900
1.697.387
b
129,199,119
Total(9 cities).
306,644,035
Fourth Fede r al
Ohio-Akron.__
Canton
Cincinnati_ _ _ .
Cleveland___ .
Columbus._ _ _.
Mansfield_ _ _.
Youngstown_ _
Pa.-Pittsburgh .
143.333.620 +31.8
199,382,093
315,350.697
Fifth Federal Reserve Dist rict-Richm ond70.415 +53.7
115,948
W.Va.-Hunt'to 1
2,006.000 -7.2
1,862,000
Va.-Norfolk__ _ _
+2.8
24,275.881
24.961,455
Richmond _ _.
689,791
+3.6
714,322
S. C.-Charlesto 2
34,863,257 +49.9
52,276,639
Md.-Baltimore _
8,656,131 +68.0
14,539.634
D.C.-Washing'1
444,186
2,729,901
24.600,004
827,826
51,301,750
19,510,440
690.811
3,498,970
33,581,358
1,664,931
75,389,992
25,898,859
70.561,475 +33.9
99,414,107
140,724,921
2,611,383
10.437,230
28,800,000
747,544
526.534
9,143,485
8,362,357
731,067
b
124,060
24,205,852
2,000,000
12,718,235
40,557,410
1,373,389
728,052
13,763,685
13,734,353
1,316,433
b
235.722
37,260,203
85,689,512
123,687,482
Total(5 cities).
Total(6 cities).
188,907,409
94,469.998
Sixth Federal Reserve Dist rict-Atlant a3,284,289 -36.6
2,083.645
Tenn.-Knoxvill
8,414.511 +34.2
11,289.748
__
Nashville_
27,700,000 +28.5
35,600,000
_
837.424 +1.6
850.836
Augusta
514,949 -12.7
449,553
Macon
7,537.069 +57.4
11,864.000
Fla.-Jack'nville.
+47.4
9,354,332
13,787,992
Ala.-Birm'ham .
929,312 +4.9
974,963
Mobile.
b
b
b
Miss.-Jackson_
89.485 +30.5
116,753
Vicksburg_ --+92.3
10,439.870
20,077,096
La.-NewOrlelSfll
69,101,241 +40.5
97,094,586
Total(10 cities I
1933.
inc. or
Dec.
1932.
1931.
$
$
%
$
$
Seventh Feder al Reserve D strict-Chi cago207,308
b115,220
58,016
Mich.-Adrian _
720.795
546,181
497,626 -2-O.§
394,063
Ann Arbor_ __59.947.764 125,451.831
7,368.342 +791.2
65,665.550
Detroit
4.544.963
2,949,394
881,703 +71.1
1,508,422
Grand Rapids.
3,946.524
1,125.200
293,800 +206.4
900,113
Lansing
3,402.343
1,287,308
403,814 +137.9
960,552
Ind.-Ft. Wayne
21,331,000
13,767,000
9,406,000 +30.9
12,316.000
Indianapolis_
3,030,909
1,550,015
547,232 +112.1
1,160,706
South Bend__.
4,750,209
3,527,992
2,867,426 +27.2
3,647.373
Terre Haute_
24,725,971
16,403,205
10,822,009 +36.9
14,813,139
Wis.-Milwauk
2,567,727
b773,326
462,377
Ia.-Ced. Rapids
7
7,734,800
5.076,836
3,544.597 -1-771.7
6.334,278
Des Moines...
4,047,383
1.987,022 +25.0
2,532,677
2,483,411
Sioux City_
b
••+1
b
b
b
b
Waterloo
1,854,857
1,203,129
312,487 +52.3
475,900
221,678,900 187,573,493 +18.2 224,873,790 473,542.747
Chicago
543.661
1,162,858
504,453 +51.4
763,716
Decatur
3,425,333
2,441,811
2.234.783 +15.4
2,577,856
Peoria
567,563
2,278,148
565,522 +6.7
603,415
Rockford
2,280,184
2,230,953
767,994 +33.2
1.023,019
Springfield_
230.578,303 +46.5
341,463,025
691,005,890
Eighth Federa I Reserve Dls trict-St. Lo uisb
b
b
Ind.-Evansville.
52,800,000 +15.3
60,900,000
Mo.-St. Louis...
16,254,418 +31.7
21.411,434
9,855,430 +14.0
11,239,847
Tenn.'-Memphis
b
b
b
288.000 +16.0
334,000
Quincy
b
59.800,000
17,769.051
10,345,442
b
588,863
b
92,100,000
23,513,518
12,930,374
b
..el
856,997
79,197,848 +18.5
88,502,556
129.400,889
337,826,806
1931.
3
218,791,219
2,958,909,634
259,149.991
199,322,093
99,414,107
85,689,512
341,463,025
88,502,556
69,080,955
98.073,034
34,698,308
238,210,565
254.157.716
1934.
Total (19 cities)
1932.
%
+16.6
+10.2
+34.4
+31.8
+33.9
+40.5
+46.5
+18.5
+14.8
+30.8
+22.9
+13.2
$
194.464,593
3,228,264,304
228,196,681
143,333,620
70.561,475
69,101,241
230.578,303
79,197,848
63,346,583
75,602,638
31,647,605
146,964,706
Week Ended May 12.
Clearings 02-
93,885,281
Total(4 cities) _
Ninth Federal Reserve Dist act-Minna spoils2,102,021
1,851,318 +9.9
2,034,629
Minn.-Duluth._
46,283,970
43,994,186 +10.5
48,598,809
Minneapolis_ -+37.7
15,918.985
12,972,795
17.859,396
St. Paul
1,888,410
1,452,124 +13.9
1,654.505
N. D.-Fargo.._
645.958
475,742 -15.5
402,096
S.D.-Aberdeen_
394,551
295,629 +16.9
345,596
Mont.-Billings
1,847.060
2,304,78 -20.6
1,830,480
Helena
72,725,511
Total(7 cities).
63,346,583 +14.8
69,080,955
3,139,252
63.980,595
20,014.804
2.005,843
893,121
570,920
2,667,974
93,272,509
•
Tenth Federa Reserve Din trict-Kans as City192,972
39,744 +61.1
64,036
Neb.-Fremont__
b210,596
70.962
Hastings
2,260.771
1,760,529 +-2-278
2,156,811
Lincoln
23,921,711
19,967.519 +34.9
26,945,922
Omaha
1,394,161
+7.8
1,382,826
1,490,206
Kan.-Topeka _ _
8,805,081
+9.6
1.647,356
1.805,677
Wichita
62,079.387
47,295,365 +32.6
62.691.286
Mo.-Kan. City.
2.711.084
2,413,412 +10.2
2,659,415
St. Joseph _ _ _ _
692.427
586,743 -23.7
447,636
Colo.-Col.Spgs_
804,844
509,194 +4.2
530,628
Pueblo
290,859
250.000
3,263,629
36,640,053
2.708.676
5,177,759
84,373,616
4,156,654
1,018,942
1,251,171
75,602,688 +30.8
98.073.034
139.131,359
Eleventh Fede cal Reserve District-Da has737,871 -9.1
670,482
Texas-Austin___
23.042,361 +31.3
30,250,692
Dallas
4,442,572 +5.6
4,689,197
Ft. Worth _ _
1,344,647 -2.6
1,310,000
Galveston
2,080,154 -5.2
1,971,451
La.-Shreveport _
949,659
24,776,742
4,500.000
1,682,000
2,789,907
1.625,686
37.056,925
6,740.859
2,056,000
3,622,927
31,647,605 +22.9
34,698,308
51,102,397
Total(10 cities)
Total(5 cities).
98,862,579
38,891,822
Twelfth Feder al Reserve D istrIct-San Franci sco19,524,789 +11.9
23.157,235
31,923,529
21,841,886
Wash -Seattle...
5,909,000
3,820.000 +80.1
8,682,000
6,879.000
Spokane
395,312
252,602 +56.8
849,486
396.162
Yakima
19,916,012 -1.5
27,027,612
36.503.667
19,609,712
Ore -Portland..
7,829,732 +24.3
9,260,411
14,183,989
9,729,321
Utah-S. L. City
2,960,313 -14.1
3,137,046
5,496,869
2,543,013
Cal.-L'g Beach.
2,525,877 +0.4
3,063,225
5,613,238
2,536,787
Pasadena
4,276,370 -12.1
8,276,239
8,459,401
3,757.436
Sacramento._
82,190,054 +15.3 150,194,880 203.605,419
94,774,313
San Francisco_
1,171.448 +22.6
2,361,873
3,220,908
1,435.651
San Jose
1,779,438
848,825 +18.1
2,184,120
1,002,669
Santa Barbara_
1,721,294
780,865 -5.9
1,998,525
734,750
Santa Monica
867,819 +23.2
1,927,000
1,984,600
1.069,547
Stockton
166,310,247 146,964,706 +13.2 238,210,565 324,705,746
Total(13 cities
Grand total (11
5,279.239,344 4,559,259,647 +15.8 4,691,364,999 9,037,414,829
cities)
Outside New Yor
1,817,636,045 1,416,632,785 +28.3 1,826,652,690 3,024,089,355
Week Ended May 10.
Clearings at
1934.
Canada$
80,400,233
Montreal
118,658,188
Toronto
59,976,990
Winnipeg
14,358,067
Vancouver
4,781,221
Ottawa
3,665,746
Quebec
2,309.153
Halifax
3.595,676
Hamilton
3,936,695
Calgary
1,821,364
St. John
1,520,793
Victoria
2,371,775
•
London
3,486,583
Edmonton
4,596,112
Regina
312,842
Brandon
353,028
Lethbridge
1,271,407
Saskatoon
519.744
Moose Jaw
782,954
Brantford
531,276
Fort William....
489,571
New Westminster
215,979
Medicine Hat._ _
584.849
Peterborough_ _ _ _
618,103
Sherbrooke
953,239
Kitchener
2,316,688
Windsor
276,768
Prince Albert
691,210
Moncton
578,381
Kingston
406,196
Chatham
434,433
Sarnia
643.365
Sudbury
Total(32 cities)
317,458,629
1933.
$
77,856,574
95,241,862
57,022,236
13.013,328
4,213,008
4,055,997
2.151,723
3,158,681
4,944,187
1,511,321
1,391,057
2.187,613
3,289,419
3,152,796
261,959
320,717
1,190,801
442,198
816,241
477,552
444,339
170,168
515,912
723,479
722,825
2,362,082
230,684
587,010
471,316
375,564
340,502
464,565
Inc. or
Dec.
1932.
1931.
%
+3.3
+24.6
+5.2
+10.3
+13.5
-9.6
-7.3
+13.8
-20.4
+20.5
+9.3
+8.5
+6.0
+45.8
+19.4
+10.1
+6.8
+17.5
-4.1
+11.2
+10.2
+26.9
+13.4
-14.6
+31.9
-1.9
+20.0
+17.8
+22.7
+8.2
+27.6
+38.5
$
70,311,856
81.202.755
30.281.689
11,848.734
4,293,516
5,274,266
1.973,780
3.462.217
5,113,198
1,526,409
1,332.978
2,292,340
3,604,639
3,499,776
285,371
323,260
454,882
492.800
804,291
555,289
468,496
170,264
581,896
711,270
794,645
2,288,711
278,037
602,478
606.066
471,602
428,463
447,707
$
128,651,570
114.058,065
48,787,448
14,206,245
6,759,708
4,845,993
2,842,869
4,873,604
6,435,191
2,271,850
1,733.170
362,656
4,620.327
3,056,376
364,757
449,411
1,594,326
669,816
891,725
662.713
501,913
227,450
678,583
668,637
928,378
3,612,656
307.918
736.648
657.976
526.643
490,730
743,792
284,107,716 +11.7
236,783,681
358,219,142
b No clearings available. c Clearing house not functioning at present. •Estimated.
TREASURY CASH AND CURRENT LIABILITIES.
The cash holdings of the Government as the items stood
April 30 1934 are set out in the following. The figutes
are taken entirely from the daily statement of the United
States Treasury as of April 30 1934.
CURRENT ASSETS AND LIABILITIES.
GOLD.
Assets—
Gold
7 755,847.568.54 Gold certificates:
Outstanding (outside
966,135,159.00
of Treasury)
. fund—Fed.
Gold ctf.
3,781.314,288.66
Reserve Board_
Redemption fund—
30,894,121.73
Fed. Reserve notes_
156,039,088.03
Gold reserve
Exch.stabilization fund 1,800,000,000.00
Gold in general tund___ _1,021,464,911.12
7,755,847,568.54
Total
7,755,847,568.54
Total
Note—Reserve against $346,681,016 o U. S. notes and $1,190,924 of Treasury
notes of 1890 outstanding. Treasury notes of 1890 are also secured by silver dollars
In the Treasury.
SILVER.
Assets—
Liabilities—
s
$
Silver bullion (Sec. 45,
Silver ctfs. (Sec. 45, Act
Act of May 12 1933)__
1,560,000.00
1,560,000.00
of May 12 1933)
Silver dollars
505,208,111.00 Silver ctfs. outstanding_ 498,047,821.00
Treasury notes of 1890
1,190,924.00
outstanding
5,969,366.00
Silver dols.In gen.fund_
Total
506,768.111.00
Total
506.768.111.00
GENERAL FUND.
Assets—
Gold (see above)
1,021,464,911.12
Sliver dols. (see above)_
5,969,366.00
United States notes....
3,439,868.00
Silver ctfs. (Sec. 45, Act
921,880.00
of May 12 1933)
16,478,030.00
Federal Reserve notes._
2,158,375.00
Fed. Reserve bank notes
19,950,434.50
National bank notes
8,525.972.12
Subsidiary silver coin__
4,482,041.18
Minor coin
40,847,847.44
Silver bullion
Unclassified—
3,003,069.57
Collections, dm
Deposits In—
Fed. Reserve banks
145,930,157.36
Special depos. acct. of
sales of Govt. securities
1,443,651,000.00
Nat. and other bank
depositaries:
To credit of Treas7,227.011.72
urer of U. S
To credit of other
Govt. officers.... 21,304,772.35
Foreign depositaries:
To credit of Treasurer of U. S
1,303,283.18
To credit of other
Govt. officers_ _
1,407,765.86
Philippine Treasury:
To credit of Treasurer of U.S
1,157,583.57
Total
3393
Financial Chronicle
Volume 138
2,749,223,368.97
Liabilities—
Treasurer's checks outstanding
6,573,132.77
Deposits of Government
officers:
4,823,420.22
Post Office Dept
Board of Trustees,
Postal Savings System:
5% reserve, law60,603,444.09
ful money
Other deposits.... 35,807,917.60
Postmasters, clerks of
courts, disbursing
293,583,410.42
officers, &c
Deposits for:
Redemption of F. R.
bank notes(5% fund
6,332,300.00
lawful money)
Redemption of nat'l
bank notes(5% fund,
36,887.499.88
lawful money)
Retirement of addl
circulat'g notes Act
1,350.00
of May 30 1908....
Uncollected items, ex10,629,320.87
changes, Sic
Net balance
Total
455,241,795.85
2,293,981,573.12
2,749,223.368.97
Note.—The amount to the credit of disbursing officers and agencies to-day was
$644,404,880.96.
$729,905 in Federal Reserve notes, $2,158,375 in Federal Reserve bank notes,
and $19,816,703 In National bank notes are in the Treasury in process of redemption and are charges against the deposits for the respective 5% redemption funds
and retirement funds.
TREASURY MONEY HOLDINGS.
The following compilation, Inade 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 1934.
CASH AVAILABLE TO PAY MATURING OBLIGATIONS.
Jan. 31 1934. Jan. 31 1933.
$
$
327,482,802
1,537,201,112
Balance end of month by daily statements. Jic
Add or Deduct—Excess or deficiency of receipts over
--46,018,526 — 8,814,942
or under disbursements on belated items
Deduct outstanding obligations:
Matured interest obligations
Disbursing officers' checks
Discount secured on war Savings Certificates
Settlement on warrant checks
Total
3
$
8
3
346,269,963 3,302,788,571 3,197.338,263 1,177,503,999
49,662,843
47,381,652
46,199,257
47,739,093
2,422,372
2,864,366
2,133,836
3,439,868
17,774,695
19,170,668
21,174.245
19,950,435
17,041,690
16,569,475
16,459.125
16,478,030
1,930,137
1,876,159
2,359,041
2,158,375
11.042,114
11,324,018
10.228,262
8,525,972
7,361,766
6,965,532
7,194,504
7,485,111
Total cash in Treasury.
Less gold reserve fund__
454,428,981 3408 016,683 3,303,086,533 .1283 280,883
156,039,088 156,039,088 156,039,088 156,039,088
Cash balance in Treas'y 298,389,893 3,251,977,595 3,147,047,445 1,127,241,795
Dep. in spool depositories
account Treas'y bonds,
Treasury notes and certificates of Indebtedness 1,312,308,000 1,944,487,000 1,914,432,000 1,443,651,000
Dep. in Fed. Res. bank__ 313,833,868 109,848,573
98,536,605 145,930,157
Dep. In National banks—
To credit Treas. U. 9._
6.595,383
7,190,726
6,698,242
7,227.012
To credit disb. officers_
20,911,600
21,844,679
23,649,134
21.304,772
Cash in Philippine Islands
1,179,767
1,054,228
862,698
1,157,584
Deposits in foreign depts.
2,814.141
3,020,749
2,724.887
2,711,049
Dep.In Fed. Land banks_
221,332,395
118,954,001
Jan. 31 1933.
$
599,724,050
48,954,180
25,947,400
49,800,000
28.894,500
2,284,847,000
1,392,227,350
5,002,450
532,490,650
3,492,150
6,268,096,550
758,983,300
1,036,834,500
489,087,100
454,135,200
352,994,450
544,916,050
821,400.500
764,491,500
52,697.440
3,298,374,600
c75,056,000
c75,480,000
c60,000,000
c100,000,000
c100.039,000
c75,090,000
c75,032,000
c80,020,000
24,719,894,150 20,454.107,920
292,976,221
296,837,741
54,383,005
54,622,450
Aggregate of Interest-bearing debt
Bearing no interest
Matured,interest ceased
o25,071,114,896 20,801,706,591
Total debt
Deduct Treasury surplus or add Treasury deficit...+ 1,269,850,191 +199.713.859
123,801,264,705 20,601,992,732
Net debt
Note.—The contingent liabilities of the United States as of Jan. 31 1934 with
respect to obligations the interest and (or) principal of which is guaranteed by the
United States were as follows: Reconstruction Finance Corporation, principal,
$309.968.127.49; interest, $403,957.69: Home Owners' Loan Corporation, interest.
$2,331,022.
a Total gross debt Dec. 31 1933 on the basis of daily Treasury statements was
$23,813,790,735.55, and the net amount of public debt redemptions and receipts
in transit, &c., was $736,878.17. b No reduction is made on account of obligations
of foreign Governments or other investments. c Maturity value.
CHANGES IN NATIONAL BANK NOTES.
We give below tables which show all the monthly changes
in National bank notes and in bonds and legal tenders on
deposit therefor:
Apr. 30 1934
Mar. 31 1934
Feb. 28 1934
Jan. 31 1934
Dec. 31 1933
Nov. 30 1933
Oct. 31 1933
Sept.30 1933
Aug. 31 1933
July 31 1933
June 30 1933
May 31 1933
Am 30 1933
Amount Bonds
on Deposit to
Secure Circula
don for National
Bank Notes.
National Bank Circulation
Afloat on—
Bonds.
Legal
Tenders.
$
799,699,770
847,058.170
887,005,520
890,191,530
890,136,780
859,736.430
852,631,430
857,210,430
855,781,930
852,529,890
856,394,230
897,952.290
899 410.240
$
791,996,353
840,848,330
884,147,835
886,086,290
885,835,678
853,937.995
849,453,595
852,464,810
851,509,995
848,207,263
853,935,968
864,590,423
893.199.238
$
182,152,445
140,669,333
100,489,113
99,508,223
101,678,700
107,333,292
112,094,540
110,533,735
114.422,100
118,426,910
116,665,120
1113,072,980
88.832.155
Total.
$
974,148,798
981,547,663
984,636,948
985.594,513
987,514,378
961.271.287
961,548.135
962,998,545
965,932,095
966,634,173
970,601,088
980.663,403
982.031.393
$2,470,887 Federal Reserve bank notes outstanding May 1 1934 secured by
lawful money, against $2,628,343 on May 1 1933.
The following shows the amount of each class of United
States bonds and certificates on deposit to secure Federal
Reserve bank notes and National bank notes April 30 1934:
U. S. Bonds Held April 30 1934.
Bonds on Deposit
May 1 1934.
Available cash balance. 1,537,201,112 4,901,768.920 5.817.870.616 2.293.981.573
• Includes May 1 $40,847,847 silver bullion and $4,482,041 minor, &c.. coin
not included in statement 'Stock of Money."
28,122,083
84,548,676
4,254,335
2,028,907
INTEREST-BEARING DEBT OUTSTANDING,
Interest Jan, 31 1934,
Payable.
$
Title of LoanQ -J. 599,724,050
2s Consols of 1930
48,954,180
Q.-F.
2s of 1916-1936
25,947,400
Q.-F.
2s of 1918-1938
49,800,000
Q.-M.
38 of 1961
28,894.t00
Q.
-J,
of
1946-1947
35 convertible bonds
„
Certificates of indebtedness
J.-D, 1,392,226,350
33-s First Liberty Loan, 1932-1947
5,002,450
J.-D.
48 First Liberty Loan, converted 1932-1947
4%5 First Liberty Loan, converted 1932-1947...J.-D. 532,489,450
3,492,150
1932-1947.-1.-D.
2d
cony.,
Liberty
Loan,
434s First
A -O. 5,367,422,350
434s Fourth Liberty Loan of 1933-1938
A.-0. 758,983,300
4%s Treasury bonds of 1947-1952
.1.-D. 1,036,834,500
4s Treasury bonds of 1944-1954
M.-S. 489,087,100
3'%s Treasury bonds of 1946-1956
454,135,200
.1.-D.
bonds
of
1943-1947
345 Treasury
J.-D. 352,993,950
314s Treasury bonds of 1940-1943
M.-S. 544,915,050
345 Treasury bonds of 1941-1943
J -D. 819,096,500
3)45 Treasury bonds of 1946-1949
M.-S. 755,483,350
3s Treasury bonds of 1951-1955
F.
-A. 834,474,100
1941
Treasury
bonds
of
3)45
A -0. 1,400,525,250
43-4s-314e Treasury bonds of 1943-1945
21,312,530
Iis Treasury bonds of Apr. 16 1934
78,030.240
J.-J.
214s Postal Savings bonds
5 626,659,700
Treasury notes
Treasury bills, series maturing—
c75,335.000
I934—Feb. 7
c75,295,000
Feb. 14
c60,063,000
Feb. 21
c100,027,000
Feb. 28
c100,050,000
Mar. 7
c100,263,000
Mar.21
c100,890,000
Mar.28
c100,990,000
Apr. 4
c100,050.000
Apr. 11
c125,340,000
Apr. 18
C125,126,000
Apr. 25
c150,315,000
May 2
1933—Feb. 8
Feb. 15
Feb. 23
Mar. 1
Mar. 29
Apr. 12
Apr. 19
Apr. 26
Net cash in Treasury
and in banks
1,956,033,009 5,339,423.550 5,193,951,011 2,749,223,369
Deduct current liabilities_ 418.831,897 437,654,630 376,080,395 455,241,796
COMPLETE PUBLIC DEBT OF THE UNITED STATES.
The statement of the public debt and Treasury cash holdings of the United States, as officially issued Jan. 31 1934,
delayed in publication, has now been received, and as interest
attaches to the details of available cash and the gross and
net debt on that date, we append a summary thereof, making
comparison with the same date in 1933:
318.867,860
28,123,114
187,443,101
4,054.585
1,711,595
+1,269,850,191 +199,713,859
Balance, deficit(—)or surplus(+)
Holdings in U.S. Treasury Feb. 1 1934. Mar,1 1934. April 1 1934 May 1 1934.
Net gold coin and bullion_
Net silver coin and bullion
Net United States notes__
Net National bank notes.
Net Federal Reserve notes
Net Fed. Res. bank notes_
Net subsidiary silver
Minor coin, Jar
1,491,182,586
2.s. U. S. Consols of 1930
28. U.S. Panama of 1936
irs. U. B. Panama of 1938
3s. U. S. Treasury of 1951-1955
3345, U. S. Treasury of 1946-1949
3548, U.S. Treasury of 1941-1943
33411. U. S. Treasury of 1940-1943
310, U.S. Treasury of 1943-1947
Si. U. B. Panama Canal of 1961
38, U.S. convertible of 1946-1947
aqs, U.S. Treasury of 1933-1941
334s, U. S. Treasury of 1944-1946
Totals
On Deposit Is On Deposit to
Secure
Secure Federal
Reserve Bank National Bank
Notes.
Notes.
Total
Held.
543,936,400
35,552,860
16,665,060
46,049,850
32,682,150
31.563.400
17,553,650
27,735,750
1,000
1,015,000
36,677,650
10,267,000
543,936,400
35,552,860
16,665,060
46,049,850
32,682,150
31,563,400
17,553.650
27,735,750
1,000
1,015,000
36,677,650
10,267,000
799,899,770
799,699.770
The following shows the amount of National bank notes
afloat and the amount of legal tender deposits April 2 1934
and May 1 1934 and their increase or decrease during the
month of April:
National Bank Notes-Total AfloatAmount afloat April 2 1934
Net decrease during April
$981,547,663
7,398,865
Amount of bank notes afloat May I
Legal-Tender NotesAmount deposited to redeem National bank notes April 2
Net amount of bank notes redeemed in April
$140,699,333
41,453,112
$974,148,798
Amount on deposit to redeem National bank notes May 1 1934_ _3182,152.445
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu St Co. of London, written under date of
May 2 1934:
GOLD.
The Bank of England gold reserve against notes amounted to £191,170,551 on the 25th ultimo showing no change as compared with the previous Wednesday.
During the week the Bank of England announced the purchase of £62,638 in bar gold.
Business in the open market has been on a rather larger scale, substantial amounts having changed hands during the week. Buying has
been general and prices were fixed on almost exact parity with the French
exchange.
Quotations during the week:
IN LONDON.
Equivalent Value
Per Fine
of £ Sterling.
Ounce.
12s. 6.38d.
1355. 7d.
Apr. 26
125. 6.01d.
lid.
1358.
Apr. 27
12s. 6.20d.
135s. 9d
Apr. 28
12s. 6.29d.
135s. 8d.
Apr. 30
128. 5.97d.
135s. 1130.
May 1
125. 5.60d.
136s. 334d.
May 2
125. 6.08d.
10.33d.
135s.
Average
The following were the United Kingdom imports and exports of gold
registered from mid-day on the 23d ultimo to mid-day on the 30th ultimo:
Exports.
Imports.
£438
E653,377 Germany
Germany
13,220
Belgium
33,853
Netherlands
4,131,110
806,395 France
France
22,548
83,566 Switzerland
Switzerland
7,675 United States of America 104,000
Iraq
31,777
Venezuela
11,369
Tanganyika Territory- -.
854,211
British South Africa
925,307
British India
12,359
British Malaya
251,929
Australia
21,071
New Zealand
22,292
Other countries
£4,271,316
£3,715,181
From the above figures it will be seen that exports exceed imports:
although the balance is small, it is the first time since August 1933 that the
weekly figures have shown an excess of exports.
The s.s. "Narkunda" which sailed from Bombay on the 28th ultimo
carries gold to the value of E575,000 of which £502,000 is consigned to
London, £39,000 to Amsterdam and £34,000 to Paris.
SILVER.
During the last week, the market has been very unsettled with further
wide movements in prices. At first, the tone appeared fairly steady,sellers
showing hesitation and the Indiana Bazaars giving support. Yesterday,
however, following weak advices from China, there was another sharp
downward movement, cash delivery being fixed at 18 3-16d. and two
months at 183(d., a fall of ,54d. as compared with the quotations of the
previous day. The fall brought in some buying from local speculators,
but demand was very limited and offered little resistance to selling on China
account. New York had been a seller, but at yesterday's level this quarter
gave support, business in the afternoon being done over the fixed price.
To-day, owing to sellers withholding, there was a sharp reaction. prices
recovering ;id. and 9-16d. for cash and two months' delivery respectively,
to 18 11-16d. and 18 13-16d.
The following were the United Kingdom imports and exports of silver
registered from mid-day on the 23d ultimo to mid-day on the 30th ultimo:
Imports.
Germany
United States of America.
Gibraltar
Australia
New Zealand
British India
Other countries
£11,930
109,271
7,200
19,902
1,000
13,670
2.373
£165,346
Quotations during the week:
Exports.
Germany
Syria
Perak
Straits Settlements
New Zealand
Other countries
£573
52,847
142,582
1,784
32,827
2,961
1233,574
IN NEW YORK.
IN LONDON.
(Per Ounce .999 Fine.)
Bar Silver per Oz. Std.
2 Mos.
Cash.
433ic.
18(d
18 I3-16d. Apr. 25
Apr. 26
43 1-16c.
18 13-16d. Apr. 26
1831d.
Apr. 27
433ic.
19d.
Apr.
27
1-16d.
19
Apr. 28
433c.
Apr. 28
18 13-16d. 183id.
Apr. 30
4230.
Apr. 30
18 3-16d. Mid.
May 1
43;ig.
18 11-16d. 18 13-16d. May 1
May 2
18.7813d.
18.708d.
Average
The highest rate of exchange on New York recorded during the period
from the 26th ultimo to the 2d instant was $5.14j and the lowest 85.103i.
INDIAN CURRENCY RETURNS.
April 22.
April 15.
April 7.
(In Lacs of Rupees)17,675
17,675
17,708
Notes In circulation
9,749
9,782
9,724
Silver coin and bullion In India
4,155
4,156
4,156
Gold coin and bullion in India
2,952
2,936
2.945
Securities (Indian Government)
844
834
825
Securities (British Government)
ultimo
consisted of about 129,The stocks in Shanghai on the 28th
900,000 ounces in sycee, 375,000,000 dollars, 23,900,000 ounces in bar
silver as compared with about 132,500,000 ounces in sycee, 373,000,000
dollars and 22,800,000 ounces in bar silver on the 21st ultimo.
Statistics for the month of April last are appended:
Highest price
Lowest price
Average
May 19 1934
Financial Chronicle
3394
-Bar Silver Per Oz. Std.- Bar Gold Pre
Oz. Fine.
Cash Deity. 2 Mos.'Deliv.
135s. 11d.
203id.
2030.
134s. 3d,
18 13-16d.
18;(d.
19.8281d.
1358. 1.54d.
19.7396d.
PRICES ON PARIS BOURSE.
Quotations of representative stocks on the Paris Bourse
as received by cable each day of the past week have been
as follows:
May 12 May 14 May 15 May 16 May 17 May 18
1934. 1934. 1934. 1934. 1934. 1934.
Francs. Francs. Francs. Francs. Francs. Cranes.
12,700 12,400 12,400 12,500 12,500
Bank of France
1,503
1,513
--1,535 1,506
Banque de Paris et Pays Bea180
185
171
176
Parisienne_
d'Union
Banque
-itii
249
252
258
258
Canadian Pacific
18,700 18,400 18,500 18,500 18,600
Canal de Suez
2,340
2,325 2,365
Cie Distr d'Electricitie
1,810
1,810
1,830 filo
1,810
Cie Generale d'Electricitie
29
29
29
29
Cie Generale Transatlantique154
144
162
-_--"
hiii
Citroen B
1,050 1,030
1,030 1,032
Comptoir Nationale d'Electricitie
150
150
150
-iio
150
Coty S A
313
306
__300
301
Courrieres
768
751
753
757
Credit Commercial de France
2,190 2,140 2,150 2,150 2-,150
Credit Lyonnais
2,610 2,560 2,570 2,590 2,600
Eaux Lyonnais
685
689
690
692
__lai ergie Electrique du Nord_......
892
890
885
_ _ -885
I?. ergie Electrique du Littoral- 610
610
614
HOLI623
Kuhlmann
790
760
"iiii
DAY
770
780
L'Air Liquids
1,035
1,010 1,017 1,036
---Lyon (P L M)
1,455
1,422
1,425
1,439
Nord RI
910
894
904
918
-iiii
Orleans Ry
77
73
78
70
--Pathe Capital
1,153
1,126
1,130
1,127
-Pechlney
79.30
77.90 78.00 78.40 78.50
Rentes, Perpetual 3%
87.20 85.80 86.30 86.10 86.30
Rentes 4% 1917
843.60 85.40 85.80 85.60 85.60
Rentes 4%,1918
91.40 90.00 90.20 90.40 90.80
Rentes 4i% 1932 A
90.10 88.80 88.75 89.00 89.30
Routes 434%, 1932 B
114.70 114.20 114.00 114.40 114.10
Rentes 5%. 1920
1,580 1,590
1.560
1,610 1.610
Royal Dutch
1,339
1,322
1,295
1,300
--Saint Gobain C .4 C
1,645
1,660 1,650
1.670
Schneider & Cie
--bi
56
56
57
56
Societe Francais» Ford
75
73
71
-77
Societe Gznerale Fonciere
2,585 2,560 2,570 2.595
Societe Lyonnalse
524)
529
-529
527
Societe Marseillaise
142
141
__140
141
Tubize Artificial Silk prof
743758
--763
Union d'Electricitie
ii
89
92
-91
Wagon-Lits
THE BERLIN STOCK EXCHANGE.
Closing prices of representative stocks as received by
cable each day of the past week have been as follows:
May
12.
150
Relchsbank(12%)
85
Berliner Handels-Gesellschaft(5%)
42
Commerz-und Privet Bank A 0
Deutsche Bank und Disconto-Gesenschaft„ 65
61
Dresdner Bank
Deutsche Reichsbahn (Ger Rye)Joel(7%)-109
25
Allgemeine Elektrizitaets-Gesell(A E G)
133
Berliner Kraft u Licht(10%)
125
Dessauer Gas(7%)
95
Gesfuerel(5%)
115
Hamburg Elektr-Werke (8%)
132
Siemens de Heist°(7%)
133
IC Farbenindustrie(7%)
144
Salzdetfurth (734%)
219
Rheinische Sraunkohle(12%)
113
Deutsche Erdoel(4%)
63
Mannesmann Roehren
20
Hapag
25
Norddeutscher Lloyd
May
14.
150
85
42
54
61
109
25
133
124
94
114
131
133
143
219
113
63
20
24
May May May
15.
16.
17.
Per Cent of Par
150 150
150
85
85
85
41
43
43
54
53
53
61
61
61
109 109
109
25
25
25
133 133 133
123 124
123
95
95
96
114
113 113
132 132 131
133 133
133
142 144
143
218 218 216
114 115
114
63
63
63
20
21
21
24
24
24
May
18.
141)
85
45
54
61
109
25
133
123
96
114
134
133
146
220
115
63
22
26
In the following we also give New York quotations for
German and other foreign unlisted dollar bonds as of Friday
May 181934:
Ittd.
/3112
Anhalt Ts to 1946
Argentine 5%, 1945, 8100
90
pieces
Antioqula 8%, 1946
12712
Austrian DefaultedCoupons f85-110
Bank of Colombia, 7%,'47 /20
Bank of Colombia. 7%.'48 120
f41
Bavaria 630 to 1945
Bavarian Palatinate Cons.
/31
Cit. 7% to 1945
Bogota (Colombia) 634,'47 118
5
Bolivia 6%,1940
120
Buenos Aires scrip
Brandenburg Elec. 68, 1953 14412
Brazil funding 5%, '31-'51 58
158
Brazil funding scrip
British Hungarian Bank
/5712
734s, 1962
Brown Coal Ind. Corp.
/62
630, 1953
Call (Colombia) 7%, 1947 113
Callao (Peru) 734%. 1244 1712
Ceara (Brazil) 8%. 1947_ 16
Columbia scrip issue of'33 /36
/34
Issue of 1934
Costa Rica funding 5%.'51 46
City Savings Bank, Buda/f2
pest, 743, 1953
Dortmund Mun Util 6s,'48 159
f31
Duisburg 7% to 1945
Dueaseldorf 7s to 1945.... /31
East Prussian Pr. 65, 1953_ 1.51
European Mortgage & Investment 73Is, 1966_ - - - /6712
French Govt. 5345, 1937.. 163
FrenchNat. Mall SS.614'52 158
Frankfurt 75 to 1945
133
German Atl Cable 7s, 1945 /4812
German Building & LandAO
bank ex%.1948
German defaulted coupons. /65
/1912
German scrip
in
German called bonds
67
Haiti 8% 1953
Hamb-Am Line 634s to '40 /86
Hanover liars Water Wks.
6%. 1957
132
Housing & Real Imp 7s,'46 146
Hungarian Cent Mut 7s,'37 /47
Hungarian Discount & Exchange Bank is, 1963_ 14212
Hungarian defaulted coups/63-96
Flat price.
Ask
34
3212
21-1;
2112
42
34
1912
7
28
4612
59
59,
59
68
1412
9
10
38
36
49
55
62
34
35
53
6812
169
161
36
50
52
21
43
89
40
49
49
4412
Bid. Ask.
Hungarian Ital Bk 734s,'32 181
85 •
Jugoslavia Se, 1956
3112 3312
Jugoslavia coupons
40
138
Koholyt 634s, 1943
6512
/63
Land M Bk, Warsaw 8s,'41 170
73
Leipzig Oland Pr.630.'46 /6512 68
Leipzig Trade Fair 7s. 1953 /4934 4114
Luneberg Power, Light &
Water 7%,1948
/5712 60
Mannheim & Palat 7s, 1941 /57
60
Munich 7s to 1945
13512 38
Mimic Bk,"lessen. 78 to '45 131
34
Municipal Gas & Elm Corp
Recklinghausen, 75, 1947 151
54
Nassau Landbank 634s,'38 158
60
Natl. Bank Panama 6.41%
1946-9
43
/42
Nat Central Savings 13k of
Hungary 73is, 1962_
56
154
National Hungarian &
Mtge.7%,1948
64
1132
Oberpfalz Elec.7%,1946... /35
39
Oldenburg-Free State 7%
to 1945
13112 34
Porto Alegre 7%,1968_ _ /16
18
Protestant Church (Germany), 78, 1946
/43
46
Prov Bk Westphalia 613. '33 152''---Prov Bk Westphalia 6s, '36 151
64
Rhine West ph Else 7%.'36 176
78
Rio de Janeiro 6%, 1933... /23
26
Rom Cath Church 634s,'46 /6212 64
R C Church Welfare 7s,'46 /45
47
Saarbruecken M Bk 434 '47 177
83
Salvador 7%, 1957
2912
/28
Salvador 7% af of dep '57 /24
25
Salvador scrip
17
115
Santa Catharine (Brazil),
8%. 1947
/2314 2414
Santander (Colom) 7s, 1943 1.1112 13
Sao Paulo (Brazil) 6s. 1943 12012 22
Saxon State Mtge. 613, 1947 107
70
Serbian Se, 1956
3112 3312
Serbian coupons
40
138
Stem & Halske deb 6s, 2930 n40 350
State Ong Ilk.Jugos15s1956 30
3212
coupons
13612 3912
Stettin Pub Mil 7s„ 1946:- 148
50
Tucuman City 7s, 1951_ _ 137
39
Tucuman Prov, 7s, 1950_ _ 58
61
Yesten Elea Ry 7s, 1947
12712 3112
Wurtemberg 71 to 194&_ 136
38
Financial Chronicle
Volume 138
ENGLISH FINANCIAL MARKET-PER CABLE.
The daily closing quotations for securities, &c.,at London,
as reported by cable, have been as follows the past week:
Wed.,
Sat.,
Mon.,
Tues.,
May 12. May 14. May 15. May 16.
Silver per oz
1910.
19 5-16d. 1910.
1910.
Gold, p.fine oz..._135s. 10d. 13.58.1111d. 136s. 34d. 136s.
Consols,2H %_ __ 79
79
78%
78%
British 3%%
War Loan
102%
102%
102%
102%
British 4%,
1960-90
113%
113%
113%
113%
French Renters (in
Paris)3%--fr. Holiday
78.00
79.30 'E 77.90
French War lin
(In Paris) 5%,
1920 amort- Holiday 114.70
114.00
114.20
Fri..
Thurs.,
May 17. May 18.
19 11-16d. 19%d.
136s. Id. 136s. 2d.
7811-16 78%
102%
102%
11334
11334
78.40
114.40
78.50
114.10
The price of silver in New York on the same days has been:
Silver in N. Y.,
per or.(cents) 4434
4434
4434
44
44%
4434
3395
By Adrian H. nailer & Son, New York:
$ per Share.
Shares.
Stocks.
$350 lot
234 150 East 52nd St.,Inc.(N.Y.), par $100
5 Sullivan Smythfield Co.(Pa.). common, no par; 10 Sullivan Smythfield Co.
(Pa.), preferred. par $100
$2 lot
$300 lot
aoo Louis Friedman Realty Corp.(Del.), common,no par
1
100 Pinehurst, Inc.(N. C.). par $100
1 Directors Building Corp.(N. Y.),class B common, no par;2 Directors BuildKentucky
Trotting
Horse
10
Preferred,
3100;
(N.
Corp.
Par
Y.).
ing
$135101
Breeders Association (Ky.), po par
All right, title and interest of Executors in and to, 1 share Adipod Realty
Inc. (N. Y.), no par
Co..25 lot
Per Cent.
Bonds8500 The Maidstone Club (N. Y.) let mortgage 5% 25-year gold bond----$150 lot
By Adrian H. Muller & Son, jersey City, N. J.:
$ per Share.
Shares.
Storks.
$2lot
300 Minor C. Keith Florida Properties(Fla.), corn. voting tr. ctfs., no par
$2 lot
300 Minor C. Keith Florida Properties (Fla.), pref., no par
$2 lot
100 Appalachian Gas Corporation (Del.), stamped, no par
$2 lot
150 Metropolitan Chain Stores. Inc. (Del.), no par
$2 lot
524 National Family Stores, Inc.(N. Y.). no par
prekl.,
par
$100
500 A. B See Elevator Co., Inc. (Del.), 1st
By R. L. Day & Co., Boston:
NATIONAL BANKS.
The following information regarding National banks is
from the office of the Comptroller of the Currency, Treasury
Department:
CHARTERS ISSUED.
0,
Capital.
May 5-First National Bank at Salem, Salem, W.Va
Capital stock consists of $25,000 common stock and $25,000
Preferred stock. President, Truman Payne; Cashier, Robert
White. Will succeed No. 7250, the First National Bank of
Salem.
May 5-First National Bank of Woodstock, Woodstock. Ill__
50,000
Capitalstock consists of $25,000 common stock and $25,000 preferred stock. President, Frank J. Green; Cashier, John M.
Hoy. Will succeed No. 6811. the American National Bank
of Woodstock.
May5-The National Deposit Bank in Owensboro,Owensboro. Ky. 150.000
Capital stock consists of $100.000 common stock and $50,000
preferred stock. President, Reid Brodie; Cashier, Thos. G.
Bartlett. Will succeed No.4006, the National Deposit Bank
of Owensboro.
May 8-The National Bank of Narberth, Narberth, Pa
50,000
President, Edward C.Griswold; Cashier,Carl B. Metzger. Will
succeed No. 12595, the Narberth National Bank.
May 9-The Neat, Condit & Grout National Bank of Winchester.
Winchester, Ill
55,000
President, J. T. Wilson; Cashier, S. G. Smith. Conversion of
Neat,Condit & Grout, Bankers, Winchester,Ill.
May 9-Brookville National Bank, Brookville, Ohio
50,000
Capital stock consists of $25,000common stock and $25.000 preferred stock. President Theo. Detwiler: Cashier, H. E.
Monroe. Primary organization.
May9-First National Bank at Moundsville,Moundsville,W.Va _ 100.000
Capital stock consists of 150,000 common stock and $50.000
preferred stock. President, T. L. Rogerson; Cashier, T. S.
Biggs. Will succeed No. 5717. the First National Bank of
Moundsville.
May 11-The First National Bank in What Cheer,What Cheer.Ia. 50,000
Capital stock consists of $25,000 common stock and $25,000
preferred stock. President, John T. Baylor; Cashier, Harry
W. Ringer. Will
First National Bank
of What Cheer. succeed No. 3192. the
VOLUNTARY LIQUIDATIONS.
May 5-The American NationalBank of Walters. Walters, Okla-- 30,000
Effective April 26 1934. Lier. Committee: Glen L. Dark, Chas.
W. Crooks and Ermine Young, all of Walters. Okla. Succeeded by "Walters National Bank," Walters, Okla., Charter
No. 14108.
May 7-The Dover National Bank, Dover,Pa
25,000
Effective May 2 1934. Liq. Committee: Board of Directors of
the liquidating bank. Certain assets not taken over by the
new bank are being administered by the following trustees:
C. W. Spangler, W. B. Mackison and A. W. Spangler. Succeecled by the "Dover National Bank," Dover, Pa., Charter
No. 14049.
May 7-The First National Bank of Aurora, Aurora, Neb
50.000
Effective April 28 1934. Liq. Agent, F. E. Edgerton, Aurora,
Neb. Succeeded by the First National Bank in Aurora.
Charter No. 14017.
May 7-Peoples National Bank of Brunswick, Brunswick. Md-- 50,000
Effective May 5 1934. Liq. Committee: G. H. Virts, G. M.
Kaetzel, S. 8. Goode. McDuell Staley and Geo. W. Grubb,
care of the liquidating bank. Succeeded by the Peoples
National Bank in Brunswick, Charter No. 14044.
May 8-The Springs-First National Bank of Cambridge Springs,
Cambridge Springs, Pa
Effective April 27 1934. Liq. Committee: J. C. Alice, W. R. 100,000
Tucker and H.I. Unangst,care of the liquidating bank. Succeeded by "Springs-First National Bank in Cambridge
Springs", Charter No. 14029.
May 8-The First National Bank of Falfurrias, Falfurrias, Tex- - 50.000
Effective April 28 1934. Liq. Committee: Board of directors
consisting of J. R. Scott, Jr., W. Cl. Schuetz. J.'R. Caldwell,
J. W. Wilson, Mrs. Lots R. Scott, Mrs. Cecile R. Hoper and
T. R.Bennett,all of Falfurrias, Tex. Succeeded by the "First
National Bank in Nalfurrias," Charter No. 14072.
CONSOLIDATION.
May 9-The Ely National Bank,Ely, Nevada
25.000
The McGill National Bank, McGill, Nev
25.000
Consolidated to-day under the provialons of the Act of Nov. 7
1918, as amended Feb. 25 1927 and June 16 1933, under the
charter and title of the "Ely National Bank," No. 9310, with
capital stock of $100,000, consisting of $50,000 common stock
and $50,000 preferred stock, and
of $5,000. The preferred stock was subscribed for bysurplus
the Reconstruction Finance
Corporation at $100 par value per share.
BRANCHES AUTHORIZED.
May 9-The Ely National Bank, Ely, Nev.
Location of branch: Town of McGill, White Pine County, Nev. Certificate No. 984A,
May 10-The Citizens National Trust & Savings Bank of Riverside, Calif.
Location of branch: City of Rialto, San Bernardino County, Calif.
Certificate No,985A.
AUCTION SALES.
Among other securities, the following, not actually dealt
in at the Stock Exchange, were sold at auction in New York,
Jersey City, Boston, Philadelphia,and Buffalo on Wednesday
of this week:
Shares.
Stocks.
15 Harvard Trust Co., Cambridge, par $20
80 Parsons Paper Co., common, par $100
3 Lynn Gas & Electric Co., voting trust certificates, par $25
50 Beverages, Inc., Dar $2
$ per Share.
45
55
99
134
By Crockett & Co., Boston:
Stocks.
Shares.
1,958 rights of the First National Bank, Boston. when issued
500 rights of the First National Bank, Boston, when issued
600 rights of the First National Bank, Boston, when issued
4 Massachusetts Utilities Associates, preferred, par $25
3 Quincy Market Cold Storage & Warehouse, common, par $100
25 Great Northern Paper Co., par $25
per Share.
20%c
20c.
2034-20c.
20
834
2234
By Barnes & Loflancl,
Stocks.
$ per Share.
Shares.
$250 lot
2,004 National Fiberstok Envelope Co
9
16 Philadelphia Bourse. common
258 Keystone Spinning Mills Co., preferred:879 Keystone Spinning Mills Co..
$100 lot
CODUnOn
as
15 Corn Exchange National Bank & Trust Cos. Dar $20
60
10 Real Estate Trust Co.. par $50
7834
12 Girard Trust Co., par $10
40 Pennsylvania Company for Insurances on Lives and Granting Annuities.
2934
Par $10
By A. J. Wright & Co., Buffalo:
$ per Share.
0.05
Stocks.
Shares.
20 2enda Gold 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.
Per
When Holders
Share. Payable. ofRecord.
30c June 30 June 21
Abraham & Straus, Inc., corn. (quar.)
15c June 30 June 21
Extra
h75c June 4 May 19
American Capital Corp.,$3 pref
$2 June 15 June 1
American Cigar Co., common (quar.)
$134 July 2June 15
Preferred (quarterly)
e25% May 29 May 22
American Credit Indemnity of N.Y
$2 June 1 May 21
American Dock Co.,8% pref. (guar.)
American Electrical Securities Corp.
nic June 1 May 19
Participating preferred
25c July 2 June 15
American Enka Corp. (guar.)
50c July 2 June 15
American Stores Co.(quarterly)
50c July 2 June 5
American Sugar Refining Co., corn. (quar.)--$134 July 2 June 5
Preferred (quarterly)
$234 July 16 June 15
American Telephone & Telegraph (quar.)
$1 June 30 June 20
Associates Investment, corn. (auar.)
$134 June 30 June 20
Preferred (quarterly)
30c June 30 June 15
Bankers Investors Trust of Amer.(s.-a.)
75c July 2 June 12
Beech-Nut Packing Co.. com• (quar.)
Berghoff Brewing-No dividend action
$1 July 31 July 15
Bon Aml, class A (quar.)
50c July 1 June 19
Class B (quar.)
$134 June 30 June 1
Boston Wharf Co. (semi-annual)
881 May 31 May 21
Bridgeport Machine Co.. preferred
40c July 2June 15
Buffalo Niagara & Eastern Power. pref. (quar.)
$131
Aug. 1 July 15
(quarterly)
$5 1st preferred
$134 July 3 June 15
Canadian Canners, Ltd.. 1st pref.(guar.)
7%c July 3 June 15
2d preferred
$1 July 4 June 17
Canadian Cottons, Ltd., corn. (quar.)
$134 July 4 June 17
Preferred (quarterly)
40c
June 1 May 15
Canadian Vinegars Ltd.(quar.)
June 15 June
Carter (Wm.),6% preferred (quar.)
July 2 june 19
5
Central Illinois Light Co.,6% pref. (quar.) ,
13.4% July 2 June 15
7% preferred (quarterly)
7une
60
3c j
Jlly
u y 21
88
Chesapeake & Ohio Ry. Co., corn. (quar.)
June
Chesapeake Corp. (quarterly)
$I June 29 June 7
Chesebrough Mfg. Co.(guar.)
50c June 29 June 7
Extra
25c May 13 May 1
Chicago Mail Order Co
25c June 15 June 1
Chicago Rivet & Mach
$4 June 26 June 4
Cincinnati New Orleans & Texas Pacific (s.-a.)_ _
$134 June 1 May 19
Preferred (quar.)
Citizens Traction (Pitts, Pa.) (semi-ann.)
$13.4 May 16 May 11
Coast Counties Gas & Electric, 1st pref. (quar.) $115 June 15 May 25
Colgate-Palmolive-Peet Co., pref. (quar.)
$134 July 1 June 9
Colt's Patent Fire Arms (quar.)
25c June 30 June 9
50c July 1 June 5a
Commercial Investment Trust Corp., corn.(qu.)
n
Convertible preference stock
July 1 June 5a
Consolidated Gas,El. Lt.& Pow. Co.of Bait.
900 July 2 Junex15
Common (quarterly)
$134 July 2 June-45
Series A,5% preferred (quarterly)
July 2 June115
Series D,67 preferred (quarterly)
$134 July 2June 15
Series E,541, preferred (quarterly)
850c July 2 June 81
Consolidated
m Industries, pref
xis 3d June 14
Consolidated Gold of So. Africa, interim
25c June 1 May 15
Container Secur ties
25c June 1 May 21
Corno MIAs Co.(quarterly)
873.4c June 1 May 10
Creameries of America, pref. (quar.)
$2 May 19 May 15
Delaware & Bound Brook RR.(quar.)
8134 June 1 May 25
Detroit City Gas, pref. (quar.)
3734c June 1 May 21
El Dorado Oil Works (quarterly)
1.$a
Financial Chronicle
3396
Name of Company.
When fielders
Per
Share. Payable. ofRecord.
Ely Walker Dry Goods Co., com.(guar.)
25c June 1 May 21
Emerson's Bromo-Seltzer, 8% pref. (quar.)
50c July 1 June 15
Essex Company (s.-a.)
$3 June 1 May 11
June 1 May 19
Essex & Hudson Gas Co. (s.-a.)
First Holding Corp. (Pasadena). 6% pref. (qu.) $1 A June 1 May 19
Food Machinery, 6 % preferred (monthly)
.
50c Aug. 15 Aug. 10
50c Sept. 15 Sept.10
634% preferred (monthly)
Galveston Wharf(monthly)
25c May 15 May 14
Gamewell Co., pref.(guar.)
$1 A June 15 June 5
Georgia Power Co.,$6 preferred (guar.)
$1A July 2 June 15
$1 A July 2 June 15
$5 preferred (guar.)
German National RR. Co.,7% preferred—
Coupon No. 16 of series IV and coupon
No. 12 of series V (s.-a.)
3A%
Gold & Stock Telegraph (guar.)
$134 July 2 June 20
Gorton-Pew Fisheries (guar.)
50c June 30 June 20
July 1 June 20
Gt. Western Electro Chem Co.,6% 1st pt.(qu.) $1
July 1 June 20
Greenwich Water Sr Gas. 6% pref. (guar.)
$1
June 30 May 31
Hamilton United Theater. pref.(guar.)
$1
July 2June 15
Hammermill Paper Co..6% pref.(guar.)
$1
12Ac June 1 May 21
Hanes (P. H.) Knitting Mills,corn. & corn. B
$1% July 2 June 20
7% preferred (quar.)
Hawaiian Agricultural Co.(monthly)
20c May 31 May 24
15c May 21 May 15
Hawaiian Electric, Ltd. (monthly)
Holly Sugar Corp., preferred
$1% Aug. 1 July 15
Honolulu Plantation (monthly)
25c June 9 May 31
June I May 19
Hudson County Gas Co.(semi-annual)
10c June 5 May 31
Hutchinson Sugar Plantation (monthly)
Illinois Water Service,6% pref.(guar.)
$134 June I May 21
15 July 16 June 20
International Harvester, common (quar.)
International Ocean Telegraph (quar.)
$1 A July 2 June 30
h$2 June 15 June 1
International Power Security. $6 pref
60c June 1 May 22
International Safety Razor, A (quar.)
International Salt Co
3730 July 2 June 15a
International Teleg. Co.of Maine (semi-annual) $1.33 July 2 June 15
Judson Mi is, 7% preferred A (quar.
