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The Financial Situation
community at this time is tempered with doubt and
anxiety about the future bonus plans which may come
to the fore within a relatively short span of time.
This seems to be one of those questions about
so-called Patman Bonus bill, and by the subsequent
action of the Senate in sustaining that veto. It is which it is quite futile to reason rationally. If this were
probably true, as has often been said, that had this not true, the veto message of the President, delivered
measure reached the statute book certain branches of by him personally on Wednesday, would have disbusiness most directly concerned with consumers' posed of the issue. President Roosevelt in showing
goods would have benefited, perhaps fairly substan- how generously, not to say lavishly, we have already
tially, for a time. But probably even in these quar- treated the veterans, was of course not telling the
ters, and certainly elsewhere, it has all along been public anything that it did not know or ought not to
realized that the net result of any such madness as have known already. His words merely marshaled
that proposed in the measure in question would have facts known and read of all men. His presentation
of them was, however, exbeen exceedingly harmful.
ceedingly effective, or
It is likewise a fact that an
Spending Without Collecting
would have been had his
unfortunately large num"...the complete failure of the Congress
really been interlisteners
ber of other measures either
to provide additional taxes for an additional
ested in getting •to the
now law or with good prosexpenditure of this magnitude would in itdisapproval
and
self
itself
warrant
by
alone
heart of this matter. His
pects of becoming law withof this measure."
as to the effect
conclusions
in the next few months are,
Thus does the President of the United
to
effort
proposed
an
payment
the
condemn
of
wisely
States
and
firmly
so we think, fully as harmadd some $2,200,000,000 to the national deficit
so.
obviously
sound,
are
ful as the bonus bill would
to pay a bonus to the veterans of the World
aphad
they
that
fact
The
War.
have been. Still, the many
It is quite true, in our opinion, that the
parently no weight at all in
blunders that have been
addition of any such amount to the budget
House and were only
the
made and are being made
for any purpose without providing the means
moderately effective in the
of payment is to be condemned out of hand.
in Washington concerning
At the same time,let it be carefully noted that
Senate gives a clue, if one
other matters can not reathe fault is found not in the failure to
were needed, to the true
levy huge taxes but in the addition to the
sonably be offered as a reafinancial burdens of the Nation.
political nature of the
son why the bonus measure
The point is of vital importance. If the
movement that has plagued
should have been added to
Administration and Congress were obliged to
than
(rather
people
the
from
funds
the
take
us so long in connection
the list, or as justification
permitted to create them by fiat) with which
with the veterans, and
for not being heartened by
to finance the costly New Deal program,
of
difficulties
troublesome
which is probably desmost
the
of
many
the fact that it was not.
soon vanish.
would
day
the
to continue to plague
tined
All this we find well underThey would disappear not because the
years to come.
for
us
in
stood
intelligent busicrushing burden of taxation that would thus
be required would remove them, but because
ness quarters where relief
neither the Administration nor Congress
Other Issues
is being experienced as a
would for a moment have the temerity to
undertake the expensive programs they now
IT IS perhaps ungracious
result of the developments
fasten upon us all so cavalierly.
to be critical of an
of the past week so far as
So long as the rank and file of the people
Administration that has
they relate to the bonus
remain quiescent in the presence of policies
that appear to pluck money out of the air
just stood so manfully
matter.
without cost to anyone, just so long shall we
against this bonus raid on
continue to pile Pelion upon Ossa in granting
Further Bonus Effort
largesse to all groups in the population that
the pocket book of the
can exert political pressure.
Nation. Yet the commenGratification would
It is for this reason chiefly, although there
tator, to be of service,
doubtless be much more
are many others of weight,that we should not
prothe
think
permitting
of
moment
a
for
must be realistic even when
widespread and profound
posed Banking Act of 1935 to become law,
if a realistic appraisal of
is distasteful. We must
it
since that measure would make it still easier
indefinitely
to
add
to
powers
be
the
that
for
not refrain from
therefore
outlook
the
indicated that,
our obligations in this "painless" fashion.
stating the rather obvious
with this veto and the supfact that a reasonable apporting action of the Senate, the bonus question was definitely laid on the plication of the common sense that characterized most
shelf for the remainder of this year at least. Unfor- of the President's veto message to other public questunately, such does not appear to be the case. On tions of the day would inevitably and at once lead
the contrary, there is good evidence that the sup- the Administration to reject with equal emphasis the
porters of the Patman measure will now undertake to proposed Banking Act of 1935, the pending holding
find some other set of proposals designed for the same company bill, the so-called Wagner bill, the Adminispurpose that will receive Presidential approval or tration measure for prolonging the life of the National
that can be passed over a veto. It is still too soon to Recovery Administration, the whole social security
tell just what will be the next step in their campaign, program, and several other measures listed by the
and certainly much too soon to know just what any Administration as "must" legislation. It would by
future bill will contain. The proponents of the pay- the same token lead to a repudiation of by far the
ment of further largesse to the veterans have, how- larger part of the New Deal legislation already upon
ever, plainly not made use of nearly all the political the statute books. It is this fundamental incontricks in their bags, and are rather generally expected sistency of the President in applying old-fashioned
to rally their forces and proceed once more to battle. horse sense to one current issue, and at the same time
Thus it is that the encouragement of the business running recklessly on after the rainbow's end in
HOUGHTFUL business men throughout the
T
country, we believe, have been encouraged by
message of the President vetoing the
forthright
the
3434
Financial Chronicle
practically every other question of the day,that weakens his influence on the bonus, and hurts his standing
among thoughtful men who cannot refrain from
condemning him for fanatical ideas and policies in
most fields even when they feel grateful to him for
his determined stand against the unwarranted claims
of the veterans.
After all, the outlook, in our judgment, depends
much more upon the governmental program as a
whole than upon the final outcome of the vexed bonus
issue. If the Administration is to be successful in
persuading Congress to adopt the pending punitive
and deeply injurious public utility legislation, the
revolutionary Eccles bill, the crushing social insurance program, the troublesome] labor disputes
bill, the unwise National Recovery Administration
proposals which are pending, and a number of other
similar measures, then this session of Congress would
have to be set down as little short of disastrous,
regardless of the outcome of the bonus controvem
The most disheartening news of the week,in our judgment, is the apparently growing likelihood that the
President will in the end very largely have his way
throughout.
Banking Issues Being Clarified
PROGRESS
has, however, been made in clearly
drawing the issues involved in the proposed
bankinglegislation. The Secretary of the Treasury before the Senate subcommittee late last week frankly
expressed his preference for a governmentally owned
and operated central banking system, and the
President promptly added that such an arrangement
would "solve a great many problems." It is difficult
to understand how there can be any longer the
slightest doubt that what the Administration really
wishes is a central banking system dominated by the
Government to be used for purposes that seem best
to those in places of political power in Washington,
probably chiefly as an assurance that a means of
raising unlimited funds would always be at hand.
Apparently there have been a good many not well
versed in these rather technical matters of finance
and politics who have not heretofore been able to
perceive the true inwardness of this situation.
Plainspoken Testimony
Witnesses before the Senate subcommittee, who
have now included a number of the leading bankers
of the country, have of late been showing much more
realization that the proposed Banking Act of 1935
is neither a correction of technical defects in existing law nor a further development and refinement
of the ideas and purposes of the original Federal Reserve Act,as alleged, but a plan for the institution of
a revolutionary system of banking resting upon a set
of ideas which are wholly without standing among
thoughtful men of experience. It is also being more
widely understood that grafted on this system there
is the notion, older than John Law, of using the
banking system of the country as an adjunct to the
Treasury for financing purposes. It may or may not
be true, as current "polls" of the Senate are said to
indicate, that the President has control of votes in
numbers sufficient to pass the bill as it now stands.
We fear that there is all too much substance in these
reports, but it is well, even in that event, to have
these issues brought out into the light of day and
set down in the record. At least a basis is thus laid
upon which it may be possible to proceed with ra-
May 25 1935
tional legislation at some future date when the
country has become aroused from its present hypnotic trance.
Fantastic Relief Plans
HILE some elements in the public are indulging in a good deal of discussion and prediction about the volume of relief spending to be expected and the effect of such outlays, we grow steadily more puzzled concerning this whole work relief
program and the apparently fantastic expectations
of the Administration. The President has recently
announced the wage scales that are to apply to large
parts of the work to be undertaken with the funds
appropriated by the recently enacted work relief
measure. These range from $19 to $91 per month, depending upon location and type of work to be performed. At the same time such undertakings as road
construction and grade crossing elimination are to
be carried forward at an entirely different rate of
wage payment. It is obvious that the rates of pay
now announced by the President are substantially
below those generally prevailing. That wages heretofore paid upon Public Works Administration projects were well above current rates is well known. It
is highly probable that wages paid for work on grade
crossing elimination and road construction will likewise be higher•than prevailing rates.
The President not long ago let it be known that
in the selection of projects under these grandiose
plans several major considerations would rule.
Projects would be selected with an eye to the geographical distribution of the unemployed so that
there need be no great migration of labor. Proposals
promising to give the most work to the largest number of men would be given preference. Now comes
word that workmen must, as far as feasible, be selected from the relief rolls, and in most instances
will be paid at much less than the going rate. Does
anyone suppose that all these requirements are compatible with the other Stipulation that projects
must be selected which indicate at least a moderate
return of the funds laid out by the Government?
We should certainly be the last to defend any system of Government operations thaetended not only
to sustain existing wage rates in many branches of
business but to raise them. We have not the slightest sympathy with the past policies of the Public
Works Administration in obliging municipalities to
pay exorbitant wages on projects for which it had
advanced funds. We doubt whether a corporal's
guard of wage earners under the scheme now proposed will really be underpaid as judged by any reasonable business standard. But it is difficult to
understand how the Administration can expect any
really useful work worthy of mention to be performed under the arrangements thus set forth. It
would tax the ingenuity of the ablest business executive to obtain any such results under circumstances
of this sort, if indeed he could do so at all. The
probability of the Government's accomplishing any
such results is to our mind practically zero.
The whole plan is, needless to say,strangely inconsistent with other policies of the Government, such
as the provisions of the proposed new National
Recovery Administration law and the terms of the
Wagner labor bill, to say nothing of many official
acts which have outrageously pandered to organized
labor. We expect the whole program to end in dismal failure of one kind or another. We venture to
W
Volume 140
Financial Chronicle
predict that the outcome will either be that funds
will not be disbursed in nearly the amounts now predicted, or else that the program will quickly degenerate into a kind of Civil Works Administration
project where "made work" of no value is provided
upon which many men who might otherwise be usefully employed will idle away their time. The plan
likewise rather obviously holds many unpleasant
possibilities of unnecessary labor disturbances. A
more convincing demonstration of the fallacy of
the whole idea upon which the work relief program
rests could hardly be imagined.
The American Iron and Steel Institute has added
a vigorous voice to the swelling chorus of criticism
of the New Deal which for some time past has been
vibrating througll the business community. As the
President of this organization well said at its general
meeting in New York City on Thursday, American
industry, particularly the iron and steel industry,
promptly and vigorously lent its support to the Administration from the very beginning of the endeavor
to induce recovery by various methods all quite contrary to accepted doctrines of orthodox economics.
Yet recovery is still lacking, and in our judgment is
as far off as it was the day that President Roosevelt
entered the White House, if indeed it is not farther
away. Evidently the steel industry has reached the
conclusion that the time has come to speak such
truths plainly. Mr. Grace does so in a convincing
manner, and in addition points the only way in
which the ills of the present can be cured. We refer
our readers to another column of this issue for a
fuller account of the proceedings of the Institute.
but special attention may here be called to the following passage in Mr. Grace's admirable address:
"Business is ready to go forward. It is being halted by undue emphasis on reform, unsound, biased and perhaps even
unconstitutional legislative proposals, political manoeuvring, unrestrained public expenditures, currency tinkering
and increasing tax burdens....
"It is about time we had a little old-fashioned economy;
that we encouraged efficiency and thrift and stopped holding out false illusions based on the theory that the resources
of the State are unlimited.
"We are told that unemployment is the chief menace before the country. What is the answer to this menace? Is it
to be found in permanent and socialistic legislation? I think
not. I believe the answer is to be found in the reemployment
In private industry of those normally attached to it.
"It may sound commonplace to say that the only real cure
for unemployment is employment, yet many fail to recognize
that if industry is saddled with restrictive and damaging
legislation under which profits are unattainable it will seriously delay, if not completely prevent, the reemployment of
normal forces.
"I believe that if an encouraging and constructive program
were adopted instead of the unsettling legislative proposals
now being considered, the chief barrier to economic recovery
would be removed. This would give business the necessary
confidence to go forward."
Federal Reserve Bank Statement
ITH the exception of continued increases in
the gold certificate holdings of the Federal
Reserve banks and in the monetary gold stocks of
the country, few changes of any significance are
to be noted in the current condition statement of
the 12 Federal Reserve institutions combined. Gold
certificates deposited by the Treasury with the System increased $28,949,000 in the week to Wednesday
night, while the credit summary reflects an aggregate gain of $25,000,000 in the monetary gold stocks.
The flow of metal to the United States promises at
the moment to swell to torrential proportions, owing
W
3435
to the flight of capital from France. Special trains
were engaged late this week to move the metal from
Paris to the Channel ports, and every vessel leaving
France for the United States is taking the full permitted complement of gold. Such movements are
deplorable in every sense, as they indicate that the
period of international monetary instability is far
from ended. Nervous capital in enormous amounts
remains scattered about in leading financial centers, and the criss-cross of movements in recent
years makes it quite impossible now to say
whether the flow from France now in progress
represents chiefly foreign capital which sought
safety there or French capital which finds the prospect of continued franc stability unsatisfactory.
Probably foreign and French capital alike is engaged in the current flight. The effect cannot be
helpful, since too much gold already is accumulated
in the United States.
The increase in gold certificates raised the total
of such instruments held by the Federal Reserve
banks to $5,820,788,000 on May 22 from $5,791,839,000 on May 15. This means, of course, that the
monotonous progression of the aggregate to everhigher records remains unbroken. Total reserves
increased to $6,074,634,000 from ,$6,047,883,000.
Member bank deposits on reserve account, after a
long period' of wide swings, showed hardly any
change this week, the aggregate falling to $4,821,304,000 on May 22 from $4,822,322,000 on May 15.
This means that excess reserves over requirements
are still approximately $2,350,000,000, which is the
all-time record. Modest gains were recorded in
United States Treasury deposits on general account,
foreign deposits and other deposits, and the total
deposits thus advanced to $5,143,885,000 from
$5,124,166,000. Federal Reserve notes in actual
circulation showed a modest seasonal decline to
$3,148,543,000 on May 22 from $3,154,374,000 on
May 15. With deposit and note liabilities not much
changed, and total reserves somewhat higher, the
ratio of reserves to deposit and note liabilities combined advanced to 73.3% from 73.1%. Discounts
by the System increased to $6,758,000 from
$6,655,000, while industrial advances likewise
gained slightly to $26,895,000 from $26,546,000.
Open market bill holdings were only $5,000 lower at
$4,700,000, and holdings of United States Government securities declined $28,000 to $2,430,327,000.
Corporate Dividend Declarations
IVIDEND actions the current week include
several of a noteworthy character. Armour
& Co. (Ill.) declared a dividend of $1.50 a share,
applicable to accumulations on the 7% cumulative
preferred stock, payable July 1; this is the first
distribution on the issue since Jan. 2 1931, and
leaves arrearages at $30 a share. Kimberly-Clark
Corp. declared a dividend of 12y2c. a share on the
common stock, payable July 1, which will be the
first payment on the issue since Oct. 1 1932, when
25c. a share was paid. Greene Cananea Copper Co.
declared a quarterly dividend of 50c. a share on the
common stock, payable June 17, and announced its
intention of declaring quarterly dividends of like
amount in the future; on May 20 last a special dividend of $2 a share was paid, prior to which no dividends had been paid since Aug. 11 1930, when 75c.
was paid. Public Service Corp. of New Jersey declared a dividend of 60c. a share on the common
D
3436
Financial Chronicle
stock, payable June 29, as compared with 70c. a
share in previous quarters. Plymouth Oil Co. announced that no dividend will be paid on the common stock for the second quarter, since the omission
is necessitated by the immediate requirement of a
cash outlay of several hundred thousand dollars in
development work; on March 30 last 25c. a share
was paid.
May 25 1935
lated into equity advances, on the Stock Exchange.
In the foreign exchange markets, French francs and
other so-called gold units were weak, owing to immense transfers of capital to London and New York.
London was favored by most of the nervous capital,
and the pound sterling moved sharply higher in relation to the dollar as well as to the French franc.
On the New York Stock Exchange 193 stocks
touched new high levels for the year and 18 stocks
The New York Stock Market
touched new low levels. On the New York Curb
ODESTLY active stock market sessions in New Exchange 140 stocks touched new high levels for
York were dominated all this week by the the year and 17 stocks touched new low levels.
struggle in Washington over the soldiers' bonus and Call loans on the New York Stock
Exchange closed
the form of payment proposed by the legislators and yesterday at /
1
4%, the same as on Friday of last
opposed by the President. Transactions on the New week.
York Stock Exchange were nearly 1,000,000 shares
On the New York Stock Exchange the sales at
on Monday, and they exceeded that level in all sub- the half-day session on Saturday lastwere
600,460
sequent full trading periods. Price changes were shares; on Monday they were 972,070
shares; on
small, but in general the movements were toward Tuesday, 1,139,380 shares; on Wednesday 1,147,341
,
higher levels and numerous high figures for the year shares; on Thursday, 1,285,930 shares,
and on Friwere registered. The opening on Monday was some- day, 1,181,160 shares. On the New York
Curb Exwhat uncertain, owing to the week-end realization change the sales last Saturday were 108,645
shares;
that a strong anti-bonus message would be delivered on Monday, 188,120 shares; on Tuesday,
253,980
to Congress by the President. But prices soon shares; on Wednesday, 244,935 shares; on Thursday,
steadied and turned upward, with shares of motion 269,625 shares, and on Friday, 267,795
shares.
picture companies in better demand than others.
Trading on the Stock Exchange this week reached
Jerky upward'movements in several groups of equi- fair proportions, with the price movement stocks
of
ties gave the market a good appearance.on Tuesday. in most sessions irregular, the inclinatio
n being
Advancing prices in some of the base metals caused toward higher levels. Legislation with respect
to
gains in related stocks, while a number of amuse- the soldier bonus had little effect on
the market,
ment shares and other specialties likewise advanced despite the feeling prevalent in financial
circles and
readily. Nor was there any change in conditions on elsewhere that the President would be sustained
in
Wednesday, despite the severely anti-inflationary his veto by the Senate. At yesterday'
s close the
address of President Roosevelt before Congress on market was steady and somewhat lower than
on
the bonus measure. Prompt passage by the House Friday of the previous week. General
Electric
of the Patman bill over the veto left the matter closed yesterday at 257
/8 against 25% on Friday of
uncertain, and the share market continued on its last week; Consolidated Gas of N. Y. at 22%
against
quiet way, with metal and oil stocks in best demand. 23; Columbia Gas & Elec. at 6% against 63
%;Public
The Senate sustained the veto of the Patman bill Service of N.J. at 29% against 30; J. I. Case Threshlate Thursday, in accordance with all predictions, ing Machine at 581% against 58%; Internatio
nal
and the share market again was steady that day, in Harvester at 43 against 42%; Sears, Roebuck
& Co.
the face of this realization. Advances in base metal at 39 against 39%; Montgomery Ward & Co. at 267
/
8
prices and in raw sugar caused sustained buying against 263
%; Woolworth at 60 against 60; Amerof related equities, most of which moved into new ican Tel. & Tel. at 119% against 120%, and Amerhigh territory for the year. Other stocks were ican Can at 1261% against 125%.
quiet but steady. Few changes of any importance
Allied Chemical & Dye closed yesterday at 149%
were to be noted yesterday. Some specialties again against 149% on Friday of last week; E. I. du Pont
improved a little, but there were also numerous de Nemours at 100% against 991%; National
Cash
small declines.
Register A at 15 against 15%; International Nickel
In the listed bond market movements were irregu- at 29 against 28%; National Dairy Products at 15%
lar, and in some instances contrary to trends that against 15%; Texas Gulf Sulphur at 3514 against
might have been anticipated in view of equity 35; National Biscuit at 25 against 26%; Continental
changes. United States Government securities Can at 77% against 76; Eastman Kodak at 144
hardly varied at all, and there was only a brief against 142%; Standard Brands at 15 against 15;
period of activity in such obligations, just before Westinghouse Elec. & Mfg. at 48% against 487
/8;
the President delivered his veto message on the Columbian Carbon at 89% against 847
/
8; Lorillard
Patman bonus bill. Highest rated corporate bonds at 21 against 20%; United States Industrial Alcolikewise were dull and unchanged. Among specu- hol at 45% against 427
/
8; Canada Dry at 10%
lative corporate bonds, rails tended to lose ground, against 101/
8; Schenley Distillers at 27% against
but sharp advances occurred at times in motion 25%,and National Distillers at 26% against 25%.
picture bonds and a few other specialty groups.
The steel stocks closed yesterday fractionally
French Government issues showed pronounced weak- lower. United States Steel closed yesterday at 34%
ness when the gold flow from that country swelled against 34V8 on Friday of last week; Bethlehem
to large proportions, and renewed uncertainty was Steel at 27% against 27%; Republic Steel at 135
/
8
introduced regarding the future of the gold bloc. against 137
/8,and Youngstown Sheet & Tube at 16%
Other foreign dollar issues were irregular. Grain against 17%. In the motor group, Auburn Auto
and cotton quotations were uncertain in the com- closed yesterday at 20% against 21% on Friday of
modity markets, but good advances occurred in lead last week; General Motors at 31% against 327
/
8;
and other base metal prices, while sugar also im- Chrysler at 47 against 48%, and Hupp Motors at
proved. These movements promptly were trans- 1% against 1%. In the rubber group, Goodyear
M
Volume 140
Financial Chronicle
Tire & Rubber closed yesterday at 191/
2 against 19
on Friday of last week; B. F. Goodrich at 9 against
9, and United States Rubber at 131/
2 against 13/
1
2.
The railroad shares for the most part show declines. Pennsylvania RR. closed yesterday at 211/
8
against 211/
2 on Friday of last week; Atchison Topeka & Santa Fe at 411
/
4 against 42; New York
Central at 16/
1
2 against 16%; Union Pacific at 97
against 961/8; Southern Pacific at 16% against 17;
Southern Railway at 101/
8 against 103
/
4, and Northern Pacific at 171/2 against 17/
1
4. Among the oil
stocks, Standard Oil of N. J. closed yesterday at
49% against 467
/
8 on Friday of last week; Shell
Union Oil at 101/
2 against 10, and Atlantic Refining
/
4 against 26/
at 271
3
4. In the copper group, Anaconda Copper closed yesterday at 171/
2 against 171/
4
on Friday of last week; Kennecott Copper at 20/
3
4
against 20%; American Smelting & Refining at 46
/
4,and Phelps Dodge at 19% against 1914.
against 461
Current trade and industrial indices reflect little
change from week to week. Steel-making for the
week ending to-day was estimated by the American
Iron & Steel Institute at 42.8% of capacity, or
slightly under the 43.4% rate for last week. Production of electrical energy throughout the country
for the week ended May 18 was 1,700,022,000 kilowatt hours, according to the Edison Electric Institute, against 1,701,702,000 kilowatt hours in the preceding weekly period. Car loadings of revenue
freight for the week ended May 18 totaled 583,327
cars, an increase of 8,142 cars over the previous
week, the American Railway Association reports.
As indicating the course of the commodity markets, the May option for wheat in Chicago closed
yesterday at 88c. against 90%c. the close on Friday
of last week. May corn at Chicago closed yesterday
at 85c. as against 87%c. the close on Friday of last
week. May oats at Chicago closed yesterday at
40%c. as against 441/2c. the close on Friday of
last week.
The spot price for cotton here in New York closed
yesterday at 12.35c. as against 12.50c. the close on
Friday of last week. The spot price for, rubber
yesterday was 12.44c. as against 12.08c. the close on
Friday of last week. Domestic copper closed yesterday at 9c., the same as on Friday of last week.
In London the price of bar silver was 34 8 pence
per ounce as against 35 pence per ounce on Friday
of last week, and spot silver in New York closed
yesterday at 761/
8c. as against 77c. on Friday of last
week. In the matter of the foreign exchanges, cable
transfers on London closed yesterday at $4.97%
as against ;4.91 the close on Friday of last week,
and cable transfers on Paris closed yesterday at
6.58%c. as against 6.58/
3
4c. the close on Friday of
last week.
European Stock Markets
IRREGULAR tendencies prevailed this week on
stock exchanges in all the leading European financial centers. Local troubles were aggravated in
every ease by international difficulties, while fears
of currency devaluation by the remaining members
of the gold bloc became acute again toward the end
of the week. In this situation, rapid downward and
upward swings of prices occurred on the securities
exchanges at London,Paris and Berlin. Net changes
for the week were not especially pronounced on the
British and German markets, but a flight from the
franc caused sharp declines in rentes on the Paris
3437
Bourse and advances in equities. London was somewhat disturbed by rumors of dissension within the
National Cabinet. In France the Cabinet of Premier Flandin decided to ask Parliament next week
for extraordinary powers to curtail expenditures
and float new loans. The prospect is not bright that
the French Chamber will agree to this program, and
devaluation of the franc may be the alternative. This
situation has produced a perfectly enormous outflow
of gold from France, and the capital flight also is
evidenced by large sales of rentes on the Bourse and
purchases of stocks. In Germany a large Government loan was reported, for purposes of consolidating the floating debt, while Italy likewise is endeavoring to make ends meet by heavy borrowing. Switzerland will vote June 2 on a national economic program which, if approved by the people, may involve
devaluation of the Swiss franc. In an international
sense, the efforts at Geneva to obtain Italian consent for League intervention in the Italo-Abyssinian
dispute made a very unfavorable impression. The
only bright spot was the conciliatory tone of the
address made Tuesday by Chancellor Hitler, of
Germany.
On the London Stock Exchange the week was
started with quiet trading and moderately firm conditions. British funds were dull on Monday, but industrial shares were firm, with aviation issues the
favorites, owing to expectations of extensive Government purchases. German bonds improved in the
international section because of expectations that
Chancellor Hitler would placate other countries in
his address. Anglo-American trading favorites were
firm on favorable week-end reports from New York.
The London market was slightly nervous at the opening, Tuesday, but the tone firmed as the session progressed. British funds closed with small gains, and
most industrial securities also were good, although
profit-taking developed in the aviation shares. International issues were dull. Cheerfulness was general on Wednesday, largely because the speech by
Chancellor Hitler made an excellent impression in
Great Britain. British funds were strong and numerous good features appeared in the industrial list.
International issues followed the general trend to
higher levels. Announcement of a large increase in
the British air force occasioned selling of British
funds, Thursday. In the industrial department liquidation also appeared in aviation stocks, as the.
enlargement of the aerial defenses had been discounted in advance. Other industrial stocks improved slightly, and international securities also
were marked higher. British funds again receded
yesterday, but industrial stocks were firm.
Conditions on the Paris Bourse were reassuring
early in the week. In Monday's session there was a
tendency to correct the position caused by the previous selling of rentes and buying of equities. Rentes
were marked higher, while French bank, industrial
and utility stocks dropped. International securities
drifted downward with other speculative issues.
Further progress toward normal conditions appeared to be made on Tuesday. Rentes again were in
demand, while equities of all descriptions and international securities moved toward lower levels. These
movements coincided with strength of the franc in
the foreign exchange markets. Indications on
Wednesday that the Flandin Government would
seek extraordinary powers to deal with the budget
caused renewed buying of rentes in that session. The
3438
Financial Chronicle
upswing in French Government issues and bonds
was paralleled by declines in equities. Some international securities held well, despite the liquiation
of speculative obligations. On Thursday the Bourse
experienced another "black day," somewhat similar
to that of Friday, May 17. Skepticism regarding the
ability of the Flandin Government to command the
support of Parliament developed, and rentes were
thrown on the market in large blocks, with purchasers scarce. Acute declines appeared in these issues, while speculative French industrial stocks and
international issues were in keen demand. The Bank
of France raised its discount rate to 3% from 2/
1
2%,
owing to the flight of capital from the country, and
this official recognition of the situation lowered.
confidence. Rentes declined sharply yesterday, and
most French equities also were lower, but international securities advanced.
The Berlin Boerse opened on Monday with an
uncertain tone, but improvement occurred in the
course of the day and net changes were small. Most
of the active speculative issues were up a point or
two, but textile stocks drifted lower. The tendency
on Tuesday was lower in nearly all departments, but
changes again were confined within narrow limits.
Only a few issues showed losses that were more than
fractional. Reichsbank shares moved against the
general trend and finished with a gain of 3 points.
The address by Chancellor Hitler on Tuesday caused
no movements of importance in Wednesday's session
on the German market. The opening was soft, but
most stocks improved thereafter and closed with
small net gains. A few sharp recessions, attributed
to special situations, occurred among utility and textile stocks. The Boerse was impressed on Thursday
by the favorable reception in London of Chancellor
Hitler's address, and a wide advance was recorded
in all departments of the market. Potash, mining
and heavy industrial issues all were marked upward,
with the gains amounting to 5 and 6 points in some
securities. Reichsbank shares moved 5 points higher,
and most utility issues showed similar gains. After
a firm opening yesterday, prices weakened at Berlin
and losses were general at the close.
International Trade
ITH commendable patience, Secretary of State
Cordell Hull continues to point out that revival of foreign trade is essential to domestic welfare, and can only be achieved through the removal
of artificial trade barriers and the establishment of
currency stability. In a radio address over a National Broadcasting Company network, delivered
last Wednesday, Mr. Hull -urged the necessity for
simultaneous efforts to achieve this end. He called
for "improved price and cost relationships in the
several domestic economies, re-established equilibrium in the international price structure, currency
and exchange stability, and step by step removal of
the current close regulation of foreign trade in forms
of quota restrictions, import licenses, exchange control and clearing and compensation agreements."
Artificial and arbitrary trade discriminations and
obstructions prevail everywhere today, and commercial strife and retaliation render impossible that degree of understanding, friendship and neighborly
spirit on which all normal and necessary international relationship must rest, Mr. Hull complained.
He predicted a great industrial and commercial revival, if the obstacles can be removed. There was a
W
May 25 1935
tendency in many quarters to view the address as a
veiled invitation to other countries to join in international conferences for the purposes suggested by
Mr. Hull. Trade authorities in London happened to
point out the same day that the high American tariff
barrier, which Mr. Hull is engaged in trying to
whittle down, is one of the greatest single obstacles
to a revival of international trade. Sir Herbert Robson, Chairman of the Baltic Exchange, remarked
that gold is one of the very few articles that today
can be imported into the United States, duty free.
European Peace
O HIS rearmament declaration of March 16,which
set all the world astir with apprehensions,
Chancellor Adolf Hitler added on Tuesday a statement which is obviously intended to allay fears of
German aggression. Although this address is subject to a number of interpretations, it is c8uched in
mild terms and unquestionably will do much to improve the international diplomatic atmosphere.
Chancellor Hitler spoke before a special session of
the German Reichstag, convened solely to hear his
views on foreign policy and to ratify recent decrees
of the Cabinet. After a long exposition of the German position and a pointed statement that other
nations were the first to violate their treaty engagements on armaments through refusal to disarm to
the German level, Herr Hitler enumerated thirteen
points of immediate international concern. In connection with such points he indicated, in general,
that Germany is ready to limit or curtail armaments
and co-operate in a collective system, provided she
receives equal treatment with other Powers. This
address made a deep impression in London, where
Stanley Baldwin, Lord President of the Council, admitted that it is viewed as "of the most serious consequence." The French press adopted its customary
attitude of skepticism toward the German declarations, but the rest of the world was inclined to follow
the British reasoning. Pending further developments, however, all indications point to ever greater
increases in European armaments, with air services
receiving more attention than land or sea armaments.
Chancellor Hitler's address was in large part a
reply to the Stresa declarations of Britain, France
and Italy, and the condemnatory resolution adopted
by the Council of the League of Nations last month.
As on former occasions, he indulged in a prolonged
review of events since the World War and pointed
out that Germany, after 1919, made every sacrifice
in behalf of the collective co-operation of peoples.
Germany disarmed almost completely, but other
States,far from disarming, completed, improved and
increased their armaments in the most extraordinary manner, Chancellor Hitler remarked. He
pointed out, sarcastically, that it will not do for one
group of States to represent their own armaments as
an olive branch, while referring to the armaments
of other States as instruments of Satan. Reiterating
his declarations that Germany desires peace Above
all things, Herr Hitler said that his country, if
granted equality in the concert of nations, would
readily share in every endeavor which serves peace,
progress and the general welfare. Reservations were
made, however, with regard to the proposed Eastern
Locarno pact of mutual assistance, owing to the
vast differences between German Fascist and Communist ideologies, and with regard to any treaty en-
T
Volume 140
Financial Chronicle
gagements whatever with Lithuania, owing to that
country's actions in the Memel autonomous territory. The specific declaration was made, on the
other hand, that Germany has neither the wish nor
the intention to mix in internal Austrian affairs, or
annex or unite with Austria.
Turning from this general consideration of affairs, Chancellor Hitler proceeded to list the thirteen
points of particular interest at the moment, and to
state the German views thereon. He rejected emphatically the League Council's resolution condemning Germany for rearming, and declared that this
"new discrimination" had rendered it impossible for
the Reich to return to Geneva until genuine equality
of rights is granted. Only the armaments provisions
of the Versailles treaty were denounced by Germany,
because of "moral and textual" discrimination
against the German people, he continued. All other
articles of that treaty will be respected unconditionally by the Reich, which hereafter will seek revisions
through negotiations and peaceful understandings.
No treaty will be signed by Germany which she considers it impossible to fulfill, but all existing pacts
will be observed scrupulously. The Locarno accord
was described by Herr Hitler as especially important, and in this connection he pledged respect for
the demilitarized Rhineland zone as a contribution
to European pacification. The German Government
is ready at any time, he said, to participate in a system of collective co-operation for securing European
peace, but regard for future developments must be
manifested through a reservation for the revision of
treaties.
Still another important point made by Herr Hitler is that Germany is ready, in principle, to conclude non-aggression treaties with neighboring
States and supplement them with provisions for
the isolation of combatants and the localization of
conflicts. As a supplement to the Locarno pact,
Germany is willing to sign the proposed aerial
agreements covering western Europe. The strength
to be attained by the German army already has been
announced, and under no circumstances will the
Reich depart from the program, the Chancellor said.
But any and all arms limitations that other countries find acceptable will likewise be accepted in
Germany, he promised. The German air force will
be limited to parity with those of other western
European Powers, and this fact makes possible a
maximum figure, he pointed out. The German navy
will be limited to 35% of the British fleet, and at
that level is still 15% below the French fleet. This
is not a beginning, but the final figure for the German fleet, Herr Hitler added, as the Reich has not
the intention or the means to engage in naval
rivalry. Readiness was expressed to participate
actively in any efforts for drastic limitation of armaments, but only gradual progress toward that end
was held possible. Every limitation of aggressive
weapons would be welcomed by the Reich, and in
this connection Chancellor Hitler listed specifically
heavy artillery, tanks, naval weapons and submarines. Suitable measures to prevent the poisoning
of public opinion were suggested by the Chancellor,
as a means of lessening the tension between countries. Any international agreement to prevent interference by any State in the internal affairs of other
countries would be welcomed by the German Government, he said.
3439
That Herr Hitler's address made a deep impression in London was shown on Wednesday, when a
long debate was held in both Houses of Parliament
on the increased appropriations for defense. Stanley Baldwin, as spokesman for the National Government, opened the debate with friendly references to
the address. He also insisted, however, as did Lord
Londonderry, the Air Minister, upon a vast increase
in the British air force, and the Commons promptly
voted the authority to increase the force domiciled
in the United Kingdom to 1,500 first-line airplanes
by March 1937. This means a three-fold increase
in the British home aerial force. After urging the
aerial increase, Mr. Baldwin again reverted to the
address made by Herr Hitler and admitted that he
had changed his own statement after a careful study
of its terms. "I believe there is some light in that
speech by Herr Hitler," Mr. Baldwin said. "We
must all catch hold of it. We must make a fresh
resolve, and I believe that even at the eleventh hour
we may yet within our own lifetime banish from
the world the most fearful terror and the most dastardly prostitution of man's invention ever known."
The general debate in the Commons also produced
a good deal of criticism of the German rearmament
policy from Winston Churchill and his extreme
Right adherents.
French officials were of the opinion, according to
Paris reports, that the address of the German Chancellor at length will mitigate the tension that has
existed in Europe for the last three months. There
is now believed to be some likelihood of direct conversations with Berlin on armaments and other
matters. Foreign Minister Pierre Laval talked at
some length in Warsaw,late last week, with General
Hermann Goering, who is Chancellor Hitler's aide
and personal emissary. It is significant and quite
indicative of the French attitude that this meeting
was accounted of no importance at first in Paris,
whereas on Wednesday it was admitted that M.
Laval found the conversation much more satisfactory than he had expected. The French Foreign
Minister now is said to have the firm intention of
seeking a direct agreement with the Reich. The
French press engaged in its customary acrid criticism of Herr Hitler's address. In Rome a favorable
impression was created by the "most moderate"
speech that Chancellor Hitler so far has delivered.
Washington also viewed the speech as reassuring.
Moscow remained unconvinced of the German Government's peaceable intentions with regard to Russia, but comment on the address was limited.
Ethiopia Appeals to Geneva
THOUGH great efforts were made to keep the
dispute between Italy and Abyssinia from
being aired in sessions of the League of Nations,
formal consideration of the problem at length has
been forced upon the League Council because of
Ethiopian insistence. The Council gathered at
Geneva last'Monday for its usual meeting, with the
Italo-Abyssinian quarrel foremost upon its agenda.
A few other and relatively unimportant problems
also were scheduled for discussion by the smaller
League body, while the Assembly was called to act
upon the Chaco conflict between Paraguay and
Bolivia. The Assembly quickly disposed of its particular problem, Wednesday, by referring the Chaco
dispute to the group of American nations now
N
3440
Financial Chronicle
engaged in an endeavor to find a peaceful solution.
The Council, however, has found the Italo-Abyssinian question a thorny one indeed, and most of
the week was spent in marking time while the British and French representatives tried to persuade
Baron Pompeo Aloisi, of Italy, that the dispute is a
suitable one for League hearings and action. The
issue is clear-cut, since Ethiopia is a sovereign member of the League, whose territorial and political
integrity is guaranteed by all members of the
League. Unless the Council finds some way of intervening in this dispute, the prestige of the League,
already very low, probably will vanish altogether.
Throughout the dispute with Italy, which began
last December in its present phase, Ethiopia has
acted with the greatest care and punctiliousness,
and not a little diplomatic skill. Every effort was
made by the Government at Addis Ababa to attract
the attention of all the world to the problem. The
peaceable intentions of Ethiopia were proclaimed
again and again, and the effort to attract sympathy
has not been fruitless. With the obvious intention of
furthering the Ethiopian cause, a decree was issued
last Saturday abolishing serfdom throughout the
nation and equalizing the system of land taxation.
This was done, doubtless, to forestall any plea by
Italy that the "white man's burden" must be taken
up in the black Kingdom of Ethiopia. Of interest,
also, is the nomination by Abyssinia of an American,
Pitman B. Potter, and a Frenchman, Albert de la
Pradelle, as the two Ethiopian members of the conciliation commission scheduled to discuss the Ualual
and other incidents.
When the League Council session opened, Monday, Emperor Haile Selassie of Abyssinia made the
unprecedented move of appealing to that body in a
personal communication.
Foreign Commissar
Maxim Litvinoff, of Russia, the President of the
Council, was asked to request the Council to "take
steps to insure the execution of the Covenant and
stop Italy's military preparations, the character of
which is falsely described as defensive." Unless all
questions can be submitted to arbitration, the Emperor said, the dispute should be taken up by the
Council itself and a full inquiry and examination
made. "In submitting this request, Ethiopia merely
seeks an equitable solution and a prompt, peaceful
settlement," he added. This was the first personal
appeal ever made by any Chief of State to the
League, and it was effective in again emphasizing
the situation. The Council, however, carefully refrained from any formal discussion of the matter
during the next three days, and the period was utilized by Captain Anthony Eden, of Great Britain,
and Rene Massigli, of France, for private conversations with the Italian delegate. Geneva dispatches
made it clear that the aim of the private discussions
was to obtain Italian consent for League intervention, but some reports suggest that Premier Benito
Mussolini is quite ready to send a Italian resignation to Geneva rather than submit to such endeavors. Baron Aloisi adopted the legalistic stand
that the Council has no right to do more than take
note of the establishment of a commission of conciliation and arbitration. Pierre Laval, Foreign
Minister of France, arrived in Geneva Wednesday,
but his efforts to swing the Italians around also
were unavailing.
British and French efforts to dissuade Italy from
any imperialistic venture in Abpsinia proved
May 25 1935
especially interesting, since the impression had
existed for some months that both countries had
agreed to keep hands off and permit Signor Mussolini to send a "punitive" expedition into the black
Kingdom. In the secret treaties whereunder Italy
entered the World War, territorial advantages were
offered that country which have not yet been realized, and it was believed that Great Britain and
France at length had made concessions in this
fashion. Foreign Minister Pierre Laval visited
Rome last January, and unusual amity in FrancoItalian relations appeared to give color to the reports. Captain Eden, however, appears to have
made strenuous efforts at Geneva to prevent Italy
from pursuing warlike aims, and more modest endeavors in the same direction are credited to the
French representatives. "One big puzzle for the
British has been how much of a deal France made
with Italy in the Laval-Mussolini talks in Rome in
January," a Geneva dispatch of Monday to the New
York "Times" said. "There is now reason to believe," the report added, "the French assured the
British that all Foreign Minister Laval told Premier Mussolini was that France had no economic
or financial ambitions in Ethiopia and therefore
would not henceforth do anything to block Italy's
realization of her own economic and financial
aspirations there. The French insist, however, that
M. Laval did not give Signor Mussolini a free hand
politically or territorially in Ethiopia."
Chaco War
ROSPECTS for terminating the war between
Paraguay and Bolivia over the boundaries of
the Gran Chaco area seem to be more encouraging
than at any time since a truce was arranged through
the efforts of the American neutral nations at
Christmas in 1933. In a military sense the position
appears to favor neutral suggestions for peace
negotiations. The Paraguayan forces have been dislodged from their advanced positions by strenuous
Bolivian attacks, but they can still point to the vast
gains they made. The Bolivians can solace themselves with reflections on their recent victory. Men
and resources of both countries have been strained
unbearably in this three-year conflict, and there
must be a sincere desire on both sides for peace, if
it can be achieved without the sacrifice of national
honor. Heavy fighting continues, but it is significant that dispatches from the front tell at long last
of a desire to attain "certain advantages" because of
their bearing on peace talks. Such talks have been
resumed at Buenos Aires by representatives of the
United States, Argentina, Brazil, Chile and Peru,
and Uruguay also has been invited to join the effort.
Paraguay and Bolivia. were invited to send representatives to Buenos Aires who would be qualified
to state the views of the belligerents and perhaps
initiate peace negotiations. Acceptances were received from both the disputants late last week, and
Foreign Ministers Luis Riart, of Paraguay, and
Tomas Manuel Elio, of Bolivia, now have started
toward the Argentine capital to engage in these discussions. The League of Nations Assembly met in
Geneva on Tuesday to take action on the Chaco war.
Doubtless because of the disastrous results of the
previous inept League intervention in this dispute,
the Assembly promptly adjourned after noting the
Bolivian and Paraguayan acceptances of invitations
to the conference at Buenos Aires.
P
Financial Chronicle
Volume 140
China
HERE"has been little change for some months
in the internal situation in China, and only
minor modifications have been noted in the international aspects of that country's affairs. Of some
importance is a decision, first reached by Japan
and then by the United States and Great Britain,
to raise the respective Legations in China to Embassies. Tokio decided upon this step two weeks
ago, and Washington and London made similar declarations late last week. China, in turn, will clothe
her former Ministers in the three countries with Ambassadorial rank. These changes, while very satisfactory to the Chinese Nationalist Government, are
not expected to alter the diplomatic situation to
any degree. Japanese forces have been engaged of
late in consolidating their gains in Manchuria and
the contiguous territory north of the Great Wall.
Although an armed Japanese incursion into the area
around Peiping often has been predicted, nothing of
the sort occurred until about a week ago, when
Japanese detachments were detailed to move south
of the Great Wall and drive Chinese "bandits" out
of the neutral zone established by the Japanese.
The movement started on Tuesday, but it is not
expected to prove important, since every assurance
has been given that the troops will be recalled when
the bandits, as the Chinese volunteers are called
by the Japanese, are cleared away. There is still
occasional talk in the Far East of Japanese willingness to "aid" China with loans, but a favorable response at Nanking remains lacking. Nothing whatever has been heard for some months of the international loan which the British Government suggested and the United States appeared for a time
to favor. The military energies of the Nanking Government have been directed persistently against the
Chinese Communists, and in this respect, also, the
situation is unchanged.
T
Discount Rates of Foreign Central Banks
HE Bank of France on Thursday raised its discount rate from 2% to 3%, the former rate
having been in effect since May 31 1934, at which
time it was lowered from 3%. Present rates at the
leading centers are shown in the table which follows:
DISCOUNT RATES OF FOREIGN CENTRAL BANKS
T
Country
AUStrift-...
BelgiUM—.
Bulgaria.-Canada-Chile.
Colombia__
Csachosiovials.—
Danzig_ ._ _
Denmark ._
England_
Estonia._
Finland..._
France._
Germany _ _
Greece..__
Holland _ - -
Rat, in
lEffect
Date
Mar24 Established
4
2
7
2%
4
4
3%
6
24
2
5
4
3
4
7
4
Profiats
RaSe
Feb. 23 1935
May 15 1935
Jan. 3 1934
Mar. 11 1935
Jan. 24 1935
July 18 1933
4%
2%
8
_
4%
5
Jan. 25 1933
May 3 1935
Nov 29 1933
June 30 1932
Sept. 25 1934
Dee. 4 1934
May 23 1935
Sept 30 1932
Oct 13 1933
May 15 1935
4%
4
3
24
54
44
24
5
7%
44
Country
Rate in
Mfea
Date
May24 Established
Hungary-__
4% Oct. 17 1932
India
3% Feb. 16 1934
3
June 30 1932
Ireland
Italy
34 Mar 25 1935
3.65 July 3 1933
Japan
3% Oct. 31 1934
Java
Feb. 1 1935
Jugoslavia. 5
6
Jan. 2 1934
Lithuania
314 May 23 1933
Norway ___
Oot. 25 1933
Poland_ ._. 5
Portugal__
5
Dee. 13 1934
Rumania ._
4% Dee 7 1934
Feb. 21 1933
South Africa 4
Spain
Oct. 22 1032
6
Sweden.-.._
24 Dec 1 1933
Switzerland 214 May 2 1935
ProSons
Rate
5
4
34
4
3
4
6%
7
4
6
54
6
5
6
3
2
3441
pared with £192,130,046 a year ago. As this was
attended by a contraction of £2,711,000 in circulation, reserves rose £2,805,000. Public deposits increased £6,989,000 while other deposits fell off
£5,146,849. Of the latter amount £2,226,259 was
from bankers' accounts and £2,920,590 from other
accounts. The ratio of reserve to liability rose to
43.65% from 42.31% a week ago; last year the ratio
was 49.30%. Loans on Government securities decreased £1,420,000 and those on other securities rose
£472,928. The latter consists of discounts and
advances which fell off £339,890 and securities which
increased £812,818. No change was made in the 2%
discount rate. Below are shown the different items
with comparisons of other years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT
May 22
1935
May 23
1934
May 24
1933
May 25
1932
May 27
1931
r
E
£
E
E
Circulation
387.610,000 379,641,479 369.873.754 354,221,189 354.859.723
Public deposits
14.356.000 13.365.237 15,707.048 23.608.213 17.448.616
Other deposits
136.351.773 133.662.234 136.456.764 110.492.483 88.581.183
Bankers' accounts_ 100.781.913 98.170,466 99.204.834 77.544.132 54.760.689
Other accounts— 35.569.860 35.491.768 37.251,930 32,948.351 33.820.494
Govt. securities
85,487.044 76.549.807 70,001.127 69.374.656 31.214.684
Other securities
17.206,328 15.768.444 22,810.605 35,960.003 35.378.170
Disct.& advances. 5368.264 5.256.906 11.573.631 12.171,642 6.825.096
Securities
11,838,064 10,511.538 11,236.974 23.788.361 28.553:074
Reserve notes & coin 65,794,000 72,488.567 77,134.929 46,539,917 57,218,304
Coin and bullion
193,404,330 192,130,046 187.008.683 125,761,106 152.078.027
Proportion of reserve
to liabilities
43.65%
49.30%
50.69%
34.70%
53.96%
20
Rnnk rntn
2R_
91..0 RE
90191.ZR
Bank of France Statement
HE Bank of France statement for the week
ended May 17 reveals a further loss in gold
holdings,the current decline being 521,188,010 francs.
The bank's gold loss for the last seven weeks totals
2,872,698,670 francs. Gold holdings now aggregate
79,761,970,001 francs, in comparison with 77,086,190,795 francs a year ago and 80,929,323,900 francs
two years ago. An increase appears in credit balances
abroad of 1,000,000 francs, in French commercial
bills discounted of 149,000,000 francs, in bills bought
abroad of 72,000,000 francs, in advances against
securities of 21,000,000 francs and in creditor current
accounts of 102,000,000 francs. Notes in circulation
show a contraction of 649,000,000 francs, bringing the
total of notes outstanding down to 82,002,314,155
francs. Circulation last year stood at 80,301,612,470
francs and the year before at 83,367,098,935 francs.
The proportion of gold on hand to sight liabilities is
now 80.02%;compared with 78.67%the corresponding
period last year. A comparison of the different items
for three years appears below:
BANE OF FRANCE'S COMPARATIVE STATEMENT
T
Changes
Jot' Week
Gold holdings
Credit bale. abroad
•French commercial
bills discounted _
b Bills Fought abr'd
Adv. against secure_
Note circulation_._.
Credit current accts.
Proporn of gold on
hand to aight hub.
Mar 17 1935
May 18 1934
May 19 1933
Franey
Francs
Praxes
Francs
—521,188.010 79,761,970,001 77,086.190.795 80.929.323.900
+1.000.000
10.459.279
13,218.612 2.461.996.790
+149.000.000 3,877,837,765 4,662.784,759 3.109.5611.612
+72.000.000 1.127.337.162 1,080.710,461 1.418.1469.764
-1- 21,000,000 3.133.339,540 3.018.666.248 2.629.317 046
—649,000.000 82.002,314,155 80,391.612.470 83,367.098.935
+102,000.000 17,877,094.505 17,597,281,031 20.182.858.104
—0.08%
80.02%
78.67%
78.15%
•Includes bills purchased in France. b Includes bills discounted abroad.
Foreign Money Rates
Bank of Germany Statement
IN LONDON open market discounts for short bills
HE Bank of Germany statement for the second
on Friday were 9-16% as against 9-16% on Friquarter of May shows a slight increase in gold
day of last week, and 9-16@N% for three-months'
bullion
of 74,000 marks. The bank's gold now
Friday
of last week. and
bills as against 9-16@N% on
Money on call in London on Friday was %. At totals 82,274,000 marks, which compares with 160,Paris the open market rate remains at 23.% and in 894,000 marks a year ago and 385,024,000 marks
Switzerland at 23.70.
two years ago. An increase also appears in reserve
Bank of England Statement
in foreign currency of 3,000 marks; in silver and
HE statement of the Bank for the week ended other coin of 46,143,000 marks; in notes on other
May 22shows a gain of £93,541 in bullion which German banks of 1,962,000 marks; in other assets
raises the total to a new high of £193,404,330 as com- of 5,438,000 marks, and in other daily maturing
T
T
3442
Financial Chronicle
May 25 1935
obligations of 45,017,000 marks. Notes in circula- serve Bank5s %%rfor bills running from 1 to 90 days,
tion records a reduction of 67,348,000 marks, bring- V
I% for 91- to 120-day bills, and 1% for 121- to
ing the total of the item down to 3,499,271,000 180-day bills. The Federal Reserve banks' holdings
marks. Circulation a year ago aggregated 3,460,- of acceptances decreased from $4,705,000 to $4,700,691,000 marks, and the year before 3,336,504,000 000. Their holdings of acceptances for foreign cormarks. The proportion of gold and foreign cur- respondents also decreased from $16,000 to $2,000.
rency to note circulation stands at 2.47% compared Open market rates for acceptances are nominal in so
with 4.8% last year. Bills of exchange and checks, far as the dealers are concerned, as they continue to
advances, investments and other liabilities register fix their own rates. The nominal rates for open
decreases of 86,740,000 marks, 10,116,000 marks, market acceptances are as follows:
9,175,000 marks and 30,080,000 marks, respectively.
SPOT DELIVERY
—180 Days— --150 Days— —120 Days-Below we furnish a comparison of the various items
Bid
Asked
Asked
Bid
Asked
Bid
Prime eligible bills
54
51f
X
for three years:
'Is
X
316
—90ihws—
Bid
Asked
RE1CHSBANK'S COMPARATIVE STATEMENT
Prime eligible bills
Changes
for Week
Assets—
Gold and bullion
Of which depos. abroad
Reserve in foreign curs_
Bills of each. and checks
Silver and other nein_ ..
Noteson other Got. bks.
Advances
Investments
Other assets
blahilines—
Notes in circulation
Other daily rnatur. Wig
Other liabilities
Propor.of gold and torn
cure. to note eircurn.
May 15 1935 May 15 1934 May 15 1933
Reichsmark' Reichsmark' Reichsmark'
Reichsmarks
+74,000
82,274,000 160.804.000 385.024.000
No change
28.524.1100
21,818,000
17.285.000
5.228.000
+3.000
87,558.000
4.051.000
—86,740.000 3,606,372,000 2,987.515,000 2,928.505,000
+46,143,000 206,246,000 261,683.000 276.951.000
+1,962.000
11,800,000
12.296,000
11.970.000
65,492,000
69,642,000
—10,116,000
62.696.000
—9.175,000 675,944,000 642.428,000 317.142.000
+5,438,000 641,166,000 573,048,000 386,627,000
—67,348,000 3,499,271,000 3,460,691,000 3.336.504.000
+45,017.000 957.769,000 477.050.000 358.486 000
—30,080,000 215,123,000 145,225,000 144,978.000
+0.05%
2.47%
4.8%
14.2%
IN
X
—60Days— ---301)ays--Asked
Bid
Bid
Asked
NG34
16
FOR DELIVERY WITHIN THIRTY DAYS
Eligible member banks
Eligible non-member banks
X
% bid
% bid
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
New York Money Market
TTLE business was done in the New York money
market this week, and rates were unchanged
in all departments. The plethora of loanable funds
promises to become even larger in coming weeks,
owing to the heavy gold flow from Europe now in
progress and to the preliminary arrangements by
National banks for the elimination of their liability
on their currency notes. Effective demand for funds
in this market continues at a low ebb. The Treasury
last Monday sold two issues of discount bills, and
the usual low figures were recorded. An issue of
$50,000,000 bills due in 133 days was awarded at an
average discount of 0.088%, computed on an annual
bank discount basis, while $50,000,000 bills due in
273 days went at an average of 0.146%. Call loans
on the New York Stock Exchange held at 14% for
all transactions. No change was recorded in time
money, which was quoted at a range of 1/
4@%%.
E
New York Money Rates
EALING in detail with call loan rates on the
Stock Exchange from day to day, Yi of 1%
remained the ruling quotation all through the week
for both new loans and renewals. The market for
time money shows no change this week. The only
transaction reported was for six months at %%.
Rates are VI% on all maturities. The market for
prime commercial paper has been'fairly active during the greater part of the week. Paper has been in
good supply and the demand has been somewhat
i% for extra choice names rungreater. Rates are Y
ning from four to six months and 1% for names less
known.
D
Bankers' Acceptances
TRANSACTIONS in prime bankers' acceptances
1 have been fairly active during the week. Prime
bills have been slightly more plentiful and there has
been a moderate improvement in the demand.
Quotations of the American Acceptance Council for
bills up to and including 90 days are 3-16% bid and
N% asked; for four months, M% bid and 3-16%
asked; for five and six months, 4% bid and 5-16%
asked. The bill buying rate of the New York Re-
Rale is
Ellea ass
May 24
Federal Reserve Bank
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
2
14
2
134
2
2
2
2
2
2
2
Date
Established
Feb.
Feb.
Jan.
May
May
Jan.
Jan.
Jan.
May
May
May
Feb
8 1934
2 1934
17 1938
11 1935
9 1935
14 1935
19 1935
3 1935
14 1935
10 1935
8 1935
16 1034
Previous
Rate
234
2
231
2
24
234
24
24
21
‘
,
254
234
291
Course of Sterling Exchange
TERLING exchange continues exceptionally firm
in terms of the dollar and all other currencies.
The range for sterling this week has been between
$4.903/g and $4.97 for bankers' bills, compared with
a range of between $4.86 and $4.923i. last week.
The range for cable transfers has been between
$4.903' and $4.973', which is the year's high, compared with a range of between $4.86% and $4.923
%
a week ago.
The firmness of sterling in terms of French francs
is indicated by the London check rate on Paris. Only
a few weeks ago the rate was as low as 71 francs to
the pound. It has been climbing steadily since the
first of the month. On several occasions in the past
few days the rate threatened to go above 75 francs
to the pound, and was kept around 74.656 only by
the active intervention of the British Exchange
Equalization Fund, which seems to have determined
upon a rate nearer to 74.50. On Friday in London,
Paris checks opened at 74.875 and moved steadily
down until toward the close the rate went to 75.26.
The following tables give the mean London check
rate on Paris from day to day, the London open
market gold price, and the price paid for gold by the
United States:
S
MEAN LONDON CHECK RATE ON PARIS
Saturday, May 18
Monday, May 20
Tuesday, May 21
74.687 I Wednesday, May 22
74.697
Thursday, May 23
Friday,
74.656
May 24
74.559
74.840
75.04
LONDON OPEN MARKET GOLD PRICE
Saturday, May 18
Monday, May 20
Tuesday, May 21
1411.8d.
141s. 8d.
141s. 5d.
Wednesday, May 22_1419.1134d
Thursday, May 23_141s. 134d.
Friday,
May 24___141s. 6d.
PRICE PAID FOR GOLD BY THE UNITED STATES (FEDERAL
RESERVE BANK)
Saturday, May 18
835.00
$35.00 I Wednesday. May 22
Monday, May 20
Thursday, May 23
35.00
35.00
May 24
Friday,
35.00
Tuesday, May 21
35.00
Volume 140
There can be no doubt that the marked firmness
of sterling during the past few weeks is due to the
extreme uneasiness felt on the Continent with regard
to the pressure against the gold bloc currencies, and
especially as to the threatening situation which has
arisen in France by reason of the sustained gold drain
of the past few weeks. According to informed circles
the Exchange Equalization Fund about ten days ago
was actively endeavoring to arrest the rise of sterling
in terms of other currencies, with especial reference
to alleviation of the pressure against the franc.
Around the first of the month the British authorities
seemed content to have the London-Paris rate rule
at about 73 francs to the pound. When the exodus
of gold from the Continent through Paris began two
weeks ago, the action of the London authorities
seemed to indicate that the peg had been lifted to 74.
On Friday of last week when the rate threatened to
go above 75, the Equalization Fund seemed, as reflected in the trend of the market,to have determined
upon a rate of 75, but so insistent has been the flight
of gold from Paris to New York and London that the
Exchange Equalization Fund has greatly reduced its
efforts, operating only to arrest the more spasmodic
fluctuations. Actually, it should be remembered,
there is no way of ascertaining accurately the character or amount of the transactions of the Equalization Fund. However,foreign exchange operators can
determine the presence or absence of activity on the
part of the Exchange Fund or of central banks by a
process of elimination. Exchange operators know
the banks which in any center are usually employed
to carry out transactions for the monetary authorities
of any market.
The market has been happily free this week from
talk of stabilization with respect to sterling and the
dollar. The opinion grows that while London would
be glad to witness stabilization and the return of the
pound to gold, bankers there are evidently convinced
that the subject can not come within the range of
practical application before some time in the future.
Mr. Neville Chamberlain, Chancellor of the Exchequer, in a speech before the British bankers on
Thursday of last week reasserted his familiar stand
that a return to a common international gold standard is an objective of British policy. He recognized
that a satisfactory settlement would greatly benefit
all countries. Banking opinion in London agrees
with Mr. Chamberlain that the stability of conditions after stabilization has been effected can not be
guaranteed without reference to other economic factors because steady exchange rates depend on the
exchange of goods and services and on relatively small
movements of gold. This consideration is also related to the power of the central banks to preserve a
reasonable stability of gold prices after stabilization.
In substance, Mr. Chamberlain's remarks seemed to
be a veiled advice that the matter should be entirely
dismissed as impracticable for the time being.
Press dispatches last week which were referred to
here indicated that Professor Harry White, of the
University of Wisconsin, who has been gathering
financial data abroad, presumably in the interests of
the United States Treasury Department, had been
assured by representatives of the British Government
that a settlement of the war debt question was considered an essential preliminary to any agreement on
stabilization. Professor White vigorously denied the
reports and it has been flatly denied in authoritative
3443
Financial Chronicle
quarters both in Washington and in London that
Professor White was authorized to have or had had
conferences of any kind relating to monetary or fiscal
policies.
A matter having a bearing on the future of the
general foreign exchange situation was the order issued by the United States Treasury Department on
May 20 prohibiting except under license the entry
into the United States of foreign silver coins and other
forms of silver commonly used as money. The official explanation was: "As the price of silver has risen,
the silver content of the coinage of some countries has
become more valuable as bullion than in the form of
coin, tending to cause its destruction and sale as
bullion. A usual method of dealing with this problem
has been to all in silver coinage and change its silver
content. An embargo on the export of the old silver
coins is usually a necessary supplemental measure.
Those participating in the importation into the United
States of silver coins covered by such embargoes are
aiding the violation of the laws of the countries in
question."
Gold and funds continue to pour into London in
great volume, with the result that money continues
easy. The banks are laden with unloanable funds,
though there is every evidence that the London
market is steadily expanding foreign credits. Open
market money rates are unchanged. Call money
against bills is in supply at %,two months' bills
are 9-16%, three- and four-months' bills, 9-16% to
to 11-16%.
/%,and six months' bills
Mr.Leon Fraser,the retiring President of the Bank
for International Settlements, estimates that private
gold hoards amount to approximately $2,287,000,000.
By far the greater part of this is believed to repose in
London. He estimates that from the end of 1930 to
the end of 1934 the total gold obtained from current
production, the East, and similar sources, amounted
to approximately $5,100,000,000. He points out
that an interesting feature of the gold movement
during 1934 was the continued transfer of large
amounts of the metal to London. The actual imports amounted to $1,357,704,000 and exports to
$674,601,000, leaving an import surplus during the
year of $683,103,000. For the three years 1932-1934,
inclusive, the imports amounted to $3,718,971,000
and exports to $1,844,280,000, leaving an import
surplus of $1,874,691,000. Out of the import surplus
the Bank of England increased its gold reserves from
the end of 1931 to the end of 1934 by an amount equal
to $588,600,000. The Bank of England's gold holdings now are at record high level, totaling £193,404,330.
All the gold available in the London open market
was again taken for unknown destinations, generally
understood to mean for account of private hoarders.
On Saturday last there was so taken £258,000; on
Monday, £334,000; on Tuesday, £360,000; on Wednesday, £536,000; on Thursday, £435,000, and on
Friday, £673,000.
The gold movement at the Port of New York for
the week ended May 22, as reported by the Federal
Reserve Bank of New York, was as follows:
GOLD MOVEMENT AT NEW YORK,MAY 16-MAY 22,INCLUSIVE
Imports
619,586,000 from France
1,750,000from Colombia
84,000 from England
4,000 from Guatemala
821,424,000 total
Exports
None
3444
Financial Chronicle
Net Change in Gold Earmarked for Foreign Account
Increase: $1,721,000
Note-We have been informed that approximately $281,000 in gold was
received from China at San Francisco.
The figures given above are for the week ended
Wednesday. On Thursday there were no imports
or exports of the metal or change in gold held earmarked for foreign account. On Friday there were
no imports or exports of the metal or change in gold
held earmarked for foreign account.
Canadian exchange continues at a premium in
terms of the United States dollar. On Saturday last
Montreal funds were quoted at a premium of 1 -16%;
on Monday at from par to 1-32% premium; on Tuesday at from a discount of 1-32% to par; on Wednesday from a premium of 1-32% to 1-16%; on Thursday
from a premium of 1-16% to H%, and on Friday
at a premium of 3-16%.
Referring to day-to-day rates sterling exchange
on Saturday last was firm in a dull half-day session.
Bankers' sight was $4.91/@$4.914; cable transfers, $4.913/
2®$4.92. On Monday the pound was
irregularly firm in an active market. The range was
$4.903
%@$4.923/ for bankers' sight and $4.91®
$4.923
% for cable transfers. On Tuesday sterling
moved lower but was still firm. Bankers' sight was
$4.903/
2®$4.913/2; cable transfers $4.90% ®$4.91M.
On Wednesday sterling was steady while in demand
abroad. The range was $4.903/
8@$4.92 for bankers'
sight and $4.9034@$4.923. for cable transfers. On
Thursday sterling was again exceptionally firm,
influenced by pressure against the French franc.
The range was $4.914@$4.93% for bankers' sight
and $4.91%@$4.94 for cable transfers. On Friday
sterling rose sharply, the range was $4.93®$4.97 for
bankers' sight and $4.9338®$4.9738 for cable transfers. Closing quotations on Friday were $4.97 for
demand and $4.973/g for cable transfers. Commercial
sight bills finished at $4.963
%, sixty-day bills at
$4.95%, ninety-day bills at $4.9534, documents for
payment (60-days) at $4.95, and seven-day grain
bills at $4.95%. Cotton and grain for payment
closed at $4.96%.
Continental and Other Foreign Exchange
RENCH francs have been under severe pressure
for the past several weeks, with the result that
Paris has been obliged to shift approximately $128,
000,000 of gold in the past two weeks. Most of this
gold has been consigned to New York, but has been
delayed by the French shipping strikes. It is now
on the water. On Thursday the Bank of France
increased its discount rate to 3% from 23/2%. The
latter rate had been in effect since May 311934, when
it was reduced from 3%. The rate of advances on
gold bars as collateral was increased to 432% from
33/2%, with the rate on similar advances at 30 days
increasing to 3% from 2%%. French bankers said
that the measure was essentially a vigorous move by
the Bank of Prance to prevent speculation against
the franc from gaining strength. While the bank's
action will tend to tighten credits rather than to
loosen them, as has been the policy of the Flandin
Government, it was stated by French bankers that
the protection of the franc is more important at the
present juncture than encouragement of an easier
credit market. The Bank of France discount rate
change is designed to check the outward flow of capital, foreign as well as French, which has been under
way for several weeks. At the same time that
the increase in the rediscount rate was made, Premier
F
May 25 1935
Flandin announced that on Tuesday he would demand from the Parliament drastic powers, such as
were granted Raymond Poincare in 1926, to raise
funds and cut expenditures in meeting a 6,000,000,000
franc deficit. His program was presented to the
Cabinet on Tuesday last.
The London check rate on Paris closed on Friday
at 75.11, against 74.69 on Friday of last week. In
New York sight bills on the French center finished at
6.583/
8, against 6.583/b on Friday of last week; cable
transfers at 6.58/, against 6.58%; and commercial
sight bills at 6.563/
s, against 6.563/2. Antwerp belgas
finished at 16.99 for bankers' sight bills and at 17.00
for cable transfers, against 16.913/ and 16.92.
Final quotations for Berlin marks were 40.26 for
bankers' sight bills and 40.27 for cable transfers,
against 40.25 and 40.26. Italian lire closed at 8.21
for bankers' sight bills and at 8.22 for cable transfers,
against 8.21
and 8.223/
2. Austrian schillings
closed at 18.79, against 18.80; exchange on Czechoslovakia at 4.16, against 4.17; on Bucharest at 1.01,
against 1.01; on Poland at 18.83, against 18.85; and
on Finland at 2.18, against 2.16. Greek exchange
closed at 0.92% for bankers' sight bills and at 0.933
for cable transfers, against 0.93 and 0.933/
2.
The following table shows the relation of the leading European currencies still on gold to the United
States dollar:
France (franc)
Belgium (belga)
Italy (11m)
Switzerland (franc)
Holland (guilder)
Old Dollar New Dollar
Parity
Parity
3.92
8.63
13.90
16.95
5.26
8.91
19.30
32.67
40.20
68.08
Range
This Week
8.58 si to 6.59
16.90Ii to 17.00
8.21M to 8.223
32.30 to 32.33
67.51 to 67.71
XCHANGE on the countries neutral during the
war displays mixed trends. The Scandinavian units
are firm and ever since Thursday of last week have
been ruling higher,in sympathy with the firmer tone of
sterling exchange. The gold neutrals, the Holland
guilder and Swiss franc, are relatively steady, showing not much change on balance from last week.
The undertone of guilder exchange, however, in contrast to the Swiss franc, is displaying a better tone in
consequence of the improved position of Holland.
The guilder this week shows a range of between 67.51
and 67.71. Dollar parity is 68.06. However, the
guilder is firmer in terms of the French franc and
apparently the Bank of France has been losing gold
to Holland, in contrast with the reverse trend apparent only a few weeks ago. The outward flow of
gold from Holland to New York has subsided to a
large degree and it is thought that the movement will
not be resumed at the present juncture. In connection with the improvement in the Holland situation
it should be recalled that on May 15 the Bank of
The Netherlands reduced its rediscount rate to 4%
from 43%. Reports from the other side indicate
that the Dutch bank will soon make another M%
reduction, as the private discount rate was lowered
last week to 33
/
3% and seems to be moving lower.
The private rate was recently as high as 43%. The
last published statement of the Netherlands Bank
showed a rise in the gold stock of 7,500,000 guilders,
and the ratio stood at 73.1%, compared with 71.7%
on May 13.
The Swiss franc has been under pressure for several
weeks as a result of a movement of capital away from
Switzerland caused by a widespread belief that the
Swiss unit will be devalued and that the June 2
plebiscite which has been forced upon the Govern-
E
Financial Chronicle
Volume 140
ment by the more radical elements may have a disturbing influence on the monetary and economic
position of the country. The flight of capital from
Switzerland is responsible for a loss of 29% in gold
holdings between March 15 and May 15. During
the week ended May 15 the National Bank of Switzerland lost a total of 79,000,000 Swiss francs in gold,
most of which was sent to Paris in order to maintain
exchange. The bank's gold reserves are still at high
levels, amounting to 1,267,000,000 Swiss francs, and
the ratio is at 84.4%. The Swiss Government is
using every effort to defeat the plebiscite. A few
days ago the Parliamentary Committee on Finance
voted to support the Government in all measures
designed to keep the unit on gold. The Committee
characterized as erroneous the idea that the June
plebiscite if carried would decide the maintenance or
abandonment of the gold standard.
Bankers' sight on Amsterdam finished on Friday
at 67.54, against 67.68 on Friday of last week; cable
transfers at 67.55, against 67.69, and commercial
sight bills at 67.52, against 67.66. Swiss francs
closed at 32.28 for checks and at 32.29 for cable
transfers, against 32.31 and 32.32. Copenhagen
checks finished at 22.20 and cable transfers at 22.21,
against 21.91 and 21.92. Checks on Sweden closed
at 25.62 and cable transfers at 25.63, against 25.31
and 25.32; while checks on Norway finished at 24.96
and cable transfers at 24.97, against 24.66 and 24.67.
Spanish pesetas closed at 13.63 for bankers' sight
bills and at 13.64
for cable transfers, against
13.64 and 13.653/2.
-4--
XCHANGE on the South American countries
E
presents no new features of importance. The
Brazilian milrei
has been showing a weaker undertone
for the past few weeks. The Argentine peso is displaying firmness as the unit moves in sympathy with
sterling exchange. The unofficial or free peso ruled
on average around 25.90 this week, as compared with
a range two weeks ago of between 25.16 and 25.80.
London dispatches on Wednesday stated that the
Argentine Government loan of 0,100,000 at 432%
and priced at 94 was underwritten for issue yesterday. This loan was a part of the second series of
the conversion loan issued last year. The proceeds
will be retained to meet commitments in the United
Kingdom. United Press dispatches from Guayaquil
on Friday last stated that the Government of Ecuador
had issued a decree prohibiting exportation of silver
in any form. The action was &signed to prevent
the country from being drained of its silver by reason
of the high prices paid for the metal in the markets
abroad.
Argentine paper pesos closed on Friday, official
quotations, at 33 for bankers' sight bills, against 323/
on Friday of last week;cable transfers at 333,against
323
%. The unofficial or free market close was 26.05®
263, against 25%®257
4. Brazilian milreis, official
rates, are 8.20 for bankers' sight bills and 83 for
cable transfers, against 8.18 and 83.. The unofficial
or free market close was 532, against 5/. Chilean
exchange was nominally quoted on the new basis at
5.20, against 5.20. Peru is nominal at 23.75, against
23%.
XCHANGE on the Far Eastern countries follows
E
the trends long apparent. The Chinese silver
currencies are of course
affected by the fluctuations
3445
in the price of silver. The metal will continue to rule
at high levels for as long a time as the United States
may persevere in its silver buying policies, but it
seems now highly improbable that the advances expected by the more bullish speculators will be realized.
This week world silver prices ruled on average easier
than last week, with the result that there was a marking down in the Chinese units. The Japanese yen is
ruling firm, as it is the policy of the Japanese control
to keep the yen in conformity to the general movement of sterling exchange. The Indian rupee is
firm as this unit is legally affixed to sterling at the
rate of is. 6d. per rupee. Despite the high prices
prevalent for gold in the London market, all advices
point to a considerable recession in volume of gold
withdrawals from the Indian hoards for sale in the
London market. Mr. Leon Fraser, who has just
retired as President of the Bank for International
Settlements, in his annual report showed that the
gold hoarded in India from 1493 to 1930 amounted
to approximately $5,395,500,000, or about 14% of
the world's production during the same period. It
is estimated that from 1931 to the end of 1934
$391,950,000 in gold was shipped from India, which
is roughly one-sixth of the amount hoarded when the
shipments began. Gold to the value of $184,428,000
was exported from China during the years 1919 to
1934. In addition it is estimated that $108,100,000
of gold left China through smuggling by way of
Hong Kong.
Closing quotations for yen checks yesterday were
29.30, against 28.88 on Friday of last week. Hong
Kong closed at 60%®61 1-16, against 613®61 9-16;
Shanghai at 41%®41 15-16, against 41%®417A;Manila at 49.85, against 49.85;Singapore at 57.70 against
571A; Bombay at 37.60, against 37.20, and Calcutta
at 37.60, against 37.20.
Foreign Exchange Rates
URSUANT to the requirements of Section 522
of the Tariff Act of 1922, the Federal Reserve
Bank is now certifying daily to the Secretary of the
Treasury the buying rate for cable transfers in the
different countries of the world. We give below a
record for the week just passed:
P
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922
MAY 18 1935 TO MAY 24 1935 INCLUSIVE
Country and Monetary
nit
Noon Buying Rate for Cable Transfers in New York
Vatue in United States Money
May 18
May 20
May 21
May 22
May 23
May 24
S
Europe8
$
8
$
$
Austria, schilling...... .187591* .187525* .187525* .187575* .187641* .187475*
.169165 .169123 .169046 .169057 .169161 .169225
Belgium. belga
Bu1ga.la, ley
.012750* .012750* .012750* .012750* .012750* .012750*
Czechoslovakia, krone .641675 .041646 .041632 .041635 .041643 .041600
.219450 .219775 .219150 .218883 .219700 .220466
Denmark. krone
England. pound eterrg 4.914250 4.923916 4.909166 4.905500 4.919553 4.940916
Finland. markka
.021616 .021687 .021637 .021654 .021720 .021750
France. franc
.065844 .065833 .065817 .065844 .065876 .065818
Germany. reichsmszk .402400 .402271 .402032 .402121 .402253 .402235
Greece, drachma
.009325 .009325 .009330 .009332 .009325 .009332
Holland, guilder
.676835 .676278 .676300 .675814 .676264 .675061
Hungary. pengo
.29387.5 .293750* .293750* .293750* .295625* .293625*
Italy, lira
.082191 .082221 .082183 .082191 .082226 .082196
Norway, krone
.246966 .247358 .246600 .246358 .247341 .248104
Poland. zloty
.188300 .188300 .188240 .188300 .188320 .188260
Portugal, escudo
.044608 .044670 .044575 .044600 .044733 .044795
Rumania,len
.010050 .010055 .010055 .010050 .010070 .010055
Spain, peseta
.136435 .13638o .136389 .136428 .136471 .136414
Sweden. krona
.253437 .253833 .253125 .252758 .253822 .254650
Switzerland. franc__ .323067 .323017 .322978 .323039 .323173 .323042
Yugoslavia, dinar
.022718 .022750 .022712 .022712 .022725 .022712
AsiaChinaChefoo (yuan) dol' .417083 .415833 .407083 .410833 .412500 .413333
Han kow(yuan) dor .417500 .416250 .407500 .411250 .412916 .413750
Shanghal(yuan)dol .417083 .415625 .407291 .411041 .411875 .412916
Tientsin(yuan) dol' .417500 .416250 .407500 .411250 .412916 .413750
Hongkong, dollar- .611875 .605937 .589375 .589687 .600625 .601250
India, rupee
.370900 .371360 .370570 .370185 .371485 .371910
Japan, yen
.288370 .288690 .288275 .287880 .288860 .289775
Singapore (8. 8.) dol' .867500 .572500 .571875 .571250 .572500 .57312.5
AustralasiaAustralia. pound
3.898750* 3.902656'3.895937* 3.889375* 3.901250*3.913750'
New Zealand, pound.3.922812* 3.928125*3.919375* 3.912500 3.924375*3.9371874
AfricaSouth Africa. pound-.4.859750•4.869250* 4.856000.4.850000* 4.865000'4.881250"
North AmericaCanada, dollar
1.000182 1.000338 .999531 1.000052 1.000437 1.001640
Cuba, peso
.999200 .999200 .999200 .999150 .999400 .999200
Mexico, peso (silver). .277875 .277925 .277800 .277700 .277800 .277800
Newfoundland. dollar .997625 .997687 .996875 .997437 .998000 .999062
South AmericaArgentina, peso
.327412* .327787* .327325* .326575 .327875. .328950"
Brazil. milreis
.083004. .083004* .082950* .082855 .082883* .082983"
Chile, peso
.051000• .051000* .051000* .051000 .051000. .051000"
Uruguay, peso
.801225* .800000* .800000* .800100 .801350* .800000'
Colombia. peso
.552500* .552500. .548000* .541700* .540o0O• .543500"
• Nominal rates; firm rates not available.
Financial Chronicle
3446
Gold Bullion in European Banks
HE following table indicates the amount of gold
bullion (converted into pounds sterling at par
of exchange) in the principal European banks as of
May 22 1935, together with comparisons as of the
corresponding dates in the previous four years:
T
Banks of—
England_._
France a_ - _
Germany bSpain
Italy
Netherlands
Nat. Belg
Switzerland.
Sweden..,
Denmark_ Norway_ _ -
1935
1934
£
£
193,404.330 192,130,046
638.095.760 616,689,526
3,015,800
13,154,150
90,779,000
90,502.000
73,962,000
63,019,000
53,775,000
66,900.000
86,167,000
77,251.000
45,914,000
61,117,000
18,040,000
15,022,000
7,394,000
7,397.000
6,601,000
8,577.000
1933
£
187,008.683
647.434,591
17,681.700
90,373.000
69,478,000
69,842,000
76,456.000
73,388,000
12,031,000
7,397.000
8.380.000
1932
£
125.761,106
631.255,737
38,356,400
90,108,000
60.885,000
76,976,000
72.183,000
74,297.000
11,442,000
8,032.000
6,561,000
1931
£
152.078.027
445.061,202
108.139,100
96.933.000
57,479,000
37,498.000
41.320.000
25,711.000
13,309.000
9,552,000
8,133,000
Total week- 1,206,204,890 1,213,701.722 1,259,469,974 1.195,857,243 995,213,329
Prey. week_ 1.212_494_153 1.209.329_1117 1.264270415 1.187.407_2R9 004 291.619
a These are the gold holdings of the Bank of France as reported In the new form
of statemen . b Gold holdings of the Bank of Germany are exclusive of gold held
abroad, the amount of which the present year is £1,097,900.
Weighed in the Balance and Found
Wanting
With Congress and the President at odds over the
period for which the National Industrial Recovery
Act should be extended, and an important body of
public opinion pretty thoroughly convinced that the
sooner the business can be wound up the better, it
is more than ever important to know precisely what
the National Recovery Administration has accomplished, what reasons, other than those of politics
and patronage, there are for continuing it, and what
may be expected to happen if its life is prolonged.
In a 947-page volume entitled "The National Recovery Administration: an Analysis and an Appraisal,"
just published by the Brookings Institution at
Washington, six members of the expert staff of that
research organization have answered those questions
with a definiteness that leaves nothing to be desired. Never before, as far as we recall, has a distinctive policy of an Administration been studied
with such scientific competence or such painstaking
thoroughness. Merely as a compendium of information on every aspect of the National Recovery Administration the book is a monumental production,
and to its pages everyone must turn who wants to
know what the National Recovery Administration is
and how it operates. The factual material, however,
important as it is, forms the basis of an incisive and
devastating criticism which leaves the National Recovery Administration on the whole a spectacle of
ignorance, shortsightedness and administrative incapacity.
Only the briefest summary can here be given of
some of the more important criticisms which the
Brookings economists and administrative experts
have felt compelled to make. The process of code
making, when examined, discloses a "confused
struggle" between conflicting interests, with the
deputy who represented the National Recovery Administration under insistent pressure to make haste,
compelled by the sheer mass of industrial or business
groups to which codes were to be applied to depend
upon the judgment of his agents "that specific code
provisions would not operate contrary to the public
welfare," and sometimes exchanging his supposed
impartial character as a referee for that of "an active participant in the controversy" between opposing groups. Only an army of Federal officials could
by any possibility insure general compliance with
the codes, and non-compliance, as everybody knows,
has been widespread, while the invocation of legal
May 25 1935
process has evolved a system of "selective justice"
which singles out a few violators for prosecution
and leaves others of the same class to go their way.
Looking at the scheme from another angle, the
experts find that the National Recovery Administration has been operated,"under a very broad and
indefinite grant of power," as "an administrative,
law-making and adjudicating agency without effective legislative or executive control." Codes have
been drawn up without sufficient examination of
the industrial conditions involved, and the legal
status of code authorities is in doubt. The use by
the National Recovery Administration of delegated
powers led to administrative action of very doubtful
propriety, and a method of "trial and error" was
used "with amazing and indiscriminate vigor." The
administrative defects, in the opinion of the experts,
"were in no sense a necessary corallary of the powers
delegated, but followed from lack of foresight and
wisdom in the use of those powers." Unless Congress, in delegating power, is to state clearly the objectives of the law, and an administrative organization with equally clear standards is set up, the continuance of a system in which overburdened administrative officials exercise both legislative and judicial functions will, it is declared, perpetuate a situation in which "the principle of muddle is as predictable for the future as evidence of it is observable
in the past."
The case is no better with the wages and hours
provisions of the codes. The Brookings writers find
that the legislative and administrative activities of
the National Recovery Administration in these directions have been undertaken not only "with few
facts for guidance" but also "with few comprehensive or definite policies ever formulated and with
little knowledge of the practical outcome." While
the various exceptions to which the hours structure
is subject seem to make the system elastic, it is in
general both "Intricate and inelastic," and an attempt to legislate wages and hours uniformly on a
national scale would almost certainly have what the
authors of the report call "excessively disturbing
economic consequences."
No question, perhaps, has bulked larger in controversy over the National Recovery Administration
than that of the protection which the system was intended to afford, or actually has afforded, to labor.
Reviewing that subject at length and in exhaustive
detail, the Brookings report finds much the same
contrast between pretense and accomplishment that
it finds elsewhere. As far as labor relations, including complaints, labor representation, union controversies, &c., are concerned, what has been produced
is described as "a bundle of missed opportunities,
doubtful compromises and unpremeditated achievements." No clear policy regarding collective bargaining has been formulated, Government action has
been modified by outside pressure, and Section 7 has
been used to build up both trade unions and company unions. Without expressing an opinion as to
what a Government labor policy should be, the report declares that the National Recovery Administration is unsatisfactory as a mould and wanting
in capacity as a vehicle for such a policy, while Section 7, from which great things were expected, is
adjudged "uncertain in purpose, vague in content
and ambiguous in language." The natural desire of
trade unions for exclusive recognition as agencies
for collective bargaining is admitted, but with the
Volume 140
Financial Chronicle
suggestive reminder that if such recognition were
granted "the trade unions would have to submit to
a considerable degree of governmental supervision
and regulation," a situation which the writers of the
report intimate is doubtful of acceptance.
The attempt to regulate trade practices, the report points out, was made by the National Recovery
Administration "under the most serious handicaps"
and in conditions which made "sound economic action" impossible. Competition has been lessened
more than it has been made fair, the power of industrial groups has been greatly increased, and larger
units rather than smaller ones have tended to control prices and production. "Voluntary" codes, intended in large part to increase wages and reduce
hours in the interest of "recovery," were imposed
upon industries not primarily or greatly interested
in those matters,and trade practices were dealt with
without "adequate factual data or analyzed experience." At this point, again, the National Recovery
Administration has proved inadequate to the development of a sound public policy.
The effect of the National Recovery Administration on the durable goods industries may, the
Brookings experts think, be easily exaggerated, but
they nevertheless are inclined to conclude that the
effect, as far as it has gone, has been mainly adverse.
Downward rather than upward adjustments of costs
and prices, they point out, would have been better in
most cases, but the National Recovery Administration philosophy required that prices should go up,
and "haphazard tactics" and "promiscuous boosting" took the place of rational adjustment or temporary stabilization. What was true of the durable
goods industries appears to have been true of others.
The whole plan of raising prices as a means of enlarging purchasing power is pronounced "mistaken,"
it "put the cart before the horse" and "on the whole
retarded recovery." In one of the few passages in
which general economic situations are discussed, the
report points out that while a perfectly flexible price
structure is not possible of attainment, the idea that
wage changes must always be upward tends to freeze
both costs and prices against the downward adjustments which must sometimes be made if business is
to be stabilized "at a level of full production and
full employment."
The general conclusion of the report is that, irrespective of the good that the National Recovery Administration may have accomplished, the results occasion "grave misgivings." To transform the National Recovery Administration into "a satisfactory
instrument of economic and social policy" would
necessitate a considerable number of reforms whose
adoption would be likely to wreck the code system
because of its voluntary character. The National
Recovery Administration, in other words, can no
longer be thought of as an agency of recovery, but as
a scheme which unites the incompatible elements of
an emergency measure and an indication of Government policy. What a Government policy should be
is beyond the scope of the report, but the searching
inquiry which the report embodies makes it clear
that nothing helpful to public welfare would be accomplished by continuing the National Recovery Administration in its present form with superficial
amendments here or there.
Such is the scheme which the wisdom of the "brain
trust," aided by a Congress which Mr. Roosevelt
completely dominated, foisted upon the country a
3447
little less than two years ago, as it appears after an
exhaustive examination of its nature and operation
by competent and impartial experts. The bearing of
the conclusions upon the "last word" program which
was offered in the House of Representatives on Mon:
day as the wish of the Administration is obvious.
What the Administration propose, in continuing
the National Recovery Administration for two
years, was to keep the provisions regarding minimum
wages and maximum hours and the'prohibition of
child labor, drop some codes and limit the others to
businesses engaged in inter-State and foreign commerce, retain the controversial Section 7-A, continue
to define and bar certain trade practices as unfair,
and simplify enforcement. The most that can be
said for these changes is that they might make a bad
arrangement somewhat less bad. The trouble with
the National Recovery Administration, however, is
that it embodies economic and governmental principles and theories some of the most important of
which are unsound, and that neither as a recovery
nor as a reform measure can it be made efficacious.
It is not sufficient reason for continuing the scheme
that business confusion would result if it were allowed to lapse on June 16, and that a good many
people might be thrown out of work. Some dislocations and losses would have to be suffered as the
price of getting rid of a system which it was a grievous mistake ever to have inaugurated, but a period
of ten and a half months,such as the Senate had proposed, would have given ample time to demobilize
this great offensive against the processes of normal
recovery. The tentative agreement reported to have
been reached on Friday to extend the system for 21%
months is to be regretted, for neither the pleas of
vested interest nor the pressure of organized propaganda ought to avail to continue a day longer than
necessary a system whose inherent defects have been
conclusively shown, and which no amendments can
materially improve.
Chancellor Hitler Speaks:to Europe
The speech which Chancellor Hitler delivered on
Tuesday before the Reichstag is in many respects the
most important utterance that has lately come from
any European statesman. In a restrained and dignified manner, not lacking in earnestness but without extravagance or extreme emotional appeal, the
Chancellor reviewed the hard experiences which
Germany had undergone as a consequence of the
World War, pointed out the discriminating treatment which it often received from the former Allies,
and outlined in thirteen points the policies to which
it was committed and the courses which it stood ready
to pursue. What was said in criticism, while pointed, was just, and the declarations of policy were
clear. As on all such occasions, the Reichstag was
only the visible part of the audience, for the speech
was addressed to Europe, and if the Chancellor put
his own good faith and sincerity in evidence in his
declarations and assurances, he challenged with equal
directness the sincerity and good faith of the Powers
whose attitude he criticized and whose co-operation
for peace he invited.
What was said in general about Germany's grievances and ambitions may be passed over, since it
differed only in form from what has been said a number of times before. The crucial parts of the speech
are those in which Hitler stated and elaborated his
3448
Financial Chronicle
thirteen points. First of all comes an unqualified
refusal to acquiesce in the censure which the League
of Nations, on March 17, pronounced upon Germany
for its determination to rearm. "It was not Germany," Hitler declared, "that one-sidedly broke the
Treaty of Versailles;" the treaty had already been
violated one-sidedly by the victorious Powers when,
after having disarmed Germany, they themselves
refused to disarm as the treaty clearly implied that
they should. Because of the censure, Germany will
not return to the League until "the conditions of a
really legal status," the essence of which is equality
of rights, shall have been created. Repudiation,
however, the Chancellor hastened to declare, extends
only to those points in the treaty "which morally
and textually discriminate against the German
people." All the rest, including the territorial
clauses, Germany will "unconditionally respect."
Earlier in the speech the Chancellor reaffirmed his
assurance that the Saar problem was regarded as
settled, and that "no further territorial demands"
would be made upon France.
While Germany, it was affirmed, would sign no
treaty which it regarded as impossible to fulfill, it
would "adhere scrupulously" to treaties already
signed,including those antedating the present regime,
and would fulfill all its obligations under the Locarno
pact as long as the other parties to the pact did likewise. The obligation to respect a demilitarized zone
.as a contribution to European peace constitutes,
however, an "indescribably heavy" burden upon a
sovereign State which "the continuous increase of
troops on the other side" does not lighten.
The German Government, the Chancellor further
declared, is ready at all times to join in collective
action for securing European peace, but the possibility of revising treaties must be kept open, and conditions should not be one-sidedly imposed. Before
stating these points, the fourth and fifth in the list,
Hitler had declared that "we shall in the future take
part in no conference in the formation of whose program we have not participated from the beginning."
Germany was also "ready in principle" to conclude
non-aggression pacts with its individual neighbors,
and to supplement them by provisions intended to
isolate belligerents and localize war areas. In so
doing it was prepared to observe any resulting obligations relating to the supply of weapons in war or
peace, in so far as similar obligations were assumed
by the oti er parties. It was further ready to supplement the Locarno pact by an air convention.
These assurances are to be read in the light of statements earlier in the speech, specifically refusing to
make a non-aggression agreement with Lithuania,
expressing doubt about the non-aggressive intentions
of Soviet Russia, rejecting pacts of mutual assistance
as "a development that differs in no wise from the
formation of military alliances of earlier days," and
inviting "an authentic interpretation" of the bearing
of the Franco-Russian military alliance upon the
treaty obligations of the parties to the Locarno pact.
Turning to the question of German armament,
Chancellor Hitler announced that the army plans
would not be changed save as general limitation was
agreed to by other States, but that the navy would
be limited to 35% of the strength of the British navy,
or 15% less than the total tonnage of the French
fleet. Referring to press comments to the effect
that this was "only a beginning" and that the limit
May 25 1935
would be raised if Germany possessed colonies, the
demand was emphatically declared to be "final and
lasting for Germany." Germany was nevertheless
prepared to join in any effort for "drastic limitation
of unrestricted arming," the abandonment of the
heaviest weapons, the delimitation of the calibre of
guns on dreadnoughts, cruisers and torpedo boats,
the limitation of naval tonnage, and the tonnage restriction or even the abolition of submarines.
A novel note was struck in the twelfth item of the
list, when the opinion was expressed "that all attempts effectively to lessen tension between individual
States through international agreements or agreements between several States are doomed to failure
unless suitable measures are taken to prevent poisoning of public opinion on the part of irresponsible
individuals in speech, writing, in the film and in the
theatre." Finally, the German Government was
declared "ready at any time to agree to an international arrangement which will effectively prevent
and make impossible all attempts to interfere from
the outside in the affairs of other States," but with
the proviso that interference shall be "internationally defined." In anticipation of this latter declaration, Chancellor Hitler had warned his hearers that
"an army of emigrants is agitating from foreign
centers like Prague and Paris," that "revolutionary
literature is smuggled into Germany with calls to
violence," that "radio senders make propaganda for
illegal terroristic organizations in Germany," and
that "courts are set up abroad which attempt to interfere with German administration of justice." Unless the pacts to which he later referred gave some
precise definition of intervention, there was danger,
he thought, "that any regime based on force will
seek to represent any internal revolt as the result
of outside interference and will call outside help to
suppress it."
Taken as a whole, these are remarkable statements. Their force is not weakened by the issuance,
on the same day, of a decree establishing conscription for all able-bodied non-Jewish German men between the ages of 18 and 45, and subjecting every
German citizen, whether man or woman, to draft
for such service as may be thought proper, for the
decree was forecast several weeks ago. The important question of the moment is how Europe will receive the German declarations, and what effect the
declarations are likely to have upon the treatment
of Germany by the other Powers and upon the European political situation generally.
The immediate response has not been encouraging.
In the British House of Commons, on Wednesday,
Stanley Baldwin declared, to the accompaniment of
cheers, that he believed "there is some light in that
speech of Hitler" and that "we must all catch hold
of it," but both the Commons and the House of
Lords approved the Government proposal to increase
the air force for home defense from the present
580 first-line planes to about 1,500 by March 1937,
as a direct response to the German program. Thursday brought a reaction to this outburst of fear and
fervor, and it was reported that the Cabinet felt that
there might be something reassuring in the Hitler
speech, and that an air accord might be possible.
The French press, while not openly hostile, voiced
the opinion that Hitler was not sincere, while the
Government was reported as seeing in the speech some
ground for hoping that Franco-German conversa-
Volume 140
Financial Chronicle
3449
that statement he also stirred up objections. He could have
taken a much longer stride, if he had conveyed his thoughts
by way of cable or personal emissary, to London, than by
speaking in to an American microphone.
Internationyl currency stabilization will come sooner or
later. But it will be formulated under unostentatious circumstances. It can hardly be brought about any other
way. The average voter has only a vague conception of this
question. Ninety-nine percent of our people have never
seen a draft in foreign exchange. They never have any
occasion to refer to the world-money tables on the daily
financial pages. They are not aware of the significance of
fluctuations in the pound, franc, mark, etc. That is still
true, in spite of the upheavals in world finance during the
past four years.
If so, why does the administration wait until the electorate is "ready" for this important step? Why is it assumed, apparently, on both sides of the water, that a virtual
plebiscite is necessary? And why does our Secretary of the
Treasury approach the subject with fear and trembling,
giving his listeners the impression that he will do everything
in his power to resist foreign influences? Is not the problem
being distorted before our eyes? Are not the possible errors
amplified a thousand times, and the probable benefits entirely neglected?
The tables have been completely turned since 1927. In
the summer of that year three important financial figures
sailed for the United States, Montagu Norman from England, Hjalmar Schacht from Germany, and Charles Rist
from France came to see the governor of the New York
Federal Reserve Bank. They did not come on a pleasure
jaunt. They were here on serious, very serious, business.
And the decisions made, and executed, by Mr. Strong and
his three guests, were very far-reaching in their effects. The
agreements arrived at during their conversations made monetary history. But they went by, largely unnoticed. The
American people were occupied with other things such as
McNary-Haugen bills or television. Few of us knew the
nature of the negotiations, and cared less, if we didn't understand. It was taken for granted that they would be for the
best.
To-day it is different. At a time when the United States
has little to lose and much to gain by entering into a little
international monetary tete-a-tete, we are afflicted with a
a species of financial watch-dog in Washington—La watchdog
that persists in reminding us to be careful. Careful of
what? Careful of stabilization of the dollar? What is so
inherently fatal about that? And is the American public
competent to judge whether or not such procedure would
necessarily prove disastrous?
If we must wait for a national verdict in favor of stabilization, it will never be forthcoming, as such. Stabilization
will ensue only when the administration at Washington is
definitely seeking it, without over-emphasizing it. We
could have had it long ago, if the proper state of mind had
existed in the Nation's capitol. Many an international
agreement is made without benefit of public applause or
public criticism, albeit to the public good. Why not let
the American people forget that the problem exists, instead
of holding it out as a target for all the demagogs at large
to-day? If President Roosevelt sincerely desires a stable
dollar, he will not get it by "warning" the Nation that if the
temptation were alluring enough, he might not be able to
resist it. His administration must not convey the impression
that the stabilization question contains more pitfalls than
any other course into which it has ventured.
The shortest road to currency stabilization is by modest
and unassuming actions, by addressing our remarks, in
The Shortest Road to Stabilization
private, to Downing Street rather than to Main Street, and
by contemplating it as a goal to strive for,instead of a mythiEditor,
danger to avoid. Why wait for a mandate?
cal
"Commercial & Financial Chronicle":
L. MERLE HOSTETLER
It is futile to expect any sort of a stabilization program
between the United States and Great Britain, as long as the
eyes of its enemies as well as its friends are glued upon the
BOOK REVIEWS
negotiators. The dollar and the pound will not be tethered
The Boom Begins
in the midst of an international political conclave, nor under
the revealing rays of diplomatic searchlights. The success By L. L. B. Angas. New York: Simon & Schuster, Inc. $2.
of the project varies inversely with the amount of publicity
Major Angas wanders genially, and in his customary
received.
animated fashion, over a wide field in his new pamphlet,
The trial balloons, released recently on both sides of the and in the course of less than a hundred pages contrives to
Atlantic, may have some local value. But they serve also touch upon the theory and uses of money, the profit motive,
to keep the opposition wide awake. Mr. Morgenthau edged controlled and uncontrolled inflation, unsound finance, the
a bit closer to a solution when he said, for the benefit of a vagaries of bankers, scientific investment, and the good
national audience, that we were no longer "unwilling." By and bad points, as he sees them, of the Roosevelt policy,
tions might profitably be resumed. Opinion in
League circles at Geneva was divided, representatives of the former neutral nations regarding the
speech as a forward step while others criticized it as
propaganda. The most outspoken attack came from
Soviet Russia, where the Government-controlled
press was reported by the correspondent of the New
York "Times" on Thursday as regarding the speech
as "a hypocritical, contradictory and somewhat
ridiculous fabric of evasions and falsifications, with
only one real meaning—Germany is preparing for a
war of revenge."
There is no direct connection, of course, between
the German offer and the dispute between Italy and
Ethiopia, but the blunt refusal of Premier Mussolini
to accept League intervention in the Ethiopian controversy augurs ill for conciliation or co-operation
in any of the directions in which Germany is interested. As far as the form of the African issue goes,
the question appears to be clearly one involving the
League, for both Ethiopia and Italy are members of
the League, Ethiopia has appealed its cause to the
Council, and the case is in every respect one to which
the provisions of the Covenant apply. Mussolini's
refusal, accordingly, if persisted in, would be recognized everywhere as not only a repudiation of
Italy's obligations as a League member, but also as a
direct challenge to the authority and good faith of
the Council. Unfortunately, the Council has no
record of firmness and energy where a dominating
member of the League is concerned, and there is
small reason to expect, if Mussolini's refusal is maintained, that the issue will be squarely met and the
Italian invasion stayed.
What the Hitler speech has done, in substance, is
to put German policy in a more favorable light
wherever prejudice and hostility are not so pronounced as to negative in advance any assurance
that the German Government may give. That it
has greatly advanced either international co-operation or armament limitation is not yet apparent.
On the other hand, it has boldly challenged the policy of alliances as in effect a menace to European
peace, and by its sharp arraignment of Bolshevik
theories and methods has put the foreign policy of
Soviet Russia on the defensive. Once more, then,
the Powers of Europe are confronted with the question whether they really want peace, or whether
behind a smoke-screen of talk about disarmament
and co-operation they are actually preparing for war.
There is more to the incident than the question of
German sincerity, important as that question obviously is. The sincerity of the European Powers
generally, together with the authority of the League,
has also been challenged.
3450
Financial Chronicle
and in addition to reply at some length to the views which
James Warburg set forth in "The Money Muddle." The
pamphlet is a sequel to the author's "The Coming American
Boom." Since July 1934, when the earlier work was
written, Major Angas finds that the rapid inflation of
"bank money" which he predicted has occurred and that
American trade has made a substantial recovery, and he
now writes to demonstrate that "inflation is here," that
"inflation has caught hold," and that "more inflation is
inevitable."
In opposition to Mr. Warburg and Professor Kemmerer,
who appear to be classed as "monetary Bourbons," Major
Angas insists that a monetary system which is not manipulated is bound to produce "a harmful succession of unhealthy booms and slumps." Efficiency, which is the only
answer to socialism, derives from sound money, meaning
money so issued and controlled as to counteract general price
swings. A gold backing is unnecessary, but without a
money whose supply is deliberately manipulated we cannot
have prosperity.
Inflation, in other words, is a good thing, but while
Major Angas thinks that inflation can be controlled, he
fears that Mr. Roosevelt will find it "exceptionally difficult"
to stop the inflationary boom "when it begins to get wild"
because the inflationary money now being put into circulation "is not being scientifically issued against immediately
resalable assets." The trouble is that the Government,
instead of advertising its purpose to inflate and at the
same time to secure price reflation, acts secretly and "says
nothing about it." Eventually, however, inflation is
"bound to catch," and it will go on whether or not there
is a business revival. Major Angas's advice to the stock
investor is to "get on board at once" regardless of "the
certainty of intermediate reactions," but not to get "heavily
into debt."
May 25 1935
flotation of new issues," and thinks that the capital market
might be helped if the Government set up a "national investment corporation" so administered as to "give reliable
advice to the lender as to the nature" of proposed domestic
and foreign issues. Federal Reserve policy in 1929 was
"unstable and erratic," and the system fails "both because
of lack of co-operation within and without, and because of
political and international complications." There is at
least a suggestion of radical leaning, on the other hand,in the
closing remark that "it is imperative that general purchasing
power should be increased, and it can be doubted whether
the policy of forcing maximum hours and minimum wages
goes far enough. It is not much use indicting investment
bankers or the banking system if the whole social organization is faulty."
The Course of the Bond Market
During this week, in which a proposal to inflate the
currency by the issue of some $2,000,000,000 of United States
notes for payment to war veterans has hoen vetoed by the
President and his veto sustained only by a margin of some
nine votes in the Senate, bond prices have generally remained at recent levels in an inactive market. Some tapering off of prices was seen, principally among the lowergrade rails, which have recently pursued a zig-zag course of
alternate rises and declines.
High-grade issues and United States Governments have
continued in their recent narrow fluctuations. The weakness of the franc and flight of French capital caused the
Bank of France to raise its discount rate to 3%. This,
together with the approaching Swiss referendum, has created an atmosphere of near-crisis in financial circles abroad,
but has probably only a remote effect on our own bond
Gold Arbitrage and Parity Table
market.
By Chunilal Vrajlal Mody. Bombay: Privately Printed.
Small advances have been witnessed by high-gtade rail22s. 6d.
road bonds during the week. Chesapeake & Ohio 4%s, 1992,
The statistical part of this book which is of special
financial interest comprises detailed tables of London, Paris, closed at 117% compared with 116% last week; PennsylAmsterdam and New York gold parities, practically useful vania 4%s, 1960, advanced 2 points to 117%. Medium
for dealers in foreign exchange. The tables are prefaced by grade rail issues were slightly lower. The New York Cendetailed descriptions of a number of world currencies and of tral cony. 6s, 1944, closed at 106%, down 1/n : Wabash 1st 5s.
the gold markets and gold operations at London, New York, 1939, declined % point to 9314. Moderate declines have
Paris, Amsterdam and Bombay, the mechanism of gold been general throughout the lower grades. St. Paul 4s, 1989,
export operations, and similar technical matters.
closed at 44%, off 114; Illinois Central 4%s, 1966, closed
at 49%, down %; New York Central 41/as, 2013, at 57% were
Personnel Programs in Banks
off 1 point.
Price movements within the high investment group of
By Eleanor Davis. Princeton, N. J.: Princeton
public utility bonds have been small and most issues exUniversity. $1.00.
This well-written pamphlet, the latest issue in a series of tremely steady. In the more speculative divisions movepersonnel studies prepared in the Industrial Relations Sec- ments have been erratic, and while the group as a whole
tion of the Princeton University Department of Economics tended downward slightly, there were many issues that disand Social Institutions, deals with the organization of the played a firm tone. Among the noticeably weak issues were
personnel department of American banks, hiring new em- Hudson & Manhattan ref. 5s, 1957, which declined 1 point
ployees, salaries and promotion, group insurance, employee to 8414; Tennessee Public Service 5s, 1970, which lost 2
stock purchase and other plans for financial security, the to close at 79, and American Power & Light 6s, 2016, which
medical department and health services, and such group were off 3%, closing at 72%. Thos" which advanced inrelations as employee clubs and magazines, employment cluded Birmingham Gas 5s, 1959, at 75%, up 2%, and
stabilization and code hours and wage provisions. The in- Laclede Gas Light 5%s, 1953, at 67, up 3%.
The industrial list as a whole has been relatively quiet,
formation presented, based upon a study of more than 50
representative banks, is a remarkable exhibit of the extent with net changes rather small. One of the best performto which personnel management has been developed. The ances on the up-side was made by C,ertainteed Products
pamphlet is to be commended without reserve to banks de- 5%s, 1948, which advanced to a new high for the year at
siring to improve their relations with their employees, as 79%, up 3% points since a week ago. The Paramount 5%s,
1950, advanced 2% to 91, and the Warner Brothers Picwell as to other businesses with similar personnel problems.
tures Os, 1939, gained % to 6414. A soft feature on the
down-side was the Childs Co., 5s, 1943, which lost 3%
The United States as a Financial Centre, 1919- points, closing at 6014. Among the steel issues there has
1933, with Reference to Imports and Exports been some variety, for the Youngstown Sheet & Tube 5s,
of Capital
1978, declined % point to 9314, whereas the Republic Iron &
Steel 51/2s, 1953, advanced 1% to 102%. There have been
By M. F. Jolliffe. Cardiff, Wales: University of Wales
no definite group movements in the oil, rubber, food or
Press Board. 6s.
mining issues.
An informing study, replete with statistics, of the AmeriThe foreign bond market has been fairly strong this week.
can money marketfrom 1919 through 1933,and of the Ameri- A noticeable recovery took place in
Danish and Polish
can balance of payments, the underwriting of foreign securi- issues. German Governments have been
stronger, also Austies and related matters. The author, while apparently tralians and Japanese. A sharp rise in
Dutch dollar issues
expecting much of President Roosevelt ultimately, is sharply was the result of the reopening of court proceedings
for
critical of some of the situations which he describes and of payment in gold.
various parts of the recovery program. He concludes that
Moody's computed bond prices and bond yield averages
the Securities Act is "at any rate not encouraging to the are given in the following tables:
3451
Financial Chronicle
Volume 140
MOODY'S BOND PRICESt
(Based on Average Yields)
U. S.
120
Govt. Domes1935
Daily
Bonds
S.
Aftrag83
Corp..
120 Dontestie Corporate*
by Ratings
Aaa
May 24 108.66 101.81 118.45
23_ _ 108.69 101.64 118.25
22__ 108.74 101.64 118.25
108.66 101.81 118.25
20_ _ 108.60 101.81 118.25
18_ 108.60 101.81 118.04
May 17_ _ 108.55 101.97 118.04
16_ 108.66 102.14 118.45
15__ 108.69 101.81 118.25
14__ 108.66 101.81 118.25
13. 108.64 101.64 118.45
11__ 108.48 101.64 118.66
10__ 108.61 101.64 118.45
108.69 101.64 118.66
108.84 101.64 118.66
108.59 101.64 118.66
108.71 101.97 118.86
108.80 101.81 118.86
108.89 101.81 118.66
108.98 101.81 118.66
109.04 101.47 118.66
WeeklyApr. 26__ 108.61 101.81 118.66
19__
12__ 108.25 100.81 119.07
108.54 100.17 119.07
Mar.29.- 108.07 99.36 118.66
22_ 107.79 100.49 119.27
15._ 107.94 100.49 119.07
8.._ 107.85 101.64 119.48
108.22 102.47 119.48
fib. 23._ 108.44 102.81 119.48
15__ 107.49 102.30 119.07
107.47 101.64 118.66
107.10 101.31 118.04
Jan. 25__ 107.33 102.14 118.04
18.. 106.79 100.81 117.43
11__ 106.81 100.81 117.63
4_ 105 76 100.33 117.43
High 1935 109.04 102.81 119.69
loXe 105 fifi 99.20 17.22
High 1934 106.81 100.00 117.22
ie.. 1934 99.05 81.85 105.37
.May24'34 105.11 98.25 113.46
2 Yrs.Age
May24'33 102.98 84.60 103.82
MOODY'S BOND YIELD AVERAGESt
(Based on Individual Closing Prices)
120 DOMMIC
Corporate* by Groups
P. U. Indus.
An
A
Baa
RR.
109.86
109.86
109.86
109.86
109.86
109.86
110.05
110.05
110.05
110.05
109.86
110.05
110.05
109.86
109.86
110.23
110.23
110.05
110.05
110.23
110.05
101.64
101.47
101.47
101.64
101.47
101.64
101.47
101.64
101.64
101.47
101.31
101.47
101.47
101.47
101.31
101.14
101.31
101.31
101.47
101.31
101.31
82.50
82.26
82.26
82.62
82.87
83.11
83.35
83.60
82.87
82.74
82.62
82.14
82.02
82.26
82.02
82.02
82.99
82.50
82.50
82.38
81.90
94.43
94.14
94.14
94.29
94.58
94.73
94.88
95.18
94.58
94.43
94.29
93.99
93.85
93.99
93.99
94.14
94.88
94.29
94.29
94.29
94.29
103.65
103.48
103.65
103.65
103.65
103.85
103.82
103.99
103.82
103.82
103.82
103.99
103.82
103.99
103.65
103.65
103.99
103.99
103.99
103.65
103.32
110.05 100.98 82.87 95.63
Stock E xchang e Close
109.68 99.68 80.84 94.29
109.49 99.38 79.56 92.82
109.12 98.88 77.88 90.83
109.86 100.17 79.45 93.55
110.61 100.33 79.11 93.26
110.98 101.14 81.42 95.63
111.35 101.64 82.99 97.78
111.16 102.14 83.97 99.68
110.79 101.14 83.60 99.68
110.42 100.49 82.50 99.04
110.05 100.33 82.38 99.04
110.05 100.81 84.35 100.49
109.31 99.52 82.26 99 68
109.12 99.52 82.50 100.17
108.94 98.88 81.54 100 00
111.54 102.14 84.60 100.49
108.57 98.73 77.88 90.69
108.75 99.04 83.72 100.49
93.11 81.78 66.38 85.61
101.14
101.14
100.98
100.98
100.98
101.47
101.64
101.14
99.68
98.41
97.94
98.73
98.23
95.93
94.58
103.99
94.14
94.58
742.5
107.85
107.85
107.85
107.85
107.85
107.85
107.85
108.03
107.85
107.85
107.85
107.85
107.85
107.85
107.85
107.85
107.67
107.67
107.67
107.85
107.85
02.64 107.67
107.49
107.31
107.14
107.49
108.03
108.57
108.39
108.21
107.85
107.85
107.31
107.49
106.78
106.96
106.98
108.75
106.78
106.78
96.54
106.78
96.39
81.30
98.73
91.81 105.03
92.68
81.42
67.33
83.97
80.26
90.00
AU
1935
120
Daily
DomesAverages
tic
May 24__
23-_
22__
21__
20__
18._
May 17__
16._
15..