$134 May 15
814 May 15
7%preferred A
h134 May 15
7% preferred B
Kansas City Power & Light. 1st pref. B (guar.). $134 July 1 June 14
50c June 15 May 31
Katz Drug Co., common (quar.)
Preferred (quarterly)
$134 July 2 June 15
50c June 15 June 5
Keystone Steel & Wire
Kimberly-Clark Corp.. pref. (quar.)
$134 July 2 June 12
L'Air Liquide, Am.dep. rec. ser.0 bearer shs_. 19.596fr June 8 May 31
50c June 15 June 1
Lake Shore Mines. Ltd.(quarterly)
Extra
50c June 15 June 1
Lily-Tulip Cup (quar.)
3735c June 15 June 1
Louisville Gas & Electric Co.of Delaware—
Class A & B (guar.)
3731§ June 25 May 31
Lynchburg & Abingdon Teleg. (semi-annua)
July 2 June 15
$3 July 10 June 30
MacFadden Publications, Inc., $6 pref
McWilliams Dredging Co., com.(quar.)
25c June 1 May 18
15c July 2
Mani Agri ulture, Ltd. (guar.)
Mayer (0.) & Co., 1st pref. (quar.)
$144 June 1 May 25
June 1 May 25
2d preferred (guar.)
Mayflower 'Associates (guar.)
50c June 15 June 1
Memphis Natural Gas Co.. com.(guar.)
10c May 24 May 19
Merchant Fire Ins. Co.,(Denver)(guar.)
20c May 15 May 7
50c June 1 May 21
Merrimac Hat Corp.(guar.)
Preferred (guar.)
$1 June 1 May 21
Milwaukee Gas Light 7% pref. A (guar.)
$1 4
3 June 1 May 25
Minneapolis Gas Light 7% pref. (guar.)
$13 June 1 May 25
June I May 25
6% preferred (guar.)
Monroe Loan Society. pref. A (guar.)
1
June 1 May 21
75c June 15 May 31
Montreal Loan & Mtge.(guar.)
Morrell (John), (quar.)
75c June 15 May 28
Morris Finance, A (guar.)
$1% June 30 June 20
Series B (guar.)
30c June 30 June 20
7% preferred (quar.)
$13.4 June 30 June 20
25c June 15 June 5
Muskogee Co
8c June 20 June 9
Mutual Telephone (Hawaii) (monthly)
25c June 30 June 15
Myers (F. C.) & Bros.(quar.)
Preferred (guar.)
$11 June 30 June 15
Nashua Gummed & Coated Paper
June 12 June 11
National Biscuit Co.. corn. (guar.)
51c July 14 June 15
15c July 2 June 11
National Finance Corp.of Amer.(guar.)
6% preferred (quarterly
I5c July 2 June 11
Extra
15c July 2 June 11
National Life & Accident Ins. (Nash., Tenn.)—
Quarterly
50c June 1 May 20
New Bedford Cordage,7% pref.(guar.)
June I May 15
New England Telep. & Teleg. Co
June 30 June 8
$1
New York Hanseatic Corp.(guar.)
May 15 May 10
75c July 2 June 30
New York Mutual Teleg.(s.-a.)
New York Power & Light Corp.,7% pref.(qu.)
$134 July 2 June 15
$134 July 2 June Is
$6 preferred (guar.)
New York & Queens Elec. Lignt & Power (guar.)
$2 June 14 June 1
June I May 18
$5 preferred (quarterly)
New York Telep. & Teleg. Co.(guar.)
June 30 June 8
North Central Texas Oil Co.,pref.(guar.)
$13
2
July 2 June 15
Northern Pipe Line Co.(semi-ann.)
8134 July 2 June 15
Northwestern Teleg. Co.(s.-a.)
We June 15 June 6
Oahu Sugar Co., Ltd.(monthly)
Ohio & Mississippi Teleg. Co
$2
July 2 June 16
June 15 May 31
Oklahoma Gas & Electric Co..6% pref. (qu.)7% preferred (guar.)
M 0 June 15 May 31
20c June 20 June 10
Onomea Sugar (monthly)
50c July 2 June 15
Pacific & Atlantic Teleg. Co. of U.S.(s.-a.).
10c June 1
Palmer & Co. (liquidating dividend)
50c June 27 June 18
Paraffin° Companies, Inc., com.(guar.)
$2
June 1 May 19
Paterson & Passaic Gas & Elec.(s.-a•)
$1
June I May 12
Peerless Woolen Mills,6 % pref.(s.-a.)
$1
May 16 May 5
Peninsular Telephone. 7% pref. (guar.)
37;ic June 1 May 21
Penne Gas & Electric, A
25e July 2 June 8
Peoples Drug Stores (guar.)
Preferred (guar.)
$1 3 June 15 June 1
2
July 2 June 13
Pet Milk Co., com.(quar.)
Preferred (guar.)
$13.i July 2 June 13
Petroleum Exploration (guar.)
12Ac June 15 June 5
Philadelphia Germantown & Norristown RR.—
Quarterly
$134 June 4 May 21
Philips'Incandescent Lamps(interim div.)
6%
Pittsburgh Plate Glass Co.(guar.)
35c July 2 June 9
Plimpton Mfg. Co.(quar.7
$1 A June 1
Plymouth Oil Co.(guar.)
25c June 30 June 12
Public Electric Light, pref. (quar.)
$1% June 1 May 18
Public Service Corp. of N. J..com. (quar.)__....
70c June 30 June 1
2 June 30 June 1
$8 preferred quar.)
June 30 June 1
$1
$7 preferred guar.)
$5 preferredquar.)
June 30 June 1
81
6% preferred (monthly)
50c June 30 June 1
Public Service Electric & Gas Co.,$5 pf. (qu.)_
June 30 June 1
$1% June 30 June 1
7% preferred (quar.)
Quaker Oats Co., common (quar.)
July 16 July 2
$134 Aug. 31 Aug. 1
6% preferred (guar.)
25c June 15 May 31
Raybestos-Manhattan. Inc.(guar.)
$134 June 15 May 31
Reliance Grain,634% pref.(guar.)
Reynolds Metals, common
.25% June 1 May 15
June 11 May 28
Rike-Kumler Co., corn.(semi-ann.)
7% preferred (guar.)
$152 July 1 June 25
6
Royal Dutch Petroleum Co.(annual)
43
June 1 May 25
Savannah Gas,7% pref.(guar.)
July 1 June 15
St. Louis Bridge, 1st pref.(s.-a.)
$134 July 1 June 15
(quarterly)
2nd preferred
50c June 15 May 31
Schiff Co., common (guar.)
$134 June 15 May 31
Preferred (guar.)
Sc June 30 May 31
Scottish Type Investors A & B (qu.)
3734c June 30 June 16
Scott Paper Co.. com.(guar.)
15e
June 15 June 1
Seaboard Oil of Del.(quarterly)
10c June 15 June 1
Extra
Sept. 1 Aug. 26
(guar.)
$15i
pref.
Water,
6%
Shenango Valley
$134 Dec. 1 Nov.20
6% preferred (guar.)
1
sig
Name of Company.
Shell Transport & Trading Co..common (final)z
Slscoe Gold Mines, Ltd. (guar.)
Extra
Somerset Union & Middlesex Ltg.(s.-a.)
South Jersey Gas,Elec.& Traction (s.-a.)
Southern Colorado Power Co.,7% pref.(quar.)_
Spencer Kellogg & Sons, Inc., corn. (guar.)..._
Standard Oil of Kentucky (quar.)
Stromberg-Carison Telep..634% pref.(gu.)_ _ _
Sylvanite Gold Mines
Tacony-Palmyra Bridge,common (guar.)
Common class A (quarterly)
Terre Haute Water Works,7% pref. (guar.)._
Texas Corp.(quar.)
Texas Gulf Sulphur (quarterly)
Time, Inc.(quar.)
Extra
$634 preferred (guar.)
Title Insurance Corp.(St. Louis) (quar.)
Tobacco Security Trust-Amer. dep. rec. for ord. reg
Trinidad Leaseholds, Ltd.—
Amer. dep. rec, for ord. reg
'Fri-State Tel. & Tel..6% preferred (quar.)
United Dyewood, preferred (guar.)
United 011 Trust Shares, H reg
Series H, bearer
United States Banking Corp.(monthly)
Veeder Root
Vermont & Boston Telegraph Co.(8.-a.)
Victor Monoghan (quarterly)
7% preferred (quarterly)
Viking Pump Co., preferred (quar.)
Waihiku Sugar (monthly)
Ward Baking Corp., 7% preferred
Welch Grape Juice, 7% pref. (guar.)
Western Auto Supply Co., corn. A & B (guar.).
Wisconsin Public Service Corp.,7% pf.(guar.)_
634% preferred (guar.)
6% preferred (guar.)
Woolworth (F. W.)& Co., Ltd.,6% pt. (s.-a.)Worcester Salt (quarterly)
World Radio Corp., 6% pref. (guar.)
May 19 1934
When Holders
Per
Share. Payable. ofRecord.
w734%
3c June 30 June 15
lc June 30 June 15
$2 June 1 May 15
$4 June 1 May 19
June 15 May 31
3
11 June 30 June 15
25c June 15 May 31
$1 A June 1 May 14
8e June 30 May 26
25c June 30 June 10
25c June 30 June 10
$134 June 1 May 19
25c July 1 June I
50c June 15 June 1
50c July 2 June 20
25e July 2 June 20
$134 July 2 June 20
1234c May 31 May 21
20c May 22 Apr. 24
$9.54 May 25
I5c June 1 May
July 2 June
I7c June 1 May
17c June I
7c June 1 May
40c June 1 May
July 2 June
$2
$134 June 1 May
$1% July 1
60c June 15 June
20e May 20 May
50c July 2 June
$134 May 31 May
75c June I May
June 20 May
$1
June 20 May
$1
$134 June 20 May
zw3% June 8 May
50c June 30 June
$134 June 1 May
15
15
10
17
17
16
19
1
15
15
15
21
31
31
31
16
20
21
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.
Abbott Dairies, Inc.,com.(guar.)
1st and 2nd preferred (guar.)
Affiliated Products, Inc.. corn.(monthly)
(guar.)._
Agnew Surpass Shoe Store, Ltd., pref.
Alabama Great Southern RR. Co.. preferred
(quar.)
prof.
Alabama Power Co.. $7
$6 preferred (guar.)
$5 preferred (guar.)
Allegheny Steel, pref.(guar.)
Allen Industries $3 preferred
Allied Laboratories preferred (guar.)
Aluminum Mfg.(quar.) _
Quarterly
Quarterly
.
preferred quar.
7% preferred qual.
7% preferred guar.
American Arch (guar.
American Business Shares (guar.)
American Capital Corp.. $534 pref. (quar.)_
American Chicle (quarterly)
American Envelope. 7% pref. (guar.)
7% preferred (quar.)
7% preferred (guar.)
American Factors. Ltd.(monthly) common_ _
American & General Securities class A
$3 series cumulative preferred
American Hardware Corp.(auar.)
Quarterly
Quarterly
American Home Products Corp.(monthly)
American Radiator & Standard Sanitary Corp.
Preferred (guar.)
American Smelting & Refining. 7% 1st pref._
American Steel Foundries, 7% pref. (guar.)...
American Thread Co.. pref. (8.-a.)
American Tobacco Co.coin. & corn. B (guar.)._
Andian National Corp., Ltd.(coup. No.71)_ _ _
Archer-Daniels-Midland Co.,corn. (guar.)
Argonaut Mining Co
Artloom Corp. cumulative preferred (guar.)._ _ _
Atlantic Refining Co.(guar.)
Atlas Corp.,$3 pref. A (guar.)
$3 preferred guar.)
$3 nt eferred(qual.)
Atlas Powder Co.. com.(quar.)
Automotive Gear Works,pref.(guar.)
Bamberger (L.) & Co.04% pref.(guar.)
Bandini Petroleum (monthly)
Bangor & Aroostook RR.Co.com.(guar.)
Preferred (guar.)
Bangor Hydro-Electric Co.,7% pf.(qu.)
6% preferred (quarterly)
Bankers National Investing Corp. com.(quar.)_
Common class A & B (quarterly)
Preferred (quarterly)
Barber(W.11.) & Co., pref.(guar.)
Preferred (guar.)
Preferred (guar.)
Baton Rouge Electric. pref. (quar.)
Belding-Corticelli. Ltd., pref. (guar.)
Bigelow-Sanford Carpet. pref
Birmingham Electric, $7 preferred
$6 preferred
Birmingham Water Works.6% pref.(guar.)
Blackstone Valley Gas & Elec. Co., pref.(s.-a.)_
Block Bros. Tobacco (guar.)
Quarterly
Preferred (guar.)
Preferred (guar.)
Preferred (guar.)
Blue Ridge Corp.,$3 optional cony. pref.(guar.)
Boots Pure Drug,ord. register (extra)
Borden's, common (guar.)
Boston & Providence R.R. Co.(guar.)
Quarterly
Boston Woven Hose & Rubber Co. preferred...
Bourjois. Inc.. com. ((uar.)
Bower Roller Bearing Co.,(guar.)
Brach (E. J.)& Sons,common (guar.)
Bridgeport Gas Light (guar.)
Brill° Mfg.Co.,Inc.,com.(guar.)
Class A (guar.)
Bristol Myers Co.common (guar.)
Extra
Brooklyn Edison (guar.)
Brooklyn Union Gas Co.(quar.)
Buckeye Pipe Line Co..capitalstock
Quarterly
Per
When Holders
Share. Payable. of Record.
25c
$13i
5c
$1
3
$1
11
1
$1
h75e
8734c
50c
50c
$13,
1
$134
81 st
25c
2c
$134
75c
$134
11
1
10c
734c
75c
25e
25c
20c
Si
h$4
50c
i234c
11
uz
25c
25c
85134
25c
75c
75c
75c
50c
41 he
8134
62c
$134
51;
$134
8c
32c
15c
$1 A
$13,
1
$151(
$1
$1
$2
88334
h$33734c
3734c
$1
$1
$1
la
June 1 May 15
June 1 May 15
June 1 May 17
July 3 June 15
Aug. 15 July 14
July 2 June 15
July 2 June 15
Aug. 1 July 16
June 1 May 15
June 1 May 31
July 1 June 26
June 30 June 15
Sept.30 Sept.15
Dec. 31 Dec. 15
June 30 June 15
Sept.30 Sept. 15
Dec. 30 Dec. 15
June 1 May 21
Tune 1 May 15
June 1 May 15
July 2 June 12
June I May 25
Sept. 1 Aug. 25
Dec. I Nov.25
June 9 May 31
June 1 May 15
June 1 May 15
July 1
Oct. 1
Tan 135
June 1 May 140
June 1 May 21
June 1 May 14
June 30 June 15
July 2 May 31
June 1 May 10
June 1 May 15
June I May 21
May 23 May 18
June 1 May 15
June 15 May 21
Tune 1 May 19
Sent. I Aug. 20
Dec. I Nov.20
June 11 May 31
June 1 May 20
June 1 May 15
May 20 Apr. 30
July 2 May 31
July 2 May 31
July 2 June 15
July 2 June 15
May 25 May 14
May 25 May 14
May 25 May 14
July 1 June 20
Oct. 1 Sept.20
Ian 135 Dec. 20
June 1 May 15
June 15 May 31
June 31 May 10
May 1
May 1
June 1.5 June 1
June 1 May 16
Aug. 15 Aug. 11
Nov. 15 Nov. 11
Tune 30 Tune 25
Sept.30 Sept.25
Dec. 31 Dec. 24
June 1 May 5
June I May 15
June 20
52.125 July
$2.125 Oct. 1 Sept. 1
$3 June 15 June 1
25c May 21 May 15
25e July 20 July 1
10c June 1 May 12
60c Tune 30 June 15
I5c July 2 June 15
50e July 2 June 15 I
50c June 1 May 10
10c June 1 May 10
$2 June 1
$134 July 2 June I
75c June 15 May 31
75e June 15 May 111
Name of Company.
Per
When Holders
Share. Payable. of Record.
Brown Shoe Co., common (guar.)
75c June 1 May 21
Burmah Oil Co., Ltd.,com.(final)
xte15%
Common, bonus
zw2M %
Common. bonus
e33 -3%
Burroughs Adding Machine Co. (guar.)
10c June 5 May 5
Butler Watu,7% pref.(quar.)
$1 X June 15 June 1
Cables & Wireless, Ltd., preference
w2 % June 4 Apr. 20
Calamba Sugar Estates (quar.)
40c July 1 June 15
7% preferred (guar.)
35c July 1 June 15
California Packing Corp
37Mc June 15 May 31
Canada Malting, Ltd. (quarterly)
3735c June 15 May 31
Canadian Hydro Electric Corp., 1st pref. (qu.)_ r$1
June I May I
Canadian Oil Co., Ltd., pref. (guar.)
July 1 June 20
Canfield Oil, 7% pref. (guar.)
$18
4 June 30 June 20
Carnation Co. preferred (guar.)
51X July 2
Preferred (guar.)
$1 X Oct. 2
Preferred (guar.)
$1 V/ Jan. 1
Carolina Tel. & Tel.(guar.)
52M July 2 June 23
Catawissa RR., 1st & 2nd preferred (s.-a.)_ -- 51X May 22 May 10
Caterpillar Tractor Co
12 Mc May 31 May 15
Celanese Corn.of Amer.,79' 1st pref.(quar.)_ -h$1 June 1 May 18
Central Arkansas Pub. Service Corp., pref. (qu.) S1% June 1 May 15
Central Franklin Process, 1st & 2nd pref. (au.)- 31X July 2June 30
Central Miss. Valley Elec. Prop., pref.(quar.)__ $135 June I May 15
Central Tube
10c May 21 May 10
Centrifugal Pipe Corp. (guar.)
10c Aug. 15 Aug. 5
Quarterly
10c Nov. 15 Nov. 5
Century Ribbon Mill, Inc., preferred (quar.)
51X June 1 May 19
Champion Coated Paper Co.
1st and special preferred
$1 X July 1 June 20
Champion Fiber Co., pref. (quar.)
SI% July 2 June 20
Chartered Investors, $5 pref. (guar.)
$1 X June 1 May 1
July 1 June 8
Chesapeake & Ohio R.R. preferred (semi-ann.)
$3
Chestnut Hill RR.(guar.)
75c June 4 May 21
Chicago Corp., preferred (guar.)
25c June 1 May 15
25c June 30 June 20
Chicago Flexible Shaft Co.,corn. (guar.)
Chicago Yellow Cab (guar.)
25c June 1 May 21
Chrysler Corp. corn. (quar.)
25c June 30 June 1
Common extra
25c June 30 June 1
Cincinnati Union Terminal.4% pref.(quar.)___ $1 X July 1 June 20
4% preferred (quar.)
SlY Oct. 1 Sept.20
Janl'35 Dec. 20
$1
4% preferred (quar.)
Citizens Gas of Indianapolis, pref.(guar.)
51 4 June I May 19
City Ice & Fuel Co., com.(guar.)
50c June 30 June 15
$1 4
8 June 1 May 19
Preferred (quarterly)
20c June 15 May 29
Clark Equipment Co.. com.(quar.)
87 Mc June I May 10
Cleveland & Pittsburgh, reg. gtd.(quar.)
Registered guaranteed (guar.)
8731c Sept. 1 Aug. 10
87 Mc Dec. 1 Nov. 10
Registered guaranteed (guar.)
50c June I May 10
Special guaranteed quar.
50c Sept. 1 Aug. 10
Special guaranteed quar.
Sepcial guaranteed quar.
50c Dec. 1 Nov. 10
Coca-Cola Co., common (guar.)
$13 July 2 June 12
Class A (sem -annua')
$IM July 2 June 12
Collins & Aikman, pref.(guar.)
$1 X June 1 May 18
Columbian Carbon Co.(quar.)
75c June I May 15
Columbia Pictures Co., preference (quar.)
75c June I May 17a
Compania-Hispania Americana de Electric—
May 31
Amer. dep. rec. series E bearer (s.-a.)
4s. tab
Compo Shoe Silachinery Corp..com.(quar.)--- 12
June 1 May 21
Compressed Industrial Gases (guar.)
50c June 15 May 31
Confederation Life Association (quar.)
$1 June 30 June 25
Quarterly
$1 Sept.30 Sept.25
Quarterly
$1 Dec. 31 Dec. 25
Congoleum-Nairn, Inc., com.(guar.)
32Mc June 15 June I
Connecticut Light & Power,63. % pref. (quar.)- $1% June I May 15
5M % preferred (guar.)
31% June I May 15
Connecticut Power Co.. com. (guar.)
62 Mc June I May 15
Consolidated Cigar Corp., pref. (guar.)
51X June I May 15
Consolidated Diversified Stand. Security—
Preferred (semi annual)
25c June 15 June 1
Consolidated Gas Co. of N. Y.common (guar.)_
50c June 15'May 11
Consolidated Paper
15c June I May 21
Consumers Power Co.,$5 pref.(guar.)
$13,
1 July 2 June 15
6.6% preferred (quar.)
$1.65 July 2 June 15
7% preferred (quar.)
51 M July 2 June 15
6% preferrd(monthly)
50c June 1 May 15
6% preferred (monthly)
50c July 1 June 15
6.6% preferred (monthly)
55c June I May 15
6.6% preferred (monthly)
55c July 1 June 15
Continental Casualty (Chicago, Ill.) (quar.)
15c June 1 May 15
Crow's Nest Pass Coal (s.-a.)
$2 June 1 May 10
Crown Cork & Seal Co., Inc., pref. (guar.)---68c June 15 May 31a
Crown Zellerbach Corp.. $6 cl. A & B cum
h37 Mc June I May 14
Crum & Forster Insuranceshares Corp.—
Class A & B (quarterly)
15c May 31 May 21
Class A & B (extra)
10c May 31 May 21
7% preferred (quarterly)
$1 X May 31 May 21
8% preferred (quarterly)
$2 June 30 June 20
Cuneo Press. Inc.. preferred (guar.)
$1 M June 15 .Tune I
Cushman's Sons, Inc., corn. (quar.)
25c June I May 15
7% preferred (quar.)
$1I June 1 May 15
$8 preferred (quar.)
$2 June 1 May 15
Dayton Power & Light Co,6% prof.(monthly)
50c June 1 May 19
Deere & Co., preferred
Mc June 1 May 15
Dennison Mfg. Co.,debenture stock
52% May 28 May 18
Denver Union Stockyards (guar.)
50c July 1
50c Oct. 1
50c Jan. 1
$j
i% June 1 May 20
7% preferred quar,
7% preferred quar,
51X Sept. 1 Aug. 20
$ji% Dec. I Nov. 20
7% preferred guar.
Deposited Bank Shares of N. Y.(s.-a•)
2M % July 2 May 15
Detroit Hillsdale & Southwestern (semi-ann.)....
52 July 7 June 20
Diamond Match Co. common (guar.)
25c June 1 May 15
Dictaphone Corp., preferred (guar.)
$2 June 1 May 18
Doctor Pepper Co.(guar.)
15c June 1 May 15
Quarterly
150 Sept. 1 Aug. 15
Quarterly
15c Dec. 1 Nov. 15
Dome Mines, Ltd. (guar.)
50c July 20 June 30
Extra
$1M July 20 June 30
Dominion Textile Co., Ltd.,common (quar.)-- - 31 X July 3 June 15
Preferred (quarterly)
July 16 June 30
51
Dow Chemical
e50% July 2 June 16
Driver-liarris Co., 7% pref. (guar.)
July 1 June 20
Dunlop Rubber Co.. common
zw8% May 25 May 5
Am.dep, rec. ord. reg
June 2 May 15
xtc 8
Durham Hosiery Mills,6% pref
hSOc June 1 May 15
East Mahanoy RR. (s. a.)
June 15 June 5
51
Eastern Gas & Fuel Associates, com.(guar.)--15e June I May 15
Prior preferred (quarterly)
51.125 July 1 June 15
$6 preferred (quarterly)
July 1 June 15
Sl
Eastern Shore Public Service $6M prof. (quar.)
51 M June I May 10
$6 preferred (guar.)
$1 M June I May 10
Eastman Kodak, corn.(max.)
51 July 2 June 5
Preferred (quarterly)
$1M July 2 June 5
East St. Louis & Interurban Water79' preferred (quarterly)
Si X Juno 1 May 19
6% preferred (quarterly)
June 1 May 19
$1
Elizabeth & Trenton (s-a)
51 Oct. 1 Sept. 20
5% preferred (s-a)
Oct. 1 Sept. 20
51
El Paso Electric, pref. (guar.)
$1 M July 16 June 29
Empire & Bay State Teleg.,4% guar.(quar.)_- Si June 1 May 22
4% guaranteed (guar.)
Si Sept. 1 Aug. 22
1% guaranteed (guar.)
Si Dec. 1 Nov. 21
Emp re Capital, series A (quar.)
10c May 31 May 21
Empire Gas & Electric,6% pref.(guar.)
S1) June 1 Apr. 30
7% preferred C(guar.)
51X June 1 Apr. 30
6% preferred D (guar.)
51M June 1 Apr. 30
Eppens, Smith (semi-annual)
52 Aug. 1 July 25
Erie & Pittsburgh RR..7% guaranteed (quar.)_ 87 Mc June 1 May 31
Essex Co.(semi-annual)
$3 June 1 May 11
3397
Financial Chronicle
Volume 138
sic
Name of Company.
When Holders
Per
Share. Payable of Record
Escanawba Power & Traction,6% pref.(guar.). 111%
5114
6% preferred (guar.)
25c
Faber Coe & Gregg (quarterly)
25c
Quarterly
25c
Quarterly
25c
Quarterly
Falconbridge Nickel Mines
5c
Farmers & Traders Life Insurance Co.(quar.)__ 5284
$284
Quarterly
Federal Light & Traction Co., pref.(quar.)
$184
10c
Ferro Enamel Corp., com. (quar.)
Sc
Common (extra)
Firestone Tire & Rubber Co.. pref.(guar.)
$184
Fitz-Slmon's & Connell Dredge & Dock—
12 Mc
Common (quarterly)
Florida Power Corp., pref. (guar.)
8734c
50c
Food Machinery 6M % pref. (monthly)
50c
6M % preferred (monthiy
r50c
Ford Motor Co.of Canada. Ltd.. class A.& B_ _
Franklin Simon & Co., pref.(guar.)
$14
50c
Freeport Texas Co.(quarterly)
$184
6% preferred (quar.)
Gates Rubber,7% pref.(quar.)
$14
General Cigar Co.. Inc., preferred (guar.)
$1 X
Preferred (guar.)
51 X
$184
Preferred (quar.)
80 fr.
Generale d'Electricite
General Italian Edison Electric Amer. Shares__ $3.39
25c
General Motors Corp., corn. (guar.)
Si.;'
$5 preferred (euarterly)
40c
Glens Falls Ins. Co.(guar.)
Globe Dam Publishing, pref. (guar.)
51.54
.
Godman (II. C.). 1st preferred (guar.)
$184
40c
Golden Cycle Corp.(quar.)
$1
Goodyear Tire & Rubber Co.,7% pref. (quar.)_
Gottfried Baking Co.. Inc.. preferred (quar.)___ 184%
14
Preferred (guar.
1 %
Preferred (guar.
1'%%
$3
Grace(N.R.)6% irst pref. (semi-annual)
$3
6% first preferred (semi-annual)
$2
Grand Rapids & Indiana Ry.(semi annual)____
75c
Grand Union Co., pref. (qmar.)
Great Atlantic & Pacific Tea Co. of America—
$184
Common (guar.)
25c
Extra
$184
7% preferred (guar.)
25c
Great Northern Paper Co. (guar.)
Green & Coate Street Phila. Passenger Ry., pref_ 5135
$184
Preferred
Gulf States Utilities Co., $6 pref. (quar.)
$184
$184
$584 preferred (quarterly)
75g
Hackensack Water Co.common (semi.ann.)____
433
4c
7% preferred class A (Guar.)
15c
Hale Bros. Stores,Inc.(guar.)
Quarterly
15e
15c
Quarterly
Harbauer Eio., 7% preferred (guar.)
51X
S1%
7% preferred (guar.)
7% preferred (quar.)
$1
25c
Harbison-Walker Refractories common
Preferred (quar.)
115%
Hardesty (R.) Mfg.,7% pref.(quar.)
51%
$1%
7% preferred (guar.)
7% preferred (quar.)
SI X
Hazeltine Corp. (special distribution)
$284
Hawaiian Sugar (guar.)
60c
Hawaii Consolidated By., Ltd..7% pref. A._
20c
be
Heels Mining Co
25c
Helena Rubinstein, $3 pref. (guar.)
10c
Hibbard, Spencer,Bartlett & Co.(quar.)
Quarterly
10c
50c
Hires (Chas. E.) Co., class A com.(quar.)
25c
Hobart Manufacturing Co.. corn. (guar.)
Hollinger Consolidated Gold Mines (monthly)__
r5c
Extra
r5c
Si
Homestake Mining Co. (monthly)
Extra
51
Honolulu Gas(monthly)
15c
Monthly
15e
Hooven & Allison Co.7% preferred (quar.)_ 51X
Horn St Hardart Co. of N. Y., pref. (quar.)____ S1%
Household Finance,pref.(guar.)
$1.05
Quarterly
75c
Huntington Waver,7% pref.(guar.)
$1
6% preferred (quarterly)
I. G. Farbenindustrie (conpar No. 12)
k7%
5%
Imperial Chem.Ind. Amer.dep.rec,for ord.she.
Deferred shares
1%
Imperial Life Assurance (quar.)
$38
4
Quarterly
$3X
Quarterly
$3%
r 25c
Imperial Oil(s-a)
r15c
Extra
Indiana Hydro Elec. 1st pref. (quar.)
$184
Indianapolis Water Co., 59' pref. set. A (guar.) $184
Industrial Cotton Mills(R.11..8.0a.7%Irf.(qr.)
S1%
Industrial & Power Security Co.(guar.)
15c
Ingersoll-Rand Co., corn. (guar.)
37 Mc
International Harvester Co. preferred (guar.) - _ $184
International Stilling Co.
1st preferred, original series (quar.)
S1%
$184
6% 1st preferred A stock (quar.)
International Nickel Co. of Canada. com
10c
r56c
International Petroleum (s-a)
r44c
Extra
50c
Interstate Hosiery Mills (quar.)
50c
Quarterly
Investment Corp. of Pirtle,
50c
Iron Fireman Mfg. Co.. corn. (guar.)
20c
Common (quar.)
20e
20e
Common (guar.)
Ironwood & Bessemer Ry. & Light, pref. (quar.) $184
Jantzen Knitting Mills, 7% pref. (quar.)
$14
7% preferred
h$1(I
Kalamazoo Vegetable Parchment Co. (guar.).I5c
Quarterly
15c
Quarterly
15c
518%
Kaufmann Dept. Stores, pref. (quar.)
Kendall Co., partic. pf.ser. A (guar.)
$184
Panic. preferred series A (partic. div.)
92c
Kentucky Utilities, 7% Junior preferred
25c
Keystone Custodian Funds. series H (lia.)_
$19.07
Klein (D. Emil) Co., common (quar.)
25c
Kroger Grocery & Baking, common (quar.)---25c
6% preferred (quarterly)
$184
7% preferred (quarterly)
$184
Lake Superior District Power Co.
7% preferred (ruarterly)
81
6% preferred (quarterly)
$184
Landers. Frary & Clark,corn.(quar.)
3734c
Common (guar.)
3784c
Common (guar.)
3784c
Landis Machine, pref. (guar.)
$184
Preferred (guar.)
$184
Preferred (guar.)
$184
Lanston Monotype Machine Co. (guar.)
$1
Laura Secord Candy Shops, Ltd. (quar.)
75c
Lehigh Coal & Navigation
25c
Lehigh Power Security Corp.(quar.)
25c
Lehn & Fink Products,corn,,(quar.)
50c
Libby-Owens Ford-Glass (guar.)
30c
Life saver.: Corn (guar.)
40c
$ui
Aug. 1 July 27
Nov. 1 Oct. 26
June 1 May 15
Sept. 1 Aug. 15
Dec. 1 Nov. 15
3-1-35 2-15-35
July 2 June 15
July I June 10
Oct. 1 Sept. 10
June 1 May 15a
June 20 June 9
June 20 June 9
June 1 May 15
June 1 May 21
June 1 May 15
June 15 June 10
July 15 July 10
May 28 May 8
June 1 May 17
June 1 May 15
Aug. I July 12
Juno I May 16
Juno 1 May 23
Sept. 1 Aug. 23
Dec. I Nov.22
June 12 May 17
Aug. 1 July 9
July 2 June 15
June 1 May 19
June 1
June 10 May 31
July 2June 1
July 2 June 20
Oct. 1 Sept.20
Jan. 2 Dec. 20
JUDE! 30 June 28
Dec. 29 Dec. 27
June 20 June 9
June 1 May 10
June 1 May 4
June 1 May 4
June 1 May 4
June 1 May 19
July 7 June 22
Oct. 6 Sept.22
June 15 June 1
June 15 June 1
June 1 May 16
June 30 June 18
June 1 May 15
Sept. 1 Aug. 15
Dec. 1 Nov. 15
Aug. 1 July 21
Oct. I Sept.21
Jan 1'35 Dec. 21
June 1 May 22
July 20 July 10
June 1 May 15
Sept. 1 Aug. 15
Dec. 1 Nov. 15
June 15 June 1
July 15 July 5
June 30
June 15 May 15
June 1 May 21
May 25 May 18
June 29 June 22
June 1 May 15
June 1 May 18
Slay 21 May 4
May 21 May 4
May 25 May 19
May 25 Slay 19
May 20 May 12
June 20 June 12
June 1 May 15
June 1 May 12
June 1 May 19
June I May 19
June 8
June 1
July 3
Oct. 1
Jan.I '35
June 1 May
June 1 May
June 1 May
June 30 June
Aug. 1 July
June 1 May
June 1 May
June I May
15
15
1
110
27
15
7
5
June 1 May 19
June 1 May 19
June 30 May 31
June 1 May 15
June I May 15
Aug. 15 Aug. 1
Nov. 15 Nov. 1
June 15 June 1
June 1 May 10
Sept. 1 Aug. 10
Dec. 1 Nov. 10
June 1 May 15
June 1 May 25
June I May 25
Julie 30 June 20
Sept.30 Sept. 20
Dec. 31 Dec. 20
July 2 June 9
June 1 May 10a
June 1 May 10a
May 29 May 17
July
June
July
Aug.
2 June
1 May
2 June
1 July
20
10
20
20
June 1 May 15
June 1 May 15
June 30
Sept. 30
Dec. 31
June 15 June 5
Sept. 15 Sept. 5
Dec. 15 Dec. 5
May 31 May 21
June I May 15
May 31 Apr. 30
June 1 May 19
June 1 May 15
June 15 May 31
June 1 May 1
3398
Financial Chronicle
Name of Company.
Per
When Holders
Share. Payable. ofRecord.
Liggett & Myers Tobacco Co.,corn (quar.)-- —
$1 June 1 May 15
Common B (quarterly)
$1 June 1 May 15
Lincoln Nat.Life Ins.(Ft. Wayne)(guar.)
30c Aug. 1 July 26
Quarterly
30c Nov. 1 Oct. 26
Lincoln Stores, Inc., corn. (quar.)
25c June 1 May 25
Preferred (quarterly)
$14 June 1 May 25
Link Belt Co.. common (quar.)
10c June 1 May 15
Preferred (quar.)
$154 July 2 June '15
Little Miami RR.special guaranteed (guar.) --50c June 9 May 25
Original
$1.10 June 9 May 25
Loblaw Groceterias Co., Ltd.. class A & B (W.) r2.5c June 1 May 14
Class A and B (bonus)
r15c June 1 May 14
London Tin Corp., 754% part. pref
105 June 19
Loose-Wiles Biscuit Co , pref. (qlian)
$134 July 1 June 18
Lord & Taylor preferred (guar.)
June 1 May 17
$1
Ludlow Manufacturing Association (guar.)
June 1 May 5
$1
Lunkenheimer Co., 654% pref. (guar.)
July 1 June 22
Oct. 1 Sept.21
654% preferred (guar.)
Jan. 2 Dec. 22
% Preferred (guar.)
LyonnaLse des Eaux
31%.
100
Magnin (I.) & Co., preferred (guar.)
Aug. 15 Aug. 5
Preferred (guar.)
$134 Nov. 15 Nov. 5
Manhattan Shirt Co., corn. (guar.)
June 1 May 15
Mapes Consol Mfg.(guar.)
July 2 June 15
Marconi's Wireless Teleg. Co., Ltd.. corn
xtv7
6
11
3
May Department Stores, corn. (guar.)
40c June 1 May 15
May Hosiery Mills, Inc.. pref
$I June I May 17
McCiatchy Newspapers.7% pref.(guar.)
4334c May 31 May 30
r20c June 15 May 15
McColl Frontenac Oil Co., common (quar.)McGoldrick Bond & Mtge.Corp.,7% pref.(s•-a) $354 May 25 May 15
25c June 1 May 22
McGraw Electric,corn.(special)
McIntyre Porcupine Mines (guar.)
25c June 1 May 1
25c June 1 May 1
Bonus and extra
Metal Textile Corp., partic. pref. (quar.)
81c June 1 May 21
Metro-Goldwyn Pictures Corp., pref. (quar.)
1 trO June 15 May 25
June 1 May 25
Middlesex Water (quarterly)
h25c June 15 June 5
Midland Royalty. $2 preferred
$3 July 1 June 20
Milland Grocery 6% preferred (semi ann.)
$2
Mobile & Birmingham RR., 4% gtd (s-a)
July 2 June 1
Monsanto Chemical Works(guar.)
25c June 15 May 25
Moore Dry Goods Co.(guar.)
$154 July 1 July 1
Quarterly
Oct. 1 Oct. 1
Jan. 1 Jan. 1
Quarterly
11
Morris 5& 10c. Stores. 7% rof. (guar.)
July 1 June 20
$1
7% preferred (quar.)
Oct. 1 Sept.20
Morris Plan Ins. :Woe.(guar.)
June 1 May 26
Quarterly
Sept. 1 Aug. 25
Quarterly
11 Dec 1 Nov. 26
Motor Finance (quarterly)
20c June I May 24
Mt. Diablo Oil Mining & Development
June 1 May 24
Muncie Water Works.8% pref.(guar.)
12
c June 15 June 1
Murphy(G. C.) Co.,corn. (guar.)
40c June I May 22
Muskogee Co.. 6% cum. pref. (guar.)
$1 M June 1 May 19
Mutual Chem.of America, pref.(guar.)
$134 June 28 June 21
Preferred (guar.)
Sept.28 Sept.20
$1
Preferred (quar.)
Dec. 28 Dec. 20
1
Mutual Telephone (Hawaii) (monthly)
Sc May 20 May 5
Nashville & Decatur RR., 754% guar.(8.-a.)- - 93Xc July 2 June 20
National Automotive Fibers 7% preferred
h$154 June liMay 15
National Biscuit Co., pref. (guar.)
SIX May 311May 170
National Bond & Share Corp
25c June 15 May 31
National Container Corp. common (initial)- — 50c June 1 May 10
Preferred (quar.)
50c June I May 15
Preferred
h50c June 1 May 15
Preferred (guar.)
50c Sept. 1 Aug. 15
Preferred
h50c Sept. 1 Aug. 15
Preferred (guar.)
50c Dec. 1 Nov. 15
Preferred
h50c Dec. 1 Nov. 15
National Enameling & Stamping Co
50c June 30 June 4
National Lead Co., class A pref. (guar.)
$1ft June 15 June 1
National Power & Light
210C June 1 May 7
National Sugar Refining Co. of N. J
50c July 2 June 1
National Transit Co. (semi annual)
40c June 15 May 25
Nebraska Power,7% pref.(guar.)
$1% June I May 15
6% preferred (quarterly)
$154 June 1 May 15
Newberry (J. J.) Co.. corn. (guar.)
25c July 1 June 16
Preferred (guar.)
June 1 May 16
New Castle Water,6% pref.(guar.)
July 2 June 15
New Rochelle Water. 7% pref. (guar.)
June 1 May 20
New York Power & Lighb,7% pref.(guar.)
July 2 June 15
July 2 June 15
$6 preferred (quarterly)
New York Steam Corp.common
June I May 15
1900 Corporation, class A (guar.)
Aug. 15 Aug. 1
Class A (quarterly)
Nov. 15 Nov. 1
Norfolk & Western By. common (guar.)
June 19 May 31
Adjustment preferred (guar.)
May 19 Apr. 30
Northam Warren Corp. cony. pref.(guar.)
June I May 15
June I May 15
North American Edison Co., pref. (guar.)
North Pennsylvania RR. (guar.)
May 25 May 14
June 11 June 1
North River Insurance Co. (guar.)
Extra
June 11 June 1
June I May 21
Northern RR.of N. J.4% guaranteed (quar.)
Sept. 1 Aug. 22
4% guaranteed (guar.)
Dec. 1 Mar.21
4% guaranteed (quar.)
Northwestern Public Service Co-87Sic June 1 May 21
7% cumulative preferred
75c June 1 May 21
6% cumulative preferred
8754c July 2 June 22
Norwalk Tire & Rubber Co. pref. (qear.)
July 2 June 20
51
Norwich Pharmacal Co. (quar.)
$1
Oct. 1 Sept.20
Quarterly
Jan 1'35 Dec. 20
Si
Quarterly
June I May 16
Nova Scotia Light & Power,6% pref.(quar.)— - 51
June I May 22
Ogilvie Flour Mills, pref.(quar.)
El
I5c June 15 June 11
Oahu By.& Land (monthly)
15c Juno 15 May 19
Ohio 011 Co., common
Si M June 15 June 4
Preferred (guar.)
Si M June 1 May 7
Ohio Power Co., 6% pref. (quar.)
June I May 15
Ohio Public Service Co.. 7% pref. (monthly)_ 58,
50e June 1 May 15
65' preferred (monthly)
41 2-3c June 1 May 15
5% preferred monthlY)
20c May 20 May 10
Onomea Sugar Co. (monthly)
June I May 1
254
Ontario & Quebec Ry.. deb. (s.-a.)
June 1 May 1
Semi-annual
50c June 1 May 21
Oshkosh Overall Co., pref.(quar.)
10c June 30 May 31
O'Sullivan Rubber
2Sic May 28 May 18
Pantheon Oil (quarterly)
75c May 21 May 10
Parker Rust Proof Co.,common (guar.)
010% May 21 May 10
Common (stock dividend)
350 May 21 May 10
Preferred (semi-annual)
12Sic June 1 May 15
Patterson-Sargent, common (guar.)
30 fr
Pechiney Chemicals Co
87Sic June 1 May 19
Bander (David) Co., class A (quar.)
50c June 15 June 1
Penick & Ford Co., Ltd.(quar.)
$134 Aug. 15 Aug. 6
Peninsula Telephone Co.. 7% pref. (quar.)_
$134 June I May 20
Penn State Water. $7 pref. (guar.)
3754c June I May 21
Pennsylvania Gas k Electric, class A
5151 July 2 June 20
$7 and 7% preferred (quarterly)
55c June 1 May 21
Pennsylvania Power Co..$6.60 pref.(monthly)51)4 June I May 21
$6 preferred (guar.)
$18 June 1 May 31
Peoples Telephone Corp.,7% pref. (guar.)
$1 54 June 1 May 20
Pfaudler, preferred (guar.)
June 1 May 12a
Philadelphia Suburban Water Co., pref. (guar.) $1
50c July 10 July 1
Phoenix Finance, pref. (guar.)
Oct. 10 Oct. 1
50c
Preferred (quar.
50c Jan. 10 Jn 1 '35
Preferred (guar.
June
1 May 19
54c
87
(guar.)
pref.
1st
Phoenix Hceiery Co., 7%
July 3 June 11
Pittsburgh Fort Wayne & Chicago R.R.(quar.)_ Si
Oct.
2
$1
Sept. 10
Quarterly
1-1-35 Dec. 10
$1
Quarterly
July 3 June 11
$1
,$ preferred (quar.
Oct. 2 Sept. 10
79 preferred (guar.
1-1-35 Dec. 10
7 preferred (guar.
Name of Company.
May 19 1934
Per
When Holders
Share. Payable. ofRecord.
Piedmont & Northern (quarterly)
750 July 10 June 30
Pillsbury Flour Mills, Inc., corn. (guar.)
40c June 1 May 15
Pittsburgh Bessemer & Lake Erie R.R.(s.-a.)_ _
75c Oct. 1 Sept.15
3% June 1 May 15
65' preferred (semi-annual)
Pittsburgh Youngstown & Ashtabula R.R.June 1 May 21
7 preferred (quar.
51
Sept. 1 Aug. 20
$1
7% preferred guar.
7 preferred guar.
Dec. 1 Nov.20
$1
15c June 1 May 15
Pleasant Valley Wine Co.(initial)
Pollock Paper & Box Co., pref. (guar.)
June 15
Preferred (quarterly)
Sept.15
X Dec. 15
Preferred (quarterly)
Ponce Electric, 7% pref. (guar.)
$15' July 2 June 15
Portland & Ogdensberg Ry. (guar.)
50c May 31 May 21
Site June 1 May 12
6% preferred (guar.)
% preferred (guar.)
June 1 May 12
1
June 1 May 12
6% preferred (quar.)
Potomac Electric Power, 6% pref. (guar.)
June 1 May 12
$1
% preferred (quarterly
318 June 1 May 12
Powell River, 7% preferred
$134 June 1
7% preferred
$134 Sept. 1
$134 Dec. 1
7% preferred
360 June 1 May 21
Prentice-Hall, Inc., corn.(guar.)
750 June 1 May 21
Preferred (guar.)
Procter & Gamble Co.. 5% pref.(guar.)
June 15 May 25
June 1 May 18
Public Electric Light.6% pref.(quar.)
11 June 1 May 15
Public Service Co. of Colorado, 7% pref.(mo.). 581
50c June 1 May 15
6% preferred (monthly)
41 2-3c June 1 May 15
5% preferred (monthly)
50c May 31 May 1
Public Service Corp. of N. J.. 6% pref.(mo.)
Purity Bakeries Corp., common (guar.)
25c June 1 May 15
May 31 May 1
$
Quaker Oats Co.. 6% preferred (guar.)
r2
151 May 25 Apr. 25
Power Co.(quarterly)
Quebec Pow
50c June 14 May 24
Reading Co.. bat preferred (guar.)
25c June 15 May 31
Reeves(Daniel)(guar.)
$154 June 15 May 31
654% preferred (guar.)
Reliance International Corp.. $3 pref
h50c June 1 May 21
20c Aug. 10 July 31
Republic Insurance. Texas (quar.)
20c Nov. 10 Oct. 31
Quarterly
25c July 5 July 2
Republic Supply Co. (guar.)
25c Oct. 5 Oct. 2
Quarterly
m25c June 1 May 15a
Reynolds Metals Co.(Del.)
Rich's, Inc.. 654% preferred (guar.)
$154 June 30 June 15
Rochester Gas & Electric Co
June 1 Apr. 27
Class B 75' preferred (guar.)
$1
June 1 Apr. 27
Class C & D 6% preferred (guar.)
$1
June 1 May 15
Rolland Paper 6% preferred (guar.)
Si
=12% May 23 Apr. 11
Rolls-Royce, Ltd., ordinary register
American depositary receipts, ord. register
xwl2% May 31 Apr. 11
Royalito 01100..Ltd
50c May 31 May 18
Rubber Plantations invest. Trust common
real%
Savannah Electric & Power 8% pref. A (quar.)2 July 2 June 15
July 2 June 15
7 % preferred B (guar.)
July 2 June 15
7% preferred C (guar.)
July 2 June 15
1
854% preferred B (guar.)
June 1 May 15
Second Investors 53 preferred (guar.)
Second Investors Corp.(R.1.), pref.(quar.)__
75c June 1 May 15
20c June 5 May 31
Second Twin Bell Syndicate (monthly)
June. 1 May 20
Si
Shenango Valley Water 65' preferred guar.)June 1 May 15
$1
Sherwin-Williams Co., pref. AA stock (quar.)—
June I May 20
Sierra Pacific Electric 6% preferred (quar.)_ _ _ - 51
w3
May 11
Singer Mfg., Am. dep. rec. ord. reg
Aug. 15 Aug. 14
51
Sioux City Stockyards Co., pref. (guar.)
Nov. 15 Nov. 14
Preferred (guar.)
Aug. 1
Smith (£4 Morgan) Co.(guar.)
Si Nov. 1
Quarterly
160 June 15 May 11
Socony Vacuum Corp
10c May 29 May 18
South American Gold & Platinum Co........
$4 July 1
Southeastern Cottons.Inc.
10c June 1 May 15
cl. A & B (initial)
$354 July 1
75' preferred
Southern California Edison Co.
134% June 15 May 19
75' series A preferred (guar.)
June 15 May 19
I3.
65 series B preferred (guar.)
May
Southern Calif. Gas Corp.,$654 cum.pf.(qu.)—
12Sic July 31 Apr.I
Standard Coosa-Thatcher (guar.)
328
$134 July 15 July 15
75' preferred (guar.)
Standard Oil of California (guar.)
250 June 15 May 15
250 June 15 May 15
Standard Oil Co. of Indiana (guar.)
50c July 31 July 2
Standard Oil Co. of Kansas(quar.)
25c June 20 May 23
Standard Oil of Nebraska (guar.)
50c June 15 May 16
Standard Oil of New Jersey $25 par (e.-a.)
$2
$100 par (semi-annual)
Sterling Products. Inc. (guar.)
95c
Aupr
n.
2c Junej
Stout(1) C.) Airlines, Inc., corn.(liquidating)..
e 16
51 MayMay 11506
Strawbridge & Clothier. pref. A (guar.)
$154 June I May 16
Sun Oil Co.. common (guar.)
25c June 15 May 25
Preferred (quar.)
$134 June 1 May 10
h2Si% May 20 May 1
Superior Oil of California preferred
Susquehanna Utilities 6% pref. (guar.)
SIM June I May 19
$1X June 30 June 12
Swedish Ball Bearing Co., pref.(guar.)
Telephone Investment Corp.(monthly)
20c June I May 20
Monthly
20c July 1 June 20
Tennessee Elec. Power Co.5% pref.(quar.)_ _
July 2 June 15
65' preferred (guar.)
July 2 June 15
7% preferred (guar.)
July 2 June 15
7.2% preferred (guar.)
July 2 June 15
8% preferred (monthly
June 1 May 15
6% preferred (monthly
July 2 June 15
7.25', preferred (monthiy)
June I May 15
w$I1
6
5
65°50r
$x1.
7.25 preferred (monthly)
c
cce July 2 June 15
Texas Gulf Producing (monthly)
2 % June 161
18
5
Tex-O-Kan Flour Mills, 7% pref.(guar.)
SI
May
Tide Water Power Co
hit
June 1 May 10
Timken Detroit Axle Co., pref.(guar.)
El
June I May 20
Timken Roller Bearing Co
2
June 5 May 18
Tobacco Securities Trust Co., com.(Interim)._
May 22 Apr. 24
Toburn Gold Mines. Ltd
May 22 Apr. 28
Toledo Edison Co.. 7% pref.(monthly)
58 1-2
3c June 1 May 16
6% preferred (monthly)
June
54
Ma
ay 15
5
5% preferred (monthly)
41 253c
Toronto Elevators, 7% pref. (guar.)
$134 July 16 July 3
Trinidad Leaseholders, Ltd—
Amer. dep. rec. for ord. reg
XID5
Troy & Greenbush, RR. Assoc. (semi-ann.).
$1
June 15 June I
Twin Bell 011 Syndicate (monthly)
June 2 May 31
Underwood Elliott Fisher Co.,common (quar.)_ 37%c June 30 June 12
Preferred (guar.)
$1,1 June 30 June 12
Union Pacific RR., common
El M July 2 June I
Union Tank Car Co., corn.,(guar.)
30c June I May 15
United Biscuit Co.of Amer.,corn.(guar.)
40c June 1 May 9
Preferred (quarterly)
$134 Aug. 1 July 16
United Carbon Co., common (guar.)
44c July 2 June 16
Preferred (s.-a.)
$3
July 2 June 16
United Companies of N. J.(guar.)
$2
July 10 June 20
United Elastic Corp. (guar.)
2c June 23 June 7
United Gas Improvement Co.common (quar.)
30c June 30 May 31
Preferred (quar.)
$151 June 30 May 31
United Light & Rys.(Del.).7% prior pref.(mo.) 53 1-3c June 1 May 15
7% For preferred (monthly)
53 1-3c July 2 June 16
6.38 prior preferred (monthly)
53c June 1 May 15
6.36 prior preferred (monthly)
53c July 2 June 16
6% prior preferred (monthly)
50c June 1 May 15
a% prior preferred (monthly)
50c July 2 June 16
United N. J. RR.& Canal (guar.)
$234 July 10 June 20
Quarterly
$2 M Oct. 10 Sept. 20
Quarterly
$2 M 1-10-35 Dec. 20
United States Gypsum Co., com.(quar.)
25c July 2 June 15
Preferred (guar.)
$134 July 2 June 15
U.S.Petroleum Co.(guar.)
lc June 10 June 5
Quarterly
lc Sept. 10 Sept. 8
Quarterly
lc Dec. 10 Dec. 5
$134
$14
175c1
Financial Chronicle
Volume 138
When
Holders
Per
Share. Payable. of Record.
Name Of Company.
United States Freight Co. (quar.)
25c
U. S. Pipe & Foundry Co., corn. (guar.)
1234c
Common (guar.)
12
Common (guar.)
12
Preferred (quar.)
30c
Preferred (guar.)
30c
Preferred (quar.)
30c
United States Playing Card (quar.)
25c
United States Steel Corp. pref.(guar.)
%
United Stores Corp.. preferred (quar.)
81 Vic
Upper Michigan Pow.& Lt.,6% pref. (quar.).. 31
6% preferred (quar.)
$1
6% preferred (guar.)
$134
Utility Equities Corp. $514 prior stock
$1
Van Raalte Co., Inc., 1st pref. (quar.)
$1
Vapor Car Heating Co., Inc., 7% pref
h53)4
7% preferred
hS3
Venezuela Oil Concessions, Ltd.. corn.
_
75%
Vick Chemical Co., common (guar.)
50c
Common (extra)
10c
Virginia Coal & Iron (quar.)
25c
Virginian Railway. preferred
7/S1
Vortex Cup Co.. class A (guar )
6244c
Vulcan Detinning Co., preferred (guar.)
1 %
Preferred (guar.)
1(%
Walluku Sugar(monthly)
20c
Walker (H.), Gooderhana & Worts. Ltd.—
Preference (quarterly)
25c
Washington Ry. & Electric (quar.)
$3
5% preferred (quarterly)
$1
Washington Water Power. $6 pref. (quar.)_
_
$1.
Welch Grape Juice, 7% pref.(guar.)
$1
Wesson Oil & Snowdrift Co., Inc., pref. (quar.)_
$1
Western Cartridge Co.6% pref. (guar.)
Western Real Estate Trustee (Boston (s.-a.)
$3
West Jersey & Seashore RR.,6% special gtd(s-a) $1
Westvaco Chlorine Products Corp.,corn.(guar.)
100
Wheeling Electric, 6% pref. (quar.)
$1
Wilcox-Rich Corp., class A (quar.)
62A
Williams (J. B.) (quar.)