14-13-11-10-9._
8__
7._
6__
4__
3__
2-1....
WeeklyApr. 26__
19__
12__
5...
Mar.29__
22._
15-8._
I__
Feb. 23__
15-8-1-Jan. 25._
18-11__
4_
Low 1935
High 1935
Low 1934
High 1934
Yr. AgoMay24.34
2 Yrs.Ago
Mav24'33
120 Domestic Corporate
by Ratings
Aaa
Aa
4.64
4.65
4.65
4.64
4.64
4.64
4.63
4.62
4.64
4.64
4.65
4.65
4.65
4.65
'4.65
4.65
4.63
4.64
4.64
4.64
4.66
3.74
3.75
3.75
3.75
3.75
3.76
3.76
3.74
3.75
3.75
3.74
3.73
3.74
3.73
3.73
3.73
3.72
3.72
3.73
3.73
3.73
4.18
4.18
4.18
4.18
4.18
4.18
4.17
4.17
4.17
4.17
4.18
4.17
4.17
4.18
4.18
4.16
4.16
4.17
4.17
4.16
4.17
4.64
3.73
4.17
4.70
4.74
4.79
4.72
4.72
4.65
4.60
4.58
4.61
4.65
4.67
4.62
4.70
4.70
4.73
488
480
4.75
5.81
3.71
3.71
3.73
3.70
3.71
3.69
3.69
3.69
3.71
3.73
3.76
3.76
3.79
3.78
3.79
3.68
3.80
3.80
4.43
4.19
4.20
4.22
4.1.8
4.14
4.12
4.10
4.11
4.13
4.15
4.17
4.17
4.21
4.22
4.23
4.09
4.25
4.24
5.20
A
4.65
4.66
4.66
4.65
4.66
4.65
4.66
4.65
4.65
4.66
4.67
4.66
4.66
4.66
4.67
4.68
4.67
4.67
4.66
4.67
4.67
120 Domestic
Corporate by Groups
P. U. Indus.
ft
80
For-
suns
Baa
RR.
6.00
6.02
6.02
5.99
5.97
5.95
5.93
5.91
5.97
5.98
5.99
6.03
6.04
6.02
6.04
6.04
5.96
6.00
6.00
6.01
6.05
5.11
5.13
5.13
5.12
5.10
5.09
5.08
5.06
5.10
5.11
5.12
5.14
5.15
5.14
5.14
5.13
5.08
5.12
5.12
5.12
5.12
4.53
4.54
4.53
4.53
4.53
4.53
4.52
4.51
4.52
4.52
4.52
4.51
4.52
4.51
4.53
4.53
4.51
4.51
4.51
4.53
4.55
4.29
4.29
4.29
4.29
4.29
4.29
4.29
4.28
4.29
4.29
4.29
4.29
4.29
4.29
4.29
4.29
4.30
4.30
4.30
4.29
4.29
5.03
Closed
5.12
5.22
5.36
5.17
5.19
5.03
4.89
4.77
4.77
4.81
4.81
4.72
4.77
4.74
4.75
4.72
5,37
4.72
5.75
4.59
4.30
5.93
4.68
4.68
4.69
4.69
4.69
4.66
4.65
4.68
4.77
4.88
4.88
4.63
4.99
6.01
5.10
4.51
5.13
5.10
6.74
4.31
4.32
4.83
4.31
4.28
4.25
4.26
4.27
4.29
4.29
4.32
4.31
4.35
4.34
4.34
4.24
4.35
4.35
4.97
6.11
6.22
6.46
6.33
6.16
6.12
6.03
6.02
6.04
6.01
6.12
6.16
6.15
6.22
630
581
6.46
8.33
8.66
4.69
5.97
Stock E xchang e
4.77
6.14
4.79
6.25
4.82
6.40
4.74
6.26
4.73
6.29
4.68
6.09
4.65
5.96
4.62
5.88
4.68
5.91
4.72
6.00
6.01
4.73
5.85
4.70
4.78
6.02
4.78
6.00
4.82
6.08
4.62
5.83
4.83
6.40
4.81
5.90
6.06
7.58
5.88
5.87
5.87
5.85
5.87
5.86
5.86
5.86
5.81
5.81
5.85
5.84
5.85
5.84
5.86
5.85
5.84
5.86
5.97
5.88
5.90
4.86
3.99
4.35
4.98
6.10
4.83
5.29
4.45
7.25
4.133
4.52
5.23
6.09
7.47
5.88
6.19
5.42
9.75
•These prices are computed front average yields on the basis of one "ideal" bond (41i% coupon, maturing in 31 years) and do not purport to show either the average
level or the average movement of actual pr cc 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 co nplete list of bonds used in computing these indexes was published in the issue of May 18 1935.
page 3291. ft Average of 30 foreign bonds but adjusted to a comparable basis with previous averages of 40 foreign bonds.
14'
Indications of Business Activity
THE_STATE OF TRADE-COMMERCIAL EPITOME
Friday Night, May 24 1935.
Adverse weather conditions hampered trade to some degree in wholesale and retail lines, but there was a slight
recovery in industrial activity, and 'while there was no
onounced upward trend, reports on business generally
were cheerful. Lumber production showed a sharp drop,
falling to the lowest point since January. owing to labor
difficulties on the West Coast. Steel onerations fell off
slightly, and the electric output was lower. On the other
hand, bituminous coal output increased 13.1%, but failed
to reach the total of last year. Car loadings were larger
and crude oil production exceeded the Federal allowable
by 89,100 barrels. Automobile productLn increased to
nearly 90,000 units, following two weeks of decline. Retail
business was handicapped by unfavorable weather conditions, and there was less activity among Wholesalers.
Metal prices showed marked strength. Commodity markets
generally showed less activity, and prices fluctuated within
very narrow range, owing to nervousness over Washington
developments. This was especially true of the bonus bill
early in the week, but to-day there was a sharp setback in
grains, owing to the action of the Senate in upholding the
President's veto. Sugar was active and went into new high
ground. The deadlock for a time in the raw market checked
the demand. HidA" were in good demand, but showed a
downward tendency. Coffee, cocoa, silk and rubber show
advances for the week. Early in the week high winds and
flood waters in the Southwest caused many deaths and much
property damage. In Texas and Oklahoma 20,000 acres of
rich bottomland were under water and 4,000 were reported
homeless as the result of rivers swelling over their banks.
Crop damage 'was estimated at $3,000,000. Snow fell in
Paris and its suburbs on the 18th inst., doing great damage
to fruit trees in the east, northeast and central parts of
France. Last week southern Eneland was swept by a
heavy snowstorm which did considerable damage to crops.
In New York it was generally clear, but temperatures continued abnormally low. To-day it was fair and cool, with
temperatures ranging from 45 to 61 degrees. The forecast
was for fair and continued cool, with light frost in exposed
places to-night. Saturday fair, with slowly rising temperature. Overnight at Boston it was 42 to 58 degrees; Baltimore, 46 to 56; Pittsburgh, 42 to 62: Portland, Me., 40 to
56! Chicago, 44 to 52; Cincinnati, 44 to 58• Cleveland, 44 to
52; Detroit, 36 to 58; Charleston, 68 to 86; Milwaukee, 44
to 56; Dallas, 56 to 78; Savannah, 66 to 86; Kansas City,
44 to 50; Springfield, Mo., 44 to 58; Oklahoma City, 42 to
60; Denver, 46 to 52; Salt Lake City, 56 to 78; Los Angeles,
56 to 72; San Francisco, 52 to 581 Seattle, 44 to 62;
Montreal, 44 to 56, and Winnipeg, 44 to 72.
Revenue Freight Car Loadings Up 1.4% During Latest
Week
Loadings of revenue freight for, the week ended May 18
1935 totaled 583,327 cars. This is a gain of 8,142 cars, or
1.4% from the preceding week, but a decline of 29,004 cars
or 4.7% from the total for the like week of 1934. The
comparison with the corresponding week of 1933 is more
favorable, the present week's loadings being 47,608 cars or
8.9% higher. For the week ended May 11 loadings were
4.6% under the corresponding week of 1934, but7.6%
above those for the like week of 1933. Loadings for the week
ended May 4 showed a loss of 6.0% when compared with
1934 and an increase of 8.0% when the comparison is with
the same week of 1933.
The first 17 major railroads to report for the week ended
May 18 1935 loaded a total of 270,843 cars of revenue
freight on their own lines, compared with 268,980 cars in
the preceding week and 292,437 cars in the seven days
ended May 19 1934. A comparative table follows:
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS
(Number of Cars)
Loaded on Own Lines
Weeks Ended-
Receivedfrom Connections
Weeks Ended-
May 18 May 11 May 19 May 18 May 11 May 19
1935
1935
1934
1935
1935
1934
Atchison Topeka & Santa Fe Ry_
Baltimore & Ohio RR
Chesapeake & Ohio Ry
Chicago Burlington & Quincy RR.
Chicago Milw. St. Paul& Pat. Ry
y Chicago St North Western Ity
Gulf Coast Lines
International Great Northern RR
Missouri-Kansas-Texas RR
Missouri Pacific RR
New York Central Lines
New York Chicago & St. Louis Ry
Norfolk & Western Ry
Pennsylvania RR
Pere Marquette Ry
Southern Pacific Lines
Wabash Ry
Total
17,659
25,266
18,440
12.194
15,861
12,929
2,036
2,472
3,797
12,072
40,968
4,292
16,278
53,464
5,422
22,933
4,762
17,508
24,326
17,440
12,676
16,169
13,261
2.535
2,065
3,972
12,251
40,479
4,252
15.677
52,993
5.419
22,984
4,973
19,161 4.724 4.752 4.045
28,158 12,444 12,152 13,100
20,510 8,061 8.492 8,962
13,737 6,414 6.518 5,484
17,100 6,502 6,747 5,683
15,586 8,448 8,535 8,110
2,708 1,888 1,302 1,967
2,933 1,155 1.866 1,337
4,284 2,149 2,281 2.676
12.567 7,209 7.278 7,644
43,098 52.247 50,413 55,450
4.779 7,179 6,953 7,464
17,931 3,737 3,623 3,364
56,552 37,141 35,001 34,921
5.111 3.909 3.920 4,357
xx
x
22,916
5,306 7.062 7,339 7,846
270843 2115 41811 222 427 170 260 167 172 172.410
x Not reported. y Excluding ore.
TOTAL LOADINGS AND RECEIPTS FROM CONNECTIONS
(Number of Cars)
Weeks Ended-
n11130ill Central System
St. Louis-San Francisco Ry
Total.
May 18 1935
May 11 1935
May 19 1934
25.064
11,368
23.984
11,348
25,059
11,934
36,422
35,332
36,993
3452
Financial Chronicle
The Association of American Railroads in reviewing the
week ended May 11 reported as follows:
Loading of revenue freight for the week ended May 11 totaled 575.185
cars. This was an increase of 6,120 cars above the preceding week, but a
reduction of 27.613 cars below the corresponding week in 1934. It was.
however,an increase of 40.379 cars above the corresponding week in 1933.
Miscellaneous freight loading for the week ended May 11 totaled 224,392
cars, a decrease of 7.087 cars below the preceding week and 15.721 cars
below the corresponding week in 1934, but an increase of 23,875 cars above
the corresponding week in 1933.
Loading of merchandise less than carload lot freight totaled 160,328
cars, a decrease of 1.516 cars below the preceding week. 4.758 cars below the
corresponding week in 1934 and 4.353 cars below the same week In 1933.
Coal loading amounted to 95,684 cars, an increase of 11.354 cars above
the preceding week but a reduction of 7.873 cars below the corresponding
week in 1934. It was, however, an increase of 13,329 cars above the
same week in 1933.
Grain and grain products loading totaled 25.906 cars, an Increase of
298 cars above the preceding week, but reductions of 2,558 cars below the
corresponding week in 1934 and 13.167 cars below the same week In 1933.
In the Western districts alone grain and grain products loading for the week
ended May 11 totaled 16.466 cars, a decrease of 1,671 cars below the same
week in 1934.
Live stock loading amounted to 13.802 cars, a decrease of 292 cars below
the preceding week, 1.918 cars below the same week In 1934 and 3.658 cars
below the same week in 1933. In the Western districts alone loading of
live stock for the week ended May 11 totaled 10.914 cars, a decrease of
1.816 cars below the same week in 1934.
Forest products loading totaled 24,432 cars, a decrease of 2,946 cars
below the preceding week and 554 cars below the same week in 1934, but an
Increase of 4,199 cars above the same week in 1933.
May 25 1935
Ore loading amounted to 24.801 cars, increases of 5 612 cars above the
preceding week,6.619 cars above the corresponding week In 1934 and 18.075
cars above the corresponding week In 1933.
Coke loading amounted to 5,840 cars, an increase of 697 cars above the
preceding week, but a decrease of 850 cars below the same week in 1934.
It was, however, an increase of 2.079 cars above the same week in 1933.
All districts except the Northwestern reported decreases In the number of
cars loaded with revenue freight for the week of May 11 compared with
the corresponding week In 1934. All districts except the Southwestern
reported increases compared with the corresponding week in 1933.
Loading of revenue freight in 1935 compared with the two previous years
follows:
1935
1934
1933
2,170,471
2,325,601
3,014,609
2,303,103
569,085
575,185
2,183.081
2.314,475
3,067,612
2,340.480
605,246
602,798
1,924,208
1,970.566
2,354,521
2,025,584
527,118
534,806
10012024
11 112572
A 225 723
Four weeks In January
Four weeks in February
Five'weeks In March
Four weeks In April
Week of May 4
Week of May 11
Toro'
In the following table we undertake to show also the loadings for separate roads and systems for the week ended
May 11 1935. During this period a total of 52 roads showed
increases when compared with the corresponding week last
year. The most important of these roads which showed
increases were the Southern Pacific RR. (Pacific Lines),
the Louisville & Nashville RR., the Great Northern RR.
and the Union Pacific System.
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER OF CARS)-WEEK ENDED MAY 11
Eastern DistrictGroup &Bangor & Aroostook
Boston & Albany
Boston & Maine
Central Vermont
Maine Central
N. Y. 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 & Western
Pittsburgh & Shawmut
Pittsburgh SPawmut dr North_
Total
Group CAnn Arbor
Chicago Indianapolis & Loulsv.
C. C. C. & St. Louis
Central Indiana
Detroit & Mackinac
Detroit & Toledo shore Line_ _
Detroit Toledo & Ironton
Grand Trunk Western
Michigan Central
Monongahela
N. Y. Chicago & St. Louis......
Pore Marquette
Pittsburgh & Lake Erie
Pittsburgh & West Virginia.Wabash
Wheeling & Lake Erie
Total
Total Loads Received
from Connections
Total Revenue
Freight Loaded
Railroads
1935
1934
1033
1935
1934
1,873
2,890
7,504
1,126
2,625
10,273
588
1,908
3,068
7,750
1,026
2,530
10,794
614
1,995
2,704
7,312
899
2,312
9,714
629
379
4,113
10,134
1,661
2,622
10,515
943
451
4,548
10,535
2,629
2,786
11,718
994
26,879
27,690
25,565
30,367
33,661
4,758
9,482
11,929
196
1,346
7,242
1,758
18,427
2,007
180
318
5,511
8,860
13,400
173
1,647
8,378
1,946
19,456
2,124
476
335
3,968
7,425
10,120
165
1,160
7,061
1,429
17,543
1,733
345
303
6.378
5,835
11,603
1,695
957
6,454
45
24.784
2,009
23
178
6.675
6,216
12,750
1,867
1,125
7,090
34
27.375
2,103
45
205
57,643
62,306
51,252
59,961
65,485
594
1,127
6,527
26
209
247
2,978
4,236
8,998
3,179
4,252
5,419
4,502
789
4,973
3,422
566
1,080
6,438
19
301
272
2,362
3,869
8,266
3,731
4,306
5.001
5,546
1,335
5.101
3,089
493
1.223
7,349
22
331
250
1,244
2,982
6.466
3,076
4,156
4,381
3,383
998
4,845
2,988
977
1,613
9,807
56
116
2,234
1,292
6,330
7,630
170
.1,953
3,920
3,879
1.004
7,339
2,252
913
1,624
9,519
70
92
1,969
1.169
6,036
7,684
247
7,523
4.345
4,709
959
7,284
3.179
50,578
51,272
44,187
55,572
57,322
Grand total Eastern District..... 135,100
141,268
121,004
145,900
156,468
463
24,326
3,098
239
788
6,096
574
171
37
827
903
52,993
11,186
5,338
36
2,879
498
28,220
2,751
237
775
5.583
670
176
84
784
1,114
55,861
12,940
8,940
75
3,342
440
22,672
1,563
203
a
4,843
578
174
52
984
869
50,664
10,377
3,145
35
2,345
571
12,152
1,254
7
12
8,924
49
39
19
2,586
1,145
35,001
12,953
2.205
2
4,948
630
12,677
1,697
5
14
9,816
64
22
15
2,763
1,031
34,925
14,058
2,509
1
5,139
109,914
122,050
98,944
81,867
85.386
Allegheny DistrictAkron Canton & Youngstown-Baltimore & Ohio
Bessemer & Lake Erie
Buffalo Creek & Gauler
Cambria & Indiana
Central RR. of New Jersey.......
Cornwall
Cumberland & Pennsylvania.-Ligonier Valley
Long Island
Penn-Reading Seashore Lines
Pennsylvania System
Reading Co
Union (Pittsburgh)
West Virginia Northern
Western Maryland
Total
Pocahontas DistrictChesapeake & Ohio
Norfolk & Western
Norfolk & Portsmouth Belt Line
Virginian
Total
Southern DistrictCroup Aatlantic ('east LineClinchfield
Charleston & Western Carolina_
Durham & Southern
Gainesville Midland
Norfolk Southern
Piedmont & Northern
Richmond Fred. & Potomac
Seaboard Air Line
Southern System
Winston-Salem Southbound__ _
Total
17,440
15,677
1,259
3,212
20,413
18.592
1,284
2,952
17,310
14.034
785
2,653
8,492
3,623
968
757
8,896
3,621
1,290
713
37,588
43,241
34,782
13,840
14,520
8,397
992
345
180
53
1,169
433
314
7,414
17,407
131
8,717
1,132
351
132
42
1,097
434
357
7,480
18,461
130
8,280
808
419
148
49
1,559
544
584
6,990
17,859
149
4,230
1,298
777
117
88
888
748
3,882
3,012
10,094
630
4,129
1,494
866
391
82
1.086
878
3,482
3,350
11,075
624
30.835
38.333
37.069
25.764
27.457
•Previous figure's. a Not available.
Total Revenue
Freight Loaded
Railroads
Group 8Alabama Tennessee ,t Northern
Atlanta Birmingham & Coast
All. & W.P.-W.RR.of Ala_
Central of Georgia
Columbus & Greenville
Florida East Coast
Georgia
Georgia & Florida
Gulf Mobile & Northern
Illinois Central System
Louisville & Nashville
Macon Dublin & Savannah
Mississippi Central
Mobile & Ohio
Nashville Chattanooga & St. L
TennesseeCentral
Total
Third Loads Received
from Catia44a011.11
1935
1934
1933
162
566
587
3,447
180
1,494
752
275
1,380
15,892
16,429
162
124
1,519
2,498
305
162
648
594
3,237
182
1,294
701
322
1,312
18.413
16.282
129
148
1,823
2,768
359
131
719
643
3,599
207
1,100
820
304
1,343
16,177
14,820
112
148
1,851
2,681
302
1935
• 104
522
895
2,310
228
598
1,188
355
610
2,645
3,409
354
214
1,145
1,894
524
1934
193
583
986
2,241
201
689
1,159
388
679
2,045
3,677
401
247
1,446
1,923
526
45,770
46,354
44,957
23.001
23.384
Grand total Southern MUMS-- . 82,605
84,687
82.026
48.785
50,841
Northwestern DistrictBelt Hy. of Chicago
Chicago & North Western
Chicago Great Western
Chicago Mllw. St. P. &
Chicago Si. P. Minn. & Omaha
Duluth MIssabe & Northern- -Duluth South Shore & Atlantic
Elgin Joliet & Eastern
Ft. Dodge Den Moines & South
Great Northern
Green Bay de Western
Lake Superior & Ishpeming-Minneapolis & St. Louis
Minn. St. Paul & 8.8. M
Northern Pacific
Spokane International
Spokane Portland & Seattle
779
15,286
2,131
18,169
3,034
8,182
722
5,337
306
13,164
564
1,368
1,427
4.804
7,141
117
2,020
956
15,291
2,316
16,638
3,290
6,104
439
5,706
269
10,902
511
1,607
1.758
5.160
8,087
247
1,367
809
13,846
2,328
17,114
3,431
3,453
320
3,374
281
7,168
523
185
1,864
4,297
7,298
100
957
1.880
8,535
2,423
6,747
2,743
121
383
3,541
118
2,764
488
64
1,440
1,934
2,714
192
971
1.573
8.175
2,118
5,798
2,644
95
328
4,246
100
2,311
318
78
1,248
2,152
2,054
164
9113
82,551
80,645
67,348
36,888
34,318
17,508
2,480
221
12,676
1,345
10,137
2,316
755
2,014
335
1,149
1,437
817
82
17,042
165
253
10,382
206
1,413
18,659
2,496
235
13.318
1,100
10,593
2,186
814
1,835
145
1,137
1,931
568
184
16,424
264
302
10,234
119
1,203
17,617
2,829
163
13,307
1,233
11,306
2,187
697
1,794
262
1,028
1,974
419
141
12,960
289
396
10,384
253
1,052
4,782
1,755
33
4,518
538
4,483
1,712
1,088
2,192
21
296
1,076
251
27
2,795
192
270
7,437
1,371
4,142
1,792
35
6,582
555
5,727
1,913
831
1,839
7
285
984
292
22
3,380
284
957
0,660
3
1,362
82,733
83,747
80,291
41,021
37,252
202
130
113
2,535
2,065
91
1,403
1,256
76
135
445
137
3,972
12,251
31
86
6,381
1.615
5,942
3.780
1,804
19
225
176
93
97
2,891
2,378
177
1,676
1,128
96
301
436
105
4,164
12,976
46
117
6,901
1,744
5.676
4,128
1.577
84
193
129
109
116
2,621
5,440
97
1,506
1,107
147
163
412
89
4,192
11,806
52
107
7,015
2,539
5,800
4,914
1,934
26
a
3,588
270
153
1,302
1,866
831
1,348
217
290
447
177
291
2,301
7,278
12
136
3,531
2,110
2.284
3,313
14,371
32
105
3,651
220
162
1,314
2,288
683
1,249
743
302
256
193
211
2,534
7,805
121
3,001
2,151
1,970
3,595
16,124
38
78
44.694
47.160
50.411
46,043
49,297
Total
Central Western DistrictAtch. Top.& Santa Fe System
Alton
Bingham & Garfield
Chicago Burlington & Quincy...
Chicago & Illinois Midland...Chicago Rock Island & Pacific
Chicago & Eastern Illinois
Colorado & Southern
Denver & Rio Grande Western
Denver & Salt Lake
Fort Worth & Denver My-Illinois Terminal
North Western Pacitio
Peoria & Pain Union
Southern Pacific (Paeltio)
Re. Joseph & Grand Island
ToledoPeoria & Western
Union Pacific System
Utah
Western Pacifies
TotalSouthwestern DistrictAlton & Southern
Burlington-Rock Island
Fort Smith & Weetern
Gulf C0898 Lines
International-Great Northern
Kansas Oklahoma & Gulf
Kansas City Southern
Louisiana & Arkansas_
Louisiana Arkansas & Texas-.
Litchfield & Madison
Midland Valley
Missouri & North Arkansas
Mleaosti-Karwas.Trame Lines
Missouri Pacific
Natehea & Southern
Quanati Acme & PIACI°
St Louts-San Francium
St. Louis Southwestern
Texas & New Orleans
Texas & Pacific
Terminal RR. of St Louis-Weatherford M. W. & N. W_.
Wichita Falls & Southern
Total
15.4% Class I Freight Cars in Need of Repairs
Class I railroads on May 1 had 284,728 freight cars in
need of repairs or 15.4% of the number on line, the Association of American Railroads announced on May 24. This
was an increase of 9,953 cars compared with the number in
need of such repairs on April 1, at which time there were
274,775 or 14.8%. The Association's report further showed:
Freight cars in need of heavy repairs on May 1 totaled 219,461 or 11.9%
an increase of 4.903 cars compared with the number in need of such repairs
on April 1, while freight cars in need of light repairs totaled 65.267 or 3.5%.
an increase of 5,050 compared with April 1.
Locomotives in need of classified repairs on May 1 totaled 10.537 or
22.8% of the number on line. This was an increase of 148 compared with
the number in need of such repairs on March 1, at which time there were
10,389 or 22.5%.
Class I railroads on May 1 had 4,115 serviceable locomotives in storage
compared with 4.087 on April 1.
•
-411°•
Number of Freight Cars in Good Repair on April 30
Class I railroads on April 30 had 310,099 surplus freight
cars in good repair and inunediately available for service,
the Association of American Railroads announced on May
24. This was a decrease of 552 cars compared with April
14, at which time there were 310,651 surplus freight cars.
Surplus coal cars on April 30 totaled 87,856, an increase
of 3,059 cars above the previous period, while surplus box
oars totaled 174,556, a decrease of 2,991 cars compared with
April 14.
Reports also showed 27,294surplus stock cars,a decrease of
182 compared with April 14, while surplus refrigerator cars
totaled 8,449, an increase of 421 for the same per:od.
Moody's Daily Index Reaches Highest Levels
in Five Years, But Later Recedes
Basic commodity prices during the week just passed continued the broad qdvarce of the week before, carrying
Moody's Daily Irdex to 162.1 or Thursday, the highest
level since 1930. Part of the rise was lost, following the
failure of the Senate to override the President's bonus bill
veto, the index closing on Friday at 161.3 compared with
159.8 a week ago.
The most consistent strength among the 15 commodities
comprising the Index was shown by top hogs, which resumed
the advance interrupted in early March. Advances have
also been registered by wool, rubber, lead, steel scrap and
silk, the relative importance of the advances being in the
order named. Wheat and corn have been under pressure,
while cotton, hides, coffee and silver also declined. Cocoa,
copper and sugar remained unchanged.
The movement of the Index number during the week, with
comparisons, is as follows:
Fri.,
May 17
Sat., May 18
Mon., May 20
Thee., May 21
Wed., May 22
Thum.. May 23
Fri..
May 24
159.8
159.4
159.9
161.1
162.0
162.1
161.3
2 Weeks Ago, May 10
Month Ago, Apr. 26
May 25
Year Ago,
1933 High, July 18
157.4
158.3
133.3
148.9
1934-5 Mill. May 23,'35- __162.1
Low, Jan. 2, 1934-126.0
"Annalist" Weekly Index of Wholesale Commodity
Prices Dropped 0.3 Point During Week of May 21
A gain dominated by weakness in the grains, The "Annalist" Weekly Index of Wholesale Commodity Prices receded 0.3 point during the week to 126.1 on May 21. In
noting this, an announcement issued by the "Annalist"
further said:
Had it not been for the decline In the grains (except corn), the index
would have risen slightly instead, since hogs, hams and pork, cotton and
the other textiles, rubber, hides and leather, gasoline, lead, tin and zinc
all advanced. Losses were reported not only for the grains, but also for
flour, steers and beef, butter, coffee, potatoes and crude petroleum. The
weakness in the grains was due to the abundant rains received through
much of the wheat belt.
THE "ANNALIST" WEEKLY INDEX OF WHOLESALE COMMODITY
PRICES
(Unadjusted for Seasonal Variation-1913=100.)
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
May 21 1935
May 14 1935
May 22 1934
122.2
131.5
"104.1
162.5
110.1
111.5
98.7
81.9
122.7
132.1
8104.0
162.6
109.9
111.5
298.7
81.2
93.6
109.9
113.0
163.7
112.1
114.1
99.6
89.7
All commodities
126.4
126.1
111.4
b All commodities on old doll. basis
75.0
75.2
65.9
Preliminary. a Revised.-b Based on exchange quotations tor France, Switzerland and Holland: Belgium included prior to March 1935.
National Fertilizer Association Reports Wholesale
Commodity Price Average Unchanged During Week
of May 18
There was but little change in the general level of commodity prices in the week ended May 18, as measured by
the index of the National Fertilizer Association. This index
remained at 78.3% of the 1926-28 average, the same level
which has been reached in four other weeks this year, and
the highest point yet attained in the recovery which began
in early 1933. A. month ago the index was 78.2 and a
year ago 71.7. From an announcement issued May 20
by the Association we also take the following:.
3453
Financial Chronicle
Volume 140
Five of the 14 component groups in the index advanced last week and
three declined. With the exception of the fats ana oils group the changes
in the group indexes were negligible. The fats and oils group has now
declined for five consecutive weeks and is at the lowest level reached this
year. The rise in the grains, feeds and livestock group was due to a rise
in livestock and feedstuff prices; grains were lower last week.
Although the component index last week was 9.2% above a year ago.
this rise has been largely due to higher prices for farm products and foods.
Eight of the component groups are now at a lower level than they were
a year ago.
Thirty-four commodities included in the index advanced in price last
week while 21 declined; in the preceding week there were 28 advances and
24 declines; in the second preceding week there were 19 advances and
27 declines.
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
8.2
4.0
3.8
1.0
.4
.4
.3
100.0
GUM
Week
May 18
1935
Group
Foods
81.2
69.4
Fuel
Grains, feeds and livestock._ 90.3
Textiles
67.4
69.3
Miscellaneous commodities
Automobiles
87.3
Building mater.als
78.7
82.7
Metals
84.9
House-furnishing goods
Fats and oils
70.5
94.4
Chemicals and drugs
Fertilizer materials
65.3
76.3
Mixed fertilizers
101.6
Agricultural implements
All (troupe combined
78.3
Preceding
Week
Month
Ago
Year
Apo
81.3
69.6
90.0
67.4
69.1
87.3
78.7
82.4
84.9
71.2
94.4
65.2
76.0
101.6
80.1
69.2
90.8
66.5
68.7
87.3
78.7
82.2
80.7
78.3
94.4
65.3
76.0
101.6
71.7
70.1
55.2
69.1
70.2
91.3
81.0
84.4
85.8
49.4
93.2
64.7
76.6
92.4
78.3
78.2
71.7
Slight Increase in Wholesale Commodity Prices During
Week of May 18 Reported by United States Department of Labor
Reversing the downward trend of the past two weeks,
wholesale commodity- prices made a slight advance amounting to 0.1% during the week ending May 18, Commissioner
Lubin of the Bureau of Labor Statistics, U. S. Department
of Labor, announced May 23, stating:
The AU-Commodity index now stands at 80% of the 1926 average.
It 1.0.4% below the high point of the current year reached during the latter
part of April, when the index was 80.3. Compared with the corresponding
week of 1934. the May 18 index shows an increase of nearly 9%, and is
27% above the corresponding week of 1933.
The upward trend in commodity prices, although not pronounced. was
quite general as shown by the fact that seven of the 10 major commodity
groups-farm products, hides and leather products, textile products, metals
and metal products, building materials, chemicals and drugs, and miscellaneous commodities-registered increases as compared with the preceding
week. Foods and fuel and lighting materials were lower, while the group of
housefurnishing goods remained unchanged.
When compared with the corresponding week of 1934. four commodity
groups are higher. Farm products are up approximately 36%; foods.
25%; chemicals and drugs, 7%; and fuel and lighting materials. 1%. Of
the groups which declined textile products showed the largest, decreasing
6.4% over a year ago. Metals are lower by 4%; building materials 2.5%;
housefurnishing goods and miscellaneous commodities, 1%; and hides and
leather products, less than 1%.
Compared with the corresponding week of 1933, all commodity groups
are higher, ranging from 9.5% for metals and metal products to nearly
60% for farm products.
An announcement issued by the Department of Labor,
from which the foregoing is taken, also contained the
following:
Group index numbers for the week of May 18 1935. as compared with
May 19 1934. and May 20 1933. are shown in the following table:
Commodity Groups
May
18
1935
May
19
1934
Percent
of
Change
May
20
1933
Percent
of
Increase
All commodities
80.0
73.5
+8.8
63.0
27.0
Farm products
Foods
Hides and leather products
Textile products
Fuel and lighting materials
Metals and metal products
Building materials
Chemicals and drugs
Housefurniahlng goods
Miscellaneous
All commodities other than farm
products and foods
80.9
83.8
88.4
68.8
74.2
85.3
84.8
80.8
82.0
69.0
59.6
67.2
88.5
73.5
73.2
88.7
87.0
75.4
83.0
69.7
+35.7
+24.7
-0.1
-6.4
+1.4
-3.8
-2.5
+7.2
-1.2
-1.0
50.9
59.9
77.9
55.3
61.2
77.9
71.1
72.9
71.9
58.9
58.9
39.9
13.5
24.4
21.2
9.5
19.3
10.8
14.0
17.1
776
79.0
-1.8
66.8
18.2
Hides and leather products, with an advance of 0.3%,recorded the most
marked increase of any of the groups during the week. This rise was again
due to higher prices for hides, skins, and leather. Shoes and other leather
products remained unchanged at the level of the previous week. The index
for the group was 88.4.
All other groups showing an advance, namely, farm products, textile
products, metals and metal products, building materials, chemicals and
drugs, and miscellaneous commodities rose by approximately 0.1%.
The advance in farm products resulted from an increase of 2.7% in
prices oflivestock and poultry. Grains, on the other hand, were down 2.4%
and other farm products, including eggs, lemons, oranges, alfalfa hay,
seeds, dried beans, and white potatoes, were lower by 0.8%. Higher prices
were reported for cotton, apples. sweet potatoes, and wool. The index for
the farm products group as a whole, 80.9, is approximately 36% above a
year ago, when the index was 59.6. and 60% above two years ago, when
the index was 50.9.
The index for the group of textile products, 68.8 despite the slight rise
is still below that for any of the remaining groups. The recent advance was
due to strengthening prices of cotton goods, silk and rayon, woolen and
worsted goods, and other textile products, including burlap, raw jute, and
rope. The subgroups of clothing and knit goods remained unchanged at
their lows for the year.
The increase in the group of metals and metal products was caused by
higher prices for bar silver, pig tin, pig lead, and certain iron and steel Items.
Financial Chronicle
3454
No fluctuations in average prices were reported for agricultural implements, motor vehicles, and plumbing and heating fixtures. The index for
the group of metals and metal products as a whole rose to 85.3% of the 1926
average.
In the group of building materials lower prices for brick and tile and
lumber were more than counterbalanced by higher prices for paint materials
and certain other building materials. Cement and structural steel remained
at the level of the previous week.
IsIn the chemicals and drugs group, drugs and pharmaceuticals were
fractionally higher, while chemicals recorded a minor decrease. The subgroups of fertilizer materials and mixed fertilizers were unchanged.
Advancing prices of cattle feed and crude rubber resulted in the index for
the group of miscellaneous commodities rising to 69.0. Automobile tires
and tubes, paper and pulp, and other miscellaneous commodities remained
unchanged.
Wholesale food prices registered a decrease of 0.4%. An increase of
1% in meats was more than offset by decreases of 1.4% in butter, echese
and milk; 0.9% in other foods; 0.7% in fruits and vegetables; and 0.6%
in cereal products. Individual food items increasing in price were rice,
canned asparagus, canned spinach, canned red salmon, lard, edible tallow,
and cottonseed oil. Lower prices, on the other hand, were reported for
butter, cheese, oatmeal, flour, hominy grits, corn meal, dried peaches,
prunes, raisins, canned tomatoes, coffee, cocoa beans, copra, pepper, and
cocoanut oil. The index for the foods group, 83.8, was 24.7% above a
year ago and 40% above two years ago, when the indexes were 67.2 and
59.9, respectively.
A decrease of0.3% was shown for the group of fuel and lighting materials
due to lower prices of anthracite coal. Average prices of oituminous coal
and petroleum products, on the contary, were higher, while coke remained
unchanged.
Ifousefurnishing goods remained at the level of the preceding week.
Average prices of both furniture and furnishings were stationary.
The index of the Bureau of Labor Statistics is composed of 784 price
series weighted according to their relative importance in the country's
markets and based on average prices for the year 1926 as 100.
The following table shows index numbers for the main groups of commodities for the past five weeks and for the weeks of May 19 1934, and
May 20 1933:
INDEX NUMBERS OF WHOLESALE PRICES FOR WEEKS ENDING
MAY 18, MAY 11, MAY 4, APRIL 27, AND APRIL 20 1935, AND
MAY 19 1934, AND MAY 20 1933 (1926-100.0)
May
18
1935
May
11
1935
May
4
1935
Apr.
27
1935
Apr. May
19
20
1935 1934
May
20
1933
All commodities
80.0
79.9
80.1
80.3
80.3
73.5
63.0
Farm products
Foods
Hides and leather products
Textile products
Fuel and lighting materials
Metals and metal products
Building materials
Chemicals and drugs
HousefurnishIng goods
Miscellaneous
All commodities other than farm
products and foods
80.9
83.8
88.4
68.8
74.2
85.3
84.8
80.8
82.0
69.0
80.8
84.1
88.1
68.7
74.4
85.2
84.7
80.7
82.0
68.9
81.1
84.9
88.0
68.7
74.4
85.2
84.9
80.8
82.0
68.9
81.7 81.8
85.4 85.3
87.9 86.5
68.8 69.0
74.3 74.0
85.2 85.1
84.4 '84.3
80.8 80.7
82.0 81.9
68.9 68.7
59.6
67.2
88.5
73.5
73.2
88.7
87.0
75.4
83.0
69.7
60.9
59.9
77.9
55.3
61.2
77.9
71.1
72.9
71.9
58.9
77.6
77.5
77.5
77.5
77.3
79.0
66.8
Commodity Groups
Sales of Electricity to Ultimate Consumers During
March Rise 4.9%-Total Revenues Reach
$155,884.400
The following statistics, covering 100% of the electric
light and power industry, were released on May 17 by the
Edison Electric Institute:
SOURCE AND DISPOSAL OF ENERGY AND SALES TO ULTIMATE
CONSUMERS
Month of March
1935
x Kilvnvah-hours Generated (net)By fuel
By water power
Total kilowatt-hours generated
Addition/ to SupplyEnergy purchased from other sources
Net international imports
Total
Deductions from SupplyEnergy used in electric railway departments
Energy used in electric & other departments
1934
%
4,129,438,000 4.313,961.000 -4.3
3,290,144,000 2,815,169,000 +16.9
7,419,582,000 7,129,130,000
+4.1
182.625,000
69,889,000
173,646,000 +5.2
80,541.000 -13.2
252,514,000
254,187,000
52,729.000
118,801,000
64,844.000 -18.7
120,241.000 -1.2
-0.7
171,530,000
185,085.000
7,500,566,000 7.198,232.000
1,419,366,000 1,402,329.000
6,081,200,000 5,795,903,000
-7.3
14.2
1.2
4.9
1.125,198,000 1,055,511,000
1.120,059,000 1,046.303,000
3,133,781,000 2,970,849,000
191,391,000
200,845.000
412,863,000
384,253,000
66,041.000
66,840.000
52,945.000
50,224,000
+6.6
+7.0
+5.5
+4.9
-6.9
+1.2
-5.1
6,081,200,000 5,795,903,000
Total sales to ultimate consumers
Total revenue from ultimate consumers..._ $155,884,400 8149,780,400
+4.9
+4.1
Total
Total energy for distribution
Energy lost in transmission, distribution. Ate
Kilowatt-hours sold to ultimate consumers
Sales to Ultimate Consumers (Kech.)Domestic service
commercial-Small light and power (retail).
Large light and power (wholesale)
!Aunicipal street lighting
Railroads-Street and interurban
Electrified steam
Slunicipal and miscellaneous
12 Months Ended March 31
1935
x Kilowatt-hours Generated (net)By fuel
By water power
1934
%
53,258,015.000 50,069,063.000
32,699,846,000 31,148,736,000
+6.4
+5.0
85,957,861,000 81,217,799.000
Total kilowatt-hours generated
2,969,347,000 3,168,464,000
Purchased energy (net)
Energy used in electric ry. and other depts.. 1.989.256,000 1,937,457,000
86,937,952.000 82,448.806,000
Total energy for distribution
Energy lost in transmission. distribution. Ate. 14,885,058,000 14,499,037,000
Kilowatt-hours sold to ultimate consumers._ 72,052,894,000 67,949,769,000
Total revenue from ultimate consumers.... 51.858,818,800 81,787,563,300
Important Factors38.0%
38.4%
Per cent of energy generated by water power.
1.44
1.45
Average pounds of coal per kilowatt-hour..
(Residential
Service
Use), Domestic
639
608
Avge. ann. consumption per customer (kwh.)
5.440.
5.255.
Average revenue per kilowatt-hour
52.78
5281)
A onrotla mnnth iv hill nor rtnmestin enAtnmer
+5.8
-6.3
+2.7
+5.4
+2.7
+6.0
+4.0
+5.1
-3.5
44_4
May 25 1935
Basic Information as of March 31
1934
1935
23,769,800 23,983,200
8,952,500 9,004.800
470,700
500,500
Generating capacity (kw.)-Steam
Water power
Internal combustion
Total generating capacity In kilowatts
33,222,800 33,458,700
Number of CustomersFarms In Eastern area (Included with domestic)
(534,907) (506.861)
Farms in Western area (included with commercial, large). (211,027) (205.805)
20,535.169 20,097.087
Domestic service
3,735,035 3,681,696
Commercial-Small light and power
520,782
497,516
Large light and power
67,865
71,265
All other ultimate consumers
24.838,985 24,367,430
Total ultimate consumers
x As reported by the United States Geological Survey with deductions for certain
tante not considered electric light and power enterprl sea.
•
Electric Production for Latest Week Rises 3%
The Edison Electric Institute, in its weekly statement.
discloses that the production of electricity by the electric
light and power industry of the United States for the week
ended May 18 1935 totaled 1,700,022,000 kwh. Total
output for the latest week indicated a gain of 3.0% over the
corresponding week of 1934, when output totaled 1,649,770,000 kwh.
Electric output during the week ended May 11 1935
totaled 1,701,702,000 kwh. This was a gain of 3.5%
over the 1,643,433,000 kwh. produced during the week
ended May 12 1934. The Insitute's statement follows:
PERCENTAGE INCREASE OVER 1934
Major Geographic
Regions
New England
Middle Atlantic
Central Industrial..
West Central
Southern States
Rocky Mountain
Pacific Coast
Week Ended
Week Ended
May 18 1935 May 111035
Week Ended
May 4 1935
Week Ended
Apr. 27 1935
2.6
3.3
4.0
7.2
2.6
17.6
x4.9
2.2
4.5
5.1
8.0
3.1
13.6
x6.0
2.5
5.4
7.3
5.4
5.5
13.3
x9.0
x0.6
0.7
2.0
2.4
4.6
12.2
19.1
3.0
3.5
4.0
0.3
Total United States.
x Decrease.
DATA FOR RECENT WEEKS
Week of-
1934
1935
P. C.
Ch'ge
lireekly Data for Previous Years
in Millions of Kilowatt-Hours
1933
Mar. 2... 1,734,338,000 1.658,040.000
Mar. 9- 1.724,131,000 1,647,024.000
Mar.16.- 1,728,323,000 1,650,013,000
Mar.23... 1,724,763,000 1,658,389,000
Mar,30... 1,712.863.000 1.665,650.000
Apr. 6- 1.700,334,000 1,616,945,000
Apr. 13... 1,725,352,000 1,642,187,000
Apr. 20- 1,701,945,000 1.672,765,000
Apr. 27..... 1,673,295,000 1,668,564,000
May 4--- 1,698,178,000 1,632,766,000
May 11- 1,701,702,000 1,643,433,000
May 18.-- 1,700,022,000 1,649,770,000
1,654,903,000
May 251,575,828,000
June 1_
1,654.916,000
June 8_
+4.6 1,423
+4.7 1,391
+4.7 1,375
+4.0 1,410
+2.8 1,402
+5.2 1,399
+5.1 1,410
+1.7 1,431
+0.3 1,428
+4.0 1,436
+3.5 1,468
+3.0 1,483
____ 1,494
- 1,461
---- 1,542
1932
1931
1930
1929
1,520
1,538
1,538
1,515
1,480
1,465
1,481
1,470
1,455
1,429
1,437
1,436
1,425
1,381
1,435
1,664
1.676
1,682
1,689
1,680
1,647
1,641
1,676
1,644
1,637
1,654
1,645
1,602
1,594
1,621
1,744
1,750
1,736
1,722
1,723
1,708
1,715
1,733
1,725
1.698
1,689
1,717
1,723
1,660
1,657
1,707
1,703
1,687
1,683
1,680
1,663
1,697
1,709
1,700
1,688
1,698
1,704
1,705
1,615
1,690
DATA FOR RECENT MONTHS (THOUSANDS OF KWH.)
Month
of
1935
1934
P. C.
Ch'ge
1933
1932
1931
1930
Jan..... 7,762,513 7,131,158 +8.9 6.480.897 7,011,736 7.435,782 8,021,749
Feb.... 7,048.495 6,608,356 +8.7 5.835,263 6,494,091 6.678.915 7,066.788
March - 7,500,566 7,198,232 +4.2 6,182,281 6,771,684 7,370,687 7,580,335
6,978,419 __ 6,024,855 6,294.302 7,184,514 7,416,191
April_
7,249,732 ____ 6,532,686 6,219,554 7.180,210 7,494,807
May...
7,056,116 ____ 6.809,440 6,130.077 7,070,729 7,239,697
June
7,116,261 ---- 7.058.600 6,112,175 7,286,576 7.363.730
July_
7,309,575 ---- 7,218,678 6,310,667 7,166.086 7,361,166
Aug_
6,832,260 ____ 6,931,652 6,317,733 7,099,421 7,337,106
Sept.7,384,922 - 7,094,412 6,633,865 7,331,380 7.718.787
Oct_
7,160,756 __-_ 6,831,573 6,507,804 6.971,644 7,270.112
Nov...
7,538.337 ____ 7,009,164 6,638,424 7,288,025 7,566,601
Deo85,564.124 ____ 80.009,501 77,442,112 86,063,969 89.467,099
Total
Note-The monthly figures shown above are based on reports covering approximately 92% of the electric light and power industry and the weekly figures are
based on about 70%.
Sales of Life Insurance in United States During First
Four Months of 1935 Above Similar Period Year
Ago-April Sales Showed Decrease
Despite the fact that sales of ordinary life insurance in
the United States during April were less than for the corresponding month in 1934, total sales for the first four months
this year were well ahead of the first four months last
year, according to the Life Insurance Sales Research
Bureau, of Hartford, Conn. In its monthly State-by-State
analysis, the Bureau reports that April 1935 business was
93% of that for April 1934, whereas sales for January-April,
Inclusive, we're 108% of those for the same months a year
ago. Under date of May 18 the Bureau also announced:
Sales during the 12 months ending April 30 1935 showed the game
percentage increase, 8%, over the year ending April 80 1934. The figures
on which this report is based were received from companies having more
than 90% of the ordinary life insurance in force in the United States.
Every section of the country reflected the slight decrease in business last
month.
Trend of Business in Hotels According to Horwath &
Horwath-Smaller Than Usual Increase Noted in
Both Total Sales and Occupancy During April
over April 1934
"Both total sales (rooms and restaurant) and occupancy
managed in April to hold considerably above the level of
3455
Financial Chronicle
Volume 140
the corresponding month of last year," says Horwath &
Horwath, "but the rate of increase was smaller than it has
been heretofore." The firm, in their review of the trend of
business in hotels, further said:
Fewer individual hotels showed increases in total sales especially in
New York and other large_cities, chiefly because the restaurant department
failed to advance much over a year ago; in many cases it decreased rather
sharply.
Rates are7the most serious drawback at present to an uptrend in sales.
They reached bottom during 1933 and have registered practically no improvement since then. Room sales in the first quarter of 1935 climbed 23%
above those in the first quarter of 1933, entirely because of the increase
In country-wide occupancy from .50 to 62%. A corresponding increase in
room rates would have gone a long way toward offsetting the increased
operating costs with which hotels are confronted, and which they should
combat promptly with concerted action, especially in the larger cities where
competition and lack of co-operation have so far prevented any progress
along this line.
TOTAL SALES DECREASES FROM SAME iNIONTHS SIX YEARS AGO
Nor.
New York
Chicago
Philadelphia
Washington
Cleveland
Detroit
California
All others
Total
Dec.
Jan.
Feb.
Mar.
O7
,o
%
%
%
April
%
32.9
34.8
54.8
16.4
37.6
34.8
37.8
29.5
35.8
39.7
.51.7
20.4
40.0
27.0
37.0
30.5
36.2
41.8
46.5
13.5
46.8
29.2
38.2
33.0
35.7
38.4
52.6
13.3
44.7
38.7
41.8
31.8
35.9
41.1
56.8
33.7
42.8
31.6
41.2
36.8
38.6
32.7
49.4
26.9
37.0
35.7
36.8
31.0
31.3
32.8
35.4
35.4
37.3
32.8
The following analysis by cities was also issued by Horwath
& Horwath:
TREND OF BUSINESS INIHOTELS IN APRIL 1935, COMPARED WITH
APRIL 1934
Sales
Percentage of Increase (+)
or Decrease (-)
New York
Chicago
Philadelphia
Washington
Cleveland
Detroit
California
Texas
All others
Total
Average to date
Total
Rooms
+4
1
+10
+6
+5
+9
+17
+13
+15
+4
0
+13
+1
+6
+11
+15
+13
+10
Restaurt
Occupancy
This
Month
Room
Rate
Percentage of
Inc. (+)
Same
Or
Month
Last Year Dec.(-)
+3
-2
+8
+10
+5
+8
+20
+14
+20
62
58
43
90
66
64
59
69
64
59
56
35
90
62
58
52
6C
60
0
-3
-5
-1
--3
+1
+1
+2
+2
+12
+9
+14
63
57
+1
+14
+11
+18
62
57
0
Lloyd's Shipbuilding Statistics for Quarter Ended
March 31-Slight Increase Noted in World Construction of Merchant Vessels Over Previous
Quarter
Gains in the volume of merchant vessels being built
throughout the world are shown by the returns made to
Lloyd's Register of Shipping from all maritime countries
except Russia, for which no official figures are available.
The increase in production is not large, said an announcement issued April 17 by Lloyd's Register, the work under
way at the end of the quarter ending March 31 last being
only about 20,000 gross tons more than the total under
way at the end of December last; but a marked increase is shown in the volume of new orders on which work
has been begun. Lloyd's figures include all merchant ships
of 100 gross tons and upwards new being built, except in
Russia. The announcement of April 17 continued:
As compared with a year ago, however, the production figures show an
increase of nearly 200,000 gross tons. Germany made the greatest gains
during the quarter just ended, with an increase of 55,000 tons, as compared with a decrease of about 40.000 tons for Great Britain and Ireland,
and smaller declines for Japan, Italy, France, Denmark and the United
States; while gains were made by Sweden, Holland, Spain and Norway.
The United States is now building less shipping than any of the other
principal maritime countries of the world.
In all, 1,269,534 gross tons of merchant vessels are now under construction throughout the world, and of this amount, 43.8% is being built
in Great Britain and Ireland, as compared with 47.7% at the end of
the December quarter. The share of the United States in the world's
/
2%.
output is only 11
How construction has compared during the last two quarters is shown
by Lloyd's Register in the following table, the figures representing gross
tons of shipping:
Mar. 31 '35
Dec. 31 '34
Great Britain Sr Ireland
555,815
596.834
United States
18.473
20,103
695,246
Other countries
634,785
World total
1.269,534
1.251,722
At this time last year only 1,079,000 gross tons were being built in all
countries.
It is shown by the returns for the quarter ended March 31 last that of
all the merchant vessels of 100 gross tons each, and upwards, being constructed in all countries, a total of 848,211 gross tons is being built under
the supervision of Lloyd's Register, and intended for classification with
that society. Of this total. 519,086 tons are now under way in Great
Britain and Ireland, and 329,125 tons in other countries. Lloyd's, therefore, is supervising 93% of all the merchant shipbuilding in Great Britain
and Ireland, and 67% of the entire world's production.
Although the total tonnage under way in Great Britain and Ireland
now is 41,000 gross tons less than at the beginning of this year, new work
begun in those countries during the quarter just ended was 37,000 tons
in excess of the shipping launched there during the same period. In the
previous quarter, launchings were 112,000 tons in excess of the new work
secured. For all other countriies taken together, new orders received in
the quarter ended Starch 31 last were only 4,000 tons more than the total
launched.
Lloyd's Register shows the comparison between the new tonnage started,
and the amount sent down the ways towards completion, during the last
two quarters, in the following table of gross tonnage:
Dec. 31
Mar. 31
Dec. 31
Mar. 31
1934
Launchings1935
1934
1935
New WorkGreat Britain and
Great Britain and
205,792
106,097
Ireland
93,428
143,097
Ireland
177,855
172,026
108,254 Other countries
176,061
Other countries
383,647
278,123
World total
201,682
319,158
World total
The volume of production of steam and motor tankers of 1,000 gross
tons each, and upwards, showed a dec the of about 25,000 gross tons during
the quarter just ended. This was more than accounted for by the decrease
in that type of construction in Great Britain and Ireland, the total for
those countries being 57,000 tons less than at the beginning of this year.
As a result, Great Britain and Ireland, which were leading the world
in the volume of tanker output, are now building less than Germany,
Denmark, Holland and Sweden, all of which, except Denmark, increased
their tanker construction during the quarter just ended; Japan also showed
a gain, but a decrease was reported for the United States.
How tanker construction has compared during the last two quarters Is
shown by Lloyd's in the following gross tonnage table:
Mar. 31
Dec. 31
Dec. 31
Mar. 31
1935
1934
1934
1935
10,000
17,300
57,450 Japan
Germany
76,765
18,600
16,800
52,900 United States
45,250
Denmark
33,220
30.15
40,270 Other countries
45,210
Holland
34,700
42,700
Sweden
313.795
338,07
World total
94,000
36,550
Gt. Brit. .S.: Ireland
Of the total of 313,795 gross tons of tankers now being built, 282,995
tons are motor vessels. There was some upturn in the construction of
motor vessels during the last quarter. The tonnage of this type being
built in Great Britain and Ireland showed a decrease of about 40,000
tons, and smaller declines were recorded for Denmark, Japan and Italy.
These were more than counterbalanced, however, by a gain of about 40,000
tons for Germany, of 21,000 tons for Sweden, and of 12,000 tons for
Holland. The small amount being built in the United States showed a
slight gain. Lloyd's gives the comparison for the last two quarters in
the following table of gross tonnage
Dec. 31
Mar. 31
Dec. 31
Mar. 31
1934
1935
1934
1935
66,215
57,491
294,137 Japan
Gr. Brit. & Ireland_ _251,942
54,546
41.698
69,211 Holland
107,630
Germany
37,000
36,800
60,000 Italy
81,562
Sweden
503
663
74,950 United States
62,960
Denmark
Motor vessels now represent 56.4% of all the merchant shipping under
the
at
with
55.8%
construction throughout the world, as compared
beginning of this year. During the quarter ended March 31 last there
was a gain of about 18,000 tons in the volume of motorship tonnage, as
compared with an increase of only 139 tons for all other types combined.
As compared with the total of 716,000 tons of motorized vessels now being
built, only 588,000 tons were under way at this time last year. There
are now being constructed over 160,000 tons more of motor vessels than
of all other kinds taken together. The contrast in the total world building
of ships during the past two quarters is shown by Lloyd's Register in the
following table of gross tonnage:
Dec. 31 '34
Mar. 31 135
698.768
716.441
Motor vessels
552,954
553.093
Other types
1,251.722
1,269,534
World total
As a result of their falling off during the last quarter, Great Britain
and Ireland are now giving only 45.3% of their construction program to
motorship building, as against 49.3% at the beginning of this year, and
are constructing about 50,000 tons less of motor vessels than of other
types of shipping. In the quarter ended Dec. 31 last motorships were
only 8,000 tons behind all other kinds of construction combined. In the
ease of the other countries, taken as a group, motorized construction now
represents 65% of the total, as compared with 61.8% at the beginning
of this year. These countries are now building 215,000 tons more of motor
vessels than of other types.