25c
Extra
Williamsport Water $6 pref. (quar.)
$1
Winstead hosiery (quay.)
Quarterly
$1
Woodley Petroleum Co
110 o
6c
Woolworth (F. W.) Co.(guar.)
ruts6d
Woolworth (F. W.), Ltd.(interim)
Wrigley (Wm.) Jr. Co. (monthly)
25c
Monthly
25c
Monthly
25c
Monthly
25c
Monthly
25c
June 1 May 19
July 20 June 30
Oct. 20 Sept. 29
Jan. 20 Dec. 31
July 20 June 30
Oct. 20 Sept. 29
Jan. 20 Dec. 31
July 2 June 20
May 29 May 1
June 15 May 25
Aug. 15
Nov. 15
2-1-35
June 1 May 15
June 1 May 16
June 10
Sept. 10
June 1 May 16
June 1 May 16
June 1 May 15
June 1 May 15
July 2 June 15
July 20 July 10
Oct. 20 Oct. 10
May 20 May 15
June 15 dMay 25
June I May 17
June 1 May 17
June 15 May 25
May 31 May 15
June 1 May 15
May 19 May 1
June 1 May 22
June 1 May 15
June 1 May 15
June 1 May 1
June 30 June 20
May 15 May 8
dMay15 May 8
June 1 May 20
Aug. 1 July 15
Nov. 1 Oct. 15
Sept.30 Sept. 15
June 1 Apr. 23
June
July
Aug.
Sept.
Oct.
1 May 19
2 June 20
1 July 20
1 Aug. 20
1 Sept.20
t The New York Stock Exchange has ruled that stock will not be quoted
ex-dividend on this date and not until further notice.
t The New York Curb Exchange Association has ruled that stock will
not be quoted ex-dividend on tnis date and not until further notice.
a Transfer books not closed for this dividend.
d Correction. e Payable in stock.
f Payanle in common stock. is Payable in scrip. h On account of accumulated dividends. / Payable in preferred stock.
k 1. G. Farbenindustrie dividend Is payable against surrender of coupon
No. 12 partly in cash and partly in scrip.
In Reynolds Metals Co. declared an extra dividend payable In capital
stock of the corporation at the rate of 1 new share for each 4 shares held
(subject to approval of listing application by New York Stock Exchange).
n A dividend on the convertible preference stock, optional series of 1929,
of Commercial Investment Trust Corp. has been declared payable in
common stock of the corporation at the rate of 1-52 of 1 share of common
stock per share of convertible preference stock, optional series of 1929, so
held, or at the option of the holder (exercisable in the manner stated in tno
certificate of designation, preferences and rights of the convertible preference stock, optional series of 1929). in cash at the rate of S1.50 for each
share of convertible preference stock, optional series of 1929. so held.
r Payable in Canadian funds, and In the case of non-residents of Canada.
a deduction of a tax of 5% of the amount of such dividend will be made.
s The Blue Ridge Corp. has declared a dividend on its optional $3 convertible preference stock, series of 1929, at the rate of 1-32nd 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 1934) at the rate of 75c. per share
In cash.
u Payable In U. S. funds. p A unit. w Less depositary expenses.
x Less tax y A deduction has been made for expenses.
z G. L. I). & D. Co. stock books will be closed from May 6 to 15. both
dates inclusive.
3399
WEEKLY RETURN OF THE NEW YORK CITY
CLEARING HOUSE.
The weekly statement issued by the New York City
Clearing House is given in full below:
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY, MAY 12 1934.
Clearing House
Members.
Bank of N Y & Trust Co
Bank of Manhattan Co_
National City Bank....
Chem Bank & Trust C.
Guaranty Trust Co
Manufacturers Trust Co
Cent Hano ver 13k & Tr Co
Corn Each Bank Tr Co.
First National Bank
Irving Trust Co
Time
Deposits.
Average.
$
90,086,000
314,065,000
a907.536,000
310,328,000
6974,425,000
235,826,000
515,965,000
177,326,000
373,858,000
364,929,000
$
10,393,000
31,096,000
158,564,000
20,045,000
51,228.000
100.653,000
46,038,000
22,443,000
14,477.000
8.311.000
26,166,000
3,467,400
e59,526,800 c1,198,098.000
3,148,900
41,035,000
60,610,800 d542,892,000
10,655,800
17,797,000
47,337,000
7,314,700
21,490,900
205,868,000
7,572,600
49,355,000
44,479,000
4,860,600
2,408.000
76,602,000
852,000
36,847,000
303,000
4,963,000
17,837,000
2,860,000
33.497,000
700700 7041 6417 371 000
Mg 417 non
$
9,885,400
31,931.700
35,561,900
47,510,600
177,660,100
10.297.500
61,291,500
16,083,700
73,717,000
57,612,800
$
6,000,000
20,000,000
127,500.000
20,000.000
90,000,000
32.935,000
21,000,000
15,000,000
10.000,000
50,000,050
Continental Ilk & Tr Co_
4,000,000
Chase National Bank_ _ _ e150,270.000
Fifth Avenue Bank
500,000
Bankers Trust Co
25,000,000
Title Guat & Trust Co
10,000,000
Marine Midland Tr Co
5,000,000
New York Trust Co....
12,500.000
Comml Nat 13k & Tr Co
7,000,000
Public Nat Bk & Tr Co_
8,250,000
TranIt
Net Demand
Deposits.
Average.
• Surplus and
Undivided
PrefUs.
• Capital.
01.1 ocsnnn
Includes deposits in foreign branches as follows: (a) $220,189.000;(b) $56,531,000
(c) $71,857,000; (d) $15,963,000.
•As per official reports: National, March 5 1934; State, Starch 31 1934; trust
companies, March 31 1934; e as of March 15 1934.
The New York "Times" publishes regularly each week
returns of a number of banks and trust companies which are
not members of the Now York Clearing House. The following are the figures for the week ended May 11:
INSTITUTIONS NOT IN TIIE CLEARING HOUSE WITH THE CLOSING
OF BUSINESS FOR THE WEEK ENDED FRIDAY, MAY 11 1934.
NATIONAL AND STATE BANKS—AVERAGE FIGURES.
Loans
Disc. and
Investments.
Res. Dep., Dep. Other
N. Y. and Banks and
Elsewhere. Trust Cos.
Cash.
Manhattan—
Grace National
Trade Bank of N. Y_
$
23,684,700
2,885,520
$
118,100
113,669
$
1,739,600
557,673
Brooklyn—
Peoples National_ __ _
5.094.000
89.000
308.000
Gross
Deposits.
$
$
1,404,900 22,278,100
295,801 3,190,776
84.000
4.815.000
TRUST COMPANIES—AVERAGE FIGURES.
Loans,
Disc. and
Invest.
Res. Dep., Dep. Other
N. Y. and Ranks and
Elsewhere. Trust Cos.
Cash.
Manhattan—
S
$
$
Empire
57,807,700 .3,454,000 9,289,800
Federation
6,545,698
69,041
450,199
8,716,583
.560,429
Fiduciary
342,197
Fulton
16,618,200 *2,588,400
716,100
Lawyers County_ __ _ 29,701,500 .4,822,500
416,400
United States
64,351,252 7,191,666 18,625,448
Brooklyn—
Brooklyn
Klmrs County
92,442,000
24.88770S
2,440,000 18,126,000
1 665 327 7.022.213
Gross
Deposits.
s
$
1,294,500 59,685,900
537,972 5,975,918
64,320 7,798,065
331,900 15,252,700
31.904,100
61,913,690
266,000 96,701,000
26.907_768
* Includes amount with Federal Reserve as follows: Empire, S2,368,900; Fiduciary, $331,080; Fulton, 52,451,500; Lawyers County, $4,055,500.
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 16 1934, in
comparison with the previous week and the corresponding date last year:
Assets—
Gold certificates en band and
from U. S. Treasury (a)
Gold
Redemption fund—F. R. notes
Other cash
due
May 16 1034. May 9 1934. May 17 1933.
$
s
s
1,512,576,000 1,502,440,000 273,456,000
675,550,000
1,884,000
8.545.000
1,966,000
62,876,000
90.667.000
63,001,000
Total reserves
1,577,336,000 1,567,410,000 1,048,218,000
Redemption fund—F'. R. bank notes_
2,344,000
2,096,000
2,000,000
Bills discounted:
Secured by U.S. Govt. obligatIon.s
3,544,000
3,381,000
33,685,000
Other bills discounted
11,450,000
44,367.000
12,366,000
Total bills discounted
Bills bought In open market
U. S. Government securities:
Bonds
Treasury notes
Certificates and bills
14,831,000
2,099,000
15,910,000
2,275,000
78,052,000
11,658,000
148,619,000
393,045,000
240,091,000
148,619,000
394,084.000
239,052,000
188,224,000
234,278,000
307.872,000
Total U.S. Government securities
Other securities (see note)
781,755,000
40,000
781,755,000
40,000
730,374,000
4,722,000
Total bills and securities (see note)
Gold held abroad
Due from foreign banks (see note)
F. R. notes of other banks
Uncollected Items
Bank premises
Federal Deposit Insurance Corp.stock
All other assets
798,725,000
799,980,000
824,806,000
1,190,000
6,613,000
128,764,000
11,441,000
42,529,000
29,903,000
1,197,000
4,725,000
101,315,000
11.434,000
42,529,000
29,261,000
1,353,000
8,010,000
96,965,000
12,818,000
Total assets
Liabilities—
F. R. notes In actual circulation
F. R. bank notes inset, circulation net
Deposits—Member bank reserve acc't
U. S. Treasu y General Account
Foreign bank (see nets)
Other deposits
Total deposits
Deferred availability items
Capital paid in
Surplus
Reserves (F. D. I. C. stock, self insurance, &C.)
All other liabilities
Total liabilities
May 16 1934. May 9 1934. May 17 1933
s
s
$
635,691,000 630,817.000 710,247,000
41,079,000
40,198,000
34,443,000
1.462,481,000 1,457,308,000 988,988.000
22,741,000
22,220,000
11.746.000
2.842,000
576,000
7,557,000
143,164,000 139,272,000
19,917.000
1,628,962,000 1,621,642,000 1,028,208,000
126,946,000
59,654,000
45,217,000
99,437.000
59,718,000
45,217.000
92,973,000
58,526,000
85,058,000
47,266,000
14,919,000
47,266,000
14,771,000
1,667,000
5.477,000
2 598,853,000 2,559,947,000 2,016,599,000
Ratio of total reserves to deposit and
F. R. note liabilities combined
69.7%
69.6%
60.3%
Contingent liability on bills purchased
for foreign correspondents
812,000
1,192,000
12,989,000
22,429,000
2,598,853,000 2,559,917,000 2,016,599,000
•"Other cash" does not Include Federal Reserve notes or a bank's own Federal Reserve bank notes.
NOTE.-13eginning with the statement of Oct. 17 1925, two new items were added in order to show
separately the amount of balances held abroad and amounts due
to foreign correspondents. In addition, the caption "All other earning assets," previously made up of Federal Intermediate Credit bank debentures, was changed to
“Other securities." and the caption, "Total earning assets" to "Total bills and securities." The latter term was adopted as a more accurate description of the total of the
discount acceptances and securities acquired under the provisions of Sections 13 and 1401 the Federal itenerve Act, which It was stated are the only Items Included therein.
s These are certificates given by the U. S. Treasury for the gold taken over from the Reserve Banks when the dallar wan on Jan. 31 1934 devalued from 100 cents to
59.08 cents, those certificates being worth less to the extent of the difference, the difference Itself hsving been appropriated an profit by tha Treasury under the provisions
of the Gold Reserve Act 01 1934.
May 19 1934
Financial Chronicle
3400
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, May 17,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 note
statement (third table following) gives details regarding transactions in Federal Reserve notes between the Reserve Agents
and the Federal Reserve banks. The fourth table (Federal Reserve Bank Note Statement) shows the amount of these
bank notes issued and the amount held by the Federal Reserve banks along with the collateral pledged against outstanding
bank notes. The Reserve Board's comment upon the returns for the latest week appears in our department of "Current Events
and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS MAY 16 1934.
May 16 1934. May 9 1934. May 2 1934. Apr. 25 1939. Apr. 18 1934. Apr. 11 1934 Apr. 4 1934. Mar.28 1934. May 17 1933.
ASSETS.
Gold ctts, on hand At due fr. U.S.(a)
Gold
Redemption fund (F. R. notes) Other cash •
$
3
$
$
$
$
S
3
4,583,812,000 4,585,034,000 4,586,500.000 4,490,358,000 4,476.979,000 4,386.837.000 4,309,575,000 4,281,197,000
30,165,000
236,520,000
30,631,000
234,299,000
31,144,000
232,267,000
31,498.000
241,262,000
31,498,000
224,832,000
32,988,000
225,771,000
33.749.000
215,178.000
3
957,360,000
2.455,324,000
54,824,000
32,911,000
220,886.000 303,983,000
4.850,497,000 4,849,964,000 4,849.911,000 4.763.118,000 4,733,309.000 4.645,596,000 4,558.502,000 4,534,994,000 3,771,491,000
Total reserves-
5,275,000
5,791,000
6,022,000
7,768,000
8,226,000
8,362.000
8,513,000
9.038,000
4,992.000
6,312,000
28,090,000
6,277,000
30,297,000
7,388,000
30,924,000
7.903.000
32,410,000
68,441,000
b32,032,000
9,276,000
33,975,000
12 244,000
35.285.000
13,592,000
38,987,000
73,379,000
256,846,000
Total bills discounted
Bills bought In open market
U.S.Government securItles-Bonds
Treasury notes
Special Treasury certificates
Certificates and bills
47.529.000
52.579,000
43,251,000
40,473.000
38,312,000
40,313,000
36,574,000
34.402.000
26,045,000
29,359.000
17.059,000
13.499,000
10.163,000
8.279,000
6.656,000
5,501,000
406,190,000 407,860,000 407,858,000 406,204,000 406,277,000 431,225.000 442,795,000 442,928.000
1,233,599,000 1,237,089,000 1,242,591,000 1,221,099.000 1,207.603,000 1.179.906,000 1.222,681,000 1.214,246.000
330,225,000
77,543,000
420,992,000
594,482,000
Total U. S. Government securities
Otter securities
2,430,156,000 2,431,818,000 2,431,819,000 2,430,173,000 2,430,264,000 2,431,979,000 2.431.762,000 2.431.886,000 1,836,598.000
5,404,000
563,000
563.000
562,000
502,000
548,000
747,000
747,000
546,000
Total bills and securities
Gold held abroad
Due from foreign banks
Federal Reserve notes of other banks__
Uncollected items
Bank premises
Federal Deposit Insurance Corp. stock
All other resources
2,470,605,000 2.475,795,000 2,479,157.000 2.481.197,000 2.484,798,000 2,492,851,000 2,505,899,000 2.514,387,000 2.249.770,000
3,662.000
3,131,000
3,131.000
3,130,000
3,130,000
3,131,000
3.131,000
3,134,000
3,135,000
19,095,000
15.376,000
16.551,000
17,340.000
15,905,000
17,317,000
20,430,000
16,260,000
16,846,000
359.775.000
427,938,000
395,844.000
418,780,000
493,347,000
501.044,000 400,394,0110 456.805,000 428,684,000
54,251,000
52.432,000
52,503.000
52,556,000
52,556.000
52.558,000
52,669,000
52,569,000
53,595,000
69,650,000
69,650,000
69.650,000
139,299,000 139,299,000 139,299,000 139,299,000 139,299,000
44.949,000
51,349,000
49,910,000
52,677,000
41,879,000
43,078,000
45,581,000
44,668.000
46,131,000
Redemption fund-F. R. bank notes._
Bills discounted:
Secured by 03. S. Govt. obligations_ Other bills discounted
790,367,000
786,869.000
781,370,000
802,870,000
816,384,000
820.848,000
766,286,000
774,712,000
821,124,000
8,089,011,000 7,994,787,000 8,048.408,000 7.936.150,000 7,972,449,000 7.760.942,000 7.694,036.000 7,645.362,000 6,507,985,000
Total assets
LIABILITIES.
3,061,279,000 3,059,927,000 3.058,777,000 3,030.216,000 3,029,647,000 3,025,812,000 3,032,016,000 2,997,036,01)0 3,299,995,000
circulation
F. R. notes In actual
74,218,000
88,336,000 106,552.000 122,743,00(1
83,102,000
77.767,000
63,752,000
66,252,000
70.208,000
F. R. Sant notes In actual circulation
3,438,948,000 2.114.283.000
DeposiUs-Member banks'reserve account 3,694.493,0003,677.863,000 3,570.283,600 63,743,507,000 3,669,177,000 3.560,025.000 3,449.803,000
31,260,000
66,883.000
56,443,000
29.395,000
68.977.000
17,644,000
60.115,000 142,776,000
45,074,000
U. S. Treasurer-General account_a_
22,943,000
5,049,000
6,138,000
4,623,000
4,565,000
5.347,600
6,915,000
6,585,000
4.649,000
Foreign banks
20,996.000
22,347.000
f
bank
-Member
Special deposits
9,958,000
10,952,000
Non-member bank
216,981.000 249,983,000 273,765,000 b161,916,000 158,178,000 143,705,000 1104.109.000 121,924,000 151,968,000
Other deposits
3,991,197,000 3,994,876,000 3,993.409,000 3.928.504,000 3,900,897,000 3.737,748,000 3,656,798,000 3,656,752,000 2,320,454,000
Total deposits
501,685,000 401,661,000 954,807,000 427,495,000 488,075,000 422.619,000 427.984.000 394,468,000 359,558,000
Deferred availability Items
146,202,000 146,279,000 146,300,000 146,449,000 146,383.000 146,389.000 146,273,000 145.586.000 150,217,000
Capital paid In
138,383,000 138,383,000 138.383,000 138,383,000 138,383,000 139,383,000 138.383,000 138,384,000 278,599,000
Surplus
12,205,000
161,832,000 161,831,000 161.831.000 161.829,000 161,829,000 161,829,000
Reserves (F. D. I. C.stock,self Ins. Ste.):
69,650,000
69.650,000
Paid
69,650,000
69,650.000
15
April
payment
Called for
12.739,000
46,730,000
50.91/3,000
24,133,000 939,826,000
25,507,000
24,693,000
20,578,000
24,681,000
All other liabilities
8.089,011,000 7,994,787,003 8,048.408.000 7,936,150,000 7,972,449.000 7,760,942.000 7,694,036.000 7.645,262,000 6.507,985,000
Total liabilities
Ratio of total reserves to deposits and
67.1:
68.2%
68.2%
68.7%
68.3%
68.4%
combined
68.8%
68.8%
liabilities
68.7%
note
It.
F.
Contingent liability on bills purchased
38,886,000
4,771.000
4,935,000
4,669.000
4.669,000
4,002,000
4,261,000
4,669.000
3,622.000
for foreign correspondents
Maturity Distribution of Bills and
Short-term Securities1-15 days bills discounted
16-30 days bills discounted
31-60 days bills discounted
61-9') days bills discounted
Over 90 days bills discounted
5
S
$
$
$
$
$
S
5
30,600.000
4,600,000
3,086.000
4,725,000
340,000
32.998,000
4,160,000
4,792,000
5,330,000
249.000
37,565,000
2.854,000
5,081,000
6,782,000
297,000
212,662,000
22,485,000
23,570,000
64,943,000
6,565,000
25,118,000
3,502,000
3,037,000
2,499,000
246,600
24,950,000
2,813,000
5,777,000
2,460,000
574,000
28,004.000
3,177.000
5.930,000
978,000
323,000
30.146,000
1,880,000
6,814,000
1,251,000
222,000
29,822.000
3,028,000
4.818.000
2,509,000
236,000
Total bills discounted
1-15 days bills bought In open market
16-30 days bills bought In open market__ _
31-60 days bills bought In open market...
61-90 days bills bought in open market
Over 90 days bills bought In open market
34,402,000
928,000
204,000
435,000
3,934,000
36,574,000
3,218.000
191,000
437,000
3,810,000
38,312,000
3,238,000
910,000
272,000
3,859,000
40.313.000
4,111,000
2.048,000
298,000
3,706.000
40.473,000
9,127.000
3.371.000
823,000
178,000
43.251.000
11,427,060
3.365,000
2,206,00C
61.000
47,529,000
13.193,000
7,884,000
3,442.000
1,526,000
52,579,000
13,712,000
6,634.000
7,381,000
1.632.000
330.225,000
65,036,000
4,533.000
2,634,000
5,340,000
Total bills bought in open market
1-15 days U.S. certificates and bills_ _
16-30 days U.S. certificates and bills......
31-60 days U.S. certificates and bills
61-90 days U.S. certificates and bills
Over 90 days U.S. certificates and bills
5,501,000
21,325,000
70,991,000
62,210,000
34,430,000
604,421,000
6,656,000
43,975,000
10.163,000
115.530,000
43.975.000
130,466,000
17,725,000
594,703,000
8.279,000
62,180,000
21,325,000
117,621,000
21,070,000
559,174,000
21,830.000
518,174,000
13,499,000
116,831,000
62,180.000
99.306,000
42,210.000
495.857,000
'17.059,000
90,229,000
115.530.000
38,975.000
117,466,000
458.648.000
26,045,000
65,338,000
107,179,000
55,075.000
116,616.000
421.878.000
29,359.000
61.190,000
76,578,000
1 29,575,000
112,861,000
304,508,000
77,543,000
86,600,000
127,875,000
73,238,000
127,956,000
405,455,000
Total U. S. certificates and bills
1-15 days municipal warrants
16-30 (lays municipal warrants
31-60 days municipal warrants
61-90 days municipal warrants
Over 90 days municipal warrants
790,367,000
506,000
781,370,000
499,000
8,000
5,000
802.870,000
508,000
816,384.000
509,000
820,846,000
500,000
9,0000
766,286.000
510,000
774,712,000
510,000
5,000
786,869,000
499,000
8,000
5,000
35,000
35,000
35,000
5,000
35,000
17.000
36,000
17,000
36,000
17.000
36.000
53,000
821,124,000
5,192,090
127,000
25,000
10,000
50,000
546,000
547,000
047,000
548,000
562,000
562,000
563,000
563,000
5,404,000
Total municipal warrants
103.301,000
Federal Reserve Notesleaved to F. R. Bank by F. It. Agent-- 3.337.686,000 3.345,136,000 3,323,359,000 3,310,532,000 3.309,708,000 3,304,860,000 3,310,969,000 3,250.398,000 3,556.604,000
276,407,000 285,211,000 264,582.000 280,316,000 280,061.000 279,048,000 278,953.000 253.362,000 256,609,000
Held by Federal Reserve Bank
3,061,279,000 3.059,927,000 3,058.777,000 3,030,216,000 3,029.647.000 3,025,812,000 3,032,016,000 2,997,036,000 3.299,995,000
In actual circulation
Collateral Held by Agent as Security for
Notes Issued to BankGold ctfs.on hand & due from U.S. Trees
By gold and gold certificates
Gold fund-Federal Reserve Board
By eligible paper
U.S. Government securities
3,021.771,000 3,013,771,000 2,983,271.000 2,989,271,000 3,003,471,000 3.042,896.000 2,924,345,000 2.875,218,000 11381104,000
1350835,000
34.418.000
25,296,000
29,332,000
47,068,000
22,151,000
54,148.000 249,447,000
18.87.5,000
16,440,000
341,300,000 349,300.000 355,400,000 331,400,000 313,400,000 275,400.000 376,000,000 351.70(1.000 613,400,000
To.tel nnlInforn1---------a
,Mina 341 0(17 1100 3.146.20L000 3.352.714.000 3.347A13 nnn a 9A1 win nnn a
170 Sli non I sal nut non 2 snn as
ant 700
1111J
b Revised.
•"Other cash" does not Include Federal Reserve notes or a bank's own Federal Reserve bank notes. the
dollar was on Jan. 31 1934 devalued from 100 cents to
These are certificates given by the U. B. Treasury for the gold taken over from the Reserve Banks when
89.06 cents, these certificates being worth less to the extent of the difference, the difference Itself having been appropriated as Profit by the Treasury under tile provisions
1934.
of
Act
Reserve
of the Gold
in Government deposits on May 2 transferred to -Other
a Caption changed from "Government" to "U. S. Treasurer-General account" and $100,000,000 Included
deposits."
OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OP BUSINESS MAY 16 1934
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES
Two Ciphers (00) Omitted.
Federal Reserve Bank of-
Total.
Boston. New York.
Phila.
Cleveland. Richmond Atlanta.
5
5
5
$
8
$
$
ASSETS.
Gold certificates on hand and due
4,583,812,0 378,196,0 1,512,576,0 278,895,0 341,471,0 201,944,0 119,456,0
from U. S. Treasury
789,0 3,230,0
1,864,0 3,006,0 3,022,0
30.165,0 2,507,0
Redemption fund-F R. notes62,876,0 34,859,0 13,727,0 9,539,0 11,407,0
236.520,0 17,617,0
Mber cash
!I 17111E11 ft
070
010
el
000
RAO
il
'RA
gin
n
"go
en.,
. _ ...... - ......., nnn n I
Total reserves
Chicago.
5
St. LOLL? Aftnneap, Ran.City. Dallas. San Fran,
$
5
$
$
S
952,857,0 184,289,0 97,939,0 145,515,0 92,786,0 277,888.0
1,088,0 1,322,0 1,147,0
617,0 4,841,0
6,712,0
35,681,0 9,638,0 11,321,0 10,027,0 6,702,0 13,126,0
(MR 04111 10S 111A A 1111 R1.10 A I All nall n Inn inK n ont lacK•
3401
Financial Chronicle
Volume 138
Weekly Return of the Federal Reserve Board (Concluded).
Two Ciphers (00) Omitted.
Total bills discounted
Bills bought In open market
U. S. Government securities:
Bonds
Treasury notes
Certificates and bills
Boston. New York.
Total.
RESOURCES (Concluded)Redem. fund-F. IL Dank notes_
Bills discounted:
See. by U. S. Govt. obligations
Other bills discounted
Cleveland. Richmond Atlanta.
Phila.
518,0
565.0
3,381,0 1,311,0
11,450,0 10,535,0
369,0
1.403,0
144.0
1,122,0
194,0
556,0
20,0
1,102,0
1,083,0
371,0
14,831,0 11,846,0
535,0
2,099,0
1,772,0
487,0
1,266,0
193,0
750,0
178,0
1,122,0
649,0
6,312,0
28,090.0
34,402,0
5,501.0
$
2,344,0
St. Louis. Minneap. Kan.City. Dallas. San Fran.
$
3
$
$
$
474,0
$
99,0
31,0
10,0
476,0
219,0
80,0
288,0
186,0
343.0
130,0
121,0
486,0
85,0
219,0
142,0
368,0
159,0
529,0
482,0
3
134,0
$
1,21.5,0
$
250,0
$
Chicago.
$
858,0
$
5,275,0
406,190,0 22,989,0
1,233,599,0 81,971,0
790,367,0 52,720,0
148,619,0 25,602,0 30,247,0 14,709,0 12,259.0
393,045,0 86,530,0 111,234,0 54,075,0 45,017,0
240,091,0 54,988,0 71,543.0 34,778,0 28,952,0
66,780,0 13,663,0 15,775,0 13,199,0 18,730,0 23.618.0
216,185,0 48,405,0 30,324.0 47,861,0 32.099,0 86,853.0
149,378,0 31,132,0 19,495,0 30,784.0 20,646.0 55.860,0
Total U. S. Govt. securities_ 2,430,156,0 157.680,0
Other securities
546,0
781,755,0 167,120,0 213,024,0 103,562,0 86.228,0
40,0
506,0
432,343,0 93,200,0 65,594,0 91,844.0 71,475,0 166,331.0
Total bills and securities
'1,470,605.0 159,134,0
Due from foreign banks
237,0
3.135,0
Fed. Res. notes of other banks
20,430,0
332,0
Uncollected items
501,044,0 53,449.0
Bask preatIses
52,595,0 3,224,0
Federal Deposit Ins. Corp.stock_ 139,299,0 10,230,0
All other resources
853.0
46.131,0
798,725,0 180,007,0 215,283,0 105,021,0 87,156,0
342,0
300.0
119,0
110,0
1,198,0
946,0
467,0 1,212,0 1,404,0
6,613,0
128,764,0 39.345,0 52,209,0 42,258,0 15,316,0
11.441,0 4,149,0 6,788,0 3,128,0 2,372,0
42,529,0 14,621,0 14,147,0 5,808,0 5,272,0
29,903,0 4,604,0 1,444,0 1.960,0 2,585,0
434,114,0 93,451,0 66,165.0 92,205,0 72,002,0 167,342,0
222,0
88,0
88,0
10,0
7,0
414,0
299,0 2,327,0
650,0 1,389,0
3,478,0 1,313,0
70,191,0 21,607,0 12.025,0 28,513,0 16,700,0 20,667,0
7,382,0 3,124,0 1,657,0 3,485,0 1,755,0 4,090,0
19,749,0 5,093,0 3,510,0 4,131,0 4,359,0 9,850,0
654,0
492,0 1,039,0
1,079,0
312.0 1,206,0
8,089.011,0 626,029,0 2,598,853,0 761,153,0 650.818,0 371.970,0 247,850,0 1,531,657,0 320,059,0 195,802,0 286,992,0 196,821,0 501.007.0
Total resources
LIABILITIES.
F. It. notes in actual circulation_ 3,061,279,0 244,511,0 635,691,0 248,346,0 304,871,0 142,383,0 132,337,0
F.R.bank notes In act'l
40,198,0 6,310,0 12,368,0
63,752,0 1,322.0
Deposits:
Member bank reserve account_ 3,694.493,0 288,260,0 1,462,481,0 206,098,0 224,767.0 158,252,0 71,913,0
U.S. Treasurer-Gen acct._
22,741,0 2,129,0 2,511,0 1,457,0 1,342,0
45,074,0 1,274,0
598,0
237,0
218,0
Foreign bank
576,0
648,0
448,0
4,649,0
Otker deposits
246,981,0 4,189,0 143.164,0 14,040,0 10,773,0 10.233,0 9,749,0
Total deposits
3,991,197,0 294,171,0 1,628.962,0 222.915,0 238,649,0 170,179,0 83,222,0
Deferred availability Items
501.685,0 53,693,0 126,946,0 36,950,0 51,074,0 42,150,0 14,544,0
Capital paid in
59,654,0 15,509,0 12,639,0 4,975,0 4,372,0
146,202,0 10,693,0
Surplus
45,217,0 13,352,0 14,090,0 5,171,0 5,145,0
138,383,0 9,610,0
Reserves: FDIC stock, self insurance &c,
47.266,0 17,121,0 16,447,0 6,963.0 7,852,0
161,832,0 11,283,0
All other liabilities
14,919,0
650,0
680,0
149,0
378,0
746,0
24,681,0
776.718,0 134,779,0 95,740,0 106,977,0 39,079,0 199,847.0
2,751,0
803,0
610,706,0 128,415,0 65,940,0 135,575,0 113,927,0 228,159,0
4,172,0 1.702,0 1,698,0 1,046,0 3.278,0 1,724,0
442,0
174,0
174,0
206,0
143,0
785,0
7,811,0 16,699,0 8,264,0 2,720,0 2,053,0 17,286,0
623,474,0 147,022,0 76,045,0 139,515,0 119,432,0 247,611,0
73,161,0 22,311,0 12,508.0 27,779,0 19.158,0 21,411,0
12,539,0 4,031,0 3,007,0 4,164,0 3,047,0 10,672,0
20,681,0 4,756,0 3,420,0 3,613,0 3,683.0 9.645,0
22,718,0
2,366,0
5,046,0
411,0
4,535,0
547,0
4,747,0
197,0
5,489,0 11,465,0
3,282,0
356,0
8,089,011,0 626.029,0 2,598,853,0 561,153,0 650,818,0 371,970,0 247,850,0 1,531,657,0 320,059,0 195,802,0 286,992,0 196,821,0 501.007,0
Total liabilities
Memoranda
Ratio of total res. to dep. & F. B.
note liabilities combined
Contingent liability on bills put'
chased for teen correspondenti
68.8
73.9
69.7
67.2
'I 099 0
1050
812.0
447.0
65.9
413.0
67.9
62.2
71.1
69.2
64.4
63.6
63.2
66.1
163.0
151.0
541.0
142.0
99.0
120.0
120,0
305,
...Other cash" does not Include Federal Reserve notes or bank's own Federal Reserve bank notes.
FEDERAL RESERVE NOTE STATEMENT.
Two Ciphers (00) Omitted.
Federal Reserve Agent at-
Boston. New York.
Total.
Phila.
Cleveland. Richmond Atlanta.
Chicago.
St. Louts. Minneap. Kan.City. Dallas. San Frau,
Federal Reserve notes:
$
$
Issued to 10.14.Bk. by F.R.Agt. 3,337,686,0 264,673,0
Held by Fed'I Reserve Bank___ 276,407,0 20,162,0
$
3
3
$
3
729,880,0 262,553,0 320.480,0 150,548,0 150,587,0
94,189,0 14,207,0 15,609,0 8,165,0 18,250,0
$
$
$
$
$
$
814,443,0 139,441,0 101.221,0 113,708,0 43,912,0 246,240,0
37,725,0 4,662,0 5.481,0 6,731,0 4,833,0 46,393,0
In actual circulation
3,081.270.0 244,511,0
Collateral hold by Agent as security for notes Issued to bks:
Gold certificates on hand and
due from U.S. Treasury
3,021,771,0 266,117.0
Eligible paper
992,0
16,440,0
U. S. Government securities
341,300,0
635,691,0 218,346,0 304,871,0 142,383,0 132,337,0
776,718,0 134,779.0 95.740,0 106,977,0 39.079,0 199,847,0
733.706,0 223,000,0 261,931,0 150,340,0 94.385,0
671.0
550,0
992,0
8,708,0 3,198,0
57.000,0
37,000.0 60.000,0
747,513,0 132,936,0 76,115,0 97,290,0 44,675,0 193,763,0
457,0
385,0
117,0
118,0
130,0
122,0
58,000,0
75,000,0 8.000.0 26.300,0 20.000,0
742.414.0 263.198.0 322.923.0 151.011.0 151.935.0
822.635.0 141.066.0 102.533.0 117.407.0 45.060.0 252.220.0
Total collateral
9970 '11 I n 07 105 n
FEDERAL RESERVE BANK NOTE STATEMENT.
.,.. uspners UM) Omitted.
Federal Reserve Agent at-
Boston. New York.
Total.
Ckveland. Richmond Atlanta.
Phila.
Chicago.
St. Louts. Minneap. Kan.City. Dallas. San Fran.
Federal Reserve bank notes:
Issued to 1'. R. Bk. (outstdg.):
Held by ledil Reserve Bank__
$
78 734,0
0
14,982
,
S
2,411,0
1,089,0
S
$
S
42,779,0 16.035,0 12,935,0
2,581,0 9,725,0
567,0
In actual circulation-net...
Collat. pledged agst. outst. notes:
Discounted & purchased bills__
U. S. Government securities__
63.752,0
1,322,0
40,198,0
6,310,0 12,368,0
803,0
2,751,0
89,774,0
5,000,0
44,274.0 16,500,0 15,000,0
5,000,0
4,000.0
so 77d 11
A MOO
44.274.0 10.5000 15 000 0
5.000.0
4.000.0
Total °asters!
S
S
$
$
1,034,0
231,0
$
$
3.540,0
789,0
$
$
• Does not include 394,431,000 of Federal Reserve bank notes for the retirement or which Federal Reserve banks hare deposited lawful money with the Treasurer of
the United States.
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and.liabilities of the reporting member banks from which weekly returns are obtained. These figures are always a week
behind those for the Reserve banks themselves. Definitions of the different items in the statement were given in the statement of Dec. 14 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment of the Reserve Board upon
the figures for the latest week appears in our department of "Current Events and Discussions," immediately preceding which
we also give the figures of New York and Chicago reporting member banks for a week later.
Beginning with the statement of Jan. 9 1929, the loan figures exclude "Acceptances of other banks and bills of exchange of drafts sold with endorsement" and include
all real estate mortgages and mortgage loans held by the bank. Previously acceptances of other banks and bills sold with endorsement were Included with loans, and some
of the banks Included mortgages In Investments. Loans secured by U. S. Government obligations are no longer shown separately, only the total of loans on securities being
given. Furthermore, borrowing at the Federal Reserve is not any more subdivided to show the amount secured by U. S. obligations and those secured by commercial paper,
only a lump t01.111 being given. The number of reporting banks formerly covered 101 leading cities, but was reduced to 90 cities after the deelaration ot bank holidays or
moratoria eallY in Ifarch 1933. Publication of the weekly returns for the reduced number of cities was omitted in the weeks from March I to May 10. but a summary of
them is to be found in the Federal Reserve Bulletin. The figures below are stated in round millions.
PRINCIPAL RESOURCES AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OF
BUSINESS MAY 9 1934 (In Millions of Dollars).
Federal Reserve DistrictLoans and investments-total
LOAM-total
On securities
All other
Investments-total
Total.
Boston. New York
Phila.
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneay Ean.City. Dallas. San Aran.
s
$
s
7,968
1.027
1,169
662
3,798
501
255
407
1,939
1,859
234
267
3
17,328
$
1,151
8,121
3,554
4,567
s
343
S
330
$
1,807
430
170
178
204
226
59
111
61
117
$
S
5
S
S
1.774
496
332
544
387
754
208
156
201
186
877
343
411
74
134
38
118
62
139
60
126
225
652
9,207
489
4,170
526
739
173
152
1,053
288
176
343
201
897
6.249
2,958
317
172
2,901
1,269
286
240
546
193
122
51
100
52
716
337
194
94
121
55
232
111
149
52
565
332
Reserve with F. It. Bank
2,693
Cash la vault
214
Net demand deposits
12,203
Time deposits
4,470
Government deposits
1.029
1,564
Due from banks
3.675
Due to banks
In.......minro frnm V 0 Itnnb.R
234
49
842
342
94
133
206
1,304
51
6,384
1,092
607
138
1,655
0
124
12
656
320
52
150
223
118
19
607
454
44
103
179
1
48
11
219
135
8
81
88
29
6
169
133
21
82
78
423
51
1,510
490
• 43
238
480
85
8
341
164
25
91
146
35
4
198
122
6
77
95
83
11
409
168
20
176
224
75
8
270
121
41
131
120
135
14
603
929
68
164
181
U.S. Government securities
Other eecurities
May 19 1934
Financial Chronicle
3402
United States Government Securities on the New
York Stock Exchange.—Below we furnish a daily record
of the transactions in Liberty Loan, Home Owners' Loan,
Federal Farm Mortgage Corporation's bonds and Treasury
certificates on the New York Stock Exchange:
DIE, ...Iti sinanrial
arxntirle
Crtn-tntrru"
PUBLISHED WEEKLY
Terms of Subscription—Payable in Advance
0 Mos.
$6.00
6.75
7.75
12 Mos.
Including Postage—
610.00
United States, U. S. Possessions and Territories
11.50
In Dominion of Canada
13.50
South and Central America, Spain, Mexico and Cuba
Asia.
Spain).
Great Britain, Continental Europe (except
15.00
Australia and Africa
8.50
Terms of Advertising
45 cents
Transient display matter per agate line
On request
Contract and Card rates
Representative.
Western
Gray,
CHICAGO Orricg—In charge of Fred. B.
208 South La Salle Street. Telephone State 0613.
LONDON OFFICE—Edwards & Smith, 1 Drapers' Gardens, London, E.C.
WILLIAM B. DANA COMPANY, Publishers,
William Street, Corner Spruce. New York.
Wall Street, Friday Night, May 18 1934.
Railroad and Miscellaneous Stocks.—For review of the
New York stock market, see editorial pages.
The following sales made at the Stock Exchange this
week (May 12 to May 18, inclusive) of shares not represented
in our detailed list on the pages which follow:
Par Shares.
Railroads—
100
Detr & Mack pref__100
100
Duluth S S & At1-100
100
100
Preferred
1
Havana Elec RY pf 1001
300
Hudson & Manh p1_100
240
Int Rys of Cent Am__'
10
*
Certificates
50
1001
l'referred
19
Market Street Ry._1001
100I
1
Preferred
9
1031
2d preferred
120
Northern Central___5
10
VIcks Shrev & Pacpf100
Indus. & Miscall.—
Abrah'm & Straus pf100
Am Mach & Mets Ws_•
Amer Radiator At Stand
Sanitary pre ____100
Art Metal Construct_10
Atl G & W I BS L p1100
Austin Nichols prior A •
Bloomingdale 7% p1100
Bon Ami class A
*
Briggs & Stratton_
Range Since Jan. 1.
Range for 1Veek.
Sales
for
Week.
STOCKS.
Week Ending May 18.
Highest.
Lowest.
S per share.
1534May 17
l'/,May 15
14May 16
5 May 14
16 May 14
6 May 14
5%May 17
19 May 14
1%May 12
34May 14
2 May 14
86.4May 17
80 May 18
11
S per share.
16 May 17
1HMay 15
14May 16
5 May 14
164May 18
6 May 14
54May 17
20 May 15
14May 12
374May 14
24May 18
873.4May 15
80 May 18
Lowest.
Highest.
per share.4 per share.
May
10
Mar 16
H Jan 1H Apr
Jan 234 Apr
I
Jan 834 Apr
3
May 26% Jan
16
Apr
Jan 7
3
3% Mar 64 Apr
74 Jan 2234 Apr
34 Jan 234 Mar
3% May 84 Apr
Jan 44 Apr
1
Mar 8794 May
81
May
80
May 80
Jan 107% Apr
Jai 9% May
150 106 May 15 107%May 16 89
2,500 834May 15 94May 17 434
10121 May
11 6%.May
50
16 Slay
7
sg 51 May
1 974May
2601 76 May
500 21 May
18121 May
12 7%May
12 18 May
12 59 May
12 974May
14 78 May
12 23 May
15'111%
17, 5
12 '16
14 39%
12, 88
14, 76
18, 15
Jan 121
Jan 94
May 24
Jan 64
Jan 100
May 83
Jan 2434
May
Apr
Apr
Apr
Mar
Apr
Apr
Checker Cab Mfg Corp5
Chicago Yellow Cab_ _•
Collins Jr Alkm prat 100
Col Fuel & Jr prof.100
Conde Nast Publicans'
Consol Cigar pf (7) 100
Prior pref x-warr_100
Crown W'mette 1st pt.*
Cushm Sons pf (7%)100
•
Duplan Silk
Fairbanks Co pf ctfs100
Foster Wheeler pref •
100
5001
401
1
30
203
80
10
40
200
101
1111
10 May
1334May
87 May
19422fay
934May
50 May
52 Slay
60 May
854May
15 May
5%May
72 May
16 10 May
12 z16 May
18 883.4May
12 1941May
15 934May
15 50 May
12 52 May
17 60 May
14 88 Slay
14 154Slay
12 54May
14 72 May
16
18
16
12,
16
15'
12
17,
12
14
12
14
10
113
79
1034
734
31
49
47
803-i
15
3
60
May 1634
Aprz16
Jan 94
Jan 32
Jan 1334
Jan 59
Feb 59
Jan 69
Mar 91
May 23
Feb 94
Jan 80
Mar
May
Apr
Feb
Apr
Apr
Apr
Apr
May
Feb
Apr
Mar
Greene Cananea Cp100
Halme (G W) pref_10
Karat City L&P pf 14.•
Kresge Dept Stores..1
100
Preferred
Mackay Cos pref 100
Mathieson Alkali Wks
100
Preferred
Maytag Co pt x-warr.•
Peoples Drug Stores..'
6,34% cony pref._100
Phoenix Hosiery pf_100
101 40 May
10142 Slay
60108 May
4%Slay
10
1601 314May
10 32 May
14 40 May
15142 May
12 110 May
12 4%May
18 37 May
12 32 May
Jan1 59
Mar145
Jan 111%
Jan 734
Jan 55
Apr, 33
Apr
Apr
Apr
Feb
Apr
May
1101123%May
5d 25 May
400 394May
220 105 May
20.:544May
14 124%Slay
17 25 May
15 40%May
14 107 May
17 55 May
14 18
1512334
18 9734
12 234
12 19
12. 29
1
16 110
171 9
12 21
18 86
14 50
Jan 126
Jan 2634
Jan 4534
Jan 107
Jan 64
Apr
Apr
Apr
May
Mar
20, 81 May
Revere Cop & Br pf_ 100
240, 234May
Shell Transp & Trad_ £2
260 124 May
Standard Brands p1_100
10' 764May
100
The Fair pref
210 114May
United Amer Bosch__•
40 70 May
United Dyewood p1_100
%May
100
100
S Express
30145' May
S Tobacco pref..100
50 123 May
Maly Leaf Tob prof.100
310 106 May
Vulcan Detinning p1100
30 80 May
Webster ELsenlohr p1100
300 2934Slay
cony*
A
cl
Wilcox-Rich
• No par value. z Ex dividend.
17 81 May
14 234May
14 125 May
14 7634May
12 13 May
14 7048MaY
%May
17
12 145 May
16 123 May
15 110 Slay
16 80 May
17 30 May
17 46
14 234
18,12134
14 50
14 10
14 5934
17
34
12 126
1611234
16 95
16' 65
12 2734
Jani 85
May 2634
Jan 125
Jan 83
Jan 17
Mar, 7534
Mar 1%
Jan 145
Jan 123%
Jan110
Jan. 80
Jan 32
Apr
Mar
may
Apr
Feb
May
Apr
May
May
Apr
Feb
Feb
Quotations for United States Treasury Certificates of
Indebtedness, &c.—Friday, May 18.
Maturity.
Lni.
Rate.
June 15 1934._
Sept. 15 1934 ___
Aug. 1 1935___
Aug. 1 1934._..
Dec. 15 1934.—
mar. 15 1935...
Dec. 15 1035._
Feb. 1 1938.-rum 15 1038..
14%
1%%
14%
2;.‘%
234%
234%
2%%
234%
2tf %
Bid.
1003132
1001.32
1012222
100",
1011222
102322
1021.32
1022122
1032222
Asked.
1001.22
1001822
1012232
100",
1011412
102222
103
1020,2
1032.22
Maturely.
Apr 15
June 15
June 15
Feb. 15
Apr. 15
Mar. 15
Aug. 1
Sept. 15
1936._
1938...
1935._
11137...
1937._
1938._
1936._
1927.--
/rd.
Rate.
Bid.
234 %
24%
3%
3%
3%
3%
354%
334%
1032122
1031.32
10211,2
10311,2
1032,33
1034.22
104",
10422al
Asked.
1032221
1033.21
103122
10314,,
1032221
1032.22
104":1
1041.31
U. S. Treasury Bil s—Friday, May 18.
Rates noted are for discount at purchase.
Bid.
May 23 1934
June 20 1934
June 27 1934
July 3 1934
July 11 1934
July IS 1934
July 25 1934
Aug. 1 1934
Aug. 8 1934
A •••• IS 1021
•
0.15%
0 15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.155'.
0.15%
A 2(7:
Bid.
Acted.
Aug. 29 1934
Sept. 5 1934
Sept. 26 1934
Oct. 3 1934
Oct. 10 1934
Oct. 17 1934
Oct. 24 1934
Oct. 31 1934
Nov. 7 1934
Nov. 14 1934_
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
Asked,
Daily Record of U. S. Bond Prices. May 12 May 14 May 15 May 16 May 17 May 18
High 1032222 1030,2 1032°,2 1030,2 10322s2 10322,2
First Liberty Loan
394% bonds of 1932-47-- Low 103,732 1032.,, 1032232 1032in 10324a2 10322n
Close 103",, 10328,2 1032.aa 103", 10324n 1032.aa
(First 394,)
190
103
5
2
45
28
Total sales in 81,000 units__
- - --- ----- 103.33
Converted 4% bonds of 111 lgh
103.32
---------Low_
I
1932-47 (First 4s)
Total sales in $1,000 units__
Converted 454% bonds{High
of 1932 47 (First 430) Low
Close
Total sates in 51,000 units._.
Second converted 448%(High
bonds of 11332-47 (First( Low
Second 44s)
Total sales in 81,000 units..
High
Fourth Liberty Loan
444% bonds of 1933-38_. Low
Clow
(Fourth 44(s)
Total sales in 81.000 units__
(High
Fourth Liberty loan
444% bonds (2d called)_)Low
(Close
Total sates in $1,000 sioUs- High
Creasury
Low
44s 1947-52
Close
Total sales in 81.000 units...
(111ab
(Low
4s, 1944-54
(Close
Total sales in 81,000 units__
{111812
Low.
048-3lis. 1943 45
Close
Total sale., in 81.000 units._
iligii
Low
344s, 1948-58
Close
Total sales (0 81.000 units__
High
Low.
334s, 1943-47
Close
Total sales in 11.000 units...
illfgh
Low_
3s, 1951-55
Close
Total sales in 31,000 unfit.(Mgt;
(LOW.
334s, 1940-43
(Close
Total sales in 81.000 units _ _.
i ll Igt
Low.
3348. 1941-43
(Close
Total sales in 8.1,000 units__
111IghLow
344s 1948-49
Close
Total sales in $1.000 units__
(1110;
(Low.
3)4,. 1941
I Close
Total sales in 81,000 units ..
(High
Low_
34s, 1944-46
Close
Total sales in 61.000 units...
High
ederal Farm Mtge
Low.
3Sis 1964
Close
Total sales inS1,000 units
(High
ome Owners Loan
i I ow
4s 1951
(Close
Total sales in 81.000 units_._ _
i
_ _ __
---1042,2 101°,2 1012s2
" 104292 101222
1042
104',, 104.32 104'.32
13
II
3
-------___
____
____
____
10142, 10-4222 113-42,2
101231 103.112 103"31
104.32 104'112 1031.32
35
26
70
____ 1022.32
-___
' ____
____ 1021.33
1
---- -------- , 101
10132
1012,2 101222
1111
1018n
1032°82 1032022
10112, 1042,2 10132 101
, 1012
, 101
103022 1030,2
104., 1042
175
30
90
60
13
32
102.32 102.23 102,22 102,22 102
102"u
1010,2 101 20/2
102.22 102,a 102232 102
1012°,2 101012
1022s2 1022,2 102,22 102
72
9
22
59
25
16
11122,2 111032
112222 112232 111 2222 112
1122,2 11111,2 111 2t z 111 2h, 111 2sn 11129,,
112t2, 1111h, Ill",, 111",, 1111ss2 1112r,,
21
247
45
35
12
65
103222 1072232 1070,2 10722,2 10720,2
108
107"32 107"3, 1072,31 10722,2 1072221
108
10721,2 1072°,2 10722n 107220 10722u
108
76
23
313
6
7
18
102", 103
10220
,103
1034,2 103
,102", 1023.22
, 1022., 10224, 102"
103,
103'n 102", 1020,2 102092 1022,3, 1022°s2
25
144
136
60
246
76
____ 10522,2 108.232 108261, 1082422 105'',,
____ 109.'3, 100.411 103",, 1082012 100",,
.._. 103"32 106", 106", 103.232 10822,2
49
34
11$
90
25
--101
103",
---- 1032% 10312
101
,
103.2 103",, 103"32
-.-- 1032.22 103",,
1032132 1032.22
___ 1032332 10322,2
101
____
65
56
10
7
19
1002,32 1002.32 1002., 100..aa 10022s2 10022,1
1002032 100",, 100"3, 100"32 10020n 100",
,100", 100",, 1002,32 100.3, 100"13
10020
44
19$
965
11$
166
73
101.22 1031,22 10318,2 1032.22 10322,, mon
,103", 103lia 103",
,10324
10328
101
1032232 103"32 1032.32 1032., 101
104
72
11
91
15
II
460
-___ 1031122 10311,2 10310,2 103w, 101
____ 1031.22 103",2 10311,2 10311,2 1031,ss
--__ 103",2 103", 103"aa 1032., 103",,
99
50
12
6
I35
-- - ,101 313, 101",, 1010a2 101 222, 10127s2
101 22
101012 10122,2 1012.” 101", 101", 1012'n
1012°,2 1010,2 101 2°,2 1012°,2 1010s, 101"s2
105
41
15
21
75
9
10322s2 103", 103", 1032.” 103", 1032.,
1030,2 1031,32 1032412 10322,2 103"aa 103",
1032422 103,122 103142 103,122 103.22 103",,
122
120
16
70
15
1025
1022232 1022222 1021432 102222, 10233,, 1022.32
1021,33 102",, 102"aa 102'',, 102", 102"
,
10222n 102"aa 102", 102", 102", 102",
294
173 12349
328
575
190
102., 102., 102
101", 101"" 101 2.,
102., 101"aa 101", 101"22 10122,2 1012°,2
102,32 101"s2 101 2°,2 101 2222 1011212 101 2°,1
114
149
69
391
65
43
1002232 1002.32 1002232 1002°22 10012,2 1002212
10012.2 10020a 100"aa 100", 100", 100",
10000 10022,2 WO", 100", 1002., 1002.,
'ILI
0.2
37/.
196
89
97
Note.—The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
10320,2 to 1032.22
1 1st 441S
44
14
2
2
1
1
6
4th 44s (uncalled)
4th 444s(2d called)
Treats. 43.(s. 1934-45
Treas.3,is, 1943-47
Treas. 334s, 1940-43
Treas. 340,1016-49
Ho.Own. L'n 4s.'51
1032332 to 101
1014.23 to 102.22
1020s2 to 10222ss
1039i2 to 1031.3
1030,2 to 103°0
101 2,82 to 101",
10022s, to 10022”
The Week on the New York Stock Exchange.—For
review of the New York stock market, see editorial pages.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.
Week Fnded
May 18 1934.
State,
Railroad
Stocks,
Number of and Miscell. Municipal of,
For'n Bonds.
Bonds.
Shares.
Saturday
•
Monday
Tuesday
Wednesday
Thursday
Friday
1,110,110
1,681,000
894,110
717,494
1,286,510
010,830
85,277,000
9.050,000
7,600.000
7,410,000
9,604.000
9,036,000
.
„
Sales at
New York Stock
Exchange.
1934.
hull
„
Week Ended May 18
6,600,054
Stocks—No, of shares.
Bonds.
Government bonds... 512,482,21113
J,197,000
State & foreign bonds_
Railroad Jr misc. bonds 47.977,000
Total
81,033,000
1,704,000
1,615,000
1,529,000
1,675,000
1,641,000
United
States
Bonds.
---8646,100
4,160,600
1,612,900
1,755,900
1,298,700
2,990,000
1933.
Total
Bond
Sales.
36,956,100
14.923,600
10,827,900
10,694,900
12,577.700
13,676,000
•05.000,
Jan. 1 o May 18.
1934.
1933.
20,903,670
191,624,485
178,172,722
88,007,600
15,882,000
53,463.000
8244,097,300
302,118,000
1,157,651,000
$226,9713,400
287,008,000
701,153,000
$69,656,200 577,342,600 $1,703,866,300 $1,215,228,300
The Curb Exchange.—The review of the Curb Exchange is
given this week on page 3391.
A complete record of Curb Exchange transactions for the
week will be found on page 3421.
3403
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages-Page One
lar FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE PAGE PRECEDING.
NOTICE.-Cash and deferred delivery sales are disregarded in the day's range. unless they are the: only transactions of the day. No account is taken of such
sales in computing the range for the year.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday
May 12.
Monday
May 14.
Tuesday
May 15.
Wednesday
May 16.
Thursday
May 17.
Friday
May 18.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
Lowest.
Par
$ Per share $ per share $ per share $ Per share $ per share $ per share Shares.
Railroads
5134 5414 5112 5412 5418 5658 54
55,
8 5414 5634 5478 57
27,900 Atch Topeka & Santa Fe__ 100
7814
75
75
*74
7812 7612 7612 *7718 79,
75
8 *78
Preferred
600
100
7934
36
3612 3534 3978 4134 4212 9,500 Atlantic Coast Line RR
3634 3714 3414 3614 3572 37
100
8 23,
21
2214 2118 2234 22,
4 23,2 2234 24)8 2334 2412 25,300 Baltimore & Ohio
8 22,
100
26
2512 26
25
2512 26
2714 2734 2712 28
Preferred
2,700
100
*4012 4158 *41
40
41
41
40
40
41% 42
40
400 Bangor A.. Aroostook
42
*108 10878 10878 10878 109 109,2 110 110 *108% 110 *10878 110
Preferred
180
100
14
12
*1112 14
•11
*10
12
*10
Boston & Maine
14
*10
13% *11
100
512 612
512
534 .5
400 Brooklyn & Queens Tr_ No par
532 512
522 522 *5
*518 512
*47
5412 *50
*4614 53
53,2 *46
*46
53
Preferred
No par
53,4 *4614 53
3712 20,500 Bklyn Mash Transit_ No pa,
338 3478 335 3638 3534 3634 3512 3612 35% 37,4 36
*8912 9112 91
*90
91
91
91
8712 8912 *89
90
$6 preferred series A_No par
500
91
1638 33,100 Canadian Pacific
1614 1618 1612 16
1512 1534 1538 1534 1578 16,2 16
25
*87
*87
95
*87
95
95
*87
95
87
87
*87
95
10 Caro Clinch & Ohio etpd__100
*65
6812 6812 *65
74
*65
73
75
70
*65
75
*65
100 Central RR of New Jersey.
_100
4472 4552 20,200 Chesapeake & Ohio
4334 4414 44% 45
4314 44
4314 4418 4212 44
25
.3
*3
5
5
*3
5
•3
5
5
100 :Chic & East III Ry Co __ __100
312 312 *3
372 432 1,000
6% preferred
,
4
312 3,2
312 312 *312 4
100
3
,
4 3
312 358
*318
3
3,
8
312 *338 312
312 31*
2,
4 3
100
312 312 1,300 Chicago Great Western
818 814
7% 712
812 8% 2,000
Preferred
718 734
100
712 712
718 712
5
514
5
5
414 434
414 458
438 478
514 512 5,200 Chic Milw SIP & PacNo par
Preferred
100
814 878 17,200
738 734
7,
4 8%
734 778
758
7
634 7,4
978 1012 20,000 Chicago & North Western_ 100
9,
8 1014
9
9,2 '938 9,2
838 878
812 9
Preferred
100
18,
4 4,200
18
1614 1634 18
1634 16
1514 16
1412 15% 14
312 3% 4,1)00 :Chicago Rock
Pacific100
3
314
3,4 312
3% 312
318
3,2
3,2 3,2
638 6% 1,900
614 614
7% preferred
100
5
518
518 518
514 5,4 *614 6
412 *458 47s *418 514 1,000
6% preferred
100
4
44 *4
3,
4 4
*4
4
,
4
220 Colorado & Southern
3434
100
*3012 31,
32
32
32
3114 32
4 3134 3412 *33
31
4% let preferred
23
25
100
130
23
•23
*23
25
23
23
21
21
21
21
24
4% 29 preferred
100
*2112 24
*2112 24
24
*19
24
2112 *19
*19
*19
4
2,300 Consol RR of Cuba pref._.100
4
3,
4 3,
4
3% 3
,
4
3,
4 34
3% 3%
34 312
. 100
240 Cuba RR 6% pref
712 8
7
*6
712
718 718 *6
.6,2 74
712 7,2
5412 53
6,200 Delaware Qv Hudson
541
100
51
50
5214 5012 52
50
52
5112 52
2018 2078 2014 21,
8 2112 2212 2158 22% 2218 2314 2258 2312 22.300 Delaware Lack & Western_50
912 2,000 Deny & Rio Or West prof 100
618 718
9
81s 9
7,
4 8
6% 612
7,2 7,2
1812 19% 3.100 Erie
100
1658 1712 1614 1812 1814 1812 1812 1812 1812 19
100
First preferred
3,400
2212 2212 23
19
22
4 22
21,
4 2112 21,
2214 20
4 *20,
100
Second preferred
300
*1312 21
17,
4 18
16
16
.1718 19
.1612 19 .1612 18
100
2238 36.300 Great Northern pref
1818 1958 18
2058 2218 21
19,
4 1958 20% 1934 21
912 9112
111
500 Gulf Mobile & Northern 100
12
*10
912 912 *10
9
912
812 812
Preferred
100
19
300
19
19
25
*23
24
*22
2312 24
*2012 22
19
*2, 118
*72
112
100 Havana Electric Ry Co No par
*78
P9
78
78
*78
118
*72
Fa
100
500 Hudson & Manhattan
814 *714 8
74 •7
74 7,4
*7,4 8
718 7,4 *7
2258 2414 22
100
2638 16,700 Illinois Central
23,
8 2312 2414 2314 2412 24% 25,
4 25
*38
42
100
38
6% pref series A
41
41
38
400
40
40
41
*35
40 .35
63
100
6312 *62
Leased lines
60
*6158 64
*62
64
*6132 64
*6158 64
64
•
*16
17
FIR See ctfs series A__1000
•16
*16
17
*16
17
17
*16
17
17
*16
RapidTran
v
t
0
100
jInterboro
7
734 734 2,900
8
81
712
4
752 7,
712 754
712 758
12
1212 •11
100
1412 14,
1334 14
13
13
13
4 1,000 Kansa., City Southern
*1214 14
100
1712 1712 •1734 201
17
17
Pre, rred
*1858 21
500
23
1812 1838 *18
1318 1412 1258 14
50
15% 1578 8,200 Lehigh Valley
1412 151
14
14, 1414 141_
5014 51
4912 50,4 *5112 521 *51
55
53
5314 54
55
2,000 Louls%11 e & Nashville____100
*24
25
24
*22
23
*22
23
24
20 :Manhattan Ry 7% guar _100
23
23
*21
23
13
1412 13,
100
Mod 5% guar
1432 1458 6,500
15
4 15,4
1514 1412 1412 *1412 151
•8
*8
100
10% *8
Market St Ry prior pref
2 *812 9e
934 *734
9'8 *81z 9,
*34
72
72
7
300 :Minneapolis & St Loots..100
54
51
*34
*34
72
34
2
2
2
2% *2
2
200 Minn St Paul & SS Marie_ 100
214
*2
212 *2
21
*2
*312 412
52. *328 622 *3
100
5
7% preferred
100
*314 5
3,2 3,2 .3
*334 5
4
4
4% leased line ctfs
100
434 434
*4
5
*4
60
5
814 834
9
91
812 8%
912 934 4,500 Mo-Kan-Texas RR__No par
8% 9
12 ;
r 12
1912 2114
2432 2452 4,200
1958 21
Preferred series A
100
8 2212 2212 233
2078 213a 21,
100
800 :Missouri Pacific
414 414
3% 3%
3% 312
312 3,2 *3,2 414 *372 41
532 512
632 6,
612 61
Cony preferred
100
6
6
512 6
4 5,400
514 512
*32
40
*321 1 40
120 Nashville Chatt & St Louis 100
35
35
*3214 35
•3214 40
"3214 40
.118
114
114
112
860 Nat Rys of Mex 1st 4% pf.100
114 *DS
1
114
1,2
*54 1,2 *1
*12
112
•12
12
12
12
2d preferred
.100
500
32
5
58
"2
58
25,
4 27
25,
8 27,
2818 2734 2914 2812 2912 65,300 New York Central., No par
8 2678 277* 27
18
1812 1712 1712 .18
191
1912 2012 1,500 NY Chic & St Louls-Co___100
19
1734 18
18
3012 31
3018 3134 31% 3134 3112 31% 3112 35% 3378 36
Preferred series A
6,700
100
121 122
120 121 *12012 130
11812 11812
180 N Y At Harlem
119 119 *120 130
50
1334 1414 13% 14,
1512 16% 19,700 NYNH& Hartford
14% 161
100
4 1412 1472 1412 15
26
2478 25
25
27
25
Cony preferred
4,000
28
2512 2518 271
25
26
100
7,4 7,2
814 814 1,600 N Y Ontario & Western_.100
4 8
712 778 *7,
7,2 71
714
78
*72
*72
*78
118
133
N Y Railways pref
138
No par
*78
132
*78
134 *1
*2,4 3,4 *214 3
*212 3,4
100 :Norfolk Southern
278 278 *212 31
100
*212 3
17312 17312 *168 175 .168 175 *170 175 •173 175
175 175
200 Nortolk & Western
100
*9214 96% *9214 91178 *94
96% 96%
967
9678 *95
Adjust 4% pref
50
9678 *95
100
22% 24
2578 2714 21,000 Northern Pacific
261
2214 24,
2512 2414 2472 25
100
4 24
*3
412 *3
*3
412
41
412 *3
412 *3
Pacific Coast
412 *3
10
*4
812
*212 812 *314 8,2 *358 812 *212 812 *4
81
1s1 preferred
No par
02
*212 51
5
*212 512
29 preferred
*2,2 5% *212 558 *214
No par
5% 2932 311
2858 2958 2814 2912 2932 3014 2932 3012
31
31,
4 22,900 Pennsylvania
50
*332 612 *3
612 *318 612 *3
612 .312 61
Peoria & Eastern
•312 612
100
22
27
25
21
*19
27
25
21
900 Pere Marquette
2112 25
2012 21
100
25
*41
40
25
34
45
38
39
35
Prior preferred
600
*38
*36
39
100
34
•19
*2958 34
3712 38
34
32
32
700
32
*28
Preferred
32
100
*414 434
4
4
*4
5,4 *4
432 *4
30 Philadelphia Rap Tran Co__50
434
4,
4 *4
9
9
*10
12
12
*10
*832 12
7% preferred
200
.712 .12
9,2 9,2
50
*1818 35
35
*18% 35
*18
2212 *18
2212 *18
2112 *18
Pittsburgh & West Virginia 100
4318 4318 *4412 49
4912 *4412 491 *4434 4812
44% 45
*45
500 Reading
50
40
3834 3834
*3834 40
*38
1st preferred
100
*3334 3934 *3834 3934 .38% 391
50
3818 *37
38%
•36% 3818 *36
100
37
*37
39,
2d preferred
4 *37
50
38,8 37
*8
11
•8
11
9
9
4.8
11
400 Rutland RR 7% pref
712 712 *814 11
100
3
2,
4 278
278 3
312
2% 2,
234 234
312 358 1.200 :St Louis-San Francisco_,100
4
312 312
4
4
4
412 2,000
334 334 *312 378
1st preferred
3,8 3,2
100
22
22
•13
22
*13
22
*13
22
St Louis Southwestern__ 100
22
•13
*13
*13
114
114
114 3,400 :Seaboard Air Line____No par
112
114
18
118
1%
114
1,8
1,8
112
2
238
214
2
2
*2
2,2
2
Preferred
700
214 *2
*1% 2
100
1938 20% 1958 21% 21,
8 2214 20% 2218 21% 2318 2214 233* 47.700 Southern Pacific Co
100
2478 2638 24,400 Southern Railway
23
2178 2334 2358 2478 2418 2514 2414 26
22
100
3314 7,100
2914 2978 3014 2978 3014 3058 3212 32
Preferred
2758 28% 28
100
43,
4 *42
4334
*42
*4212 45
44
*42
Mobile dr Ohio atk tr etre 100
*41
45
*4212 44
Texas & Pacific Ry Co...10
3018 *24
3018 *24
3018 *2112 3018 *22
30%
22
*22
30,8 .
612
612 *6
6
500 Third Avenue
•5,
2 6
6
6
6
100
*5,2 612 *6
478 5
478 472 *478 5
5% 512 *614 612 1,000 Twin City Rapid Trans No par
5
5
3712 *25
3712
*26
36
•20
*25
34
40
4512 *25
Preferred
100
*28
4,600 Union Pacific
117 119
118 11934 119 11912 1191* 12112 12112 123
100
117 118
8018 8018 1,100
80
*80
8014 80
Preferred
100
8012 8012 *7978 8014 79% 80
*312 4
500 :Wabash
3
3
100
3% 3% *312 4
358 3,8
•314 3,2
612 6% 2.100
61 4 614
518 514
Preferred A
100
558 578
5% 614
51a
572
10,
4 1178 1134 1214 10,000 Western Maryland
978 1018 1014 11
1012 11
10
11
100
18
1612 1612
•15
100
18
•10
2d preferred
100
*14
16
18
1712 *12
*11
458 478
5
0381 2.800 Western Pacific
434 4,
412
414
414
4
414 414
100
432
978 11
1078 1214 19,400
100
958 10
Preferred
914 10
8,
2 912
9
954
1
•Bid and asked prices, no sales on this day.
:Companies reported In receivership.
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots.
$ per share
5112May 14
7018 Jan 5
3414N1ay 14
21 May 12
2412 Jan 9
3912 Jan 9
95% Jan 5
11 Jan 11
4% Jan 8
41 Jan 18
2814 Mar 27
8218 Jan 4
12,
4 Jan 2
70 Jan 6
65 May 8
3912 Jan 5
258 Jan 15
178 Jan 9
234May 14
614 Jan 4
44 Jan 2
63115.1ay 14
6% Jan 3
134 Jan 3
2
,
4 Jan 3
4% Jan 3
3,14May 14
27 Jan 4
20 Jan 4
20 Jan 12
218 Jan 5
314 Jan 15
50 May 12
2018May 12
5
,
4 Jan 19
13% Jan 8
16 Jan 3
12 Jan 3
13 May 14
572 Jan 10
15 Jan 11
741 Feb 13
718May 14
22 May 14
35 Jan 13
48% Jan 5
1614May 11
7 May 14
11 Jan 8
15,
4 Jan 5
1258May 14
4814 Jan 4
20 Jan 3
13 Slay 12
4% Jan 16
12 Jan 11
178 Jan 2
1,
4 Jan 8
312 Jan 2
712May 14
17,
4 Jan 5
3 Jan 2
412 Jan 3
32 Jan 2
I May 16
% Jan 5
25,
8Nlay 14
15 Jan 3
1712 Jan 3
108 Jan 2
1338May 14
2312 Jan 6
714Nlay 12
1 Mar 21
114 Jan 3
161 Jan 5
82 Jan 8
2118 Jan 6
2 Jan 4
3% Jan 19
2 Jan 3
2814MaY 11
4 Jan 16
1612 Jan 10
18 Jan 13
1612 Jan 10
3 Feb 8
412 Jan 12
15 Jan 3
43 Jan 2
33% Feb 7
2918 Jan 11
712May 1
2,
8 Jan
24 Jan
1212 Jan 1
1 Jan
1% Jan 11
1812 Jan
2178May 1
2711sMay 12
39 Jan 19
1858 Jan 3
6 Mar 1
132 Jan 10
6 Jan 12
11012 Jan 4
71% Jan 18
214 Jan 5
318 Jan 2
8,
4 Jan 2
12 Jan 9
2
,
4 Jan 2
4% Jan 5
Highest.
PER SHARE
Range for Previous
Year 1933
Lowest.
Highest.
Per share $ Per share $ per share
4 Feb 5
3458 Feb 8018 July
73,
Apr
8734 Apr 27
79% June
50
5414 Feb 16
1612 Feb 59 July
3412 Feb 5
814 Feb 37% July
37,
8 Feb 6
912 Apr
3914 July
4618 Feb 1
20
Jan 41% Dec
110 Apr 20
6858 Jan 110 Aug
1912 Feb 5
6
Apr 30 July
312 Mar
S* Feb 7
9% July
584 Apr 26
35,
4 Apr 6018 July
21,
3958May 5
4 Feb 4114 July
9434 Apr 28
64 Mar 8312 June
184 Mar 12
712 Apr 2078 July
88 Mar 14
504 Apr 7912 July
92 Feb 3
38
Apr 122 July
47% Apr 12
24% Feb 4914 Aug
12 Apr
7 Feb 17
8 July
12 Apr
8 Feb 16
812 July
512 Feb 1
138 Apr
7
,
8 July
1178 Feb 19
14% July
212 Apr
812 Feb 5
1
Apr
1134 July
1814 July
134 Feb 5
1,2 Feb
15 Feb 5
16 July
114 Apr
28 Feb 16
2 Apr 24% July
2 Apr
614 Feb 7
1018 July
9% Feb 6
312 Apr 1912 July
8 Feb 6
15 July
278 Apr
40,
8 Feb 1
1514 Feb 51 July
3314 Feb 9
4 July
1212 Apr 42,
10 Mar 30 July
30 Feb 3
6% Feb 5
114 Feb
10% June
1012 Jan 23
212 Jan
16 June
7312 Feb 1
3758 Feb 93,
4 July
33% Feb 5
1714 Feb 46 July
1314 Mar 28
2 Feb 19% July
2478 Feb 5
3
,
4 Apr 25% July
412 Apr 2912 July
2814 Apr 26
23 Apr 21
2314 July
212 Apr
3212 Feb 5
458 Apr 33,
4 July
1614 Feb 20
1112 July
1% Mar
35% Feb 21
212 Mar 2312 July
112 Jan 23
58 Dec
2% June
1218 Feb 7
19 June
612 July
3878 Feb 5
812 AP
50,
4 July
50 Apr 26
16 Ma
6018 .1161
66 May 2
60 July
31 Ma
2414 Feb 6
412 Apr 34 July
418 Feb
1334 Jan 2
13% Dec
612 Feb 2478 July
1934 Apr 21
3414 July
2712 Apr 21 x1.2 Ma
2114 Feb 5
8% Feb 27% July
6212 Apr 20
2114 Jan 6712 July
3212 Mar 29
28
12 Ma
Oct
1958 Jan 12
Oct
6
Jan 20
8 June
1% Ma
1214 Apr 24
I% Mar 28
214 July
% Jan
12 Ma
3% Feb 6
5% July
518 Apr 20
14 Apr
811 July
1412 July
212 Dec
712 Mar 10
14% Feb 5
1718 July
5
,
4 Jan
34% Feb 6
1112 Jan 3714 July
6 Feb 5
1014 July
1% AD
158 Apr
9% Feb 7
1514 July
13
Jan
46 Jan 24
57 July
24 Feb 23
3% June
18 Ma
1 Mar 7
18 Jan
1% June
454 Feb 5
14
5812 July
Fe
2678 Apr 24
218 Jan 27% Aug
2% Apr 344 July
4314 Apr 23
139 Feb I 100 Ma 158% June
3478 July
1118 Fe
2418 Feb 5
Apr 56 July
37% Feb 5
18
15 July
712 De
1158 Feb 5
312 July
% Ma
I% Jan 16
12 Apr
4% July
41s Apr 20
182 Apr 19 11112 Ma 177 July
74 May 3712 Sept
9678May 18
34,2 July
9% Apr
36% Apr 11
7 July
1
Jan
638 Mar 14
10 July
1% Fob
1114 Apr 20
7 July
Feb
1
612:Mar 14
13% Jan 4214 July
3778 Feb 19
9 July
8 Feb 17
% Feb
3% Mar 37 July
38 Apr 24
6
Jan 4412 July
5112 Apr 23
412 Feb 3812 July
43 Apr 23
578 July
2 June
6 Apr 25
3 Dec 10 July
16 Apr 24
612 Apr 35% July
27 Feb 21
2312 Apr 6212 July
56,
8 Feb 5
Apr 38 July
25
4018 Apr 23
2312 Mar 37 July
3918May 3
1812 July
Jan
15 Feb 7
6
9,
8 July
458 Feb 6
7a Jan
1
Apr
6% Apr 4
914 July
20 Mar 8
514 Mar 22 July
3 July
2 Feb 6
14 Jan
4% July
38 Mar
318 Feb 21
1118 Feb 38% July
33
,
4 Feb 5
418 Mar 36 July
3612 Feb 5
4114 Apr 26
5% Jan 49 July
4734 Apr 20
8
Jan 4014 July
15 Apr 43 July
434 Feb 1
1218 June
4% Feb
84 Jan 12
4,
4 June
812 Apr 24
84 Dec
15 June
412 Dec
39 Apr 24
6114 Apt 132 July
13378 April
Apr
7512 July
56
84 Apr 26
112 Jan
478 Jan 30
7,2 July
118 Apr
8% Apr 26
9% July
4
16 July
Feb
1714 Feb 20
23 Feb 20
1912 July
558 Jan
812 Mar 29
912 July
1
Apr
1712 Mar 28
16 July
178 Mar
a Optional sale. c Cash sale. s Sold 15 days. z Ex-r1149,1i4n0
v
*10,1*
New York Stock Record-Continued-Page 2
3404
May 19 1934
lar 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 12.
Monday
May 14.
Tuesday
May 15.
Wednesday
May 16.
Thursday
May 17.
Friday
May 18.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
Industrial 8c Miscel. Par
$ per share $ per share $ per share $ per share $ per share $ per share Shares.
No par
7% 8
7,8 754
818 8% 11,200 Adams Express
818 812
8
81
/
4
738 758
100
Preferred
10
*75
__ *75
. 7612 7612 *7614
*75
*75
-No par
6,200 Adams Millis
2718 2914 28 19
2512 -2612 2514 1613 2613 1712 27 ii
85
10
3.000 Address Multlgr Corp
9
918
10
10
913 912
934 10
878
85* 878
47
No par
434 5
478 *45* 5
413 434
4% 518
*47
518 2,400 Advance Rumely
6% 7
7
7
712 *714 712
7
7% *7
718 718 1,800 Affiliated Products Ino_No par
No par
5,000 Air Reduction Inc
95
97
9418 951
9514 96
97
96% 97
9534 9714 94
212 212
258 258
258 234 1,500 Air Way Elea Appliance No par
234 234
212 212
212 212
1713 18% 173 18% 177 18% 1838 19% 18% 1918 16,100 Alaska Juneau Gold Min ___10
17% 18
No par
A P W Paper Co
6
614 *558 614 *51
*512 612 *5
*5
7
*6
7
Vo par
10,200 Allegheny Corp
278 3
234 278
25* 234
25
234
212 2%
258 27s
Pre A with $30 warr___100
1212 13% 13% 3,000
1218 1312 1312 1334 1313 1334 *11
1213 13
Pre A with $40 warr___100
128 *1212 1278 2,000
12
1213 12
12
*1034 1312 1214 1212 12
Frei A without warr___100
2,400
1214 *1212 13
1113 1213 1212 1212 1214 1212 12
12
12
Allegheny
Steel Co____No par
21
*1612
21
*1513
*161
19
19
19
*1612
*15
2034 *1512
8,100 Allied Chemical & Dye_No par
134 136
129 134
129 13178 129 130
12613 134
134 136
100
600 Preferred
12514 12514 12514 126 *12518 128 *126 128
127 127
*125 127
9,400 Allis-Chalmers Mfg.__ _No par
1612 173
1514 15% 1514 1578 153 17
133 1414 13% 147
600 Alpha Portland Cement No par
1318 1313 13,8 1318 *1318 1312 1314 1314 1318 1318 *1338 14
1
800 Amalgam Leather Co
412 412 *434 5
434 434
312 312 *3714 414
312 312
50
7% preferred
3334
*3012 3334 *33
200
3012 *3018 3334 *3018 33
*30
3334 30
No par
2,800 Amerada Corp
48
49
48
4713 4814 4713 4712 48
4812 4634 48
48
3314 7,300 Amer Agrio Chem (Del) No par
33
333
3314 3234 33,8 33
3314 33
33
331
/
4 33
10
2034 2218 9,200 American Bank Note
2012 2012 22
1918 1914 1934 19
1812 1834 18
.50
Preferred
100
4712 4713
49
4612 4612 47
*4613 4814 *4612 4814 *4612 47
1014 1014 11% 4,000 American Beet Sugar__No par
913 934 10
834 914
8
812
9
912
7% preferred
100
5612 55
5312 5612 56
5312 55
55
5912 1,280
55
5518 50
2718 1,100 Am Brake Shoe & Fdy_No par
26
27
27
*2512 27
27
27
2334 25
*25
28
Preferred
100
110
107 107 *105 109 *10718 109 *10718 10878
106 106
106 106
25
9512 9414 9534 23,100 American Can
9214 9412 9112 93% 02
9334 95% 9014 95
100
Preferred
500
1424
1423
4
1423
4
1423
4
14212
14212
14012
14012
143
*14018 143 *14013
5,700 American Car & Fdy___No par
2014 20.38 213 2212 2158 22
20
21
1938 20
1918 20
100
Preferred
200
*4114 4418 *4018 4418
40
40
44
*39
39
39
*39
42
American Chain
No par
*712 9
*713 812 *7% 812 *718 8,2 *718 9
*7% 8
100
7% preferred
3334 •263* 3334 *2514 3334 *2514 3334
*26
3334 *26 • 3334 *26
No par
800 American Chicle
*5418 55
5412 *5414 56
53
5312 5478 *5334 56
56
*55
10
200 Amer ColortY De Co
514
434 434 *4
*4
434 *313 434
4
4
*4
514
3778 3712 3978 3812 397
6,900 Am Conaral Alcohol Corp 20
3738 3812 37
36% 3714 36,,s 37
25
1,700 Amer Encaustic TilIng_No par
25.8
2% 234
234 234 *212 234
2
218
2
238
100 Amer European Sees__No par
612 612 *534 67
634 *618 6% *618 634
*55
634 *6
17,400 Amer dr For'n Power__ No par
814 9
734 8
814 83
734 8%
7
713
7
734
Preferred
No par
2,200
2114 22
21
20
19
19
1834 18% 19
1878 1878 18
No par
93 10
2nd preferred
1112 1112 1,500
101
/
4 1013 1034 1034 1034 11
10
1012
$6 preferred
No par
1712 1,500
16
16
1618 1618 1714 17
16
16
1612 *1512 16
1512 1534 1412 1512 1,300 Amer Hawaiian S S Co____10
15
1434 15
/
4 14
1414 1414 1312 141
500 Amer Hide & Leather_No par
714 714
714
714
*612 714
7
*64 7
7
612 63
100
Preferred
1,400
29
29
287
8 29
28
28
28
28
28
2834 2612 27
1
3234 3234 1,200 Amer Home Products
33
3212 3212 33
3034 *3113 33
31% 3112 30
77
1
American
Ice
No
par
1
2,500
8
1
778
7
2
71
/
4
714
718
713
714 7 2
*7 4
738
6% non-cum prat
100
100
*4013 41
*40
41
41
*40
*3934 43
*3934 41
40
40
814 83 18,900 Amer Internal Corp _No par
8
858
712 818
714 712
65* 65*
658 64
1
1
78
78
78
78
1,300 Am L France & Foamite No par
*78
1
1
1
78
78
100
Preferred
140
8
*6
8
6
8
712 712
6
638 65*
65* 658
2634 2,400 American Locomotive __No par
2413 25
2412 24
2612 26
24
2234 24
24
24
Preferred
100
200
*55
60
56
56
.58
*55
.5834 .52
55
6012 55
*55
145* 1512 1513 1411 1412 15
1578 *1518 1534 2,400 Amer Mach & Fdry C,o_No par
14
1434 14
par
MetalsNo
Amer
Mach
&
7,600
93
8
1018
10
9,4
81
/
4 834
87s
Ks
834 9
9
912
2358 14,100 Amer Metal Co Ltd___No par
21
22
22
22
2438 23
22
1934 2058 1912 21
100
6% cony preferred
200
86
*80
86
*80
*7118 86
*71
80
*71
80
81
79
440 Amer News Co 1no____No par
271 2712 *2638 2814
27
25
25% 26
244 26
*26
28
75
712 77 11,300 Amer Power & Light....No par
714
7
714
6% 7
714 738
6% 6%
$6 preferred
No par
2,500
223
4
227
8
22
2212
22
2212
215
*21
21%
205
8
21
2114
No par
$5 preferred
1912 2012 2018 2012 1,800
19
18
1858 19
1838 1838 1734 1734
1378 1438 48,400 Am Rad & Stand San'y No par
/
4 1334 1333 1418
135* 131
125* 13
121
/
4 1234 12
American
25
Rolling
Mtll
35,100
193
4
1718 1778 1638 1734 1753 1814 1712 1812 17741 1958 1834
300 American Safety Razor No par
52
*4912 51% *51
*50
.54
54
50
5012 *50
.50
54
600 American Seating v t c_ No par
413 412
412 413
45*
45* *4
*4
334 4
4
4
118 2,900 Amer Ship & C,omm___No par
118
114
I%
114
15*
118
114
138
114
I% 18
80 Amer Shipbuilding Co_No par
25
25
*2412 26
2213 2212 2212 2212 *225* 2614 *22% 26
3734 415* 395 4118 63,200 Amer Smelting dc Retg-No par
365o 38
3658 38% 3612 3814 377 30
100
Preferred
800
11534 116 *114 116 *116 11738 11614 11614
114 114
*114 116
2nd preferred 8% cum
100
100
*86
88
88
*85
*81
88
85
85
89
*80
*83
89
American
Snuff
25
7
700
567
*5614
*56
567
8
56
.56
5412 55
5334 54
56
*54
Preferred
100
10
116 116
•11518 122 *11518 122 *11518 119 *1151s 119 .1151g 119
17
1712 4,800 Amer Steel Foundries__No par
1512 1534 1718 1613 1678 1612 171
15
15% 16
Preferred
100
210
66
66
66
66
66
6518 6518 6512 6512 66
.6518 68
No par
300 American Stores
4134
*4012 4134 *41
41
4112 411 *4114 4213 41
42
42
Amer
Sugar
Refitting
100
4,500
533
4
5218
5212
5312
503
4
513
4
50
503
4
49
5012 4912 51
Preferred
100
100
112 112
*11134 1135* *11134 112 *11134 112 *11134 11534 *11134 112
1758 4,400 Am Sumatra Tobacco__No par
1512 1512 1513 1534 1612 1612 1734 17
1412 154 15
100
/
4 11578 11434 11658 50,800 Amer Telep & Teleg
110 11118 110 1124 11234 11414 1125* 114% 1131
25
6834 6812 6934 6914 6958 2,400 American Tobacco
6712 68
67
674 674 6612 67
25
Common class It
7178 7058 • 7178 6,400
673 6812 6834 6912 6912 7012 70
6814 69
100
Preferred
1,800
121 121
122 122 *121 122
5120/
1
4 12212 *12014 122% 121 121
658 658 1,300 (Am Type Founders_ __No par
612
6
*512 612
6
6
512 53
5
534
100
Preferred
420
1814 1712 1814
1612 16
1512 *154 17% *16
1512 15
15
1878 1814 1918 11,300 Am Water Wks & Eleo_No par
/
4 18
175* 181
1834 1712 1638 1712 1738 18
No
par
preferred
1st
800
73
73
74
74
*73
80
72
72
72
*72
7318 72
1034 105 1078 1078 1178 1034 1134 10,800 American Woolen____No par
812 1014 10
1012 1114
100
Preferred
4,600
63
6412 63
6112 60
6112 60
59
61
6234 58
61
1
234 314 8,000 Am Writing Paper
238 3
212 234
214 213
238
2
238 213
No par
Preferred
1014 1012 1012 1012 1,200
9
912 *912 10
8%
8
814 814
Amer Zinc Lead & Smelt___1
3,000
7
67
8
68
012
65s
*53
4
61
/
4
6
6
6
618 612
5
25
Preferred
100
*4014 48
*4014 45
39
39
45
4212 *39
*39
45
*39
13% 1418 1438 1512 1434 1538 53,300 Anaconda Copper Mining50
1378 1312 14
1314 1378 13
CableNo
par
&
7
Anaconda
Wire
300
*97
8
1312
1312
*11
1312
.9
107
8
107
8
*1078 1313 1112 1112
No par
1912 1934 *1914 1934 2018 2018 2014 2014 6,100 Anchor Cap
19
1813 19
18
$8.50 cony preferred_No par
50
*93 100
99 10(8
*9314 99
06 .9314 96
*93
*93 100
par
Daniels
Midrcl_No
Archer
2,400
3112
23113
3112
31
3034 3034 31
2918 30
29
2934 29
100
7% preferred
*11234 120 *11234 120 *113 120 *113 120 *113 120 *113 120
600 Armour .sa Co (Del) pret 100
9114
911
/
4
9012
9012
90'4 92
88% 8812 *89
*88
90
91
638 678 41,700 Armour of Illinois clam A__25
63
67
614 658
612
6
5,2 6
512 534
25
Class B
314 16,100
3
3
314
3
318
234 318
212 234
212 234
100
Preferred
6938 37,800
68
6812
71
64
6838 6634 69
64
60
61
59
5
5
5
514 512 2,700 Arnold Constable Corp
518 518
434 5
45* 5
51S 51,8
No par
100 Artloom Corp
9
*7
9
*7
812 *7
9
712 712 *7
812
*7
par
Apparel
Ind
No
Associated
500
2
2
218 218 .131 2
134 *134 218
15*
•112 I%
1
1234 1212 1212 1212 1318 1318 1334 2,000 Associated Dry Goods
12
12
114 1134 12
100
8% 1st preferred
500
72
*5614 6012 *50
*561
72
*5514 6012 *555* 72
54
56
100
7% 24 preferred
100
5712
5712 *45
5712 *45
5712 *45
5713 *45
5518 5518 *45
25
90 Associated 011
38
*3814 4012 38
*38
41
38
38
40
*38
*3778 41
160 At 0 & W 1 SS LInes__No par
16
16
*1318 16
*12% 16
12
12
20
*16
20
•12
25
Atlantic
Refining
23,600
233
2412 2578 2518 255*
2378 247
233* 245* 2134 2312 2212
No par
4512 4512 4614 2,800 Atlas Powder
4412 4412 4412 44
4314 4212 4334 44
43
100
Preferred
120
10012 10012
*100 10012 *100 10012 *100 10012 10012 10012 *10012 101
No par
300 Atlas Tack Corp
*912 1134 *934 11
834 834 *838 10
858 858
878 878
par
Auburn
Automobtle
A'o
13,100
363
8
3512
3414
353
4
3313
343
4
34
35
34
32% 3334 3114
No par
•1034 1114 1012 1234 1218 1234 5,700 Austin Nichols
11
11
1114 1012 11
•11
738 30,000 Aviation Corp of Del (The)__5
7
7i4
612
67
1
612
67
,2
6
4
63
8
5
7
,s
618 638
107 1158 1114 1178 22,500 Baldwin Loco Works No par
104 11
101 1012 1018 1034 1012 11
100
Preferred
2,100
48
48
47
4318 45
43
43% 44
4012 43
44
43
140 Bamberger (L) de Co pref 100
9812 *96
*96
9834
97
97
98
98
4
*9813 983
*9712 99
No par
412 1,300 Barker Brothers
413 *4% 4713 *4
41, *37
*4
4
4
414
4
61.4% cony preferred____100
90
29
29
29
29
28 - 2712 28
28
*2512 28
*2514 30
fr
814 1.5,900 Barnsdall Corp
778 814
8
738 8
712 8
712
7
714 713
No par
/
4 1,200 Bayuk Cigars Inc
301
*30
3014 30
2734 28
27
/
4 2414 2512 27
2414 241
let
preferred
100
20
95
*903
4
95
*903
4
95
*903
4
95
*903
4
90 4 9034
•9024 95
25
154 1558 1578 1512 1578 3,300 Beatrice Creamery
15
1412 148 15
14
1514
*14
Preferred
100
100
8712 8712 8712
8712 *85
87% *84
8712 *84
871. *84
*84
20
Beech-Nut
Packing
Co
800
60
6012
60
GO
61
6318 61
*62
63
6312 63
63
8,500 Belding Heminway Co_No par
/
4 1112 115* 1238 1238 13
/
4 1114 114 111
1012 111
1114
11
118
400 Belgian Nat ItYs Part Prof_
11712 118
/
4 118 *11738 1174 11712
/
4 11714 1171
1171
*1163* 118
Bend!' Aviation
5
19,800
1538
16
1458 15% 1478 16
1378 1412 135 1414 1414 151
1612 1634 6,100 Beneficial Indus Loan_ _No par
1612
16
1614
1618
16
8
1578
154 16
1534 16
X Compan es reported In receivership. a Optional sale. c Cash
* Bid and asked Prices, no sales on this day
PER SHARE
Range Since Jan. 1.
On basis of 100-share tots.
Lowest.
$ per share
658 Jan 6
701
/
4 Jan 25
18 Jan 5
73 Jan 5
412May 14
618 Jan 13
9334Mar 27
173 Jan 3
1738May 12
5 Jan 13
212May 14
5% Jan 4
55 Jan 3
514 Jan 6
1712 Jan 2
12612May 14
12213 Jan 16
1334May 12
1234 Jan 2
312May 12
25 Jan 6
4113 Jan 4
2514 Jan 4
1412 Jan 4
40 Jan 4
7% Jan 4
4612 Jan 4
2334May 14
96 Jan 10
9014May 14
12612 Jan 6
1918May 12
3814 Jan 8
612 Jan 11
2013 Jan 10
4614 Jan 8
338 Jan 29
3618May 10
2 May 12
8 Jan 3
7 May 10
17 Jan 4
934 Jan 4
12 Jan 4
1312MaY 14
612May 10
2612May 14
2818 Jan 5
618 Jan 4
3514 Jan 8
613 Jan 8
34 Jan 5
4 Jan 18
223iMay 1.1
50 Jan 8
13 Jan 4
314 Jan 3
18 Jan 4
73 Jan 2
21 Jan 3
57 Jan 4
1334 Jan 8
1278 Jan 5
12 May 14
1638May 11
36 Jan 13
314 Jan 10
1 Jan 4
1914 Jan 4
353451ay 10
100 Jan 2
7114 Jan 2
484 Jan 5
106 Feb 2
15 Slay 14
6518May 14
37 Jan 3
46 Jan 3
10312 Jan 3
1331Slay 10
1078 Jan 4
6514 Jan 6
67 Jan 8
1071
/
4 Jan 3
47 Jan 3
73 Jan 6
1638May 14
54 Jan 3
812May 14
58 Slay 14
114 Jan 10
514 Jan 6
538 Jan 4
3712 Jan 4
13 May 14
914 Jan 12
18 Jan 8
84 Feb 5
2614 Jan 9
110 Jan 24
7614 Jan 2
414 Jan 3
214 Jan 6
55 Jan 3
358 Jan 10
414 Jan 6
1 Jan 9
1118 Jan 3
50 Jan 1
50 Jan 4
2912 Jan 5
12 May 15
21,14NIay 14
3514 Jan 8
83 Jan 9
712 Jan 15
3114511(y 14
7 Jan 4
53.3 Feb 10
978May 10
35 Jan 8
8613 Jan 9
3 Jan 2
1618 Jan 9
7 May 14
23 May 8
89 Jan 15
10% Jan 6
55 Jan 13
58 Mar 2
87 Jan 3
9512 Jan 9
13301ay 14
1218 Jan 31
sale.
Highest.
PER SHARE
Range for Previous
Year 1933.
Lowest.
Highest.
$ Per share $ per share 3 per share
1178 Feb 5
3 Feb
1314 July
7712 Apr 19
39 Apr 71 June
3478 Apr 5
8 Apr 2158 July
113 Feb 6
5,8 Apr 1212 June
758 Feb 5
93 July
134 Feb
95 Feb 6
55 July
118 May
10614 Jan 24
4713 Feb 112 Sept
33 Apr 26
F
11:
li F
jeb 34
3 May
237 Jan 15
an
1
Jan
78 Apr 24
953 July
514 Feb 1
113
,8
7 Ap
pr 2ju
81748 uil y
A,r 10
16's APr0
145
Apr
July
1438 Apr 9
114 Mar 20 July
23% Feb 23
5 Mar 26 July
8
16034 Feb 17
70 Feb 152 Des
12914 Apr 5 115 Apr 125
Oct
2338 Feb 5
6 Feb 265* July
2018 Feb 5
534 Jan 24 July
734 Mar 12
58 Feb
914 July
45 Mar 13
5 Feb 40 July
533 Apr 5
1812 Mar 472 Nov
36 Jan 24
714 Mar 35 July
2514 Apr 27
8 Mar 2812 July
5012 Apr 27
34 Apr 4978 June
1234 Feb 3
1
Jan
1634 July
71 Apr 12
234 Jan 64 Sept
38 Feb 6
918 Mar 4213 July
11012 Apr 18
60 Mar 106 Aug
10734 Feb 15
4913 Feb 10012 Dec
14512 Apr 13 112,8 F
ja
en
b 1339434
6
337 Feb 5
July
5612 Feb 5
15 Feb 5934 July
1214 Feb 27
138 Mar
14 July
312 Mar 31 13 July
40 Apr 24
34 Mar 5114 July
60 Apr 20
612 Feb 5
2 Feb
6% June
13 Feb 8978 July
6212 Jan 31
5 Feb 16
1
Jan
6 June
37
Apr 13 July
1012 Feb 3
378 Feb
1334 Feb 6
195* June
30 Feb 7
714 Apr 4473 June
6
438
Feb
Apt
1712
271
/
4 June
25 Feb 6
6% Apr 3538 July
4% Jan 2113 July
2253 Feb 16
1012 Feb 5
212 Mar 16 June
1313 Feb 5712 June
4214 Mar 15
243 Dec 4212 May
368 Apr 26
10 Feb 5
334 Feb
1712 June
1
4 Mar 26
45/
25 Feb 577 June
11 Feb 6
414 Feb 15% July
112 Apr 4
14 Apr
313 June
8 Apr 3
114 Jan
12 June
57 Jan 395* July
3834 Feb 6
7458 Mar 13
174 Jan 63 July
88 Feb 223* July
1934 Feb 5
1014May 11
1
Jan
6 June
3,8 Feb 235* July
275* Feb 15
91 Feb 15
1513 Jan 757 Nov
3434 Mar 13
17
Jan 30% July
12/
1
4 Feb 6
4 Feb 197k July
2978 Feb 6
97g Apr 4118 July
2614 Feb 7
9 Apr 35 July
1758 Feb 1
45* Feb 19 July
28/
1
4 Feb 19
534 Mar 3178 July
5434 Apr 26
20,8 Apr 478 July
73 Feb 19
7a Mar
718 July
238 Jan 30
413 June
la Apr
1113 Mar 3634 June
30 Jan 30
5114 Feb 15
1034 Feb 5312 Sept
123 Apr 12
31
Jan 9912 Dec
9434 Apr 11
2013 Jan 73 July
58 Apr 27
3213 Jan 5114 Sept
12312May 3 10218 Jan 112 July
2612 Feb 5
458 Feb 27 July
81 Jan 30
3758 Mar 85 July
4414 Feb 7
30 Feb 477 July
61 Feo 6
2113 Jan 74 July
11518 Apr 23
80
Jan 11214 July
2058 Mar 13
6
Jan 26 July
125/
1
4 Feb 6
8613 Apr 13434 July
8238 Feb 6
49
Feb 9078 July
8412 Feb 5
5034 Feb 9434 July
12313 Apr 10 10234 Mar 120 July
13 Feb 21
218 Dec 25 July
2834 Feb21
7
Oct 377 July
27% Feb 7
107 Apr 4314 July
80 Feb 5
35 Mar 80 June
1718 Feb .5
312 Mar
17 July
834 Feb 7
2258 Feb 6712 Dec
4' Mar 14
418 June
38 Feb
1712 Apr 23
1434 July
34 Feb
9 Feb 16
214 Feb
107 July
50% Feb 16
20 Feb 66 July
1734 API' 11
5 Feb 2278 July
1234 Apr 26
41a Jan
1513 June
245 Jan 31
8
Jan 3914 July
100 Apr 17
6212 Jan 90 Jtene
34 Apr 23
984 Mar 2914 July
115 Apr 12
95 Feb 115 July
9314 Apr 26
41
Jan 00 July
8 Apr 13
118 Feb
734 June
3% Apr 12
5 July
34 Feb
75% Apr 13
7 Feb 93 July
838 Fen 9
1% Jan
7 July
1012 Apr 21
2 Mar
913 June
312 F .b 15
514 June
34 Apr
1814 Feb 6
312 Feb 20 July
7713 Apr 20
18
Feb 61 13 July
647 Apr 20
15
Jan 51114 July
4012 Apr 25
834 Mar 3513 July
16 Apr 12
413 Mar 26 July
3514 Feb 5
123* Feb 3213 Nov
5512 Mar 13
9 Feb 3918 July
10112 Apr 17
80 Apr 8318 Sept
1614 Mar 14
113 Feb 3434 Dec
5738 Mar 13
31
Oct 8414 July
1658 Mar 5
73 Feb 94 July
1034 Jan 31
512 Feb
165* July
16 Feb 5
175 July
312 Apr
6434 Apr 21
912 Apr 60 July
09 Feb 23
6814 Feb 997 Aug
612 Feb 5
1
4 June
7/
% JELL/
3812 Apr 12
514 Apr 2414 July
10 Jan 22
3 Mar
II July
39 Feb 5
5212 July
314 Jan
98 Mar 16
27
Jan 100 July
1834 Apr 21
7 Mar 27 June
8712May 18
45
Feb 85 May
67 Apr 23
45
Jan
7012 June
1514 Apr 24
313 Feb
1212 July
11914 Apr 24
62,4 Apr 10114 Nov
23% Feb 1
6% Feb 2114 July
1918 Apr 26
1314 Sept 15 Aug
x En- Ilvidend.
y Ex-rights.
New York Stock Record-Continued-Page 3
tar FOR
111011 AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday
May 12.
3405
SALE DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE THIRD PAGE PRECEDING
Monday 1
May 14.
$ per share $ per share
2934 2934 2912 30
3214 337
32
3412
65
6558 6314 64
2812 2812 2712 2712
1034 1118 1014 1034
*18
25
*18
25
514 5212 495g 53
2318 24
22212 2318
2114 2134 2018 2112
112 112
114
114
1514 16
15
16
33
3314 3238 3212
*6212 65
6212 6312
*50
55
*50
58
714
73
758
7'4
3
512 558
512 5 4
914 914
9,4 912
.6214 67
6214 6214
538 558
512 6
31
31
*2812 30
312 33
3
312
434 5
*458 514
9,4 914
938
9
.2 3 .2 3
614 658
7
7
13
1312 12% 13%
134 I%
134 14
*3
4
•214 4
0838 10
*838 11
*112 158
112 112
2
214
2
2
24 258
258 234
1934 2012 19
21
*5114 6178 *5114 58
30
303 2912 3114
Tuesday
May 15.
IVednesday
May 16.
Thursday
May 17.
Friday
May 18.
$ per share
29
2912
3334 3434
*64
6514
27
2714
1038 1058
*18
23
52
53
23
2458
22
2212
*112 212
Ms 1612
3312 - 3312
*6212 6412
55
55
814 814
6
6%
97 10
*5812 62
578 6%
$ per share
2834 2012
3318 3434
6414 65
2612 27
1014 1034
*18
25
5214 5314
24
25
2218
22
*114 212
1618 1658
3312 3334
*6212 6412
.51
57
8
8
6
6
1018 1018
.5812 62
57
814
$ per share
30
30
3334 3614
6518 6518
26
27
1012 1134
25
*18
5112 5514
2412 25
2258 2378
*158 2%
1638 1714
3312 3378
*6312 6512
*51
57
814 814
*614 6%
1034 1034
6214
62
612
6
$ per share
30
3012
3434 3610
6612 67
2714 2714
1112 1112
*18
25
5512 56
2458
24
2234 2334
112 112
1658 1718
337 3438
*6348 6512
*31
57
858 812
614 612
1018 1034
6014 6014
618 6,2
*3114 38
*312 334
514 514
978 978
*2
3
*712 912
1312 14
*134 21
*414 5
12
12
*112 158
23
258
3
3
2134 225
*52
57
3134 3234
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Stnce Jan. 1.
On basis of 100-share lots.
Lowest.
Highest.
Shares.