The contrast in production for these groups of countries during the last
two quarters is shown by Lloyd's Register in the following table of
tonnage:
Other
Great Britain
Countries
& Ireland
251,942
464,499
Motor vessels
249,220
303,873
Other types
713,719
555,815
Total
For the quarter ending March 31 last there was a gain in the total horsepower of all oil engines being built for marine use throughout the world.
Lloyd's returns show that the aggregate of 697,204 indicated horsepower
increased during the last quarter to 752,442. In this period, Germany's
total advanced from 62,135 to 101,960; Sweden's from 80,435 to 90,160;
Denmark's from 43,700 to 59,785, and that of the United States from 6,830
to 8.127. For Great Britain and Ireland, however, there was a decrease
from 261,266 to 218,679, and for Japan from 90.655 to 87,090. Italy's
total remained unchanged at 80,700.
Construction of steam turbines throughout the world showed a slight
increase in the aggregate shaft horsepower, the total advancing from 646,601
at the end of December last to 053,872 at the end of March. The aggregate for Great Britain and Ireland rose from 291,400 to 306,104, and
that for Germany from 94,451 to 106,893 ; while the total for France fell
front 224,300 to 210,300.
In the same period the indicated horsepower of steam reciprocating
engines for all countries advanced 102,033 to 121,191. The total for
Great Britain and Ireland, however, dropped from 77,858 to 73,826.
While Great Britain and Ireland, Germany and France continue to lead,
in the order named, in the volume of production of merchant tonnage,
there were a number of shifts during the last quarter in the ranking of the
other shipbuilding countries. Japan dropped from fourth place to fifth,
while Sweden, which had stood sixth, advanced to fourth, Denmark moving
from fifth to sixth. Holland retained seventh position, and Italy eighth,
but Spain, which had been in tenth place, rose to ninth. Norway, which
had been ranking eleventh, took tenth position, and the United States
fell from ninth to the last place, which had been vacated by Norway.
The relative ranking and production of the various countries is shown
by Lloyd's Register in the following tonnage table:
Great Britain
Ireland
Germany
France
Sweden
Japan
Mar. 31
1935
and
555,815
194,770
120,899
83,213
79,491
Dec. 31
1934
596,834
139.611
120.952
60,140
104,640
Denmark
Holland
Italy
Spain
Norway
United States
Mar. 31
1935
66,640
60,371
36,800
22.492
20,620
18,473
Dec. 31
1934
78,630
48,333
37.000
17,622
16,447
20,103
3456
Financial Chronicle
May 25 1935
Six large vessels, of 20.000 gross tons each and upwards, are now
being constructed. Of these, five are building in Great Britain and Ireland,
' and the other in France.
April 1935 was $6,872,400 less than in April 1934, according
to F. W. Dodge Corp. The figure for April this year
being $124,284,600 against $131,157,000 in the same month
last year. We give the report below:
Decrease During April and First Half of May in Industrial Activity Noted by National Industrial Conference Board
Industrial activity as a whole declined during April and
the first half of May, according to the regular business survey of the National Industrial Conference Board, issued
May 22, which said, in part:
CONSTRUCTION CONTRACTS AWARDED-37 STATES EAST OF THE
ROCKY MOUNTAINS
Output of steel, coal, petroleum and electric power was lower in April
than in the preceding month. Automobile production and building contract
awards increased, but the improvement in both of these industries was
considerably below the usual seasonal movement.
Activity in the fields of distribution and trade was also lower than in
March. Total car loadings, largely because of a sharp decrease in coal
traffic, declined 4.5% from the level of the preceding month, and were
1.6% below loadings in April 1934.
Although the actual volume of retail trade was higher in March, the
Increase was not up to expectations after making allowance for Easter
buying which occurred during April. The Federal Reserve Board index
of department store sales, on an adjusted basis, stood at 74 (1923-1924
equals 100) compared with 82 in March and 75 in February. . . .
Department store sales rose 17.1% in dollar value in April compared
with an estimated normal seasonal rise, after adjusting for the Easter
holiday, of 30%. Prices of department store items declined 0.4%. The
physical volume of sales was estimated at 17.2% higher than for the
preceding month, and 13.3% above the level of April 1934. The aggregate
value of department store sales for the first four months of the year, for
the country as a whole, was 3% larger than during the same period
in 1934. . .
Prices of commodities at wholesale advanced 0.9% in April to a point
9.1% higher than a year ago. Gains were general in all classes of commodities, except textiles, which remained unchanged. The sharpest rises
were experienced by farm products, foods, hides and leather. New highs
for the year were registered during April for wheat, flour, sugar, lead,
zinc, calf skins and silver. New low prices for the year were reported for
cotton cloth, wool, steel, scrap and coal.
Food prices at retail advanced during April to the highest point since
March 1931. Sharp rises were reported for all classes of foods except
cereals, which were slightly lower than in March. At the end of April
the index (1913 equals 100) stood at 125.2 compared with 121.7 at the
end of the preceding month. The rise has amounted to 16.6% during
the past year.
National Industrial Conference Board Reports Slight
Recession in World Industrial Production During
February and March
World industrial production receded slightly in February
and March after having risen sharply during December and
January, according to the monthly statement on foreign economic conditions issued yesterday (May 24) by the National
Industrial Conference Board. Activity declined in Great
Britain, Germany, Czechoslovakia, Netherlands and Australia, and remained unchanged in France, the Board said.
Production increased somewhat in the Scandinavian countries, Canada and Italy. Activity in the major countries,
with the exception of France and Holland, remained higher
than a year ago. Reports from Great Britain indicate that
the remarkable activity in the building industry may continue for another two years. In its statement, the Board
further stated:
World price movements for important raw materials were mixed during
the first quarter of 1935. Tin, coffee, cotton and rubber declined, while
silk, sugar, wheat and silver advanced in price. In Australia, the fact
that wool has fallen to unprofitable levels constitutes an obstacle to
further recovery. Internal wholesale prices at the beginning of May
were at new high points for the recovery in Germany and Italy, but
were lower than at the beginning of the year in England and France.
Prices moved upward in all four countries during April.
International trade declined further in the last quarter of 1934 and the
first two months of 1935. The total value of world trade, in terms of
gold, was about 1.6% lower in February than for the corresponding month
of 1934, and was 68.6% below the 1929 average. The physical volume
of trade for the year 1934 was 24.7% below the total volume in 1929 but
about 0.5% higher than in 1933.
Improvement in Canadian Business in April and First
Half of May Reported by Bank of Montreal
In reporting on business in Canada in its monthly "Business Summary" of May 23, the Bank of Montreal said that
"business improvement, after showing a halting tendency
in some departments in March, was resumed in April, and
with the commencement of the second half of the month of
May it reached higher levels than for some months past."
The bank further said in part:
' Farm and metal prices have stiffened and forestry indices have advanced,
giving an improved tone to basic industry: while manufacturing generally
reveals increased activity. Wholesale prices reached a new recovery peak
in April, when the index of the Bureau of Statistics rose to 72.5 from 72.0
in March (1926=100). A 5% rise in wheat prices was the largest single
factor, but livestock, silver and tin prices contributed materially, other
primary commodities fluctuating within narrow limits. An important
factor in the general outlook has been a marked improvement in agricultural
prospects in the western wheat-growing provinces, following general and
abundant rains, of which the dried-out areas have had their full share. Soil
condition in each of the three prairie provinces now is excellent, and, although seeding operations have been delayed to some extent, the loss of
time is not regarded as likely to be serious, particularly in view of the
compensatory moisture conditions. • • •
Industrial production on the whole in April was firm to upward.
• Valuation of Construction Contracts Awarded in April
The valuation of construction contracts awarded in the
37 States east of the Rocky Mnuntains in the month of
Month of April1935- Residential building
Non-residential building
Public works and utilities
No. of
Projects
New Floor
Space (Sq. Ft.)
6,098
3,388
1,084
11,924,600
7,774,200
282,300
$42,280,800
41,514,700
40,489,100
Valuation
10.570
19,981,100
$124,284.600
1934-Residential building
Non-residential building
Public works and utilities
3,594
3,139
1,377
5,940,600
7,982,100
231,000
$22,635,700
38.614,200
69,907,100
Total construction
•
First Four if
1935-Residential building
Non-residential building
Public works and utilities
8,110
14,153,700
8131,157,000
16,694
11,365
4.032
30,830,700
25,347,700
563,400
8113,517,200
149,562.500
158,966,400
32,091
56,741,800
$422,046,100
10,251
11,769
7,249
20,469,000
25,443,200
900,400
880.342,500
182,574,200
329,766,100
20259
411 512 ROA
25921102 800
Total construction
Total construction
1934-Residential building
Non-residential building
Public works and utilities
Total ennatmetInn
NEW CONTEMPLATED WORK REPORTED-37 STATES EAST OF THE
ROCKY MOUNTAINS
1935
No. of
Projects
Month of AprilResidential building
Non-residential building
Public works and utilities
1934
Valuation
No. of
Projects
Valuation
7,267
4,214
1,585
899.721,9M
106,295,100
115,495,200
4,296
3,854
1,544
$55,074,300
98,252,600
166,394,700
13,066
8321,512.200
9,694
$319,721,600
First Four Months21,005
Residential building
15,034
Non-residential building
Public works and utilities.- 6,484
8399,961.800
452,396,600
975,083,300
12,792
16,314
9,018
$239,499,900
478,963,000
922,641,900
81,827,441.700
38,124
81,641,104,800
Total construction
Total construction
42,523
Total Value of Exports and Imports of Merchandise
by Grand Divisions and Principal Countries in
March
The Department of Commeoce on May 15 1935 issued its
report showing the merchandise imports and exports by
grand divisions and principal countries for the month of
March and three months ended with March for the years
1934 and 1935. The following are the tables complete:
TOTAL VALUES OF EXPORTS, INCLUDING RE-EXPORTS. AND IMPORTS OF MERCHANDISE BY GRAND DIVISIONS AND PRINCIPAL
COUNTRIES
Month of March
1934
Exports toEurope
Northern North America
Southern North America
South America
Asia
Oceania
Africa
Total
$
92,394,281
25,793,327
15,404,487
13,079.568
32,949.510
4,674,268
6,594,833
1935
3 Months Ended March
1934
1935
$
$
76,013,082 264,536,697
26,532,147 64,818,233
18,706,423 39,538,403
17,021,120 33.670.774
32,224,457 95,861,518
6,368,918 11,881,693
8,134,822 15,531,905
it
221,045,264
73.331,337
48,732,694
44,479,144
98.653.011
17,312,337
20,660,307
190,890.274 185,000,969 525,839,223
524,214.094
3,909,475
Argentina
3,745,138
Australia
5,376,277
Belgium
3,400,131
Brazil
2,081,730
British India
297,917
British Malaya
25,358,023
Canada
104,123
Ceylon
653,681
ohne
6,325,804
China
1,612.991
Colombia
4,421,335
Cuba
233.961
Czechoslovakia
1,655,507
Denmark
433,225
Dominican Republic
180,935
Ecuador
448,324
Egypt
502,199
Finland
12,908,564
France
15,239,519
Germany
83,102
Gold coast
388,186
Greece
393,319
Honduras
545,544
Hong Kong
353,812
Iran (Persia)
462,613
Irish Free State
5,326,818
Italy
300,984
Jamaica
16,294,539
Japan
4,381,512
Mexico
701.665
Netherland India
817,620
Netherland West Indies
4,917,488
Netherlands
420,979
Newfoundland and Labrador
895,533
New Zealand
953,625
Norway
1,855,023
Panama
Peru
703.675
4,718,197
Philippine Islands
1,751,599
Poland and Danzig
1,078,891
Portugal
Spain
4,314.063
2,658.588
Sweden
749,331
Switzerland
125,021
Turkey (Asia and Europe)
4,219,522
Union of South Africa
U. S. S. R. (Russia, Europe &
890,780
Asia)
32,190,970
United Kingdom
553,104
Uruguay
1,312,745
Venezuela
4,622.762
5.136,410
4,787,662
4,124,687
3,494,014
363,856
26,004,805
120.409
1,316,436
3,888,990
2,381,314
5,073.783
239,906
1,425.885
429,398
225.814
827,783
529,170
7,333,635
6,112,856
290,444
471,831
544,105
964.921
429,395
369,160
6,946,614
431,435
14,743,845
5.963,329
1,259,510
1,858,365
4,171,526
500.044
1,176,809
-1,018,095
1,748,579
1,100,098
5,261,587
2,194,816
576,707
3.421.237
3.758,280
625,637
294.749
4,570,516
9.403,681
9,065,805
13,965.879
9.176.549
6,685,808
797,577
63.822,154
289.875
1,792,060
17,813,382
3,967,044
9,303,292
615,115
4,151,010
1,242,779
491,683
1,383.200
1,146,441
37,043,565
44,623,290
240.240
1,223,968
1,217,833
1,752.450
749,353
1,653,632
17,372,333
880,168
48,018,387
12,280,947
1,721,433
2,853,689
14,857,279
957,645
2,693,800
2,275,446
4,233.307
1,923,235
13,117.914
5,032,810
2,385,640
12,105,334
6,836,522
1,950,470
502,424
9,355,293
11,891,231
13,823,965
12,281,174
11,210,246
9,139,496
1,030,211
72,120,404
423,800
3.741,839
13,074,773
5,993,055
14,663,208
671,336
3,371,718
1,360,657
558,830
1,935,247
1,252,437
22,203,661
16,922.551
722,213
1,226,602
1.492,001
2.324,761
1,305,001
1,684,974
20,050,303
1,011,486
50,618,144
15.387,970
2.995,678
3.635,830
11,079,717
1,164,768
3,310,407
3,141,687
4.370,186
2,958,959
12,945,612
5,198,398
2,455,518
10,230,906
8.335.388
2.138,391
863,096
11,533,251
1,803,503 2,718.185
29,443,689 92,375,311
531,226 1,372,733
2,226,483 3,841,079
3,090,942
93,177,402
1.384,163
5,669,268
VALUE OF GENERAL IMPORTS OF MERCHANDISE INTO THE UNITED
STATES BY GRAND DIVISIONS AND PRINCIPAL COUNTRIES
3 Months Ended March
Month of March
1935
1934
1935
1934
S
46,822,756
18,509,843
14,398,953
24,406.128
47,735,913
1,341,030
4,890,280
$
47,618,255
20,580,625
21,421,770
26,909,544
52,159,700
2,500,678
6,088,291
$
133,926,102
53,401.759
36,476,585
62,107,652
126.336,009
3,588,397
10,727,589
S
134,706,851
57,717,882
52,892.719
70.797.563
161,506,138
5,452,417
13.676,400
158,104,903 177,278,863 426,564,093
496,749,970
Imports fromEurope
Northern Ncrth America
Southern North America
South America
Aria
Oceania
Africa
Total
Argentina
Australia
Belgium
Brazil
British India
British Malaya
Canada
Ceylon
Chile
China
Colombia
Cuba
Czechoslovakia
Denmark
Dominican Republic
Ecuador
Egypt
Finland
France
Germany
Gold U08911
Greece
Honduras
Hong Kong
Iran (Persia)
Irish Free State
Italy
Jamaica
Japan
Mexico
Netherland India
Netherland IA oast Indies
Netherlands.
Newfoundland and Labrador_ _ _
New Zealand
Norway
Panama
Peru
Philippine Islands
Poland and Danzig
Portugal
Spain
Sweden
Switzerland
Turkey (Asia and Europe)
Union of South Africa
U. S. S. R. (Russia, Europe &
Asia)
United Kingdom
Uruguay
Venezuela
8,763,679
2.072,782
6,494,288
25,679,482
15,297,515
22.453,808
51,543,161
2,333,650
4,920,002
12.499,761.
13,810,665
15,183,111,
4,134,181
670,761
1,150,242
733,331.
3.276.431
2,068,891
19,824,368
20,124,968
1,727,450
2,548,584
1,516,647
1,336,684
658,566
295.493
9,289.193
429.417
29,894,476
10,265.470
9,672.160
1,619.815
7,292.498
928,024
1.376.147
4.801,323
1,177,367
1,468.023
28,130,459
888,867
1.457.614
5,363,378
7,619,342
4,240,952
2,335,303
842.611
14.778,149
2,875,173
8,932,782
26,103,004
14,994.663
38,565.188
56,847,491
3,491,298
7,149,971
14,703,435
13.920,628
23,900,852
4,927,319
600,161
1,506.842
792,029
2,473,291
2,852,881
13.237.267
18,934,222
3,893,17C
4,358,53E
1,566.951
2,154.67C
859.832
78,382
7,712,261
606.721
35.200.821
11.820.231
14,373.491
3.541.581
8,202,381
869,472
2,455,261
3.989.034
1.690,121
1,584,961
30,127,984
2,823,577
1,004.492
4,540,512
8,588,081
3,687,441
3,152.35E
724,771
661,922 1.104,328 2,616,352
11,110,863 11,611,980 32,327,460
554,349 1.440.253
312,978
1,789.986 4,826.926
1,698,941
3,341,937
32,840.451
1,055.091
4.849.207
3,704,964
739,061
2.310,338
9.360,484
5,336,461
8,189,173
18,198,935
1,069,909
2,420,942
5,377,565
5.949,68'
6.176,131
1,365,351.
201.352
294,241
206,441
1,254,943
798,017
5,949,483
7,396,646
638,838
940,571
642,877
365,820
152,461
64,831
3,827,683
152,732
11,531,591
3,990,856
3,105,327
707,983
2,373,258
198,283
523,252
2,497,978
372.869
590,312
10,915,489
380,535
460,347
2.223.077
1,914,282
1.523,382
944,925
565,257
6.866,214
859.866
3.175,457
8,698,264
4,942,953
15,815,199
20.195.054
1,321,052
2,940.409
6,149,613
5,214.884
10,877,394
1,742.422
198.974
843.075
162.686
1.109,223
910,352
4,645,542
6,361,731
1,611,481
1,735,201
575,731
869,17E
309,841
36,671.
2,901,221
185,652
12,634,411
4,092,531
4,387.135
1,180.311
3,548,898
385,571
1,555,158
1,463,150
517.797
522,421
3,808.843
1,078,919
347,175
1,573,340
2,667,986
1,181,964
631,412
289,553
VALUE OF EXPORTS OF UNITED STATES MERCHANDISE AND IMPORTS FOR CONSUMPTION BY GRAND DIVISIONS AND PRINCIPAL
COUNTRIES
Imports for
Consumption
Exports United States
Merchandise
March
1935
Europe
Northern North America_
Southern North America
South America
Asia
Oceania
Africa
Total
8
74.958.380
25.132,042
18,366.040
16,917.744
32.133.691
6,352,291
8.109,138
181,969,326
4,612,001
Argentina
5,120.541
Australia
4,774,379
Belgium
4,108,646
Brazil
3,486,842
British India
363,121,
British Malaya
24,605,947
Canada
120,081
Ceylon
1,314.311
Chile
3,878,361
China
2,341,14a
Colombia
4,959,83:
Cuba
237,051
Czechoslovakia
1,424,931
Denmark
418,351
Dominican Republic
224,125
Ecuador
826,642
Egypt
510,142
Finland
7,101,708
France
5,850,905
Germany
289,969
Gold Coast
466,575
Greece
534.270
Honduras
962.808
Hong Kong
431.307
Iran (Persia)
360,628
Irish Free State
6,941.422
Italy
425,753
Jamaica
14,687,880
Japan
5,831,243
Mexico
1,254,252
Netherland India
1.855,225
Netherland West Indies
4,105,690
Netherlands
498,812
Newfoundland and Labrador_
1.176.359
New Zealand
1,015,236
Norway
1,730,140
Panama
1,089,983
l'eru
5.256,307
Philippine Islands
2,190,402
Poland and Danzig
571,864
I'ortugal
3,418.692
Spain
3,739,245
Sweden
606,921
Switzerland
294,749
Turkey (Asia and Europe)...
4,552,079
Union of South Africa
U. S.8. R.(Russia, Europe A
1,787,554
Asia)
29.079,684
United Kingdom
530,825
Uruguay
2,205,223
Venezue'a
3457
Financial Chronicle
Volume 140
3 Mos. End.
March
1935
s
218.228,766
69.397,589
47.801.778
44.116.045
98,426,357
17,257,675
20,597.211
March
1935
a
3 Mos. End.
March
1935
a
46.498,197
21,311,395
20,967,727
26,507,870
51,866.013
2,335.040
5,921,326
133,718,383
59,141,041
54,074,004
69,095.615
160,334,948
5.302,n31
13,683.368
515,825,421 175,407,568
496,249,990
11,785,524
13,773,098
12,146,700
11,180,564
9,128,854
1,022,233
68,193,995
422.559
3,697,909
13.057,168
5,913,170
14,274,585
665,616
3.364,979
1.336,766
552,915
1,907.957
1,219,902
21,617.444
16,337.680
719,041
1.220,287
1,467.017
2.318.391
1,191.340
1.651.657
19.985.913
1,003,094
50,479.724
15.026,757
2.988.219
3.627.229
10,941,083
1,157,480
3,307,291
3.130.204
4,342.065
2,919,273
12,925.971
5,161,285
2,448,478
10,211,461
8,496,740
2,067,556
862,452
11,512.414
6,675,149
875,580
3,017,765
8,609,718
5,036.949
15,815,199
20,880,316
1.321,286
2,903.567
6,175,659
5,199.390
9,322,618
1,615,669
185,573
687,415
191.397
988.253
900,522
4.643.315
6,339,754
1,561.081
736.682
575,736
851,387
276,752
56.158
2,865,853
183,261
12,427,878
4,448,663
4.385,258
1,869,276
3,626,807
414,508
1,371,700
1,455.186
514.471
430,252
3,817,368
1,044.012
348,781
1.613.631
2,710,692
1,225,317
412.198
275,192
14,073,817
3,012.967
8.619.956
25,984,113
15.269,282
38,571,566
58,254,191
3,492,733
7,136.756
14.970,911
13,855,218
24.556,519
4.798,211
597,196
1,485,294
790.737
2.308.252
2,843,217
13,341.530
19.282,025
4,065,075
1.980.247
1,567,396
2.127,930
1,132,763
137,230
8,304.278
526.708
34,874.496
12,340.906
14,290.104
3,620,924
8,315.677
806.762
2,168,935
4,213,628
1,685.556
1,545,556
30.124,638
2.425.840
1,032.123
4,539,741
8,604.170
3,862,594
1,474.133
719,812
3,067.093 1,174.464
92,221,279 11,621,280
541,258
1,381.488
5,615,520 1.814,387
3,478,014
33,655,331
1,191.282
4,873.812
Analysis of Imports and Exports of the United States
for March
The Department of Commerce at Washington May 1
issued its analysis of the foreign trade of the United States
in March 1935 and 1934 and the three months ended with
March 1935 and 1934. This statement indicates how much
of the merchandise imports and exports consisted of crude
or of partly or wholly manufactured products. The following
is the report in full:
EXPORTS FROM AND
ANALYSIS By ECONOMIC GROUPS OF DOMESTIC
THE MONTH OF MARCH
IMPORTS INTO THE UNITED STATES FOR
1935
(Value in 1,000 Dollars)
Three .9(oaths Eniliag March
Month of March
Class
Value
Per
Cent
Value
55,269 29.5 40,450
Crude materials
30,746
Agricultural
0.705
_ .__ ____
Non-agricultural
6,138 3.3 3,681
Crude foodstuffs
3,568
_
Agricultural
113
____ ____
Non-agricultural_ ._
Manufactured food12.534
7.4
13,928
stuffs
_ .___ 11.034
Agricultural
1,500
____ ____
Non-agricultural
31,323 16.7 30,827
Semi-manufactures
252
Agricultural
__ _. ___ 30.575
Non-agricultural __ _
Finished manufactures S0,711 43.1 94,477
Agricultural411
___ ___. 94,066
Non-agricultural __ _
Per
Cent
Per
Cent
Per
Cent
Value
22.2
16.9
5.3
2.1
2.0
0.1
169,791 32.9 141.256 27.4
----------111,370 21.6
29,886 5.8
______ ____
11,663 2.2
20,326 3.9
----------11,372 2.1
----------291 0.1
6.9
6.1
0.8
16.9
0.1
16.8
51.9
0.2
51.7
37.074
42,002 8.1
----------33,313
----------3,760
83,502
80,840 15.7
----------716
----------82,787
203,583 39.4 242,330
----------965
----------241,368
Domestic exports.. 187,370 100.0 181,969 100.0
____ 46,011 25.3
Agricultural
___ ___.. 135,958 74.7
Non-agricultural_
45,219
Crude materials
_
Agricultural
___.
Non-agricultural ___
26,163
Crude foodstuffs
Agricultural
___.
Non-agricultural
Manufactured food22,536
stuffs
____
Agricultural
____
Non-agricultural_
Semi-manufactures.. 29,624
Agricultural
____
Non-agricultural_
Finished manufactures. 29,854
___
Agricultural
Non-agricultural _____
1935
1934
1935
1934
Value
7.2
6.4
0.8
16.2
0.1
16.1
47.0
0.2
46.8
516,541 100.0 515,825 100.0
----------157,736 30.6
----------358,090 63.4
28.7
21.0
7.7
19.2
18.7
0.5
118,151 29.0 138,700
----------103,214
----------35,486
91,242
65.689 16.1
----------88,850
----------2,391
28.0
20.8
7.2
18.4
17.9
0.5
14.7 25,662 14.6
____ 24.287 13.8
1,375 0.8
____
19.3 35.237 20.1
3.528 2.0
____ 31,708 18.1
19.5 30,526 17.4
443 0.3
____
____ 30,083 17.1
85,578
60,621 14.9
----------81,557
----------4,021
93.811
78,255 19.2
. ____
9,886
83,926
---86,919
84,703 20.8
----------1,306
----------85,612
17.2
111.4
0.8
18.9
2.0
16.9
17.5
0.3
17.2
50,378
36,852
13,526
33,605
32,873
732
____
29.5
___
_ ...
17.0
Imports for con153,396 100.0 175.408 100.0
sumption
____ ____ 97.984 55.9
Agricultural
Non-agricultural---------77,423 44.1
407,419 100.0 496.2,50 100.0
----------284,814 57.4
----------211,436 42.6
Building Operations in United States During April,
According to United States Department of LaborNumber and Estimated Value of New Buildings
Show Further Increase
"The increase in building activity shown by the reports
for the first three months of 1935 continues into April,"
Commissioner Lubin of the Bureau of Labor Statistics,
United States Department of Labor, stated recently.
"Compared with April a year ago," he said, "the value of
buildings for which permits were issued shows a gain of
over 65%." Mr. Lubin continued:
during
The value of residential buildings Is more than 120% greater thannumber
the
April 1934. All nine geographic divisions how increases in both
divisions
and value of building operations. Six of the nine geographic
buildings.
comparing
show gains of over 100% in the value of residential
year.
preceding
the
of
month
April 1935 with the corresponding
The gains, comparing April with March 1935. while smaller than the
increase over the year period, are greater than the normal seasonal increases. As compared with March, the number of building permits issued
In April shows an Increase of 23.6% and the estimated cost of the buildings
for which permits were issued during the same period shows an increase
of 12.7%. Residential buildings over the same period increased 18.6%
In number and 14.0% In estimated value. These comparisons are based
on reports received by the Bureau of Labor Statistics of the United States
Department of Labor from 792 identical cities.
The percent of change from April 1934 to April 1935 is shown in the
following table:
Estimated
Cost
Number
Type of Building+122.7
+108.8
New residential
+44.8
+22.5
New non-residential
+47.3
+28.7
Additions, alterations, repairs
Total
+32.4
+66.2
Permits were Issued In April 1935 for new buildings to provide 6.588
new family-dwelling units, an Increase of 123.2% as compared with April
1934.
The percent of change from March to April 1935 for the different types
of construction Is shown below:
Estimated
Cost
Number
Type of Building+14.0
+18.6
New residential
+14.2
+33.5
New non-residential
+9.4
+22.1
Additions, alterations, repairs
Total
a.
.7te
topr1i2v
a6
23+ddition
In
The permit valuations in the tables above Include.+
construction, all buildings for which contacts were awarded by Federal
and State Governments in these cities. For the month of March the value
of such buildings was $3,830,047; for April, $6.432.133.
Permits were issued during April for the following important building
projects: For a school building In Hartford. Conn., to cost $380.000:
for a public building In Boston. Mass., to cost over $800.000: for a hosptal
building In Worcester. Mass., to cost over 5600.000; for apartment houses
in New York City to cost more than $4.000.000, and for school buildings
In the same city to cost over $2.000.000: for an amusement building in
Pittsburgh. Pa.. to cost $100.000; for a factory building in Kalamazoo.
Mich.. to cost $450,000; for public utility buildings in Los Angeles. Calif.,
Financial Chronicle
3458
to cost over $2,000,000; and for a packing plant in bhicago. Ill., to cost
$800,000.
ESTIMATED COST OF NEW BUILDINGS AND OF ADDITIONS, ALTERATIONS, AND REPAIRS, TOGETHER WITH THE NUMBER OF
FAMILIES PROVIDED FOR IN NEW DWELLINGS,IN 792 IDENTICAL
CITIES IN NINE REGIONS OF THE UNITED STATES, AS SHOWN
BY PERMITS ISSUED IN MARCH AND APRIL 1935
•
Geographic Division
Cities
April
New England
113
Middle Atlantic
173
East North Central
187
West North Central_ 72
South Atlantic
77
East South Central.._ 34
West South Central_ 49
Mountain
24
Pacific
63
Total
Percentage change_
Geographic Division
792
Cities
Total
792
Percentage change_ _ _
March
Families Provided for in
New Dwellings
April
March
$1,164,064
6,987,084
1,814,195
1,295,664
4,704,106
325,763
1,018,790
296,108
2,923,254
343
2,040
558
485
1.473
117
529
131
919
216
1,870
359
381
1,501
113
445
94
816
$23,402,225 $20,529,028
+14.0
6,595
+13.8
5,795
$1,625,910
7,796,266
2,816,771
1,586,286
4,459.059
334,882
1,201,697
450,384
3,130,970
New Non-Residential
Buildings,
Estimated
Cost
April
New England
113
Middle Atlantic
173
East North Central_ _ 187
West North Central_ 72
South Atlantic
77
East South Central_ _ 34
West South Central_ 49
Mountain
24
63
Pacific
New Residential Buildings
Estimated
Cost
$3,570,625
6,535,635
5,404,705
716,583
1,709,539
671,739
1,087,133
381,017
5,738,564
March
$1,033,806
7,566,020
4,014,651
1,848.964
755,010
1,565,840
376,824
790,021
4.660,860
• Total Building
Construction (Including
Alterations and Repairs),
Estimated Cost
April
$7,108,855
19,955,730
11,376,546
3,625,551
9,796,414
1,541,887
3,444,638
1,320,638
10,929,121
March
$3,766,646
20,521,553
9,170,329
4,186,026
7,650,349
2,399,719
2,226,969
1,429,391
9,965,465
$25,815,600 $22,611,996 $69,099,380 $61,316,447
+12.7
+14.2
Further Decline in Lumber Movement
Shipments and new business at the lumber mills during
the week ended May 18 1935, as sell as production, dropped
to January levels. New business was however 50% above
production and shipments were 23% above output. Compared with corresponding week of last year, production of
reporting identical mills shows 25% decline; shipments,
gain of 12% over those of last year; orders, gain of 12%.
These comparisons are based upon telegraphic reports to
the National Lumber Manufacturers Association from regional associations covering the operations of 1,005 leading
hardwood and softwood mills. In the week ended May 18,
these produced 126,068,000 feet; shipped, 154,440,000 feet;
booked orders of 189,319,000 feet. Revised figures for the
preceding week were mills 1,037; production, 139,286,00
feet; shipments, 196,458,000 feet; orders received, 214,932,000 feet. The Association's report further showed:
All regions but Southern Cypress, Northern Pine and Northeastern
Hardwoods reported orders above production during the week ended
May 18. Total softwood orders were 53% above output; hardwood orders,
18% above hardwood production. All regions but West Coast Northern
Pine and North Central Hardwoods reported orders above those of corresponding week of 1934. Total softwood orders were 10% above those
oflast year's week; hardwood orders were 59% above in similar comparison.
Unfilled orders on May 18, as reported by 1,251 mills were 866,727,000
feet and gross stocks. 4,386,731,000 feet. Identical softwood mills reported
unfilled orders on May 18 as the equivalent of 29 days' average production
and stocks of 132 days' production, compared with 28 days' and 152 days'
on similar date of last year.
Forest Products carloadings totaled 24,432 cars during the week ended
May 11 1935. This was 2,946 cars less than during the preceding week;
554 cars below similar week of 1934 and 4.199 cars above corresponding
week of 1933.
Lumber orders reported for the week ended May 18 1935. by 845 softwood mills totaled 177,706.000 feet; or 53% above the production of the
same mills. Shipments as reported for the same week were 145.450,000
feet, or 25% above production. Production was 116,240.000 feet.
Reports from 189 hardwood mills give new business as 11.613.000 feet,
or 18% above production. Shipments as reported for the same week were
8.990,000 feet, or 9% below production. Production was 9.828,000 feet.
Unfilled Orders and Stocks
Reports from 1.251 mills on May 18 1935, give unfilled orders of 866,727.000 feet and gross stocks of 4.386,731 feet. The 738 identical softwood
mills report unfilled orders as 694.137,000 feet on May 18 1935, or the
equivalent of 29 days' average production, compared with 669,451,000
feet, or the equivalent of 28 days' average production on similar date a
year ago.
Identical Mill Reports
Last week's production of 743 identical softwood mills was 115,221,000
feet, and a year ago it was 156.538,000 feet; shipments were respectively
144,295,000 feet and 127,792.000; and orders received 176,531,000 feet.
and 161,095,000 feet. In the case of hardwoods, 182 identical mills reported production last week and a year ago 9,774,000 feet and 10,498,000
feet; shipments 8,798.000 feet and 8,804,000 feet and orders 10.688.000
feet and 6.702.000 feet.
New York State Factory Employment Increased Slightly
from Mid-March to Mid-April According to New
York State Department of Labor-Wage Payments
Dropped 0.3%
A slight increase occurred in total employment in New
York State factories between the middle of March and the
middle of April. According to a statement issued May 9 by
by Industrial Commissioner Elmer F. Andrews, the number
of persons employed increased 0.6%, while the amount of
wage payments decreased 0.3%. The usual changes for
the March to April period, as shown by the average move-
May 25 1935
ment for the last 20 years, Mr. Andrews said, are deCreaSes
of 0.8% for employment and 1.8% for payrolls. The reports
this April indicated that many of the reporting concerns
were holding the employment gains of the last two months.
Seasonal increases in employment occurred in the stone,
cement and brick industries and a seasonal decrease was noted
in the clothing industries. Mr. Andrews further announced:
The increase during April raised the Labor Department's index of factory
employment to 74.7 and the index offactory payrolls to 62.9. Both indexes
are computed with the average for the three years 1925-1927 taken as 100.
Compared with the same period of last year, the number of persons employed
this April was 2.1% greater and the total amount of payrolls was 6.6%
higher.
Reports from 1.630 representative factories throughout the State. employing during the middle week of April 362,283 workers on a total payroll of
$8,783,654, form the basis for this analysis. These factories report each
month to the New York State Department of Labor's Division of Statistics
and Information, which is under the direction of Dr. E. B.Patton.
The percentage changes in employment from March to April in the last
21 years are given in the following table:
Increases
March to April
1915
1916
1933
1934
1935
1917
1918
1920
1921
1922
1923
1924
1919
No change 1925
•Preliminary.
+0.6%
+1.7
+2.8
+1.3
+G.13.
Decreases
March to April
-1.5%
--1.0
--I.3
--2.0
--1.3
--3.2
--1.9
1926
1927
1928
1929
1930
1931
1932
-1.4%
-1.4
-1.2
-0.5
-1.7
-0.8
-3.8
Further Increase in Employment in Metals
Factories producing metal products and machinery increased their forces
1.9% from the middle of March to the middle of April, continuing the gains
reported during the last four months. The largest percentage increases
were reported by silverware and jewelry manufacturers and iron and steel
plants. Although almost all reporting firms in both groups showed slight
Increases in employment, good-sized gains in one or two concerns caused
most of the large increases. Fairly large gains in working forces were
reported by railway equipment and repair shops, sheet metal and hardware, structural and architectural iron, machinery and electrical apparatus
shops and ship builders. While many firms manufacturing business machines and appliances had the same number of employees as in March,
decreased forces in a few large firms caused a net decline. Some employees
were laid off In brass, copper and aluminum plants.
Increases and decreases in employment occurred in plants manufacturing
automobiles and automobile parts, but the net change was a slight drop.
because of cuts in forces at some large plants.
Seasonal Lay-Offs in Clothing Trades
Seasonal lay-offs were beginning in the clothing and millinery group,
but in both the men's clothing and the women's clothing industries the
decreases were less severe than usual. Many manufacturers of men's
clothing and some of the woolen and worsted mills maintained their full
forces beyond the date which usually marks the end of the spring season.
Some of the women's clothing shops also reported as many employees in
April as in March. The millinery industry, on the other hand, reported
an unusually large decrease in employment. Cuts in forces making artificial
flowers accounted for most of this drop. No downward tendency was
apparent among firms actually engaged in the manufacture of hats. Only
slight changes in employment were noted in women's underwear factories.
Opposite Tendencies in Textiles
Opposite tendencies were noted in the textile industries. This group of
manufacturers recorded a slight net gain in employment,following increases
in each of the last four months. A good gain in employment occurred in
some of the carpet and rug factories and a slight net increase in silk and silk
goods mills. Forces were curtailed in cotton goods, miscellaneous textiles
and knit goods concerns.
Employment Gains in Other Groups
All divisions of the stone, clay and glass group of industries reported
increased employment. Particularly large seasonal gains were noted in
brick and cement plants. Net increases were reported by all divisions of the
chemicals, oils and paints group. The foods and tobacco industries reported
a gain in employment, due mainly to the settlement of a strike in the baked
goods division. Cuts in forces were reported by meat packers and miscellaneous food products firms.
Employment Slightly Lower in New York City
Factories in New York City reported decreases of 0.8% in employment
and 2.8% in payrolls. Seasonal curtailment was beginning in the clothing,
textiles and millinery industries. Net losses in forces were reported by
manufacturers of women's clothing and headwear and men's clothing.
Seasonal increases in employment were noted in the stone cutting industry,
also in structural and architectural iron plants and paints and colors
factories.
A net gain in employment was reported in the foods and tobacco group,
largely because of the settlement of a strike in part of the baked goods
industry. All other divisions in this group, except tobacco, recorded net
losses in employment. Manufacturers of brass, copper and aluminum,
cooking, heating and ventilating apparatus, as well as machinery and
elecurical apparatus, reported net decreases in forces.
Opposite Movements in Up-State Cities
Three of the six major up-State industrial centers reported net gains in
both employment and payrolls in April, while two reported decreases.
The sixth. Utica, reported a slight drop in employment but a small gain in
total payrolls.
In Buffalo, increased activity in iron and steel plants, foundries and
machine shops and railroad equipment and repair shops caused most of the
gains in employment and payrolls. Chemical and metal products plants in
Syracuse reported increased forces. In the Albany-Schenectady-Troy area,
gains in employment and payrolls occurred in machinery and electrical
apparatus concerns and some textile mills. Increased employment and
payrolls at some railroad equipment and repair shops in Rochester somewhat offset seasonal lay-offs in men's clothing shops. Slightly curtailed
forces in Binghamton shoe factories resulted in a small drop in
total employment accompanied by a larger cut in payrolls. In Utica,
greater activity in several knit goods mills was counteracted by losses in
some other textile mills and metal plants.
The percentage changes from March to April in employment and payrolls
In each of the major industrial centers of the State are given below:
Financial Chronicle
Volume 140
March to April 1935
City
Albany-Schenectady-Troy
Binghamton
Buffalo
Rochester
Syracuse
Utica
New York City
EmPlogmeol
Payrolls
+0.4
-0.5
+2.5
-0.1
+2.4
+1.8
-6.5
+42
-3.1
+6.1
+0.6
-2.8
-0.8
3459
FACTORY EMPLOYMENT AND PAYROLLS IN PENNSYLVANIA BY
INDUSTRIAL AREAS
(Industrial areas are not restricted to corporate city limits but comprise one or
mole counties)
Prepared by the Department of Research and Statistics, Philadelphia Federal
Reserve Bank from ieports collected by this Bank in co-operation with the United
States Bureau of Labor Statistics and the Pennsylvania Department of Labor
and industry.
Employment
Percentage Change
March to April 1935
Industry
Stone. clay and glass products
Miscellaneous stone and minerals
Lime, cement and plaster
Brick, tile and pottery
Glass
Metals and machinery
Silverware and Jewelry
Brass, copper and aluminum
Iron and steel
Structural and architectural iron
Sheet metal and hardware
Firearms, tools and cutlery
Cooking, heating, ventilating apparatus
Machinery and electrical apparatus
Automobiles, airplanes, &c
Railroad equipment and repair shops
Boat and ship building
Instruments and appliances
Wood manufactures
Saw and planing mills
Furniture and cabinet work
Pianos and other musical Instruments
Miscellaneous wood, &c
Furs, leather and rubber goods
Leather
Furs and fur goods
Shoes
Gloves, bags, canvas goods
Rubber and gutta percha
Pearl, horn, bone. &c
Chemicals, oils. paints. &c
Drugs and Industrial chemicals
Paints and colors
Oil products
Photographic and miscellaneous chemicals
Pulp and paper
Printing and paper goods
Paper boxes and tubes
Miscellaneous paper goods
Printing and bookmaking
Textiles
Silk and silk goods
Woolens, carpets, felts
Cotton goods
Knit goods, except silk
Other textiles
Clothing and millinery
Men's clothing
Men's furnishings
Women's clothing
Women's underwear
Women's headwear
Miscellaneous sewing
Laundering and cleaning
Food and tobacco
Flour, feed and cereals
Canning and preserving
Sugar and other groceries
Meat and dairy products
Bakery products
Candy
Beverages
Tobacco
Watet, light and power
Total
Total Stale
N. F. City
+8.6
+4.2
+46.4
+7.8
+0.3
+1.9
+16.6
-3.3
+5.7
+3.0
+3.4
+0.6
+0.9
+1.8
+2.3
+9.7
+5.3
+25.6
-3.1
-1.8
+4.8
-9.3
+4.4
+1.9
-0.8
+0.8
+0.8
-0.2
+3.3
+0.7
-0.5
-3.7
-1.0
+3.0
+4.9
+1.6
+0.8
+1.5
+3.4
+0.1
+0.3
-0.7
+0.2
+1.7
-1.9
+0.4
+0.1
+1.0
+4.6
-3.8
-0.6
-3.6
-2.4
-3.5
+1.4
-4.0
-0.7
-10.4
No change
+1.7
+1.7
+0.6
+2.8
-5.4
-2.5
+17.3
-0.6
+1.4
+1.0
No change
-1.5
No change
-1.8
+0.8
-0.7
-3.4
-0.7
+0.6
-1.3
-1.3
+2.7
+1.1
-1.3
-0.6
-2.7
+3.2
-1.7
+0.4
-0.3
+1.0
-4.0
+0.1
-5.1
+1.8
-10.7
-2.4
-1.0
+2.3
-3.6
-0.5
-10.4
+0.1
+0.7
+5.1
-2.1
-3.5
-5.4
-1.4
+33.0
-2.4
-0.3
No change
-0.7
+0.6
Payrolls
Employee-hrs.
April
Per Cent
Per Cent
Per Cent
April Change from April Changefrom Changefrom
1935
1935
Index Mar. April Index Mar. April Mar, April
1935 1934 1935 1934
1935 1934
FACTORY EMPLOYMENT IN NEW YORK STATE
(Preliminary)
Allentown-Lehigh (8 cos.) 77.4 +0.5 -0.5 64.6 +3.5 +1.6 +3.3 +3.2
Altoona (2 counties)
77.5 -6.9 -8.7 62.9 -0.5 -19.0 -9.6 -27.4
Chambersburg(3counties) 64.1 -12.8-13.4 51.7 -13.1 -9.1-12.9 -8.5
Clearfield(4 counties)
71.0 -2.7 -4.1 54.4 -0.4 +1.7 -4.9 +6.8
84.0 +1.0 +9.8 68.4 +4.4 +22.8 +3.4 +19.4
Erie (2 counties)
81.4 +2.3 +4.1 64.0 -2.1 +0.5 -1.0 -7.6
Harrisburg (3 counties)
86.3 -0.6 -8.7 66.1 -8.6-22.1 -8.7-23.6
Johnstown (3 counties)_
Kane-011 City (5 counties) 57.7 -1.7 +4.2 45.0 +0.4 +9.8 -0.4 +8.2
Lancaster (1 county)
97.9 +0.2 +7.3 74.8 +2.2 +17.8 +1.5 +7.1
Lewistown (3 counties)._ 57.7 -5.4 +4.0 45.6 -7.3 +6.0 -9.7 +3.6
Philadelphia (5 counties)_ 88.3 -0.5 +4.5 74.6 -0.7 +8.4 -0.7 +6.0
Pittsburgh (8 counties)__. 68.3 -0.4 +1.9 66.3 +0.6 +14.7 +0.2 +10.6
Pottsville (2 counties)._ 107.0 +0.6 -3.9 75.1
+2.2 +10.6 +1.3 +0.3
Reading-Lebanon (2 cos.) 91.2 -3.5 +6.3 76.3 -10.1 +7.2 -10.4 +5.4
Scranton (5 counties)_ _ _ _ 84.5 -5.1 -14.3 84.4 -4.3-10.0 -3.5 -14.3
Sharon-New Castle(2 cos.) 60.8 +4.5 -1.1 62.5 +5.2 +15.5 +5.1 +9.9
63.4 -2.8 +2.1 57.7 -2.9 +13.1 -3.1 +12.2
Sunbury (4 counties)
Wilkes-Barre(3 counties). 69.3 -7.4 -7.8 58.0 -4.0 +0.7 -5.2 -9.2
Williamsport(5 counties)_ 100.2 -0.3 +8.0 78.1
+0.4 +16.9 -1.9 +8.8
Wilmington (1 county)
+2.0 -8.7 67.7 +1.8 -6.0 +3.0 -5.7
.
80.6
York-Adams (2 counties)_ 69.1 -0.9 -2.1 74.5 -0.8 +9.1 -1.9
.
FACTORY EMPLOYMENT AND PAYROLLS IN DELAWARE-INDEXES
OF EMPLOYMENT AND PAYROLLS IN ALL MANUFACTURING
INDUSTRIES
(Base Period: 1923-2100)
Prepared by Dept. of Research & Statistics of Federal Reserve Rank of Philadelphia
Employment
1933
1934
1935
71.8
72.8
69.9
68.1
71.5
77.5
85.2
91.2
95.0
92.1
91.2
89.8
86.2
90.4
92.7
93.0
92.4
94.7
93.5
89.6
91.2
91.6
86.2
84.6
84.4
83.2
82.6
84.3
-2.1
-8.0
-10.9
-9.4
81.3
90.5
1933
1934
1935
1935
Compared
w1181934
Per Cent
60.8
65.5
66.2
66.7
65.9
68.5
68.3
64.7
65.1
67.7
61.6
61.2
61.7
62.8
61.5
62.5
+1.5
-4.1
-7.1
-6.3
___
47.5
49.2
45.0
43.1
49.0
54.5
63.1
62.1
64.8
64.8
62.7
63.7
___
55.8
65.2
Indexes
January
February
Ward)
Moil
Way
June
July
kugust
ieptember
actober
November-- _ .
December --- _
Average
Payrolls
1935
Compared
with 1934
Per Cent
__
___
___
Indexes
__-
...._
---
FACTORY EMPLOYMENT, PAYROLLS AND WORKING TIME IN DELAWARE-PERCENTAGE COMPARISON WITH PREVIOUS morrrir
BY INDUSTRY
Prepared by Dept. of Research & Statistics of Federal Reserve Bank of Philadelphia
No.
of
Plants
All manufacturing industries
Metal products
Transportation equipment
Textile products
Foods and tobacco
Stone. clay and glass products
Lumber products
Chemical products
Leather and rubber products
Paper and pristine
Per Cent Change April 1935
Compared with March 1935
Employmerit
Payrolls
Employeehours.
51
+2.0
+1.6
+3.0
9
5
3
7
4
4
5
8
6
+1.8
+5.0
-0.5
+1.3
+31.6
-3.4
-0.5
+3.3
-6.1
+0.5
+4.4
-7.0
+5.1
+20.6
+17.6
0.0
+4.5
-1.5
+2.4
+4.8
-3.7
+1.6
+30.4
+19.1
+3.3
+5.3
-2.0
Decreases Reported in Pennsylvania Factory Employment and Payrolls from Mid-March to Mid-AprilPhiladelphia Federal Reserve Bank Notes Increases
•Based on reports from 47 plants.
in Delaware Factories
The number of wage earners on the rolls of Pennsylvania Employment and Payrolls in Pennsylvania Anthracite
manufacturing industries showed a decline of 1.6% and the
Collieries in April Reported Above March
amount of wage disbursements 1.3% from the middle of
The number of workers on the rolls of Pennsylvania anthraMarch to the middle of April, according to indexes of the cite companies about the middle of April
2%
Federal Reserve Bank of Philadelphia, prepared from 2,169 and wage disbursements 28% as compared increased
with March,
reports from factories which employed about 421,000 workers according to indexes compiled by the Federal Reserve
Bank
whose total wage earnings amounted to approximately of Philadelphia from reports to the Anthracite
Institute by
$8,405,000 a week. Working time, as measured by em- 34 companies employing some 73,000 workers whose
weekly
ployee-hours actually worked in about 90% of the reporting earnings exceeded $2,000,000. Employee-hours actually
plants, also registered a decline of 1.8%, reflecting reduced works in April in the
of 29 companies increased
operations. These changes are largely seasonal, the range about 25%, following collieries
a sharp decline in March. The
of increases or decreases varying according to industry. Philadelphia Reserve Bank
also announced:
Under yesterday's date (May 17), the Philadelphia Reserve
The employment index rose from 50.0% in March to 51.2% of the
Bank also reported:
Average weekly earnings in April amounted to about 819.96, or about
the same as a month earlier, and as compared with 818.96 a year ago. In
the 66 individual industries the range varies from about 812.00 to over
$33.00 a week, reflecting such factors as the type of industry and working
hours. Average hourly earnings continued about 58 cents, which Is about
1% higher than a year ago. The number of hours worked averaged about
34.3, as compared with 33.2 In April 1934.
The sharpest decreases in employment and payrolls occurred in the textile
and transportation equipment industries, owing mainly to recessions in
silk and wool manufactures, automobile parts and bodies, railroad repair
shops and shipbuilding. Appreciable increases, on the other hand, were
reported by groups comprising non-ferrous metal and stone, clay and glass
products. The April index number of employment was 75.9 relative to
the 1923-25 average as 100 or about 0.4 of 1% higher than a year ago.
The payroll index was 62.6 or 5.6% higher than a year earlier.
Delaware manufacturing industries report an increase of about 2% in
employment and payrolls from the middle of March to the middle of April,
the largest relative gains in payrolls being shown by the groups made up
of transportation equipment, foods and tobacco, lumber, stone, clay and
glass products, and leather products. Compared with a year ago the employment index was approximately 9% lower, while indexes of payrolls
and employee-hours were about 6% lower.
1923-25 average in April, and the index of payrolls advanced from 32.7
to 41.8 in the same period. Compared with a year ago. these indexes
show declines of about 9% in employment and 3% in wage payments.
The trend of employment and payrolls for the last three years is indicated
In the following table:
Prepared by the Department of Research and Statistics of Federal Reserve Bank
of Philadelphia. 1923-25 Average equals 100.
Employment
Payrolls
1932
1933
1934
1935
1932
1933
1934
1935
January
February
March
April
May
June
July
August
September
October
November
December
74.2
69.3
71.7
68.1
65.1
51.5
43.2
47.8
54.4
62.1
61.0
60.6
51.1
57.2
53.1
50.3
42.0
38.5
42.7
46.4
55.2
55.3
69.4
53.0
62.3
61.4
65.7
56.6
62.0
56.0
52.2
48.2
55.4
56.9
59.0
59.8
61.1
62.7
50.0
51.2
51.5
48.0
51.3
60.4
48.6
31.4
29.0
34.6
39.4
56.0
42.7
47.1
36.3
47.7
40.9
31.3
25.2
28.8
32.0
39.0
50.9
51.6
40.1
37.2
59.4
65.2
69.2
43.3
53.7
44.7
35.4
33.3
39.4
40.4
42.8
43.9
4.11.1
53.9
32.7
41.8
Average
60.8
50.4
57.9
4(10
5L4
VI 7
Financial Chronicle
3460
Report on Foundry Operations in Philadelphia Federal
Reserve District, According to University of Pennsylvania-Output of Iron and Steel Foundries
Increased During March
Production of gray iron and steel castings increased during
March, according to reports received by the Industrial Research Department from foundries operating in the Third
(Philadelphia) Federal Reserve District. In the gray iron
foundries the percentage increase was appreciable, being the
third highest of any March since 1926, the Research Bureau
said. It occurred entirely in the output of jobbing work
while production of castings for further use within the plant
declined. Steel tonnage, however, increased only in the
castings to be used for further manufacture within the plant,
which made the total increase very slight. An announcement by the Research Department continued:
The production of malleable iron castings was again less than the preceding month and more than the month a year previous.
Shipments of both iron and steel castings increased, the one by 13, the
other by 68%. The iron foundries, however, had additional unfilled orders
on hand at the end of March, while the steel foundries reduced theirs
nearly one-fifth during the month.
Stocks on hand increased during February in the iron foundries except
for scrap and in the steel foundries except for pig iron.
IRON FOUNDRIES
No. of
Firms
ReportOw
30
30
29
4
29
18
28
25
25
Capacity
Production
Gray Iron
Jobbing
For further manufacture
Malleable Iron
Shipments
Unfilled orders
.1
Raw StockPig Iron
Scrap
Coke
Mar. 1035
Short Tons
Per Cent
Change
from
Feb. 1935
Per Cent
Change
from
Mar. 1934
11,872
2,654
2,304
1,97 .
329
350
2,818
843
0.0
+12.5
+15.5
+22.5
-14.2
-3.7
+12.5
+20.0
0.0
+0.5
-0.6
+2.0
-14.0
+9.0
+3.9
-29.4
3,164
1,424
533
+7.3'
-9.8
+13.0
-37.3
-11.9
+6.1
Gray Iron Foundries
The production of gray iron castings in March was 15.5% above that
of February and very nearly equal to that of March 1934. This marked
increase, however, was not sufficient to offset the losses of the two previous
months and the total for the first three months of 1935 was oelow that of
the corresponding period of last year.
The increase is due wholly to the production of castings for jobbing
work which was 22.5% more than in February and 2% more than a year
ago. Tonnage of castings for further manufacture within the plant was
about 14% below production in both February and last March. Fifteen
foundries contributed to the increase, seven of them located in Philadelphia
and eight, outside.
On the basis of previous years, an upturn might well have been expected
In March although perhaps not to such an extent. For six years beginning
in 1926. March production was above that of February, in amounts varying
from about 5% to nearly 22%. In two of these years the increase followed
a decline from January to February. In only two years. however, was the
increase greater than the 15.5% of 1935. In 1932 and 1933 production
declined from February to March but in 1934 again there was an increase
in March.
UThere was also an increase in shipments of iron castings though it was
not as great proportionately as the increase in production when compared
with last month. In March the tonnage delivered was 12.5% more than
In February and 3.9% more than in March 1934.
Unfilled orders, which declined so sharply from January. Increased onefifth from February to March. Even that addition left the back log nearly
30% smaller than that of a year ago. Stocks of pig iron were more than
last month but still consideraoly under those of last year. Stocks of
scrap fell below both last month and last March, while those of coke were
above both months.
Malleable Iron Foundries
MThe production of malleable iron castings continued the decline of last
month, the tonnage being nearly 4% below that of February. Even this
failed to make the level as low as it was a year ago and March 1935 stands
9% above March 1934. Phis is the highest March since 1930.
STEEL FOUNDRIES
No. of
Firm.?