1,500
35,700
1.200
300
3,100
Indus.& Aftscell.(Con.) Par $ per share
3 per share 3
Best dr Co
No par 2812 Jan 8 3414 Apr 10
Bethlehem Steel Corp No par 32 May 14 4912 Feb 19
100 6314May 14 82 Feb 19
7% preferred
Bigelow-Sant Carpet Inc No par 26 May 17 40 Feb 5
Blaw-Knox Co
10'4M ay 14 16% Jan 30
No par
Bloomingdale Brothers_No par 18 Jan 12 26 Feb 7
5,300 Bohn Aluminum & Br
.5 4958May 14 6884 Jan 24
22,400 Borden Co (The)
25 1978 Jan 6 2712 Feb 5
7,300 Borg-Warner Corp
10 205sAlay 14 28 a Feb 5
300 :Botany Cons Mills class A_50
3 Feb 9
1 Jan 2
22,400 Briggs Manufacturing_No p...1
12 Jan 6 1938 Apr 26
3,000 Bristol-Myers Co
5 26 Jan 4 3738 Apr 26
200 Brooklyn Uaion Gas__No par 6078May 8 8012 Feb 6
100 Brown Shoe Co
No par 5014 Jan 5 61 Feb 16
1,000 Bruns-Balke-Collender_No par
634May 7 1078 Afar 17
2,000 Bucyrus-Erie Co
10
958 Feb 5
512May 8
914May 12 1412 Apr 24
Preferred
1,400
S
100
7% preferred
100 6014May 18 75 Jan 15
12,300 Budd (E G) Mfg
734 Apr 25
No par
558 Jan 3
*31
*31
38
41
*29
7% preferred
37
100 25 Jan 2 44 Apr 25
100
1
33
318
3,900 Budd Wheel
3 May 14
3 4 358
No par
558 Jan 30
3,2 3,2
*458 558 *45
5% *434 538
27 Jan 9
300 Bu1ova Watch
612 Apr 28
No par
912 9%
9
958
912 10%
No par
1,700 Bullard Co
734 Jan 4 1512 Feb 16
*2
3
*2
•2
3
3
Burns Bros class A____No par
6 Feb 21
158 Jan 26
*712 914 *712 9
*8
912
50
7% preferred
100
4 Jan 9 1512 Feb 20
14
1218May 14 21938 Feb 1
1212 13's 13
1314 13
8,700 Burroughs Add Mach_No par
214
*178 238 *178 2% *2
378 Feb 9
200 (Bush Term
134A1ay 12
No par
37
37
*3
100
414 *214 414
312 Jan 20
Debenture
100
6 Mar 8
51 Jan 3 153 Feb 23
12
9
1134 *11
120 Bush Term BI gu pref ctfs_100
9
11
218 Feb 16
112
*112 15
112 Jan 13
112
700 Butte & Superior Mining_10
112 11
2
218 21
2
5
2 Jan 2
214 214
1,500 Butte Copper dr Zinc
3 Feb 16
•2% 3
•24 3
*2% 3
400 Butterick Co
434 Feb 1
2% Jan 2
No par
2012 2214
2014 2158 2034 21
8,200 Byers Co (A M)
19 May 14 3234 Feb 7
No par
57
*52
577 577 *514 57
10
Preferred
100 4714 Jan 15 67% Apr 23
3258
13,400 California
314 31
__No par
31
183 Jan 4 3412 Apr 30
3118 32
78
78
78
7
78
78
78
7,
78
0.7, 1
78
1.700 Callahan Zino-Lead
Packing_10
134 Jan 23
72 Jan 9
47
4
412 5
4
4
418
5
414 412
415 414
4,200 Calumet & IIeela Cons Cop_25
658 Feo 5
4 Jan 3
1012 1014 1014 1,900 Campbell W & 0 Fdy __No par
812May 14 157 Feb 23
612
012
812 914
914 10
012 93 *10
2112 22
2112 2158 218 23
21
2258 2314 6,500 Canada Dry Ginger Ale____5 21 May 7 2912 Apr 24
2134 21% 221
*32
No par 2812 Jan 4 38 Apr 2
3312 32
33
33 •32
900 Cannon Mills
3212 321
32
*32
32
33
400 Capital Adminis el A
1
91
5% Jan 2 10 Apr 13
*734 812
1018 *7
814 8,2
*712 1018 *7
858 812
3212 3212 *30
10 264 Jan 24 39 Apr 20
33
Preferred A
33
3212 3212 3212 33
270
32
32
32
4838 5114 46
100 46 May 14 8634 Feo 6
4958 5212 5034 5278 20,300 Case (J I) Co
49
4758 5038 4812 50
Preferred certificates
130
7018 7018 69
68 Jan 5 8412 Feb 6
70
7518
*70
10
75
70
7434 *70
70
*70
2614 27
2758 2634 2812 2818 2878 11.500 Caterpillar Tractor___No par
22512 2612 2658 2714 27
2312 Jan 4 3358 Apr 21
2538 2712 2418 26
2758 261 2678 33,300 elanese Corp of Arn_No par 2418May 14 447 Feb 5
2678 26
26
2618 267
31
278 3
314 *3
500 Welotex Corp
*234 318 *24 3
412
*278 318
No par
214 Jan 9
48 Apr 12
*218 3
*218 3
258 258
*212 3
Certificates
No par
100
4 Apr 12
114 Jan 9
•2% 3
*234 3
60
*912 1212 1212 1212 •1258 16
Preferred
100
*9% 13
1312 13,2 1334 137e
612 Jan 18 22% Apr 13
2614 2718 26
27
26
2758 3,000 Central Aguirre Asso__No par 24 Mar 22 3218 Feb 5
2638 2634 2614 2614 26% 27
95
200 Century Ribbon Mills_No par
734 Jan 16 1238'Feb 19
10
10
*9
10
914 914 *9
*9
934 *9
10
•83
93 .83
*8614 92
*8614 92
Preferred
93
*86
100 82 Mar 31 95 Jan 2
92
*88
90
30% 3212 32
3314 304 33% 3212 3512 3414 3512 50,600 Cerro de Pasco Copper_No par
31
321
3014May 16 4014 Feb 15
414 41
414 5
5
558
558 578 5.600 Certain-Teed Producta_No par
734 Apr 5
314 Jan 2
518 53
558 558
.25
31
•25
2712 2712
100
31
100 1712 Jan 19 35 Apr 5
*2114 30
7% preferred
*20
30
30
*20
2012 2012 2018 2058 2018 2018 20% 2018 2018 205 *2012 2078 1,600 City Ice & Fuel
1714 Jan 5 2438 Jan 30
No par
*8214 83
83
83
83
83
100 67 Jan 3 86 Apr 23
190
Preferred
83
83
8312 824 824 283
4012 401
34 Jan 4 4878 Apr 21
4038 42
No par
4058 424 4178 4212 4234 4414 4412 4412 6,800 Chesapeake Corp
718 778
712 7% 3.200 Chicago Pneumat Tool.No par
97 Feb 5
638 6o
5,2 618
512Alay 14
612 612 *614 ii
2012 211
1912 20
1612 Jan 12 2834 Apr 24
2114 2258 2112 2278 2,500
Cony preferred
No par
2014 2014 2012 21
*2312 24
25
1,200 Chickasha Cotton 011
10 1944 Jan 8 3034 Feb 5
2358 24
237 2418 2434 244 2412 2512 25
77
64 63
1,700 Childs Co
8
634 634
6 Jan 6 1158 Feb 19
7% 712
No par
718 714
7
7'8
*1214 14
*1218 14
50 Chile Copper Co
*1212 14
25 1218A1ay 10 175 Apr 9
1218 1212 01358 1712 *1334 1714
3748 39'o 3612 3914 3814 3914
5 3612May 14 6038 Feb 23
3758 3918 3858 4114 3912 4118 219,600 Chrysler Corp
1
1
78 Jan 5
118 3,200 City Stores
No par
l'o
118
218 Feb 6
I
118
118
118
1
118
i's
10
12
58
*12
12
12
*12
5
*12
114 Feb 6
Voting trust certifs_No par
12 Apr 2
5
52 1,500
52
*358 43
358 358 *31s 438 *312 478 *31s 334
Class A
No par
558 Feb 6
358May 14
100
- *334 4,8
*3'2 4
*112 41
334 334
Class A v t e
No par
*312 414 *212 414 *312 414
100
518 Feb 21
3 Jan 12
1214 1214
1058 11
*13
18
400 Clark Equipment
No par
*1258 15
834 Jan 5 2134 Mar 5
*1212 1512 *1258 17
*3312 37
*33
35
*35
38
*34
*3512 38
Cluett Peabody dr Co No par 28 Jan 3 45 Apr 7
37
37
*35
•100 116 *KO 116 *100 116 *100 116 *100 116 *100 116
Preferred
100 95 Jan 17 115 Apr 23
11412 115
11412 11512 1154 117
12234 12312 2,500 Coca-Cola Co (The)___No P07 9514 Jan 2 127 Apr 24
119 119
118 118
53'2 5334 *5312 3334 5334 5334 5334 5334 *54
__ *54
__
400
Class A
No pa
5018 Jan 11 54 Apr 16
1318 1358
1238 14
14% 1418 1458 10,700 Colgate-Palmolive-Peet No par
9% Jan 3 1818 Mar 13
1312 14
134 144 1358 .*81
8858 *81
200
90
6% preferred
88% *82
90
100 6812 Jan 8 9214 Apr 18
88% 8838 8858 *8712 90
16
1634 154 1612 17
1834 7.900 Collins & Aikman
1712 1678 1712 1712 1812 18
1534May 14 2812 Feb 19
No par
4
414
418 418
4
412
414 414
5
434 514
514 2,100 /Colorado Fuel T4 Iron_No par
834 Feb 6
38 Jan 2
6114 6314 259
6212 6634 6412 6634 13,300 Columbian Carbon v to No par 58 Jan 8 7714 Apr 23
63
63
63
6414 63
2434 2478 2412 2578 27
2778 278 2778 2,900 Columb Pict Corp y t e_No par
27
23 Jan 6 31 Apr 6
26,2 2612 27
1112 117s
1114 114 1178 1212 12
1212 1258 1278 1212 1314 39,300 Columbia Gas & Elec No par
1118 Jan 4 1914 Feb 6
.6612 69
67
68
7212 *7278 73
72
72
7112 *71
Preferred series A
*63
100 52 Jan 5 7618 Feb 27
400
*64
6712 *64
6712 *____ 68 *____ 70 *---- 70 *--_- 70
5% preferred
100 41 Jan 9 71 Apr 24
257g 2658 2514 2612 2612 2814 2718 2834 28
2912 2812 2938 13,400 Commercial Credlt
10 1858 Jan 4 3518 Apr 21
*2812 30
*2712 30
*2712 2812 *2818 2812 2812 2812 284 2834
20
7% 1st preferred
25 2312 Jan 5 29 Mar 3
*455, 4614 4558 4614 45
4612 4612 4612
45
*45
45
45
Class A
50 33 Jan 3 50 Mar 9
700
•2818 2913 28% 2818 29
2818 2818
*2818 29
29
260
29
Preferred B
29
25 24 Jan 3 30 Mar 3
•10258 105 *10258 104
103 103
104 104
104 104 *103 104
150
644% first preferred___100 9112 Jan 3 106 Apr 30
49
50
4712 5018 5012 5112 502 5118 52
52% 5112 52
4.800 Comm Invest Trust__No par 353 Jan 4 5934 Apr 11
*10612.._ •1067 10812 *107 --- 108 108 *10714
- •10712 109
100
Cony preferred
No par
10812 Apr 14
91 Jan
2014 21
1934 2078 21% 2214 2178 2258 2214 -2312 2234 2358 63,600 Commercial Solvents No par
19347.Iay 14 3834 Jan 30
2
2%
2
2i8
2
218 258 36,500 Commonw'Ith dr Sou
214
218 214
218 214
134 Jan 2
No par
334 Feb 6
4114 4058 413
40
4638 46
4678 4,900
43
431, 4314 4334 44
No par 2112 Jan 2 5234 Apr 23
86 preferred sertes
2414 2434 2314 2414 2412 25
2638 2558 2658 10.400 Congoleum-Nalrn Ine-No par
2514 25
25
23 Jan 9 3114 Feb 16
•1034 12
1034 1034 *1014 11
200 Congress Cigar
10,
4 104 *1034 1118
*1012 11
No par
934 Jan 12 1412Mar 5
8
8% 9
05
814
87
814 0
958
2.600 Consolidated Clgar
9
934 10
314 Jan 2 1338 Mar 17
No par
52
52
*52
54
*53
54
54
*52
.54
*53
*52
54
40
Prior preferred
100 4514 Jan 2 60 Apr 11
334
1
334
3 2 358
334 33
*334 4
1
212 Jan 2
31 334
334 334 1,900 Consol Film Indus
534 Feb 15
1458 1558
1434 15
1612 1612 1678 5,300
1512 b5'l 158 1578 16
Preferred
No par
1038 Jan 2 1712 Feb 15
327
32
3158 33
3212 331
3258 3318 3252 3334 3314 34% 38,400 Consolidated Gas Co
No par 31581lay 7 4738 Feo 6
8914 8958 8814 8914 8912 897 *89
8912 8914 8912 8912 90
1.800
Preferred
No par 82 Jan 4 9214 Feb 6
212 2'2
253 27
27
2% 22
278 278
27
*24 2%
2,100 Consol Laundries Corp_No par
218 Jan 8
48 Feb 7
912 97
912 978 10
1034 1118 38,700 Consol 011 Corp
101
1018 1014 1018 11
012Nlay 10 1414 Feb 13
No pa
•10814 1107s 11014 11014 *10814 111
200
8% preferred
11012 11012 *10912 111 *10012 111
100 108 Feb 9 11112 Apr 28
1
I
1%
1
7s
lls
1
12,500 Consolidated Textile_ _No par
1
1
1
1
l's
218 Feb 7
78 Jan 4
912 1014
912 934
1078 1112 5,600 Container Corp class A
934 bO'4 10
1038 1078 11
618 Jan 5 1334 Apr 23
20
334 4
312 334
4
414
358 37
38 418 4,000
238 Jan 2
Class B
358 4
No par
538 Apr 18
958
9
814 914 *858 934 *87/4 9,2
912 912 1,700 Continental Bak class A No par
9
9
7 Jan 8 1458 Jan 24
138
112
112
158
158
142 112
112 4,000
112 112
112
Class B
158
No par
1 Jan 1
258 Feb 7
59
59
*5812 62
*59
200
62
*60
*59 I 61
6058 6058 605g
Preferred
100 4614 Jan 6 64 Feb 9
7358 7478 6912 7312 70
7214 7534 75
7578 10,300 Continental Can Ins
7212 7178 73
20 6912May 14 8314 Apr 21
838 812
8
838 •84 8% .814 9
9
9
*812 958
600 Cont'l Diamond Fibre
5
7% Jan 5 114 Feb 6
29
30
28
29
2912 30
3034 304 31
*3012 31
31
1,000 Continental Insurance -2.5
2358 Jan 6 3512 Apr 20
114
138
118
114
114
114 5,100 Continental AIotors___No
I%
118
114
114
118
1%
238 Feb 21
-pa
1,8 Jan 2
1758 1812 1712 1812 18
1014 1858 1914 1918 2038 20
2012 36,200 Continental 011 of Del
5 16% Jan 13 2234 Apr 21
6418 654 6012 634 6234 64
6278 6612 66
64
63
6758 9,850 Corn Products Refining____25 6012May 14 8412 Jan 26
•14212 1434 1434 14334 *14212 145 *14212 145 *14212 145
14434 14434
200
Preferred
100 135 Jan 4 145 Apr 25
55, 558
614 614 8,300 CotY Inc
97 Feo 5
5,2 57
558 534
534 6
6
6
No par
334 Jan 2
31
3134 3114 3114 3114 32
3234 3314 3.700 Cream of Wheat etfs_ No par 28 Jan 3 35 Jan 31
32
3212 3212 33
11% 1178 12
12
1258 1234 •12% 1212 1212 1212 1234 1234 1.100 Crosley Radio Corp
No par
8 Jan 2 1518 Apr 13
2514 25
25
2512 2614 2614 •2512 2614 27
27
27
27
2.400 Crown Cork & Seal
No par 24'4M ay 10 3614 Feb 1
4018 .38
*38
4034 *38
*3818 4012 *40
4012 040
41
4012
$2.70 preferred
No par 3512 Jan 2 4114 Apr 20
512
5
514
5
5
4,1 5
434 518
5,000 Crown Zellerback v t e_No par
512 51
558
65 Apr 27
378 Jan 6
2134 2134 22
2112 225
2412 251 26
2212 2278 23
24
2,700 Crucible Steel of America_100 2138 Jan 4 383 Feb 19
*53
60
67
*53
•56
64
63
07
*56
63
*56
64
100
Preferred
100 48 Jan 12 71 Apr 19
158
31 Feb 9
134 14
158
112
178
112 1% •158 2
1.400 Cuba Co (The)
158 12
1 Jan 2
No par
612 7
73,
612 7
97 Feb IS
7% 734
64 714
7
712 77 11,000 Cuban-American Sugar.._10
312 Jan 10
44
4212 4412 44
4458 46
49
4712 4914 485g 4875 48
560
Preferred
100 2018 Jan 9 4914Afay 16
46
4218 *42
42
4212 43
*44
46
4412 4412 1,000 Cudahy Packing
4312 44
50 37 Jan 2 5034 Feb 16
20
2012 203k 2258 2112 2238 2114 2214 2248 2212 2212 2314 6,200 Curtis Pub Co (Tbe)___No par
1312 Jan 8 2958 Apr 12
72
7212 75
7458 75
75
74
75
75
72
7412 75
2,000
Preferred
No par 4312 Jan 3 8414 Apr 13
3% 314
3
314 35*
312 37 29,400 Curtiss-Wright
358
1
212 Jan 2
314 312
3,8 314
514 Jan 31
9% 1014
914 958
8% 938
81s 834
858 85s
514 Jan 3 1214 Apr 2
1
Class A
98 1014 17,700
18
15% •15
•14
1518 •14
161g
1412 .14
11 Jan 4 2112 Feb 21
1412 1458 14
500 Cutler-Hammer 1ne___No par
•11111 1111,1 asked prices, no sales on this day. f Companies reported In re,
elvership. a Optional ,aie.
c cs.sh sale. x Ex-dhrldencl.
PER SHARE
Range for Prevotus
Year 1933.
Lowest.
Highest.
per share 3 per share
9 Mar 3318 Aug
1018 Mar 4914 July
2514 Feb 82 July
618 Apr 2912 June
1914 July
312 Feb
653 Feb 21 July
912 Mar 5312 Dec
18 Feb 3712 July
512 Feb 2214 Dec
38 May
412 July
258 Feb
1458 July
25 Dec 3814 Sept
60 Dec 8812 June
2812 Mar 537s July
13 Mar
1812 June
2 Feb
1278 June
1958 June
234 Feb
2011 Mar 72 June
97 July
34 Apr
3 Mar
35 July
544 July
1
Feb
5 June
% Mar
13% July
212 Feb
12 Apr
5 June
13 June
134 Jan
818 Feb 2078 July
1
Apr
8 June
1
Apr
912 June
418 Dec
8 Dec
27 June
1
Feb
4,4 June
12 Ma
114 Apr
712 June
812 Feb 4314 July
3018 Mar 80 July
3434 July
734 Mar
14 Jan
24 June
2 Feb
938 June
2 Feb1614 July
72 Feb4112 July
14 Feb3512 July
4,4 Oct1212 July
25% Jan 3512 July
3012 Feb 10312 July
41
Feb 8614 July
512 Mar
2934 July
412 Feb 5878 July
57 July
12 Mar
88 Feb
438 July
1234 July
112 Jan
14
Jan 41 July
2 Apr
1158 July
52 Feb 100 Dec
57 Jan
4434 Sept
73 July
Jan
1
4 Mar 3014 July
718 Mar 25 June
72 July
45 Apr
5212 July
147 Jan
1258 July
2,8 Mar
5% Feb 2514 June
5 Mar 34 July
2 Feb
10,8 July
Apr 2112 July
6
734 Mar 575 Dec I
% Feb353 July
18 Ma
218 July
812 July
112 Jan
514 July
34 Nov
5 Mar 1414 June
Jan 41% July
10
Jan 100 June
90
7312 Jan 105 July
44
Dec
Apr 51
7 Mar 2238 July
49 Apr 38 Aug
26 Sept
3
Apr
2% Dec 1758 July
2318 Feb 7112 July
63 Mar 28 Nov
9 Mar 2818 July
50 Dec 83 June
40 May 7412 June
19% Dec
4 Feb
1812 Mar 25 Sept
Feb 3912 Aug
16
18,8 Mar 2518 Sept
70 Mar 9578 Sept
18 Mar 4312 July
Jan 977 Jan
84
9 Feb 5714 July
I% Dec
618 JUDO
1758 Dec 6012 June
73 Jan 2758 July
612 Feb
18 June
1934 June
312 Apr
Apr 65 June
31
534 May
1% Jan
572 Mar 1434 May
34 Dec6418 June
Jan
81111 1)ec 99
112 Dec512 Jan
5 Mar
153 July
Oct
9512 Mar 108
14 Mar
314 July
1014 July
118 Jan
412 June
14 Feb
3 Mar 18,4 July
% Jan
312 July
Jan 84 July
38
3514 Feb 782 Dec
1718 July
312 Feb
1012 Mar 3612 J1119
4 June
1 Mar
47 Mar
1958 Sept
4558 Feb 90% Aug
11712 Mar 14534 Jan
23 Mar
712 June
23 Feb 3912 July
1434 June
214 Mar
1414 Feb 65 July
2412 Feb 3812 July
812 July
1
Apr
9 Mar 3712 July
16
Feb 6038 July
12 Feb
43, June
1112 May
1 18 Jan
Jan 68 June
10
2034 Feb 5912 June
612 Mar 3214 June
30
Feb 66 June
113 Feb
438 July
2 Mar
8 July
414 Jan 21 July
y Ex-rights.
New York Stock Record-Continued-Page 4
3406
May 19 1934
tar FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE FOURTH PAGE PRECEDING.
Hill!! AND
Saturday
May 12.
LOW SALE PRICES-PER SHARE, NOT PER CENT.
Monday
May 14.
Tuesday
May 15.
Wednesday
May 16,
Thursday
May 17.
Friday
May 18.
$ per share $ per share $ per share $ per share S per share $ per share
612 612 *514 678 *614 678 *6
714 *6
714 *6
714
1914 21
1812 2014 2038 22
2014 2118 2058 22
2138 2238
1338 1338 212
13
12
1212 *1112 1214
1212 1212 1212 1212
75
76
75
75 .70
7412 *70
74
74
7412 75
75
42
4378 40
41
4378 4378 4414 4434 4412 4412 4512 4512
221z 2258 x2134 22
2134 2212 *2212 2313 2314 2314 *23
2334
*2912 3034 2938 2938 *2918 30
31
30
*30
3012 *2918 31
3538 3678 3512 3614 353* 3634 3638 36% 3634 3734 368 3738
1914 1984
19
191
1918 1912 .1912 2012 203* 2038 19
1934
17
1814
18
1834 18
19
1684 18
1834 2014 1912 2114
*113
16
*9
13
*10
*12
1418 *1112 15
15
*11
15
•6% 812 *7
*712 8
812 *7
812 *7
812 *712 8
614 714
6118 64 *6% 7
*714 8
7
7
73* 712
*103
*10318
_ *10318 _ _ 10318 10318 10214 10214 103 103
*712 -8
8
84
8
814 812
8% 84
78 _-7773* -734
8834 90
8712 9014 90
93% 93
94% 9412 9512 9312 9414
*136 140
135 135
135 135
135 135 .136 140 *139 140
1512 1638 1512 1614 1614 1658 1614 1678 163* 1734 17
1818
81% 8314 80% 8312 8218 833* 80
8238 813* 8518 8284 85
121 12118 12034 121
120 1203* 121 121
1218 12138 12112 122
12
12
11
11
1118 1118 *1138 1134 118 1134 1134 1134
2134 21
2158 21
1912 2012 1914 20% 21
228 '21% 2234
*93
08
*93
98
*90
9612 98
98
*90
98
*93
98
438 4%
418 43
43* 434
478 514
518 514
43* 412
838 818
838 8%
818 838
812 83*
814 858
818 812
53* 514
5
514
5
514
514 53*
53* 618
6
614
147
1414 1614 1534 1612
1314 134 1212 1314 1334 1434 14
13
13
14% 1412 1478 14%
12
1212 1112 12
1218 13
4112 *41
43
*403* 4112 *4012 413* 4038 403* *4912 4112 41
1
*78
78
34
*34
58
58
58
58
*34
78
34
112
112 *15
2
112 112
134
134
112 112 *158 2
*5212 54
53
*52
54
5178 *51
5212 *51
*5012 5212 51
125 125 *118 126 *118 126 .118 12534
*12514 126 .12514 126
*4% 5
414 414
*4% 434
5
a
5
43* 43
53*
1312 133* 1212 1212 *1278 1534 *1212 1534 *1314 1534 1318 14
16
*1334 1412 .1378 19
*14
16
*1414 16
1518 1518 16
*15
16
16
16
*15
1712 *1514 1878 *15
1878
*15
16
614 612
638 63*
6% 7
7
714
7
714
714 738
93 10
10
10
10
10,8 *1038 11
912 10
103* 1114
2018 213* 20
2312 2312 25
2412 2538
22
213* 2238 22
*618 7
614 7
678 63* *534 614
514
1
314 6
*34 218
*34 218
*34 212
*34 218
•34 218
*34 218
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On Oasts of 100-share lots.
Lowest.
Highest.
PER SHARE
Range for Previous
Year 1933.
Lowest.
Highest.
Indus.& Miscell. (Con.) Par $ per share
5 Per share 5 per share 3 per share
814 Feb 5
Davega Stores Corp
5
6 Jan 10
13* Feb
834 Juiy
18121May 14 3418 Feb 1
Deere & Co
No par
2438 July 49 July
20 1114 Jan 2 1512 Jan 30
Preferred
614 Feb 1838 June
Detroit Edison
100 6312 Jan 5 84 Feb 23
48
Apr 9112 July
10 Mar 3378 Aug
Devoe & Raynolds A__No par 29 Jan 6 5518 Apr 25
Diamond Match
No par x2134May 14 2812 Jan 16
1712 Feb 2912 July
Participating preferred_25 2814 Mar 27 3112 Jan 24
2618 Feb 31 July
Dome Mines Ltd
No par 32 Jan 25 4078 Apr 2
12 Feb 3912 Sept
Dominion Stores Ltd No par 19 Feb 10 23 Mar 10
1012 Feb 2638 July
Douglas Aircraft Co Inc No par 1414 Jan 2 2812 Jan 31
10,4 Feb 1814 July
914 Jan 10 19 Feb 17
Dresser(SR) Mfg cony A No par
634 Feb
18 June
Convertible class B__No par
712 Jan 16 1158 Mar 14
218 Mar 1034 June
1,300 Dunhill International
1
614May 14 1134 Mar 26
7ii Apr 1434 July
60 Duquesne Light 1st pref__100 90 Jan 16 10338 Apr 14
85 Nov 10218 June
518 Jan 3 1234 Feb 19
2,000 Eastern Rolling Mills_No par
118 Mar 10 July
5,100 Eastman Kodak (N J)_No par 79 Jan 4 9614 Apr 20
46
Apr 8934 July
40
6% cum preferred
100 120 Jan 16 140 May 4 110 May 130 Mar
9,300 Eaton Mfg Co
No par
1314 Jan 3 2212 Apr 19
318 Mar 16 July
3218 Mar 963* Dec
44,700 El du Pont de Nemours__ „20 SO May 16 1037g Feb 16
1,400
6% non-voting dab
100 115 Jan 2 12214May 8
9712 Apr 117 July
11
May
14
1914
mar 6
700 Eltingon Schlid new__No par
_-- ---5 1818 Jan 9 3138 Feb 21
35,100 Eleo Auto-Lite (The)
-1-0 Apr -2.7,2 July
10
Preferred
100 80 Jan 5 101 Apr 6
75
Oct 8812 July
3
318 Jan 8
712 Jan 29
7,300 Electric Boat
1
Jan
814 July
9187i13y 8
15,600 Elec & Mus Ind Am shares_
414 Jan 3
1
Feb
412 Dec
412 Jae 3
12,500 Electric Power & Light No par
318 Feb
93* Feb 7
1538 June
Preferred
814 Jan 3 21 Apr 18
7,400
No par
712 Apr
3612 June
8 Jan 2 1934 Feb 7
2,400
56 preferred
No par
612 Apr 3284 June
700 Elec Storage Battery _No par 403*May 13 52 Jan 24
21
Feb 54 july
58Nfay 11
17 Feb 21
300 :Elk Horn Coal Corp No par
18 Jan
4 June
31 Feb 23
1,400
6% part preferred
50
11 Jan 10
58 Apr
6 June
200 Endlcott-Johnson Cm•p
50 51 May 14 63 Feb 16
26
Feb 6278 July
100
Preferred
100 120 Jan 3 126 Mar 20 107 Feb 123
Oct
414May 11
834 Feb 7
500 EngineeN E'ublia Soto __No par
334 Dec
1484 June
500
$5 cony preferred____No par
11 Dec 47 June
113* Jan 3 2312 Feb 6
400
11 Jan 8 2412 Feb 5
1514 preferred
No par
11 Dee 495 June
12 Dee
56 preferred
No par
1412 Jan 2 2512 Feb 5
100
55 June
4,300 Equitable Office Bidg_No par
614May 12 103* Jan 22
612 Mar
1338 July
3 Apr
1,900 Eureka Vacuum Clean
5
718 Jan 8 1432 Feb 10
1814 July
37,000 Evans Products Co
9 Jan 3 2714 Apr 27
10 Nov
5
78 Mar
4 Jan 9 10,2 Apr 2
620 Exchange Buffet Corp_No par
312 Nov
1112 July
Fairbanks Co
23* June
158 Mar 0
2% Apr 17
25
78 May
Preferred
1
7
7
8
818 *612 1114 *7
812
818 814 *7
70
100
414 Feb 14 1212 Apr 14
Feb
814 June
814
1414 2,800 Fairbanks Morse & Co_No par
7 Jan 6 18 Feb 19
212 Mar 111* June
1312 1334 1318 14% 1338 1334 1312 133i 1312 14
14
10
Preferred
10 Feb 4212 Nov
*50
5234 *5014 5212 5014 5212 *5034 5212 5212 5212 .51
53
100 30 Jan 10 58 Apr 24
434 Apr
15
7 Slay 10 1114 Apr 3
1412 June
8
7,8
73* *73* 7%
712 7% 1,300 Federal Light 6c Trac
7
7
714
714 *7
Preferred
*53
56
x52
52
52
52
*40
52
*43
55
*40
55
40
33 Deo 5912 July
No par 34% Jan 12 62 Mar 13
Federal Min & Smelt Co__100 75 May 10 107 Feb 14
*70
90
*65
90
*65
90
*65
90
*70
90
*70
90
15 Mar 103 Sept
6
6
57
612 612 1,200 Federal Motor Truck_No par
558.May 14
8% Jan 30
53* 6 .
6
*534 614
618 614
34 Mar 118 July
314 312 *318 33
2 Jan 13
4% July
34 Feb
*314 312
312 312 1,100 Federal Screw Worits_No par
53* Feb 23
314 34
234 3
*2
218
2
218
23* 218
4 Feb 6
214 214
134 Jan 5
13* Dec
634 June
214 214 1,600 Federal Water Seri" A__No par
218 21.1
*20
24
*20
24
24
23 .23
*23
25
2312 2312 24
800 Federated Dept Stores_No par 228 Jan 8 31 Mar 6
712 Feb 30 July
28
2812 23
2818 2934 293 2912 3018 3014 31
3012 3034 1,900 Fidel Phen Fire Ins N V__2.50 23% Jan 5 35 Apr 20
1014 Mar 36 July
*634 712 *634 712
73* 712 *714 912 *734 912
40 Fifth Ave Bus Sec Corp.No par
7 Feb 15 11 Jan 3
5 Mar
9,
8 Nov
012 912
2812 Apr 10
9 Apr 30 July
*2014 30
*2013 30
Filene's(Win)Sons Co_No par 25 Feb 1
*2018 30
*2018 30
*2018 30
*2018 30
81
Apr 95 Sept
102 102 *102 10412 *102 101 *103 101
104 104
103 103
100
63*% preferred
100 87 Jan 10 105 Apr 25
918 Apr 3112 July
17% 1814 17
1714 18
18
1818 1818 18
1918 19
1918 3,500 Firestone Tire & Rubber_10 17 Jan 14 2514 Feb 19
42 Mar 75 June
8314 8314 x81
81
*8018 8212 *803* 82
8214 8214
400
Preferred series A
100 71 Jan 9 86 Apr 21
82
82
Apr
23
6012
61
6218
3,800
First
54%
Jan
5
6712
43
National
Stores_No
par
Mar 70% July
5934 6038 6014 61
5912
4
60
59,
2
601
60
1738 Feb 21
214 4
2141May 12
212 Feb 19 June
3
312
5
518 20,300 Follansbee Bros
No par
314 3%
4
412
434 5
*173* 183* 18
612 Apr
10% Jan 9 21 May 4
18
16 July
1712 1712 1718 18
1812 1912 19
1934 1,700 Food Machinery Corp_No par
1214May 14 22 Feb 16
412 Feb 23 July
14
1412 1214 1418 14
1434 1412 1412 1458 1558 1518 1578 5,200 Foster-Wheeler
No par
97 104 1014 10% 1034 1134 1134 1214 4,300 Foundation Co
87851ay 14 173* Jan 30
2 Feb 233 July
No par
9% 93
878 912
1,100 Fourth Nat Invest w w
1338 Mar 2014 June
, 2112 2112 2034 21
2112 2112 2134 *2118 22
1
193 Jan 5 2712 Feb 5
21
213* 215
12
Oct 19 Sept
14
1418 1338 14% 14
15
14
1412 143* 1518 147 1514 7,100 Fox Film class A new__No par 1214 Jan 5 1712 Feb 26
40 Fkin Simon & Co Ific 7% 91100 3618 Jan 12 63 Feb 7
12
Jan 50 Aug
*4812 5312 *4812 5312
4914 5013 *4834 5312 *4812 52
*5012 54
3918 3912 11,800 Freeport Texas Co
10 x35 May 14 503* Feb 19
1618 Feb 4938 Ney
3712 383* x35
37
3612 3712 3714 3734 3712 40
*2412 2914 *2434 2914 *2512 29
20 Fuller (GA) prior pref_No par
1612 Jan 19 3312 Apr 26
9
*2412 27
Jan 31 Juae
24
24
*2314 27
1312 1312
60
$6 2d prof
9 Jan 4 19% Apr 26
4
No par
Jae 23 June
*13
18% *13
18
*9
1612 11
12
*1112 15
458 Mar 12
2% Jan 12
1
218 218
212 258 1,600 Gabriel Co (The) el A No par
214 214
21.1
213 218
Feb
214
212 212
5,4 Aug
10
100 Gamewell Co (The)
No par
1112 Jan 18 20 Feb 19
612 Jan 2078 Aug
18
18
1734 1812 *1712 1858 *18
183* 183* 183* *18
73 Jan 4 1112 Feb 6
23* Feb
838 84
834 834
834 8% 1,900 Gen Amer Investors_ No par
8
818
12 June
83* 83
78 8
Jan
29
87
Mar
13
85
*75
85
*75
85
*75
85
Preferred
No par 79
42 Feb 85 July
*80
85
*80
85
*75
3614 3714 4,500 Gen Amer Trans Corp
5 3318 Jan 4 438 Feb 19
138 Feb 4314 July
3412 3614 34% 353* 36% 3612 3612 37% 3614 38
45 Mar 27 July
18
1712 19% 1834 1938 6.000 General Asphalt
10 1518 Jan 4 2312 Apr 24
16
1712 1712 1314 18
163* 17
5
9347,tay 12 143* Feb 5
4,100 General Baking
1034 11
1012 Dec 207 July
934 1014
1018 1012 1012 11
103 11
934 10
120
58 preferred
No par 100 Slay 8 10812 Feb 7
9934 Mar 10814 &lit
103 103 *101 103
10158 1013* 10112 10112 101 101
101 101
8
3,000 General Bronze
218 Feb
712 .634 714
714 734
8
5
534 Jan 9 1018 Mar 0
64 7
7
1012 July
7
712
4
414
4.
No par
318 Jan 4
618 Feb 1
1 14 Mar 1112 June
438 418
3% 3%
43* 1,200 General Cable
3% 4%
3% 37
5
Jan
4
12
Feb
1
200
Class
A
6
2% Feb 23 June
No
par
1
97
8
*814
9
*8
812
*7
*714
8
8
81.8
712 7 2
Jan
9
33
Apr
20
23
*21
23
300
7% cum preferred
100 1412
612 Mar 46 June
22
22
23
nt 22is *21 22 *21 22
37
2,600 General Cigar Inc
No par 27 Jan 2 3712 Apr 24
36
241* Dec 485 June
3514 35% 3512 3534 36
35
3514 3412 3434 35
100 97 Jan 8 110 Apr 28
80
7% preferred
90 July 112
108 108 *106 108
108 108 *106 108
Jan
108 108 *106 108
No par
1812 Jan 4 2514 Feb 5
1012 Feb 3014 July
19
1938 18% 1958 1912 2018 193 2014 1934 2034 1938 2012 76.200 General Electric
Special
10 1184 Jan 2 1234 Feb 26
1078 Apr 1214 July
*1212 123* 1212 123* 1238 1212 1212 1212 1212 128 1212 1212 4,200
No par 32 May 14 3672 Jan 30
21
Feb 397 Sept
324 33
32
3212 3214 338 3218 3234 3214 32% 3218 32% 11,300 General Foods
34
78
34
78
34
78
78
78 18,000 Gen'l Gas & Eleo A
No par
34 Jan 2
11* Feb 6
34
%
34
72
12 Dec
27 June
2
19
Mar
13
Cony
pref
series
Jan
318
15
300
A
No
par
614
14
14
*1314
Apr 1612 June
13
13
*1212 14
*1234 13
*1112 15
21
Mar
13
prof
class
A
No
par
12
Jan
29
65
____
21
10
$7
4
1614 1614
Dee 1812 June
•12
1714 *1334 1614 .1334 1614 *1334 1614
$8 pref class A
No par
14 Jan 19 22 Mar 12
5 Apr 20 June
*1638 21
.1638 21
21
*15
21
*15
21
*15
•1234 21
2414 Jan 55% Nov
*51
_ _
- Gen Ital Edison Elea Corp.__ 50 Jan 24 6114 Feb 16
__
__ *02
_ _ *51
*58
3512 Mar 71 June
3,700 General Mills
No par 5378 Mar 20 6412 Jai:115
55 -5 14 5514 -5534 5534 5115412 -5512 5412 -55
.5512 -56
200
100 103 Feb 27 110 May 17
9212 Mar 10612 Sept
Preferred
.10812 110 *109 10934 *10814 1094 1094 10934 110 110 *109 ___
10
10 2978May 14 42 Feb 5
Feb 355 Sept
33% 3 18 216,1001 General Motors Corp
3012 3112 2978 313* 3138 32,8 x3134 323* 317 34
6512 Mar 95 July
No par 8934 Jan 6 103 May 1
$5 preferred
8 3,600
9914 9912 9912 9958 99,
9912 9834 09% 99
9318 10038 99
5
21
Apr
14
Jan
518
Jan 24 June
Outdoor
Adv
A_No
par
884
300
Gen
17
*14
17
*13
*105
8
17
*1218
17
*11:1
174 *1012 1718
6,
8 Apr 20
212 Mar 1018 June
Common
No par
400
33* Jan 2
5
53* 514
5
5
5
*43* 634
514 534 *434 6
1012 Jan 3 2512 Apr 23
314 Jan
17 June
300 General Printing Ink..„Arn par
1714 *18
1834 1812 1812
17
1714 . 17
1712 1712 16,4 17
31 Mar 82 Aug I
No par 7312 Mar 10 88 Apr 24
10
56 preferred
*85
88
*85
88
86
*85
88
*85
88
86
88
*86
212 Jan 8
55* Feb 7
No par
2 Apr
814 June
28 2%
318 3% 1,300 Gen Public Service
3
3%
*278 3
2% 2% *234 314
1314 Jan 493* July
3334 34
3334 3412 2.400 Gen Railway Slgoat_No par 31145l11y 14 4534 Mar 3
3414 3312 34
313* 313* 3114 31% 34
338 Jan 30
1
112May 14
% Feb
458 June
14 134
14
18 214
134
213 218 5,700 Gen Realty & Utilities
134
1,2 14
13*
No par
16 Jan 8 263* Jan 30
100
$6 preferred
20
*1518 1818 *1612 20
*1618 1952
512 Jan 223 June
1618 1618 *16
*1618 19
212 Feb
1534 *1512 1612 16
1.000 General Refractories
Ne par
1018 Jan 3 23% Feb23
1534 15
16
193 July
14
13% 14
14
14
1214 Jan 22 1912 Feb 21
714 Sept 18 June
Voting trust certits_No par
1434 14
1478 1434 1434 5,100
134 134 14
*1312 1434 1212 14
938 Feb 3812 June
Gen Steel Castings pre! No par 30% Jan 13 48121\1er 15
*2212 40
*3234 38
42 .____ 42 •____ 33
*33
*3112 40
97 1014 1018 103* 10% 103* 1014 103* 1012 108 11,900 Gillette Safety Razor-No Par
758 Dee 2014 Jan
812 Jan 6 121 2 Feb 6
10
1014
No par 47 Jan 11 62 Apr 23
Cony preferred
61
500
4512 Dee 75
*57
61
*56
Jan
60 , *58
61
5712 5712 60
57
58
33
37
33451ay 12
No par
63* Feb 5
2,900 Glmble Brothers
4
4
4
34 334
753 lune
4
334 334
334 334
'4 Feb
100 1614 Jan 8 30 Feb 5
100
Preferred
514
*21
23
Mar 33 July
22
*2114 2314 23
23
*2112 233 *21
*2134 25
No par
153* Jan 4 2818 Apr 26
334 Mar 20 July
2212 2472 2434 2514 242 254 2514 2614 2512 2612 14.300 Glidden Co (The)
2212 23
240
Prior preferred
100 83 Jan 19 103 Apr 27
100 100
48 Apr 9112 Aug
9912 100
997 99% 997 99% *9934 100
100 100
912 Feb 27
5
3 Feb
73* 7,300 Gobel (Adolf)
6,2 Jan 2
16 July
714
7
7
718 738
658 678
612 634
678 7,ri
20
20'2 10,500 Gold Dust Corp vi o___No par 1634 Jan 11 23 Apr 23
12 Feb 2738 July
19
1918 1812 1914 19's 19 4 1912 19% 107s 201
56 cony preferred__No par 9612 Jan 6 110 May 1
200
9612 Doc 105 July
109 1098 109 109 *109 10978 *109 109% •109 IO97s 1097 10978
1214May 12 18 Feb 19
No par
1412 1434 22.900 Goodrich Co(B F)
3 Mar 2112 July
123* 1312 127o 1334 13% 13% 133* 15
1214 13
100 40 Jan 5 6234 Apr 21
5512 2,800
Preferred
50% 5012 5310 54
9 Feb 03 July
4812 4812 50
4534 47
47
47
014 Feb 4712 July
293* 2838 2914 2778 2914 2834 303* 29% 3012 28,800 Goodyear Tire & Rubp_Ne par 26185lay 12 4158 Feb 19
2618 2758 27
let preferred
No par 75 Jan 2 86,4 Feb 19
781 *76
7718
600
76
*76
7818 *77
2734 Mar 8014 July
7614 77 .73
78
76
814 813
No par
7 Jan 4 1134 Feb 5
*8
sit 814 3.300 Gotham Silk Hose
83*
612 Oct 1712 June
8
8
712
7
714 758
10
Preferred
100 4915 Jan 22 7112 Apr 26
*56
60
*56
60
*56
60
60
41
*56
Apr 73 July
60
60
60
.56
1
412 Feb 1
278 3
278 3
6.300 Graham-Paige Motors
23*3,lay 14
234 278
5,
8 July
258 278
1
Apr
23* 278
234 2%
37 Mar
9
8 Jan 2 133 Feb 16
9
9
934 1034 10
10% 3,400 Granby Cons M Sm & Pr_100
9
15% June
814 87
812 812
57
618
1,500
Grand
Union
8
834
618
Co
tr
eels
1
4
Jan
Jan
31
6
618
358
Mar
June
53
4
1055
A
SI
St
612
512 53*
No par 23 Jan 6 40 Apr 24
*36
37
36
36
1,100
Cony pref series
36
20 Sept 363* July
3434 *3518 381z 36
3614 3612 34
28
28
*2534 26
28
200 Granite City Steel
No par 23 Jan 15 31 18 Apr 25
*26
11 18 Mar 3038 July
26
26
28
*26
28
*26
3434 33% 3434 1,200 Grant (W T)
34
No par 33 May 8 40% Feb 19
33
153 Feb 3613 Deo
*3212 3318 *3212 3312 3378 3378 33
12
1112 12
1212 8,500 Gt Nor Iron Ore Prop No par
1012May 14
151* Feb 19
512 Feb
1634 July
11 12 12
1012 113* 11 14 1114
1112 12
2778
28
2918
27
21,800
Great
2718
Western
Jan
20
678 Jan 41% Sept
2612
Sugar-No
34%
Par
25
May
14
268
25
8 26
25
2512 27
520
11034 11034 11034 11034
Preferred
100 102 Jan 2 111 Apr 26
7212 Jan 110 Sept
11034 11034 *11014 111
11034 11034 11014 111
413 May
2
2
2
2
2,000 Guantanamo Sugar____No par
% Jan 2
17
218
212 Feb 8
14 Jan
2
2
2
1%
I%
178
32
100 Gulf States Steel
No par 24 Jan 2 42 Mar 13
6% Feb 38 July
283* 28% *28
33
*25
*2312 35
*2312 35
35
.23
75
*70
200
100 47 Jan 8 83 Apr 20
1614 Jan 64 June
75
Preferred
*70
75
.70
75
*70
73
71
73
73
• Bid and asked Prices, no sales on WS day.
Shares.
100
14,400
1,400
800
1,200
1,100
300
17,500
1,900
36,000
I Companies reported in receivership. a Optional sale. c Cash sale. x Ex-dividend. y Ex rIght..1.
New York Stock Record-Continued--Page 5
3407
Or FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE FIFTH PAGE PRECEDING.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday
May 12.
Monday
May 14.
Tuesday
May 15.
Wednesday
May 16.
Thursday
May 17.
Friday
Mau 18.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On bast/ of 100-share lots.
Lowest.
Highest.
PER SHARE
Range for Presidio
Year 1933.
Lowest.
Highest.
$ per share $ per share 8 per share 8 per share $ per share $ per share Shares. Indus. & Miscell.(Con.) Par $ per share
$ per there $ per Mare 5 per share
.25
.25
26
26
*2414 26
.243* 26
*2414 26
*2414 26
15 Mar 2512 July
Hackensack Water
25 2012 Jan 9 26 Apr 18
02914 2934 2938 2938 293 2934 *2914 2912 .2914 2912 *2914 2912
7% preferred class A....25 27 Jan 4 30 Apr 23
30
25
Apr 2878 Jan
434 518
5'8 52
434 5
55
5
518
512 578
814 Feb 15
578 10,000 Hahn Dept Stores____No par
118 Feb
431Nlay 12
912 July
.36
40
3612 3612 *37
40
4012 4134 413
9
39
*3734 39
100 25h Jan 9 5234 Apr 21
400
Apr 3812 July
Preferred
658 634
6h
6h
634 .6h
7
10
318 Feb 1012 July
934 Feb 14
312 Jan 8
7
63*
738
714 714 2,100 Hall Printing
.658 10
*514 912 *512 10
*558 10
1178 Apr 20
Hamilton Watch Co___No par
*6
358 Jan 26
10
9 July
*6
212 Apr
10
50
50
50
50
5012 5012 50
50
50
50
100 25 Jan 15 5312 Apr 25
90
15 Feb 35 .1111Y
50
Preferred
50
91
91
*9112 93
*9112 93
*92
93
110 Hanna (51 A) Co $7 pt.No par 84 Jan 8 96 Apr 4
*9214 9212 03
93
4512 Jan 85 Aug
16
1618 16
1912 1934 20
2,300 Harbison-Walk Refrac_No par
1412 Jan 2 244 Feb 21
1732 17,4 18
618 Feb 2512 July
1812 1812 19
514 514
514 514 *434 518 *422 514
78 Mar
612 Apr 13
712 June
300 Hat Corp of America Cl A__1
278 Jan 2
514 5h •418 532
56
56
5538 56
*55
•55
58
56
55
56
5512 *55
100 1934 Jan 4 59 May 2
200
518 Apr 30 June
6Si 7' preferred
314 33*
312
314 312
3
338 33*
2
114 Jan 2
312 334
4,100 Hayes Body Corp
334 32
34 Feb
634 Feb 15
312 July
*85
90
85
85
*8714 887
800 Hazel-Atlas Glass Co
65 July 9712 Dec
90
8878 90
ay 14 967 Apr 23
90
25 85
9014 9034
107 10712 *106 10712 .105 10712 *106 115 *10618 1115s •10618 115
300 Heinle (0 W)
6912 Jan 105 Dec
25 101 Jan 9 10712May 5
*8
1118
9
9
*8
No par
100 Hercules Motors
3 Mar 17 July
1118 *734 1118 *734 1118 *73 1118
9 Jan 4 1218 Mar 15
*63
64
6212 63
*64
64
*6514 6612
15 Feb 6858 Dec
68
*65
64
69
No par 59 Jan 4 75 Apr 24
300 Hercules l'owder
*11812 120 *11712 120
1194 1194 *11912 120 .11912 120
11912 11912
20
$7 cum preferred
Apr 11018 Dec
85
100 111 Jan 4 120 Apr 17
*62
6234 62
62
63
700 Hershey Choeolate____No par 4812 Jan 15 6478May 8
3518 Mar 72 July
63
.61
62
62 . 6313 6258 6258
*90
94
*9178 94
Cony preferred
100
*9218 94
No par 83 Feb 16 94 Apr 21
09012 9318 9112 9112 *9158 94
64h Apr 90 July
91
738 758
714 758
'
8,000 Holland Furnace
734 818
512 Jan 3 1014 Apr 23
8
No par
1012 June
814
312 Jan
834
838 914
834 834
914 914
914 914
834 9
912 101
/
4 1038 10h 2,200 Hollander & Sons (A)
2h Mar
1012 June
5
534 Jan 2 107 Feb 6
341 345
335 336h *338 351 *339 351 1351 351
800 Homestake Mining
355 36018
Jan 373
100 310 Jan 4 388 !Aar 29 145
Oct
17
1712 17
17
16
17
2,400 Houdaille-Hershey CIA No par
*17
18
18
418 Apr 15 June
1712 174 18
11 Jan 8 2314 Jan 30
334 4
378 4
4
Class B
412 478
43*
434 5
No par
5,200
1 Mar
6h Jan 26
June
334 Jan 2
45* 5
*5112 5212 *5112 54
52 .513* 52
200 Household Finance part p1.50 43 Feb 5 54 Mar 12
•51
5112 5112 .51
54
43 Nov5114 Jan
1714 1812 174 181
1812 19
814 Mar 38 July
19
1812 19
208 20
21's 7,700 Houston 01101 Tex tern etts100 1714May 12 2934 Feb 5
4
4
314 378
Voting
4
trust
5,600
etre
314May
new____25
12
313 3,
lh Feb73* July
552
Apr
6
31/4 37
334 334
378
4524 4514 46
44
463* 43
43,400 Howe Sound v t o
4512 4514 493
48
50
44
5 3512 Jan 3 5512 Apr 9
512 Jan 381
/
4 Dec
1218 123.1
1218 134 1318 141
3 Feb 16h July
1318 144, 137* 143 35,400 Hudson Motor Car__._No par 1218May 12 2414 Feb 5
1318 137
334 3h
17.600 Hupp Motor Car Corp
314 33*
318 3,
318May 14
2
312 35*
10
158 Mar
378 4
734 July
714 Jan 30
35* 37
7334 73
.73
74
7112 7314 7314 74
73
No par 70 May 7 9638 Jan 24
24
Apr 85 Dee
7212 733
73'2 3,000 Industrial Rayon
52
52
50
5112 52
5312 3,100 Ingersoll Rand
51
No par 50 May 14 7334 Feb 3
52
51
1918 Feb 78 July
52
53'2 53
40
4014 *36
40
40
1,800 Inland Steel
12
3914 39
3712 39
No par 373oMay 17 4934 Feb 21
373* 40
Feb 4578 July
39
4
418
4
51
.514 514 2,600 Inspiration Cons Copper___20
5
' 41
878 Feb 5
358May 10
434 .5
414 414
2
Feb
912 June
.33
37g
37
414 Apr 25
800 Insuranehares CtN Inc
378 37
1
334 334 .378 4
114 Mar
2h Jan 2
378 32
37 June
3e
414
*4
412 5
458
418 414
*412 5
578May 4
214 Jan 15
*4
1.300 Intercont'l Rubber____No par
412
414
412 July
58 Mar
714
.652 7
7
7
7
No par
1,800 Interlake Iron
612 63*
6 Jan 3 1114 Feb 19
218 Mar 12 July
612 638 *612 67s
24 318
338 33*
No par
3
234 234
358 332 4,100 Internet Agricul
618 Feb 5
314
2 Jan 8
338 33*
h Feb
532 July
2312 2312 23
*2412 2612
Prior preferred
25
600
25
100 15 Jan 8 3714 Feb 3
26
5
23h 2334 2334 *23
Jan
2712 July
138 138
1,800 Int Business Machtnes_No par 132 Mar 27 14914 Jan 30
134 136
135 135
1
4 135 136
7534 Feb 15314 July
1324 13378 13538 135/
7
734
8
1
8
558 Jan 11
8
814 2,500 Internet Carriers Ltd
738 748
278 Jan
1218 Feb 21
778 8
1078 July
3
8
2212 223* 2218 23
2412 25
25
23
4,200 International Cement__No par 2218May 12 3734 Feb 5
2412 24
231
/
4 24
618 Mar 40 July
Ilarvester....„No
: V3314 34h 30
Internet
30
3414
May
23.500
14
par
3212
467
3214
8
Feb
337
5
8
33
Feb
33
32
48
133*
July
327
313*
Preferred
100 11512 Jan 13 1253sMay 11
•121 147
12518 12518 •120 12518 12412 12412 *120 1244 12412 12412 1,000
Jan 11918 Aug
80
91 Feb 7
25
6
434 Jan 6
614
5,700 lot Hydro El Sys Cl A
212 Apr 1378 July
634 7
638 634
558 6
614 614
So 63*
4
4
*4
4
4
414 *4
200 Int Mercantile Marine_No par
114 Jan
6 Jan 24
318 Jan 2
414
*312 412 *334 4
67 June
2638 267
2512 264 2618 27
634 Feb 2314 Nov
273* 2778 86,400 Int Nickel of Canada__No par 21 Jan 4 2914 Apr 27
263* 2714 2718 28
120 120 *120 123 '121 125
Preferred
125 125
100 11534 Jan 13 12538May 11
300
72
Jan 115 Dec
122 122 *121 125
*2014 23
340 Internet Paper 7% prof
19
100 1012 Jan 5 25 Apr 24
212 Jan
203s 1838 20
20
2134 July
20
205* 203* 20h 2114
414
412 .414 412
12 Apr 10 July
612 Apr 20
4 Jan 4
412 412 *412 512
900 Inter l'ap & Pow el A._No par
414 412
43* 438
218 218
214 214 .2
312 Apr 21
Class B
No par
1.300
2/
1
4 *218 214
214 214
214 .2
134 Jan 4
5114 July
14 AD
134 lo
134
148
178 2
2
1,100
134
lh Jan 4
Class C
134 *134
134
No par
4 July
24 Apr 23
178
14 Jan
1614 1734 16
Apr 2212 July
100 1014 Jan 8 2478 Apr 23
2
Preferred
171
1814
1634 1734 1713 1914 1810 1914 9.900
18
18
18
17
17
1,400 Int Printing Ink Corp_No pa
1734 1812 1812 l83a
9 Jan 13 25 Apr 21
1718 1718 1614 17
312 Feb14
Oct
•80
85
*8014 85
85
81
Preferred
86
81
100 66 Jan 2 86 Apr 21
30
*8014 85
*8014 85
35 Apr 71
Aug
25h 2514 25
•2614 28
25
No par 21 Jan 3 3012 Apr 11
500 International Salt
1334 Mar 2734 July
*2512 2713 2614 2714 .2614 28
40
4112 40
4022 40
No par 40 May 12 5038 Jan 26
1,500 International Shoe
4112 4012 4012 41
24$8 Jan 5632 July
41
*40
40
31
31
2934 32 .31
33
800 International Silver
3312 337
33
31
100 2934May 14 4534 Feb 15
34 .25
954 Feb 5912 July
*67
75 .67
*69
72
75
100 59 Jan 4 8412 Apr 9
50
2412 Mar 7178 July
7% preferred
6912 6912 *7014 75
6912 691
1112 118 1138 12
12
l24 1178 1214 1214 1318 125* 13's 56,700 Inter Telep & Teleg___No par 1138May 7 1734 Feb 6
51,2 Feb 2134 July
1112 1158 11
1313 6,600 Interstate Dept Stores_No par
1214
1222 12
12
8h July
1212 1212 13'2 13
112 Mar
312 Jan 4 1638 Apr 20
*718 812 *7h
813
812 81
8
300 Intertype Corp
538 Jan 3 10 Feb 8
*734 812 '814 81
No pa
1114 July
Ih Jan
8
*25
213
2514 2514 *2512 28
*2514 2614 '25h 261 .2518 27 ' 100 Island Creek Coal
I 2434 Jan 29 28 Feb 21
11
Feb 32 July
45
45
4534 4618 .44
46
461 *46
46
4612 46
48
No par 33 Jan 9 52 Apr 20
700 Jewel Tea Inc
23 Feb 45 July
44
4614 4412 4714 48
1214 Mar 6312 Dec
4714 4978 4714 497
4812 4958 15,900 Johns-Manville
49
No par 44 May 12 66h Jan 30
•11134 125
11113 11134 •11112 125 .11112 113
11112 112 *11112 125
42 Apr 10618 July
Preferred
220
100 101 Jan 4 112 Apr 18
.60
6978 *65
6814 •60
69
*60
•60
70 '60
70
Jones & Laugh Steel pref _100 62 Jan 2 77 Jan 23
70
35 Feb 91 July
7
734
71r
718 7,a
*758 8
252 Mar
712 734 1,500 Kaufmann Dept Stores $12.50
714 71
938 June
7$4
612 Jan 8 1038 Apr 13
154 157
155* 1578
1534 1613 16
16
16
1613 1614 1612 4,600 Kayser (J) & Co
1912 July
5 1374 Jan 4 1812 Apr 20
678 Feb
238 234
258 25
212 258
25* 233
24 27
2,500 Kelly-Springfield Tire
412 Mar 12
2h Jan 5
3
618 July
5
h Ma
114 1134 1114 1138 11
11
12
12
11 Jan 2 20 Jan 30
1214 1212 13
1312 1,300
No par
6 Feb 31 18 June
6% preferred
512 *4
5
8
*412 8
.412 8
.5
*5
8
8
200 Kelsey Hayes Wheel conv.clA I
4 Jan 13 10 Feb 16
8 May
2 Feb
4
4
4
4
4
4
53
51
4
4
'312 512
712 Feb 16
Class II
400
1
112 Dee
258 Jan 2
64 June ,
1518 157
15
16
16
1678 1614 17
No par 1178 Jan 4 2114 Mar 14
27,800 Kelvinator Corp
155* 1614 15h 16
318 Feb15158 Sept
*8234 8312 8234 8234 *8212 8312 8312 8312 8312 8312 *8312 8512
50 Kendall Co pt pf ser A_No par 6518 Jan 18 8812May 4
30
Jan 73 July
1878 1978 181s 193* 1878 1938 183* 193* 1912 2034 2014 207 66,900 Kennecott Copper
1734 Mar 27 23 Feb 5
No par
738 Feb28 Sept
15
16
*12
1612 '15
15
1612 15
*15
16
800 Kimberley-Clark
16
16
No par 12 Jan 2 1814 Apr 12
578 Apr 2532 July
5
514 514
5
.434 518 *514 55* *514
55*
300 Klnuey Co
55* 552
714 Apr 13
3 Jan 16
Apr
No par
614 June
1
2712 2712 2612 2613 27
27
*27
35 .28
45
*27
Preferred
45
300
No par 1312 Jan 6 41 Apr 26
458 Feb30 July
164 1712 1638 1714
1638 178
1713 1858 1814 1878 13,100 Kresge (8 81 CO
1712 IN
10 1338 Jan 2 2234 Feb 5
612 Mar 16h July
*11018 111
111 111
111 111 .111
____ Ill 111
11018 11018
160
7% preferred
100 101 Jan 4 111 Mar 16
88
Apr 105 June
56
57'3 55
56
*55
5618 56
56
5612 561 *55
No par 36 Jan 3 61 Apr 27
700 Kress (S II) & Co
5712
27
Jan 4414 July
2812 2714 29
28
2878 2912 2918 30
8,500 Kroger Groe Az Bak...No par 2314 Jan 8 335* Apr 23
30
29
3
4
2914
293
1412
Feb
35/
1
4 July
.371 40 .35
42
*35
42
*35
*35
40
371 •3518 3712
Laclede Gas Lt Co St Louis 100 3718May 11 6312 Feb 13
30 Nov 80 June
•42
51
.42
50
*42
501 *42
51
*43
51
.43
5% preferred
01
100 4212 Jan 17 60 Feb 9
3712 Apr 61
Jan
25
257
2418 251
25
2514 25
2514 25
25
2512 2512 3,800 Lambert Co (The)____No par 2214 Jan 4 3138 Feb 5
193* Dec 4118 July
*11
12's
11
11
*10
1312 '1018 1312 11
11
*1112 1312
200 Lane Bryant
5 Jan 6 1414 Apr 19
No par
3 Feb
1012 June
10,
8 10, 1012 11
10h 1118 11
11
1118 11h
113 1212 3,500 Lee Rubber & Tire
5
8 Jan 3 1412 Apr 26
123g July
334 Mar
14
11
*11
11
*12
14
.1212 14
1358 1358 1312 1312
300 LehIgh Portland Cement. __50 11 May 14 20 Feb 23
578 Jan 27 June
*7712 85
*7412 85
*7712 85 .7712 85 .7712 85
7
•7712 85
7% preferred
34
Feb 78 Sept
100 73 Feb 23 81 Apr 26
314
338
3h
31
*314 312
338 338
314 314
314 332 2,000 Lehigh Valley Coal____No par
5 Feb 21
212 Jan 8
Jan
1
63* July
054 1011
10
10
10
10
101
10
1114 1 114 1 114 1 114
1.200
Preferred
212 Apr 12 June
50
5 Jan 3 1414 Feb 21
645* 6634 '643 66
66
66
6634 *65
6634 6734 6712 6712 4,500 Lehman Corp (The)___No par 645*May 11. 78 Feb 6
3712 Feb 7938 July
21
r20
2018 2038 2038 2034 21
20
2112 2112 "21
22
1,300 Lehn & Fink Prod Co
14 Feb 2314 June
5 1634 Jan 23 2312 Apr 19
2814 3014 2912 3012 2978 3114 30h 3112 21,400 Libby Owens Ford Glass No par
i
2818 2914 273* 29h
48 Mar 3732 July
2738May 14 4378 Jan 19
2018 20
20
2018 2012 2038 2014 2058 21
20
*21
22
1,600 LIN Savers Corp
5 1718 Jan 8 24 Apr 23
1558 Oct 2218 Sept
19014 904 9014 9014 89
92
92
89
8934 9014 92
92
2,000 Liggett & Myers Tobacco__25 73 Jan 6 96 Apr 23
49
Feb 98 Sept
9112 9114 0134 91
914 9134 9414 9412 95
9112 9224 z90
6,800
Series B
25 7412 Jan 8 97 Apr IS
4910 Feb 9928 Sept
142 143 *142 145 .142 144 .143 145
*143 145 *143 145
200
Preferred
100 129 Jan 13 143 Apr 30 121 Star 14018 Sept
1912 19
1914 193
1812 19
19
1912 1912 20
'2014 2012 1,900 Lily Tulip Cup Corp__No par
16 Jan 15 2312 Apr 18
13 Apr 2112 May
23
.22
25
*23
23
24
2212 2212 23
25 .24
2512
500 Llma Locomot Works__No par 2212M0Y 10 3614 Feb 5
Jan 3134 July
10
r1578 1578 16h 1612 1612 1612 1628 165 •1612 17
16
16
984 Link Belt Co
1214 Jan
No par
1938
Feb
6
64 Apr 1934 July
27
2712 2612 2712 273* 2878 2734 29
2632 27s 2534 28
7,900 Liquid Carbonic
No par 2534'May 14 i 3538 Apr 23
1014 Feb 50 July
3012
295*
2934 3034 293* 307s 303a 315
2834
2858
3012 313 33,900 Loew'd Incorporated___No par 2534 Jan 6 3518 Apr 12
812 Mar 3612 Sept
92h *91
*91
93
*91
93
9214 93
*9112 94
9312 94
400
Preferred
No par 72 Jan 2 9714 Apr 24
35 Apr 7818 July
218 218
218
2
2
2
2
218
2
2
218 218 2.600 Loft Incorporated
No par
lh Jan 2
112 Dec
3 Jan 31
414 June
112
lh
112
lh
134
112 138
lh
134 •158
•138
13
1,300 Long Bell Lumber A No pa
114 Jan 12
234 Feb 20
12 Feb512 June
89
39
3812 3812 *391. 40
3912 3313 *3812 39h
39h 3912
900 Loose-1;5'11es Biscuit
25 3812 Feb 26 z4434 Jan 17
1914 Fob 4454 Dec
.12214 125,2 *12214 12512 *12214 12512 12513 12518 *12214 12513 *12214 12514
10
7% 1st preferred
100 11934 Jan 11 128 Apr 14 11312 M 43, 120
Jan
1614 1658 1614 1718 1658 165 163* 1712 17
1612 1634
173 15,600i Lorillard (F1 CO
10 1534 Jan 8 1912 Feb 5
103* Feb2514 July
____ .100
__ •100 ____ '108
____
1001 7% preferred
110 110 *100 115 1.100
100 102 Jan 26 113 Apr 11
8712 Feb106 Nov
2
2
17s
lh
2
*134 2
17a
•lh
2
2
33 Apr 4
21
1,000 Louisiana 011
No par
114 Jan 10
h Jan
4 July
*14
19
14
18
*14
5)4
14
18
*17
18
*1418 10
30
Preferred
100
714 Jan 2 2312 Apr 4
312 Feb 29 July
1613 17
16
1614
1513 1513 *1618 1658 1658 1658 1678 167
1,300 Louisville Gas & El A_No par 15 Jan 9 21 Feb 7
1374 Apr 2534 June
*14
1234 13
1478 1,700 Ludlum Steel
1238 12h
1312 1312 134 1334 1334 15
1
1212May 10 1912 Feb 20
4 Feb 2018 July
.75
82 '70
84
80
86
86
•70
*72
*80
575
80
Cony preferred
No par 84 Slay 7 97 Feb 20
1438 Mar 9512 Dee
34
100 MacAndrews & Forbes
32
.32
*33
32
34
35 '31
35
34 .32
•32
10 30 Jan 5 345 Apr 28
912 Feb 3134 Dec
.1021
--- •10212 _
_ •10234 __ •102h ___ •10234
6% preferred
*10212
100 95 Jan 13 101 Apr 16
74
Apr 96 Nov
46,30(
2618 -2-612 .-)
- Mack Trucks Inc
2412 -2514 2414 -25
No par 2358Nfay 10 4I5 Feb 6
; 2512 -27
25,4 -2-5-12 2514 253
1312 Feb 4638 July
7
417 4212 5,600 Macy (11 H) Co ine.__No par 3978Nlay 14 6218 Jan 30
4114 42
39
4034 40
413
414 4214 4214 423
2414 Feb 8534 July
612 612
7
2,900 Madison Sp Gard v t o_No par
614 612
7
658 678
612 652
634 634
238 Jan 2
7 Apr 27
158 Mar
7 June
1,400 Magma Copper
1814 1814 1814 1814 1913 1912 *1812 2014 20
2012 '1958 21
10 1512 Jan 17 22 Apr 16
5/
1
4 Mar 1932 July
27
258 3
21
234 3
2h
278 1,100 Mallinson (H R) & Co_No par
.238 27
0234 2h
4h Apr 24
172 Jan 2
78 Feb
514 June
35
3312 *15
35 .15
*15
•15
7% preferred
35
35
*15
100
35
758 Jan 9 333 Apr 24
*15
3 Feb 2634 July
.214 3
*214 318
100 INtanati Sugar
238 238 *214 318 *214 318 *214 3
100
1 Jan 8
334 Jan 23
la Jan
534 July
'5
Preferred
812 .412 738 *412 738 '434 738 *514 738 •514
14 Jan 3
100
738
914 Apr 26
/
1
4 Jan
97,8 July
200 Mandel Bros
6
No par
*5
812 Jan 26
512 .5
414 Jan 23
512 5,2 *5
5,2 512 *55* 713
512
112 Jan
972 June
*1412 16
200 Manhattan Shirt
•14
1434 r14
1438 •1412 1518 *1412 1513 *1412 16
25 1214 Jan 4 2038 Feb 1
512 Apr 23 July
400 Maracaibo 011 Explor_No par
"238 3
214 214
218 218 *218 2,
8 .218 3
24 214
134 Jan 10
338 Feb 17
lz Jan
4 June
*412 47
472
300 15.1arancha Corp
5
*412 458 "412 47
434 434
412May 11
412 413 *43
538 Feb 5
478 Nov
538 Nov
634 678
634 7
73s 712 7,100 Marine Midland Corp
678
5
9 Feb 6
718
534 Jan 5
714 738
714 714
5 Dee 1112 Jan
2412 .2412 28
2512 24
200 Marlin-Rockwell
*22'2 23
*24
No par 2112 Jan 8 32 Jan 25
•24
•24
25
26
6 Feb2314 Dec
1414 15
14h
1518 1538 9.100 Marshall Field .5 Co
No par 1213 Jan 4 1958 Apr 11
14
1414
1330 1438 14
13
414 Jan
14
1832 June
1,000 Martin-Parry Corp_
8
*712 77
81
8
No par
•7
612 Jan 24 1238 Mar 3
9
712 718 •7
678 718
13 Jan
718 Dec
• Bid and a+Iced prices, no sales on this clay. 2 Companies reported in receivership. a Optional sale. c Cash sale. s Sold 15 days. r Ex-dividend. v En-rights
New York Stock Record-Continued-Page 6
3408
car FOR
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday
May 12.
May 19 1934
SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE SIXTH PAGE PRECEDING.
Monday
May 14.
Tuesday
May IS.
Wednesday
May 16.
Thursday I Friday
May 17.
May 18.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots.
PER SHARE
Range for Previous
Year 1933.
Lowest.
Highest.
Lowest.
Highest.
$ per share $ per share $ Per share S Per share $ per share Shares. Indus.& Miscall.(Con.) Par $ per share
$ per share $ per share $ per Mara
28
2912 2812 295
2912 2934 2918 314 30
318 9,400 Mathieson Alkali WorksNo par 28 May 14 4034 Jan 24
14 Feb 464 Nov
x36
3612 3612 3734 3714 3714 *3838 39
375 3758 1,200 May Department Stores.“10 30 Jan 2 448 Apr 23
934 Feb 33 Sept
638 64 .638 7
618 64
7
7
400 Maytag Co
*612 7
438 Jan 2
No par
834 Feb 21
118 Apr
812 July
25
2.5
2518 2.518 26
26
26
26
2612 2612 1,500
Preferred
10 Jan 2 2812 Apr 26
No par
318 Apr 1514 Aug
76
76
76
76
Prior preferred
7512
•75
7512 *75
40
7512 *75
No par 49 Jan 3 9212 Apr 3
15 Apr .58
Oct
*2758 29
2912 30
*2834 2912 2912 2978 *30
900 McCall Corp
3012
No par 24 Jan 11 32 Apr 13
13 Mar 304 Sept
2
2
2
214
218 214
212 212 5,000 :McCrory Stores classANo par
212
214
14 Jan 8
412 Feb 6
4 Apr
474 June
214 214 *218 238 *2
24
214 212
212 212 1,400
138 Jan 4
Class B
No par
414 Feb 6
118 Dec
6
Jan
15
15
17
17
*17
21
*1812 22
Cony preferred
300
*1814 20
100
54 Jan 2 2534 Mar 17
213 Mar 21
Jan
838 9
014
*813 912 *8
9
*8
914
200 McGraw-Hill Pub Co_/Vo par
8
4 Jan 4 1012 Apr 21
3 Apr
818 June
404 42
4134 4314 424 433* 434 4434 44
4412 12,200 McIntyre Porcupine Mines__5 3813 Jan 25 5014 Apr 2
18 Mar 4838 Oct
8414 8414 85
800 McKeesport Tin Plate_No par 83 May 10 9414 Feb 21
85
854 86
8614 8614 8634 8634
444 Jan 9534 Aug
614 64
64 7
634 67s
5
918 Apr 10
412 Jan 2
634 74
718 74 9.900 McKesson & Robbins
134 Mar 1312 July
2512 2712 2712 28
2718 2734 2814 2934 2812 2912 5,200
Cony pref seriea A
50 117g Jan 2 3412 Apr 27
34 Mar 25 July
3
312
318 34
334 4
4
418 22,900 :McLellan Stores
No par
44
4
558 Mar 17
1 Jan 6
14 Feb
34 July
49 .4418 518 .4833 5212 *50
*45
5212 52
8% cony pref tier A
54
100
500
912 Jan 2 56 Apr 27
218 Jan 224 July
31
3118 32
32
3234 324 3214 33
1,000 Melville Shoe
*3238 33
No par 26 Jan 2 36 Apr 25
834 Feb 2834 Oct
7
712
1
634 Jan 13 11 Jan 22
714 778
7'2 754
814
8
8
814 3,400 Mengel Co (The)
2 Mar 20 July
40
40
40
40
4234 4334 45
45
4612 4612
100 30 Mar 21 52 Apr 19
220
7% preferred
22 Jan 57 July
21
2118 21
21
*21
Machine
22
*22
Co
23
800 Mesta
5 1613 Jan 4 30 Feb 19
2234 2234
7 Feb 21 Sept
2512 2512 *2512 2578 *25
2512 *25
2618
258 *25
200 Metro-Goldwyn Pict pref__27 21 Jan 5 26 API' 18
1313 Mar 22 Sept
4
412
•
44 412
458 458
414 414
5
412 434 2,500 Miami Copper
613 Feb 16
4 May 11
984 June
158 Mar
1214 1214 1234 1278 1278 7,100 Mid-Continent Petrol
11
1112 1134 1178 12
10 11 May 14 1434 Feb 5
334 Mar 16 July
12
12
,
8 1278 1278 13
12
11
1312 13
1312 2,700 Midland Steel Pr•d____No par 11 May 14 2172 Feb 19
3 Mar 178 July
*7212 83
*7212 85
*7212 85
*7215 82
8% cum 1st Prof
200
100 7012 Jan 12 8514 Apr 21
80
80
26 Mar 72 Sept
4213 45 .45
47
45
4514 45
45
1,000 Minn-Honeywell Regu_No par 36 Jan 4 52 Feb 1
45
45
13 Apr 36% Dee
278 278
273 3
218 Jan 4
3
278 3
318
318 318 4,000 Minn Moline Pow Impl No par
54 Jan 30
72 Feb
54 July
e24
*18
24
25
*20
25
244 2418 *20
Preferred
2,100
1718 Jan 11 3534 Feb 1
28
No par
6 Feb
30 July
16
17
17
174 •1718 17,2 1712 1773 18
20 124 Jan 4 224 Apr 21
1834 1,800 Mohawk Carpet Mills
7
Jan 22 July
40
41% 4218 4212 4258 44
*40
39
42
3,300 Monsanto Chem Co
45
10 39 May 14 54612 Apr 30
25 Mar 83 Dee
2212 2438 23% 2434 2334 2434 2412 2618 2538 26 107.300 Mont Ward & Co Ino__No par 2114 Jan 4 3558 Feb 15
818 Feb 2878 July
42
4278 424 42
*4012 4312 42
600 Morrel (J) & Co
43
No par 37 Jan 4 5114 Apr 13
*4112 43
25
Jan 56 July
34
34
138 Feb 8
58 Jan 8
34
82
34
34
34
34
88
34 3,600 Mother Lode CoalltIon.No par
4 Jan
218 June
g
84 813
8
814 812
8
834
85* 834 2,700 Moto Meter Gauge &E0____1
714 Jan 8 12 Feb 21
14 Jan
878 Dec
24
2412 24
2412 2514 2614 26
2212 24
2634 3,200 Motor Products Corp No par 2213May 12 443 Feb 15
734 Mar 3634 Sept
934 10
10
1014 10
1018 1014 1012 1014 1078 6,800 Motor Wheel
5
9 Jan 5 1612 Feb 16
113 Mar
1118 July
11
912 1014
11
1012 1012 11
1134 1118 1118 2,500 Mullins Mfg Co
No par
514 Jan 12 1558 Apr 23
113 Mar 1034 July
3238 3238 *25
33
*30
*30
38
44
100
*25
Cony preferred
44
No par 1218 Jan 12 46 Apr 21
5 Mar 25 June
•19
22
21
21 . 21
21
*20
*20
21
22
300 Munsingwear Inc
No par 1334 Jan 6 2514 Apr 13
6 Mar 1838 June
614 Os
634 714
10
6 Slay 12 1118 Feb 16
7
1113 July
733
118 Feb
738 74 17,600 Murray Corp of Amer
714 74
*15
17
81413 174 81414 17
100 Myers F & E Bros
*1414 17
17
17
No par 1518 Jan 2 2134 Feb 21
8
Jan 2012 July
1838 173 1812 22.500 Nash Motors Co
1578 174 1618 1712 1714 1758 17
No par
1578May 14 3214 Jan 30
1118 Apr 27 July
*512 6
578 54
534 54 1,400 National Acme
1
514 53* *512 6
872 Feb 23
44 Jan 9
118 Feb
514 514
734 July
93 Dec 1018 Dec
8
818
700 National Aviation Corp.No par
8
758 Feb 13 1314 Jan 31
8
*778 8
8
8
812 812
*814 81
7
7
634 64 *64 71.
678 678
71 4 734
734 734 1,000 :National Bellas Hess pref-100
314 Jan 6 1234 Mar 19
114 Jan
978 July
374 3734 37
3738 3734 3834 35
24,400
3714 3434 361
36
National
3434May
8
17
Biscuit
10
363
4912 Jan 18
3112 Feb 6058 June
144 144
*14234 1454 14518 14518 .143 1451 *14114 144 .14238 143
7% cum prat
200
100 131 Jan 3 148 Apr 2 118 Mar 146 Aug
1534 1518 154 1538 1638 1614 1634 10,900 Nat Cash Register A_ __No par
15
1412 1512 1412 153
1412May 12 2358 Feb 6
518 Mar 2358 July
1653 17
1678 1618 1678 1612 17
32,300 Nat Dairy Prod
1514 1538 1514 1614 16
No par
13 Jan 4 18 Apr 21
1012 Feb 2534 July
134
134
1%
112 158
158 *158 21s
134 134
112 112
700 :Nat DepartmentStoresNo par
1 Jan 9
3 Mar 16
12 Mar
212 June
18
18 .18
1514 1612 1512 1738 173* 18
19 .18
600
Preferred
1934
100
5 Jan 17 2212 Apr 18
114 Feb
10 June
2313 2414 2314 2438 2412 2578 2438 2538 244 2614 2512 2618 58,600 Nail Distil Prod new___No par 2314 Jan 3 3158 Feb 1
2078 Dec 3314 Nov
28
28
28
2812 •28
2612 2734 2712 28
29
29
29
1,500 Nat Enam & Stamping_No par
1612 Jan 5 3278 Apr 24
5 Feb
1932 Dec
1404 14014 140 140 *14114 149 *143 149
145 145 *14112 149
300 National Lead
100 135 Feb 10 16012 Apr 18
434 Feb 140 Nov
'14018 14218 *14012 14218 *14012 14218 *140 14118 *14012 1424 *14012 142
Preferred A
100 122 Jan 16 143 Apr 18 101 Mar 12814 Nov
11278 11278 113 113 *1114 11812 *10978 11812 *11018 11812
300
113 113
Preferred 13
100 10012 Jan 9 113 May 12
75 Feb 10918 July
1012
978 1014 1014 105* 1014 1034 9,200 National Pow & Lt____No par
914 9,2 10
914 912
812 Jan 4 1512 Feb 6
64 Apr 2012 July
41
42
424 4212 4234 4214 43
43
43
4412 44
4434 3.900 National Steel Corp
25 41 May 14 5814 Feb 5
15 Feb 5518 July
1434 15
1414 1412 144 15
154 1512 15
1614
1614 1634 2,800 National Supply of Del
25 1112 Jan 10 2118 Apr 24
4 Apr 2818 June
534
49
*49
*54
49
50
5812 53
*51
.51
5812 51
60
Preferred
100 3312 Jan 4 60 Apr 23
17 Feb 6014 June
12
1214 1178 1234 1278 13
1214 115 1214
13
11
1338 6,100 National Tea Co
No par
11 May 12 IR% Feb 1
612 Jan 27 July
194 2014 2118 21
19
22
1912 1714 18
1818 1914 19
2,800 Netaner Bros
No par
612 Jan 4 3014 Apr 13
113 Jan
1218 June
41
41
*40
41
4118 41
3912 4012 40
1,100 Newberry Co (J J)
42
4112 42
No par 391288ay 14 4978 Apr 10
*103 104 *103 104 *102 104 *102 104 *102 103
103 103
100
7% preferred
100 100 Apr 3 104 Apr 10
81s
812 838
8
8
834 834
818
2,200 Newport Industrlea
9
812 012
9
1
8 Jan 10 13 Mar 6
1
38 Mar -1-112 July
1618 1612 165* 17
16
17
1718 *1614 17
17
*1634 18
1,300 N Y Air Brake
15 Jan 5 2434 Feb 7
No par
64 Apr 2312 July
*414 6
414 414 *414 5
*414 5
*414 5
400 New York Dock
*418 5
234 Dee 1172 June
100
814 Mar 19
333 Jan 11
9
9
10
9
10
.12
9
11
13
11
12
12
700
Preferred
100
8 Jan 8 20 Mar 13
13
Oct 22 June
12
12
12
34 2.700 IN Y Investors Inc.
34
5*
34
58
58
34
58
58
114 Feb 7
No par
38 Dec
12 Jan 2
234 June
134 143* 1334 1414 1412 1512 15
16
1614 175* 17
1712 8,200 NY ShIpbldg Corp part stk__1
1158 Jan 3 224 Feb 1
184 Jan 2212 Aug
*80
*78
82
*78
82
*76
80
82
*76
82
*76
82
7% preferred
100 7312 Jan 2 8934 Apr 13
31
Jan 90 June
*93
97
97
97 .93
95
*93
98
*96
98
*96
98
10 NY Steam $13 pref
No par 82 Jan 6 99, Apr 10
70 Nov 10178 Aug
*1084 10978 *10818 1094 .10812 1094 •10812 10978 .10812 1094 *10812 1094
No par 90 Jan 15 109 25iay 9
$7 1st preferred
83 Nov 110
Jan
384 3914 3918 3958 3918 40
3858 39
40
413* 404 4112 7.600 Noranda Mines Ltd_ No par 334 Jan 4 44, Apr 9
174 Jan 3872 Sept
1512 1518 1612 16
1519 154 15
1614
1614 1714
1612 1714 29,700 North Amerlcan Co
No par 1338 Jan 9 25,',Feb 6
1214 Dee 3612 July
4134 42
4258 *404 42
*394 4434 *40
42
4214 4112 42
Preferred
900
50 34 Jan 9 45'1 Apr 20
31 Dec 46
Jan
412 434
412 434
45* 478
434 478
473 5
518 514 10.800 North Amer Aviation
8 Feb 1
44 Feb 10
1
4 Feb
9 July
x704 704 *6814 7158 71
*6713 73
71
*6938 7158 *693* 73
200 No Amer Edison pret__No par 4712 Jan 4 7434 Apr 28
39 Nov 79 July
4312 .40
040
4312 .41
4312
4313 *41
4312 *41
4312 *41
Northwestern Telegraph__-50 34 Jan 9 43 Apr 26
2634 Apr 43 June
3
3
234 234
278 3
3
3
3
318 *234 3
23 Jan 8
1,000 Norwalk Tire & Rubber No par
412 Feb 19
1 18 Feb
578 July
10% 1133 1012 1118 1114 1173 1112 12
x1112 1238 1218 124 20,400 Ohio Oil Co
1012May 14 154 Feb 5
No par
434 Feb
1758 July
314 34
34 338
314 312
4
7 Feb 5
318May 14
4
3,2 353
No par
7,600 Oliver Farm Equip
334 37s
118 Feb
834 July
125* 154 1212 1318 1418 14% 15
1538 1538 16
1634 18
12 Jan 8 27% Feb 5
Preferred A
5.100
No par
314 Feb 3034 June
*43* 44 •44 478
*414 478
478 44 .44 5
478 5
AssMny 10
700 Omnibus Corp(The)vto No par
614 Jan 2
134 Mar
83 July
91 1
94 914
9
10
*912 1014
74 Jan 4 1418 Mar 31
94 912
912 91 2 10
1,000 Oppenhelm Coll & C,o...No par
213 Feb
15 June
144 144 14,3 1412 1434 15
15
1512 1538 1534 1538 1534 10,500 Otis Elevator
14 May 8 194 Feb 18
No par
1018 Feb 2514 July
10112 102 *100 10112 *100 10112 10114 10112 101 101
Preferred
lOOj 92 Jan 18 102 May 12
150
9912 9912
9313 Apr 106 July
412 434
412 434
438 434
44 518
8 Feb 19
415 Jan 4
5
No par,
514
114 Mar
514 54 5.600 Otis Steel
914 June
1812 17
*17
1812 *1614 1814 1914 1914 *1614 20
1718 *16
100
9 Jan 2 25 Feb 20
Prior preferred
600
214 Feb
2134 June
7414 7414 7414 7414 7412 75
7513 7512 7312 76
Owens-Illinois
73125i3y
Co____25
14
94
Glass
Jan
30
2,300
76
77
3113 Mar 9634 July
1678 1738 1718 1734 17
17
17
1714
1714 175* 1712 175* 5,400 Pacific Gas & Electric
25 1513 Jan 6 2312 Feb 7
15 Dec 32 July
31
31
30
31
31
3138 305* 32
No par 2313 Jan 2 37 Feb 7
32
3238 3.700 Pacific Ltg Corp
303* 31
22 Dec 435* Jan
22
2212 203* 21
2112 22
2358 235* 1,200 Pacific Mills
100 2058Slay 14 34 Feb 5
225* 23 .2312 24
6 Feb 29 July
80
*8012 81
80
8038 81
80
.8012 81
81
100 72 Jan 11 8512Mar 13
7812 8014
660 Pacific Telco & Teleg
65 Mar 9434 July
•10834 112 *108 112 .10812 112 *109 112
100 103 Jan 3 11212 Apr 26
30
109 109 .109 112
6% preferred
9914 Nov 11112 Sept
7
718
7
878 Apr 25
613 Star 19
7
74 738
7
718
74 738 2.500 Pac Western Oil Corp._No par
7,8 714
534 Dec
912 Sept
334 4
418
34 4
418
334May 14
4
4
414
64 Feb 23
418 414 44,500 Packard motor Car ___No par
134 Mar
872 July
•10-14 1118 *1034 1118 1078 1078 *1034 1118 .1034 1118 .1034 1118
100 Pan-Amer Petr & Trans ......_5 1034 Jan 9 1112 Jan 30
8 June 14 July
21
24
20
20
201
21
1 20 May 12 3512 Feb 6
211 4 23
2312 2512 25
2,500 Park-Tilford Inc
26
6
Jan
385* Oct
.118
114
1
I Jan 11
lls
114
700 Parmelee Transporta'n _No par
114
14
1,8 •1 1s
2 Feb 5
114
114 *118
38 Mar
3 July
138 18
112 *138 112
114
213 Apr 6
112 *114
114 Jan 2
112 112 1.100 Panhandle Prod & Ref_No par
15* *13*
38 Apr
414 June
*1212 18
100 12 Jan 3 2112 Apr 6
18
1212 14
*14
.14
8% cony preferred
.14
15
18
*1414 18
20
534 Jan
20 June
4
438
418
4
43
:Paramount
8
414
4
414
Publlx etts____10
578 Feb 16
14 Jan 2
44 412
414 412 38,200
212 June
4 Apr
334 4
34 4
334 4
334 378
1
34 Jan 11
414 44
4% 478 44.000 Park Utah C M
672 Fob 15
414 July
84 Jan
214 238
238 258
Vo par
238 234
14 Jan 4
233 278
10.500 Pathe Exchange
24 3
414 Mar 2
25* 3
14 Jan
24 July
1712 1838 173* 184 1834 2014
20
1932 20
1012 Jan 4 241e Apr 23
Preferred class A____No par
2078 20
2012 21.700
1 14 Jan
1414 Dee
53 Jan 25 Nov
1512 1614 134 1518 15,2 1618 16
1714 1713 13.500 Patin° Mines & Enterpr No par 134May 14 2112 Jan 2
104 1678 18
313 3%
334 34 *334 378
3
312 4
378 4
2 Jan 2
37
4
2,700 Peerless Motor Car
4% Apr 23
918 July
84 Feb
5612 5612 .56
55
No par 53 May 11 84 Jan 30 x2512 Feb 6034 Dee
5412 5434 *5412 58
55
5538 53
56'z 1,700 Penick & Ford
5612 5754 5714 58
5534 56
5512 56
5818 59
7,000 Penney (J C)
59
60
No par 5112 Jan 4 674 Mar 3
194 Mar 56 Dee
•108 10812 *108 10812 *10814 10812 10812 10812 *10712 10812 *10712 10812
Preferred
100 10512M
8 10812Slay 16
100
90
Jan 108 Aur
434 *313 41
*312 41
Penn Coal & Coke Corp_ _50
24 Jan 9
*4
•314 5
514 Apr 24
*34 5
*34 5
34 Fel
958 July
51
438 458
4
5
5
478 5
2,100 Penn-Dixie Cement.....No par
418 438
372 Jan 8
734 Feb 5
4'2
533
917 .11111r
114 Jan
24
24
2134 2134 *21
22
100
*18
*2114 23
*20
*22
Preferred series A
24
100
13 Jan 8 32 Apr 24
412 Mar 32 July
30
32
31
2,700 People's 0 L & C (Chic)_100 27 Jan 4 4378 Feb 6
31
2914 2914 283* 29
3112 32
301
30
25 Der
Th
Jan
*1312 15
Pet Milk
15
*1312 15
*1334 15
*1312 15
914 Jan 3 15 Feb 23
15 .13
No par
•13
812 Fe'
1514 June
7,400 Petroleum Corp of Ass
1112 111
1078 11
5
1012 1012 1018 1038 1614 1014 1034 1034
9 Jan 3 1414 Feb 3
458. Jan
IS July
1518 1378 1614 173* 1658 171 18.400 Phelpe-Dodge Corp
25
14% Mar 27 1878 Apr 26
15'2 1538 1618
1512 1512 15
412 Jai
1872 Sent
3213 29
2,900 Philadelphia Co 8% prof_ _50 2414 Jan 2 37 Feb 9
32
3114 3114 3014 3014 *3014 31
*30
3212 •28
2112 Nos
38 July
621 .59
621
6212 6212 6212 *59
100
6212 .59
$6 preferred
6212 •59
No par 49 Jan 12 64% Feb 17
*59
3814 Dec 62 July
434 5
478 51 11,800 Phlia & Read 0 & I
434 5
434 5
334 5
34 Jan 4
No par
64 Feb 21
378 4
213 Fel
915 July
183* 1712 1778 18
900 Phillip Morris & Co Ltd___10 1112 Jan 3 20,4 Mar 26
18
18
18
1712 1712 1714 181 *18
8
Feb
1473 June
*13
*13
15
400 Phillips Jones Corp
13
15
15
15
137
15
*13
9 Jan 5 21 Apr 2
15
No par
*13
3 Feb1634 July
721
7213
*60
*60
7212 *60
7212
721 *60
7% preferred
7212 *60
100 58 Feb 27 7478 Apr 7
*60
35 Jun(
35 June
181 19,300 Philips Petroleum
1718 174 173* 18
1734 1812 18
1512 Jan 9 z2034 April
No par
163* 1678 1614 171
434 Jan
18% Sept
200 Phoenix Hosiery
5
*64 812 *544 81
*514 8
8
518May 12 1312 Feb 3
*6
6
158 Mar
5,3 5,8 6
1734 Dec
1
33* 31 13,000 Pieroe-Arrow Mot Car Co___ _5
3
3
34
612 Feb 19
318
34 312
278 3's
2 Jan 16
3
34
3 Dec
74 Nov
5
78
58
8.58
25
38May 10
900 Pierce 00 Corp
*89
118 Jan 30
3
84
58
58
*58
53
58
14 Jai
172 June
3
93*
300
1034 Feb 14
Preferred
•718 938
7
912 *718
*634 912
*7,8 9
7 May 11
7
*7
100
372 Fel
1374 June
112
2,000 Pierce l'etroleum
112 11
132 *132
2 Feb 6
114 Jan 13
No par
132
132
ls
138
284 June
Pa
52 Jai
112
112
2478 2478 2478 2478 253* 251
2134 25
2,600 Pillsbury Flour Mills
No par
1812 Jan 8 2738 Apr 27
938 Feb 284 June
244 2514 x2412 25
100 Plrelll Cool Italy Amer shares 704 Jan 22 8412 Mar 21
7518 *7212 751g •7278 7412 7314 731
3338 Apr
75 Nov
"7314 75,8 *7218 741 •72
*1112 14
*1112 14
200 Pittsburgh Coal of Pa
12 .1112 14
100
912 Jan 9 11313 Feb 9
4 Feb 23 July
*11 12 1212 1112 1112 12
3218
3214 321
*32
34
200
Preferred
830
100 30 Jan 8 4212 Feb 1
34
*30
17
34
48 July
.30
Jan
32
32
8 Bld and asked prices, no sales on this day. I Companies reported In receivership. a Optional 91110. e Cash sale. s Sold 15 days. x Ex-dividend. y Ex-rlahts
$ per share
284 2878
*3514 3612
612 613
25
25
76
76
*2714 30
214 24
218 212
16
16
*9
10
404 4138
*84
88
612 64
2518 2612
318 314
4634 4634
31
314
634 74
3878 41
21
2134
*2512 2578
4
418
1112 12
1112 1112
*7212 85
42
42
278 3
*16
20
164 1614
40
4038
23
2418
*4012 45
34
54
734 778
224 23
1018
10
938 10
.22
3278
*19
22
6
7
*1414 17
16
164
igr
_
3409
New York Stock Record-Continued-Page 7
PRECEDING.
FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE SEVENTH PAGE
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT. I Sales
for
the
Friday
Thursday
Wednesday
Tuesday
Monday
Saturday
Week.
18.
May
17.
May
18.
May
15.
May
May 14.
May 12.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On bears of 100-share lots.
Lowest.
Highest.
PER SHARE
Range for Previous
Year 1933
Lowest.
Highest.
$ per share $ Per Share $ Per share
$ per share
178 Feb
11% July
7 Jan 5 1118 Apr 4
1014 Jan 3834 Slay
27 May 17 43 Feb 21
67 July
12 Feb
312 Feb 21
2 Jan 19
Jan 2312 July
4
818 Jan 4 1712 Feb 23
34 Feb
5 Feb 19
612 July
214 Jan 2
153 Feb 84 July
37 Jan 2 5978 Feb 19
7 June
38 Apr
5 Feb 21
15 Jan 4
1758 July
83 Feb
10 May 14 1634 Jan 30
134 Apr 1384 July
8 May 14 1478 Feb 5
158 Mar
8 June
614 Jan 30
3 Jan 12
4 May
53 Feb
314 Jan 30
lle Jan 3
4 Feb 40ra June
1614May 14 293 Feb 6
512 June
512 Feb 16
% Jan
Vs Jan 5
18 June
Jan
3
6s Jan 5 22 Feb 17
1958 Feb 4712 July
3358May 14 4114 Jan 23
Apr 11034 Nov
97
10212 Jan 22 110 Slay 15
278 June
14 Jan
114 Mar 15
la Jan 2
13 June
2 Nov
6% Feb 19
118May 2
3238 Nov 57% June
33 May 14 45 Feb 6
597 Nov 8812 Jan
67 Jan 2 84 Feb 6
75 Dec 10138 Jan
79 Jan 8 9614 Apr 27
84 Dec 11212 Jan
90 Jan 8 106 Feb 21
Jan
99 Nov 125
105 Jan 12 11912 Feb 17
83% Dec 10312 Jan
90 Jan 10 10314May 17
18 Feb 5818 July
471.4Slay 14 598 Feb 5
212 Mar 1538 Sept
938May 10 148 Feb 18
30 Mar 6978 Sept
5834 Jan 9 80 Feb 6
57 Feb 2538 July
1214 Jan 6 193 Feb 5
3 Feb 1214 July
918 Feb 6
812 Jan 4
1314 Feb 40 Slay
2314 Jan 4 4112Nlay 11
Feb 27 July
612
11
8May
353
4
15 Jan
214 Jan 9
534 June
1 Mar
4% Feb 17
5 Feb 2038 Sept
18 Jan 9 23 Feb 5
512 Feb 207 June
712518y 14 14 Feb 6
Jan 60 May
25
45 Jan 23 6014 Apr 26
412 July
6 Apr 2
14 Jan
21 Jan 5
1812 June
118 Jan
1312 Jan 3 3834 Apr 2
1114 July
212 Feb
638 Jan 6 1338 Feb 23
712 Feb 3712 July
323 Jan 5 6912 Mar 14
8 Feb 3534 Dec
30 Jan 8 67 Mar 14
638June
138 Feb
512 Feb 23
3% Jan 2
4 Feb 23 July
15 May 14 2534 Feb 23
9 Feb 5412 July
39 Jan 4 6712 Feb 23
12 June
114 Jan
5 Jan 8 1412 Apr 11
214 Mar 25 June
1114 Jan 29 2812 Apr 11
6 Feb 2112 June
1512 Jan 2 2734 Apr 26
112 Feb 15% July
612 Jan 9 1312 Feb 25
2812 Jan 15414 Sept
3934 Mar 21 4512 Jan 9
Jan 6234 Jan
60
57 Jan 5 5972 Jan 3
612 Feb 1634 June
9 Jan 17 1312 Feb 8
2338 Nov 2612 Nov
2638 Jan 3 3318 Apr 26
1078 June
2 Apr
4 Jan 3 1014 Feb 6
1758 Mar 39% Nov
33 Apr 30 3918 Feb 19
818 Feb 3184 Sept
1612Slity 12 277 Feb 5
28 Mar 6238 July
44 Jan 5 57 Apr 23
72 Apr 9412 July
84% Jan 3 10434 Apr 24
80,4 Feb 105 Sept
9812 Jan 15 112 Apr 20
12 July
214 Apr
6 Jan 13 1214 Feb 15
4514 Aug
24 Nov
2514May 10 38% Apr 11
33 Jan 4
1014 July
58 Mar
8 Feb 5
31 Apr 3534 July
15 Jan 2 3034 Apr 16
Jan 4478 July
28
41 Jan 10 50 Apr 5
15 Feb 433* Sept
2538 Jan 6 3838 Apr 11
47 Feb 7
43.4 July
118 Feb
25 Jan 18
1212 Feb 47 July
4012 Jan 4 51% Feb 5
June
Feb5
114
414 Jan 26
2 May 10
1
200 Second Nat Investors
212
212 *214
212 .214
2
2
*2
214 214 *2%
214
24 Feb48 July
1 32 Jan 8 4518 Feb 2
Preferred
•3618 42% .3618 4218 *3618 4218 .3618 421 .3618 42% •3618 4218
June
3%
22
Mar
18
Jan
2
5
Jan
1
No par
1,800 :Seneca Copper
1
1
118
.1
1
1
1
118
118
118 I%
l's
112 Feb
712 July
Apr 24
434 Jan 8 9
1
Servel Inc
718 734 711 734 25,100
714
7
71g
7
Pt 7
634 7
July
1314
Apr
4
3
5
9
Mar
8
137
2
Jan
68
par
No
6,700 Shattuck (F G)
034 10
97s 103s
834 9
834 958
914 978
912 97
112 Feb 12 July
1314 Feb 23
518 Jan 11
No pa
900 Sharon Steel Hoop
812
*814 812 *8
8
8
712
718
7% 718
712 77
77 Feb 5
June
838
Feb
212
2
Jan
4
43
par
No
Dohme
&
Sharpe
57
1,000
57
614
6
534 53
558 534
512 512
.534 57
2114 Mar 417 July
Cony preferred set A _No par 3814 Jan 8 49 Slay 3
300
47
*45
*4512 47
47
*46
48
47
*47
4012 47 .46
1158 July
77 Jan 3 1112 Jan 27
312 Feb
No par
10,400 Shell Union 011
858 9
83* 812
814 812
814 812
8% 838
814 838
2812 Mar 61 July
28
Jan
89
2
Jan
58
100
Cony preferred
1,100
74
*73
76
7212 7212 .73
72
72
72
7218 *7212 76
438 Feb 31 July
1412M3y 14 24% Feb 5
par
No
Co
Simmons
14,600
1712
4
163
1714
1614
1614
16
150 1534 1412 1534 1514 1614
47 Feb
1238 June
812Slay 14 1112 Feb 5
10
2,600 Simms Petroleum
9
9
9l
9l
9
812 87
9
87
9
812 9
9%
97 June
77 Jan 10 1118 Apr 25
3 Feb
25
912 934 2,600 Skelly 011 Co
98 978
934 10
9
10
938 938
912 .9
22 Feb 5712 July
Apr 26
6818
9
Jan
4
543
100
Preferred
300
*63,2 67
*8412 67
6312 6414 *6214 6412 6412 6412 *6312 67
July
35
Jan
7
17
Feb
2712
9
Jan
15
Iron...100
&
Steel
Sloss-Shoff
29
29 .16
*16
29
*16
25
*1838 25
*1812 25 .16
814 Feb 42 July
100 2312 Jan 2 42 Apr 23
7% preferred
*3014 45
*3014 45
.3014 36
*3014 36
*3014 3518 .3014 36
July
4
93
Mar
8
5
5
May
17
3
Jan
4
63
par
Corp_No
Packing
Snider
1312
8,400
1438
1312 1412
1238 134
1378 14% 1312 14
123* 13
6 Mar 17 Nov
25 14 Slay 14 197s Feb 5
42,600 Socony Vacuum Corp
1538 1538 1578 155 18
143* 1512 14
1412 1538 15
15
4Slay 2
Feb 92 July
58
1013
8
Jan
86
pref.100
Tr
Invt
Am
Solvay
1,500
7
10012
.10014
1
1007
10038
*98 100
99 100
*98 100
100 100
483* July
1578 Jan
Feb 5
2934 3012 3012 3114 4,500 So Porto Rico Sugar___No par 2918Nla3' 14 3938
30
2914 29% 2918 2912 2958 30
30
Jan 132 July
100 115 Jan 16 130 Mar 20 112
Preferred
*126 130 .126 130 *126 130 *126 130 *126 12934 *126 130
Jan
28
Nov
1418
7
Feb
2218
4
Jan
1514
25
Edison
Calif
Southern
8,200
1638 1714
16%
18
1618 17
164 1638 1614 1638 1638 17
4
117s July
Jan
534 Jan 10 13 Apr 21
100 Spalding (A (1) & Bros_No par
934 *912 1012 *912 1012
*9
9
9
10,2
*9
938 *9
June
61
Mar
2518
21
100 3014 Jan 11 74 Apr
1st preferred
150
.54
54
55
55
59
54
*52
55
59
*52
55
55
1512 July
412 Feb
7 Jan 22 153* Apr 23
10 Spang Chalfant & Co Inc No par
*7% 15
*818 10
11
.7
*7
8
8
10
10
.7
1712 Feb 50 June
100 30 Jan 23 62 Apr 24
Preferred
30
54
*42
54
53 .40
54
.50
50
54
54
*53
.50
8 June
84 Feb
8 Feb 21
5
Jan
8
35
par
Withington____No
57
Sparks
8,800
55
613
53
612
6
57
53
534
6
51s 54
512 June
12 Jan
734 Apr 18
2 Jan 3
No par
180 Spear & Co
51s
5
8 438 *414 458
4,
512
5'2
414 438 *4
51
712 Apr 22 July
1534 Jan 5 2412 Feb 23
500 Spencer Kellogg dc Sons No par
*1978 21
20 .1912 21
20
19
19
18
1712 1712 18
712 July
May
218
2
Apr
8
113
5
Jan
8
5
5
1
87
a
t
v
(The)
Corp
Sperry
45,800
912
813
914
838
838
83
8
734 814
78 81%
16 June
Jan
5
8 Jan 10 13 Feb 7
No par
300 Spicer Mfg Co
934
034 *7
818 *6
8
838 838 •818 1118 *818 10
e
1184 Mar 3212 Jur,
2 3112 Feb 20
Jan
2154
par
_No
.
_
A
preferred
Cony
100
30
*29
30
*2812
2712 2712 2712 2712 *28
29
29
29l3
Feb 2112 Dee
1
19 Jan 4 6712 Apr 25
4912 34,700 Spiegel-May-Stern Co_No par
4311 4738 4614 495a 47
46
4012 4512 3914 4412 43
1334 Mar 3738 July
1834May IL 2514 Feb 1
No par
2012 37,100 Standard Brands
1534 1918 19% 157s 1912 19% 1938 2038 20
1834 193
938 Aug
Jan
1
8 Mar 13
4 Jan 9
5
5
518
5
43
5
5
434 5
5
5% 5,4 3,700 Stand Comm Tobacco_No par
518 Mar 2212 June
658 Jan 4 17 Feb 6
818 834
812 9
914 10
914 974
934 1078 1014 1078 11,900 Standard Gas & El Co_No par
834 Dec 2578 June
8 Jan 8 17 Feb 6
7
par
No
Preferred
8,200
12
1112
93* 1014
1214
1134
11
1038
1012
10
98 1138
15 Dee 61 June
16 Jan 10 33 Feb 6
$8 cum prlor pref__ No par
1,900
24
23
25
2414 .24
24
23
23
20
2014 20
19
16 Dec 66 June
1712 Jan 4 3812 Apt 24
No par
$7 cum prior pret
2,700
2118 2712 2778 27
29
2414 2512 24
2914 28
28
28
278 June
ls Mar
6
Jan
17
13
Jan
8
7
par
No
Corp
Investing
Stand
200
8
13
1g
*1
8
13
114 *118
138
1% *1114
114
14
1% *1,8
Slar 1024 Sept
9212
8
May
110
2
Jan
9611
10912 10934 1,100 Standard 011 Export prot_100
10914 109% 109 10914 10912 10912 *109 10934 109 109
1912 Mar 45 Nov
16,100 Standard 011 of Calif....No par x307851ay 14 4278 Jan 30
3212 3214 33
31
23058 313s 304 3134 30% 317
3112 32
12% Apr 397k Dec
3914 3914 3912 3934 .39% 3912 3912 3912 3934 3934 2,300 Standard Oil of Kansas _ ___10 3334 Feb 13 41 Apr 21
*3918 40
2234 Mar 4712 Nov
4138 4234 4258 4318 35,200 Standard 011 of New Jersey_25 4112May 16 5018 Feb 17
415* 4214 4114 4214 14134 4214 41 18 417
4 Feb1112 June
19
Apr
1414
15
Jan
6
par
No
S
L
13
(The)
Co
Starrett
600
11
1114
1
11
107
11
11
.1034 11 4
11
•104 1112 11
4538 Dec6034 Sept
10 4714 Jan 4 6134 Apr 21
5818 5734 5814 6,500 Sterling Products Inc
57
58
57
5714 .573
5838 587* z5612 57
374 June
58 Jan
3 Feb 6
138 Jan 2
17
800 Sterling SecurIties cl A_No par
*112 I%
112
112
158 1% .
112 178 *15s
112 112
1% Feb734 June
7 Feb 6
3 Jan 3
*45
No par
Preferred
100
.
5
*412 5
; 458 *412 5
43
438 5
•41, 5
July
3614
Mar
20
1
Feb
4
363
12
Jan
5
30
Convertible preferred____50
300
3414 3414
36
341; 3412 34
*34
.34
36
*3412 38
36
212 Feb1112 July
614 Jan 8 1058 Feb 21
10
74 732 11,100 Stewart-Warner
712
7
710 714
714
87
614 04
634 7
July
Dec1914
512
6
Feb
1314
6
Jan
6
par
Webster
&
Stone
75
No
13,700
812
818
778 812
734 8
8
614 714
718
7
838 June
112 Mar
9% Feb 21
438 Jan 2
53
47
412 47
5
5
514 5'2 13,300 :Studebaker Corp(The)No par
412 438
412 43
Apr 3818 June
9
19
Feb
47
2
Jan
1912
Preferred
100
25
25
24
24
400
21
21
2514
•20
22
.16
•2014 2312
35 Feb59 Nov
Sun 011
No par 5112 Jan 2 62 Apr 21
597
.5612 62 .57
5974 •57
*5612 62
.5612 62
.5812 62
89 Mar 103 July
Preferred
100 100 Jan 17 11312 Apr 23
160
.111 11112 11012 11012 11012 11012 11018 11012 11012 11012 11012 11O'z
712 Feb27 July
5
Feb
2514
6
Jan
par
100
18%
Co
.16
15
18
Superheater
.16
(The)__No
18
*1514
18
*15
15
15
17
*15
412 July
% Jan
3 Feb 1
134 Jan 3
1
214 238 3.300 Superior 011
214
214
214 214
218 218
2
2
218 2%
2 Feb2234 July
19
Feb
4
153
14
618May
Superior
100
4,200
9
Steel
858
9
814
8
83
8
838
613 7,2
712 814
7,2
July
10
Mar
1
26
Jan
4
53
9
Jan
314
Sweets
4
Amer
Coot
700
37
(The)___50
33
4
37
37
.4% 412 *334 4,2 8334 414
3 June
15 Apr
212 Feb 19
72May 11
No par
17g
600 Symington CO
118 .114
118
118
118
1
1
r%
1
1
1
53 Feb 23
,4 July
5
AD
la
8
31
8May
27
par
No
A
Class
600
314
312
*314
318
318
3
3
27s 278
278 238
81s Feb1838 July
5 1012May 12 1514 Feb 1
500 Telautoraph Corp
1138 1158 *1012 1178 •1158 li7e
1012 1012 1012 101, 1114 1114
133 Feb714 Aug
63 Feb 19
47
ale Jan 8
.5
1,700 Tennessee Corp
*434 5
5
43
412 412 .438 47
41
438 418
Feb3018 Sept
10%
5
Feb
8
293
14
2112May
25
Texas
20,700
8
247
24
2414
Corp
(The)
2318 2312 2278
2112 2274 2218 23
2212 23
Feb45% Nov
1514
6
Feb
4314
14
323 34's 344 34% 11.900 Texas Gulf Suiphur____No par 3012May
3012 3158 3112 3212 3212 33
313
31
138 Ma
Apr 4
612 Slay
812
8
Jan
318
011_10
Texas
Pacific
3.800
&
Coal
37
414
414
414
4
37
4
4
4
3%
334 4
Ills June
Mar
312
2
Apr
12
8
Jan
4
63
Trust_.1
814 8,600 Texas PacIfie Land
8
814
77R
734 778
73
712 734
738
734
738
5 Feb2218 July
10 Jan 4 1512 Jan 30
par
No
Mfg
Thatcher
700
1212
1238
1214
1214
1214
*11
1214
*1012
11
1012
*1012 11
2758 Feb44 July
No par 39 Jan 15 44 Jan 29
$3.60 cony uref
4312 .40% 4312
•4178 4312 .4178 4312 *40,4 43% *40% 4312 .4018
receivership. a Optional sale. c Cash sale. z Ex-dIvIdend. y Ex-rights.
•Bid and asked prices, no sales on thts day. 11 Companies confined In
$ per share S per share 5 per share $ per share Shares. Indus.& MIscell.(Con.) Par
754 8
734
2,700 Pittsburgh Screw & Bolt No par
4
738 734
75s 734
80 Pitts Steel 7% cum pref__100
2812 2834 29
27
29
.25
*2418 29
100
400 Pitts Term Coal Corp
3
*2
3
.2
214
214
*218 3
100
6% preferred
10
1313 .11
1314 *1118 1314
1012 1012 .11
25
300 Pittsburgh United
234 234 *258 378 *238 378 .2% 378
100
Preferred
30
48
•4312
4312
4312
*4312 46
*4312 46
No par
300 Pittston Co (The)
314 314
3
3
3
*2
"252 3
5
114 1114 1112 1158 1214 1218 1238 10,900 Plymouth 011 Co
11
No par
800 Poor dr Co class B
812 812
812 812 *834 9
812 812
200 Porto Ric-Am Tob cl A_No par
414
.312 412 *358 412 *334 454 *4
No par
Class B
200
158 I%
134 .158 214
•158 214 *158
2014 1938 2012 6,600 Postal Tel & Cable 7% prat 100
1812 1714 1814 18
17
No par
27
312 2,600 :Pressed Steel Car
3
3
234 234
278 3
100
Preferred
700
13
13
1112 11 12 1212 13
1114 12
No par
3334 3438 337 3414 34
3438 345.8 3434 6,500 Procter & Gamble
'29)100
of
(set
pret
1
Feb
5%
180
109
*108
109
109
10912 110 *109 10914
:Producers & Refiners Corp_50
50
Preferred
353
Pub Set Corp of N J___No par
,500
2
14
116
4
6- -552 153-3 -512 10-38 -5534 341-2 -55- -ii- -5ii2 -5.
par
'Jo
preferred
55
300
7934 7934 7934 •.7812 8018 .7812 7958 7958 793*
7938 7978 *78
100
6% preferred
.9114 9412 *9114 9412 *9114 9412 .9114 9412 .9112 9438 *9112 943
100
7% preferred
200
103 103 .10018 10312 *101 10312 *10112 10312 .10214 10312.10214 10338
100
8% preferred
*11218 117 .11218 117 *113 117 *11312 117 *114 118 *11414 118
par
3.5_No
pf
Gas
&
El
Ser
Pub
500
4
1053
10314
10314
*10212
103
103
10212 10212 10212 10212 .10212 103
par
No
Inc
Pullman
504 7,600
4934 4912 504 50
4818 4912 4714 4838 49
4938 49
No par
•
011 (The)
Pure
16,000
1114
1038
1114
5
8
105
8
103
1014
1
1012
10
9
10'4
2
938
9
100
8% cony preferred
230
6618 6618
6412 6412 .6434 68
65
66% 6712 6258 6258 65
No par
13% 1378 1438 1438 1412 1412 2,500 Purity Bakeries
z1358 14
134 14
134 14
par
Amer
No
of
Corp
Radio
83.700
8
8
75
8
714
8
73
7%
712
714
738
7% 712
67
50
Preferred
4,100
3814 3912 3912 40
39
3834 404 38
4038 3718 3914 38
No par
Preferred B
3358 60,200
3058 3312 32
3314 3034 317
3238 34
3034 341 1 31
par
_No
IRadlo-Kelth-Orph
7,400
3
2%
3
8
27
28 3
3
258 234
234 272
27
1734 1814 1838 183s 1,100 Raybestos Manhattan_No par
1712 *173 18
*1712 1734 1634 1738 17
10
1,100 Real Silk Hosiery
9
9
*812 9
734 818 4814 9
712 738
8l8
8
100
Preferred
541 *52
5418
5418 •52
54% *52
5418 *52
*52
58
•52
2,100 Reis (Robt) & Co____No par
314
3
8
33
*3
3
4
23
33
3
3
318
2,2
312
100
1st preferred
2,000
18
18
16
16
1512 16
16
15
*1212 15
18
*15
1
9% 1014 7,500 Remington-Rand
87
912 10
914 910
914
9
834 9
9
100
preferred
1st
600
55
55
53
53
53
.50
53
*50
50
50
56
*50
100
preferred
2d
54
.44
54
*44
53
60 .45
54 .40
60 .40
.48
5
312 334 5,900 Reo Motor Car
312 358
314 312
312 334
312 358
338 314
32,600 Republic Steel Corp___No par
1738 18
1634 18
1658 1614 1714 1612 17
15
1518 16
100
preferred
cony
6%
6,800
51
4
493
5112
4712 4612
47
48
46
46
44
4512 48
5
500 Revere Copper & Brass
1014 1034 .103* 1034
*1014 1034 .1014 12
10
1018 1012 10
10
Class A
300
25
2018 *20
20
20
2512 .17
2512 *17
.17
*1812 24
par
...No
Co
Metal
Reynolds
4,900
2538 2534
2412 26
12312 2434 2414 2434 2434 25
2414 25
No par
800 Reynolds Spring
1114 1114
11
1012 1012 11
10
10
10
10
034 10
B_10
4112 4212 4118 4238 413 4258 4238 4234 4212 4338 4314 4334 16,600 ReynoldsA(R J) Tub class
10
Class
20
61
*57
61
*57
61
*57
61
*57
57% 5712 557
60
Nn par
Mfg
Dental
Ritter
11
57
11
.7
10
.7
.814 10
.814 11
*814 11
Mines_
Copper
Antelope
Roan
11,700
3134
3012 3012 3014 3014 3014 3014 2978 29% 3018 3214 31
5
SOO Rossia Insurance Co
*734 814
8
.712 8
712 712 *758 734
8
7,2 77
Dutch Co (N Y shares)
3434 343* 34
3414 .3418 3412 *337 3438 34% 3512 3514 3538 3.100 Royal
10
2034 11.700 St Joseph Lead
2114 20
1812 1958 19
19
1612 16% 1634 1714 18
No par
Stores
47
4734 4738 4814 4712 484 4814 4838 48% 4912 4838 4918 4,000 Safeway
100
6% preferred
210
104 10414
104 104
10212 10212 .10212 104 *1024 104 .10314 104
100
7% preferred
120
109% 11012.110 11012
111 11112 *11034 11112 1103 11034 110 110
par
C,orp____No
Arms
Savage
900
812
4
.73
8
4
73
71
4
73
73 *7
7
712 712
7
5
2634 2838 27% 2834 44,500 Schenley Distillers Corp
28
2514 27
2512 2734 265* 2818 27
1
514 4,600 Schulte Retail Stores
5
518
478
458 5
438
414 458
4%
45 412
100
Preferred
460
24
2312
8
237
23
24
24
2112 2134 21
21 12 2212 23
No par
5437 49
120 Scott Paper Co
*4378 49 .437 49
45
44
*437 49
*4378 49
7,700 Seaboard 011 Coot Del_No par
3238 3318 3218 3212 3238 3312 3234 331
3214 3318 31% 33
No par
200 Seagrave Corp
.3% 312 *314 312 *314 312
312 338 .314 4
312 4
.