Reporttim
8
8
8
7
()
6
6
Capacity
Production
Jobbing
For further manufacture
Shipments
Unfilled orders
Raw StoatPig Iron
Scrap
Coke
Mar. 1935
Short Tons
Per Cent
Change
from
Feb. 1935
Per Cent
Change
from
Mar. 1934
8,630
2,432
2,203
229
2,841
2.254
0.0
+2.6
+0.7
+25.1
+67.9
-24.4
0.0
+18.4
+13.4
+105.8
+64.3
-47.2
300
7,602
382
-27.7
+2.2
+54.7
+36.7
+33.7
+88.2
114 The output of steel castings in March was on y slightly above that of
February but nearly one-fifth above that of March 1934. This March
increase in steel production is similar in direction to changes in most previous
years. In only two years from 1926 to date was there less production in
March than in February. though most of the others had a much greater
Increase than occurred in 1935. Contrary to the production of iron castings, most of the increase in steel was in the castings for further manufacture
within the plant. This, however, is such a small proportion of the total
that its 25.1% increase resulted ins less than 3% rise in the total. Compared with a year ago the tonnage of joboing work was 13.4% greater,
while that of castings for further use was more than double. Only three of
the steel foundries shared in the Increased activity.
Shipments of steel castings in March which were two-thirds as much
again as the shipments in February and in last Alarm more than offset the
drop in shipments from January to February. Unfilled orders, as a result,
dropped nearly one-fourth from February and nearly one-half from last
year.
* There was more raw stock on hand than there was a year ago and, except
for pig iron, more than at the close of last month.
May 25 1935
Increase of 13.6% Noted in Distribution of Sugar in
United States During First Four Months of Year
as Compared with Same Period of 1934
Distribution of sugar in the United States during the
first four months of 1935, January to April inclusive, totaled
1,928,920 long tons, raw sugar value, as against 1.698,263
tons during the same period last year, an increase of 230,657
tons, or approximately 13.5%, according to a prelinainary
calculation by Lamborn & Co. The firm on May 18 further
announced:
Cane sugar distribution totaled 1,455,295 tons, as compared with 1,175,667 tons during the corresponding period last year, an increase of 279,628
tons, or 23.8%. Beet sugar distribution amounted to 473,1125 tons.
a decrease of 48,971 tons, or 9.4%.
Javan Sugar Exports in April Reported Above April
Year Ago
Sugar exports from Java during the month •f April
1935 amounted to 82,000 long tons, according to a cable
received by B. W. Dyer & Co., sugar economists and
brokers, from their Semarang correspondent. This figure
compares with 67,477 tons exported by Java during April
1934, an increase of 14,523 tons.
Stocks of Brazilian Coffee in New York Warehouses at
• New Low for Year According to New York Cof ee
& Sugar Exchange
The New York Coffee & Sugar Exchange reported on May
23 that stocks of Brazilian coffee in licensed warehouses in
New York total 63,116 bags, a new low for the year and
70,820 bags or 52.9% 'ess than the high stocks this year,
133,936 bags, on Jan. 7. The Exchange continued:
Conversely, stocks of "other than Brazilian" growths in warehouse total
262.091 bags. 32.444 bags or 14.1% above the low stocks of the year on
Feb. 4 and comparing with the high point of 272,091 bags on April 29.
In addition to stocks in warehouse the Exchange estimates that there are
140.707 bags of Brazilian coffees being unloaded or stored on piers and
docks, a total of 203.823 bags altogether, about three weeks supply at the
present rate of deliveries. "Other than Brazilian" growths unloading or
on docks are estimated at 56.085 bags for a gross total of 318.176 bags or
about two and a half months' supply. 170,462 bags or 54% of the "Other
than Brazilian" stocks are Colombians.
-*--.
Exports of Coffee from Cuba During 1934 Reported
,Substantially Below 1933
Cuban exports of coffee during 1934 registered a substantial decline compared with the preceding year, according to a report from Vice-Consul W. N. Walmsley, Jr.,
Havana, made public May 16 by the United States Commerce Department. The announcement of the Department
also said:
Shipments abroad during the past year amounted to 2.675.507 pounds,
valued at 8251,063, against 7.147.609 pounds, valued at $576,756. in 1933.
and 13.423.659 pounds. valued at $1.205.975. In 1932, statistics show.
The relatively high level of Cuban coffee exports In 1932. it Is pointed
out, was due to special circumstances, the bulk of the shipments being
consigned to the American market. Shipments during the Past Year
were destined chiefly to Spain and France. For many years previous to
1932 coffee had not figured in the export trade of the island.
Because of the fact that coffee constitutes one of Cuba's industries
most susceptible to expansion, it is considered one of the key products
in the diversification programs which from time to time are recommended
for the solution of Cuba's economic problems, Vice-Consul Walmsley states.
As a group, the coffee growers of the country are said to be in need of
liberal credit and financial assistance. Their interest, therefore, In the
plan for the establishment of an agricultural credit institute of some kind
is readily understandable. Any such bank as may eventually be established, the report states, will necessarily have a predominating influence
on the directions which diversification of Cuban agriculture may take.
Colombian Coffee Exports During First Quarter of
1935 Below Same Quarter of 1934
Exports of coffee from Colombia declined appreciably in
the first quarter of 1935 compared with the corresponding
period of last year, a report to the United States Commerce
Department from its Bogota office shows. Shipments abroad
in the two periods amounted to 874,917 and 674,945 bags
(132 pounds), respectively. From an announcement issued May 22 by the Commerce Department we also take the
following:
Colombian coffee exports to the United States in the first three months
of this year totaled 689.932 bags, a decline of 94,296 bags compared with
the corresponding 1934 period. The movement of coffee to European
countries in the period under review also decreased, amounting to 170.866
bags against 179,076 bags in the January-March period of 1934, the report
states.
Against the export losses referred to, Increased shipments totaling 2,524
bags, were made to minor Colombia coffee consuming markets which include certain African areas, Argentina. Canada, Dutch West Indies, Cuba,
Panama, Japan and Chile, it was stated.
The National Coffee Federation now estimates that coffee exports for
the current coffee year. July 11934. to June 30 1935. will not exceed 3.000,000 bags, a total which compared with 3,464.328 bags shipped in 1933-34.
. . . Exports in the January-March quarter of 1935 only averaged
230.000 bags monthly and the total movement in the closing quarter of
1933-34, which was a fairly normal period, did not exceed 801,340 bags.
Sugar Production Adjustment for Florida Approved
by Secretary of Agriculture Wallace-Affects Crop
Years 1934-36 and 1936-36
Secretary of Agriculture Henry A. Wallace has approved
a sugar production adjustment program for Florida, the
Agricultural Adjustment Administration announced May 15.
Volume 140
Financial Chronicle
The program covers the 1934-1935 and 1935-1936 crop years,
and may also be extended to the 1936-1937 crop year, the
announcement said, continuing:
The base marketing allotment for Florida is 39,800 short tons in terms
of 96 degree sugar. Sugar cane allotments to Florida producers have been
based on past experience and acreage allotments which past yields indicate
will be sufficient to produce the marketing allotments have been established. Actual production may exceed marketing allotments by not more
than 10%. These provisions in the contract, definitely establishing the
quantities of sugar cane to be produced, make the use of base acreage
"options" unnecessary.
The program provides for adjustment payments to producers in 1934-1935
of not less than $1.25 per ton of sugar cane. In addition, there is to be
paid to the producers $1.15 per ton of sugar cane in 1934-1935 as a
deficiency payment on the difference between the production allotment
and the tons of cane actually harvested for grinding in 1934-1935.
For the 1935-1936 crop there is to be an advance payment of not less
than 50e. per ton of sugar cane produced in that crop year. The final
payments provided for, when added to the advance payment and the value
of the sugar cane, are to result in a price equal to the 1935 parity
price of sugar cane. In 1935-1936 deficiency payments, because of bona
fide abandonment, will be $1 per ton if abandonment takes place before
Dec. 1, and $1.15 per ton if abandonment takes place after that date. If
the contract is extended to 1936-1937 by the Secretary of Agriculture,
the benefit payments are to be determined by him on a basis similar to
that employed during 1935-1936.
The contract contains labor provisions similar to those in other sugar
adjustment contracts.
Petroleum and Its Products-Texas Seizes 3,000,000
Barrels of "Hot" Oil-Government Wins Restraining Order in West Coast Case-Boyd Hits Federal
Interference with Oil Industry-Kentucky Crude
Oil Advanced-Crude Output Exceeds Quota
Acting under the authority granted in recent legislation,
Attorney-General McCraw has seized, on behalf of the
State, approximately 3,000,000 barrels of "hot" oil stored
in the East Texas field, he announced in Austin, Friday
(yesterday). Plans for the sale of the confiscated holdings on
a proposed basis of a minimum bid of 50 cents per barrel are
being considercd, he disclosed, adding that the oil would be
sold on an open bidding basis.
The Railroad Commission emerged victorious in several
cases in the Federal Court at Tyler during the week, he
disclosed. Federal Judge Randolph Bryant upheld the
Commission in its refusal to permit the shipment of approximately 600,000 barrels of illegal crude. The companies
which had been refused tenders by the Commission were the
Ocean Petroleum Co., the Outdoors Refining Co., the Artex
Refineries Sales Corp., A. J. McDonald, A. & P. Pipe Line
Co. and Burch & Gray. Several of the decisions concerned
refusals to grant permits to drill wells in the East Texas area,
he pointed out, and the Commission was upheld in its action.
A hearing will be held by the Railroad Commission at
Amarillo on June 14 to hear testimony to determine whether
or not there is any physical waste of crude oil or natural gas
taking place in Texas. The hearings also will determine
whether existing conservation rules, regulations and orders
of the Commission already in effect at the various fields in
the State shall be continued or revoked. At the present time,
the special committee of the House of Representatives named
to investigate the "hot" oil situation in Texas is in session,
and plans to move to a central point in the East Texas area
to take testimony
Federal Judge Paul J. McCormick, sitting in Los Angeles,
has granted the Government a temporary injunction restraining the Mohawk Petroleum Co. from producing crude
oil in excess of its quota. The action continues the order won
last February. No trial date has been set to hear the case
as yet.
A bitter attack on the Administration's efforts to assume
control of the oil industry was made by W. R. Boyd, Executive Vice-President of the American Petroleum Institute,
at an address delivered before the Dallas Junior Chamber
of Commerce Wednesday.
Mr. Boyd classified the attempts to enact "unnecessary"
Federal legislation, designed to give the Government rigid
control of the industry, as indicative of the efforts to interfere with business, to usurp State's rights and to establish
a new social and economic system in the United States.
Admitting that the Government has a duty to the public
and an obligation to the industry in promoting the conservation of the nation's oil reserves, Mr. Boyd contended
that "theorists in Government appear to be determined to
make conservation an excuse for governmental control,
just as they are trying to make Federal public works and
relief projects excuses for subordinating the powers of the
States to those of Washington."
"There may be those whose confidence in a centralized
government leads them to forget that State's rights constituted an issue which our forefathers did not lightly
regard," he continued. "Against external foes a united
nation we may be. But when the forces of regimentation
seek not only to level State barriers, but to eliminate them;
when they seek to set up at Washington a dictatorship
whose mandates reach into every State and county, they
destroy a local and personal government whose passing means
no permanent good. Absentee ownership of land is bad,
and absentee management of business is bad, but absentee
government is worse."
While there was a time when ignorance of the extent of
National petroleum reserves justified fears for their sup-
3461
posedly approaching exhaustion, he said, the "miraculous"
progress made by the industry in prolonging the productive
life of oil fields, increasing the amount of oil recoverable,
finding new sources of supply, rejuvenating old pools,
reducing production wastes, and in obtaining oil from lower
depths have shown the fallaciousness of these fears.
As an example of the progress made by the industry in
recent years, Mr. Boyd pointed to the fact that within
a comparatively short period the amount of gasoline obtained from a barrel of crude oil has been doubled. Modern
equipment and methods mean that less than 1% of the total
content of each barrel of crude oil is lost.
"The combined results of these practical efforts at conservation have been to enormously expand our petroleum
reserves, whatever they may be, and to postpone by generations the danger of depletion," he continued.
"They serve also to place in the category of political
platitudes many of the current fulminations against alleged
waste and approaching exhaustion of the nation's oil supply."
In closing, Mr. Boyd said that the repeated threats of
rigid Federal control of the oil industry and the threats of
declaring it a public utility have unsettled confidence in
the economic policies of the Federal Government, while
the legislative uncertainties and interferences have handicapped business and proved a potent barrier to recovery.
The Ohio Oil Co. Wednesday posted an advance of 5 cents
a barrel in the posted price of crude oil in western Kentucky
to $1.13. Two days earlier the Ashland Oil & Transportation Co. had reduced Somerset grade crude oil 10 cents
a barrel to $1.13 a barrel, the first reduction for this grade
posted since Sept. 30 1933.
Texas Co. posted Port Lavoca crude oil at a flat price
of 80 cents a barrel, effective Tuesday, May 17, the first
posting for that new field. The field, discovered last year,
has been extended recently by the Texas Co., which is
carrying on intensive exploratory drilling in the area.
In orders published Wednesday in Austin, the Texas Railroad Commission reduced the June allowable for the State to
1,004,309 barrels, which is about 12,000 barrels under current
output and approximately 15,000 barrels below the total
recommended by Administrator Ickes for the month.
The Commission pointed out that this amount will be increased gradually during the month, however, due to allotments to new fields and to the completion of new wells in the
East Texas field. The latter area was given a base allowable
of 462,094 barrels daily for June, an increase of about 4,000
barrels over the current quota.
Sharp increases in Oklahoma and Kansas production lifted
daily average crude oil production for the week ended May 18
to 2,650,300 barrels, up 30,500 barrels from the previous week
and 89,100 barrels in excess of the May allowable of 2,561,200
barrels, reports to the American Petroleum Institute indicated.
Oklahoma production was up 20,650 barrels to 543,500,
which contrasted with an allowable of 500,200 barrels.
Kansas was up 6,650 barrels to 152,500, more than 4,000
barrels in excess of its quota. A small increase in Texas
production lifted the total to 1,035,250 barrels, against a
quota of 1,032,900 barrels. California output dipped 900
barrels to 512,400, compared with its allowable of 494,200
barrels.
A decline of 673,000 barrels in stocks of domestic and
foreign petroleum held in the United States at the close of
the week ended May 18 pared the total to 324,006,000
barrels, the Department of the Interior reported at the close
of the week. A drop of 726,000 barrels in domestic holdings
more than offset an increase of 53,000 barrels in foreign crude
stocks.
Crude oil price changes follow:
May 20-The Ashland Oil & Transportation Co. reduced Somerset
grade crude oil 10 cents a barrel to $1.13 a barrel.
May 21-The Texas CO. posted Port Lavoca crude oil at a flat price of
80 cents a barrel, the first posting for this field. effective May 17.
May 22-The Ohio Oil Co. posted a reduction of 5 cents a barrel In the
price of Western Kentucky grade crude oil to $1.13 a barrel.
Prices of Typical Crudes per Barrel at Wells
(AR gravities where A P. I degrees are not shown)
Bradford. Pa
82.35 Smackover, Ark., 24 and over
$0.70
Lima (Ohio 011 Co.)
1.15 Eldorado, Ark., 40
1.00
Corning. Pa
1.37 Rusk, Tex.. 40 and over
1.00
Illinois
1.13 Daret Creek
.87
Western Kentucky
1.13 Midland District. Mich
1.02
Mid-Coot.. Okla.. 40 and above- 1.08 Sunburst, Mont
1.35
Hutchinson. Tex., 40 and over
.81 Santa Pe Springs, Can,40 and over 1.34
Spindletop, Tex., 40 and over
1.03 Huntington, Calif., 26
1.10
Winkler.Tex
.75 Patrons. Canada
2.10
REFINED PRODUCTS-GULF COAST BULK GASOLINE MARKET
UP-RETAIL PRICES LIFTED IN PENNSYLVANIA AND
DELAWARE-OHIO BULK QUOTATIONS ADVANCED-ADMINISTRATOR ICKES ASKS PACIFIC COAST MARKETING
AGENCY TO REVISE PACT-GASOLINE STOCKS DIP
Sale of a cargo of approximately 70,000 barrels of gasoline
on the Gulf Coast at 5 cents a gallon on Monday, an increase of 34 cent a gallon over the previous sale, was the
feature of developments in refined products markets during
the week.
It was said in local oil circles that should the market be
maintained at this level and other sales be made at the
5 4.-cent figure, a general advance in the New York-New
England bulk and retail gasoline markets probably would
follow within a short period.
Reflecting the strengthening of the bulk gasoline markets,
tank wagon and service station prices of gasoline wero ad-
Financial Chronicle
Gasoline, Service Station. Tax Included
zNew York
Cincinnati
$.185
Minneapolis
$ 183
sBrooklyn
Cleveland
178
.185
New Orleans
Newark
Denver
.168
Philadelphia
.20
Camden
168
Detroit
.18
Pittsburgh
Boston
165
San Francisco
Jacksonville
.205
Buffalo
182
Houston
St. Louis
.17
Chicago
.172
Los Angeles
.18
s Not Including 2% city sales tax.
8.176
.21
17
18
185
.169
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
New York
1 North Tex
$.O31-.034 1 New Orleans.8.04 -.04)(
(Bayonne)
$0.05 I Los Angeles_ .044-.05 I Tulsa
.038-.04
Fuel Oil, F.O.B. Refinery or Terminal
N. y.(Bayonne)
California 27 plus D
Phila., bunker C____81.15
Bunker C
$1.15
81.15-1.25
Diesel 28-30 D.._ 1.89 New Orleans C. .85- .90
Gas OIL F.O.B. Refinery or Terminal
I Chicago,
N.Y.(Bayonne).
Tulsa
$.0298-.02H
27 plus----$.04 -.04H I 32-36 GO__$.02X-.0294
U. S. Gasoline, (Above 65 Octane), Tank Car Lots. F.O.B. Refinery
New York
Standard 011N. J.,
Chicago
$.0514-.054
$.06%
Motor. U. S
Colonial-Beacon _8 0135i New Orleans- .0534
Texas
06)4 Los Ang..ex__ .0414-.0434
Socony -Vacuum
.06i
Gulf
06% Gulf ports__ .05A
Tide Water Oil Co- -064
Republic 011
Richfield 011 (Calif.) .0634
.0614 Tulsa
.0534-.054
Shell East'n Pet__ .0614
Warner-Quinlan Co- .06g
Quota
The American Petroleum Institute estimates that the
daily average gross crude oil production for the week ended
May 18 1935 was 2,650,300 barrels. This was a gain of
30,500 barrels from the output of the previous week, and
was also above the Federal allowable figure of 2561,200
barrels which became effective May 1. Daily average
production for the four weeks ended May 18 193o is estimated at 2,581,400 barrels. The daily average output for
the week ended May 19 1934 totaled 2,514,050 barrels.
Further details as reported by the Institute follow:
Imports of petroleum at principal United States ports (crude and refined
oils), for the week ended May 18. totaled 1,007,000 barrels, a daily average
of 143,857 barrels, compared with a daily average of 138.000 barrels for
the week ended May 11 and 144.000 barrels daily for the four weeks ended
May 18.
Receipts of California oil at Atlantic and Gulf Coast ports (crude and
refined), for the week ended May 18. totaled 518.000 barrels, a daily average
of 74.000 barrels, compared with a daily average of 25.143 barrels for the
week ended May 11 and 28.964 barrels for the four weeks ended May 18.
Reports received from refining companies owning 89.5% of the 3,806.000
barrel estimated daily potential refining capacity of the United States.
Indicate that 2.380.000 oarrels 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, 34.627.000 barrels of finished gasoline: 6.123.000 barrels
of unfinished gasoline and 96 630.000 barrels of gas and fuel oil. Gasoline
at bulk terminals, In transit and in pipe lines amounted to 19.075,000
barrels.
Cracked gasoline production by companies owning 92.5% of the potential
charging capacity of all cracking units, averaged 513,000 barrels daily
during the week.
DAILY AVERAGE CRUDE OIL PRODUCTION
(Figures in Barrels)
Actual Production
Federal
Agency
Allowable Week End IFeek End
Matt 18
Effective
lifay 11
May 1
1935
1935
500,200
148.400
Oklahoma
Kansas
Panhandle Texas
North Texas
West Central Texas
West Texas
East Central Texas
East Texas
Conroe
Southwest Texas
Coastal Texas (not including Conroe)
Average
4 Weeks
Ended
May 18
1035
Week
Ended
May 19
1934
543,500
152,500
522,850
145,850
511,900
147,250
528,550
128.700
65,850
58.450
25,750
150.850
48,400
448.200
42,300
58.400
61,100
58.050
25,500
151,150
48,450
445.600
42.300
63,150
61.100
58,400
24,500
151,500
48.500
446.050
42,800
61,750
59,050
56,100
27.050
143.550
50.150
473,000
52.450
48.050
137,050
136.000
136,700
119,250
1,032,900 1,035.250 1.032,300 1,031,300 1,028.650
Total Texas
North Louisiana
Coastal Louisiana
Total Louisiana
Arkansas
Eastern (not incl. Mich.).
Michigan
Wyoming
Montana
Colorado
Total Rocky Mt. States
New Mexico
California
23.000
109,600
23,050
105,150
23.100
105.450
26,350
56,960
112,200
132,600
128,200
128,550
83.300
30.300
106.200
34.300
31,200
105.550
39,150
31,300
106.350
39,900
31,050
107,000
40,000
30.650
99.750
32.750
36,100
11.000
3,900
32.000
10,250
4.100
33.750
10,200
4,850
33,500
10.400
4,750
31,350
7,100
3,000
51.000
47.250
48,800
48,650
41,450
51,500
494,200
50.900
512.400
50,950
513,300
50,800
484,900
45,850
494,400
Total United States.... 2,561,200 2,650,300 2,619,800 2,581,400 2,514,050
Note-The figures indicated above do not include any estimate of any oil which
might have been surreptit ously produced.
CRUDE RUNS TO STILLS. FINISHED AND UNFINISHED GASOLINE AND
GAS AND FUEL OIL STOCKS. WEEK ENDED MAY 181035
(Figures In thousands of barrels of 42 gallons each)
Daily Refining
Capacity of Plants
Potenttal
Rate
East Coast__
Appalachian.
Ind., Ill., Ky
Okla. Kane
Missouri__
Inland Texas
Texas Gulf__
La. Gulf._._
No. La:Ark,
Rocky Mt..
California__
612
154
442
612
146
424
453
330
617
169
80
97
852
384
160
595
163
72
60
789
Totals week:
May 18 1935
May 11 1935
3,806
3.806
Co b
District
Crude Runs
to St Its
Stocks
Stocks a Stocks
of
of
b Stocks
of
Finof
(inGas
Daily P. C. (shed finished Other
Repot tag
and
Aver- Over- Gaso- Case- Motor
Fuel
Total P. C. age
ated
line
Oil
line
Fuel
0.8
Ca&
May 18-The Atlantic Refining Co. followed by other marketers,
lifted tank wagon and service station prices of gasoline in Pennsylvania and
Delaware 1 cent a gallon.
May 18-Standard Oil Co. of Ohio advanced tank car prices of gasoline
Yrcent a gallon to 834 cents for U. S. Motor and 89's cents for above 65
octane.
May 20-Sale of a cargo of gasoline In the Gulf Coast market of 5X cents
a gallon represented an increase of s-cent over the previous sale.
Crude Oil Production 89,100 Barrels Above Federal
474 77.5 16.519
107 73.3 2,036
358 84.4 9,665
lo 44. Co
vanced 1 cent a gallon through Pennsylvania and Delaware
by the Atlantic Refining Co. on May 18. Other marketers
followed the boost, which lifted Philadelphia "pump" prices
to 17 cents, and Pittsburgh to 18 cents, all taxes included.
On the same day, Standard Oil Co. of Ohio posted an
announcement of an increase of lA cent a gallon in the tank
car price of gasoline, lifting U. S. motor grade to 8A cents,
and above 65 octane to 8/, cents a gallon.
Administrator Ickes Wednesday made public in Washington details of a letter sent to the Pacific Coast Petroleum
Agency in which he said that he "neither approved or disapproved" the Agency's action regarding the supplemental
agreement to the Pacific Coast Agency and Refiners' Agreement, approved June 23, 1934.
Members of the Agency, it was disclosed, had advised
Administrator Ickes that this supplemental agreement was
drawn to try to correct some of the defects in the original
agreement which Administrator Ickes had criticized in a
report approved by him early last month.
"Since by its terms, the agreement of April 16 1935, is
made between certain signatories, and with reservations,
and is merely supplemental to the agreements approved
June 23 1934, I do not at this time deem it necessary to
approve or disapprove of your action, "Mr. Ickes said in his
letter to the Agency's officials.
"Careful consideration of this agreement, however, indicates that it does not set forth a program which deals
comprehensively with the more important operating defects
detailed in the report," he continued. "I recognize the
extreme complexity of the problems with which you must
deal. Nevertheless, I still believe that as representatives
of the oil industry on the West Coast you can solve these
problems if you will but recognize the necessity of their
solution. In view of your continuing negotiations it is
apparent that you may not have had sufficient time to
devise and agree upon your program. Accordingly, I am
willing to accept your communication as an evidence of good
faith and to construe it in its most favorable light as evidence
of the necessity for further time in which to work a common
course of constructive action.
"In thus construing your communication, I would not
have you believe that the call for corrective action as embodied in the report of April 4 last, was lightly made. The
future welfare of both the public and the oil industry require
that I reiterate my request for such corrective action.
"You have not met or dealt with the wasteful practice of
secondary marketing nor with the decreasing sales to the
trade of the refinery group, nor with other grave defects
which have been brought to your notice. Moreover, the
general welfare of the public of which the oil industry is a
part imperatively requires that I call to your attention the
recent unexplained rise in the retail price of gasoline above
the admittedly profitable levels which prevailed in your
territory throughout almost the entire period during which
these agreements have operated.
"The imminent approach of the expiration date of the
Agency agreements renders time of the essence," he concluded. "Any application for a renewal or extension of these
agreements must necessarily embody a consideration of these
objections and a determination of methods for their correction."
Gasoline stocks dipped 178,000 barrels to 53,702,000
barrels during the week ended May 18, despite a fractional
gain in refinery operations to 69.9% and an accompanying
rise in daily average crude oil runs to stills of 9,000 barrels,
reports to the American Petroleum Institute disclosed. Gas
and oil stocks of 96,630,000 barrels were off 6,266,000 from
the like 1934 date, and were at the lowest levels in several
years.
Representative price changes follow:
May 25 1935
000:40000.1)2
N.-.004030014.
3462
262
103
438
95
39
49
455
3,405 89.5
3.405 89.5
943
343
814
240
130
65
9,307
680
4,325
68.2 5,537
64.4 1,385
73.6 5.830
58.3 1,240
54.2
241
81.7 1,041
57.7 10,208
684
242
1,702
256
30
100
1,009
425 4,021
875 1,842
275 8,849
____
3,255
259
210
782
50
2,905 63,310
2,380 69.9 c53,702
2.371 69.6 d53.81111
6,123
5070
5,165 96.630
6939 e98 534
a Amount of unfinished gasoline contained in naphtha distillates. b Estimated.
Includes unb ended natural gasoline at refineries and plants: also blended motor
fuel at plants c Includes 34.627.000 barrels at refineries and 19.075,000 barrels at
bulk terminals, In transit and pipe lines. d Includes 34.949,000 barrels at refineries
and 18.931.000 barrels at bulk terminals, in transit and pipe lines. e Revised in
East Coast district. Stocks as of week ended May 11 1935 should reach 8,996,000
barrels.
Soft Coal Output Shows Increase of 13.1% over Preceding Week-Anthracite Also Higher
The weekly coal report of the United States Bureau of
Mines stated that the total production of soft coal during
the week ended May 11 is estimated at 5,646,000 net tons,
a gain of 652,000 tons, or 13.1% over the preceding week.
Output in the corresponding week of 1934 was 6,078,000
tons.
Anthracite production in Pennsylvania during the week
ended May 11 is estimated at 935,000 tons. This is an
increase of 26,000 tons over the preceding week,and compares
with 1,088,000 tons in the corresponding week of 1934.
3463
Financial Chronicle
May 4
1935 d
Mao 12
1934
1935
1934 c
1929
Bitum. coal a:
Total period. 5,646,000 4,994,000 6,078,000 136,956.000 138,608,000 193.129,000
1,232,000 1,245,000 1,724,000
941,000 832,000 1,013,00
Daily avge_
Pa. anthra.: b
Total period. 935,000 909,000 1,088,000 19,517,000 25,266,000 26,698,000
228,600
176,600
241,600
Daily avge__ 155,800 151,500 181,300
Beehive coke:
12,700
493,000 2,285,800
370.000
13,000
14,200
Total period_
4.363
3,274
2,117
20.228
2,367
2,107
Daily avge._
a Includes lignite, coal made into coke, local sales, and colliery fuel. b IncIodize
Sullivan County, washers, and dredge coal, local sales and colliery fuel. c Subject
to revision. d Revised. e Adjusted to make comparable the number of working
days in the three years.
ESTIMATED WEEKLY PRODUCTION OF COAL,BY STATES(NET TONS)
(The current weekly estimates are based on railroad carloadings and river shipments and are subject to revision on receipt of monthly tonnage reports from district
and State sources or of final annual returns from the operators.)
Ireek Ended
May
Average
1933 f
State
May 4
1935 p
April 27
1935 p
Mao 5
1931 r
May 6
1934 r
May 4
1929
Alaska
2.000
s
2,000
s
3,000
s
Alabama
169,000 172,000 205,000 146,000
348,000
398,000
Arkansas and Okla.
12,000
11,000
6,000
11,000
59,000
66,000
Colorado
67,000
142,000
59,000
54,000
63,000
168,000
Georgia & N. Caro.
1,000
1.000
1,000
s
a
s
Illinois
492.000 466,000 544,000 458.000
867,000 1,292.000
Indiana
188,000 196,000 215,000 176,000
270,000
304,000
Iowa
47,000
39,000
40,000
69,000
38,000
89,000
KaIL99.9 & Nlissourl.
98,000
62,000
69,000
98,000
62,000
131,000
Kentucky:
Eastern a
476,000 488,000 555,000 378,000
799,000
679.000
Western
68,000
215,000
183,000
79,000
70.000 101,000
Maryland
20,000
41,000
20.000
22,000
47,000
20,000
Michigan
2,000
9,000
14,000
9,000
8.000
12,000
Montana
30.000
31,000
30.000
31,000
53.000
42,000
New Mexico
21,000
20,000
48,000
20,00(
57,000
22,000
North & So. Dakota
28,000
s19.000
s14,000
23.000
12.000 313.000
Ohio
286,00). 218,001 329.000 253,000
860.000
354,000
Penna. bituminous_ 1,281.000 1,145,100 1,636,000 1,349,000 2,626,000 3,578 000
Tennessee
72.000
60,000
80,000
73,000
91,000
121,000
Texas
13,000
16,000
13,00
11,000
20,000
22,000
Utah
34,000
2t,000
30,000
38,000
63,000
74.000
Virginia
157,000 162,000 198,000 128,000
250,000
226.000
Washington
21,000
19,000
19,000
44,000
17,000
38,000
West Virginia:
Southern 13
1,050,000 1,121,000 1,436,000 1,024,000 1,731,000 1,380,000
Northern c
306,000 276,000 512,00( 344,000
650,000
862,000
Wyoming
91,000
63.000
110,000
108,000
MON
85,000
Other West. Statesd
•
*
83,000
1,000
$2,000
s5.000
Total blturn. coal 1,994,000 4,830,000 6,174,000 4,819.000 8,942.000 10,878,000
Penna. anthracite_ e 909,000 I ,089,000 1,361,000 666,000 1,573,000 1,932,000
Grand total
5 903.000 5,919.000 7,535,000 5,485.000 10.515.000 12,810.000
• Less than 1,000 tons.
a Coal taken from under the Kentucky mounts ns through openings In Virginia
Is credited to Virginia in the current reports for 1935, and figures are therefore not
directly comparable with former years. 13 Includes operations on the N. & W.;
C.& 0.; Virginian; K. dr M. B, C. & G., and on the B. & 0. In Kanawha, Mason
and Clay Counties. c Rest of State, Including Panhandle district and Grant.
Mineral, and Tucker Counties. d Includes Arizona, California, Idaho, Nevada,
and Oregon. e Includes Sullivan County, washery and dredge coal, local sales,
colliery fuel, and coal shipped by truck from established operations. Does not
Include an unknown amount of "bootleg" production. f Average weekly rate for
the entire month. p Preliminary. r Revised. s Alaska, Georgia, North Carolina,
and South Dakota Included with "other Western States."
Production and Shipments of Portland Cement During
April Below Like Month Last Year
The monthly cement statement of the United States
Bureau of Mines showed that the Portland cement industry
in April 1935, produced 6,136,000 barrels, shipped 6,196,000
barrels from the mills, and had in stock at the end of the
month 21,229,000 barrels. Production and shipments of
Portland cement in April 1935 showed decreases, respectively,
of 6.2 and 4.6%, as compared with April 1934. Portland
cement stocks at mills were 1.5% lower than a year ago.
The mill value of the shipments-10,676,000 barrels-in
the first quarter of 1935, is estimated as $16,513,000. According to the reports of producers the shipments totals for
the quarter include approximately 304,000 barrels of highearly-strength Portland cement with an estimated mill
value of $584,000.
In the following statement of relation of production to
capacity the total output of finished cement is compared
with the estimated capacity of 162 plants at the close of
April 1935, and of 163 plants at the close of April 1934.
PRODUCTION. SHIPMENTS. AND STOCKS OF FINISHED I'ORTLAND
CEMENT,BY DISTRICT,IN APRIL 1934 AND 1935 (IN TIIOUSANDS
OF BARRELS)
April
District
Production
1934
Eastern Pa., N. J., and Md
New York and Maine
Ohio, Western Pa, and W.
Michigan
Wis., Ill., Ind. and Kentucky
Va., Tenn., Ala., Ga., Fla. & La_
East. Mo., la., Minn. & S. Dak_
W. Mo., Neb., Kans., Okla.drArk
Texas
Colo., Mont., Utah, Wyo. & Ida_
California
Oregon and Washington
Total
1935
Shipments
1934
1935
Stocks at Fad
of Month
1934
1935
3,952
1,548
2,733
1,613
2,798
1,712
3.035
1,572
617
359
1.137
481
3,835
1,522
2.556
1,873
2,612
1.627
2.679
1,499
682
387
1.406
551
1,117
247
681
296
767
838
503
581
354
203
851
106
1,415
444
542
322
600
701
368
430
347
125
565
277
1,286
374
544
254
638
843
645
606
316
218
810
158
1,309
386
514
288
539
671
540
635
331
158
634
191
6,544
6.136
6.492
6,196 21.557 21,229
1934
January
Febumry
March
April
May
June
July
August
September
Oct .ber
November
December
Total
Shipments
1935
77.882
1935
11)34
3,202
3.053
4,299
6,136
2.846
2.952
24.874
6,196
Stocks at Reid of
Month
1935
1934
U• 0,00.P
000 .4o, a to 0•••1 *010
Calendar Year to Dale
Week Ended
May 11
1935 c
Production
Month
100000i.P00
00100,
10,
• • • • • • - • • • •
.•••0ACJ000•4.00,
1
ESTIMATED UNITED STATES PRODUCTION OF COAL AND BEEHIVE
COKE (NET TONS)
PRODUCTION, SHIPMENTS AND STOCKS OF FINISHED PORTLAND
LCEMENT BY MONTHS, IN 1934 AND 1935 (IN THOUS. OF BARRELS)
44
During the calendar year to May 11 1935 a total of 136,956,000 net tons of bituminous coal and 19,517,000 net
tons of anthracite were produced. This compares with
138,608,000 tons of soft coal and 25,266,000 tons of hard
coal produced in the same period of 1934. The Bureau's
statement follows:
1C00000WC.ii,
iP0•0,
C4
1,
140
tie ,
1,
1 00 4.
J.O.O.J4
Volume
21.847
.21,899
a21,289
21,229
75.917
a Revised.
RATIO OF PRODUCTION TO CAPACITY
Apr. 1934 I Apr, 1935 Var. 1935 Feb. 1935 Jan. 1935
The month
The 12 months ended.._
14.9%
14.1%
28.8%
28.4%
Note-The statistics here given are compiled from reports for April, received by the
Bureau of Mines, from all manufacturing plants except one, for which estimates
have been Included.
29.6%
25.9%
27.9%
27.0%
18.9%
26.0%
Lead Raised to 4.25c., N. Y., on Continued Active
Buying-Copper Advances Abroad
"Metal and Mineral Markets" in its issue of May 23 said
that interest in non-ferrous metals centered in the market
for lead, the price of the metal advancing 40 points during
the week to the basis of 4.25c., New York. Demand continued active even at the higher prices. Prime Western zinc
advanced 5 points in the same period. Domestic copper,
under National Recovery Administration uncertainty, was
more or less featureless. The foreign quotation resumed its
upward trend, with buying active. Silver was steady. The
publication further said:
Domestic Copper Quiet
With doubt as to what the near future holds In store for NRA,domestic
buyers of copper were Inclined to move slowly, sales for the week totaling
4,621 tons. against 8.293 tons in the preceding seven-day period. Nothing
is expected here In the way of an upward revision in the "Blue Eagle"
quotation until the foreign price advances to the equivalent of the prevailing
9c. Valley basis.
The April copper statistics of the Copper Institute. issued during the
week. were about in line with expectations. Stocks In this country continued their downward trend. Supplies held abroad increased, as the
curtailment agreement will not become effective until later in the year.
Domestic shipments totaled 42.500 tons.
Following 18 a summary of the latest figures compiled by the Institute, In
short tons:
March
April
ProductionU. S. mine
26,4
:5.500
U. S. scrap
11.91
11,000
Foreign mine
91,00
97.000
Foreign scrap
7.000
7.100
Totals
Shipments. refinedUnited States
Foreign
Totals
SVOCKS, refinedUnited States
Elsewhere
136,300
141,500
34,250
91.000
42.500
90.000
125.250
132,500
298,000
287,000
282,000
303.400
Totals
585.000
585.400
The foreign market again was active, with the trend of prices upward.
Compared with a week ago the trading basis abroad advanced one-eighth of
a cent. During the last week sales were reported at prices ranging from
8.10c. to 8.35c.. c.i.f. European ports. Considerable attention was given
to the statement of F. II. Brownell. chairinan of the American Smelting &
Refining Co., before stockholders of the company, to the effect that the
export price of copper is expected to advance to 8.60e.
Brisk Call for Lead
For the sixth consecutive week sales of lead were well above the average,
and inquiry, even at higher prices, was for quantities that made sellers feel
that the depression in this metal must be over. On four occasions during
the last week the price was advanced, making for a net gain for the period
of 40 points. Though stocks in the hands of producers are large, the policy
seems to be to restrict offerings under present conditions to current production. This has made for a firm market in all directicas. Some of the
large buyers were very anxious to obtain lead for far-off delivery.
Sales for the week that ended May 22 totaled about 6.000 tons.
On May 16. following an advance in price by St. Joseph Lead, the American Smelting & Refining Co.'s published quotation for common lead was
raised to 3.90c., New York, A 5-point rise was announced on May 20. a
15 point advance became effective on May 21. and on May 22. the quotation moved up to 4.25c., New York, The St. Louis quotation held at 15
points under New York throughout the week.
United States lead refinery statistics for April showed a reduction in
stocks of 8.537 tons, the decrease resulting from shipments for the month
that were well above the average-40,922 tons. As in copper and zinc, the
rise in freight rates had something to do with the marked gain in the movement of the metal during April. A summary of the refined-lead statistics
of the American Bureau of Metal Statistics. In tons, follows:
Stock at beginning
Production.-Domestic ore
Secondary and foreign
Totals
Total supply
Domestic shipments
Stock at end
March
Apra
224.638
228.580
30.118
2,803
29.857
2,532
32.921
32.389
257.559
260,969
28.973
40.922
228.580
220,043
Zinc Slightly Higher
Though sales of zinc during the calendar week ended May 18 totaled
around 9,000 tons, demand in the first three days of the current week
3464
slackened. Business booked during the week that ended May 22 was on
the basis of 4.25c., St. Louis, or 5 points higher than the final quotation of
the preceding seven-day period. The undertone continues firm, with sellers
reluctant to push business because of the strike in the 'Pm-State district.
World production of zinc during April totaled 120.476 short tons, against
124,613 tons in March.according to the American Bureau of Metal Statistics.
The daily rate of production for April was 4,016 tons, against 4,020 tons in
March.
Tin Buying Slow
Demand for tinlere was inactive last week. The price remained steady,
in sympathy with London, where the strength in other metals was a supporting factor. Tin-plate operations in the United States declined to 80%.
a drop of 5% for the week.
Chinese tin, 99%, was quoted as follows: May 16th, 50.275c.; 17th,
50.750c.; 18th, 50.750c.; 20th, 50.600c.; 21st, 50.525c.; 22d, 50.750c.
Pig Iron Production in 1934 Totaled 15,676,889 Tons
Total production of pig iron in the United States last
year was 15,676,889 gross tons, according to an announcement by the American Iron and Steel Institute. Total
production of ferro-alloys was 461,684 gross tons. The
Institute's annuoncement further stated:
Production of both products was the highest in any year since 1931,
when 17,957,779 gross tons of pig iron and 468.575 gross tons of ferroalloys were produced. In 1933 pig iron production was 13,000,719 gross
tons, and ferro-alloys production 344,883 gross tons.
More pig iron was produced in 1934 in Pennsylvania than in any other
State-4.244.566 gross tons, as against 4,207,944 gross tons produced in
Ohio. In 1932 and 1933 Ohio occupied first place among pig iron producing
States, displacing Pennsylvania in those years.
Of the total tonnage of pig iron produced. 13,013,175 gross tons, or
83%, were for use by the maker, largely for steel-making purposes. The
remainder. 2,663.714 gross tons, was produced for sale.
Out of a total of 252 pig iron producing blast furnaces in the country.
92 were in blast on June 30 1934 and 66 on Dec. 31. Pig iron production
In the first six months of 1934 was 9,669.015 gross tons, compared with
6,007,874 gross tons in the second half.
Steel Output Dips to 43% as Scrap Shows Further
Strength
The "Iron Age" in its issue of May 23 stated that steel
output and scrap prices continue to exhibit conflicting tendencies, ingot production dropping from 44 to 43% of capacity
and the "Iron Age" scrap index rising from $10.67 to $10.75
a gross ton. Prices of heavy melting steel are unchanged at
Chicago and Philadelphia but have advanced 25c. a ton at
Pittsburgh. Though the recent movement of scrap prices
has been within narrow limits and may be accounted for in
part by export demand and speculative activity, the continued accumulation of strength in virtually all markets is
impressive. The composite scrap price has now registered
its fourth consecutive weekly advance since touching $10.33,
its low to date this year. The "Age" further said:
Whatever the scrap market may portend for the later months of the year.
the immediate outlook is for a further recession in iron and steel demand.
Releases from General Motors:units following the settlement of the Toledo
strike have not been in sufficient volume to offset the decline in orders from
the automobile industry as a whole. Most motor car makers, in anticipation of a seasonal recession as summer approaches, are reducing their
inventories of parts and materials, and little fresh buying for present
models is expected except to balance up existing stocks.
Refrigerator makers are also reducing their takings of steel as their
season for heavy production drawslto a close, but demand from washing
machine builders is as yet undiminished. Tin plate.output has risen to a
full 85% of capacity, though backlogs are shrinking and the amount of
stock being produced for later shipment is increasing.
The sources of demand which give the best promise of early expansion are
agriculture and Federal-financed. construction. Tractor manufacturers are
still pressed to keeptabreast of sales, and farmer buying of both wire fencing
and galvanized sheets has taken on now life. Precipitation throughout
large areas that were drought-stricken a year ago has greatly improved crop
prospects.
Works relief projects, as a result of pressure by the Administration, may
get under way/as/early as June. Among the programs likely to be launched
first is that covering ,highway'construction and grade crossing elimination
for which an allotment of $500,000,000 has been recommended. Of this
total, $100,000,000 will cover previously incurred obligations under the
Hayden-Cartwright Act of 1934, representing considerable material already
on order.
Awards of constructional steel7to date this year, including structural
steel, plates, piling and reinforcing, total 430,105 tons as against 484,282
tons in the corresponding part of 1934.
The week's structural awards, at 13,800 tons, compare with 6.700 tons
in the previous week;and110,200 tons a fortnight ago. Lettings of sheet steel
piling. totaling 6,830 tons. include.5,000,tons for a Mississippi River dam.
Los Angeles has placed15.150kons of cast iron pipe.
A New York subway has ordered ,25:articulated five-section train units.
The Wheeling & Lake Erie is in the market for 1,000 to 2,000 tons of rails,
and the Pittsburgh & Lake Erie for 900 tons.
Reaffirmation of iron and steel prices for third quarter has removed one
uncertainty, but another, of greater importance, is the fate of the steel code.
Until the future of the National Recovery Administration, and especially
code price provisions, is settled, most iron and steel buyers will continue
to limit purchases to current needs. Buying policy is in sharp contrast
with what it was a year ago when there were heavy purchases in anticipation of price advances. This difference partly explains the gap between the
present operating rate of 43% and that of 58% which prevailed in the
corresponding tweek of 1934.
Rivet makers, who aretnot under a code, have also reaffirmed prices for
the coming quarter. Milled cap screws have been reduced from 85% discount to 85 and 10%,ifollowing a decline in upset cap screws.
The "Iron Age" composite prices for pig iron and finished steel are
unchanged at $17.83 ta 'ton 'and 2.124c. a lb. respectively.
Ingot output is off 75i points to 445i% at Chicago, one point to 50%
in the Valleys, and five:points to 72% in the Wheeling district. At Buffalo
the production rate has risen 11 points to 41%, but elsewhere operations,
through showing a sagging tendency, are sue3tantially unettangel.
May 25 1935
Financial Chronicle
THE "IRON AGE" COMPOSITE PRICES:
Finished Steel
(Based on steel bars, beams, tank plates,
May 21 1935. 2.1240. a lb.
2.124c, wire, rails, black pipe, sheets and not
One week ago
2.124c, rolled strips. These products make
One month ago
2.199c. 85% of the United States output.
One year ago
Low
Iligh
2.1240. Jan. 8
2.124c. Jan. 8
1935
2.008c. Jan. 2
2.199c. Apr. 24
1934
1.8670. Apr. 18
2.0150. Oct. 3
1933
1.926c. Feb. 2
1 977c. Oct. 4
1932
1.945c. Dec. 29
2.037c. Jan. 13
1931
2.018c. Dec. 9
2.273c. Jan. 7
1930
2.2730. Oct. 29
2.3170. Apr. 2
1929
2.217c. July 17
2.286c. Dec. 11
1928
2.2120. Nov. 1
2.402c. Jan. 4
1927
Pig Iron
Based on average of basic iron at Valley
May 21 1935, $17.83 a Gross Ton
furnace and foundry irons at Chicago,
$17.83
One week ago
17.90 Philadelphia, Buffalo, Valley and
One month ago
17.90 Birmingham.
One year ago
Low
.1110h
$17.83 May 14
317.90 Jan. 8
1935
16.90 Jan. 27
17.90 May 1
1934
13.56 Jan. 3
16.90 Dec. 5
1933
13.56 Dec. 6
14.81 Jan. 5
1932
14.79 Dec. 15
15.90 Jan. 6
1931
15.90 Dec. 16
18.21 Jan. 7
1930
18.21 Dec. 17
18.71 May 14
1929
17.04 July 24
18.59
27
Nov.
1928
17.54 Nov. 1
19.71 Jan. 4
1927
Steel Scrap
(Based on No. 1 heavy melting steel
May 21 1935, $10.75 a Gross Ton
$10.671 quotations at Pittsburgh, Philadelphia
One week ago
10.331 and Chicago.
One month ago
11.171
One year ago
Low
Ifira
$10.33 Apr. 23
$12.33 Jan. 8
1935
9.50 Sept. 25
13.00 Mar. 13
1934
6.75 Jan. 3
12.25 Aug. 8
1933
6.42 July 5
8.50 Jan. 12
1932
11.33 Jan. 6
8.50 Dec. 29
1931
15.00 Feb. 18
11.25 Dec. 9
1930
17.58 Jan. 29
14.08 Dec. 3
1929
16.50 Dec. 31
13.08 July 2
1928
13.08 Nov.22
15.25 Jan. 11
1927
The American Iron and Steel Institute on May 20 announced that telegraphic reports which it had received indicated that the operating rate of steel companies having
98.7% of the steel capacity of the industry will be 42.8%
of the capacity for the current week, compared with 43.4%
last week, 44.6% one month ago, and 54.2% one year ago.
This represents a decrease of 0.6% points, or 1.4%,from the
estimate for the week of May 13. Weekly indicated rates
of steel operations since May 7 1934 follow:
1934May 7
May 14
May 21
May 28
June 4
June 11
June 18
June 25
July 2
July 9
July 16
July 23
July 30
Aug. 6
56.9%
56.6%
54.2%
56.1%
57.4%
56.9%
56.1%
44.7%
23.0%
27.5%
28.8%
27.7%
26.1%
25.8%
1934Aug. 13
Aug. 20
Aug. 27
Sept. 4
Sept. 10
Sept. 17
Sept.24
Oct. 1
Oct. 8
Oct. 15
Oct. 22
Oct. 29
Nov. 5
Nov. 12
22.3%
21.3%
19.1%
18.4%
20.9%
22.3%
24.2%
23.2%
23.6%
22.8%
23.9%
25.0%
26.3%
27.3%
1934Nov. 19
Nov. 26
Dec. 3
Dec. 10
Dec. 17
Dec. 24
Dec. 31
1935Jan. 7
Jan. 14
Jan. 21
Jan. 28
Feb. 4
Feb. 11
27.6%
28.1%
28.8%
32.7%
34.6%
35.2%
39.2%
43.4%
47.5%
49.5%
52.5%
52.8%
50.8%
1935Feb. 18
Feb 25
mar. 4
Mar. 11
Mar 18
Mar. 25
Apr 1
Apr.
2
1g
Apr. 2
Apr. 29
May 6
May 13
May 20
49.1%
47.9%
48.2%
47.1%
468%
46.1%
44.4%
1:0Z
4
.6%
43.1%
42.2%
43.4%
42.8%
"Steel" of Cleveland, in its summary of the iron and steel
markets, on May 20 stated:
Iron and steel markets reflect the steadying influence of labor settlements
in the automobile industry, and last week steelworks operations again
advanced, 1 point to 455i%•
Chevrolet and Fisher have released a largo proportion of the material
recently suspended, automobile assemblies for the week increased about
3,000 units to 90.000, and this week full-finished sheet production is scheduled at 60%, up 6 points. Tin plate mills operations have made another
gain of 5 points to 85%•
The most significant development in the week was the decision by iron
and steel producers to extend prices for third quarter, notwithstanding fresh
inflation sentiment, and increased costs due to freight surcharges. This
means that there will be no speculative buying this month or in June. such
as that which stimulated operations at this time last year.
Of course, what prices eventually prevail for third quarter depends on
the fate of National Recovery Administration and steel Code June 16.
The intent in reaffirming prices at this time, apparently, is to stabilize the
future markets. Out of the industry's two-year experience with its code
there has come a recognizable base of fair prices and practices. Even
though the code be abolished, under the laws against unfair trade practices
the industry now could nialntaln reasonable control over competition. This
Is true concerning all coded industries.
Undoubtedly, consumers are adopting a "wait and see" attitude. Necessary requirements are being placed, but the size of orders from many
sources is being scaled down, and inventories are being reduced.
Just as labor skies have given evidence of clearing, passage of the Wagner
bill by the Senate has intensified uncertainties. Of the two measures, the
steel industry would much prefer continuation of NRA, as the least disturbing. Early settlement of the Eastern shipyard strike, which held up
construction of naval vessels, is expected, as steel shipments have been
released. The threatened strike at Lake Superior iron ore mines failed
to materialize when all the miners continued at work, and organizers left
the ranges.
Structural shape awards for the week totaled 12,807 tons, including
5.000 tons of piling for the Alton, Ill.. dam. Several new bridge projects
at New York to be up for figures soon will require 32.000 tons.
Western railroads will spend $19,000.000 this year on air-conditioning
passenger cars. Delaware. Lackawanna & Western has awarded 1.000 tons
of tie plates. The official report on rail production for 1934, just issued,
shows 1,010.224 tons, two and one-half times the 1933 tonnage, and approximately that of 1931.
With melters refusing to pay current prices, and dealers declining to cut,
the scrap market has the appearance of firmness. To a bona fide consumer demand, rather than inflation fears or labor difficulties, is ascribed
the advance of $1 to $3 a ton in non-ferrous metals. For the third consecutive week, blast furnace operations in the Pittsburgh district have been
Increased, another steelworks stack having been lighted.
"Steel's" London correspondent cables that in April, first month of Great
Britain's experiment with higher duties, Iron and steel imports dropped to
Volume 140
3465
Financial Chronicle
62.739 gross tons. Since then, the increases have been suspended for three
months, and May should reverse the trend. Exports increased 20% to
210.880 tons. April pig iron output in Great Britain totaled 526,300 tons;
steel ingots and castings. 808.700. a slight reduction for both.
Pittsburgh district steelworks operations last week rose 2 points to 38%:
Detroit. 12 to 94; New England, 4 to 50; eastern Pennsylvania, 3.5 point
to 2834: Buffalo, 2 to 32. Wheeling was down 8 to 73; Chicago. 1 to 51 •
Cleveland was unchanged at 51; Birmingham. 5434; Youngstown. 50.
"Steel's" market price composites are unchanged, iron and steel. $32.34,
finished steel, 854:scrap. $10.29.
Steel ingot production for the week ended May 20, is
placed at about 44% of capacity, according to the "Wall
Street Journal" of May 23. This compares with 45% in the
previous week and 44% two weeks ago. The "Journal"
further stated:
U. S. Steel is estimated at 40%,against41% in the week before and 40%
two weeks ago. Leading independents are credited with 47%. compared
with 48% in the two preceding weeks.
The following table gives a comparison of the percentage of production
with the nearest corresponding week of previous years. together with the
approximate changes, in points,from the week immediately preceding:
U. S. Steel
Industry
1935
1934
1933
1932*
1931
1930
1929
1928
1927
* Not available.
40
--I
44
5948
3334
3934 :1--
iis
—2
44
—1
75
—114
96
—234
82
8134 +1H
Independents
—1
+1
+4
47 —1
69 —1
45 +434
— 34
—235
+2
43
70
93
78
74
=ri_
100
8634
89
—2
—2
—2
—2
+1
Current Events and Discussions
The Week w*th the Federal Reserve Banks
The daily average volume of Federal Reserve bank credit
outstanding during the week ended May 22, as reported
by the Federal Reserve banks, was $2,476,000,000, a decrease of $9,000,000 compared with the preceding week and
an increase of $1,000,000 compared with the corresponding
week in 1934. After noting these facts, the Federal Reserve
Board proceeds as follows:
On May 22 total Reserve bank credit amounted to $2,459.000.000, a
decrease of $14,000,000 for the week. This decrease corresponds with a
decrease of $13,000,000 in money in circulation and an increase of $25,000,000 in monetary gold stock, offset in part by an increase of $18,000.000 in
non-member deposits and other Federal Reserve accounts, and $5,000,000
In Treasury cash and deposits with Federal Reserve banks and a decrease of
$3,000,000 in Treasury and National bank currency.
Relatively small changes were reported in holdings of discounted and
purchased bills, U. S. Government securities and industrial advances.
Beginning with the week ended Oct. 31 1934, the Secretary
of the Treasury made payments to three Federal Reserve
banks in accordance with the provisions of Treasury regulation issued pursuant to subsection (3) of Section 13-B of
the Federal Reserve Act, for the purpose of enaoling such
banks to make industrial advances. Similar payments have
been made to other Federal Reserve banks upon receipt of
their requests by the Secretary of the Treasury. The amount
of the payments so made to the Federal Reserve banks is
shown in the weekly statement against the caption "Surplus
(Section 13-B)," to distinguish such surplus from surplus
derived from earnings, which is shown against the caption
"Surplus (Section 7)."
The statement in full for the week ended May 22, in comparison with the preceding week and with the corresponding
date last year, will be found on pages 3500 and 3501.
Changes in the amount of Reserve bank credit outatanding and in related items during the week and year ended
May 22 1935 were as follows:
Increase (1-) or Decrease (—)
Since
May 22 1935 May 15 1935 May 23 1934
$
8
$
—27,000,000
7,000,000
5,000,000
2 430,000.000
Bills discounted
Bills bought
U. S. Government securities
Industrial advances (not including
19,000,000 commitments—May 22) 27,000,000
—9,000,000 —14,000,000
Other Reserve bank credit
+27,000,000
—8,000.000
Total Reserve bank credit
2 459,000,000 —14,000,000
Monetary gold stock
8 762,000,000 +25,000.000
Treasury and National bank eurreney_2,531,000,000 —3,000,000
—10,000,000
+996,000.000
+156,000,000
5481,000,000 —13,000,000 +185,000,000
Money in circulation
4,821,000,000 --1,000,000 i-1,054.000,000
Member bank reserve balances
Treasury cash and deposits with Fed+5,000.000 —146,000,000
2,906,000,000
eral Reserve bank
Non-member deposits and other Fed+69.000,000
544,000,000 + 18,000,000
eral Reserve accounts
Returns of Member Banks in New York City and
Chicago—Brokers' Loans
Below is the statement of the Federal Reserve Board for
the New York City member banks and also for the Chicago
member banks for the current week, issued in advance
of full statements of the member banks, which latter will not
be available until the coming Monday. The New York
City statement formerly included the brokers' loans of
reporting member banks and showed not only the total of
these loans but also classified them so as to show the amount
loaned for their "own account" and the amount loaned
for "account of out-of-town banks," as well as the amount
loaned "for account of others." On Oct. 24 1934 the statement was revised to show separately loans to brokers and
dealers in New York and outside New York, loans on
securities to others, acceptances and commercial paper,
loans on real estate, and obligations fully guaranteed both
as to principal and interest by the United States Government. This new style, however, now shows only the loans
to brokers and dealers for their own account in New York
and outside of New York, it no longer being possible to get
the amount loaned to brokers and dealers "for account of
out-of-town banks" or "for the account of others," these
last two items now being included in the loans on securities
to others. The total of these brokers' loans made by the
reporting member banks in New York City "for own account," including the amount loaned outside of New York
City, stood at
$39,000,000.
65,000,000 on May 22 1935, an increase of
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES
New York
May 22 1935 May 15 1935 May 23 1934
Loans and investments—total
7 658,000,000 7,605,000.000 7,001,000,000
Loans on securities—total
1,628,000,000 1.591,000,000 1,844,000,000
To brokers and dealers:
In New York
Outside New York
To others
806,000,000
59,000,000
763,000,000
769,000,000
57,000,000
765,000.000
689,000.000
46,000,000
909,000,000
Accepts, and commercial paper bought_. 197,000.000 200,000.000)
128.000,000 128,000,0001,548,000.000
Loans on real estate
1,215,000,000 1,219,C00.000
Other loans
U. S. Government direct obligations....3,199,000.000 3,198,00 ,000 2,752,000,000
Obligations fully guaranteed by United
270,000,000 257,000,0001
States Government
1.057,000
1,019,000,000 1,012,000,000J
Other securities
1,336,000,000
1,749.000.000
_1,764,000,000
_
Bank
Reserve
Federal
Reserve with
38,000,000
45,000,000
45,000,000
Cash in vault
Net demand deposits
Time deposits
Government deposits
7 294,000,000 7,171,000,000 6,028.000.000
627,000,000 628,000,000 674,000,000
410,000,000 429,000,000 551,000,000
Due from banks
Due to banks
78,000,000
71,000,000
72,000,000
1 896,000.000 1,923,000,000 1,600,000,000
Borrowings from Federal Reserve Bank_
Chicago
I 524,000,000 1,543,000,000 1,435,000,000
Loans and investments—total
Loans on securities—total
199,000,000
199,000,000
279.000.000
To brokers and dealers:
In New York
Outside New York
To others
2,000,000
24,000,000
173,000,000
2,000,000
24,000,000
173,000,000
19,000.000
38,000.000
222,000,000
Accepts, and commercial paper bought__ 24,000,000
16,000,000
Loans on real estate
240,000.000
Other loans
25,000,000
17,000,000
245,000,000
314,000,000
U.S. Government direct obligations._ _ 721,000,000
Obligations fully guaranteed by United
80,000,000
States Government
244,000,000
Other securities
737,000,000
552,000,000
635,000,000
34,000,000
612,000,000
35,000,000
Reserve with Federal Reserve Bank
Cash in vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
80,000,0001 290,000,000
240,000,0001
403,000,000
41,000,000
1,585.000,000 1,571.000,000 1.306,000,000
441,000,000 454,000.000 351.000,000
27,000,000
31,000,000
29,000,000
239,000,000
501,000,000
245,000.000
509,000,000
187,000,000
391,000,000
Borrowings from Federal Reserve Bank_
Returns of the Member Banks of the Federal
Reserve System for the Preceding Week
As explained above, the statements of the New York and
Chicago member banks are now given out on Thursday,
simultaneously with the figures for the Reserve banks
themselves and covering the same week, instead of being
held until the following Monday, before which time the
statistics covering the entire body of reporting member banks
in 91 cities cannot be empiled.
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 May 15:
Complete
The Federal Reserve Board's condition statement of weekly reporting
member banks in 91 leading cities on May 15 shows increases for the week of
$143.000,000 in net demand deposits, $10,000,000 in time deposits and
$78,000,000 in reserve balances with Federal Reserve banks,and decreases of
$76.000,000 in total loans and investments and $62,000,000 in Government
deposits.
Loans on securities to brokers and dealers in New York and outside
New York, respectively, declined 57,000.000 each, and loans on securities
to others increased $8,000.000 in the New York district, 56,000.000 in the
San Francisco district and $14.000,000 at all reporting member banks.
Holdings of acceptances and commercial paper bought in open market and
real estate loans showed little change for the week, and "other loans"
increased $21,000,000 in the New York district and $19,000,000 at all
reporting member banks.
Holdings of United States Government direct obligations declined
$21,000,000 in the New York district. $19,000,000 in the Chicago district.
$10,000.000 in the Kansas City district and $49,000,000 at all reporting
member banks; holdings of obligations fullyi guaranteecliby the United
3466
Financial Chronicle
States Government declined 37,000.000; and holdings of other securities
declined $42.000.000 in the New York district and $40,000,000 at all
reporting member bauks.
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 $1 262.000.000 and net
demand, time and Government deposits of 31.471.000.000 on May 15.
Compared with $1.253.000.000 and 31.457.000.000. respectively, on May 8.
h) A summary of the principal assets and Hat:aides 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 15 1935. follows:
Increase (+1 or Decrease (—)
Since
May 16 1934
May 15 1935
May 8 1935
Loans and investments—total_ _ _18,442,000,000
—78,000,000 +1,154,000.000
Loans on securitlee—total
3,015.000,000
To brokers and dealers:
In New York
Outside New York
To others
812.000.000
163,000,000
2,040,000,000
—7,000,000
—7.000.000
+14,000,000
—55,000.000
—5,000,000
—430,000,000
386.000,000
963.000,000
3,234,000,000
+1.000.000
+19,000,000
+20,000,000
—49,000,000
+996,000,000
Accepts, and com'l paper bought
Loans on real estate
Other loans
—490,000,000
U.S. Govt. direct obligations
7,250,000,000
Obligations fully guaranteed by the
United States Government
699,000,000
Other securities
2,895,000.000
—7,000,0001 +628,000,000
—40,000,000f
Reserve with Fed. Res. banks
Cash in vault
+78,000,000
I
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from F. It. banks
3,634.000.000
273,000,000
14,794,000.000
4,549,000,000
814,000,000
1,872,000,000
4,417,000,000
+902.000.000
+38,000,000
+143.000.000 +2,515.000.000
+72.000,000
+10.000.000
—62.000,000 —185.000,000
+80.000,000
+63.000,000
+277.000.000
+735,000,000
—5.000.000
World Wheat Conference Plans to Extend Provisions
of Present Pact One Year After August 1--Other
Delegates Accede to Argentine Demands
Delegates to the International Wheat Conference in London agreed on May 23 in principle to negotiate a new world
wheat agreement to replace the present pact, which was concluded in August, 1933. The Committee was expected to
embody this procedure in the form of a resolution and to
approve it yesterday (May 24). The delegates will then
seek authority from their 21 governments to negotiate details
of the now pact at the Committee's next session. Associated
Press London advices of May 23 said that it was tentatively
decided to extend the life of the agreement, due to expire on
August 1, one year. We quote in part from these dispatches
as follows:
KWhile the only information given out officially after the day's secret
session was that "discussions will continue to-morrow." it was learned
authoritatively that the conferees decided the wheat agreement would
become inoperative even during the remaining two months of its original
Wed.
Only on those conditions, it was said, would Argentina, which already
has exceeded its export quota for 1931-35. agree to extension of the pact.
yl Earlier the South American producer, which this year is expected to
ship more than 30% of the world export demand, had refused the request
presented by the American•Australian-Canadian bloc that she accept only
20% of the,world,export demand as her next year's quota.
Repudiated by Argentina
Argentina formally repudiated the wheat pact last November. although
other ,.delegates refused to accept her argument that the pact was unfair
to her and insisted she was still bound by the "Initial quota" adopted
for the current year of 148.000.000 bushels. This Argentina exceeded
several weeks ago,
i:5To-days decision means that the Advisory Wheat Commission will continue to function in gathering and studying statistics on world wheat crops
and exports for the information of the twenty-two signatory governments.
It will warn governments if conditions grow worse and action is considered
necessary.
Stabilization Is One of British Government's Objectives
Neville Chamberlain Tells London Bankers—Says
Time for Return to International Gold Standard
Has Not Yet Arrived
Currency stabilization is one of the "ultimate objectives"
of Great Britain, but the time has not yet arrived for stabilization and the return to an international gold standard,
Neville Chamberlain, British Chancellor of the Exchequer,
said on May 16 in addressing the annual dinner of the
Bankers Association in London. Mr. Chamberlain's remarks were believed to have been prompted by the stabilization discussion of Secretary of the Treasury Morgenthau
last week. The Chancellor said that his Government will
continue to watch the situation "with a view to taking
action at any time when it seems to us that action is likely
to bring about useful results." His speech was quoted, in
part, as follows, in a dispatch from London on May 16 to
the New York "Herald Tribune":
Agreeing that stabilization was essential before any real revival in
International trade could take place, Mr. Chamberlain continued:
"But exchange rates cannot be controlled without reference to other economic factors. Exchange rates are the outcome of an exchange of goods
and of capital transfers, and, just as it is no use to try to anchor a ship
If the anchorage Itself is always shifting, so, it seems to me, that it would
be futile to attempt to bring about stabilization until we can see some
prospect of stability of conditions after stabilization has been effected.
Prepared for Action
"All I can say, therefore, is that stabilization is one of our ultimate
objectives, and we are now watching and shall continue to watch the
May 25 1935
situation with a view to taking action at any time when it seems to us that
action is likely to bring about useful results."
Earlier in his speech the Chancellor reviewed with considerable complacency signs of revival of domestic trade, which he attributed, in part
at least, to the National Government's tariff and cheap money policies.
The possibilities of this combination, he suggested, are not yet exhausted.
He admitted, however, that revival of international trade was even more
important for the economic welfare of the country. To attain this end
he posed three necessary conditions in addition to stabilization of currencies.
Lower Tariff Urged
First, he put a rise in wholesale prices, pointing out that some progress
had been achieved in this direction.
Second, he called for lowering of excessive tariffs and removal of trade
restrictions—which seemed in conflict with his earlier claims for the
efficacy of Great Britain's tariff policy. He spoke, however, of "a moderate tariff system," and presumably he regards the British system as
such, although importers here might take a different view. He professed
to see some slight signs of relaxation of economic nationalism, but agreed
that progress was very slow.
His third essential was a resumption of foreign lending, and in this
respect he said Great Britain was doing her bit. Last year, he said, "in
spite of the difficulty of finding good borrowers, and the prior claims of
British industry, which took something like £100,000,000 of new capital,
we were able to make new issues of some £37,000,000 within the empire
and £5,000,000 elsewhere, and I think that is not an unsatisfactory
beginning.
Chancellor Hitler Defines German Foreign Policy—
Speech to Extraordinary Reichstag Session Reiterates Armament Intentions
Chancellor Hitler of Germany, speaking before the
Reichstag on May 21, discussed the European political and
economic situation and defined the Reich's attitude toward
certain controversial points. He reiterated his re-armament
program in defiance of the provisions of the Versailles
Treaty, and announced that his new conscript law would
place women as well as men under obligation to serve the
Nation in time of war. Germany, under the present discriminatory attitude of the other European Powers. he said,
will never return to membership in the League of Nations.
The address was made before an extraordinary session of
the Reichstag, and that body adjourned immediately after
it was concluded. Except for the C'hancellor's stress upon his
re-armament policy, the speech was conciliatory in large
part, and emphasized that Germany desires peace and not
war. Herr Hitler said that Germany was willing to disarm
to as great an extent as the other Powers, but would not
grant any concessions in this respect. Aside from the armament provisions of the Versailles Treaty, the Chancellor
said, Germany will "unconditionally respect" all other
articles of that pact, including its territorial stipulations,
until the "inevitable" revision can be brought about through
peaceful understanding. The Reich will scrupulously observe
all other treaties.
A dispatch from Berlin to the New York "Times" on
May 21 summarized some of the other features of the
Chancellor's address as follows:
Germany is ready, says Herr Hitler, to participate in a system of collective co-operation for European peace to the extent of agreeing not to
aid any combatant. But in this she wishes to go carefully, step by step.
As to mutual assistance pacts, she will have none of them. An air agreement
she will welcome. Herr Hitler accepts the present French border and repeats
his former renunciation of Alsace-Lorraine.
As to Britain his expressions are even stronger. He places German naval
limitation at 35% of the strength of the British fleet and 15% below the
French strength, and this, "contrary to the press interpretation, is to be not
a beginning but final." And he says what he wants is to find and maintain a relation to the British people and State that will forever prevent a
repetition of the single conflict that has taken place between the two nations.
Favors:Practical:Disarmament
As to disarmament. Herr Hitler says his Government is willIneto participate in all efforts for practical limitation. He suggests step by step
abolition, going back to the idea of tne Geneva Red Cross regulations that
forbade the use of dumdum bullets and gradually forbidding other practices
such as bombing and the use of gas. Incendiary and explosive bombs outside
a war zone whereby women and children rather than soldiers would face the
danger of death.
There are other distinct advances In the speech that will make it welcome
in Britain and may even obtain for it a good reception in France.
On the other hand Herr IIItler bitterly attacked Russia—on the ground.
curiously enough, of the "Godlessness" of Bolshevism as one basis. With
equal bitterness he assailed conditions in Memel where "140.000 Germans
are deprived of even the rights of animals, that is, the right of faithfulness
to an old master." He declined any peace pacts with Lithuania until conditions there were remedied.
The German Chancellor in his speech enunciated a 13point program covering the Reich's foreign policy. Another
Berlin dispatch of May 21 to the "Times" listed these points
as follows:
1. Germany rejects the Geneva decision of March 17, contending that
the others, not Germany, violated the Versailles Treaty. This now discrimination has made It impossible for Germany to return to Geneva until
equality of rights has been established.
2. Germany repudiated only the armament provisions in the treaty.
She solemnly declares she will unconditionally respect all other article*,
including the territorial provisions, and will seek revisions, which will
become inevitable in the course of time, only through peaceful understanding.
3. Germany will not sign any treaty that she considers impossible to
fulfill, but will scrupulously observe all treaties even if they were concluded
by earlier governments. In particular she will fulfill all obligations resulting
from Locarno as long as the other signatories do. "The Gorman Government
views its consequent respect for the nemilitarized zone as a contribution to
European pacification regardless of the fact that It is a burden on a sovereign
State, but believes It necessary to point out that continuous massing of
troops on the other side by no means supplements this effort."
Volume 140
4. The German Government is ready at any time to participate In a
system of collective co-operation for securing European peace, but considers
it necessary to meet the law of eternal development through a reservation
for the revision of treaties.
5. Germany is against imposing one-sided conditions and believes in
taking a minimum action, then proceeding step by step.
6. Germany is ready In principle to conclude non-aggression pacts with
Individual neighbor States and supplement them with provisions for the
Isolation of combatants and the localization of sources of conflict.
7. The German Government is ready as a supplement to Locarno to
agree to an air agreement and to enter into discussion thereof immediately.
8. Germany has announced the extent of the new German Army and will
never yield in that matter. She is always ready however, to accept all arms
limitations that other States likewise accept. Limitation of the German
air force to parity with the other individual Great Western l'owers makes
possible the fixing of a maximum. Germany's naval limitation at 35% of
the British fleet is still 15% below the total tonnage of the French fleet.
This is not a beginning, but final and permanent. She has not the intention
or necessity or means to enter into naval rivalry.
9. The German Government is milling actively to participate in all
efforts for practical limitation of unlimited armaments. It sees the only
chance for this in a return to the idea of the first Geneva Red Cross convention. It is against bombing and against the use of gas, incendiary and
explosive bombs outside a war zone.
10. Germany is willing to agree to every limitation of weapons of aggression—the heaviest artillery and the heaviest tanks. This would give France
100% security in view of her border fortifications.
11. Germany is willing to agree to every limitation of the calibre of
artillery on battleships. cruisers and torpedo boats; also to every limitation
of ship sizes; also to limitation of the size of submarines or even their complete abolition by international agreement.
12. rhe German Government believes it is impossible to ease tensions
until the poisoning of public opinion through irresponsible elements in word,
film and theater is effectively prevented.
13. Germany is willing to concur loan international agreement effectively
to prevent attempts at interference In other States from outside, but she
must demand that such agreements shall be internationally effective and
shall benefit all States.
World's Economists to Meet in Stuttgart, Germany,
May 31 to June 4
Economists of the world have been invited to attend the
Congress of the German Society for World Economy in
Stuttgart, capital of Wurttemberg, Germany, May 31 to
June 4. During the Congress, economic and scientific
lectures and discussions by world authorities will alternate
with study trips to the most important economic institutes
of Germany. An announcement in the matter said:
The President of the German Society for World Economics, Gouverneur
I. II. Dr. Schnee. and the President of the "Deutsches Ausland-Institut"
(German Institute for Foreign Cultural Relations), together with leading
economists of Germany and other countries, will give lecture, on various
subjects in world economics. The President of the International Chamber
of Commove, Mynheer Fentener van Vlissingen of Utrecht, will speak on
The Reconstruction of World Economy."
Leipzig Trade Fair to Be Held Aug. 25 to 29
The Leipzig Trade Fair will be held in Leipzig, Germany,
this fall from Aug. 25 to 29,inclusive, it has been announced.
It is assured that buyers from 74 countries will attend
and that the newest art and industrial products of 22 great
producing countries, including the United Stases, will be on
exhibi.ion. The historic Fair, which has been held without
interruption for 700 years, is the largest, as it is the oldest,
in industrial exchange in the world.
15,000 Coal Miners Strike in Belgium in Protest of
Famine Wages
In protest against what they term "famine wages," 15,000
of the 36,000 coal miners in the Charleroi disteict of Belgium
were on strike May 23 for higher pay. Late May 23, said
Associated Press advices from Brussels, that day, 31 of the
59 shafts in the district were affected by the strike. The
advicos, in part, said:
As the movement, though without trade union backing, threatened to
involve 100.000 additional men, the press joined strike leaders in urging
the Government to intercede with owners to raise wage levels and restore
subsidies of free coal for miners' families.
The average wage paid in the Charleroi workings is 33 francs ($4.20)
daily. Most miners work only three days each meek. Youths 18 years
old and married women employed by the mines draw what are called
"famine wages" of 13 to 18 francs ($1.65 to $2.30) daily.
The strike late to-day had involved 31 of the 59 shafts In the district.
Italy Sells 1,000,000,000-Lire 4% Bond Issue
A 1,000,000,000-Lire ordinary-bond issue, bearing interest at 4% over 12 months, was announced by the Italian
Government on May 20 through the official gazette, said
Associated Press advices from Rome that day. The issue,
the advices said, was designed partly to cover the deficit
of the fiscal year June 30.
Ecuador Places Embargo on Exports of Silver—Bills to
be Issued Due to Scarcity of Silver Coins
The Ecuador Government issued on May 17 a decree
prohibiting the exportation of silver coins, bars or manufactured silver. This action, said United Press advices from
Guayaquil, was taken to keep the country from being drained
of its silver, because of the high prices paid for that metal in
markets abroad.
A cablegram from Guayaquil, May 21, to the New York
"Times" of May 22, said:
3467
Financial Chronicle
The Ecuadorean Government has authorized the Central Bank to issue
are
one and two sucre bills to relieve the scarcity of silver coins, which now
being hoarded as a result of the export embargo.
American-Oriental Banking Corp., Shanghai,
Suspends Payments
The board of directors of the American-Oriental Banking
Corp., Shanghai, China, voted on May 24 to suspend
payments and apply to the United States Court in Shanghai
for the appointment of trustees po conserve its assets for
the benefit of depositors. In noting this, United Press
advices from Shanghai May 24 said:
The bank's assets were reported to be substantially more than Its liabilities and that its present shortage of cash was caused only by the continued
acute financial situation in China.
Three affiliated financial and real estate companies, controlled chiefly
by Frank Raven. original organizer of the American-Oriental Bank. also
decided to apply for appointment of trustees by the United States Federal
Court here, under Section 77 of the new Bankruptcy Act. These are the
Asia Realty Co., the American-Oriental Finance Corp. and the Raven
Trust Co.
3700,000 Republic of Poland 8% Gold Bonds of 1925
Drawn for Redemption Through Sinking Fund
Announcement was made on May '20 by Dillon, Read &
Co., as sinking fund trustee for Republic of Poland 25-year
sinking fund external 8% gold bonds of 1925, that $700,000
of the bonds have been drawn for redemption on July 1 at 105
and accrued interest, out of moneys to be paid to them
through operation of the sinking fund. Payment will be
made at the New York office of Dillon, Read & Co.
Brazil Remits 35% of June 1 Coupons on 8% and
7% Bonds—Rulings on Bonds by New York Stock
Exchange
Dillon, Read & Co., as special agent for United States of
Brazil 20-year external gold loan 8% bonds and 30-year 7%
gold bonds, announced May 20 that funds have been remitted
for the payment of the June 1 coupons of both issues at the
rate of 35% of the dollar face amount. Coupons will be
paid at this rate on and after June 1 at the New York office
of Dillon, Read & Co., but must be accompanied by a letter
indicating that the holder agrees to accept such payment in
full satisfaction and discharge of such coupons.
Rulings on the two issues by the New York Stock Exchange
were announced as follows on May 23 by Ashbel Green,
Secretary:
NEW YORK STOCK EXCHANGE
Committee on Securities
Matt 23 1935.
Notice having been received that payment of $14 per $1 000 bond will
be made June 1 1935, on surrender of the coupon then due from United
States of Brazil 20- Year External Gold Loan 8% Bonds. due 1941:
The Committee on Securities rules that transactions made on and after
June 1 1935, shall be settled by delivery of bonds bearing only the Dec. 1
1935 and subsequent coupons; and
That the bonds shall continue to be dealt in "Flat."
Notice having been received that payment of $12.25 per $1,000 bond will
be made June 1 1935. on surrender of the coupon then due from United
States of Brazil 30-Year 7% Gold Bonds. due 1952:
The Committee on Securities rules that transactions made on and after
June 1 1935, shall be settled by delivery of bonds bearing only the Dec. 1
1935 and subsequent coupons; and
That the bonds shall continue to be dealt in "Flat."
ASHBEL GREEN, Secretary,
New York Stock Exchange Rules on 6% Gold Bonds,
Loan of 1927, of City of Budapest, Hungary
The following announcement was issued on May 23 by
Ashbel Green, Secretary of the New York Stock Exchange:
NEW YORK STOCK EXCHANGE
Committee on Securities
May 23 1935.
Referring to the offer to make payment in Pengoes in Hungary on surrender of the June 1 1935, coupon from City of Budapest External Sinking
Fund 6% Gold Bonds, Loan of 1927, due 1962:
The Committee on Securities rules that transactions made on and after
June 1 1935. shall be settled by delivery of bonds bearing only the Dec. 1
1935 and subsequent coupons; and
That the bonds shall continue to be dealt in "Flat."
ASHBEL GREEN. Secretary.
Ashbel Green to Retire as Secretary of New York Stock
Exchange July 11936—Standing Committees Appointed
The Governing Committee of the New York Stock
Exchange at a meeting May 22 approved a request of
Ashbel Green, Secretary, that he be retired on July 11936.
In announcing this action, Charles R. Gay, President of
the Exchange, said:
Ashbel Green. Secretary of the Exchange, has agreed to continue in his
present office until July 1 1936. He is entitled to retire now but, at my
request, he will continue with the Exchange for another year so that I may
have the benefit of his broad knowledge and:experience in the affairs of the
Exchange.
The Trustees of the Gratuity Fund reported to the Governing Committee on May 22 that E. H. H. Simmons had been
elected Chairman to succeed H. G. S. Noble, who resigned
as a Trustee of the Fund last March. W. Strother Jones
was re-elected Secretary and Treasurer and Allen L. Lindley
3468
Financial Chronicle
May 25 1935
was appointed Secretary and Treasurer pro tern, to act in
"Amend the second paragraph of Article II to read:
the absence of Mr. Jones.
The members of the Governing Committee,the Executive Vice-President.
the Assistant to the President, the Secretary, the First Assistant Secretary.
It was also reported to the Governing Committee by the the Accountant and the Economist, shall be the officers of the Exchange.
New York Stock Exchange Building Co. that Charles R.
Note—This amendment makes the Executive Vice-President an officer
Gay and Benjamin H. Brinton had been elected to the of the Exchange.
Board of Trustees of the Building Company to fill, until the
Amend Article VI by inserting a new Section 4 to read as follows and by
next annual election, the unexpired terms of Andrew Varick renumbering the existing Sections 4 and 5:
Sec. 4. The Governing Committee may, on the nomination of the
Stout Jr. and Arthur Turnbull, resigned. Mr. Brinton and President,
appoint an Executive Vice-President. He shall perform such
Richard Whitney were elected to the Executive Committee duties as the
President may prescribe.
to serve until the next annual election. George P. Smith
Note—This amendment creates the new office of Executive Vice-President.
was elected Treasurer and Edward E. Bartlett Jr., Assistant
Treasurer.
Testimonial Presented to Richard Whitney, RetirThe Exchange announced yesterday(May 24)the appointing President, by Employees of New York Stock
ment of Edward C. Gray as Secretary of the Committee on
Exchange
Business Conduct to succeed Leon R.Harrison, who resigned
Richard Whitney, retiring President of the New York
last month. Mr. Gray, has served since October 1927 as
Stock Exchange, received May 23 a testimonial signed by
Assistant Secretary of the Committee.
attesting their
At its meeting, the Governing Committee appointed the more than 1,900 employees of the Exchange
loyalty and friendship. The presentation was made to Mr.
following standing committees:
Whitney by Sylvester Carlton, Youths' Day President of the
Exchange,at a meeting of the employees of the Exchange and
STANDING COMMITTEES
of its affiliated companies held in the Governing Committee
Finance Committee--Continued—
Committeeon Admissions—
room after the close of the market.
Edward T. H. Talmage Jr.
Edward Roesler, Chairman
The President and the Treasurer
The testimonial signed by the employees read as follows:
Oliver C. Billings, Vice-Chairman
Herman B. Baruch
Edward C. Fiedler
W. Allston Flagg
Harold Hartshorne
Louis E. Hatzfeld
Laurence M. Marks
William McC. Martin Jr.
A. Heyward McAlpin
Winton G. Rossiter
George P. Smith
David W. Smyth
Robert L. Stott
Edward T. H. Talmage Jr.
Arbritration Committee—
Edward E. Bartlett Jr.
Robert A. Drysdale
Peter J. Maloney
A. Heyward McAlpin
Roger D. Meillck
Edward Roesler
George M.Sidenberg
George P. Smith
Blair S. Williams
Committee of Arrangements-Oliver C. Billings, Chairman
Bertrand L. Taylor Jr., ViceChairman
Arthur F. Broderick
John A. Chisel
W.Allston Flagg
Herbert L. Mills
Charles M. Newcombe
L. Martin Richmond
Raymond Sprague
Robert L. Stott
Lewis A. Williams
Committee on Bonds—
Nelson I. Asiel
Maurice L. Farrell
Laurence M. Marks
Herbert L. Mills
Harry II. Moore
Charles M. Newcombe
Alfred E. Thurber
Richard Whitney
*Joseph R. Swan
Committee on Business Conduct—
Allen L. Lindley, Chairman
L. Martin Richmond, ViceChairman
Howland S. Davis
Peter J. Maloney
Edward T. H. Talmage Jr.
Blair S. Williams
*John M. Hancock
Committee on Constitution—
George M. Sidenberg, Chairman
Lewis A. Williams, Vice-Chairman
William McC. Martin Jr.
Edward Roesler
Winton G. Rossiter
David W.Smyth
Finance Committee—
Robert A. Drysdale
Edward C. Fiedler
Robert W.Keelips
Warren B. Nash
Winton G. Rossiter
Joseph H. Seaman
* Member and adviser.
Law Committee—
E. H. H. Simmons. Chairman
Richard Whitney, Vice-Chairman
Frank Altschul
Benjamin H. Brinton
Howland S. Davis
Gayer G. Dominick
Walter L. Johnson
Allen L. Lindley
Warren B. Nash
Robert V. White
Blair S. Williams
Henry Rogers Winthrop
*Donald G. Geddes
*George H. Houston
*Fred I. Kent
*Roy B. White
*Frederick E Williamson
Committee on Odd Lots and
Specialists—
L. Martin Richmond, Chairman
Raymond Sprague. Vice-Chairman
Edward C. Fiedler
Louis E. Hatzfeld
A. Heyward McAlpin
Roger D. Mellick
Robert L. Stott
Committee on Public Relations—
Maurice L. Farrell. Chairman
Henry Rogers Winthrop, ViceChairman
Herman B. Baruch
Benjamin H. Brinton
Gayer G. Dominick
Peter J. Maloney
E. H. H. Simmons
*Fred I. Kent
*Robert A. Lovett
Committee on Quotations and Commissions—
Bertrand L. Taylor Jr., Chairman
Herbert G. Wellington, ViceChairman
Edward E. Bartlett Jr.
Arthur F. Broderick
John A. Cissel
Paul H. Davis
Robert W. Keellps
William McC. Martin Jr.
Alfred E. Thurber
Alexander C. Yarnell
*Adoll'A. Berle Jr.
Roy B. White
Committee on Securities—
Walter L. Johnson, Chairman
Herbert L. Mills. Vice-Chairman
Nelson I. Aslel
W. Allston Flagg
Harold Hartshorne
Harry H. Moore
Committee on Stock List—
Frank Altschul
Ham'H. Moore
Joseph H. Seaman
E. H. H. Simmons
Raymond Sprague
Herbert G. Wellington
Robert V. White
*Adolf A. Berle Jr.
*John M. Hancock
*Robert A. Lovett
New York Stock Exchange Creates Office of Executive
Vice-President
The New York Stock Exchange announced on May 22
an amendment to the Constitution which provides for the
appointment of an Executive Vice-President as an officer of
the Exchange. The announcement follows:
The Governing Committee of the New York Stock Exchange,at its meeting to-day, adopted the following amendment to the Constitution of the
Exchange, which will be submitted to the membership in accordance with
the provisions of Article XXV of the Constitution:
To Richard Whitney:
As President of the New York Stock Exchange during the past five years,
Richard Whitney has gained the loyalty, friendship and confidence of all
those who have served under his leadership.
The employees of the New York Stock Exchange and its Affiliated
Companies and of the Stock Exchange Luncheon Club hereby express to
Richard Whitney their sincere respect and good-will.
Filing of Registration Statements Under Securities
Act of 1933
Announcement was made May 20 by the Securities and
Exchange Commission of the filing of 12 additional registration statements under the Securities Act of 1933. The
total involved is $32,382,167.07, of which $31,547,167.07
represented new issues, the Commission said, stating:
This total includes a $15,500,000 issue of first mortgage bonds, 4%
series, to be dated May 1 1935, to mature May 1 1965, of the San Diego
Consolidated Gas & Electric Co. (Docket 2-1418, Form A-2, included in
Release No. 364).
This total also includes an issue of $10,000,000 of 15-year secured 6%
sinking fund bonds, series A, due June 1 1949, of the Brooklyn-Manhattan
Transit Corp. (Docket 2-1419, Form A-2, included in Release No. 365).
The securities involved, the Commission said, are grouped
as follows:
Type of Issue
No. ofIssuesTOW
$30,047,167.07
Commercial and industrial
10
1,500.000.00
Investment trusts
Inv
1
835,000.00
Securities in reorganization
1
The following are the securities (Nos. 1417-1428, inclusive) for which registration is pending, as announced by
the SEC, May 20:
Brandy-Wine Brewing Co. (2-1417, Form A-1), of Brandywine, 31d.,
seeking to issue 180,000 shares of $1 par value common stock, to be offered
at $3 a share. John K. Stockham, of Washington, D. C., is the principal
executive officer. Filed May 8 1935.
The Read Drug & Chemical Co. of Baltimore City (2-1420, Form A-2),
/
2% 10-year sinking fund
of Baltimore, Md., seeking to issue $500,000 of 51
coupon notes to be offered at a total maximum offering price of $495,000.
Stein Bros. & Boyce, of Baltimore, is the underwriter, and Arthur Nattans
is President of the company. Filed May 9 1935.
Nightingale Gold, Inc. (2-1421, Form A-1), of Denver, Colo, seeking to
issue lc. par value common stock in the following amounts: 1,000,000
shares at 2c.; 1,000,000 shares at 2c.; 769,907 shares at 3c.; 1,230,093
shares at 2c. F. M. McConochie, of Cripple Creek, Colo., is President of
the company. Filed May 9 1935.
Muncie Water Works Co. (2-1422, Form A-2), of Muncie, Ind., seeking
to issue $870,000 of first mortgage bonds, series A, 5% (due May 1 1965)
In temporary and/or definitive form and interim receipts to be issued in
lieu of such bonds. W. C. Langley & Co., of New York, is the underwriter,
and E. A. Geehan, of New York, is President. Filed May 10 1935.
Gemmer Manufacturing Co. (2-1423, Form A-2), of Detroit, Mich., seeking to issue 48,000 shares of no par claw A preferred stock and 140,000
shares of no par class B common stock, to be offered in exchange for
shares having a total stated value of $1,600,000. Edward P. Hammond, of
Detroit, is President. Filed May 10 1935.
Income Estates of America, Inc. (2-1424, Form C-1), of Philadelphia,
Pa., seeking to issue $1,500,000 of trusteed income estate certificates.
Filed May 11 1935.
Federated Mining Corp., Ltd. (2-1425, Form A-1), of Toronto, Ontario,
Canada, seeking to issue 400,000 shares of $1 par value common stock, to
be offered at not over 60c. a share. Alexander McDougall, of Oakville.
Ontario, is President. Filed May 13 1935,
Sierra Nevada Mining Corp. (2-1426, Form A-1), of Charleston, W. Va.,
seeking to issue 150,000 shares of $1 par value common stock, to be offered
at $3 a share. Charles S. Haley, of Marysville, Calif., is President.
Filed May 13 1935.
Milwaukee Terminals, Inc. (2-1427, Form E-1), of Milwaukee, Wis.,
seeking to issue 8,350 shares of no par common stock of the registrant
in exchange for certificates of deposit representing 6% first mortgage
bonds of Milwaukee Terminal Co., having a maximum par value of
$835,000. Filed May 13 1935,
National Invested Savings Corp. (2-1428, Form A-1), of Washington,
D. C., seeking to issue 23,588 shares of $10 par value preferred stock and
117,940 shares of 10c. par value class B common stock, to be offered at
$11 for each unit of one share of preferred stock and five shares of
class B stock. Tom D. McKeown, of Chicago, is President. Filed
May 13 1935.
In making public the above list the Commission said:
In no case does the act of filing with the Commission give to any
security its approval or indicate that the Commission has passed on the
merits of the issue, or that the registration statement itself is correct.
Volume 140
The last previous list of registration statements appeared
In our issue of May 18, page 3309.
Commonwealth Edison Co. of Chicago Registers Issue
3 % Bonds
of $29,500,000 of First Mortgage 3:4
with SEC
An issue of $29,500,000 of first mortgage 3V4% bonds was
filed for registration with the Securities and Exchange
Commission May 17 by the Commonwealth Edison Co. of
Chicago. The issue will be used entirely for refunding purposes, and will be sold through a group of banking houses,
the Commission said, as follows:
Brown Harriman & Co., New York City
Field, (More & Co., Chicago
First Boston Corp., New York City
Halsey, Stuart & Co., Chicago
Lazard Freres & Co., Inc., New York City
Lee, Higginson Corp., Chicago
Edward B. Smith & Co., New York City
$5,000,000
6,000,000
5,000,000
5,000,000
2,250,000
2,250,000
5,000,000
The Commission further announced:
The company states that the proceeds of the issue will be applied to the
redemption of its $17,500,000 first mortgage 5%%3 gold bonds, series 0,
due June 1 1962 at 105 and accrued interest, and its $12,000,000 first
and first collateral mortgage 41,4% gold bonds, series E, due April 1 1960
at 102 and accrued interest. The premium for redemption, which amounts
to $1,115,000, and any other funds necessary to complete the redemptions,
will be paid from the treasury of the company.
The new issue is designated as series H, and is to mature April 1 1963.
The company reports total consolidated assets on Dec. 31 1934 of $441,058,642.34. James Simpson, of Chicago, is Chairman of the Board.
SEC Adopts Form for Registering Voting Trust Certificates and Securities Held Subject to Voting
Trust Agreements
The Securities and Exchange Commission announced,
May 18, the adoption of a form for the registration on
national securities exchanges of voting trust certificates
and securities held subject to voting trust agreements.
This form, designated as Form 16, is one of the series of
new forms for permanent registration under the Securities
Exchange Act. The SEC on May 18 said:
The form is divided into two parts.
Part I is to be used for the registration of the voting trust certificates;
it requires infonnation concerning the voting trustees and the voting trust
agreement, and is to be signed by the voting trustees.
The purchase or sale of a voting trust certificate involves, in essence,
the purchase or sale at the same time of the shares represented by such
voting trust certificate. In consequence, the form requires that the shares
so represented must be registered, as well as the voting trust certificates.
Part II of the form is for this registration of such shares. It need be
filed only if the shafes are not permanently registered by other application
on the exchange upon which the voting trust certificates are to be traded.
It requires information concerning the shares held subject to the voting
trust agreement and is to be signed by the issuer of such shares. Registration of the underlying shares on Part II of the form does not authorize
the effecting of transactions in such shares other than through the purchase
or sale of the voting trust certificates.
Copies of the form and its accompanying instruction book may be obtained
from the office of the Commission in Washington or any regional office.
SEC Amends Rule Providing for Removal from Listing
and Temporary Registration of Securities Retired,
Redeemed,or Matured—Adopts Rule Affecting Permanently Registered Securities
Announcement was made on May 18 by the Securities and
Exchange Commission that it has revised Rule 3E8, which
provides for the removal from listing and temporary registration of securities which are retired, redeemed, or have
matured. The announcement said:
The revision divides the cases of extinguishment of securities into two
groups—maturities, redemptions or retirements of entire classes, and the
retirement or redemption of securities which are a part of a class. Delistings in the first group are to become effective on the seventh day after
certification has been mailed to the Commission by the Exchange. Delistings in the second group are to become effective upon receipt by the
exchange of notice of the action from the issuer. As to the latter group,
the exchanges are to make bi-weekly reports to the Commission.
A new rule, JD3, has been adopted by the Commission,
the announcement said, making identical provision in such
cases for removal from registration and delisting of securities which have become permanently registered. The new
rule, which became effective May 16, follows:
Rule JD3. Withdraws! Irons listing and registration of maturing securities and securities redeemed or retired. (a) If any entire class of any
security, registration of which shall have become effective pursuant to
Rule JD1, is paid at the date of maturity thereof or is redeemed or retired,
the securities comprising such class shall be removed from listing and
registration on the exchange upon which such securities are so registered
by certification by the exchange to the Commission (I) that it is reliably
infonned that such securities have been paid, redeemed or retired in full,
or that funds sufficient for such payment, redemptiost or retirement have
been deposited with an authorized agency or agencies for the purpose of
such payment, redemption or retirement, and (2) in the case of redemption
or retirement, that notice of such redemption or retirement has been duly
given. Such removal shall be effective at the opening of business on the
seventh day following the mailing of such certification, or on the seventh
day following such date of maturity, redemption or retirement, whichever
is the later date.
(b) If any security which is part of a class, registration of which shall
have become effective pursuant to Rule JD1, is purchased and canceled
3469
Financial Chronicle
by the issuer thereof or otherwise retired or redeemed, although the entire
class is not thereby retired or redeemed, such security shall be removed
from listing and registration on the exchange upon which it is so registered
on the date upon which such exchange receives notice, satisfactory to it,
of such retirement or redemption. Any such removals from listing and
registration shall be reported by the exchange to the Commission at intervals of two weeks or at such other periods as the Commission may designate, each such report to include all removals made since the last date
covered by the preceding report.
New Securities in Amount of $154,596,548 Effective
During April Under Securities Act of 1933
The Securities and Exchange Commission announced
May 15 that new securities with estimated total gross proceeds of $154,596,548, representing 30 issues registered in
27 statements, became fully effective during April 1935,
under the Securities Act of 1933. This is the largest
monthly total since the Act became effective with the exception of July 1933, the Commission said, and compares
with $130,015,787 registered in 27 issues (24 statements)
in March 1935 and $115,568,625 in 63 issues (56 statements)
in April 1934. Effective new issues for the first four months
of 1935 total $332,499,873, registered in 85 issues in 73 registration statements, and are equal to 32.2% of recistrations
during the preceding 18 months since July 1 1933. The
Commission's announcement of May 15 further said:
Included in the April effectives are the $73,000,000 Southern California
Edison Co., Ltd., 3%% refunding mortgage bonds of 1960; the $5,000,000
United Biscuit Co. of America 5% debentures of 1950; the $5,000,000
2% convertible preferred, together with the 150,000
/
Reynolds Metals Co. 51
shares of common (no par) into which the issue may be converted, and
the $19,371,800 Commercial Credit Co. 5%% convertible preferred, together with 556,422 shares of common ($10 par) of which 114,207 shares
are to be given as premiums to preferred stockholders making the exchange
into the new preferred issue, 90,000 shares to be sold, and 352,215 shares
to be reserved for conversion of the preferred stock.
Of the total gross proceeds of the new issues declared effective during
April 1935 the registrants expect to offer $105,322,020 (68.1% of total
registered) for sale in the immediate future. Securities with gross proceeds
of $24,916,764 are to be exchanged for other securities; 819,145,730 are
reserves for conversion of issues made effective during the month;
$5,143,154 are registered for the "account of others"; $65,880 are to be
issued for claims against the registrants, and $3,000 are reserved for
subsequent issuance, a total of $49,274,528 of securities not now being
offered for sale. The net proceeds from the issues offered for sale, according to the registrants, are expected to amount to 8100,528,339; the cost
of selling and distributing being estimated at $4,793,681 (4.6% of the
gross proceeds).
Forty-seven per cent, of the month's total, as measured by gross proceeds, has been registered by the utilities group, through two bond issues
with estimated gross proceeds of $72,754,555; 29% of the total proceeds
was registered by six issues of commercial credit, and other financial
companies totaling $44,681,322; 12% by eight issues of manufacturing
companies aggregating $18,588,570, and 9% by six investment trust Issues
totaling $14,344,753.
The issuers, according to their registration statements, expect to sell
94.5% of their offerings through various underwriters and agents, 4.8%
directly to the public and 0.7% to their own security holders.
Of the $100,628,339 estimated net proceeds, the companies expect to
use $74,898,145 (74.5%) for the refunding of outstanding bond issues;
$5,191,535 (5.2%) for the repayment of other indebtedness; $9,969,429
(9.9%) for the purchase of investment securities; 81,589,207 (1.6%) for
the purchase of plant and equipment, real estate, &c.; $802,500 (0.8%)
for organization and development expenses, and $6,600 for miscellaneous
purposes. There will remain, according to the issuers' estimates, a balance
of $8,090,923 (8.0%) available as working capital.
In addition to the new security registrations, 14 statements calling for
deposit of outstanding securities and offering new securities in exchange
for existing securities, became effective in April. Six were "reorganization" statements calling for $4,780,998 par amount of various issues
having an estimated market value of $1,984,760. Eight were statements
offering 810,034,850 par amount of securities in exchange for certificates
of deposit and other securities with an estimated value of $4,727,480.
Appended are Tables I-VH, giving in detail the statistics of April
effective registration statements:
TABLE I
The types of new securities included in 27 registration statements which became
fully effect ve during April, 1935
Type of security
Common stock
Preferred stock
Certificates of participation, warrants, dm
Mortgages and mortgage bonds____
Debentures
Short-term notes
No. of
Issues
Number of
Units
Gross
Amount
Per Cent
of Total
13
7
20.581.377
885.617
*37,234,884
32,316,298
24.1
20.9
3
3
3
1
1,865,569
2,767,241
74,763.125
7,265,000
250,000
1.7
48.4
4.7
0.2
$154.596.548
100.0
30
Total
TABLE It
Group classification of issuers of new securities that became fully effective during
April, 1935 •
Group
Extractive industries
Gold and silver mines
Other metal mines
011 and gas wells
Manufacturing companies
Financial and investment companies
Investment trusts
Others
Merchandising
Real estate
Transportation and communication
Electric light, power,gas and water_
Service
Miscellaneous
Total
No. of
Statements
No. of
Issues
Gross
Amount
4
1
2
7
4
1
2
8
$2,197,330
747,518
882,500
18.588.570
1.4
0.5
0.6
12.0
6
4
6
6
14,344,753
44,681,322
__
2
1
_
9.3
29.9
..----
2
1
72,754,555
400,000
27
50
11F4 505 545
47.1
0.2
--inn n
Per Cent
of Total
3470
Financial Chronicle
TABLE III
Break-down of gross amount of fully effective new securities to net proceeds, indicating amounts not intended to be offered for sale by issuers and various selling
and other expenses. April, 1935.
Per Cent of
Gross Offered
for Sale by
issuers
Amount
Item
Gross amount of effective securities
$154,596,548
Not intended to be offered for sale by issuers
Registered for "account of others"
$5,143,154
Reserved for conversion
19,145,730
Reserved for subsequent issue
3,000
To be issued for claims
65.880
To be exchanged for other securities _
24,916,764
Total not intended to be offered for sale
by issuers
49.274,528
Gross amount of securities intended to be
offered for sale by issuers
$105,322,020
Selling and distributing expenses
Commission and discount to underwriters,
&c
$3,905.589
Other selling and distributing expenses_
888,092
Total selling and distributing expenses_ _
Net proceeds
100.0
3.7
0.9
4.793.681
4.6
$100.528,339
95.4
Note—Included in "Other selling and distributing expenses" are $10,230 securities
to be issued as payment for these expenses. Also included are $135,075 expenses
which are applicable (on a pro rata basis) to issues being exchanged for other securities: excluding this amount, the percentage of "other selling and distributing expenses" and "total selling and distributing expenses" would be 0.7% and 4.4%.
respectively.
TABLE IV
The uses to which the issuers Intend to put the net proceeds of new Issues declared
fully effective during April. 1935
Item
Per Cent
of Total
Amount
Organization and development expenses__
Purchase of—Real estate
Plant and equipment
Other tangible assets
Securities for Investment
$802,500
$203.172
1,320.035
46,000
9,969,429
0.8
0.2
1.3
0.1
9.9
Total purchase of assets
Increase of working capital
Repayment of Indebtedness—Bonds & notes_ $74,898,145
Other debt
5,191,535
11,538.636
8,090,923
Total repayment of indebtedness
Miscellaneous and unaccounted for
80,089,680
6,600
79.7
0.0
$100,528,339
100.0
Total
11.5
8.0
74.5
5.2
TABLE V
Contemplated channels of distribution of securities, fully effective April, 1935,
intended to be offered for sale
Gross
Amount
Item
To own securitYholders
To public (Meetly by issuer
To public through various underwriters
and agents
Total
Net After
Per Cent of
Comm. & Disc. Total Gross
$747.518
5,030,778
$747.518
4,796,909
$99,543,724
95,872,004
94.5
$105,322.020 .$101,416.431
100.0
0.7
4.8
•Represents net after commissions and discounts but before other selling and distributing expense of $888,092.
TABLE VI
The types of securities included in 14 registration statements for reorganization and
exchange. Issues which became fully effective for issue during April, 1935
Reorganization Issues
Type of Security
Common stock
Preferred stock
Ctfs. of participation, warrants, Ac
Mortgage & mtge. bonds_
Debentures
Short-term notes
Certificates of deposit
Voting trust certificates_
Exchange Issues•
No. of
Par
Approx No. of
Par
a Approx.
Issues Amount Mkt. Val Issues Amount Mkt, Vol.
8
4,780,998 1,984.760
8
4.780.998 1,984.760
3
3,340,667 1,111,333
1
7
344,864 114.954
6,336,900 3.501,193
1
12
12.419
10,034.850 4,727,480
•Refers to securities to be issued in exchange for existing securities.
a Represents actual market value and(or) one-third of face value where market
not available.
•
TABLE VII
Group classifications of original issuers of securities for which reorganization and
exchanges statements became fully effective during April, 1935
was
Reorganization Issues
Group
Agriculture
Extractive industries
Manufacturing industries_
Financial and investment
companies
Merchandising
Real estate
Construction
Transportation and communication
Service
Electric light, power, gas
and water
Foreign—miscellaneoUs
Total
1
2,611,500 1,289,428
1,136,998
351,166
2
1,032,500
344.166
Decrease of $52,487,246 Reported in Volume of Outstanding Bankers' Acceptances in April as Compared with March—Total April 30 $413,372,771
A continuance during April of the liquidation of bankers'
acceptance credits based on goods in domestic warehouses
was responsible for $37,898,730 of the total reduction in
volume of all types of acceptances as of April 30, amounting
to $52,487,245, said Robert H. Bean, Executive Secretary
of the American Acceptance Council. In issuing yesterday
(May 24) the Council's monthly survey of bankers' acceptances as of April 30, Mr. Bean added:
Since the first of January, this type of acceptance business, financing
principally cotton, has dropped from a total of $185.719,831 to $88.182.383.
as of the date of the present survey. The movement of the financing of
such a large amount of staple commodities from the banks is a reflection of
the activity and influence of Government Bureau, as much of the financings
previously done by the accepting banks has DOW been transferred or taken
over by the Government through the cotton and other agricultural agencies.
Not since June, 1929 has there been such a small volume of acceptance
financed warehoused goods, while on January 31st, 1930. the total was
almost exactly $200,000,000 more than that which was reported for April
30th. this year.
Import acceptances showed a slight gain for the month. advanicng
$1,580.247. Acceptances for the purpose of financing exports went off
58.368.35.1 and foreign bills, representing goods stored in or shipped between
foreign countries, declined $7.397.116. bringing the total of this classification
below $100.000.000 for the first time since the liquidation of these credits
under the Stillhaltung was first undertaken.
Dollar exchange acceptances went off $316,883 and domestic shipment
acceptances were $86.409 less than the previous month.
Very slight transactions in the discount market occurred during the
month. Dealers portfolios ran at less than $1,000.000 in the aggregate
and practically all bills were held in the portfolios of the accepting banks.
These banks on April 30 had $177.595.831 of their own bills and $213,848.274 of other banks bills, thus aggregating 5391,444,105, or within
$22.000,000 of the total amount.
The following statistics were also furnished by Mr. Bean:
TOTAL OF BANKERS' DOLLAR ACCEPTANCES OUTSTANDING FOR
ENTIRE COUNTRY BY FEDERAL RESERVE DISTRICTS
Federal Reserve District
2
10
156,667
1
3
3
90,000
4
6
6
7
8
9
10
11
12
9,878,183 4,637,480
April 30 1935
$29,917,542
320.033.056
12,522,961
2,314,604
530,031
3,020,375
20,224,178
470,610
664.476
2,472,587
21,172,360
Grand total
Decrease for month
Decrease for near
$413,372,771
52,487,245
March 30 1935 April 30 1934
$31,732,128
362,637,906
13,196,445
2,528,257
574,235
4,781,124
21,987,372
530,284
783,138
175,000
2,659,800
24,364,327
$40,254,051
485,275,826
15,091,472
1,717.568
608,567
6,644,204
32,070,250
2.050,071
2,315,511
1,000,000
783,913
25,317,704
$465,860,016
$613,129,137
105 75l1 SRA
CLASSIFIED ACCORDING TO NATURE OF CREDIT
14
4,780,998 1,984.760
12
April 30 1935
10,034,850 4,727,480
•Refers to securities to be issue 1 in exchange for existing securities.
a Represents actual market value and(or) one-third of face value where market
WBS not available.
A report covering new securities effective during March
was given in our issue of May 18, page 3308.
That the bursting of this great financial bubble will reach such disastrous
proportions was officially disclosed yesterday (May 21) at a conference of
the receivers of the two corporations with the Attorney-General at the
State House.
The receivers, Arthur F. Bickford for Railroad shares and Thomas H.
Mahony for Seaboard Utilities, were accompanied by their counsel. David
Stoneman, at the conference at which the details of their preliminary
examination of assets were given to the Attorney-General.
The rough survey of assets indicated that scarcely $82,000 now is available out of the $16.000,000 in Seaboard Utilities securities that were disposed to the public, while approximately only $6.000 can be found in assets
from the $5.000,000 of Railroad Shares securities that were disposed in
similar manner.
An Investigation of the activities of the brokerage house and its affiliates
reached a climax more than one month ago with the suicide of Bowen
Tufts, head of the Parker company, at nis Winchester home.
Some of the records of the Parker company in possession of the State
securities division were surrendered yesterday to the Attorney-General's
department. A brief inspection of them indicates that the State officials
failed for more than a year to detect evidence that Tuft's company was
insolvent to the extent of approximately $2.000,000 and that its statements had been accepted on their face value.
Meanwhile, John C. 11u11, director of the securities division, suspended
the registration as a stock salesman held by Chauncy D. l'arker. of the
C. D. l'arker & Co., Inc., on the ground that he had failed to file the name
of the brokerage house with which he had been connected. . . .
x A pprox.
Market
Value
$
11
Investors' Loss Through C. D. Parker & Co. Failure
Estimated at Close to $21,000,000—Securities of
Railroad Shares and Seaboard Utilities Corporation Held Almost Worthless
Less than $100,000 will be salvaged from the $21,000,000
in securities of the Seaboard Utilities Corp. and the Railroad
Shares Corp. purchased by thousands of investors from the
bankrupt brokerage house of C. D. Parker & Co., Inc. of
Boston, Mass. Attorney-General Paul A. Dever indicated
on May 21. Mr. Dever proposes to assign a group of accountants to a more thorough examination of all the books,
accounts and reports of the three companies that now are
available for such inspection in an attempt to ascertain if
a more successful search for assets may be made. We
quote further in part from the Boston "Herald" of May 22,
from which also the foregoing is obtained:
Exchange issues•
x Approx. No. of
No. of
Issues
Par
Market Issues
Par
Called Amount
Value
Amount
May 25 1935
Imports
Exports
Domestic shipments
Domestic warehouse credits
Dollar exchange
Based on goods stored in or shipped
hoturpwn fnrplffn enlIntripst
Starch 30 1935 April 30 1934
8102,876,255
113,833,338
7,647,566
88,182,383
2,094,513
$101,296,008
122.201,692
7.733,975
126,081,113
2,411,31/6
$102,649,562
163,740,147
10.586,317
175,214,320
2,686,437
9/4.7:18_7111
Ins tan ass
Ins 9A2 255
Financial Chronicle
Volume 140
CURRENT MARKET QUOTATIONS ON PRIME BANKERS'
ACCEPTANCES MAY 23 1935
Days—
30
60
90
Dealers'
Dealers'
Buying Rate Selling Rail
Days—
Dealers'
Dealers'
Buying Bale Sellyng kale
316
34
120
34
316
316
316
%
150
%
516
N
150
%
516
Investment Bankers Association Urges Security for
Public Deposits—Resolution Adopted at Annual
May Meeting of Board of Governors
The safeguarding of municipal and other public funds
deposited in banks or with trustees or other institutions
is the subject of a resolution made public in Chicago yesterday (May 24), by the Investment Bankers Association
of America and adopted by the Association's Board of
Governors at its annual May meeting which closed early
this week at White Sulphur Springs, W. Va. The resolution
advocates that deposits of public funds be adequately
secured by readily marketable collateral having a market
value of not less than the amount of the funds so secured.