4134 4378 4212 4334 36,000 Sears. Roebuck & Co No par
4178 43
4114 4238 4038 43
4218 43
5 per share
733 7,z
29
.25
214 214
1314
•11
.212 3
45
45
*314 4
1014 11
.812 834
312 312
.112 2
1712 174
234 234
14
*101
337 341
*10812 10912
$ Per share
Vs
7,
29
29
234
.2
*1012 13
212 212
4412 4412
38 312
11
10
812
8
412
.33
158 158
1614 1714
238 234
13
.10
3358 34
10912 10912
New York Stock Record-Concluded-Page 8
3410
May 19 1934
tar FOR SALES DURING THE WEEK OF STOCKS
NOT RECORDED IN THIS LIST. SEE EIGHTH PAGE PRECEDING
.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday
May 12. 1
Monday
May 14.
Tuesday1 Wednesday 1 Thursday
May 15.
May 16.
May 17.
Friday
May 18.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots.
Lowest.
Highest.
5 per share $ per share 5 per share 1$ per share $ per share $ per share
Shares Indus.& 51Iscell. (Conel.) Par $ Per share
$ per share
84 8,
8 .712 834 .8
834 .712 834 *812 914 .8
100 The Fair
914
No par
0 Jan 6 1218 Feb 16
5
54
5
54
Sly 1
5,8
s
33
512 6
5,900 Thermold Co
5,2 6
1
5 May 8
918 Feb 19
*1513 1712 .1512 1712 *1512 16121 .1512 1612 *1512 1612
1618 16l
100 Third Nat Investors
1
Jan 2 1938 Feb 6
1312
.634 712 *7
738 *7
74
714
74 712
714
900 Thompson (J R)
25
7 May 12 11 Feb 5
1338 1412 1314 1378 14
143*1 1412 1514 15
14
14
1538 2.400 Thompson Products Inc No par 1318 Jau 4 20,4 Feb 16
3
3141314 338
3
278 3
3
34 378
34 378 5,200 Thompson-Starrett Co_No par
278May 14
512 Jan 29
.19
21
19
19 .19
21
*19
21
*19
21
.19
21
200
$3.50 cum pref
No par
19 Mar 31 2112 Jan 30
1134 114 1112 1178 1134 1238 1214 1212 1238 13
1212 13
21,000 Tidewater Assoc 011_No par
84
4
Jan
143
3 Apr 23
7914 7912 7778 7914 .78
80
*78
79
79
80
794 794 1,200
Preferred
100 6412 Jan 4 8513 Apr 30
*31
37
*30
37 .3215 37
*30
37
37
37
*2612 38
100 Tide Water Oil
No par 31 Mar 26 40 Apr 27
*883* 91
884 884 88
8812 .86
8834 8834 8834 *894 9334
400
Preferred '
100 80 Jan 11 9612 Apr 27
614 612
6
6,
3
612 64
612 64
634 714
738 10,400 Timken Detroit Axle
7
10
372 Jan 4
812 Apr 24
2738 2812 2634 2818 28
2878 2734 284 x2734 29
2812 294 9,500 Timken Roller Bearing_No par 263451ay 14 41 Feb 5
6
618
6
578 64
6
618
618
6
638
614 612 19,600 Transamerica Corp_ _ __No par
14
578:Slay
812
Feb 5
658 678
612 6,2
7
74
712 714
734 8
814 834 1,000 Transue & Williams St'l No par
612May 10 1312 Feb 17
414 412
438
4
418 438
414
438
438 438
412 478 10,800 Trl-Contineatal Corn__No par
4 May 14
6
,
4
Feb
3
*7312 75
7312 7312 70
70
*70
73
*70
73
*70
73
400
6% preferred
No par 604 Jan 9 78 Apr 20
37
37
36
363* 364 364 .3638 37
3678 37
3712 3712 1,300 Trion Products Corp
No par 33 Jan 6 40 Feb 3
214 214
218 23*
24 24 .24 238 .24 238 .218 238
700 Truax Truer Coal
No par
138 Jan 3
312 Feb 23
538 512
5,s 5,2
54 57s
5,2 534
534 618
618 614 3,500 Truacon Steel
10
472 Jan 4
958 Feb 19
*212 234
238 212
24 23*
212 212
24 238
258 24
then
800
&
Co
No par
233 Jan 5
4 Jan 15
40
4014 38
39 .39
3934 39
3934 40
4014 39
2,200 Under Elliott Fisher Co No par 36 Jan 5 5112 Jan 20
40
4512 4712 4414 46
47
47
46
46
47
49
4712 50
2,100 Union
3718 3814 354 3734 3734 3834 3738 3814 3734 394 383* 3934 22,900 Union Bag & Pap Corp_No par 43 Jan 8 6078 Feb 23
Carbide dr Carb_No par 3578MaY 14 5072 Jan 19
1518 1578 15
1512 1512 16
16
16
1578 1678 1638 1612 6,300 Union 011 California
25 15 May 14 2012 Feb 5
1814 1812 x1834 1834 184 1812 1812 1812 .1812 19
1878 19
2,000 Union Tank Car
No par
154 Jan 9 21 Feb 5
1812 1912 1838 194 194 2012 2012 2114 2014 214 21
2238 63,300 United Aircraft & Tran_No par
174 Feb 13 3738 Feb 1
2512 2558 2412 251 i 2412 2538 2438 25
2514 2512 2514 2512 3,000 United Biscuit
No par 23 Jan 8 294 Apr 26
a11212 11212 *10914 112 *1091 1 115 *11012 115 .11012 115 *11012 115
60
Preferred
100 107 Jan 9 11512 Apr 27
384 3914 38
39
3834 3938 3912 3912 3912 42
4012 413* 6,900 United Carbon
No par 35 Jan 4 4534 Apr 25
3
434 44
434 5
5
54
5
Sly
538 54 56,700 United Corp
No par
412 Jan 4
878 Feb 7
304 3114 30
32
32
3212 31
324 32
32
3114 3178 2.600
Preferred
No par 2434 Jan 3 3772 Feb 7
15
1512 144 1538 154 1578 1538 1578 1512 1614 154 16
12,400 United Drug Inc
5
914 Jan 8 1814 Apr28
7
74 .638 8
7
7
712 712 *734 814
8
812
900
United Dyewood Corp
10
338 Jan 2 1078 Apr 26
438 433
414
4
44 44 .418 412 *438 412
411
412
900 United Electric Coal__ _No par
6 Apr 25
318 Jan 10
6714 6714 67
6714 68
6812 6734 6812 6834 7038 7012 7112 3.000 United Fruit
No par 59 Jan 5 77 Apr 21
1512 154 1538 1578 154 1614 1534 16
1534 1612 16
1614 12,500 United Gee Improve. No par
4
Jan
144
2018
Feb 6
5
98
974 9734 *97 4 98 .9738 98
98
98
98
•9812 10012
300
Preferred
No par 86 Jan 8 9812 Apr 27
*214 3
*214 3
*21 1 • 3
*238 3
*212 278 *212 278
:United Paperboard
100
14 Feb 13
358 Feb 19
*7
812 *7
84 *74 8,8
8
84
8
9
814 814
1,100 United Piece Dye Wks_No par
7 Jan 8 1334 Feb 20
50
50 .50
60
60
*50
50
50
*45
50
*45
50
80
618% preferred
100 49 Jun 12 68 Feb 21
338 334
312 358
312 33* *378 4
4
44
4
4
2,000 United Stores class A__Nopar
34 Jan 11
6 Ayr 20
*60
66
.60
60 .60
66
*63
65 .63
66
03
63
100
Preferred class A
Vo par 5418 Mar 21 66 Apr 16
44
4414 43
44
4334 4414 4438 4438 4412 46
*4412 46
1,600 Universal Leaf Tobacco No par 4014 Feb 26 504 Apr 24
.32
*32
45
40
45
*32
*3218 45 .32
45 .32
45
Universal Pictures 1s1 pfd_ 100 1672 Jan 8 4612 April
2
218
14 2
2
14 2
2
218 215
218 218 4,000 Universal Pipe & Rad
I
114 Jan 2
3 Feb 16
20
2012 1978 2114 2114 2234 2178 2234 2212 23513 23
2334 18,000 US Plpe & Foundry
20 18 Jan 4 33 Feb 7
1818 1814 174 18
174 174 *18141 19
1814 181 3 •1814 1812 1,400
let preferred
11
Jan
195
par
8 Feb 23
No
1612
*112 212 .112 21. *14 212 .2
212 .112 212 *112 21
US Distrib COI.)
No par
112 Jan 5
4 Jan 31
•18
20
18
18 - *17
19
*17
1812 x1812 1812 1878 1878
300 U S Freight
18 May 14 2713 Feb 5
No par
91
1
•93*
1
* 2 1014
94 9 2
9 2 9,2
94 978
1014 *934 1014
500 U S & Foreign Secur
No pat
814 Jan 2 1514 Feb 5
*61
86 .62
86
81
*64
.65
86 .654 81
*6514 81
Preferred
No par 6314 Jan 5 78 Feb 26
36
3512 36
36
38
3812 38
3812 3712 38
3734 3734 2,300 U S Gypsum
10 5012 Jan 24
3512May
20
*128 130
128 123
12912 130
129 12934 12912 12912 •125 130
250
7% preferred
100 115 Jan 10 132 Apr 26
758 8
,
8 73
7
814 814 *814 812
9
9
9
9
1,500 U S Hoff Mach Corp
5
432 Jan 9 11)1s Apr 24
39
4112 37
3938 3912 4018 384 404 4012 4214 4034 4234 12,100 U S Industrial Alcohol_No
par 37 May 14 6434 Feb 9
712 8
8
84 *814 8,
8
814 814
858 834 *814 91 i 1,000 US Leather v to
712May 12 1178 Jan 24
No par
1134 12
12
1214 1214 1214 *12,4 124 123* 1334 1314 1314 2,400
Class A v t a
No
1134May 12 194 Fen I
pat
.5812 69,
4 .5812 694 *5812 6934 *5812 69,
65 .5812 65
4 .58
Prior preferred v to
Jan 5 80 Jan 30
100
5512
6
618
54 64
614 634
64 7
714 734
13,700 U S Realty & Impt___No par
712 8
1234 Feb 2
531 \lay 14
1718 1838 1718 181-, 1812 191 1
1814 19
1834 2014 184 20
44,500 U S Rubber
1414
par
Jan 5 21 Apr21
No
4318 4534 4214 453
; 4514 4678 45
46
45
4914 46313 4834 26,500
1st preferred
100 241a Jan 8 6114 Apr 20
11214 115
113 1174 1164 118
1104 116
113 12012 11512 11812 47,900 U S Smelting Ref & Mln___5
963* Jan 13 13512 Feb 16
*63
63
6418 63
*6112 64
*6112 6312 .6112 6312 .62
6312
200
Preferred
50 5412 Jan 13 6118MaY 11
4114 42se 3934 4212 4114 4233 4118 4212 4112 434 4212 434 112,800 U S Steel Corp
100 3031Nlay 14 594 Feb 19
8712 88
874 87
86
87
8712 88
8712 89
8812 8912 5.100
Preferred
100 88 May 14 9912 Jan 5
.10014 10214 .100 10214 .100 10234 .100 10234 *101 10234 *101 10234
U S Tobacco
'Vo par 99 Jan 5 110 Feb 6
278 3
234 24
278 34
3
3
318 318
34 314 5,300 Utilities Pow & Lt A
238 Jan 5
5
,
1
8 Feb 6
118
1,4
118
118
114
114
114
Ili
14 14
114
133 1,400 Vadsco Sales
No par
1 Jan 2
14 Jan 25
18
1914 1912 2014 1934 1934 20
1914 18
2178 21
2134 9,000 Vanadium Corp of Ant _No par 18 May 12 3154 Feb 10
9
834 84 *8
9
10
.8
934 *834 914
934 10
800 Van Raalte Co Inc
412 Jan 2 1138 Apr 18
5
*71
*71
74
70
7212 x70
.71
714 72
73 *7334 74
90
7% let pref
100 x5414 Mar 1 98 Feb 5
3312 3312 33
334 .3212 34
3214 3214 3238 33
3212 3212 2,100 Vick Chemical Inc
5 2453 Jan 4 3434 Apr 23
234 3
24 234
3
34 314
3
314 314
34 318 4,500 VIrginla-Carolina Chem No par
238May 14
533 Jan 23
1612 17 .1612 17
17
17 .17
1813 18
19
19
19
1,000
6% preferred
100 1413 Jan 3 26 Feb 5
*6714 74
.67
72
72 .67
*67
74 .68
74
*6812 74
7% preferred
100 5934 Jan 8 7312May 1
7412 7412 *7414 7434 7434 75
744 7434 75
75
75
75
200 Virginia El & Pow $8 pf No par 65 Jan 2 78 Jan 30
*5
714 *5
612 *5
712 *5
.5
9
838 •5
Virginia Iron Coal & Coke.10))
4
44 Jan 11
9 Feb 23
62
60
62
63
6134 6134 6178 6234 62
62
6114 63
480 Vulcan Detinning
100 52 Jan 4 79 Mar 9
6
618 .54 6
54 578
6
6
54 6
*6
614
700 Waldorf System
No
par
5
84 Feb 20
34 Jan 2
2434 2512 2412 2514 2512 254 2538 2512 2534 2678 2634 27
5,100 Walgreen Co
No par 2214 Feb 26 2834 Apr 4
103 105
103 103
103 103 "103 10534 104 104 *103 10534
130
6 Si% preferred
100 8412 Jan 4 10534 Apr 30
.44 412 *414 412
412 434
412 434
5
478 514 1,200 Walworth Co
5
234 Jan 4
No par
638 Feb 1
.74 834 .74 10
.718 10
.
9
18
.8
9
100 Ward Baking class A No par
618 Jan 5 12 Feb 5
214 214
214 21 1
214 214 *2:4 238 *214 223
214 238 1,100
Class 11
Jan 11
par
218
No
34 Feb 5
2712 2712 2718 2718 *27
29
*2712 32
28
28 .2812 3112
300
Preferred
100
5 24
771ate 51
5
9
)
41:
a
it it 1(
514 54
518 512
54 534
5,2 534
54 614 33,800 Warner Bros Pictures
534 614
.18
351. *20
30
no
27
no
26
*20
2478 *221g 23
$3.85 cony pref
No par
54
18,2
ab 24
jt
338617111 FA:
*2
24
24 218
21.1 214 *2
24
214 212
212 212
900 Warner Quinlan
112 Jan 4
No pa
34 Feb 16
838 84
6,
8 814
84 834
8,
8 9
84 978
934 10
11,600 Warren 13r09
No par678May 14 1338 Jan 24
184 1918 1613 1734 19
1938 *1814 1934 20
204 .1878 2078 1,100
Convertible pref
No par
16 Jan 8 284 Apr 23
1612 1914
16
1614 1614 18
16
18
1712 1812 .18
19
3,100 Warren Fdy & Pipe__ No par It; May 14 31 Jan 20
*418 412
4
4
4
•334 44
411
4
414
*4
414
600 Webster Elsenlohr
par
3345t11y 7
7 Jan 25
No
•11 4
114
14
11 4
114 "138
11 1
14 .138
134
138 14
150 Wells Fargo de Co
1 Jan 17
1
214 Jan 23
1912 20
201 1 2014 2014 2011 2034 2034 2118 23
1912 20
1,400 Wesson 011 de Snowdrift No par
1534 Jan 4 271s Feb 21
*57
x5618 5618 *5618 5512 .
58
57
5813 *5712 5812 *58
100
58,2
Cony preferred
5212 Jan 5 60 Feb 23
No par
43
4118 43
44
4034 44
4158 434 4212 45
44
4434 17,600 Western Union Telegraph.100 403151ay 14 6678 Feb 6
2612 2778 2612 28
2634 274 254 27
274 28
2814 29
6.200 Weatingh'se Air Brake_No pat 2178May 14 36 Feb 6
3034 3238 3014 3238 3214 3314 3158 3338 3218 3438 33
344 36,200 Westinghouse El & Mfg. 50 301451ay I t 4714 Feb 5
88
88:4 88
*87
88
8734 87
87 •87
8714 .87
8714
280
bet preferred
50 8312 Jan 17 92 Jan 30
10
11
11
.931 11
*912 10
10
1112 1112 *1012 1112
300 Weston Eleo lamtrum't_No par
678 Jan 3 14 Feb 5
021-__. 2411 2414 2414 2414 2414 2414 2414 2412 2412 2412 2,400
Class A
No pa
1633 Jan 5 214 Mar 17
*64
6212 6212 6214 63
67
*6414 6634 *6438 68
*6414 67
40 West Penn Elea class A_ No par 4412 Jan 8 68 Apr 20
068
70
75
74
69
69
74
74
7212 7334 73
73
160
Preferred
100 5124 Jan 8 77 Apr 20
63
63
63
63
6312 65
65
85
65
66
66
66
230
6% preferred
100 45 Jan 3 67 Apr 16
.109 1104 .10912 11031 10912 10912 110 110
10913 10912.107 110
70 West Penn Power pref
100 8913 Jan 2 110 May 16
1014 10114 .100 1013* *100 10112 10112 10112 •10014 10112.100 101 12
20
6% preferred
100 7834 Jan 10 10112 Apr 21
34 34
318 318 .318 34
314 314 *314 34
312 312
700 West Dairy Prod cl A__No par
3 Jan 10
64 Jan 30
5l
118
114 *118
118
118
115
V4
114
l's
114
114 2.100
Claus II v t e
No par
112 Jan 3
212 Jan 30
1712 18
x1634 1778 1712 1712 1814 1814 1814 19
19143 1938 1,900 WeetYrie0 Chlorine Prod No par
1472 Jan 12 274 Feb 8
20 .19
20 .19
.20
2114 20
22
*20
.19
22
22
100 Wheeling Steel Corp. No par
19 Jan 5 29 Feb 21
55
*48
55
*48
.48
55
.48
50
50
50 .48
50
100
Preferred
100 38 Jan 4 57 Feb 26
.17
1612 1612 *1612 19 .1612 19
17
1834 17
*1714 19
70 White Motor
50 16125!ay 15 2812 Feb 19
*2512 2612 *26
26
2514 2513 2538 26
25
2612 2612 2612 1,200 WhiteRkMinSpr ctfnewNo par 24 Jan 4 3112 Apr
19
5214 278
212 212 *214 212 *214 212
212 212
258 24
900 White Sewing Machine _No par
112 Jan 8
34 Feb 6
.71.. 914 .8
91 1 *84 912 *8,2 912
400
94 94
912 94
Cony preferred
No pa
li's Jan 12 1114 Apr 20
4
312 35*
312 358
4
338 358
358 378 *35* 4
313m5y
1.900 Wilcox 011 & Gas
7
5
534 Apr 5
614 612
614 614
6
6
614
6
658 634
614 612 3,600 Wilson & Co Inc
No par
434 Jan 8
0 Apr 11
2138 1914 21
2038 2134 2038 2138 19,900
1834 1912 1838 1934 20
Class A
No par
1214 Jan 9 2638 Apr 13
76
7534 76
76
7012 7312 74
78
*74
7212 74
76
3,500
Preferred
100 53 Jan 8 8412 April
4738 4818 474 4834 4814 494 4834 4914 494 504 504 51
18,500 Woolworth (F W) CO
10 4112 Jan 3 544 Apr 21
2018 20
1912 17
2034 2118 2158 3,800 Worthington P & W
1814 1812 1912 20
18
100 17 May 14 3178 Feb 5
.42
1
423
411
4114
4
444
43
444
4118
*4212 45
4312 44
260
Preferred A
100 34 Jan 10 53 Jan 24
34 .32
*3012 3212 *3012 3318 .3012 3318 34
37
.3234 37
100
Preferred B
100 30 Jan 10 42 Jan 24
47
49
5212 51
4312 4412 45
4434 4234 45
5212 1,020 Wright Aeronautical_ __No par
43
1672 Jan 8 75 Jan 27
x60,
8 604 .614 63
1,000 Wrigley (Wm) Jr (Del)No par
6034 6034 604 6134 6012 61
62
62
5413 Jan 11 65 Apr 2(1
*1712 19
*1712 20 .174 19
.1712 20
16
200 Yale & Towne Mfg Co_
16
1711 1714
14 Jan 5 22 Apr 24
2
43
438
8
4
4
,
414
43
4 6,30 Yellow Truck & Coach clB_
414
44 412
414
44 44
4
- 10
4 May 14
714 Feb 19
374 38
*3814 45
40
.40
37
45
41
140
.40
41
44
Preferred
100 28 Jan 2 4712 Apr 2(1
1712 1,400 Young Spring & Wire No par
164 .1534 164 .16
1612 1612 1718 17
8 16
1614 16,
15 Jan 8 2234 Feb 19
201s 1938 2138 2036 2138 16.300 Youngstown Sheet & T_No par
1718May II 3334 Feb 19
1811 193* 1718 1912 1918 2018 19
34
3
34 34
.3
34 314 "34 334 1,500 Zenith Radio Corp____No par
314
3
3
3 Jan 12
434 Feb 5
514
51,
51,
.
538 558
512 51_
6.900 Zonite Products Corp
534 6
512 6
53*
1
5 Slay 7
734 Feb 19
•Bid and asked prices, no sales on this day. 0 Companies reported n rece versh1p.
a Optional sale. e Cash sale. s Sold 7 days.
PER SHARE
Rangefor Previous
Year 1933.
Lowest.
Highest.
$ per share $ Per share
232 Mar 1212 May
1 Feb 1012 July
10 Mar 2114 July
6 Dec
1512 June
538 Jan
2014 Sept
12 Mar
912 June
12
Jan 30 June
318 Jan 1134 Sept
2312 Apr 6514 Nov
914 Apr 26 Dec
45 Feb 80 Dee
112 Mar
814 June
1334 Feb 3512 July
23* Mar
938 July
278 Mar 1712 July
234 Feb
834 July
41
Apr x75 May
20,8 Feb 8878 July
12 AV
514 July
2 Mar 1234 June
54 Jan
614 June
914 Feb 3912 July
512 Jan 60 July
1934 Feb 5173 July
812 Mar 2333 July
1012 Feb 2234 June
1612 Mar 4678 July
1312 Feb 2758 July
92 May Ill
Dee
1014 Feb 38 Dee
4 Dec
1412 June
2218 Nov 4078 June
618 Dec 12 Sept
54 Feb
678 June
1 Mar
878 July
2314 Jan 68 Aug
1378 Dec 25 July
8212 Dec 100
Jan
ls Jan
513 July
312 Mar 2178 July
35 Dec 85 July
34 Feb
714 July
45 Mar 66 July
2112 Apr 5112 July
10
Apr 35 June
14 AP
338 July
618 Mar 2218 July
1234 Apr 19 May
1
Oct
6 June
7 Feb 2938 July
34 Feb
1734 July
3613 Mar 84 July
18
Feb 5313 July
10114 Jan 121 Sept
138 A
Apr
l
117
17
,8
4 June
july
1312 Feb 94 July
238 Mar
414 Feb 2734 July
30
Feb 7814 Sept
212 Feb
1412 July
278 Feb 25 July
513 Feb4378 July
1312 Jan 1054 Sept
393* Jan
53 sem
2338 Mar 674 July
53 Mar 10512 July
59
Jan 10913 Dee
14 Au
878 June
38 Jan
34 July
74 Mar 3614 July
14 May
10 July
2012 May 65 Sept
2318 Dee 31 Sept
4 Feb
738 July
3.4 Mar 2613 July
3538 Mar 6312 July
80 Dec 85,
8 Jan
218 Feb
15 may
1234 Feb 6778 June
54 Dec 12 July
VS
78
218
4
14
1:2
4
Apr
Apr
Mar
Apr
Apr
tF,,aoht
-9(11-2 Sept
838 June
20 July
5,
4 July
4
24
Q7
;
1,8 s
Jo
July
eu0,
1
74 Ma
472 June
212 Feb 22$8 June
712 Feb355* June
5 Feb30 Dec
1
Jan
8 July
ls Apr
312 June
7 Mar 3712 July
40 Mar 63 July
1714 Feb 7714 July
1134 Jan
355* July
1938 Feb 5334 July
6012 Feb96 July
34 Feb
1314 July
10 Ma
2214 July
30
Apr 73 June
37
Apr 774 June
3312 Apr 6912 Joly
8812 1)ec 11038 Jar
80 Dee 101
Jar
212 Apr
1134 June
4 Mar
414 June
5 Mar 2012 July
713 Jan 35 July
15 Feb 67 July
14
Jan 2612 July
23 Oct 29
Oct
13 Jan
44 July
118 Jan
1012 Jill)
2 Mar
512 Juin
78 Jan
11 June
4
Jan 22 June
19 Mar 7213 July
2518 Apr 5078 July
8 Mar 394 Jul)
14 Mar 51 Junt
14
Feb 47 Junt
6
Apr 24 May
3412 Feb 5714 Del
7
Jan 23 Jun'
218 Mar
734 July
18 Mar 42 July
312 Mar
193* JUI3
713 Feb 374 July
5 I3et
12 Feb
812 July
358 Feb
Ividend.
u 173-r g
.=
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
3411
On Jan. I 1909 the Exchange method of quoting bonds was changed and prices are now -and interest"—except for income and defaulted bonds.
outside of the
NOTICE.—Cash and deferred delivery sales are disregarded In the week's range, unless they are the only transactions of the week, and when selling
for the year.
regular weekly range are shown in a footnote in the week In which they occur. No account is taken of such sale.; In computing the range
t., .
BONDS:3;'2.
.I;
N. Y. STOCK EXCHANGE
..., Cy
Week Ended May 18.
Price
Friday
May IS.
;•
Week's
0..
.0
Range or
Last sate. sios
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended May IS.
.̀j
,h
..., a.
Price
Friday
May 13.
Week's
Range or
Last Sale.
a•
g,:".1
io" ,.
Range
Since
Jan. 1.
High
High No. Low
Ask Lou)
Bid
Htoh Foreign Govt. & Munk.(Con.)
Low
88 101
9
9912 100
.Czechoslovakia (Rep of) 881951 A 0 9912 103
1002,1 1041
101
90
2
9914
99
Sale
9314
0
A
1952
14
Sinking fund 83ser
100122, 1032,,
86% 9813
50
93
9712 Site 97
1942 3 a
1014.1104,20 Denmark 20-year ext! 6s
833 951 2
9218 49
1955 F A 91 Sala 91
External gold 5141
10214321022°,,
87
71
49
83
External g 440__Apr 15 1962 4 0 8212 Sala 8233
101143,1041°st
1012%21020,, Deutsche Ilk Am part ctf 8.9.1932
15
66
6712
66
7714
Silo
68
,--_
Stamped extd to Sept. I 1935_
10441,, 11242,
4384 66
7
66
65
68
Dominican Rep Cult Ad 510'42 31 5 65
57
36
5712 56 May'34 ---1940 A 0 55
tot ser 510 of 1928
9724,1103n,,
3713 57
6
55
2d series sink fund 544s.....1940 A 0 5513 Sala 5134
10121,, 108,i,
5818
48
1
5633
5838
60
58
100ln 1064218 Dresden (City) external 73_1945 34 N
150
3
185
164
165
163
163%
J
J
1947
8s_
East
extl
9824,, 10442, Dutch
Indies
20 15112 165
194
1962 M 9 164 Sala 16312
40-year external 6s
93142,100422,
30-year esti 510____Nov 1953 M N 1634 Sale 31633 163% 12 151 164,2
98444, 1014,,
30-year eat 510
982421 10462,
Mar 1953 M 9 162% ____ 164 May'31 --_- 15112 165
4812 60
55's____ 5212 Apr'31 ---9511%, 102
El Salvador (Republic) 8s A_19-14 J J
55
38
50 May'34 _-__
J 1 4912 54
0722,410324,4
deposit
of
Certificates
6
74%
578 76
72 Sala 72
1012,, 10224, Estonia (Republic of) 7s__1967 1 J
9734
79
4
97
9634
101423,10212u Finland (Republic) ext 63___1945 NI 5 9718 94
28
8612 10014
External stoking fund 79-1950 M 9 9914 Sill Ws 1013
100122,100224,
7812 99
9738 17
External sink fund 810_1956 NI 5 9712 Sib 97
93%
76
9138 22
9114 Bila, 9118
External sink fund 510_1954 F A
State & City—See note below.
5
9114
9512
95
96
77
sh Mun Loan 810 A__1954 A 0 95
Foreign Govt. & Municipals.Finni
95
7512
---____
4
183
May'34
May'34
95
25
9112
92
2212
0
A
B_1954
_
614:
External
serial
341s
A
1947 F
Agric Mtge Bank,1 88
2934 48
18
33
4
34
3118
231
Frankfort(City of) g ft 40-1953 M N 33
25
20
2212 -2412 223
_
Feb 1 1934 subseq coupon__
183% 34 15414 183%
.1 0 18212 Sala 182
740_1941
esti
Republic
French
2612
1530
1
2612
2
26,
2412___
SInking fund (31) A __Apr 15 1948 ,-A0
____ 184
18434
0949J D 184
6 160 185,2
223
3
2234
2512
16
External 714 of 1924
2212 -55
With Oct 15 1934 coupon___ ,
,_
7928
I
6613 8138 German Government Interns7930 7978
Akershus (Dept) eat bs
1983 MN
79
536
40% 63%
4614
43%
Sala
4
433
D
1
818
4
11
173
1214
1930—.1985
tional
1012
35-Yr
1314
510
11
of
.1
Antics:pita (Dept) coll 7s A 1945 J
6112 8730
245
71
German Republic esti 78_ _1949 A 0 6978 Sala 69%
17
11,s
9
8
1078 Sale 10%
External s f 7s Ber 11
1945.1 J
,
Mx
Prov
Communal
&
German
1118
3
117
1118
17
8
93
1
10%
J
s
External f 78 ser ;_,
1945.1
:
3634 711
3913 52
1078
(Cons Agrie Loan)810 A_1958 1 13 39 9112 3812
4
818 1714
1078 Sale 10%
External, f 7s ear D
1945 J J
5713 88
1
85
8612
8734 8612
97 1133 10,2
1954 M N
1030
9
818 1134 Graz (Municipality) 8s
External s f 78 let eer_ _1057 A 0
2
6512
62
65,3
__ _ 6512
65
-,
on___
coupons
Only
unmatured
1018
8
2
1018
14%
1012
9%
External see of 78 211 ger_ _1957 A 0
34 11130 124,2
1018 13
8
1430 GO Brit &Ire(U K of)540_ 1937 F- A 118 Sib 118 • 11914
9% 1012 978
External sec of 78 3d lier-1957 A 0
114% fund loan £ opt 1980.199081 N alias Sala all6 al1614 37 109 11712
821, 9912
9118 90
90,2 31
Antwerp (City) external 5s._1958 J D 9018
____
22
Apr'34
2914
2812
33,2
N
32
33
M
76
3
79_1964
74
Salo
Greek
7813
ser
I
s
5312
74
Government
Argentine Govt Pub Wks 68_1960 A 0
1834 31
34
213
2412 28
24
9f sec 6s Aug'33 coupon-1968 F A
7330 31
5312 7813
Argentine to of June 1923._1959 J D 7414 Sale 7312
53
48
4
76,
7312
787
Sale
7414
Extl s f Cs of Oct 1925-._1959 A 0
7412 81
10
79
7518 44
53
7830 Haiti (Republic) a f 6s ser A _1952 A 0 79 Sits 76
External s f 138 series 4--._1957 M 5 75 Salo 7312
58
33
17
36
1941 A 0 3430 9412 3130
75
42
53% 7812 Hamburg (State) ea
7478 Sala 7312
External 68 seriee B_Dee 1958 .1 D
44
30
—__
28
75%
53%
May'34
33
25
J
73:2
8
78i2
327
J
sale
'50
(German)
extl
Heidelberg
7412
734s
Ext! a f Os of May 1926.. .1980 M N
95
4
723
IS
9414
9114
0
94%
94%
A
531, 78% 110,9112[0re (City) ext 810 1980
41
75
External B t 8e (state 143,j_1960 NI 5 7418 Bab 7312
28% 44,4
7
394
7512 29
5233 7812 Hungarian Mutate Loan 749 1945J 1 3914 Bala 3914
74 Sala 73,2
Extl 6e Flannery Work8.. _1961 F A
2730 2714
2730 May'34 ---Only unmat coup attached__ 1 1 ---- 35
7514 33
5233 7812
E'ER 6,pub wks May 192-7 1961 NI N 745e Sale 7334
30% 45
3
3918 4214 4118
41'a
6712 22
External of 7e (coup)--_ _1949 J J
4712 7130
Public Works ex11 534,...1962 F A 6878 Sale 6618
3312 5018
I
47
Hungarian Land NI Bast 714s '61 M N 451s ___ 47
90'2
8034 99
7
Argentine Treasury be £_ _1945 NI 5 9012 Sale 89%
31
1
501s
47
4518
47
N
52
M
9514 117
1981
Slinking fund 710 ser B
8812 9738
Australia 30-yr be
July-1-5 1955 J J 9412 Sale 9412
3112 42,4
7
40
39 Site 3812
F A
710_1944
89
3
57
973
3
953
of)
Hungary
(King
I
a
9412
Sala
95
5
External 58 of 1937- -Sent 1957 NI
116
110%
8
MN
115
93
113
115
120
130
s
83
Intl
Irish
State
53.-1960
95
f
Free
Sala
9230
External g 4148 of 1928-1958 M N 9233
99 102
99% 117
9978 Sala 99
10033 14
91% 10012 Italy (Kingdom of) extl 78_1951 J D
1943 J D 9934 10012 9934
Austrian (Hoyt) of 7s
95 100
7
9912
50
77
75,2 22
Italian Cred Consortium 7e A '37 M 8 99 Site z99
7214 7334 7314
Internal sinking fund 78_1957 J J
9113 100
10
9712
97
M
Sib
f
1947
9 97
External see s 7s ser B
8614 931,
9214 28
43
58
4014 5913 Italian Public Utility extl 75_1952 1 .1 9218 Sala 9112
Bavaria (Free State) 810_1945 F A 4234 Sale 4133
86
108
96,2
8
913
90
Salo
9114
A
F
Govt
840_1954
f
s
30-yr
Japanese
10034
Sala
102%
6
105
95
1040 II S 101
Belgium 25-yr extl 640
73% SO
7938 91
44
7714 Salo 7833
Extl sinking fund 514s
1965 MN
101
94 10412
1955 .1 .1 100 10034 100
External, f Cs
Jugoslavia
(State
Mtge
Bank)—
1064
109
Sale
10714
99
9
4
1083
External 30-year ,f 7s1955 1 0
4212
32
12
42
1957 A 0 42 Sala 4112
105% 18
Secured,f g 7s
9573 10034
Stabilization loan 7e
1956 M N 10533 Sala 10112
27
23
Apr'34 ____
27
27
18
74 with all unmet coup _1957
81
10
68
821,
8112 81
Bergen (Norway) bg_ _Oct 15 1949 A 0 80
7
63%
6314
6314
4
F
-3730
Sala
1917
6312
78
f
a
(Germany)
80
Leipzig
;
21
7812
821
Sala
8812
External sinking fund 58-1960 NI 5 80
8112.
60
____
Apr'31
8118
37
Lower Austria (Prov) 734s_1931) 1 0 8213 ____
41
32% 52
Berlin ((lermany) of 610—A950 A 0 37 Sale 3514
63
50
3712 77
Only unmatured coups attach'd ------------50 Feb'34 ____
3012 4911
External s f 69---June lb 1958 J D 3712 Sale 3318
2 149 170
89 16312 1682
6
1912
1718 25
Lyons (City of) 15-year 68_1934 MN 169
18
Bogota (City)esti a f Se
1945 A 0 1830 20
11 149 17014
603 1134 Marseilles(City of) 15-yr 13.9 1934 M N 169 Sale 16312 169
12
9
Bolivia (Republic of) extl 8sA947 M N
814 Elle
8,_'e
878 1633
9
1112
10% 1173 11
14
7
534 1012 Medellin (Colombia) 81 25-1954 J D
External secured 78 (flat) _1958 J .1
7 Sale
''
,'',
4,2 738
2
19
514 51 Apr'31 ---7
7
514 1012 Mexlean Irrig Asstng 410_1943 N4 N
7 Sale
External is f 7e (flat)
1969 NI S
...---_Sept'33
4
25
—
Q1
'45
53
£
Mexico
esti
1899
(Us)
of
16812
17014
Sale
169
119
23
169
Bordeaux (City of) 15-Yr 6sA934 MN
10
--814
3
8
3
7
730
814
4
713
313
33
Assenting 5s of 1899
1945 ---2934 3612
Brazil(US of) external 89...._1941 J D 31 Sale 3012
712 1 104
913 Apr'34 -___
2634 50
2014 32
A88,1041ng 5 lam-- ------ --_- _ - — ____
External s f(340 of 1928_1957 4. 0 26% Sala 2513
730 8
718 Apr'34 _-__
2612 22
20% 32
--- ---- —__
Assenting 5s small
External 5 f 610 of 1927 1957 A 0 2612 Sale 2512
7,4
4%
5
4%
_
18
430
28
20% 32
1951 ---- --_Assenting 43 of 1904
2712
7e (Central Ry)
19523 D 273s 29
7
-----------414
Mar'33
514
_-8
45
Assenting
of
4s
53
--55%
1910
Sale
8
63%
a
.
55%
5
NI
Bremen (State of) extl 7e
1935
4
15
8
7
513
5%
---84
86
Assenting 49 of 1910 large
---- ---8514 28
73% 84
1957 M S 84
Briebane (City) of be
4% 8%
10
5
8413
8413
Assenting 4s 01 1910 small----------------430
88
1
8774
73
Sinking fund gold 5s
1958 F A 84
•
*
*
01
1
6:
1
Trees
'33
'13
9312
(large)
Sale
assent
94
83
94
5
9530
20-year s f ils
1950 J D
*
*
44
59
31% 4612
Budapest (City) extl 0 f 63_1982 1 D 4214 Sale 40
8533 917s
8912 57
- -- 89 Sala 89
66
5
(City, Italy) extl 84s 1932 A()
Small7014 6512
4613 6818 Milan
Buenos Aires (City)810 2 B 1955 J J 66
Apr'34
60
---Minas Geraes (State) Brazil—
60
47
External a t 6s oer 0-2— - _1960 A 0 6033 67
21
17
4
1814
1738
61
6
1958 M 9 1814 Sib
6030
External s f 6149
451k 63
External, f Co tier C-3._ 1960 A 0 6030 67
1718 231:
18% 17
1959 M 3 1714 9113 1718
Ext see 610 series A
45%
30:4 43
4
Buenos Aires (Prov) ext1 69.1961 M 9 45' Sale 4534
36
27,4
9
36
3912 53
26% 4418 Montevideo (City of) 71........1952 1 El 36 Sala 34
Stral (Sept '33 coup on)1981 M S 3330 Sale 3838
2614 31
8
3018
3030 30
46 May'31 ---50
External aft, series A..1959 :34 N 30
3130 4612
Externals f643
1961 F A 42
98
85
28
9314
8
923
A
9314
F
Sib
3934
18
3914
1957
27
42
New So Wales (State) mai 58
SBA (Aug 1'33 coup 00)1961 F A 3933 Sale
8514 955
49
931 1
23
17
1870 24
External s f 55
Apr 1954 A 0 9314 Sala 9230
Bulgaria (Kingdom)a t 7,...1987 1 2 2/12 2330 2130
9112 101 13
4
100
1943 F A
9912 10114 9933
2414 16
2330
2412 26
23
261z Norway 20-year ext 8s
Stablen s t 714s_Nov 15 1994 NI N
9014 10114
13
10014
9914
1914 F A
13
99,2 100
20-year external 6s
10% 18N
2
13
Caldas 0ent of(Colombla)740'48 1 1 1233 14
8912 100
54
100
1952 4 0 100 Sib 9914
30-year external 8s
121
92 100
Canada(Dom'n of) 30-yr 40_1960 A 0 997 Sale 9930 100
83.8 95,2
9312 52
1985 J 13 9214 Sala 9212
10334 47 10314 1044
40
-year,f 540
5s
1952 M N 10834 Sala 10814
8012 02
21
9114
10418 65 10034 10118
External, I 59---Mar 15 1963 M 5 9012 Sil: 9012
440
1936 F A 104 Bale 104
01
8312
____
May'34
9010
__
D
3
7814
52.1337
Bank
4
t
7814
s
esti
Municipal
8012
8712
at
7712
798
Carlsbad (City) 88
1954 1 J
91
81
7
9012
59012
9018-93
Municipal Pank extl s f 58 1970 1 G 9013
1034 19
2
1134
A 0 12% 123 11,4
40
(Dept) Colom 7.46
Cauca Val (D
3134 55,2
3312 24
3318
33
A
F
Sala
5712
_19.52
22
_
63_
73
ext.'
55
Nurembung
(City)
Cent Agile Bank (Ger) 7
1950 M 9 59
3 Sale 491g
'
59'8
7712
65
23
7114
7212
Sala
7218
9
1953 M
Oriental Devel guar 65
5030 29
4812 69
Farm Loan is f 8s__July 15 19110
i 49% Sala
6234 74
22
7014
1959 ION 6953 70% 8930
Mal deb 510
5314 91
4612 69
Farm Loan s f 132,_Oct 15 1960 A 0 4930 Salo 4915
93
7618
1
93
66
N
93
93
5733
4912
9114
70
M
5512
19.55
Oslo
Sale
6e
t
-year,
31)
(City)
5512
Farm Loan Cs ser A Apr IS 1938 A 0
18
g
19
141s
1334 Sale 1313
Chile (Be4)—Exti 5 t 7s
1912 34 N
10312
13% 49
71a 16
.. _1953 1 13 10212 Sill 10212 10312 32 98
External sinking fund 65-1960 A 0 1312 Sale 1234
Panama Mee/ atti 5
2913 44
4
3714
1312 26
3312 3614 3718
7
1534
1715 1983 AI N
1312 Sale 1212
l41-Dal 8 t 588er A---N11
Ext sinking fund 6e_Feb 1961_ F A
44
1
293
19
354
1534
7
Stamped,_,-- 3312 Sala 3312
1330 51
Ry ref ext 3 I Os
Jan 1981 1 j 1312 Sale 1212
10% 1818
11
1234
1212
Ext sinking fund 88_ _Sept 1961 NI 5 1333 Sale 13
734 154 Pernambuco (State of) exti 70'47 NI S 1214 15
9
1311
17
812
11
1418
14
16
2
1234
123
714 15% Peru (Rep of) external 7s. _ 1959 NI 5 14
LA 14
External sinking fund 85_1982 M S
57 14%
37
10
912
1378 32
7% 16
Nat Loan extl s f Cs lot ser 1960 .1 0
9% Bib
1338 Sale 1238
External sinking fund 8s._1983 M N
6%
14's
21
10
il,
9
9%
10
930
15
0
15%
A
Nat
extl
1318
loan
a f 63 2d ser. 1981
1330
Chile Mtge lik 810 June 30 1957 J D
1330 Sale
79
59
12
79
16
20
1814 Poland (Rep of) gold 8s._ 1910 A 0 75
7712 76
10
S f 61is of 1926-.June 30 1901 J 0 16 Sale 1513
118%
88
199
11818
11014
10414
0
4
Sib
810
15
1512
4
133
1917
51
Stabilization
loan
13
71
Sale
6e
I
s
Guar
Apr 30 1961 A 0 1330
69% 90
85
881
1413 44
8
8812 Stli 881
15%
External sink fund g 88_1950 1 J
1418 Sale 13
Guar e f fle
1962 MN
947k
18
17% 1312 14 May'34 _-__
97 Salo
Porto Alegre (City of) 83.....1981 I 13
12
7
45
10
913
1960 NI 5
Chilean cons Mamie 78
2
1630 2412
17
17
8
16%
2
163
8
38
Ext1 guar sink fund 710_ _1969 J 1
27% 427
Chinese (Hukuang Ry)
_1951 1 D --------3530
100
83
Apr'31 ___
99
Braque(Greater City)7 Hs._1952 341 N
98 103
9
93%
8130 93
9213
Christiania (Oslo) 20-Yrba_of 6,3'54 m 9 9138 93
37,8 58'2
30
4014
2
50
3312
31
Prussia (Free State; extl 810 '51 M 5 3914 8113 z3512
Cologne(City)Germany 61481950 M S 32 Salo 32
3614 5712
3912 73
1952 A. 0 3912 Sala 371s
External s f Cs
Colombia(Rep)68 of'28._Oct'81
10 102 10612
103%
211* 3530 Queensland (State) extl a f 73 1911 4 0 10333 9 as 10330
1
30
Oct 1 1933 and sub coupons on A 0 30 Sale 30
103
9412
12
4
F
1003
1917
10012
A
Sib
10012
21
8
183
25-year
3212
28
external 83
Apr 1 1934 and sub coup is on ____
2612 Sala 02614
6933
69% 2.59
30
3534 Rhine-Main-Danube 7,3 A__ _1950 34 5 76712 Sala 6034
3014 12
21
Eater 68(July 1 '33 coup on)921 J 2 304 3112 2930
26
21
1912
25
1913
21%
1912
0
A
83.1916
of
Ent!
Sul
do
Grande
Rlo
3218
1813
23
.2614
4
273
Sale
27
.
.
With July1 1934 coupon on,
18% 19
6
1814
20
18
1813
24
224 12
15
41)r'32-'32C33-Oct'34 con oi .- Colombia Mtge Bank 610 of 194i A- 0 2234 silo 2212
1634 24
15
18
1634
151s 21
External stoking fund 63_1988 1 0 1830 14
13
223
2173 2312 22%
Sinking fund 700f 1926_1946 MN
21
14
37
19
15
16
26
23
18% Silo 1812
External s I 7s of 1928_1969 ION
2212 Sale 2213
Sinking fund 78 of 1927
1947 F A
1714 2130
6
1712
1714
6312 84
9
79
1713 19
External of 7s MUM° loan_1987 1 D
Copenhagen (City) 15e
1952 J 0 7812 Sale 777
3
227
1711
23
7
2014
1912
Silo
59%
Rio
20
0
7812
A
de
80_1948
24
Janeiro
25
of
74
-year
4
733
Sale
410
g
25-year
1953 M N 7434
1712 22
2014 64
2014 Silo 19
3312 24
1414 3514
1953 F A
External s I 610
3112
Cordoba (City) e111 e f _ .1957 F A ____ 32
8712 92
9115 37
297 37
1952 A 0 9112 S41, 93
Rome (City) extl 634i
37 May'34 ____
40
15 1937 NI N 37
78External of 73_ _Nov
23 112 134
119
2514 5330 Rotterdam (City) esti 88......19114 M N ____ 11912 118
4812 43
Cordoba(Prov) Argentina 701942 1 J 48 Sale 48
23% 40
67
27
254 28
26
Roumanta (Monopolies) 7s 1959 F A
Coate Rica (Republic)—
8818 79
5
784
Ms
Sib
4
19533
733
3
35
30
Saarbruecken
_-__
8s
May'31
(City)
1932
coupon on_1951 M N
36 ---- 35
7s Nov 1
2314 30
4
MN
2112
21
Silo
2112
1834 2512, Sao Paulo(City)s f 8sMar 1952
5
2512
___ 24
7e May 1 1936 coupon on.1051 ___
22
, 24
175
20
2214
2214 9113 2014
3
9314
747j 95
External a 1 8 sis of 1927.195781 N
Cuba(Republic) 59 of 1004 1941 IM 9 9112 97,4 93
33
18
____
May'31
30
3114
28%
J
J
San
Se_1938
9512
93
14
of
Paulo
exti
(State)
9512
External 58 of 1914 ger A1949 F A 95,2 Sale 9512
16
2112
1330 25
1950 3 J 2114 Sib 204
External sec 8 f 8s
6274 78
7612 10
9512 7512
External loan 410
1949 F A 05
24
59
2014
I330
1313
Sib
8
133
5
M
L'11.1958
Water
7s
t
8
External
6173
8
25
84,
7612
76
fund
81
Sinking
514e Jan 15 1953 3 .1 75
1230 22
14% 35
19681 3 1814 Sal, 17%
External s f 6s
23
4174
3412 60
Public wke 54s June 30 1945 J D 33% Sale 331s
813%
851 65
79
1940 A 0 7) 9 ila 78,3
Secured Of 79_ _ _ _ _
10% 11)34
1312 10
1312 Salo 1314
Cundinamarca 610
.1959 NI N
NW No.
Ask Low
Fla
U. S. Government.
First Liberty Loan-344 of '32-47 J D 10322,2 Sale 10322,21032'n 492
.1034.2 1034s,
1
J D.
Cony 4% of 1932-47
.1 D 10310u Sale 103243210143, 164
Cony 44£% of 1932-47
1
1 D 1022422 Sale 10236221023236
2d cony 414% of 1932-47
Fourth Lib Loan 444% of '33-38 A 0 103202, Sale 1033°2,101N, 364
21026n
,
10110
101
272
_
413,
Sale
44£% (2d called)
_— 111",, Sale 111244,112422 351
Treasury 43.(e
1947-1952 A0
Treasury 440 to Oct IS 1934,
1943-41 A 0 1024°,2 Sale 102243,1032n 668
thereafter 34%
1944-1954 J D 107232, Sale 107121,108N, 449
Treasury 4s
19461956 M 9 106142, Sale 100,0221031°32 302
Treasury 334e
157
1943-1947 .3 D 103242, Sale 10322,4 101
Treasury 3248
Treasury 3s__ _Sept 15 1951-195581 8 10024s, Sale 100,11,210027n 1555
662
10344211044u
Sale
101
D
Treasury 3411 June 15 1940-1943J
302
Treasury 310 Mar 15 1941-1943 M 9 1033°,1 Sale 1032421104
Treasury 340 June 15 1946-1949 J D 10124,2 Sale 10123,11012h, 316
1379
27,4
103232,
1031431103
Sale
Treasury 3He
Aug 1 1941 PA
1021e3, Sale 1021°002"n 2762
Treasury 310_ __ _ _1944-1946,
Fed Farm Mtge Corp 31.0_ _1964 Ni -g 101222, Sale 10122,1102°n 898
Home Owners Mtge Corp 4s_1951 J J 1002,,, Sale 1092%2100'7u 901
For footnotes see page 3-11).
In such securities being almost entirely over the counter.
NO PE. —Sales of state and City securities occur very rarely on the New York Stock Exchange, dealings
page under the genera! head nr -Ountations fur Unlisted Securities."
811 and asked quotations. however, by aetIVP 0110'14ln these .ocurItlem. will Ns found on a subiequarnt
3412
New York Bond Record-Continued-Page 2
BONDS
'
i i
Price
N. Y.STOCKEXCHANGEPpriday
Week Ended May 18.
--.0, May IS.
Week's.,.7
Range or
un
_s
Last Sale. c1.1
24'
BONDS
N. Y. STOCK EXCHANGE ;
-4 3'
t
Week Ended May 18.
-.., a,
Range
Since
Jan. 1.
Foreign Govt.&Munk.(Concl.
Bid
Ask Low
High No. Low
High
Santa Fe (Prov Arg Rep) 70_1942 M S 40 Sale 36
40
64
1812 40
Saxon Pub Wks(Germany) 7s'45 F A 6114 Sale 6114
6412 99
5558 87
Gen ref guar 8445
1951 M N 4812 5078 49
50
34
48
607
Saxon State Mtge Inst 73___1945 J D 61
70
61
6814 13
5634 71
Sinking fund g 641s_Dec 1946.7 0
6778 6512
6513
2
564 70
Serbs Croats & Slovenes 88__1962 MN 2514 2634 2512
2634 11
214 28
All unrnatured coupon on__ ---- 174 41938 1814
1814
5
18
22
Nov 11035 coupon on
1334 1712 1434
143.1
1
1312 15
External sec loser B
1982 MN 2312 :2334 2312
2438 11
18
2514
November coupon on__
__ ---- 1533, 1712 1534
1534
2
1234 20
7e Nov 1 1935 coupon on 1962 -- - 13 , 17
13 ,Apr'34 ____
11
17
Silesia (Prov of) exti 75
1958 J b 67 1 70
3
68 I
71
5233 71
SlIernan Landowners Assn 6(11947 F A 5434 Sale 5418
5434 10
50
69
80i880128 (City of) esti 6e___1936 MN 16812
1684 3'16834
6 150 171
Styria (Prov) external 73_1946 F A 8013 -8-5
8218 1 8214
2
55
80
Sweden external loan 5413__1954 MN 10333 Sale 10333 10512 38 102 10934
Sydney (City)s f 5148
1955 F A 904 91
9034 1380
9038
Taiwan Elec Pow if 5 Ms_ _1971 1 J 6758 6878 6711
.