The resolution was proposed by the Association's Municipal
Securities Committee in view of the fact that a number of
defaults in municipal bonds were caused by failures of
banks in which tax moneys and other public funds had been
deposited for payment of interest and principal on the
bonds. As adopted, it follows:
Whereas, public moneys and funds are not always adequately secured
so that they will be readily available; and
Whereas. It is highly important and necessary that public moneys and
funds be held intact for the purposes for which they were raised: and
Whereas, the experience of the last several years has proved that the
best collateral security for any and all funds and deposits has been provided by United States Government bonds and by general obligation
bonds of political subdivisions which have power to levy ad valorem taxes;
Now. Therefore, Be It Resolved by the Board of Governors of the Investment Bankers Association of America that the Association encourage
the adoption of laws and other legal measures and practices requiring
that public funds be secured by the banks. Institutions or trustees with
whom said funds are deposited by adequate and readily marketable collateral having a market value of not less than the amount of public funds
so secured.
Be It Further Resolved, that the Association encourage whenever possible
the depositing as collateral for public moneys and funds United States
Government bonds and general obligation bonds of political subdivisions
which have power to levy ad valorem taxes.
Baltimore Clearing House Lowers Interest Rates on
Time and Savings Deposits
The Baltimore (Md.) Clearing House announced on
May 16 the adoption of new interest rates on deposits of all
member and non-member banks using the clearing-house
facilities, we learn from the Baltimore "Sun" of May 17,
which said:
Effective immediately, the rate on demand deposits of mutual savings
banks Is reduced to X of 1%. A rate of X of 1% had been in effect on these
deposits since December 1933.
Effective May 20, the rate on time deposits will be limited to 1% and
three months' notice of withdrawal will be required. No interest will be
paid on such deposits subject to shorter notice of withdrawal. At present
the rate is 1% on 30-day deposits and 2% on four-month deposits. This
rate also has been effective since December 1933.
Effective July 1, the rate on saving deposits will be reduced to 2% on
the first $5,000 and 1% on all balances in excess of that amount. At
present the rate is 2% on the first $10,000, 134% on the second $10.000 and
1% on the balance. This rate has been in force since February 1934.
Interest on demand deposits was eliminated by the clearing-house banks
In June 1933.
Receiverships of 13 Insolvent National Banks Terminated During April—Four Returned to Solvency
—Report of Comptroller of Currency
On May 20 J. F. T. O'Connor, Comptroller of the Currency, announced that during the month of April 1935
the receiverships of 13 insolvent National banks were
liquidated and finally closed and four receiverships were
restored to solvency. During the same month receivers
were appointed for two National banks formerly in voluntary
liquidation, resulting in a net reduction of 15 receiverships.
for the month and leaving a total of 1,524 National bank
receiverships as of the close of business April 30 1935.
The Comptroller noted:
The Citizens National Bank of Eureka. Kans., was placed in receivership on Fob. 23 1934 and on April 2 1935 the bank was restored to solvency.
The secured and preferred creditors were paid 100% principal and the
unsecured depositors were paid 70% of their claims and received participation certificates in certain trusteed assets for the remaining 30%
of their claims.
The National Bank of Wyoming, Ill., was placed in receivership on
Oct. 25 1933 and on April 18 1935 the bank was restored to solvency.
The secured and preferred creditors were paid 100% principal and the
unsecured depositors were paid 60% of their claims and received Participation certificates in certain trusteed assets for the remaining 40%
of their claims.
The Farmers National Bank of Aledo, Ill., was placed in receivership
on Oct. 30 1933 and on April 4 1935 the bank was restored to solvency.
The secured and preferred creditors were paid 100% principal and the
unsecured depositors were paid 50% of their claims and received participation certificates in certain trusteed assets for the remaining 50%
of their claims.
The First National Bank of Chickasha. Okla., was placed in receivership on July 5 1934 and on April 26 1935 the bank was restored to solvency. All depositors and other creditors received 100% principal payment.
The First National Bank of Columbus, N. J., was placed in receivership on Dec. 15 1933 and all depositors and other creditors were paid
100% principal with interest in full at the legal rate amounting to an
3471
additional dividend of 8.5%. Total payments to creditors, including
offsets allowed, aggregated $164,331 and the stockholders received $20.137,
together with the assets remaining uncollected.
The Farmers & Merchants National Bank of Lake City, S. 0., was
Placed in receivership on Oct. 18 1926 and disbursements, including offsets allowed to depositors and other creditors, aggregated $99,732. which
represented 66% of the total liabilities at date of failure. Unsecured
depositors received dividends amounting to 53.71% of their claims.
The First National Bank of Kerkhoven, Minn., was placed in receivership on Jan. 6 1931 and disbursements, Including offsets allowed. to depositors and other creditors aggregated $75.192, which represented 84•8%
of the total liabilities at date of failure. Unsecured depositors received
dividends amounting to 80.35% of their claims.
The First National Bank of Unionville. N. Y., was placed In receivership on Oct. 5 1931 and disbursements, including offsets allowed to depositors and other creditors aggregated $542,052, which represented
81.6% of the total liabilities at date of failure. Unsecured depositors in
this case received dividends amounting to 79.906% of their claims.
The New Georgia National Bank of Albany. Ga., was placed in receivership on Jan. 4 1928 and disbursements, including offsets allowed,
to depositors and other creditors aggregated $923,270. which represented
73.9% of the total liabilities at date of failure. Unsecured depositors
received dividends amounting to 44.48% of their claims.
The First National Bank of Champlain, N. Y., was placed In receivership on March 19 1931 and disbursements, including offsets allowed, to
depositors and other creditors aggregated $992,529, which represented
78.3% of the total liabilities at date of failure. Unsecured depositors
received 77.434% of their claims.
The First National Bank of Rouses Point, N. Y., was placed in receivership on March 19 1931 and disbursements. Including offsets allowed,
to depositors and other creditors aggregated $581.713, which represented
79.6% of the total liabilities at date of failure. Unsecured depositors
in this case received dividends amounting to 79.086% of their claims.
The Reed City National Bank of Reed City. Mich.. was placed In
receivership on May 2 1929 and disbursements, including offsets allowed,
to depositors and other creditors aggregated $110.339. which represented
46.8% of the total liabilities at date of failure. Unsecured depositors
received 33.65% of their claims.
The Globe National Bank of Denver, Colo., was placed in receivership
on Oct. 1 1925 and disbursements. Including offsets allowed, to depositors
and other creditors aggregated $3,589,582. which represented 76.5%
of the total liabilities at date of failure. Unsecured depositors received
62.539% of their claims.
The First National Bank of Langdon, N. Dak., was placed in receivership on April 23 1931, the liabilities of the institution having theretofore
being assumed by another bank. The receiver was appointed for the
purpose of collecting an assessment against the stockholders for the benefit
of the purchasing bank which was the solo creditor of the receivership
and which received dividends amounting to 17.28%. or the aggregate
sum of $10,003.
The Prineville National Bank of Prineville, Ore., was placed in receivership on Sept. 1 1931 and disbursements, including offsets allowed.
to depositors and other creditors amounted to $98.540, which represented
89.4% of the total liabilities at date of failure. Unsecured depositors
in this case received dividends amounting to 74 95% of their claims.
The First National Bank of Fairview. Mo., was placed in receivership
on Sept. 7 1930 and disbursements, including offsets allowed, to depositors
and other creditors amounted to $54,665. which represented 71.8% of
the total liabilities at date of failure. Unsecured depositors received
51.4% of their claims.
The First National Bank of Redmond, Ore., was placed In receivership
on Feb. 12 1931 and disbursements, including offsets allowed, to depositors
and other creditors aggregated $145,859 which represented 54.8% of
the total liabilities at date of failure. However, secured and preferred
creditors received a considerable portion of these disbursements and dividends paid unsecured depositors amounted to 29.28% of their claims,
A report by the Comptroller showing receiverships terminated during March was given in our issue of May 18,
page 3310.
Assets of Active National Banks March 4 Aggregated
$25,959,283,000, According to Comptroller of Currency O'Connor—Increase of $329,703,000 Over
Dec. 31 1934
Comptroller of the Currency J. F. T. O'Connor announced
May 22 that the total assets of the 5,451 active National
banks in the Continental United States, Alaska and Hawaii
on March 4 1935, the date of the last call for statements of
condition, aggregated $25,959,283,000, which is an increase of $329,703,000 over the amount reported by the
5,467 active banks on Dec. 311934, the date of the previous
call, and an increase of $3,018,110,000 over the amount
reported by the 5,293 active banks as of March 5 1934, the
date of the spring call made a year ago. The Comptroller
continued:
Loans and discounts, including rediscounts, on March 4 1935 totaled
$7.489.904,000. in comparison with $7,488,652,000 on Dec. 31 1934 and
$7,899,279.000 on March 5 1934. Loans of National banks showed
an increase of $1,252.000 In the period from Dec. 511934 to March 4 1935.
This is the first increase made between calls since Oct. 25 1933.
Investments in United States Government obligations, direct and
fully guaranteed, amounted to $7,120.291,000, which was an increase
of $160,083,000 since Dec. 31, and an increase of $1,712,943.000 in the
year. Investments in such obligations reported for the recent call comprise direct obligations of the United States of $6.283.866,000: obligations
of the Reconstruction Finance Corporation of $187,608.000; Federal Farm
Mortgage Corporation bonds of $212.946,000, and Home Owners' Loan
Corporation bonds guaranteed as to both interest and principal of $435,871.000. Other bonds and securities held amounting to $3.489.381.000,
Including HOLC bonds guaranteed by the United States as to interest
only, showed a decrease of $6.343,000 since Dec. 31, but an Increase of
$60,938,000 in the year.
Balances due from correspondent banks and bankers of $6,250,797,000.
which included reserve with Federal Reserve banks of $2,772.766.000. were
$274.174.000 more than on Dec. 31, and $1.722.116.000 more than on
March 5 1934. The cash in vault of $391.428,000 was $65,038,000 less
than on Dec. 31. but $33.126,000 more than the amount held March 5
last year.
The book value of capital stock of the active National banks on-March 4
1935 was $1,804,739,000 and represented a par value of $1.806,448,000.
3472
Financial Chronicle
rho latter figure was comprised of class A preferred stock of $492,685,000:
class B preferred stock of$19,389,000,and common stock of $1,294,374,000.
The book value of the capital stock increased in the 2-and 12-month periods
$18,330,000 and $150.809,000. respectively. Surplus funds of *834,878,000, undivided profits of $283,557,000, reserves for contingencies of
$143,728,000 and preferred stock retirement fund of $2,046,000, or a
total of $1,264,209,000. showed an increase of $20,630,000 since Dec. 31,
but a decrease of $2,423,000 in the year.
Circulating notes outstanding amounted to $627.022.000. in comparison with 5654.456,000 on Dec. 31 1934 and $790.037,000 on March
5 1934.
The total deposits of the active banks on March 4 1935 were $22,015,699,000, showing an increase of $339,396,000. or 1.57% since Dec. 31,
and an increase of 33,225,212.000, or 17.16%, since March 5 1934. The
aggregate on March 4 1935 included amounts due to banks subject to
immediate withdrawal and certified and cashiers' checks outstanding of
$3,640,411,000. United States Government deposits of $727,603,000,
other demand deposits of *10,542.140,000. and time deposits of $7.105,545.000. In the total of time deposits are included postal savings of
$313,660,000, time certificates of deposit of $660,613,000 and deposits
evidenced by savings pass books of $5.509.152,000, the latter amount
representing 14,305.253 accounts. Postal savings in National banks
on March 4 1935 showed a decrease of $37,026,000, or 10.56%. since
Dec. 31. and a decrease of 2237,432,000, or 43.08%, in the year.
Bills payable of *10,427,000 and rediscounts of $340,000, a total of
*10.767,000, showed an increase of $3,042,000 since December, but a
decrease of $41.952,000 since the spring call in 1934.
The percentages of loans and discounts to total deposits reported as
of March 4 1935 was 34.02, in comparison with 34.55 on Dec. 31 1934,
and 42.04 on March 5 1934.
Bankers Trust Co. of New York Notes Objections to
Banking Bill—Opposes Deposit Insurance in Principle, and Attacks Title II for Centralization of
Political Control over Banking System
The Banking Bill of 1935 is based on principles "so serious
that they may affect permanently the soundness of the
American banking system and the credit structure of the
country," S. Sloan Colt, President of the Bankers Trust Co.
of New York,asserted in a study of the measure sent to shareholders. Mr. Colt said that the bill cannot cure the major
defects in the nation's banking system, because it fails even
to recognize them.
Mr. Colt said that the bank's chief objection to Title I
of the bill is that it provides no termination to Federal bank
deposit insurance and that it imposes an assessment which
would endanger the effort of bankers to build up their capital
funds for the protection of depositors. Deposit insurance,
he said, is wrong in principle because it encourages unsound
banking, and is unfair in practice because it penalizes the
well managed bank.
With regard to Title II, Mr. Colt said:
Our chief objection to Title II is that it centralizes control over banking
and credit solely in a politically appointed body functioning in Washington,
without the checks and balances which form such an essential part of our
Federal system of Government and without sufficient recognition of the
local interests which no* find representation in the regional system of
Federal Reserve banks. Thisis a fundamental objection,irrespective ofany
particular administration which may happen to be in power. While admitting, of course, the necessity for co-ordination of policy through the
Federal Reserve Board as provided in the Federal Reserve Act, we believe
it essential in the best interests of the Federal Reserve System and of our
financial structure as a whole to maintain the strength and integrity of the
individual Federal Reserve banks. In any country, but particularly in a
country as large as this and with such a variety of local problems, we believe
it is unwise and unsound to vest the sole control over money and credit
policies in a board located in the political capital, all the members of which
are politically appointed.
Tenders Aggregating $223,841,000 Received to Combined
Offering of $100,000,000 or Thereabouts of Two
Series of Treasury Bills—$50,063,000 Accepted in
Case of 133-Day Bills at Rate of 0.088%, and $50,020,000 for 273-Day Bills at Rate of 0.146%
Secretary of the Treasury Henry Morgenthau Jr., announced May 20 that tenders totaling $223,841,000 had been
received to the offering of $100,000,000 or thereabouts of
two series of Treasury bills, dated May 22 1935, of which
$100,083,000 were accepted. The bids to the bills were
received at the Federal Reserve banks and the branches
thereof up to 2 p. m., Eastern Standard Time, May 20.
The two series of bills were offered in amount of $50,000,000,
or thereabouts, each; one series was 133-day bills, maturing
Oct. 2 1935, and the other 273-day bills, maturing Feb. 19
1936. The offering was referred to in our issue of May 18,
page 3312. Details of the result of the offering were announced as follows on May 20 by Secretary Morgenthau:
133-Day Treasury Bills, Maturing Oct. 2 1935
For this series, which was for $50,000,000. or thereabouts, the total
amount applied for was $109.289.000, of which $50,063,000 was accepted.
The accepted bids ranged in price from 99.970, equivalent to a rate of
about 0.081% per annum, to 99.965. equivalent to a rate of about 0.095%
per annum, on a bank discount basis. Only part of the amount bid for
at the latter price was accepted. The average price of Treasury bills of
this series to be issued is 99.967 and the average rate is about 0.088%
per annum on a bank discount basis.
273-Day Treasury Bills, Maturing Feb. 19 1936
For this series, which was for 550.000.000. or thereabouts, the total
amount applied for was *114,552,000, of which 550.020,000 was accepted.
The accepted bids ranged in price from 99.900. equivalent to a rate of
about 0.132% per annum. to 99.885, equivalent to a rate of about 0.152%
per annum, on a bank discount basis. Only part of the amount bid for
at the latter price was accepted. The average price of Treasury bills of
this series to be issued is 99.889 and the average rate is about 0.146%
per annum on a bank discount basis.
May 25 1935
New Offering of Two Series of Treasury Bills in Amount
of $100,000,000 or Thereabouts—Both to be Dated
May 29 1935—$50,000,000 of 133-Day Bills Offered
and $50,000,000 of 273-Day Bills
Tenders to a new offering of Treasury bills in two series to
the aggregate amount of $100,000,000 or thereabouts were
invited on May 23 by Henry Morgenthau, Jr., Secretary of
the Treasury. The tenders will be received at the Federal
Reserve banks, or the branches thereof, up to 2 p. m.,
Eastern Standard Time, Monday May 27. Tenders will
not be received at the Treasury Department, Washington.
The accepted bids will be used in part to retire an issue of
similar securities, in amount of $75,287,000, maturing May
29. Each series of the bills will be dated May 29 1935 and
will be issued in amount of $50,000,000 or thereabouts.
One series will be 133-day bills, maturing Oct. 9 1935, and
the other 273-day bills, maturing Feb. 26 1936. The face
amount of the bills of each series will be payable without
interest on their respective maturity dates. Both series of
bills will be sold on a discount basis to the highest bidders.
The bidders are required to specify the particular series for
which tender is made. Secretary Morgenthau's announcement of May 23 continued:
The bills will be issued In bearer form only, and in amounts or denominations of $1,000, $10,000, $100,000. $500,000, and $1,000,000 (maturity
value).
No tender for an amount less than 51,000 will be considered. Each
tender must be in multiples of $1,000. The price offered must be expressed
on the basis of 100, with not more than three decimal places, e. g.. 99.125.
Fractions must not be used.
Tenders will be accepted without cash deposit from incorporated banks
and trust companies and from responsible and recognized dealers in investment securities. Tenders from others must be accompanied by a deposit
of 10% of the face amount of Treasury bills applied for, unless the tenders
are accompanied by an express guaranty of payment by an incorporated
bank or trust company.
Immediately after the closing hour for receipt of tenders on May 27 1935.
all tenders received at the Federal Reserve banks or branches thereof up
to the closing hour will be opened and public announcement of the 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 29 1935.
The Treasury bills will be exempt, as to principal and interest, and any
gain from the sale or other disposition thereof will also be exempt,from all
taxation, except estate and inheritance taxes. No loss from the sale or
other disposition of the Treasury bills shall be allowed as a deduction, or
otherwise recognized, for the purposes of any tax now or hereafter imposed
by the United States or any of its possessions.
Value of Commercial Paper Outstanding as Reported
by Federal Reserve Bank of New York—Figure for
April 30, $173,000,000, Compared with $181,900,000
March 31
The following announcement, showing the value of commercial paper outstanding on April 30, was issued on May
23 by the Federal Reserve Bank of New York:
Reports received by this Bank from commercial paper dealers show a
total of $173,000,000 of open market paper outstanding on April 30 1935.
Below we furnish a record of the figures since they were
first reported by the Bank on Oct. 31 1931:
1935—
Apr. 30
Mar.31
Feb. 28
Jan. 31
1934—
Dec. 31
Nov.30
Oct. 31
Sept.30
Aug. 31
July 31
June 30
May 31
Apr. 30
Mar. 31
1932—
$173,000,000 Feb. 28
181,900,000 Jan. 31
176,700,000
170,900,000 1933—
Dec. 31
Nov.30
166,200,000 Oct. 31
177,900,000 Sept.30
187,700,000 Aug. 31
192,000,000 July 31
188,100,000 June 30
168,400,000 May 31
151,300,000 Apr. 30
141,500,000 Mar. 31
139,400,000 Feb. 28
132,800,000 Jan. 31
1932—
117,300,000 Dec. 31
108,400,000 Nov.30
Oct. 31
Sept. 30
$108,700,000 Aug. 31
133,400,000 July 31
129,700,000 June 30
122,900,000 May 31
107,400,000 Apr. 30
96,900,000 Mar. 31
72,700,000 Feb. 29
60,100,000 Jan. 31
64,000,000
1931—
71,900,000 Dec. 31
84,200,000 Nov.30
84,600,000 Oct. 31
81,100,000
109,500,000
$113,200,000
110,100,000
108,100,000
100,400,000
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
$325,000,000 of HOLC 4% Bonds Called for Redemption
July 1 1935—New 1 2% Bonds of Series F-1939
Offered in Exchange—Cash Subscriptions May Be
Asked if Exchanges Do Not Reach Sufficient
Amount
The Home Owners' Loan Corporation on May 20 issued,
through its Secretary, John H. Fahey. a call for redemption
on July 1 1935 of all outstanding 4% bonds of series of
1933-1951, dated July 1 1933, which approximate $325,000,000. Simultaneously with the issuance of the call, Secretary of the Treasury Morgenthau, on behalf of the HOLC,
invited subscriptions of the called bonds in exchange for a
new issue of HOLC 11
/
2% bonds of series F-1939, to be dated
June 1 1935, with interest payable every six months on
June 1 and Dec. 1, and due June 1 1939. The amount of
the offering of the 11
/
2% bonds will be limited to the amount
of the called 4% bonds tendered and accepted. However,
in his announcement Secretary Morgenthau said that "it
is the intention to offer for cash subscriptions, upon such
terms and conditions as may be prescribed by the HOLC
with the approval of the Secretary of the Treasury, an
additional amount of bonds of series F-1939, approximately
Financial Chronicle
Volume 140
equal to the amount of HOLC 4% bonds of series of 19331951 not tendered and accepted hereunder."
The new 13h% bonds of the HOLC are fully and unconditionally guaranteed both as to interest and principal by
the United States. They are exempt, as to principal and
interest, from all taxation (except surtaxes, estate, inheritance and gift taxes) now or hereafter imposed by the
United States, or any subdivision thereof.
Secretary Morgenthau's announcement inviting the subscriptions to the new 1%% bonds follows:
The Secretary of the Treasury, on behalf of the HOLC, to-day (May 20)
announced an offering of four-year 1%% bonds of the HOLC of series
F-1939, in payment of which only HOLC 4% bonds of series of 1933-1951
called for redemption on July 1 1935 may be tendered. The present
offering is strictly on an exchange basis, and will be limited to the
amount of the called 4% bonds tendered and accepted. Cash subscriptions will not be received, but to the extent the called 4% bonds are not
/
2% bonds may
exchanged at this time, an additional amount of the 11
subsequently be offered for cash.
The bonds now offered will be dated June 1 1935, and will bear interest
/
2% per annum, payable semi-annually.
from that date at the rate of 11
They will mature in four years on June 15 1939, and will not be subject
redemption
for
prior
maturity.
call
to
to
The bonds will be fully and unconditionally guaranteed both as to
principal and interest by the United States, and, as more specifically stated
in the offering circular they will be exempt both as to principal and
'State and local taxation (except surtaxes, estate,
interest from all Federal,
inheritance and gift taxes) now or hereafter imposed.
Bearer bonds with interest coupons attached will be issued in denominations of $23, $50, $100, $500, $1,000, $5,000, $10,000 and $100,000; they
will not be issued in registered form.
Applications will be received at the Federal Reserve banks and branches,
and at the Treasury Department, Washington. The right is reserved to
close the books as to any or all subscriptions at any time without notice.
Applications for the 1%% bonds of series F-1939 of the HOLC should be
accompanied by a like face amount of the called 4% bonds tendered in
payment. Coupon bonds so tendered should have the Jan. 1 1936 and all
subsequent coupons attached, and registered bonds should be assigned as
provided In the official circular.
Subject to the reservations set forth in the official circular, all subscriptions for the 1%% bonds, in payment of which the called 4% bonds
are tendered, will be allotted in full. Interest on the called 4% bonds
tendered and accepted on exchange will be paid in full on July 1 1935.
Pursuant to public notice given to-day by the HOLC, all outstanding
4% bonds of series of 1933-1951 of the Corporation are called for redemption on July 1 1935. About $325,000,000 of these bonds are outstanding.
The offering now announced affords the holders of these called bonds an
opportunity to acquire a like principal amount of the new bonds on a par
for par exchange basis, with interest in full on the exchanged 4% bonds
for the current half-year period.
The following Treasury circular gives details of the new
offering of the 1%% bonds of the HOLC:
HOME OWNERS' LOAN CORPORATION OF THE
UNITED STATES OF AMERICA
1%€yo BONDS OF SERIES F-1939
Dated and bearing interest from June 1 1935—Due June 1 1930
Interest payable June 1 and Dec. 1
Offered only in exchange for HOLC 4% bonds of series of 1933-1951
called for redemption on July 1 1935
TREASURY DEPARTMENT
Office of the Secretary
1935—Department Circular No. 540—Public Debt Service
1Vashinyten, May 20 1935.
The Secretary of the Treasury, on behalf of the HOLC, invites subscriptions from the people of the United States for 1%% bonds of the HOLO,
designated bonds of series F-1939, in payment of which only HOLC 4%
bonds of series of 1933-1951, called for redemption on July 1 1935, of an
equal principal amount, may be tendered. The amount of the offering
under this circular will be limited to the principal amount of 110LC
bonds of series of 1933-1951 tendered and accepted. It is the intention to
offer for cash subscription, upon such terms and conditions as may be
prescribed by the HOLC, with the approval of the Secretary of the
Treasury, an additional amount of bonds of series F-1939, approximately
equal to the amount of HOLO 4% bonds of series of 1933-1951 not
tendered and accepted hereunder.
The terms and conditions of the bonds offered under this circular, the
manner in which such bonds shall be issued, and the prices at which they
shall be sold are prescribed by the HOLC, with the approval of the
Secretary of the Treasury, as follows:
Description of Bonds
The bonds will be dated June 1 1935, and will bear interest from that
date at the rate of 1%% per annum, payable semi-annually, on Dec. 1
1935, and thereafter on June 1 and Dec. 1 in each year. They will mature
June 1 1939 and will not be subject to call for redemption prior to
maturity.
These bonds are issued under the authority of the Home Owners' Loan Act
of 1933, as amended, which provides that these bonds shall be exempt,
both as to principal and interest, from all taxation (except surtaxes,
estate, inheritance and gift taxes) now or hereafter imposed by the
United States or any district, territory, dependency or possession thereof,
or by any State, county, municipality, or local taxing authority.
The bonds will be acceptable at face value in payment of indebtedness
due the HOLO. They will be acceptable to secure deposits of public
moneys, and will also. be acceptable in lieu of surety under the provisions
of Section 1126 of the Revenue Act of 1928, as amended. They will be
acceptable to secure 16-day borrowings from the Federal Reserve banks.
The bonds herein offered come within the following provisions of
Section 4(c) of the Home Owners' Loan Act of 1933, as amended:
". . . Such bonds shall be fully and unconditionally guaranteed both
as to interest and principal by the United States, and such guaranty shall
be expressed on the face thereof, and such bonds shall be lawful investments, and may be accepted as security, for all fiduciary, trust, and public
funds, the investment or deposit of which shall be under the authority or
control of the United States or any officer or officers thereof. In the
event that the Corporation shall be unable to pay upon demand, when
3473
due, the principal of, or interest on, such bonds, the Secretary of the
Treasury shall pay to the holder the amount thereof which is hereby
authorized to be appropriated out of any moneys in the Treasury not
otherwise appropriated, and thereupon to the extent of the amount so
paid the Secretary of the Treasury shall succeed to all the rights of the
holders of such bonds. . . ."
Bearer bonds with interest.coupons attached will be issued in denominations of $25, $50, $100, SECO, $1,000, $5,000, $10,000 and $100,000.
The bonds will not be issued in registered form. Provision will be made
for the interchange of bonds of different denominations, without charge
by the Corporation, under rules and regulations prescribed by the
Corporation.
Subscription and Allotment
Subscriptions will be received at the Federal Reserve banks and branches
and the Treasury Department, Washington, D. C. The Secretary of the
Treasury reserves the right to close the books as to any or all subscriptions at any time without notice.
The Secretary of the Treasury reserves the right to reject any subscription, in whole or in part, to allot less than the amount of bonds applied
for, to make allotments in full upon applications for smaller amounts,
and to make reduced allotments upon, or to reject, applications for larger
amounts, to make classified allotments or to make allotments upon a
graduated scale, or to adopt any or all of said methods or such other
methods of allotment and classification of allotments as shall be deemed
by him to be in the public interest; and his action in any or all of these
respects shall be final. Subject to these reservations, all subscriptions
will be allotted in full. Allotment notices will be sent out promptly upon
allotment.
Terms of Payment
Payment for bonds allotted hereunder may be made only in HOLO 4%
bonds of series of 1933-1951, called for redemption on July 1 1935, of an
equal principal amount, which should accompany the subscription. Cash
payments will not be accepted. If any subscription is rejected, in whole or
in part, the HOLC 4% bonds of series of 1933-1951, tendered therewith
and not accepted, will be returned to the subscriber. Interest on HOW
4% bonds of series of 1933-1951 tendered and accepted will be paid in
full to July 1 1936.
Surrender of HOW 4% Bonds of Series of 1933-1951
Coupon Bonds—HOLO 4% bonds of series of 1933-1951, in coupon
form, tendered in payment for HOLO bonds offered hereunder, should be
presented and surrendered with the subscription to a Federal Reserve bank
or the Treasurer of the United States, Washington, D. 0. Coupons dated
Jan. 1 1936, and all coupons bearing subsequent dates, should be attached
to such coupon bonds when surrendered, and if any such coupons are missing, the subscription must be accompanied by cash payment equal to the
face amount of the missing coupons. Coupons dated July 1 1935 should
be detached and collected in regular course when due. The bonds must
be delivered at the expense and risk of the holder. Facilities for transportation of bonds by registered mail, insured, may be arranged between
incorporated banks and trust companies and the Federal Reserve banks,
and holders may take advantage of such arrangements when available,
utilizing such incorporated banks and trust companies as their agents.
Registered Bonds—HOLC 4% bonds of series of 1933-1951 in registered
form tendered in payment for HOLO 1%% bonds offered hereunder, should
be assigned by the registered payee or the assignee thereof to "HOLO in
payment for HOLC 1%% bonds of series F-1939," and thereafter should
be presented and surrendered with the subscription to a Federal Reserve
bank or to the Treasury Department, Division of Loans and Currency,
/
2% bonds are to be delivered for the account
Washington, D. C. If the 11
of other than the registered payee or the assignee of the 4% bonds surrendered, the assignment should he to "HOLO in payment for HOLO 1%%
" The
bonds of series F-1939 to be delivered to
bonds must be delivered at the expense and risk of the holder. Final
interest due will be paid on July 1 1935 by checks issued in favor of
registered payees and for this purpose the persons entitled by assignment
to receive the bonds of series F-1939 will be considered the registered
payees.
General Provisions
Federal Reserve banks, as fiscal agents of the United States, are authorized and requested to receive subscriptions, to make allotments as directed
by the Secretary of the Treasury, to issue allotment notices, to receive
payment for bonds allotted, to make delivery of bonds on full-paid subscriptions allotted, to issue interim receipts if required, and to perform
such other acts as may be necessary to carry out the provisions of this
circular.
The Secretary of the Treasury may at any time, or from time to time,
prescribe supplemental or amendatory rules and regulations governing the
offering which will be promptly communicated to the Federal Reserve
bank
HENRY MORGENTHAU JR., Secretary of the Treasury.
Treasury Embargoes Importation of Foreign Silver
Coins Except Under License—Exception Made
When Face Value Is at Least 110% of Bullion
Worth—Ten Countries Affected
Secretary of the Treasury Morgenthau, in an order issued
on May 20, prohibited, except under license, the entry into
the United States of foreign silver coins and other forms of
silver commonly used as money. An exception was made in
the case of silver coins with a monetary value at the time
of entry at least 110% of the market value of their silver
content. The order does not cover the importation of
United States silver coins.
The Treasury Department, in a statement on May 20,
said:
As the price of silver has risen, the silver content of the coinage of some
countries has become more valuable as bullion than in the form of coins,
tending to cause its destruction and sale as bullion. A usual method of
dealing with this problem has been to call in silver coinage and change
Its silver content. An embargo on the export of the old silver coins is
usually a necessary supplemental measure. Those participating in the
importation into the United States of silver coins covered by such embargoes
are aiding the violation of the laws of the country in question.
In the spirit of co-operation, the Secretary of the Treasury has, with the
approval of the President, issued an order prohibiting, except under license,
the entry into the United States of foreign silver coins and other forms
of silver commonly used as money.
3474
Financial Chronicle
The order is in line with the silver policy of the Administration as
set out in the President's message to the Congress of May 22 1934. It
puts the Government into a position more effectively to co-operate with
signatories of the silver agreement of July 22 1933 and other countries
whose coin may be subject to disposition for its bullion value.
The Treasury revealed on May 21 that 10 countries are
listed as having coins more valuable as bullion than their
face value, thus excluding them from importation into the
United States except under license. These countries are
Bolivia, Chile, China, Costa Rica, Colombia, Hongkong,
Mexico, Peru, Salvador and Uruguay.
The Secretary's order was in the form of an amendment
to his silver order of June 28 1934, adding three sections
to that orler. The new order reads as follows:
TREASURY DEPARTMENT
Washington
May 25 1935
Federal Reserve banks and the Treasurer's Office. 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 20, amount to $123,773,005.67. The figures
show that of the amount received during the week ended
May 15, $34,150.02 was gold coin and $513,720 gold certificates. The total receipts are shown as follows:
Received by Federal Reserve banks
Week ended May 15 1935
Received previously
Total to May 15 1935
Received by Treasurer's Office
Week ended May 15 1935
Received previously
$33,650.02
30,313,399.65
Gold
Certlfic
,
des
3507.020.00
90,520.630.00
330,347,049.67
$91,027,650.00
3500.00
261,506.00
36.700.00
2,129.600.00
Gold coin
Total to May 15 1935
12.136.300.00
3262,006.00
Note-Cold bars deposited with the New York Assay Office to the amount of
$200,572.69 previously reported.
Order of the Secretary of the Treasury Amending the Order of June 28 1934
Relating to Silver
The order of the Secretary of the Treasury of June 28 1934 relating to
silver, issued in order to effectuate the policy of the Silver Purchase Act
of 1934, and under authority of said Act as amended, effective from the
time of approval by the President of this amendatory order, by adding
after Section 11 thereof the following additional sections which, in the
judgment of the Secretary of the Treasury, are necessary further to
effectuate the policy of said Act:
Section 12. Importation or transportation into the United States.-Except as otherwise specifically provided in Section 14, no person shall
Import or transport into the continental United States any foreign silver
coin, or any other conventional pieces or forms of silver commonly used
In any foreign country as money or coin, except under license issued pursuant to Section 13 of this order.
Section 13. Import licenses.-The Secretary of the Treasury, subject
to such regulations as he may prescribe, acting directly or through such
agency or agencies as he may designate, may issue licenses authorizing
the importation or transportation into the continental United States of
such silver coin or other conventional pieces or forma of silver which
he, or the designated agency, is satisfied:
(a) Are required to fulfill an obligation to deliver such silver in the
continental United States, incurred or assumed by the applicant on or
before the effective date of this order.
(b) Are shipped to the continental United States by, or on behalf or
with the consent of, a recognized foreign government, foreign central bank,
or the Bank for International Settlements.
(c) With the approval of the President, for other purposes not inconsistent with the purposes of the Silver Purchase Act of 1934, or the silver
agreement executed at London on July 22 1933.
Section 14. Exempt silver coin.-Siher coins of a monetary value equal
at the time of entry to 110% or more of the market value of their silver
content and United States silver coins may be imported or transported
into the continental United States without the necessity of obtaining a
license under this order.
HENRY MORGENTHAU JR.. Secretary of the Treasury.
Approved:
FRANKLIN D. ROOSEVELT,
The White House, May 20 1935.
Receipts of Newly-Mined Silver by Mints and Assay
Offices from Treasury Purchases-Totaled 86,907.27
Fine Ounces During Week of May 17
According to figures issued May 20 by the Treasury
Department, 86,907.27 fine ounces of silver were received
by the various United States mints during the week of May
17 from purchases made by the Treasury in accordance with
the President's proclamation of Dec. 211933. The procla,
mation, which was referred to in our issue of Dec. 23 1933,
page 4441, authorized the Department to absorb at least
24,421,000 fine ounces of newly-mined silver annually.
Since the proclamation was issued the receipts by the mints
have totaled 35,567,000 fine ounces, it was indicated by the
figures issued May 20. Of the amount purchased during
the week of May 17, 80,861.27 fine ounces were received
at the San Francisco Mint, and 6,046 fine ounces at the
Mint at Denver. The total receipts by the mints since the
issuance of the proclamation follow (we omit the fractional
part of the ounce):
Silver Transferred to United States Under Nationalization Order-11,480 Fine Ounces During Week of
May 17
During the week of May 17 a total of 11,480 fine ounces
of silver was transferred to the United States under the
Executive Order of Aug. 9 1934, nationalizing the metal.
A statement issued by the Treasury Department on May 20
showed that receipts since the order was issued and up to
May 17 totaled 112,744,672 fine ounces. The order of
Aug. 9 was given in our issue of Aug. 11 1934, page 858.
The statement of the Treasury of May 20 shows that the
silver was received at the various mints and assay offices
during the week of May 17 as follows:
Philadelphia
New York
San Francisco
Denver
New Orleans
Seattle
Total for week ended May 17 1935
Fine Ounces
459 00
3.52100
6,700 00
173.00
357.00
270.00
11,480.00
Following are the weekly receipts since the order of Aug. 9
was issued:
-Week Ended- Fine On.
Week Ended- Fine Ozs.
19341934
Aug. 17
33,465,091 Nov. 23
261,870
Aug. 24
26.088,019 Nov. 30
86,662
Aug. 31
12,301,731 Dee. 7
292.358
Sept. 7
4,144,157 Dec. 14
444,308
Sept. 14
3,984.363 Dec. 21
692,795
Sept. 21
8,435.920 Dec. 28
63,105
Sept.28
2,550,303
1935Oct. 5
2.474,809 Jan. 4
309,117
Oct. 12
2,883.948 Jan. 11
535,734
Oct. Ill
1,044.127 Jan. 18
75,797
Oct. 26
746.469 Jan. 25
62,077
Nov. 2
7.157.273 Feb. 1
134.096
Nov. 9
3,665.239 Feb. 8
33,806
Nov. 16
336,191 Feb. 15
45.803
Week Ended- Fine On.
1935152.331
Feb. 22
Mar, 1
38.135
Mar. 8
57.085
19,994
Mar. 15
Mar. 22
54,822
Mar. 29
7,615
Apr. 5
6.183
Apr. 12
6,755
Apr, 19
68,771
50,259
Apr. 26
7.1141
May 3
May 10
5,311
May 17
11,480
Federal Tax Co lections Increased 26% in First 10
Months of Fiscal Year-April Internal Revenue
Receipts $40,719,662 Above 1934
The Treasury Department on May 21 reported that April
collections of internal revenue were $40,719,602 above April
1934, while receipts in the current fiscal year up to May 1
were $549,150,374 above the comparable preceding period.
Almost all items in the list showed gains. The advance in
the first 10 months of the fiscal year was almost 26%. The
sharpest increase was in income taxes, influenced particularly by the upward movement of corporation taxes. The
Treasury said that this reflected better business conditions,
increased collection efforts, and some new and additional
tax levies.
Details of the Treasury report were contained in the following Washington dispatch of May 21 to the New York
"Herald Tribune":
467,385
504,363
732,210
973.305
321,760
1,187,708
1,126,572
403,179
1,184.819
844.528
1,555,985
554,454
695,536
838,198
1,438,681
502,258
67,704
173,900
686,930
86,907
Total collections for April were $194,083,458, compared with $163,363,796 for April 1934. Total income taxes at $24,384,846 advanced
$3,309,448; miscellaneous internal revenue, at $122,808,927, advanced
$24,863,757 and total agricultural adjustment taxes, at $40,889,684, advanced $12,546,456.
For the fiscal year from July 1 1934 to April 30, total receipts amounted
to $2,664,853,327, against $2,115,702,952 for the comparable period the
year before. Total income taxes stood at $822,506,376, an increase of
$215,417,745; miscellaneous internal revenue at $1,389,339,257, an Increase
of $108,159,247, and agricultural adjustment taxes at $453,007,693, an
increase of $165,573,381.
Liquor taxes during April amounted to $33,249,460, an increase of
$9,528,341 from April 1934, while for the fiscal year to date the collections
totaled $333,517,841, an increase of $137,730,721 over the previous year.
In the breakdown of income taxes it is shown that corporation income
taxes increased $11,634,076 last mouth over the month a year ago, with a
total of $18,340,872, while individual income taxes, with a total of
$6,043,974, decreased $8,324,627. Corporation income taxes for the fiscal
year totaled $423,422,368, an advance of $135,974,457, while individual
Income taxes totaled $399,084,007, a gain of $79,443,287.
$547,870 of Hoarded Gold Received During Week of
May 16-$34,150 Coin and $513,720 Certificates
Figures issued by the Treasury Department on May 20
Indicate that gold coin and certificates amounting to $547,870.02 was received during the week of May 15 by the
President Roosevelt Establishes Wage Rates of $19
to $94 Monthly for Workers on Federal Relief
Projects-Nation Is Divided into Four Areas and
Workers into Four Classes-Union Leaders Protest
New Scales
President Roosevelt, in an Executive Order issued on
May 20, established wage rates varying from $19 to $94 a
month to be paid the workers on most of the projects which
will be undertaken in the Federal $4,000,000,000 work relief
program. William Green, President of the American Fed-
Week Ended- Ounces
1934
1,157
Jan. 5
547
Jan. 12
477
Jan. 19
94,921
Jan. 26
117,554
Feb. 2
375,995
Feb. 9
232.630
Feb. 16
322,627
Feb. 23
271.800
Mar. 2
128.604
Mar. 9
832.808
369,844
Mar. 23
354.711
Mar. 30
589.274
Apr. 6
10,032
Apr. 13
753.938
Apr. 30
436,043
Apr. 27
647,224
May 4
600,631
May 11
503,309
May 18
885,058
May 25
295.511
June 1
200,897
June 8
206,790
June 15
380,532
June 22
64,047
June 29
•Corrected figures.
Week Ended- Ounces
1934
July 6
July 13
July 20
July 27
Aug. 3
Aug. 10
Aug. 17
Aug. 24
Aug. 31
Sept. 7
Sept. 14
Sept. 21
Sept. 28
Oct. 5
Oct. 12
Oct. 19
Oct. 28
Nov. 2
Nov. 9
Nov. 16
Nov. 23
Nov. 30
Dee. 7
Dee. 14
Dec. 21
Dec. 28
•1.218,247
230,491
115.217
292,719
118.307
254,458
649,757
376.504
11,574
264.307
353,004
103,041
1,054,287
620,638
609,475
712,206
268.900
826,342
359,428
1,025,955
443,531
359,298
487,693
648.729
797,206
484,278
Week Ended1935Jan
4
Jan. 11
Jan. 18
Jan 25
Feb. 1
Feb. 8
Feb. 15
Feb. 21
Mar. 1
Mar. 8
Mar. 15
Mar. 22
Mar. 29
Apr. 5
Apr. 12
Apr. 19
Apr. 28
May 3
May 10
May 17
Ounces
Financial Chronicle
Volume 140
eration of Labor, immediately led a group of labor leaders
in protesting that the wage scale would cause great dissatisfaction and might result in lower wages in private industry.
He expressed fear of widespread strikes as a consequence
of the order.
The President, in his Executive Order, based his schedule
on the principle of paying less than the wage rates prevailing in private industry. The country was divided into four
wage areas, reflecting the existing wage structure, and
maintaining present regional differentials in relief payments. The wage scales also take account of differences
between urban and rural compensation and among different
types of labor.
The President issued the following schedule of monthly
wages by regions and types of work:
Counties in Which the 1930 Population of the Largest
Municipality Was—
Region
Unskilled Work—
III
IV
Intermediate Work—
II
IV
Skilled Work—
Ow
100.000
50.000 to
100,000
25.000 to
50.000
5.000 to
2a.000
Under
5.000
$
55
45
35
30
$
52
42
33
27
$
48
40
29
25
$
44
35
24
22
$
40
32
21
19
65
58
62
49
60
54
48
43
55
50
43
38
50
44
36
32
45
38
30
27
55
63
70
85
75
44
52
60
66
72
48
38
56
62
68
42
35
50
58
68
IV
Professional and Tech nical {Work
61
69
77
94
83
48
57
66
79
73
42
62
53
75
68
39
46
55
75
64
IV
Regions include the following States:
I—Connecticut. Ma ne, Massachusetts, New Hampshire. New Jersey, New
York,Pennsylvania, Rhode Island, Vermont,Illinois, Indiana, Michigan, Minnesota,
Ohio, Wisconsin, Arizona, California, Colorado, Idaho, Montana, Nevada, New
Mexico, Oregon. Utah, Washington, Wyoming.
I1—Iowa, Kansas. Missouri. Nebraska. North Dakota, South Dakota, Delaware,
District of Columbia, Maryland, West Virginia.
111—Arkansas, Kentucky. Louisiana. Oklanoma, Texas. Virginia.
IV—Alabama, Florida, Georgia, Mississippi, North Carolina, South Carolina,
Tennessee.
II
The Advisory Committee on Allotments on May 23 recommended to the President the expenditure of $155,360,600 for
direct relief and other purposes until the works program is
well under way. United Press advices of May 23 from
Washington listed the recommendations, all to come from
the $4,000,000,000 fund, as follows:
$131,000,000 to finance the Federal Emergency Relief Administration In
caring for the needy during June.
$9,000,000 to FERA to continue rural rehabilitation and drought relief.
$8,610,600 to the Navy Department.
$6,000,000 to the Federal General Accounting Office to finance extra
costs of auditing work relief accounts.
Frank C. Walker, Director of the Division of Applications and Information, issued a statement on May 20 but
did not refer to the hourly wage rates or explain how the
monthly earnings schedule had been formulated.
We quote, in part, regarding the President's order from a
Washington dispatch of May 20 to the New York "Herald
Tribune":
The President's order provided preference in employment to persons from
relief rolls and prescribed that at least 90% of all persons working on a
work project must come from relief rolls. A feature of the program as
laid out in the President's order is that only one member of a family
group may be employed on the works program.
No person is to be employed under the age of 16 and no one whose age
br condition would make the job dangerous, although the latter ban is
not to be construed as prohibiting' employment of physically handicapped
persons who may safely be assigned to work. Wages to be paid by the
Government may not be pledged or assigned and any such assignment
will be legally void.
In establishing payments on a monthly salary basis with "earnings
differing according to various regions, degree of urbanization and classes of
work," the executive order provides that workers are to be paid for time
lost due to weather and temporary interruptions in the project, but workers
must report on the job and be officially dismissed unless otherwise notified
by the project supervisor.
Flow of Projects Provided
"Deductions from monthly earnings shall be made for time lost because
of voluntary absence, illness, completion or postponement of a project, or
permanent dismissal," the order states. "In order to assure an adequate
Income to workers, the Works Progress Administration shall make every
effort to provide a continuous flow of suitable projects in each locality."
"Monthly earnings applicable to a city should in general apply also to
contiguous urban areas, even though such urban areas are not in the same
county," the order added. "Monthly earnings applicable to the largest
municipality in a county should in general apply also to the remainder
of the county in which the municipality is located, but need not necessarily
so apply in event that local circumstances warrant a different rate of
earnings. If the territory covered by the operation of any individual
project involves the application of more than one schedule of monthly
earnings, the schedule of monthly earnings for any class of work on the
project should he the higher schedule involved. In order to allow for
these and any other adjustments, the Works Progress Administrator or
his representative may adjust the rate of earnings for any class of work
In a locality by not more than 10% from the monthly earnings shown in
the foregoing schedule."
Exceptions to Order Listed
The prescribed monthly earnings basis, the Executive Order states, is
not to apply to the Commodity Credit Corporation, which has its own
rules already in effect; to Public Works Administration loans and grants,
In which cases the recipient authorities shall determine wage rates "in
accordance with local wage conditions" subject to approval of the PWA
3475
State Director; to highway and grade crossing elimination where State
highway departments will take the initiative; to permanent public buildings in the District of Columbia where prevailing wage rates by law
apply; to such projects as Mr. Ilopkins exempts; to supervisory and
administrative employees, and to projects left under the supervision of the
State and local emergency relief administrations where present rules are
applicable.
"The four wage rates areas, differentiated in the schedule, represent
markedly different wage rate areas," Mr. Walker said in his introduction
to the Executive Order.
"In general, the group of States in the lower South showed the lowest
wage levels.
"A somewhat higher level of wages was found in the States in the upper
South and Southwestern States (Virginia, Kentucky, Arkansas, Oklahoma,
Louisiana and Texas).
"In a third region within which similarity of rates obtained, the level
was somewhat above that of the second region. This third group of States
included Iowa, Kansas, Nebraska, Missouri, North and South Dakota.
Wages rates in Delaware, West Virginia, Maryland and the District of
Columbia approximated those of the central group, and these States were
thus placed in the third group.
Marked Differences Found
"The fourth group of States showing the highest wage levels comprised
the New England, Middle Atlantic, the Lake States, the Mountain and
Pacific States. These four regions display marked differences in wage
levels and the schedule of monthly earnings has been devised so as to
reflect these regional differentials.
"The wage-rate survey further revealed a pronounced tendency for
wage rates to vary with the size of city. The lowest rates in the fourth
regions were found in the rural areas, with a progressive increase in rates
noted in the larger cities. The earnings schedule thus includes rural-urban
differentials with the lowest rates in each region appearing in the rural
areas, and higher rates for counties groups, according to the size of city.
"Similarly the differences in rates between general occupational classes
of workers as indicated by the wage-rate data formed the basis for the
occupational differentials shown in the earnings schedule."
Text of President Roosevelt's Message Vetoing Patman
Bonus Bill
The following is the message of President Roosevelt sent
to Congress on May 22 vet)ing the Patman Bonus Bill
(reference to the message is made elsewhere in our issue of
to-day):
Mr. Speaker: Members of the House of Representatives:
Two days ago a number of gentlemen from the House of Representatives
called upon me and with complete propriety presented their reasons for
asking me to approve the House of Representatives' bill providing for the
Immediate payment of adjusted service certificates. In the same spirit of
courtesy I am returning this bill to-day to the House of Representatives.
As I told the gentlemen who waited upon me, I have never doubted the
good faith lying behind the reasons which have caused them and the majority of the Congress to advocate this bill. In the same spirit I come
before you dispassionately and in good faith to give you, as simply as I
can, the reasons which compel me to give it my disapproval.
And I am glad that the Senate by coming here in joint session gives me
opportunity to give my reasons in person to the other House of the Congress.
As to the right and the propriety of the President in addressing the Congress in person, I am very certain that I have never in the past disagreed.
and will never in the future disagree, with the Senate or the House of
Representatives as to the constitutionality of the procedure. With your
permission, I should like to continue from time to time to act as my own
messenger.
%Eighteen years ago the United States engaged in the world war. A
nation of 120,000,000 people was united in the purpose of victory. The
millions engaged in agriculture toiled to provide the raw materials and
foodstuffs for our armies and for the nations with whom we were associated.
Many other millions employed in industry labored to create the materials
for the active conduct of the war on land and sea.
Out of this vast army consisting of the whole working population of the
Nation, four and three-quarter million men volunteered or were drafted
Into the armed forces of the United States. One-half of them remained within our American continental limits. The other half served overseas; and of
these 1,400,000 saw service in actual combat.
The people and the Government of the United States have shown a
proper and generous regard for the sacrifices and patriotism of all of the
four and three-quarter million men who were in uniform, no matter where
they served.
At the outbreak of the war the President and the Congress sought and
established an entirely new policy, however,in order to guide the granting of
financial aid to soldiers and sailors. Remembering the unfortunate results
that came from the lack of a veterans' policy after the civil war, they
determined that prudent and sound principle of insurance should supplant
the uncertainties and unfairness of direct bounties. At the same time, their
policy encompassed the most complete care for those who had suffered
disabilities in service. With respect to the grants made within the lines of
this general policy, the President and the Congress have fully recognized
that those who served in uniform deserved certin benefits to which other
citizens of the Republic were not entitled, and in which they could not
participate.
In line with these sound and fair principles, many benefits have been
provided for veterans.
During the war itself provision was made for Government allowances
for the families and other dependents of enlisted men in service. Disability and death compensation was provided for casualties in line of duty.
The original provisions for these benefits have been subsequently changed
and liberalized many times by the Congress. Later generous presumptions
for veterans who became Ill after the termination of the war were written
Into the statute to help veterans in their claims for disability. As a result
of this liberal legislation for disability and for death compensation. 1,140,000
men and women have been benefited.
During the war the Government started a system of voluntary insurance
at peace-time rates for men and women in the service.
Generous provision has been made for hospitalization, vocational training
and rehabilitation of veterans. You are familiar with this excellent care
given to the sick and disabled.
In addition to these direct benefits, Congress has given recognition to
the interest and welfare of veterans in employment matters, through
veteran preference in the United States civil service, in the selection of
employees under the Public Works Amdinistration, through the establishment of a veterans employment unit in the Department of Labor and
through provisions favoring veterans in the selection of those employed in
3476
Financial Chronicle
may
25 1935
that will strike mosecruelly those like the veterans who seem to be tempothe Civilian Conservation Corps. Many States have likewise given special
rarily benefited. The firsttperson injured by sky-rocketing prices is the
bonuses in cash and verterans preferences in State and local public emman on a fixed income. Everyidisabled veteran on pension or allowances,
ployment.
is on fixed income. This bill favors the able-bodied veteran at the expense
Furthermore, unemployed veterans as a group have benefited more
of the disabled -veteran.
largely than any other group from the expenditure of the great public works
Wealth is not created, nor is it more equitably distributed by this method.
appropriation of $3,300,000,000 made by the Congress in 1933, and under
A government, like an individual, must ultimately meet legitimate obligawhich we are still operating. In like manner the new $4,000,000,000 Work
tions out of the production of wealth by the labor of human beings applied
Relief Act seeks to give employment to practically every veteran who is
to the resources of nature. Every country that has attempted the form of
receiving relief.
meeting its obligations which is here provided has suffered disastrous
that
ther
has
been
We may measure the benefits extended from the fact
consequences.
expended up to the end of the last fiscal year more than $7,800,000,000
In the majority of cases, printing-press money has not been retired
for these items in behalf of the veterans of the world war, not including
through taxation. Because of increased costs, caused by inflated prices,
sums spent for home or work relief. With our current annual expenditures
new
issue has followed new issue, ending in the ultimate wiping out of the
of some $450,000,000 and the liquidation of outstanding obligations under
currency of the afflicted country. In a few cases,like our own in the period
term insurance and the payment of the service certificates, it seems safe
of the Civil War, the printing of Treasury notes to cover an emergency
to predict that by the year 1945 we will have expended $13,500,000,000.
has fortunately not resulted in actual disaster and collapse, but has neverThis is a sum equal to more than three-fourths of the entire cost of our
theless caused this Nation until troubles economic and political, for a
participation in the world war and 10 years from now most of the veterans
whole generation.
of that war will be barely past the half century mark.
The statement in this same second "whereas" clause that payment will
Payments have been and are being made only to veterans of the world
discharge and retire an acknowledged contract obligation of the Government
war and their dependents, and not to civilian workers who helped to win
is, I regret to say, not in accordance with the fact. It wholly omits and
that war.
disregards thefact that this contract obligation is due in 1945 and not to-day.