6812
8
6134 7312
Tokyo City Si loan of 1912_1952 M S 6812 Sale 6812
6812
1
6614 7313
External if btis guar__ -1961 A 0 6812 Sale 684
13
69
6134 7334
Tolima (Dept of) extl7s____1947 MN
114 1214 1134 May'34_,,
1112 17
Trondhjem (City) let 540..1957 MN 82 Sale 814
82
97% 8714
6
Upper Austria (Prov) 7s....4.1945 1 D 84
86
I
85
82
85
86
Only unmatured coups attch __ _ 65
____ 74 Apr'34 ___
74
76
External if 6 to_June 15 1957 J b 694
7513 May'34 ___
4812 7513
Uruguay (Republic) call 84).1946 F A 38 -45
39 May'34 --3412 46
Aug 1 1934 couponon __ ...._ -, - 3313 3614 33 I , 3312
2
33
4013
External s t ds
1980 M -N 3612 Silo 35 1 I 3612
9
30
42
Nov 1934 coupon on__ _1960
33 Sale 314 '33
50
2712 40
Externals!6s____May 1 1984 M -I8 34
___- 34 May'34 ___
2914 42
Nov 1934 coupon on_1964
- 3312 Sale 3118
3312 19
2712 40
Venetian Prov Mtge Bank.75 '52 -A0 100 ____ a104 al04
1
9758 109
Vienna (City of) ext1 a 1 651952 MN 8812 Sale 8812
58
9013
34
90
Unmatured coupons attached_ MN -------- 7534
7534
5
50
76
Warsaw (City) external 7e__1958 F A 66 Salo 6513
8712 55
53
6814
Yokohama (City) eat' 65_1981 J 0 7238 Sale 7218
18
74
86
77
Railroad.
Ala Gt Sou 1st cons A 5,j1943 J D
let cons 4s ser B
1943.7 D
Alb & Snap 1st guar 3143_1948 A 0
Alice & West 1st gu 4s
1994 A 0
Alleg Val gen guar g 48
1942 M 9
(Ann Arbor 151 g 4s___July 1995 Q J
Atch Top dr 8 Fe-Gen g 48_1995 A 0
Adjustment gold 414_ _July 1995 Nov
Stamped
July 1995 MN
Cony gold 45 of 1909____1955 J D
Cony 4s of 1905
1955 1 D
Cony g 4s issue of 1910_1980 1 D
Cony deb 44441
1948 J D
Rocky Mtn DIY let 4a
1965 1 J
Trans-Con Short L lit 43_1958 J 1
Cal-Ails 1st dr ref 444e A.1982 M El
Atl Knox & Nor 1st 8 55_1946 J D
Atl & Chart AL let 444e A...1944 J J
let 00-years,, series II____1944 .7 J
Atlantic City 1st cons 48_1951 .1 J
Atl Coast Line let cons 45 July'52 M 13
General unified 4445 A...._1984 I D
L & N coil gold 4s____Oct 1953 MN
ALI & Dan 1st g 45
19483 J
25 40
1948.7 J
All & Yad 1s1 guar-4s
1949 A 0
Austin & N W let 10.1 8:55-4941 i J
104 Sale 104
104
10
9812 Sale 9734
9812 25
9738-- 96%
9733
4
85 -9-012 8312 'Apr'34 --102 10214 102
10212
7
5013 5812 55 Apr'34 ____
10112 Sole 1004
102
333
95 Sale 944
95
8
9473 Sale 934
944 84
9433 --_- 9414
9412
.5
5
9558 Sale 9514 29538
9418 ---- 94 May'34 _-__
104 . Sale 10212 10414 115
99 953 9834
99
22
10234 Sale 10234 10234
8
10338 Sale 10358 10412 10
10312 ____ 9934 Jan'34 _-__
10112
102 May'34 ---10513 1-06 105
8
105
90
94
90 May'34 ____
9733 Sale 9733
9818 85
88 Sale 85
884 118
804 Silo 79
81
64
4513 48
49
49
3
42 • Sole 40
11
42
5812 62
604
3
6033
8912.! 90% 9014
91
3
94 104
96
99
85
974
7334 8812
98 10313
29
60
93 1027s
84
9578
83
9812
8213 9514
80
97
784 95
9514 105
82
994
9514 10314
95 105
9934 103
884 102
88 10514
75
90
82
9812
74
92
68
85
39
5378
35
47
46
64
7914 92
1004 Bile 994 10014 157
7912 sae 76
80
172
10612 Silo 10512 106.2 67
9112 silo 89
9112 75
974 Silo 974
9818 45
9878 Salo 98
99
80
8634 23
_ 86% 8512
7912 Sale 75
7912 47
6614 Site 61
6612 464
7904 S.110 75
7934 111
107 ---- 107
107
1
9413 Silo 934
9412 54
_ 63
63
1
63
ioi 10112 10034 101
16
9812 ____ 9934 Apr'34 --80 ____ 83 Mar'34 ___
___ _-__
____ --1014
92102 101 May'34
8513 Silo 834
75
86
i8813 87 .85
8714
11
8134 Sole 81
814 19
6814 724 6812
6912
7
10014
10014 May'34 --__
104 81113 104
10418 16
73 Salo 70
7333 38
i
v
4 •
351* 40 Apr'34 --_4
Canada Sou cons lin 5s A __ _1962 A 0 105 Silo 10312 105
17
Canadian Nat guar 434s.._,1954 NI S 10318 10312 10318
1034
7
30-year gold guar 434s,...1957 J J 10914 Silo 106
10614 45
Guaranteed gold 440_ _1968 J 0 10614 Silo 10572
10612 27
Guaranteed g be
July1969 J ..1 11218 11212 11112 11218 47
Guaranteed g be
Oct 1989 A 0 11318 Salo 11214
11312 99
Guaranteed g be
1970 F A 113 . Silo 11212 113
12
Guar gold 4413June 15 1955 1 D 11032 Sala 11012 11012 24
Guar g 414s
1956 F A 10814 Silo 108
10833 33
Guar g 4 Pis
Sept 1951 M S 1084 Sale 10734 10814 89
Canadian North deb a f 741_1940 J D 10834 Site 10812 109
80
25-year of deb 8348
19461 J 118 . Silo 11612 118
23
10-yr gold 441e_Feb 15 1935 .1 J 10212 10234 10212 1024
5
Canadian Pao Ky 4% deb stook__ ---- 8112 Silo 81 1j
8214 146
1946 M S 9573 Silo 9338
Coll tr 431s
954 81
So equip tr ctfe
1944.7 1 10633 Silo 10512 107
39
Coll tr g bs
9912 131
Dec 11954 J D 994 Silo 9812
Collateral trust 444e____1960 J J 9178 Solo 8978
914 95
1949 1 .1 41
Car Cent let cons g 4,
3712 Mar'34 _
Caro Clinch & 01st 30-yr 56_1938 .1 D 105 Sale 105
105
19
let & cons g User A_Dec lb 52 J 0 10514`.106 10534 106
5
Cart & Ad 1st gu g 4s
19813 0 75
82
82 May'34 __
Cent Branch U P let e 4s 1948 J D 55 Silo 52 ii 55
9
:Central of Ga let g 53.Noy 1945 F A 5612 65
62 • 62
7
Consol gold bs
3312 3412 May'34 ____
1945 M '
14 27
20
1812
Ref & gen 34.18 series II 1959 A 0 16
19
4
Ref. dr gen bs serfee C
20
1959 A 0 17
17
1812 11
34t 33I
Cbatt Div Pur money g 4s_1951 1 D 25
2
33
Mac & Nor D117 let g 58_1946 I J --------30
Jan'33 ---Mid Ga & All DI, pur m 50'47 1 J --------21
Jan'34 ____
Mobile Div isle be
-1 ---- 36 :3414 May'34 ____
1949
J 83 Silo 8213
83
Cent New Engl 1st go 48.. _1981 1
33
1_
66 May'34 ___
Cent RR & Mg of aarollbs 1937 M N 67 14 70
19871 J 10612107 10634 10634
Central of N J gen g 53
1
1987 J .1 .9412 Sala 9412
9412 20
General 45
9452 Silo 93
1949 F A
9438 126
Cent Pac 1st ref tug 4s
92 May'34 __
Through Short I. let go 48.1964 A 0 __ .. 95
8413 120
l,i
Solo 7912
1980 P A
Guaranteed g 56
Charleston & SaY'h lot 7s 1939 J J 10418'.____ 10118 May'34 ____
10934 98
Ches & Ohio 1st con II 55.._ _1939 IVI N 10933 853 10938
10812 49
1992 M 8 10812 Salo 107
General gold 441e
1993 A 0 10218 Silo 10112 10212 52
Ref & Impt 444s
102
84
1995 1 J 102 Silo 10078
Ref & Inapt 434s ser B
105
6
J 104 105 10.5
Craig Valley lot be__May 1940
2
100
___ 100
Potts Creek Branch let 43.1946 1 J 100
884 10014
674 86
9812 107
77
9712
85
984
834 10014
66
88
87
8518
57
7234
6713 854
101 107
75
95
80
65
90 101
92
9978
83 83
____
_
9618 101
--73
9013
7312 90
88
8414
51
7312
884 1004
97 1044
60
8034
5
40
34
Halt & Oblo lstg 45___July 1948 A 0
Refund dr gen 5s series A_1995 J D
let gold be
July 1948 A 0
Ref & gen 85 series C
19953 D
P L E & W Va Sys ref 431941 MN
Southwest Div let 5s-__ _1950 J 1
Tol & Cln Div 1st ref 4sA_1959 J 1
Ref & gen So series D____2000 M 8
Cony 441s
1980 F A
Rot* gen M beser F
1998 M 8
Bangor & Arooetook lit 55_ _1943 I J
Con ref 45
1951 .1 -11
Battle Crk & Slur lot gu 58.19893 D
Beech Creek 1st gu g 4s
1938 I I
2d zuar g 541
19383 J
Beech Creek ext let g 331s 1951 A 0
Belvidere Del CC0e"
,1 3346_1943 1 J
Big sandy let 45 guar
1944.7 0
El ieton & Maine let bs A C_1987 M S
, et M 55 series II
1955 M N
let g 41.1s ser JJ
1981 A 0
Boston ANY Alr Lir:loin 491955 P A
Brune & West let gu g 4.__1938 J J
Buff loch & Pitts gongs 59.._1937 M S
Consol 434o
1957 MN
Burl C R & Nor lot A(.(31155_1931 A 0
Certificatees,of depart:
F .r footnotes see page 3416.
92 106
9853 10478
9812 107
9913 10012
105 112;4
10178 11312
105 113
10218 11012
100 10833
10018 10814
105 10914
10834 11812
10012 103
01
8278
7484 97
9913 107
774 10014
7I18 93
3213 3712
9534 10514
9014 107
70
84
28
55
41
65
22
38
124 26
1238 28
18
37
____
_
20 -2111
28
35
85
8334
53
72,2
95 10634
78
95
7512 95
734 93
6373 87
103 10418
10513 1104
984 109
sass 10212
881$ 10212
971$ 105
9012 100
Railroads (Continued)Ches & Ohio (Conc.)
R & A Div lot con g 46-1989 J J
25 consol gold 4s
1989 J .4
Warm Spring V 1st g 5s 1941 M El
Chia & Alton RR ref g 38_1949 A 0
Chic Burl & Q-II1Div 33481949 .1 i
Illinois Division 45
1949.7 .1
General 4s
1958 M S
1977 F A
let & ref 4548 ser B
1st & ref be ser A
1971 F A
Chicago & East III let 6s
1934 A 0
:C & E III Ry(new co) gen 581951 MN
Certificates of deposit
Chicago &Erie let gold 5s..1982 M N
Chicago Great West lot 413_1959 M S
:Chic Ind & Loulsv ref 6s1947.7 J
Refunding gold 55
1947.7 1
Refunding 4s series C
1917 J .1
1st & gen 5s serlee A
1983 M N
1st & genes series B_May 19663 J
ChM Ind &Sou 50-year 4s.„1958 1 J
Chia L El & East 1st 4 As
Wig 1 D
Chl M & SIP gen 40 ser A 1989 J J
Gen g 344s ser B_May 1989 J J
Gen 4348 80r C
May 1989 .1 ./
Gen 441e ser E
May 1989 J J
Gen 4415 ser F
May 1989 J J
May 19 1934
Price
Friday
May 18.
Bid
101
*98
.103
64
99
104
10112
10253
10734
79
15
Week's
Range or
Last Sale.
Ask Low
.a. .
,O7,-„,
0-11,.
Range
Since
Jan. 1.
High No. Low
10214 101 May'34 --____ 98.2 Apr'34 _--___ 9912 Jan'34 --__
Silo 6312
64
43
Bile 9853
9933 85
Silo 10312 104
11
1353 10118 102
123
Silo 101
10258 87
Silo 107
108
28
Silo 79
79
2
Silo 14
1534 85
1612 1414
1414
1
108 Silo 106
108
140
5012 Silo 44
5012 141
374 42
38
38
1
38
40
37 May'34 __-____ :33
36 May'34 ---,
1814 Silo 15
1614
6
16
17
16
1634
8
9118 9314 9133
9212
7
1044 ____ 10514
10514
3
69 Site 67
6978 106
65 Silo 65
66
5
7414 Silo 704
7434 38
744 Silo 8938
7438 34
76
82
75
77
5
High
974 10112
8712 99
99
9913
5158 704
88
9938
97 10412
9213 10234
88,8 10238
98 108
53
8118
10
2512
934 21
91 1084
3513 59
33
4712
28
4218
36
41
1233 2378
13
254
71
9312
99 10514
604 744
53
71
64
8012
634 81
65
84
Chic Milw St P & Pao be A1975 F A 46 Silo 4034
48 1080
3713 5812
Cony ad) 55
Jan 1 2000 A 0 15 853 1212
1534 1153
1212 2333
Chic & No West gene 3413_1987 MN 6614 6812 65
67
38
52
70
General 48
1987 MN 714 Site 70
73
16
5713 77
Stud 4e non-p Fed Inc tax '87 MN 7178 Silo 714
714
1
58
78
Gen 4(s stpd Fed Inc tax_1987 MN
75
8234 77
77
6
634 8234
Gen be stpd Fed Inc tax_ 1987 M N
83 Sale 82
8312 25
68
8738
444e stamped
1987 MN --------62
Jan'34
,
6013 62
15-year secured g 8315_1938 M 8 90 Silo 86
9113 64
79
08
1st ref It 55
J
D 60 Silo 4714
May 2037
60
110
4314 664
1st & ref 414s stpdMay 2037 J D 5112 Silo 4112
53
116
6078
39
1st & ref 444e ser C_May 2037 .1 D 51 Silo 4134
5312 119
3853 61
Cony 44(e series A
1949 MN 4378 Silo 3812
4512 11371
294 5313
:ChM RI & P Ry gen 45____1988 .1 1 68 S53 674
68
2
5138 7312
Certificates of deppsit __
6__ 73 73 .
May'34 --._
65
73
.
Refunding gold 45 "
3-1 A.
1;.
Certificates of deposit __ ____ -,-- 2318 2612 2218
2312 17
20
29
Secured 414e aeries A
25
2534 24
19
1952 M S 25
204 3234
2412
Certificates of depoett __
-- 2412 9413 2412
29
6
22
Cony 11444s
,
88
11
M
12
N
1314
13
Silo
___19811
858 183
Ch St L & N 0 55__June 15 1931 1 D 104 10514 104
10514 13
83 106
Gold 344s
6312 Scpt'33
June 15 1931 J D 79
Memphis Dly let g 43_4_1951 J D 79 -84182
4 8112
3
i3r4 5;614
Chic T H dc So East let 53_ _1960 J D 7218 7312 69
72
32
5512 go
Inc gu 5s
Dec 111)44) M 8 55 S1l3 52
55
28
444 62
Chic Un Sta'n Ist gu 444e A_1983 J J 10612 Silo 10512 10612 14 10038
10612 ,
1st be ser1es B
1983.7 J 10834 SO 10834 1084
4 10512 10918
Guaranteed 8 50
1944 .7 D 10534 Silo 10538 1064
8
974 107
1st guar 6415 serial C
11412 78 11134 115
1983 J J 114 Silo 11334
Chic & West Ind con 4s
9012 94
1952 J .1 9014 Silo 89
7214 9112
let ref 544s series A
1982 M 5 102 Silo 101 14
1024 63
8433 104
Choc Okla & Gulf cons 5s-1952 /41 N 48
39
60 Feb'34 ____
an 11 & D 25 gold 441e
1937 J J 10012
C I St L & C 1st g 4s-Aug 2 193641 F 1014 :::: 10
99
1'2
33 May'34
4 ::::
9
966
9
1 19
0
692
14
'2
CM Lob & Nor let con gu 43_1942 MN 9618 Silo 964
9813
2
85
9414
CM Union Term let 4448_2020 J 1 10733 S53 10612 10738 11 10013
1074
1st mtge 5,, series B
2020 -1 J 11018 Silo 10914
11033
8 10433 1104
1st rntge g 55 series C
1957 M N 10912 Silo 10918
1094 33 10412 11012
Clearfield & Mah 1st gu 5s 1943 J .1 97 10014 964 Feb'34 -9658 9668
Cleve Cin Chi & St L gen 4s_1993 J D 9334 Silo 92
9334 22
Ms 9504
General 59 series B
1993 1 D 101
____ 100 Apr'34 __
924 100
Ref &'mot 85 ser C
1941 1 .1 9938 r- -- 9914
994„1
80 100
Ref & Impt 55 ser D
1963.7 J 8412 Silo 84
8513 13
7438 9112
Ref & impt 4348 ser E
1977 1 J 7412 Silo 72
75
94
64
82
Cairo Div 1st gold 4s
__ 101
1939 .1 J 10133
101
10
92
101 13
Cin W & NI Div lot g 4s.._1991 J 1 88 ,
,_90
90
90.
1
68
90
St I. Div let coll Ire 4s___1990 M N 92 Silo 92
92.4
6
77
93
Apr & Col Div isle 4s____1940 M S 9918. 99 Apr'34 ____
92
99
W W Val Div lst g 4s.___1910 J J 88 -9-5. 87
Apr'34 _7378 87
Cleveland & Mahon Vale 3s 1938 J .1 102
____ 10153 May'34 --9913 102
Cloy & Mar let gu g 1119_1935 M N 10134 ___ 101
10153
2
994 10138
Clew & P gen gu 441s ser 0__1942 A 0 10158 ____ 98 June'33
Series B 3413
____ 86
1842 A 0 95
Jan'33
-Belles A 434e
1942 J .1 10153 ____ 10014 Dec.33
Series C 3310
____ 91 Aug'33 ____
1948 MN 92
Series D 344s
_ _ 83
1930 A F 92
Oct'32 --__ __- -Gen 444s ser A
1977 F A 99 10012 91 Sept'33 .....
- - --Cleve Sho Lino 1st ifu 440_1981 A 0 102 Silo 101 12 102
5 -8
-2" 1h
:
:
2Cleve Union Term let 5340,1972 A 0 a9978 811a 99 4 10012 49
8412 10113
lets f 55 serial B
1973 A 0 49412 Silo D011
95
61
82
9614
let s f guar 444e serle5C 1977 A 0 8754 Silo 8734
8912 4(1
75
914
Coal River Ry let gu 4s__1945 J D .100 102 100
Apr'34 _--95 101
Colo & South ref & ext 410_1935 M N .9512 Silo 9478
9534 48
84
974
General rntge 4445 ser A1980 M N 71 8113 71
73
54
65
81 12
col A II V 1st ext g 45
1948 A 0 1015.-- _ 10158 May'34 ____
98 102
Col & Tol lot ext 4s
1955 F A 101 104- 10212 Apr'34 ---,.
97 103
Conn & Passum Riv 1st 4s 1943 A 0 92
____ 92
92
I
92
92
Consol Ry non-cony deb 40_41954 ./ .1 53 Silo 52
53
5
43
5913
Non-cony deb 40
1955 J .1 ____ 5858 53 Mar'34 _-_50
58
Non-cony deb 4s
1955 A 0 --__ 63
59 Mar'34 ---4412 59
Non-cony deb 4e
1056.2 J 58 Silo 56
56
2
44
5812
Cuba Nor fly 1st 5145
1942 J D 3533 Silo 3112
3538 58
194 39
Cuba ER1st 50-year 5s g..,1952 J .11 26 Silo 251
: 2(312 27
18
324
1936 ,I D 2034 2414 204
1st ref 7445 aeries A
23
12
164 30
lot lien & ref 6s ser B
2113 20
1938 .1 D 20
21
29
15
7
Del & Hudson 1st & ref 48___1943 M N 9412 Silo 01's
944 138
804
95
be
1935 A 0 102 Silo 102
1024
19
97 1021 2
Gold 511s
1937 31 N 103 Silo 10278
10314 60
92 10418
D RR & Bridge lot gu g 48__1938 F A 102
__
10153 May'34 _-__
9914 10138
Den & It 0 let cons g 45.___1936 1 .7 54 Silo 49
5434 40
354 131 12
Consol gold 441s
1938 1 .1 5812 5912 5312
54
12
42
63
Den & R G West gen 68 Aug 1955 P A 214 Silo 18
2113 107
174 32
Assented (sub) to plan). 20 Silo 18
20
39
18
2312
Ref & Impt 58 ear 13_ _Apr 1978 A -0 42 8113 37
4214 139
2373 4912
:Dee M dr Ft Dodge 4s ctts_1935 J J
814 Site
612
844 21
4
812
Des Plainee Val let gen 430_1947 M 9 78
90
71
Feb'34 ____
65
71
Det & Mao let lien g 4s
1955 J D 23
25
20
2412 29
20
2413
Second gold 4s
1995 1 D 1018 20
12 May'34 ____
1118 12
Detroit River Tunnel 4345_1981 M N 102 Silo 10112
102
17
84 10212
Dul Missabe & Nor gen bs___1941 J J 10514 _ 1034 Jan'34 _-__ 10378 1034
Dui & Iron Range let bs____1937 A 0 10658 1-07- 1064
107
3 10212 107
Dul Sou Shore & Atl g 5s____1937 J .1 42
45
4412
45
4
234 4912
East Ry Minn Nor DIY 1st 45'48. A 0 '9102 ____ 95
Apr'34 ____
894 98
East T Va & Ga Div let 5s_1950 MN '107
____ 10518 May'34 ____
91 1054
Elgin Joliet & East let g 55_1941 M N 103
103
103
29
944 103
El Paso & SW 101 5.
1985 A 0 88
112- 90 May'34 ____
81 12 91 12
Erie& Pitts ego 3445 ser 13_1940 J J 99
__ 96
Feb'34- _
9414 96
Series C 341s
____ 99
1940 .1 J 99
99
2
95
99
Erle art let cons g 4s prior_1998 1 J 9412 3113 9412
9578 23
7912 954
1st consol gen lien g 45-19913 1 1 -78 Silo 73
764 152
664 7932
Penn coll trust gold 48__1951 F A 10158-_
99
101 14
8
9918 101 1 1
50-year cony 40 series A,,.,.1953 A 0 ____ 71
7:3
7414 38
6233 7712
Series B
1933 A 0 7313 75
73
7433 40
63
77
Gen cony 4s series D
1953 A 0 ____ 75
73
Apr'34 ____
62
75
Ref &'mot 5s of 1927_1987 M N 734 Bile 68
7414 395
8014 794
Ref & impt 55 of 1930____1975 A 0 7314 Silo 6778
744 517
60
794
Erie &Jersey 1st s f 6s____1953 J 1 10852 110 109
109
3
98 11 114
Genessee River lot if 85..1957 J 1 106 11012 107
107
5
97 11034
Fla Cent et Pen 1st cons g bs 1943 J 1 41
43
43
45
20
34
46
3413
New York Bond Record—Continued—Page 3
BONDS
N. Y. STOCK EXCHANGE
Week Ended May 18.
Price
Friday
May is.
IVeek's
Range or
Last Sale.
Range
Since
Jan, 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended May 18.
Price
Friday
May 18.
Week's
Range or
Last Sale.
•,2 •
f2
Range
Since
Jan, 1,
High
High No Low
Ask Low
Bid
High
Railroads (Conrinued)—
High No. Low
3
5678 7512
4
1
4 Sale 69/
1
4
69,
MU Spar & N W 1st gu 4s___1947 MS 69/
64
59
62,8 19
704 75
4 Mar'34
1
70/
NIliw & State Line let 3;is_ _1941 J
72
1114 58
19
10
4
918
8 918 Apr'34
- -6 -I13
1
1014 1712 :Minn & St Louts 5s ctfs___1931 Ni N
1014
578
212
4 3
1
412 12
4
,
let & refunding gold 4s___1949 MS
4 4/
/
31
312 1112 312 May'34
234
4 13
1
7/
May'34
1962 Q C
Ref & ext 50-yr loser A
Q F
2
1 18 434
414
414
414 Solo
Certificates of deposit
3434 49
4312 21
4313 44,2 4138
May'34
312 15
NI St PASS Ni con g 40 lot gu '38 J
8
3318 4212
4014
39 Sale 39
Feb'31
85
83
1938 J
lot cons 58
56
38
5012 14
4
1
4913 Sale 48/
Mar'34
4 10414
/
981
1st cons 5s gu as to int
1938 J J
1
20
3714
35
35
35
1st & ref On series A
1946• J 28
MS
34
3
1612
27
31
9114
28
35
May'31
75
1949
25-year 5%s
8912 90
Gab" Noun &'lend 1st 534s A '38 AO
25
80
80
75
72
75
77
1512 26
1978 J J
let ref 5%s ser B
24
Oa & Ala Ity 1st cons Se Oct 1945 J J 2212 24,2 24
88
85
85. Jan'34
1st Chicago Term s f 4s__ _1941 MN
Ga Caro & Nor let gu g Se 1929—
7612 77,8
4 ---- 77 Apr'34
/
811
2014 30
30 May'34
30
1949 J
MI581851110 Central let 5s
Extended at 6% to July 1 1934 j j 28
11
S.ole
40
60
51112
55
55
AO
3s
?Midland
1946
lot
Georgia
26
14
Jan'31
2012 13
20 Sale 20
:N10-Ill RR let 5s 8er A
1959 J
Gouv & Oswegatchie lot 5s 1942 JD 85 100 100
7572 9214
5 -9534 10134 Mo Kan & Tex let gold 45..1990 3D 89/
90/
4 Sole 8938
1
4 40
1
4
/
4 104 10134 1011
1
Or R & I ext 1st gu g 4348_ _ _1941 J J 101/
J
50
12
91
J
59
70
82
8414
109
4
1
/
197
Sale
8318
109
Mo-K-T
lien
pr
RR
105
A_I962
ser
5s
108
4
1
/
AO
Sala
Grand Trunk of Can deb 78_1940
10
'3 73
6112 79
4 93 102/
1
7514
107/
7634 74.
40-year 4s series B
4
1
4 107/
1
1962
1936 NI S 10714 Sala 10678
15-year s f 6s
3
J J 76
4
1
/
83
6318
7612
Nov'3U
7613
83
96
4
1
/
lien
Prior
tk.r
Sis
4
1978
D
68JO
let
Term
1947
58
Grays Polnt
4415 62,2
49
4
/
.56
96 1501 -ia" WI;
Cum adjust 58 ser A_Jan 1987 AO 56 Sole 511
Great Northern gen 758er A_1938 J J 9535 goa 9312
18
32
2512 39
4 162
/
981
78
9918 :Mo Pan let & ref loser A 1965 CA 32 Sale 30
let & ref 4%s series A
1961 J J 97 Sole 97
35
22
18
May'34
34
Solo
93
27
99
91
91
4
/
761
Certificates
of
deposit
1952 J
General 540 series B
109
22
1115 2034
15
87
Sole 84
6878 0234
General 45
1975 1W-5 1478 Sole 1314
General Is series C
1973 J J 8614
132
69
M
7712
38,4
24
2914
Sole
31
79
6.110
4
313
8714
73
67
&
1st
Is
ref
1977
F
series
J
J
General 4 Sis series D
1976
3
2314 35
3012
30 Solo 30
79 205
6618 8612
77,3 Selo 75
Certificates of deposit
1977 J J
General 4 Ois series E
0ItN
189
2412 33,2
31
4
/
46
31 Sole 291
32
32 Apr'34
28
1st & ref Is ser
1978
Green Bay dr West deb etre A____ Feb 33
34
29
34 May'34
434 61
4
1
534 8/
4 534 May'34
/
Certificates of deposit
Feb
Debentures cite B
1612
8
84
12
9812 10014
Cony gold 53is
1919 MN "ii Sale 1018
- - 100,4 Apr'34
1940 MN
Greenbrier Ity 1st ffU 48
*
25
3812
2
,
80
47
84
24
31
3112
30
4
ref
4
1
/
313
82
99,481
8612
4
1
/
55
62
g
let
It
1
series
9
0
1
98
AO
Gulf Mob & Nor 1st 534s B_1950
34
42
2312
77
May'31
3214
_
Sole
81
75
59
Certificates of deposit
1950 AO 77
let mtge So series C
2414 3812
3114 138
31 Sole 2913
67 Feb'34
70
57
let & merle ser
1981 CA
Gulf &S list ref & ter 5sFeb 1952 .1
34
2
26
31 Solo 31
31
55 Dea'33
70
Certificates of deposit
Stamped (July I '33 coupon on)• J
It
1
N
7214 89
10514
May'34
4
1
85
- 105/
Mo Pao 3d 75 ext at 4% July 1939
Hocking Val 1st cons g 4348_1999 J J loLT2
9)18 100,2 25
91
85
91
Mar'34
85
U.141J
85
82
2
Mob
8
100,
1007
131r
&
g
lien
prior
55___1945
N
Ni
1937
Housatonic, RY cons g 5s
Ji 81
3
90
83
4
1
83 May'34
90
10.244 1115 10234 102/
97 104
Small
II & T C 1st g 55 int guar
1937 J
60
48
3
70
4
/
60 Jan'34
4 101
/
911
1st Ni gold Is
1945 J J 40
Houston Belt & Term 1st 58_1937 ▪ J 99 100'4 10014 1001
J
SO
72
55
80
69
Solo
_
Feb'31
4
1
/
72
84
Small
4
/
851
4
1
86
/
89
Hod & Man hat 1st 5s tier A _ _1957 CA
9912
99
9178 9912 Jan'34
3/13 40
4 101
1
42/
32
4 :Mobile & Ohio gen gold 49_1
/
501
5 It S __-46
193
Adjustment income 5s Feb 1957 AO 42
1912 27
10
21
2012
Montgomery Dly 1st g 58_1947 CA
2138
5
May'34
4
1
10
4
1
15/
4 100
1
92/
Ref & faint 43is
1977 It S 1518 Sole 15/
Illinois Central let gold 4a 1951 .1 .1 100,8 ---- 100 5Iar'31
NI S 14
14
23
2
1678 15
1678
9213
83
Sec 5% notes
1951 J J 93- 92
1st gold 3;is
II S 8212 83
5
8412 8412
92
8113 Apr'31
gile 92
93
92
&
Mob
92
1s4
39
91
9
Mal
gold
gu
1
4s
AO
Extended let gold 330-1951
J J 103 106,
1
103
8778 103
4 103
Mont C lot gu 65
- 73 Mar'30
1951 MS 76,4
let gold as eterlIng
J J 10138 Sole 10114
81 10112
4 44
/
10115 31
811
6814 85
1st guar gold Se
1952 AO 81,4 5;1-a 8034
Collateral trust old 4s
J O 8318 8013 8613
132
25
7444
8912
84,2
83113
74
84
85/
4
1
/
83
8814
&
8
Morris
lot
Essex
gu
77
00
10
330..2
1955 Ni N
Refunding 4s
77 10134
N 101 Sole 10013 10112 41
80
1
81
82
80
83
Constr NI Is tier A
80
1955
1952 J
Purchased linen 334s
MN 911
99
7514 3111 74
60
73
4
/
9112
95
7514
8
933
Sale
4
1
/
79
4%s
6212
Constr
NI
1955
B
ger
MN
1953
Collateral trust gold 4s
Si
3
95/8 9412
98
9812
1955 Ni N 91
Refunding 58
31
8212 9112
Solo 141112 103
9412 39
4 9218
90 103
Nash Chatt & St L 4s ser A._1979 CA 9213 93,
I5-year secured 814s g__ _1936 J J 103 S&L;
4
1
3
99 104/
4
1
103/
8
,
70
90
7612 N Fla dr 1st eu g 5s
61
69
5812
1937 P A 10318 101,4 10318
40-year 4"4s
Aug 1 1966 P A
J
J
Apr'34
IS July'23
9814 Nat Ry of Men pr lien 4348_1957
87
Cairo Bridge gold 48
1950 J O 98,4 -- 9814
791/4
4
218 -47
79,
May'31
314
4
1
/
3
3
4
1
/
82
4
33
75
Assent
cash
on
4
No
rct
war
2
1
1
Litchfield Div 1st gold 38_1951
4 May'34
1
87/
4
/
871
76
Guar 45 Apr '14 coupon_ 1977 40 ---- -- 1234 July'31
Loulsv Div & Term g 3%s 1953 J J 8518
2,8
4
725*
318 4
4 Apr'34
3
7113 76
71,2
Assent cash war rct No 5 on
A
1951
Omaha Div 1st gold 3s
78
73 May'34
Nat RR Men pr lien 43is Oct '28
68
St Louis Div & Perm g 38_1951 J J
234
5
4 334
1
2
4 4/
1
3/
8412
85
8112
334 10
3iT2 85
69
Assent cash war rct No 4 on
Gold 3%s
1951 J .1 1Mar'34
22
Apr'28
80
80
67
let consol 4s
1951 40
J
J
Springfield Div 1st g 3348_1951
314
8
31
2
11
2
5
86
84
4
1
/
3
3
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For tootnntem gre page 3116.
3414
New York Bond Record-Continued-Page 4
May 19 1934
BONDS
i•t;
Price
E
Week's
;•
Range
BONDS
at Friday
Price
Week's
N. Y. STOCK EXCHANGE
Rangeb
Range or
g."2_
Since
N. Y. STOCK EXCHANGE
i
Friday
Range or
b
Since
Week Ended May 18.
...a, May 18.
Last Sale.
seal
Jan. 1.
Week Ended May 15.
..tia., May 18.
Last Sale.
al
Jan. I.
Railroads (Continued)Bid
Ask Low
High No. Low
High
Railroads (Concluded)Bid
Ask Low
High No Low
High
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1513 2812
Gen mtge guar 5s ser B
I975 A 0 10618 Sale 106
10612 35
9433 10612
23 May'34 ---2012 23
Certificates or deposit_
deposit10
2512
Gen 44414 striae C'
19772 J 101 Sale 10034 101
68
8434 101
0 23 Sale 20
1980 Ref & gen 68 series D
23
41
15
25
Pitts McK dc Y 2d KU 6s
1934 J 1 --------101 Sept'33 ___ ____ ____
Certlfleates of
14
231 2
- ____ ____ 2312 Apr'34 ---Pitts Sh & L E let g 56
1940 A 0 10212 ____ r10412Dec'33 _- ___ _ ____ Warren 1st ref gu deposit..___ FA
_ --- - --- 77
77
2000 --1
76
77
let consol gold 58
19431 J --------100 Mar'33 ___ ____ ____ Washington Cent g 348..
79
let gold-48 1948 Q M 79 Sale 79
1
79
7!)
Pftts Vs & Char 1st 48
1943 MN 99 8--- 94
Oct'33
9812 ____ 97
Wash Term let gu 3448
1945 F A
Apr'34 ---93
9712
Pitts & W Va 1st 444s ear A.1958 J D 7414 7912 80 May'34 -.-56
80
95 Nov'33 --__ -let 40-year guar 4e
_
1845 F A 10114 _
let M 444e serfee B
1958 A 0 7612 Sale 7613
7673 23
58
Sale
7913 Western Maryland let 4s
81
833
4
0
8414 156
i, -8-6-12
1952 A
let M 4448 series C
1960 A 0 76 Sale 7412
77
31
56
80
9334 Sale 924
let Ss ref 5449 series A
94
1
112
J
1977
80
904
Pitts Y & Ash 1st 48 eer A 1948 1 D 100 102 100 May'34 __9414 100
West NY & Pa 1st g 58
29 10238 106
1937 1 2 10553 Sale 10512 106
let gen be series B
1902 F A 10514 Sale 10412 10514
4 101 106
1913 A 0 10014 10114 10018
General gold 48
10012 23
95 1004
Providence &lour deb 4s___ _1957 M N
36
____ 50
1
50
50
50
Western Pao let 558er A.,._.1946 M 5 3712 Sale 3438
3734 163
30
4634
Providence Term 1st 413
1956 M 8 89
____ 9112 Apr'34 --__
814 9112 Weet Shore let 48 guar
2361 1 2 8412 Sale 8314
854 65
687
8 86
2361 3 J 80
8258 82
Registered
823
8
2
6512
8238
48•51
Reading Co Jersey Cent coo
A 0 9714 Sale 9612
9714 23
89
9734 Wheel & L E ref 444s ser A 1966'
96
9713 9634
S
9712
31
20
971.
85
Gen Ss ref 4394 series'A
1997 1 J 10312 Sale 10112 103
158
88 103
Refunding 5e series B
100
3
1966 NI S 100 Sale 100
9312 1013;
Gen & ref 43413 series B.__1997 1 J 10214 Sale 102
103
41
8613 103
9778 9712
RR 1st consol 48
98
1949 M S 97
31
8634 100
Rensselaer & Saratoga 6e
1941 MN --------113
Oct'30 ____ ____ ____ Wilk & East let gag 5e
553
4
53
51
12
53
D
3
1942
2
3933 594
Rich & Merch 1st g 4s
1918 MN 40 ____ 40 July'33 ____
Will & SF 1st gold 55
100 101 100 May'34 ---- 100 10134
D
J
1938
Wehrle Term Sy let gu Is,.. _1952 3 2 102
10158 May'34 _--9934 10158 Winston-Salem 9 B let 48
1900 J J 98 100 100 May'34 --- 90 100
Rio Grande June let gu 5s 1939 J D 93 -98
95
95
3
73
95 :Ma Cent 50-yr lit gen 4s 1949 3 1
1312 1612 14
1678 21
14
2212
21110(kande Sou let gold 48_1949.1 1
1 24 Oct'33 ---- ____ ____
1
---Sup & Dul Mr & terra let 48'38 M N
1311 1012
10
11
2
10
17,2
Guar 4s (Jan 1922 Coupon)1940 J J
2
____
34 July'33 ___
____
_ Wor & Conn East 1st 4448 1943 1 J 5112 ____ 66 May'34 --_
66
66
Rio Grande West let gold 48_1939 J 1 91 Sale 91
-9-378
92
23
68
let con & roll trust 4s A 1919 A 0 62 Sale 61
16
62
4412 6673
INDUSTRIALS,
1111 Ark & Louis let 4448_1934 M S
S
r
*
:Abitibi Pow & Pap 1st .58 _ _1953 1 D
*
r
Rut-Canada 1st gu g Is__ _1949 J J 61
64
61
61
6
47
72
Abraham & Straus deb 9148_1943
411119tIld 181 con 4 34e
19412 .11 68 Sale 68
68
1
5312 784
With warrants
4 0 10312 Sale 103
10312 13
93 104
8038
Adams Express coll tr g 48_1948 '41 8 8053 84
81
3
62
83
St Joe & Grand Isid let 4s
1917 1 J 9912 ____ 100
100
1
88 100
Adriatic Elec Co exti 78
1952 A 0 100 10734 108 May'34 -_ -..
9418 110
St Lawr & Adr Ist g 5a
1998 J J
___ 90 May'34 ____
77
90
Albany Perfor Wrap Pap 68_1948 A 0 65 5313 65
68's
8
56
6812
2d gold 6s
89
88
1998 A 0 8383
May'34 ___
7974 88
6812 Sale 67
Allegany Corp con tr 5e
1944 F A
6934 170
514 74
St Louis Iron Mt & SouColl & cony ras
1949 1 D 6314 Sale 62
6378 70
44
6911
r
ltiv & G Div let g Is
1933 M N
•
•
Coll & cony 5s
.
A -_
0 40 Sale 35
41
255
25
46
St L Peor & NW let gu 5s...1948 J .1 73 Sale 73
74
34
5712 82
40
__ __ 3614
Certlficatee of deposit..
38
13
_
50
_
.
19
3614 39
Fran pr lien 4s A _1950 J J 21 Sale 1812
:St L-San Fn
21
04
1834 28
Allis-Chalmers Mfg deb 5.1
8.937 M 147 97 Sale 97
98
31
904
9914
Certificates of depoeit..
1818 21
1
20
17
20
26
7634 Apr'34 ---Alpine-Montan Steel let 75._1955 M E3 8134 93
5614 7634
Prior lien 5s eerier] B
5/so i :1 -,_._ 23 21
2112
6
1778 30
Certificates of deposit..____ -__
19
24
22 May'34 - - -18
28
Amer Beet Sugar 68
1935 F A 99 Sale 98
99
49
71
99
Con M 444s series A
1978 M 5 19 Sale 1678
1912 131
1412 2512
88 extended to Feb 1 1940F A 82
9614 8612
8613
1
80
86,2
Ctfs of depoa stamped ____
1812 Sale 1618
.
1812 36
1413 2112 American Chain 5-yr (18
11558 A 0 8334 Sale 8318
84
41
64
9058
St L SW let g 441 bond ctfs 1989 MN
7912 8173 8012
_8/
21
6412 8114 Amer Cyanamfd deb Sc
1942 A 0 10234 Sale 10234 10278 10
9312 10314
2s g 4s Inc bond etfs-Nov 19892 J 62 Sale 614
62
10
4253 63
Am & Foreign Pow deb 5s
5434 215
2030 M 5 54 Sale 50
35
5912
1st terminal & unifying 58_1952 J J 634 Sale 604
64
70
48
6912 American Ice e f deb se
1953 .1 11 74 Sale 74
75
9
62
7934
1990 1 3 53 Sale 5178
Gen & ref g 58 ser A
5314 51
43
5812 Amer 10 Chem cony 5445._1949 M N 9634 Sale 9612
98
64
8374 99
St Paul & K C Sh L let 448_1941 F A 2712 Sale 25
2712 27
24
3734 am Internet Corp cony 5448 1949 J J 8412 8612 8414
86
29
674
97
SIP & Duluth let con g 48_1909 2 D 96- 95 May'34 .-_84
95
____ 10634 May'34
Amer Mach & Fdy of 6s
1939 A 0 107
_ 105 107,2
9t Paul E Or Trk let 4%e...1947 J .1 69 -75
7612 May'34 ---63
7612 Am Rolling Mill cony 56.....1938 MN 106 Sale 101
1084 335
9554 11612
St Paul Minn & ManitobaAm Eim & R let 30-yr 5sserA '47. A 0 10412 Sale 104
1044 63
994 1044
Cons M 5111ext to July 1 1943_ _ - _ 1054 Sale 105
10512 50
97 10613 Amer Bug Ref 5-year 68
193e .11 2 10612 Sale 100
10812 29 1041 4 10634
10034 101 10034 lows 14 94 101
Mont ext let gold 48
19372
Am Tetep & Teleg cony 413_1930 M S 10312 ____ 103 May'34
---- 10153 10418
Pacific ext gu4s (sterlIng)_1940 J J 98
____ 99 May'34 --_89
99
30-year coil tr 5s
19462 D 10814 Sale 108
10812 105 10518 109
St Paul Un Den let & ref 58_1972 1 J 10712 Sale 1074 10734
4 101 10814
35-year s f deb Ss
1960 1 J 10778 Sale 1074 108
74 10314 10812
1943
20-year a I 5443
MN 10912 Sale 10912 1104 115 1057
8 111
S A & Ar Pass lst gu g 8. .. _1943 J J 9314 Sale 7912
8334 166
6012 854
1939 .1 1 10812 Sale 108
Cony deb 444s
10834 17 107 113
Santa Fe Pres & Phen 4let 56_1942 M S 106 10612 10634 May'34 ---97 10634
1965 F A 108 Sale 10734
Debenture 51
108
205 10318 108
Scioto V & N E let go 4e__ _1989 M N 1034 ____ 102 Apr'34 ___
9712 102 :Am Type Founders Os ctts_1910 ---- 32
37
40 Apr'34 ____
35
50
.
•
:Seaboard Air Line 1st g 48_1950 A 0
Am Water Works & Electric26
20
2218 May'34 -__
Certlficatei of deposit
2012 2312
10-yr 55 cony coil tr
1944 M 9 10414 Sale 10013 10538 472 10012 111
iiii, -A-6
Gold 48 stamped
•
•
Deb if lie series A
1975 MN 85 5419 81 14
85
7
6414 90
23
23 May'34 ____
Cerrito of deposit stamped__ A 0 20
15
25
414 61 1 5
Adjustment Is
5
Oct 1949 F A
5
5
712 Am Writing Paper let g 8s._1947 1 J
44 Sale 44
474
106
4034 69
*
o
Refunding 48
1959 A 0
1223 Salo 1014
Anglo-Chilean Nitrate 7s_ _1945 M N
13
48
5
1734
Certificates of deposit __-- -__
8
10
934
934
2
74 13
8918 8712 May'34
Ark de Mem Bridge & Ter 56_1984 M 9 86
9314
90
1945 M 5 1114 Sale
914
let & cons 65 series A
11 12 70
911 1612 Armour dc Co (III) let 4443_1939 J D 9878 Sale 98
99
165
8712 91)12
10 Sale
834
Certificates of deposit
10
17
812 144 Armour & Co of Del 544s
935
8
J
Sale 924
1943 2
944 213
82
96
r
*e
Atl & Birm 30-yr lat g 4s__1933 M S
Armstrong Cork cony deb 58 1940 1 D 98 Sale 9712
9814 118
86
9512
44 Sale
4
5
:Seaboard All Fla 65 A ctts_1935 A 0
24
4
712 Associated 0116% g notes-1935 NI S 10378 10458 1034 1037.3
4
1025
3
1044
412 Sale
412
1935 F A
Series B certificates
412
1
34 74 Atlanta Gas L let 58
19472 D 100
95 Mar'34 ____
95
95
So & No Ala cons gu g 5s_ _ 1930 p A 10318 _ _ 0312 May'34 ---- 10053 10312 Atl Gulf & W 1 SS coil tr 5s 1959 J J 59 Sale 5813
59
12
50
61,2
107 May'34 _-__
Gen cons guar 50-year 5i.._1963 A 0 104 107
91 107
Atlantic Refining deb 5a_1937 J J 10614 Sale 106
10638 24 10358 107
Sale
6518
19493
69
coil
4a(Cent Pac colt)
So Pac
78
D 694
56
7478
92
125
let 4449(Oregon Lines) A.1977 M e 8013 Sale 7912
8313 8414 Baldwin Loco Works let 5s 1940 M N 10718 10913 1074 10718
1 102 10712
19342 D 961
20-year cony 5s
:10014 100
100
15
9212 10014 Bataviao Petr guar deb 4448.1942 J J 106 109 108
108
2 10233 116
67
1988 M 8 6813 Sale 62
Gold 440
38
5312 72
Bell relep of Pa Se eerie B 1948 1 J 1104 Sale 110
11053 45 106 11053
Gold 4448 with warrants 1969 M N 654 Sale 62
6812 128
53
72
1960 A 0 1 l378 Sale I13,4
1st & ref 5s series C
11378 39 106 1134
66
223
1981 M N 644 Sale 604
Gold 4446
5213 71
Beneficial Indus Loan deb 63 1946 M 5 104 Sale 10314
104
29
84 108
1950 A 0 974 Sale 97
9818 66
San Fran Term 1st 4s_
8274 9S18 Berlin City Elec Co deb 64481951 J D 4713 50
49
52
6
4412 6534
03 Mar'34 _ _ _ _ 101 103
So Pac Of Cal let con gu g 58_1937 MN 10412
Bob sinking fund 630
1959 F A 454 Sale 454
4714
37
4312 67
-,
1937 J 1 9958 J978 99 Mar'34 ____
99
99
So Pac Coast let gu g 4s
Debentures 69
1955 A 0 46 Sale 45
47
36
4253 6514
90
1955 J J 8912 Sale 8814
156
70
So Pac RR let ref 4s
9014 Berlin Elec El & Underg 6441 1958 A 0 504 58
5012
51
4014 74
6
_ __
Stamped (Federal tax)._1955 1 J ____ ____ 9212 May'30 _ _
. Beth Steel 1st Ss ref 5*-guar A '42 M N 1084 Stle 108
110
231
9973 1154
103
123
i6 104
Southern fly let cons g 68_1994 J J 10212 Sale 02
--30-year pm Sr impt 3 f 53_1939 1 J 10234 Sale 10258
103
99 103
75
6758 198
1958 A 0 6712 Sale 61
5718 7334 Bing dr Bing deb 644s
Bevel & gen 45 series A
1951) M 9 3514 ____ 30
Apr'34 .___
30
30
99
1958 A 0 88 Sale 8233
66
75
95
Devel Ss gen (le
:Botany Cons Mills 6443-1931 A 0
n*
*
1956 A 0 91 14 Sale 88
9258 172
78
9734
Devel & gen 640
Certificates of deposit
A 0 1714 Sale 1713 May'34 ....._
8
20
1996
.1
j
9418
98
99
May'34 ___
8034 100
Mem Div let g 5e
Bowman-BIM Hotel8 let 78._1934
854 22
1951 1 J 85 Sale 8414
6614 0612
Stine as to pay of $135 pt red__ M 9
St Louts Div let 545
.
*
*
84 102
IB'wey & 7th Ave let 5s__1943 J D
East Tenn reorg lien g 58_1938 NI S 101 13_ 102 May'34____
*
•
*
75
78
13
58
81
Brooklyn City 11.11. let 55_ 1941 .1 J
Mobile & °Worrell tr 4s__ _1838 NI S 724 -7-7
751 4 83
8512 May'34
72
50
1218
2
1/
'
14
12
934 17
Bklyn Edison Ino gen 59 A__1949 J J 10818 109 10712 108
:Spokane Internet 1st g 58_1955 J J
lit 10512 1094
Gan mtge 68 8oriet,E
____ ____
Staten Island Ely 1st 444s 1943 1 D --------60 May'32 ____
1952 3 J 108 Sale 108
110
109
36
1054
Bklyn-Mauh B. T aec 6s
Sunbury & Lewiston let 481938 2 J --------100 Feb'34 ____ 100 100
1968 3 J 100 Sale 99
1014 386
9314 102
-
--
For footnotes see page 3416
3415
New York Bond Record—Continued—Page 5
BONDS
N. Y. STOCK EXCHANGE
Week Ended May 18.
T..
:..'3
.2
... L.
:4 a;
Price
Friday
May 18.
Week's
Range or
Last Sale.
'3 •
.E. ,.,
ta,
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended May 18.
:-..
::.3
r, t
..:,' a_
Price
Friday
May 18.
Week's
Range or
Last Sale.
Ja •
Z
,,5
a:1,
4
Range
Since
Jan. 1.
High No. Low
High
Bid
Ask Low
Industrials (Continued)—
High
High No. Low
Ask Low
Bid
Industrials (Continued)—
86
9814
9914 57
1978 A 0 9814 sale 9712
Inland Steel let 44e
57
60
57 Mar'34 ---Bklyn Qu Co & Sub con gtd be'41 M N ____ 70
95
98 Sale 9712
83
8512 9812
1981 F A
let Ms f 440 ser B
57/
1
4 5734
5734 Feb.34 ____
let 55 stamped
1941 J .1 66
311
6512
6512
70
/
1
4
Sale
72
,4
69
J
J
50_1966
38
:Interboro
1st
754
98
Rap
Tran
9412
Bklyn Union El let g 5s
1950 F A 9412 Sale 92
*
*
*
1932 A 0
12 10634 1118
10-year 13s
111
Bklyn Un Gas tat cone g 58_1915 MN 11114 11112 110
____ 3314 3212 May'34 ---32
3814
Certificates of deposit
let lien & ref 85 series A _ _1947 M N 117 ____ 117 May'34 ---- 11078 11712
•
*
Ii
10-year cony 7% notes___1932 i',
Cony deb g 54s
1936 1 J --------158 Feb'34 ---- 158 158
8713 75
74
93
74 Sale 71
9
Cert1ficates of deposit_
98 10414
Debenture gold be
1950 J D 10318 Sale 10318 104
74
10
60
771
/
4
70
Sale
70
N
lifi1951
Interlake
let
108
/
1
4
23
Iron
Is
B
1043
4
1083
4
1073
4
Sale
1st lien AC ref series B
1957 M N 10834
1
4 Int Awric Corp 1st & coll tr 5s—
99 105/
7
1
4
1
4 Sale 10412 105/
Buff Gen El 434s series 13_1981 F A 105/
24
82
84
84
7312 8412 8214
50
60
Stamped extended to 1942____ M N
6
5212
52
58
:Bush Terminal 1st 48
1952 A 0 52
9114 96
797 9114
9114 Sale 89
1218 2612 Int Cement cony deb 50
1048 M N
1978 27
1914 Sale 19
Congo! Is
1955 J J
162
4018 691
/
4
63
1944 A 0 6212 Sale 6112
4312 6012 Internet Hydro El deb 6s
11
45
Bush Term Bides Is gu tax ex '30 A 0 45 Sale 4312
44
6312
54
5714
16
Sale
54
0
A.
80_1941
1
Inter
88
Mere
Marine
s
f
8112
7
By-Prod Coke let 534a A
83
8612
83
4
1945 MN 79
5712 8212
7812 51
77 Sale 75
Internet Paper Is ser A & 13_1947 J J
384 73
102
65
1955 M 5 6412 Sale 59
Ref 0 f 6s series A
8 1034 107
Cal0& E Corp unf & ref 50_1937 NI N 10658 10712 10634 10634
484 6934
5912 84
5834 Sale 54
8611 10112 Int Telep dr Teleg deb g 430 1952 1 J
Cal Pack cony deb 58
33
1940.8 J 101 Sale 10012 101
6714 254
5718 7312
1939 J J 8518 Sale 5812
Cony deb 4 40
9638 103
19
Cal Petroleum cony deb s f 5,'39 F A 10234 -_ 102/
1
4 103
65
239
52
6412 Sale 5714
691
/
4
9918 10312
1955 F A
Deberrture bo
Cony deb s 1 g 534/1
1938 NI N 10212 10-3-1. 10212 10318 11
97
71
82/
1
4 98
1
27 12
Investors Equity deb 55 A_1947 1 D 97 Sale 97
6
Camaguey Sugar 75 ctfs
1942- , 618 7
6
97
19
88
95
9634
98
1812 3334
2
32
____ 32
Deb Is ser B with wart_ _1948 A 0 97
Canada 55 L 1st & gen 60_ A941 A--0 32
8778 98
____ 97 May'34 -- -Without warrants
1948 A 0 97
2 10458 10758
Cent Dist Tel 1st 30-yr Is 1943.8_
107
D 107 Sale 107
Cent Hudson 0 & E 50-Jan 1957 NI S 10718 Sale 10718
10714 11 10418 107/
1
4
2 10012 10612
Cent Ill Elec & Gal 1st Is.,, _1951 F A 6618 Sale 6112
6614 19
454 6973 K C Pow & Lt 1114 434S ser B 1957 J J 10612 Sale 10612 10612
10812 27 10038 10812
1 10118 112
lot mtge 4 40
1961 F A 108 Sale 10714
112
Central Steel let g s 1 85
1941 MN 112 115 112
9534 67
7212 96
5218 7178 Kansas Gas dr Electric 448_1980 J D 9534 Sale 9412
1
4 101
63/
Certain-teed Prod 54a A ,.1948 M 8 63 Sale 5818
3214 24
19
3214
31
Sale
MN
3214
377
88-1943
96
103
106
110
Cbesap Corp cony Is May 1517 MN 10512 Sale
Earstadt (Rudolph) Ist
2714 43
1612 2714
--- 2634 Sale 25
Certificates of deposit
98
@FedFRASER