In the light of our established principles and policies let us consider the
If I, as an individual, owe you, as an individual Member of the Congress.
case of adjusted compensation. Soon after the close of the war a claim
$1,000 payable in 1945, it is not a correct statement for you to tell me that
was made by several veterans' organizations that they should be paid some
I
owe you $1,000 to-day. As a matter of practical fact, if I put $750 into a
adjusted compensation for their time in uniform. After a complete and
Government savings bond to-day and make the bond out in your name,
fair presentation of the whole subject, followed by full debate in the Conyou will get $1.000 on the due date, 10 years from now. My debt to you
gress of the United States, a settlement was reached in 1924.
to-day, therefore, can not under the remotest possibility be considered
This settlement provided for adjustment in compensation during service
more than $750.
by an additional allowance per day for actual service rendered. Because
The final "whereas" clause, stating that spending the money is the
cash payment was not be be made immediately, this basic allowance was
most
effective means of hastening recovery, is so ill-considered that little
years,
for
20
compound
interest
was
added
increased by 25% and to this
comment is necessary. Every authorization of expenditures by the Seventythe whole to be paid in 1945. The result of this computation was that an
third Congress in its session of 1933 and 1934, and every appropriation by
amount two and one-half times the original grant would be paid at maturity.
the Seventy-fourth Congress to date, for recovery purposes, has been prediTaking the average case as an example, the Government acknowledged
cated not on the mere spending of money to hasten recovery, but on the
a claim of $400 to be due. This $400, under the provisions of the settlesounder principle of preventing the loss of homes and farms, of saving inment, with the addition of the 25% for deferred payment and the comdustry from bankruptcy, of safeguarding bank deposits, and, most importpound interest from that time until 1945, would amount to the sum of $1,000
ant of all—of giving relief and jobs through public work to individuals and
in 1945. fhe veteran was thereupon given a certificate containing an
families
faced with starvation. These greater and broader concerns of the
pay
it
1945
or
to
agreement by the Government to pay him this $1,000 in
American people have a prior claim for our consideration at this time.
to his family if he died at any time before 1945. In effect, it was a paid-up
They have the right of way.
endowment policy in the average case for $1,000 payable in 1945, or sooner
There is before this Congress legislation providing old-age benefits and a
in the event of death. Under the provisions of this settlement the total
measure of security for all workers against the hazards of unemploygreater
of
face_value
obligation of $1,400,000,000 in 1924 produced a maturity or
ment. We are also meeting the pressing necessities of those who are now
$3,500,000,000 in 1945.
unemployed and in need of immediate relief. In all of this every veteran
Since 1924 the only major change in the original settlement was the
shares.
act of 1931. under which veterans were authorized te„borrow up to 50%
Bo argue for this bill as a relief measure is to indulge in the fallacy that
veterans
of the face value of their certificates as of 1945. Threeimffilon
the welfare of the country can be generally served by extending relief on
have already borrowed under this provision an amount which, with interest
some basis other than actual deserving need.
charges, totals $1,700,000,000.
The core of the question is that a man who is sick or under some other
The bill before me provides for the immediate payment of the 1945
special
disability because he was a soldier should certainly be assisted as
value of the certificates. It means paying $1,600,000,000 morelthan the
such.
But if a man is suffering from economic need because of the depression,
more
than
expenditure
of
requires
an
certificates.
It
present value of the
even though he is a veteran, he must be placed on a par with all of the other
$2,200,000,000 in cash for this purpose. It directs payment to the
victims of the depression. The veteran who is disabled owes his condition
veterans of a much larger sum than was contemplated in the 1924 settleto the war. The healthy veteran who is unemployed owes his troubles to
ment. It is nothing less than a complete abandonment of that settlement.
the depression. Each presents a separate and different problem. Any atIt is a new straight gratuity or bounty to the amount of $1,600,000.000.
tempt to mingle the two problems is to confuse our efforts.
It destroys the insurance protection for the dependents of the veterans proEven the veteran who is on relief will benefit only temporarily by this
vided in the original plan. For the remaining period of 10 years they will
measure, because the payment of this sum to him will remove him from the
have lost this insurance.
group
entitled to relief if the ordinary rules of relief agencies are followed.
principle
of
veterans'
benefits
This proposal, I submit, violates the entire
For him this measure would give, but it would also take away. In the end
so carefully formulated at the time of the war, and also the entire principle
he would be the loser.
of the adjusted-certificate settlement of 1924.
The veteran who suffers from the depression can best be aided by the
What are the reasons presented in this bill for this fundamental change
rehabilitation
of the country as a whole. His country, with honor and
In policy? They are set forth with care in a number of "whereas" clauses
gratitude,
returned him at the end of the war to the citizenry from which
bill.
at the beginning of the
he came. He became once more a member of the great civilian population.
The first of these states as reasons for the cash payment of these certiHis interests became identified with its fortunes and also with its misficates at this time: that it will increase the purchasing power of millions
fortunes.
of the consuming public; that it will provide relief for many who are in
Some years ago it was well said by the distinguished senior Senator from
need because of economic conditions;and that it willlighten the relief burden
Idaho that:"the soldier of this country cannot be aided except as the country
of cities, counties and States. The second states that payment will not
itself is rehabilitated. The soldier cannot come back except as the people
create any additional debt. The third states that paymentinow will be
as a whole come back. The soldier cannot prosper unless the people prosan effective method of spending money to hasten recovery.
per. He has now gone back and intermingled and become a part of the
briefly
These are the enacted reasons for the passage of this bill. Let7me
citizenship of the country; he is wrapped up in its welfare or in its adversity;
analyze them.
the handing out to him of a few dollars will not benefit him under such cirFirst, the spending of this sum, it cannot be denied, would result in
cumstances, whereas it will greatly initire the prospects of the country and
some expansion of retail trade. But it must be noted that retail trade has
the
restoration of normal conditions."
already expanded to a condition that compares favorably with conditions
it is generally conceded that the settlement by adjusted-compensation
before the depression. However, to resort to the kind of financial practice
certificates made in 1924 was fair and it was accepted as fair by the overprovided in this bill would not improve the conditions necessary to expand
whelming majority of World War veterans themselves.
those industries in which we have the greatest unemployment. The
I have much sympathy for the argument that some who remained at
Treasury notes issued under the terms of this bill we know from past experihome in civilian employment enjoyed special privilege and unwarranted
banks
too,
that
the
banks.
We
know,
ence would return quickly to the
remuneration. That is true—bitterly true—but a recurrence of that type
have at this moment more than ample credit with which to expand the activof war profiteering can and must be prevented in any future war.
ities of business and industry generally. The ultimate effect of this bill
I invite the Congress and the veterans with the great masses of the
will not in the long run justify the expectations that have been raised by
American population to join with me in progressive efforts to root a recurthose who argue for it.
rence of such injustice out of American life. But we should not destroy
The next reason in the first "whereas" clause is that present payment
privilege and create new privilege at the same time. Two wrongs do not
will provide relief for many who are in need because of economic conditions.
make a right.
The Congress has just passed an act to provide work relief for such citizens.
The herculean task of the United States Government to-day is to take
Some veterans are on the relief rolls, though relatively not nearly as many
care that its citizens have the necessities of life. We are seeking honestly
Assume, however, that such a veteran
as is the case with non-veterans.
and honorably to do this, irrespective of class or group. Rightly, we give
served in the United States or overseas during the war; that he came through
preferential treatment to those men who were wounded, disabled, or who
in fine physical shape, as most of them did; that be received an honorable
became Ill as a result of war service. Rightly, we give care to those who
discharge; that he is to-day 38 years old and in full possession of his faculties
subsequently have become ill. The others—and they represent the great
and health; that like several million other Americans he is receiving from his
majority—are to-day in the prime of life, are to-day in full bodily vigor.
Government relief and assistance in one of many forms—I hold that that
They are American citizens who should be accorded equal privileges and
able-bodied citizen, because he wore a uniform, and for no other reason,
equal
rights to enjoy life, liberty and the pursuit of happiness—no less and
should be accorded no treatment different from that accorded to other
no more.
citizens who did not wear a uniform during the World War.
It is important to make one more point. In accordance with the manThe third reason given in the first "whereas"caluse is that payment to-day
date of the Congress, our Budget has been set. The public has accepted it.
would lighten the relief burden of municipalities. Why. I ask, should the
On that basis this Congress has made, and is making Its appropriations.
Congress lift that burden in respect only to those who wore the uniformb
That Budget asked for appropriations-in excess of receipts to the extent of
Is it not better th treat every able-bodied American alike and to carry
$4,000,000,000. The whole of that deficit was to be applied for work
out the great relief program adopted by this Congress in a spirit of equality
relief for the unemployed. That was a single-minded, definite purpose.
to all? This applies to every other unit of Government throughout the
Every unemployed veteran on the relief rolls was included in that proNation.
posed deficit—he will be taken care of out of it.
The second "whereas" clause, which states that the payment of certifiI cannot in honesty assert to you that to Increase that deficit this year by
fundamental
question
cates will not create an additional debt, raises a
$2,200,000,000 will in itself bankrupt the United States. fo-day the credit
of sound finance. To meet a claim of one group by this deceptively easy
of the United States is safe. But it cannot ultimately be safe if we engage in
method of payment will raise similar demands for the payment of claims
a policy of yielding to each and all of the groups that are able to enforce
of other groups. It is easy to see the ultimate result of meeting recurring
upon
the Congress claims for special consideration. To do so is to abandon
demands by the issuance of freasury notes. It invites an ultimate reckonthe principle of government by and for the American people and to put in
ing in uncontrollable prices and in the destruction of the value of savings,
Volume 140
Financial Chronicle
its place government by and for political coercion by minorities. We can
afford all that we need; but we cannot afford all that we want.
I do not need to be a prophet to assert that if these certificates, due in
1945, are paid in full to-day, every candidate for election to the Senate or to
the House of Representatives will in the near future be called upon, in the
name of patriotism, to support general pension legislation for all veterans,
regardless of need or age.
Finally, I invite your attention to the fact that, solely from the point of
view of the good credit of the United States, the complete failure of the
Congress to provide additional taxes for an additional expenditure of this
magnitude would in itself and by itself alone warrant disapproval of this
measure.
I well know the disappointment that the performance of my duty in
this matter will occasion to many thousands of my fellow citizens. I well
realize that some who favor this bill are moved by a true desire to benefit
the veterans of the World War, and to contribute to the welfare of the
Nation. These citizens will, however, realize that I bear an obligation as
President and as Commander-in-Chief of the Army and Navy, which
extends to all groups, to all Citizens, to the present and to the future.
I cannot be true to the office I hold if I do not weight the claims of all
in the scales of equity. I cannot swerve from this moral obligation.
I am thinking of those who served their country in the Army and in the
Navy during the period which convulsed the entire civilized world. I saw
their service at first-hand at home and overseas. I am thinking of those
m11110118 of men and women who increased crops, who made munitions,
who ran our railroads, who worked in the mines, who loaded our ships during
the war period.
I am thinking of those who died in the cause of America here and abroad.
in uniform and out; I am thinking of the widows and orphans of all of them;
I am thinking of five millions of Americans who, with their families, are
to-day in dire need, supported in whole or in part by Federal. State and
local governments who have decreed that they shall not starve, I am thinking not only of the past, not only of to-day, but of the years to come. In
this future of ours it is offirst importance that we yield not to the sympathy
which we would extend to a single group or class by special legislation for
that group or class, but that we should extend assistance to all groups and
all classes who in an emergency need the helping hand of their Government.
I believe the welfare of the Nation; as well as the future welfare of the
veterans, wholly justifies my disapproval of this measure.
Therefore, Mr. Speaker, I return, without my approval, House of
Representatives Bill No. 3896, providing for the immediate payment to
veterans of the 1945 face value of their adjusted-service certificates.
Senate Sustains President Roosevelt's Veto of Patman
Inflation Bonus Bill—Vote of 54 to 40 Is Nine Short
of Needed Majority—House Overrides Veto by 322
to 98—President Denounces "Greenback" Currency,and Opposes Any Immediate Bonus Payment
The Patman bonus bill, calling for the immediate payment
of approximately $2,200,000,000 in "greenback" currency
to war veterans, was defeated on May 23 when the Senate
sustained President Roosevelt's veto which had been delivered personally to Congress on the preceding day. The Senate
vote was 40 to sustain the veto and 54 to override it. Thus
the proponents of the bill failed by a margin of nine votes to
obtain the two-thirds majority which would have been necessary to pass the legislation over the Executive veto. On
May 22, immediately after the President's veto message had
been delivered to Congress, the House of Representatives
voted 322 to 98 to pass the measure over his objections.
The result of the Senate balloting was probably partially
influenced by the strength of President Roosevelt's veto
message, in which he denounced the creation of fiat currency, expressed his firm opposition to the payment of any
cash bonus to veterans at this time, and declared that Congress should act with the needs of the entire country in
mind, and not of one particular class.
The final Senate vote of 54 to 40 sustaining the veto
compared with a vote of only 55 to 33 on the original Senate
ballot approving the Patman bill,showing that the opponents
of the measure gained seven votes and its sponsors lost one
since it was first passed. Twenty-eight Democrats and 12
Republicans voted to sustain the veto. Forty-two Democrats, 10 Republicans, one Farmer-Laborite and one Progressive voted to override the veto. Senator Norbeck was
absent during the Senate balloting on May 23 and Senator
Holt of West Virginia has not yet qualified for his seat.
Every other Senator voted.
There were no switches in favor of the bonus, but three
Senators switched their votes to the side of the Administration. They were Senators Coolidge, Pittman and Pope.
New votes to sustain the veto were cast by Senators Chavez,
Gore, O'Mahoney and Tydings. New votes to override the
veto were by Senators Nye and Reynolds.
Before the final Senate vote, Senator Clark announced
that in the event that the veto was sustained he would move
to suspend the rules in order to attach to the pending Navy
Appropriation bill an amendment directing full cash payment
of the adjusted service certificates, but providing at least
three discretionary means of furnishing the funds.
The complete text of President Roosevelt's veto message
to Congress on the Patman bonus bill is given elsewhere in
this issue of the "Chronicle." The President delivered the
message in person before a joint session of Congress on May
22, thus setting a historical precedent, since no other President of the United States has ever appeared before Congress
for such a purpose.
President Roosevelt's veto message was firm in expressing
determined disapproval of currency inflation, and he reiterated more strongly than ever before the arguments
against any immediate bonus payment. His address, which
was broadcast over a nation-wide radio network, brought a
measure of confidence to conservatives and "sound-money"
advocates. The President denied the theory that a nation
3477
can "spend its way to prosperity," and said that this idea is
"so ill considered that little comment is necessary."
While admitting to the Congress that he"cannot in honesty
assert to you that to increase the deficit this year by $2,200,000,000 will in itself bankrupt the credit of the United
States," and while asserting that "to-day the credit of the
United States is safe," the President warned that "it cannot
ultimately be safe if we engage in a policy of yielding to each
and all of the groups that are able to enforce upon the Congress claims for special consideration."
Mr. Roosevelt said that to argue for the Patman bonus
bill as a relief measure is "to indulge in the fallacy that the
welfare of the country can be generally served by extending
relief on some basis other than actual deserving need." He
pointed out that the veterans have already received many
preferences from the Government, and said that a veteran
who is suffering from the effects of the depression can best
be aided by the rehabilitation of the Nation as a whole.
One of the President's strongest utterances in behalf of
"sound money" came when he said:
Wealth is not created nor is it more equitably distributed by this method.
A government like an individual must ultimately meet legitimate obligations out of the production of wealth by the labor of human beings applied
to the resources of nature. Every country that has attempted the form of
meeting is obligations which is hereby provided has suffered disastrous
consequences.
Mr.Roosevelt said that in most cases printing-press money
has ncit been retired by taxation. He stated:
Because of increased costs caused by inflated prices, new issue has followed new issue, ending in the ultimate wiping out of the Currency of the
afflicted country. In a few cases like our own in the period of the Civil
War the printing of Treasury notes to cover an emergency has fortunately
not resulted in actual disaster and collapse, but has nevertheless caused this
Nation untold troubles, economic and political, for a whole generation.
One of the most important aspects of the veto message was
the President's recognition that most unemployment is in
the heavy goods industries and that resort to "greenback"
inflation would not improve the conditions necessary to expand those industiie..
Our most recent reference to the legislative status of the
Patman bill was contained in the "Chronicle" of May 18,
page 3315. We quote below from a Washington dispatvh of
May 22 to the New York"Times"regarding the House action
on the measure after the President had finished reading his
message to the joint session of Congress:
The House vote was ordered immediately. Chairman Doughton of the
Ways and Means Committee, handler of the original bill in the House,
made a brief statement, saying that nothing further could be added to the
arguments for either side, and moved the previous question.
The question was on passage of the bill, upon reconsideration, "the objections of the President to the contrary notwithstanding." Then it was
merely a matter of calling names on the long House roll until the result was
announced. Party lines meant little.
Voting to override were 252 Democrats, 60 Republicans, 7 Progressives
and 3 Farmer-Laborite members: and to sustain, 62 Democrats and 36
Republicans. The message, with the House result noted, was delivered to
theiSenate at 2:29 o'clock,
Passage of the resolution calling tor a joint session of Congress to hear the veto message was delayed in the Senate on
May 21 by a filibuster conducted by Senator Long. United
Press Washington advices of May 21 described this proceeding in part as follows:
Senator Huey Long, who had filibustered against the resolution for five
hours, lost the floor when be stepped out of the chamber during a quorum
call.
The Kingfish started his filibuster at 2:30 p. m. and was hoping to hold
the Senate in session until it surrendered. He waved aside all pleas that the
Senate be permitted to vote.
In the end it was Long's own negligence and lack of knowledge of the
Senate rules that defeated him. There were only four Senators in the
chamber, and the Kingfish, who hadn't had any dinner, made a point of no
quorum. That meant that a roll call had to be started.
A Senate roll call takes from 10 to 15 minutes—ample time for Long to
grab a sandwich and get back to the Senate to resume his filibuster. Where
he made his mistake was that he darted out of the chamber before the Clerk
had called the first name—that of Senator Alva Adams of Colorado.
Senator Tom Connally (Dem., Tex.) was on his feet as Long vanished
through the door.
"Mr.President," he said,"I ask recognition. The Senator from Louisiana
left the chamber before the roll call started."
"The Senator from Texas is recognized," said Senator Henry Ashurst
of Arizona, who was presiding.
Before the quorum call was completed. Long came back into the Senate
to find Connally in possession of the floor.
"I haven't finished my speech," the Kingfish protested.
"The Senator from Texas 'Connally] has the floor." ruled Vice-President
Garner, who had taken over the gavel.
Long appealed for another ruling from the Chair. and Garner again overruled him. The Kingfish sat down crestfallen. He prides himself on his
parliamentary astuteness and what made him angry was that he had outsmarted himself by leaving the chamber ten seconds too soon.
Connally promptly yielded the floor to Senate Democratic Leader Joseph
T. Robinson, who moved immediate consideration of the resolution for a
Joint session to-morrow.
HOLC Bill Sent to White House After Adoption of
Conference Report — Bond-Issuing Authority
Increased by $1,750,000,000
The Home Owners Loan Corporation Bill was sent to the
White House for President Roosevelt's signature on May 21.
after the Senate had adopted a conference report on the
measure. The report was adopted by the House on the
preceding day (May 20) after the House had accepted a
Senate amendment providing that new loan applications may
3478
Financial Chronicle
be received by the HOLC for 30 days after the enactment of
the measure. The bill increases the bond-issuing authority
of the HOLC by $1,750,000,000 and contains a requirement
that ad employees of the Corporation must be residents of
the areas they are serving.
Senate Approves Resolution for Inquiry into Railroad
Financing—$25,000 Voted for Expenses of Probe
The Senate on May 20 approved a resolution authorizing
the Interstate Commerce Commission to conduct an investigation of railroad financing. The inquiry will be under
the supervision of the Senate Committee on Inter-State Commerce and will begin immediately, but hearings will be postponed until fall. The resolution, which was sponsored by
Senator Wheeler, carries an appropriation of $25,000 to defray the expenses of the inquiry. Senator Wheeler will be
In charge of the survey, which is expected to delve into the
records of some of the Nation's largest banking houses. The
resolution authorizes investigation of the financing, reorganizations, mergers, acquisitions, dispositions, insolvencies, credit and securities operations and activities, financial policies, intercorporate relationships and other matters.
Associated Press Washington adv ices of May 20 added the
following regarding the projected inquiry:
The resolution carried an appropriation of $25,000 and directed the Interstate Commerce Commission to aid in getting the facts. Joseph B. Eastman, Federal Co-ordinator of Transportation, was authorized to select the
railroads for inquiry.
Although no formal statement was forthcoming it was said In usually
authoritative capital quarters that among the first roads to be investigated
would be the Missouri Pacific, the Frisco, and the Chicago, Milwaukee, St.
Paul & Pacific. The Missouri Pacific inquiry would touch the Van Sweringen interests of Cleveland and J. P. Morgan & Co., bankers for that group.
Huhn, Loeb & Co. will enter the picture in the financing of the St. Paul.
Though the resolution authorizing the inquiry had been pending in the
Senate for weeks, there was virtually no debate when it came up and it
went through by unanimous consent, after Senator Wheeler characterized
conditions in some of the carriers as "scandalous."
Minority Report to Senate Holds Utility Bill Should Be
Defeated—Hastings Group Charges Measure Was
"Railroaded" Through Senate Inter-State Commerce Committee
The public utility holding company bill has been "rail-
roaded" through the Senate Committee on Inter-State
Commerce and "ought not to pass in its present form,"
according to a minority report on the measure prepared on
May 23 by Senator Hastings. Three other Republican
Senators—Davis, Metcalfe and White—supported the
minority viewpoint. A dispatch from Washington May 23
to the New York "Herald Tribune" discussed this minority
report on the bill as follows:
Evidence of dissension within the committee was given last week when
the bill was approved. with Senator Hastings and Senator W. H. Dleterich,
Democrat, of Illinois, walking out on the other members, and with the committee clerk reporting the bill as approved. 14 to 2. notwithstanding their
exit. It Is reported that certain Democratic members, presumably Senator
Dleterich, are now preparing another minority report, which will serve to
bring more out in the open the smoldering opposition to the Administration
measure.
fECA stiff fight will be made on the Senate floor both by Republicans and
Democrats with the objective of securing amendments to the bill, which
seeks to abolish all but "necessary" holding companies by 1942. Such
difference of opinion is already In existence within the House committee,
headed by Representative Sam Rayburn, Democrat. of Texas. The House
committee has been holding daily executive sessions with members reported
In disagreement as to what the objective of the legislation should be. A
report to the floor is hoped for, Mr. Rayburn said to-day, by next week.
Sags Bill 11Var Changed
The Senate bill. Senator Hastings pointed out. is an entirely new bill
from that originally introduced. Senator Burton K. Wheeler, Democrat,
of Montana. Chairman of the Committee, presented it to the members
on May 9, Senator Hastings said, and it was returned from the printer
on the morning of May lkand immediately considered by the Committee.
"I, with others on the Committee, urged that action should not be taken
upon this bill until members of the Committee had an opportunity to
read It, but this request was not granted. The bill was ordered to be
reported favorably."
Copeland Pure Food and Drug Bill May Be Pressed at
Present Session of Congress
The possibility that the Copeland Pure Food and Drug
Bill may be revived and pushed toward enactment at the
present session of Congress was revealed on May 22 by
Senator Copeland, as he presented a new report on the bilL
More than a month ago the measure encountered substantial
opposition on the floor of the Senate, and since that time it
had been regarded as a dead issue for at least this session of
Congress. On that occasion a majority of the Senate adopted, against Senator Copeland's advice, a series of amendments offered by Senator Bailey which had the effect of
confining the "multiple seizure" provisions of the measure
to articles which endanger the health of citizens. The
amendments prohibited confiscation of the total supply of
products when a sampling disclosed violation of misbranding
provisions.
Senator Copeland's report on May 22 was submitted as a
substitute for that which be had previously presented. He
indicated that he will accept various amendments which
will be offered by opposing Senators. Transmission of the
new report was noted in part as follows in a Washington dispatch of May 22 to the Ncw York "Journal of Commerce":
May 25 1935
"Those actively concerned in the debate on the bill are now united on
certain amendments which will be offered at the proper time in the hope the
bill may be passed." Senator Copeland told the Senate. "The new report
is to cover the bill as we hope it will be enacted."
New Report Clearer
Copeland added that the new report is clearer and more understandable
than was the original document and undertakes to show more definitely
the Intent behind certain sections of the measure that there may be no
misunderstanding In future court contests as to what Congress has in
mind.
In redefining the word "advertisement" there has been Inserted the
phrase "to the public" that it would not appear "that the breadth of the
definition was such that a manufacturer or a product could be made liable
to action through purely social conversations of satisfied users of that product who might mistakenly misrepresent It."
The report added, however. that "It is nevertheless intended that the
terms should include all representations, other than those in labeling,
made In the commercial furtherance of the product."
It is pointed out that the bill avoids entering into controversies such as
exist in the medical world with respect to the effect of therapeutic agents.
and restricts the Government In Its regulatory operations to those where
there Is neither substantial and reliable medical or scientific opinion nor
demonstrable scientific fact in support of the claims made.
The report indicates the deletion of the words "in every particular"
from the misbranding section, explaining that the words are redundant
and their deletion does not lower the standard required.
Senate Finance Committee Reports Favorably on
Social Security Bill—Business Advisory Council
Also Reports, Proposing Measure Be Split into
Separate Bills
The Senate Finance Committee on May 20 formally reported to the Senate on the Administration's Social Security
bill, which it said represented "a minimum of what the
American people have a right to expect from this Congress
in the way of providing a greater measure of security."
On the same day President Roosevelt sent to Congress a
report by the Business Advisory Council of the Department
of Commerce, which proposed that the measure be split up
ir.to separate bills for old age pensions ad unemployment
insurance, and also suggested that further study be made
of old age pensions before adopting such a program.
We quote below from a Washington dispatch of May 20
to the New York "Journal of Commerce" regarding the report of the Senate Finance Committee:
"In our opinion," it was said, "it will go far toward realizing the
ambition of the individual to obtain for him and his a proper security, a
reasonable leisure and a decent living throughout life."
The depression has demonstrated the great cost to the public, as well
as to the victims, of the failure to make timely provision for social
security, the report said in substantiation of claims as to the necessity
for the measure. The vast amount of human suffering and the enormous
relief costs, which inevitably will result in increased taxes, it was added,
show conclusively the folly of failure to give thought to the security of
men, women and children.
"Complete security is unattainable, and it well may be doubted whether
absolute security is desirable," it was asserted. "That we must have a
greater order of security than has prevailed heretofore, however, if our
social order is to endure, Is tragically evident.
"In the words of the President, a complete program of economic security,
'because of many lost years, will take many future years to fulfill.' The
Social Security Act will not usher in the millennium. Like all major
new legislation, it will doubtless in the course of time have to be supplemented and changed in many material respects. But it represents a beginning that has long been overdue and whose effects, as far as they can be
foreseen, will be distinctly beneficial.
Held Practical
"There is nothing revolutionary in any of the innovations in this bill.
Every measure proposed has been tested by world experience and found
practical. And every measure proposed is in accord with the tried
American institutions and traditions."
As reported to the Senate, the measure contains titles covering the following subjects:
Grants to States for old age assistance; Federal old age benefits; grants
to States for unemployment compensation administration; grants to States
for aid to dependent children; grants to States for maternal and child
welfare; public health work; social security board; taxes with respect to
employment; tax upon employers of four or more; grants to States for aid
to the blind, and general provisions.
Six "Progressive" Senators Leave Chamber as Dennis
Chavez Is Sworn in to Succeed the Late Senator Cutting
Six "Progressive" Senators walked out of the Senate
Chamber on May 20 as a gesture of protest when Senator
Dennis Chavez was sworn in as successor to the late Sei,ator
Bronson Cutting of New Mexico. The appointment of Mr.
Chavez to succeed Mr. Cutting was noted in the "Chronicle" of May 18, page 3329. The Senators who left the
Chamber included Senators Johnson of California, Norris
of Nebraska, Nye of North Dakota, LaFollette of Wisconsin
and Shipstead of Minnesota. Senator Borah also remained
away from the Senate during the proceedings, and said
later that he was with the others "in spirit." This action
was said to have been intended as a demonstration to the
Administration and President Roosevelt that the Senators
resented the fight made against Senator Cutting at the last
election and the subsequent contest for his seat filed with
the Senate by Mr. Chavez.
A Washington dispatch of May 20 to the New York
"Herald Tribune" added the following details of the
Incident:
Senator Carl Hatch, Democrat, of New Mexico, presented the credentials
of Mr. Chavez, former member of the House, and escorted him to the desk
of the Vice-President, where he was sworn. Before that, Senator Borah
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had departed and, as the administration of the oath went on, the others
followed.
Old-timers said nothing of the kind has been done before in their memory.
"I left the chamber because that was the only way, in helplessness, that
I could show my condemnation of the disgraceful and unwarranted fight
made last year to drive Senator Cutting out of public life. The determined efforts of the Democratic National Committee and its Chairman
(Postmaster-General Farley) to defeat Mr. Cutting for re-election, constituted one of the greatest pieces of political ingratitude in political history.
It is a blot on the history of the Roosevelt Administration which nothing
can erase.
Senator Johnson Voices Resentment
Senator Johnson said:
"Our affection for Bronson Cutting was such, and our resentment against
the contest filed against him—a contest utterly unwarranted and without
merit—was so profound, that we simply could not bear to see his successor
seated, his successor being who he is."
The protest to-day recalled that on the day the news came that Senator
Cutting, hurrying down to New Mexico in connection with the contest being
waged by Mr. Chavez for the seat, and then flying tack to Washington, was
crushed to death in a plane crash in Missouri, one of the insurgent Senators
had remarked, "the Democrats killed him." He charged that had it not
been for the contest, encouraged by the Administration, Senator Cutting
would be alive.
While left-wing Democrats did not walk out of the Senate to-day, it is
well known that several of them took much the same view of the matter
as did-Senator Norris, Senator Johnson and the others.
Wagner Labor Disputes Bill Is Favorably Reported to
House—Amended in Committee to Provide That
Labor Relations Board Be Under Department of
Labor
The Wagner Labor Disputes Bill, which has already been
passed by the Senate, was favorably reported to the House on
May 21 by the House Labor Committee, of which Representative Connery is Chairman. The report was unanimous
after an amendment was inserted to place the proposed
National Labor Relations Board under the Department of
Labor rather than to make it an independent agency, as
sought by Senator Wagner. Secretary of Labor Perkins
has argued that the Board should be under the jurisdiction
a her Department. Mr. Connery said this week that he is
convinced President Roosevelt favors the measure and that
it will be speedily approved by the House.
A memorandum regarding the bill, prepared by the Merchants' Association of New York, was described as follows
in the New York "Times" of May 22:
The Wagner bill was criticized yesterday' as an "ill-conceived, undemo-crane measure." which would be certain to set the stage for a renewed flood
of labor disturbances, In a letter which the Merchants' Association of New
York sent to members of Congress from New York State. calling upon them
to use their Influence to defeat the bill in the House. The letter read in
Dart:
"The Wagner bin Is unnecessary, as adequate protection of labor is
already extended through existing laws.
"It Is certain that the bill, If enacted, will set the stage for a renewed
Mood of labor disturbances inimical to the best Interests of both employers
and employees. How greatly such disturbances have already retarded the
cecovery movement Is a matter of common knowledge."
New Measure Introduced in House to Extend NIRA
Two Years—Donald R. Richberg Says 10-Month
Extension Passed by Senate Would Be Unworkable
—Substitute Contains Section Exempting Small
Businesses in Inter-State Commerce from Code
Operation
A new Administration measure, designed to extend the
life of the National Industrial Recovery Act for two years
beyond its expiration date and covering many previously
disputed phases of code regulation, was Ltroduced in the
House on May 20. It was referred to the Ways and Means
-Committee, which immediately began consideration of the
bill, and which heard Donald R. Richberg, head of the
National Recovery Administration, denounce the measure
recently adopted by the Senate which would end the life of
the NIRA on April 1 1936. Mr. Richberg said that this bill
is "administratively impossible" and might bring "a reversion to the political and economic chaos that made necessary
the constitutional convention of 1787."
The new House substitute resolution was drafted along
the lines of the seven-point program approved by President
Roosevelt last week, and summarized in the "Chronicle"
•of May 18, page 3.310. A new feature in the bill is a stipulation regarding code operations in industries not in interState commerce. This provides that small or local enterprises which do not substantially affect inter-State commerce shall be exempted from the application of any code.
President Roosevelt yesterday (May 24) conferred with
leaders of the Senate and House. He wild later at a press
-conference that he hoped Congress would extend the NIRA
two years, as desired by the Administration. The House is
-expected to consider the two-year NRA extension program
next week,
A Washington dispatch of May 20 to the New York
"Times" listed the principal provisions of the new House
bill as follows:
The proposed House substitute, drafted by a Ways and Means subcommittee after a series of conferences with Mr. Richberg and Charles R.
West, White House liaison with Congress, would provide in the main for
the following:
1. Prohibition of price-fixing irrespective of Government supervision,
except where necessary in the President's discretion to prevent discriminatory price-cutting, protect small enterprises or deter growth of monopolies,
3479
but with specific safeguards on right of low-cost producers to sell at fair
competitive costs.
2. Prevent drawing of any codes not subject to the Federal power to
regulate inter-State commerce, with provision for exemption of small,
local enterprises not calculated to affect inter-State commerce.
3. Make it mandatory rather than permissive with the President to
"approve or prescribe codes" necessary to effectuate NRA policy.
4. Delegate to the Federal Trade Commission the enforcement of fair
trade practices not previously adjudicated by the courts or adopted by
popular esteem.
5. Require the inclusion of hours and labor provisions in all revised
codes, and renew the ban on child labor and collective bargaining
guarantees.
6. Provide a period of six months after June 15 1935 during which all
existing codes are to be reviewed and revised as may prove advisable.
While indications multiplied that Senator Clark and some other Democratic Senators would filibuster the issue to a standstill rather than recede
from the Senate's original position, the same problem was injected into
the Ways and Means Committee hearing while Mr. Richberg was on
the stand.
Mr. Richberg Denies Deadlock
After Representative McCormack of Massachusetts had withdrawn a
point of order to permit the question, Representative Treadway, ranking
Republican member of the Committee, asked Mr. Richberg if he was not
fostering a deadlock between the House and Senate by asking a two-year
extension of NRA in the face of Senator Harrison's "ultimatum" that he
would not permit the issue to be compromised in conference.
Mr. Richberg replied that he did not understand this to be the position
of the Senate, and that he could see how that body might be persuaded
-by the action of the House that its resolution did not embody "the
suummit of wisdom" and that something better could be done.
In reply to questions from the Committee, Mr. Richberg said the NRA
had 'provided re-employment to from 2,500,000 to 3,000,000 workers exclusive of those engaged in certain seasonal industries, and that with
these included the total would probably be somewhere near 4,000,000.
Contrary to a suggestion that retailers were opposed to the NRA, Mr.
Richberg said that 200,000 small retailers had been saved from ruin by
NRA codes, and that all the larger retailers' associations were supporters
of the recovery agency.
He Warns of 2,000,000 Jobless
"If the NRA were abandoned, I would hate to estimate the number that
would be thrown out of employment, since the full effect would depend
upon the extent of collapse of hours and wages provisions of codes and on
general market conditions. But I think it conservative to say that you
might find 2,000,000 additional wage-earners on relief rolls."
In addition to other objectionable results of the Senate resolution, Mr.
Richberg said it would wipe out the Federal Alcohol Control Administration and deny to Congress the right to regulate the liquor traffic. The
National Emergency Council was another agency mentioned by the NRA
chief that would be dissolved if the Senate resolution prevailed.
He said that only the most "slap-dash" consideration could be given
to code reorganization and revision in the 30 days allotted in the Senate
resolution for this purpose, and asked that not less than 90 days be provided although six months would be more adequate.
"Any one who regards the Blue Eagle as a bird of prey is fully justified
in an honest effort to kill it," Mr. Richberg continued. "But there would
be something less than candor, something less than forthright antagonism,
in clipping its wings, tying its legs, slitting its throat and leaving it on
the doorstep of the Administration with a message reading:
"'If you can revive this bird in 30 days, we will let it live a few
months longer l'"
Some Senate Ideas Favored
Prohibitions in the Senate resolution against price-fixing and regulation
of businesses wholly in intro
-State commerce were entirely welcome to the
NRA, since they had caused most of the dissatisfaction with code administration, said Mr. Richberg. He insisted, however, that as now worded they
were too vague to be workable.
House Military Affairs Committee Concludes Hearings
on Proposed Amendments to Act Creating TVA—
Legislation is Tabled
The House Military Affairs Committee, which has been
holding hearings this week on proposed amendments to
the Tennessee Valley Authority Act designed to widen the
Government's powers, will probably report the amendments
favorably to the House next week, Representative McSwain,
Chairman of the Committee, predicted on May 22. The
amendments have already passed the Senate. The open
hearings of the House Committee were concluded May 23,
with the testimony of David D. Lilienthal, TVA Director,
and on the following day(May 24) Mr. McSwain was forced
to modify his prediction, when the Committee by a vote of
13 to 121tabled the legislation. All seven Republican members of the Committee and six Democrats were said to have
voted to lay the measure aside. Mr. McSwain said that
action would not necessarily kill the measure for this session,
since some Committee member could move to reconsider the
vote to table, or a new bid could be introduced.
Arthur E. Morgan, Chairman of the TVA, was examined
by the Committee on May 20. At this hearing, Representative McLean charged that the TVA had committed itself to
spend $101,000,000 although it had talked with Congress
only on a "$75,000,000 basis." Associated Press, Washington advices of May 21 summarized the hearing in part as
follows:
p raced by some of his chief critics, Mr. Morgan earlier had denied accusations of dishonesty and fraud in the TVA. He asserted enemies of the
program had based some of their indictments on an audit by Comptroller
General J. H.McCarl that was filled with "evidence of a lack of complete
investigation" and with "improper comparisons."
The chairman said commitments to date totaled $101.434.367 and actual
expenditures around $64.000.000.
"Congress only talked to you on a 175.000.000 basis," Mr. McLean
asserted. "Have you got $101,000.000?" "No," Mr. Morgan replied.
"Where do you expect to get it?"
"Prom Congress."
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Financial Chronicle
"Without complying with the law?"
"We think we have complied with the law."
Mr. McLean, who has a "go ahead"signalfrom House Republican leaders
In a campaign against TVA, insisted on going into future plans of the
Authority. He contended the agency had ignored Congress in carrying out
Its activities thus far.
"Do you intend to disregard Congress in the future?" he demanded.
"Weintend to work in accordance with the spirit and letter," Mr.Morgan
affirmed.
The chairman dug into the McCarl audit and even some of his opponents
conceded privately that they were impressed by his presentation. Committee members have estimated the audit found fault with $2,000.000 of
TVA expenditures.
Arthur E. Davis, Chairman of the Board of the Aluminum
Co. of America, told the Committee on May 21 that construction and development by his company of millions of
dollars of power facilities along the Little Tennessee River
have been blocked by the TVA. This was noted as follows
in a dispatch of May 21 from Washington to the New York
"Journal of Commerce":
Arthur E. Davis, Chairman of the Board of the Aluminum Co., told the
Committee during a spirited hearing to-day that a potential investment by
his company of $100,000,000 in the Tennessee Valley area has been "jeopardized" by refusal of TVA to permit inundation of a large tract of land expected to be the basin for one of four dams contemplated for construction
along the river
Opposed TVA Amendments
Mr. Davis appeared before the Committee during its investigation of
TVA expenditures and activities, in opposition to the pending NorrisMcSwain Bill expanding the powers of TVA and strengthening its constitutionality as a result of the recent so-called Grubb decision. He particularly
opposed a provision of the bill prohibiting construction of dams in the area
without the consent of the Authority.
At the same time it was revealed to-day that legislation shortly will be
presented to Congress by Comptroller-General John R. McCarl requiring all
Government bureaus and agencies purchasing materials and supplies to do
so only through competitive bidding.
Critical of the "haphazard" manner in which he said Congress has been
legislating recently in setting up numerous independent agencies and corporations, Mr. McCarl made it plain that he did not approve some of
the methods resorted to by TVA,in letting contracts,although he refused to
concede that "fraud" was involved.
The Comptroller-General was called before the Committee to explain his
recent audit report of TVA expenditures last year in which exception was
taken to some $2,000.000 of expenses. This report has been the basis of
numerous charges recently ofirregularities upon the part of TVA.
No Indication of Fraud
Asked if his examination of the accounts and records of the TVA revealed
any evidence offraud, the Comptroller replied that they had not. He stated
further that any inquiries along this line are premature because the officials
had not had opportunity to explain the circumstances of the questionable
transactions.
He said, however, that be was preparing and shortly would recommend
to the House Appropriations Committee, legislation requiring independent
agencies of the Government to follow the practices of other departments in
making purchases.
Testimony on May 22 was summarized as follows in
United Press advices of that date from Washington:
The TVA was accused to-day of engaging in sharp practice by Representative Montet(Dem.,La.) during the hearings. He based his accusations
on testimony before the Committee of Chairman Arthur E. Morgan of
the Authority, who admitted purchase of a plot in the Tennessee Valley to
compel Aluminum Co. of America to co-operate with fVA in its development program.
Morgan said that TVA regards the Little fennessee River, tributary of
the Tennessee River, as an exceedingly important part in the general
program for the Tennessee basin and felt that no construction should be
permitted along the river which did not conform to the TVA program.
United States Supreme Court Withholds Decisions
Involving Validity of NIRA and Frazier-Lemke
Farm Mortgage Act—Rulings Expected on One of
Two Remaining Mondays Before Summer Recess
The United States Supreme Court, at its regular Monday
meeting on May 20, failed to hand down decisions that
had been anticipated in the Schechter case (involving the
validity of the National Industrial Recovery Act) or the
Frazier-Lemke Act, granting farmers a five-year moratorium on farm mortgages. There are only two remaining
decision days before the court adjourns until October—
May 27 and June 3. It is expected that rulings on the two
important cases mentioned above will be issued on one of
these dates.
Foreign Holder of Foreign Dollar Bond Sold in United
States Not Entitled to Invoke Gold Clause for
Payment—First Court Decision of Kind Says
Joint Congressional Resolution Is Applicable
The gold clause originally inserted in the trust agreement
under which dollar bonds of a foreign company were sold
in the United States cannot be enforced by foreign holders
of those bonds, according to an order handed down last
week by the Appellate Division of the New York Supreme
Court. This marked the first case in which the effect of
the Congressional abrogation of the gold clause received a
court test as applied either to a foreign issuer or a foreign
holder. The plaintiff in the case mentioned was the Compania de Inversiones Internacionales of Colombia, holder
of three bonds of the Industrial Mortgage Bank of Finland,
the defendant. The plaintiff planned to appeal to the Court
of Appeals of New York State, and counsel for both sides
indicated that the case will then be taken to the United
States Supreme Court.
May 25 1935
A summary of the court's opinion and of the principal
features of the suit are given below, as contained in the
New York "Times" of May 19:
Justice Edward R. Koch, of the Supreme Court, in his opinion said:
"The contention that this is an international transaction and that,
therefore, the joint resolution is inoperative, does not find favor with
the court. The contract was expressly made in New York and calls for
payment in the United States. Its performance must be governed by the
law of this jurisdiction.
"It is well settled that the law governing the agreement shall be determined by the intention of the contracting parties. Where the place of
contracting and the place of performance are the game, the law of that
place will govern. In the instant case, since the contract as well as its
performance were to take place in New York, the law of this jurisdiction
shall govern.
"It follows that the joint resolution of Congress is applicable. Plaintiff
may have judgment on the pleadings for the sum of $3,135. Motion in all
other respects is denied."
The action was instituted to recover $5,307.99 with interest from
July 1 1934, founded upon three first mortgage collateral 7% sinking
fund bonds of the defendant held and owned by the plaintiff and payable
by their terms "in gold coin of the United States of America of thestandard of weight and fineness as it existed on July 1 1924."
Bonds Issued in 1924
These bonds were issued pursuant to an agreement of trust entered into
in 1924 by the defendant and the New York Trust Co. The Republic of
Finland was a party to the agreement as guarantor. Subsequently the
entire issue of bonds provided was sold and delivered here to Lee, Higginson & Co.
In accordance with the agreement, the bonds were all called for redemption on July 1 1934, at 101 and interest, and the plaintiff tendered to
the New York Trust Co., as paying agent, its three bonds and demanded
the sum of $5,307.99 for principal and interest—representing the value on
that date in United States currency of the gold coin of the standard of
weight and fineness as it existed on July 1 1924. The paying agent
tendered the sum of $3,135. The action followed.
Contentions of the plaintiff were that the plaintiff is a foreign corporation; that the defendant is a foreign corporation, and that the proceeds
derived from the sale of the bonds were to be transmitted by the terms
of the bonds from the United States to Finland and there invested in
mortgages, thus constituting a flow of capital from one country to
another.
An International Transaction
"These facts," the plaintiff contended, "render the transaction international in its character, scope and legal effect, and the joint resolution
of Congress is clearly inapplicable, because the language and purpose of
the resolution restricts its application to domestic transactions and further
because this joint resolution is a currency statute to be strictly construed
and has no extraterritorial effect."
It was further claimed that "the underlying purpose of the joint resolution of June 5 1933, and of the Thomas Amendment to the Emergency
Farm Relief and Price Inflation Act and the Presidential proclamation
thereunder devaluing the dollar, does not require the exemption of foreign
debtors from their obligations, but the contrary."
Federal Court in Los Angeles Rules NRA Code Does
Not Apply on Retail Trade in Commodities Removed from Package in Which They Entered
State
United States District Judge Hollzer, of Los Angeles, in
a decision handed down May 10, ruled that code regulations
do not apply to retail trade in commodities that have been
removed from the original package in which they entered
the State. This decision was rendered in sustaining a
demurrer filed by Clifton C. Smith, a grocer, who was
charged with violating a National Recovery Administration
code when he sold Philippine sugar below the fixed retail
price. The indictment accused the grocer of importing
200,000 pounds of sugar and selling it as a "loss leader" to
attract customers to his store.
The court ruled that the original purchase of the sugar
was the final action in inter-State or foreign commerce, and
that all such commerce stopped prior to the retail selling,
and that therefore it could not be controlled by the NRA
code.
The court's decision was noted as follows in the Los
Angeles "Times" of May 11:
"The acts complained of were the result of new and independent arrangements and were wholly local transactions unconnected with inter-State or
foreign commerce," the ruling stated.
Denies Inter-State Effect
"The acts cannot reasonably be held to burden, obstruct or restrict the
normal currents or the free How of inter-State or foreign commerce, or to
have more than a remote, indirect and incidental effect upon inter-State or
foreign commerce.
"The acts complained of are not subject to the provisions of the National Industrial Recovery Act and the provisions of said code, to the
extent that they purport to regulate the acts complained of, are in violation of the Constitution of the United States."
The demurrer was filed by Attorney Byron C. Hanna and the Government's case was argued by United States Attorney Hall and Assistant United.
States Attorney Thomas before the judge took it under advisement.
The demurrer contended that the sugar was not being sold in InterState, but intra-State trade, and that the NRA code could not regulate It;
that Congress had no authority to delegate to the President its legislative
powers, in so far as it granted him the right to approve codes; that the
code is an illegal attempt to interfere with local trade, and that its regulations amount to confiscation without due process of law,
Admitted Sale
The defendant admitted selling the sugar below cost in violation of the
retail food and grocery code.
The Government had argued that the use of such a commodity as sugar
as a "loss leader" tends to divert business from other merchants dealing
In commodities that enter in inter-State commerce, that price wars are.
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Financial Chronicle
likely to follow, thereby burdening inter-State commerce and compelling
merchants to operate at a loss, which, in turn, would affect wages, hours
-of employment, taxes, and the purchase of other commodities of inter-State
-commerce.
United States Court in Boston Holds AAA Milk Control
Void and Unenforceable—Judge E. H. Brewster
Dismisses Suit by Secretary Wallace Against Two
Companies—AAA Officials Plan Appeal
The Federal license for the Greater Boston milk market,
-established under the Agricultural Adjustment Act, is void
and unenforceable, Judge Elisha H. Brewster, of the United
States District Court in Boston, ruled on May 17. His decision dismissed suits brought by Secretary of Agriculture
Wallace against the Seven Oaks Dairy Co. and the Westwood Farm Milk Co., Inc., Boston dealers who bought milk
produced in Vermont for distribution in Boston. The Secretary had sought injunctions to restrain the defendants from
-operating after their Federal license had been revoked.
AAA officials in Boston said on May 18 that they would
_appeal from Judge Brewster's ruling. Associated Press advices from Boston, May 17, summarized the court's decision
-as follows:
Challenging the authority of the Secretary of Agriculture, Judge Brewster's summarized reasons for declaring the license void and unenforceable
were: (1) That the license "purports to operate upon persons not within
-the reach of the authority conferred upon the Secretary of Agriculture by
the Agricultural Adjustment Act"; (2) that the scope of the license "has
been carried beyond the limits of law by regimenting production and fixing
prices with respect to transactions that have no substantial or direct relation to inter-State commerce," and (3) "that these excesses, found in
Inseparable provisions of the license, vitiated the whole license."
Samuel W. Tator, Federal Administrator for the Boston market, said
late to-night that the AAA would request the Department of Justice to
take an appeal from Judge Brewster's decision. This move was regarded
In Boston as action which would forestall throwing the license into imme-diate discard.
In his findings Judge Brewster cited numerous precedents, including the
recent Supreme Court decision declaring the Railroad Pension Act unconstitutional.
"In order to sustain the validity of the license involved in these cages,"
Judge Brewster said, "it would be necessary to read into it words of
limitation which are not there. In thus attempting to impose regulation
upon those not within the reach of his authority, the Secretary has now
-no just grounds on which to maintain his suits against these defendants.
"Furthermore, be exerting his authority to license, the Secretary has
undertaken to fix the price which the defendants shall pay for their supply
of milk. Neither the control of production nor the price paid producers
-can be deemed to be reasonable conditions necessary to eliminate unfair
practices."
'New Jersey Appeals Court Upholds State Milk Control
Law—Price-Fixing Ruled Constitutional
The New Jersey Court of Errors and Appeals on May 21
upheld the constitutionality of the milk control law adopted
by the State Legislature in 1933. The Court refused a
petition by the Newark Milk Co. for the removal of an injunction restraining the company from selling at prices
lower than those fixed by the State Milk Control Board.
The Court modified, however, an injunction against the
-company in order to remove ambiguity. The State Board,
which had received complaints from milk producers that the
company owed them $75,000 and declined payment, instituted the injunction proceedings after Morris Cohen, President of the company, had objected to buying and selling
prices fixed by the State Board.
A dispatch from Trenton to the New York "Herald
Tribune" on May 21 quoted from the Court's opinion as
follows:
"We have upheld rate regulation of public utilities," it was said in the
opinion of the Court of Errors and Appeals,"and usury law has long been
conceded as valid exercise of legislative power. Insurance rates and the
wages of railroad employees are now conceded to be the proper objects of
regulation and it is generally settled that rents may be regulated when
demanded by a public exigency."
The milk control Act, it was said by the Court, was adopted to safeguard the public health and did not delegate legislative power in violation
of the constitution.
rho opinion of the Court was delivered by Justice Harry Helier. Justice
Clarence E. Case filed a minority opinion. He agreed that the milk law
was constitutional, but said that he was not satisfied that the evidence
in this case was such as to justify the issuance of a preliminary restraining
order against the Newark Milk Co.
R. S. Hecht Lists Suggested Changes in Title II of
Proposed Banking Act—Tells Senate Committee
Measure as Written Would Enable Partisan Group
to Control Federal Reserve System—Advocates
Reduction of Federal Reserve Board to Five
Members
Material changes should be made in the provisions of
Title II of the proposed Banking Act of 1935 before it is
enacted into law, R. S. Hecht, President of the American
Bankers Association, said on May 17 in testifying on the
measure before the Senate subcommittee on Banking and
Currency. Mr. Hecht said that the Association approved
In substance Titles I and III of the bill, although he suggested certain minor revisions of these sections. The principal part of his testimony, however, was devoted to a
criticism of Title II, which he said might result in the
transfer of the nation's monetary and credit policies to the
control of a board dependent upon partisan or political
considerations.
3481
The changes urged by the Association, Mr. Hecht said,
were presented in the belief that they are essential to the
continued independence of the Federal Reserve System.
The bankers of the United States, he said, do not object
to a measure of public control in the national interest, but
they do seek to avoid political domination of the Federal
Reserve System.
In discussing Title II, Mr. Hecht said, in part:
Title II of the Banking Act would centralize in the Federal Reserve
Board at Washington means aimed to control the supply of money in the
country, which term includes the sum total of currency in circulation and
demand deposits in the banks which become current through checks. The
powers which it is proposed to give the Board are intended to enable it to
influence the quantity of this deposit money through open market operations, the discount rate and reserve requirements.
That is the reason why we are so strongly in favor of making the
Federal Reserve Board a body of such independence and prestige that it
would be definitely removed from all political thought, influence and
dictation. Its members should be free to study and to act in accordance
with the needs and conditions of agriculture, industry and trade. The
policies of the Board should have no reference to the politics or the
changes in politics of the National Administration.
In our studies of Title II, we have been strongly impressed with the
fact that it would set up a situation under which the Federal Reserve
Board and its policies might be subject to control from the political
administration of the country. In saying this I do not charge that it is
the intention of the present Administration to bring about any undue
control over the nation's banking mechanism. The point is that if the
bill passed as now proposed, opportunity for control would be there for
the use of the present or whatever future Administration might be in
power.
Our criticisms of the bill are not aimed, therefore, at the motives of
the present Administration, but they are wholly impersonal and nonpolitical and are aimed entirely at the basic principles involved.
The recommendations with regard to Title II, as approved by the Executive Council of the Association, included:
1. Reduction of the Federal Reserve Board from eight members to five.
Members of the Board, including the Governor, should be removable during
their terms of office only for cause.
2. The Federal Reserve Board should not be required to approve Governors of the Federal Reserve banks more often than once every three years.
3. The Open Market Committee should consist of the entire Federal
Reserve Board and four Governors of the Federal Reserve banks.
4. "Serious consideration should be given to the desirability of fixing
limits in percentage of deposits beyond which reserve requirements cannot
be or decreased by action of the Open Market Committee."
5. It should be provided that all read estate loans hereafter made shall
not exceed 60% of the appraised value of the property, and the Board
should be given discretion to make regulations governing real estate loans
held by banks at present.
Midwestern Banks Had Effective Representatives Before
Senate Committee Considering Banking Bill of
1935—R. S. Hecht, Head of A. B. A., Summarizes
Main Points of Their Testimony
The American Bankers Association has taken pains to
see that the viewpoints of small as well as large banks are
represented at Washington in connection with 'hearings on
the proposed Banking Act of 1935, R. S. Hecht, President
of the Association, said in a recent address before the Missouri Bankers Association. Mr. Hecht said that the Association asked three men to appear before the Senate Banking
Committee who were considered the best qualified in the
country to speak for the banks on miclwestern United States.
Those men, he said, are M. A. Graettinger, Executive VicePresident of the Illinois Bankers Association; Carl W.
Allendoerfer, Vice-President of the First National Bank of
Kansas City, and L. A. Andrew, Vice-President of the First
State Bank of Mapleton, Iowa and formerly Bank Commissioner for Iowa.
Mr. Hecht summarized the testimony of these men, In
part, as follows:
At these hearings Mr. Graettinger pointed out that be spoke for 13 State
Bankers Associations included in the Central States conference, comprising
more than 8,000 banks. He stated that in general these banks are in
accord with Titles I and III of the bill, making the point that Title I
would promote certainty as to the statutes under which the Federal
Deposit Insurance Corporation shall function. Mr. Graettinger took the
stand that the Deposit Insurance Corporation, in order to carry on its
functions, should be placed on a sound basis, and in order to protect itself
against excessive risks should have some discretion as to the banks covered
by its protection.
Carl Allendoerfer was equally effective. He discussed the provisions of
the bill in detail and made many constructive suggestions. He first
made the point that he had very strong reservations as to the successful
outcome of any attempt to insure bank deposits, but since we now have
the law as an established fact he suggested methods for bringing about a
sounder basis for the assessments. I might sum up this aspect of his
testimony by saying that he injected the viewpoint of the practical
operating banker in respect to what actually happens in connection with
deposits into the proceedings. This is particularly important, since
banking legislation at Washington is often drafted by theorists without
actual day-by-day banking experience. He suggested as to the rate of
assessment that it be determined in principle by the capacity of the
banks to pay rather than by a mathematical ratio. In this connection
he pointed out that banks are now in a period of unequaled low earnings
and high taxation, and that there was no relief in sight for these
conditions.
Likewise we were represented by L. A. Andrew. He presented figures
showing that there are over 7,600 State banks having insured deposits
of some $3,600,000,000 and uninsured of $1,600,000,000, and depositors
to the number of nearly 18,000,000 which are not members of the Federal
Reserve System. Twenty-five hundred of these banks, he said, could not
qualify for membership in the system, and he questioned the desirability
from the point of view at the welts** of the publie thug to force these
3482
Financial Chronicle
banks to close. He offered the suggestion that an amendment to the bill
provide only that banks having $1,000,000 in deposits be compelled to
join the Federal Reserve System.
may
25 1935
sound banking practices, and it was never intended that the direct loans
should be of an unsound character. The Direct Loan Committees, fortunately, have exercised sound credit practices in passing upon applications.
Proposal of Secretary of Treasury Morgenthau for
Government-Owned Central Bank Assailed by M. S. Szymczak, Member of Federal Reserve Board,
R. S. Hecht, President of American Bankers
Urges Bankers to Make More Industrial Loans
Association
Under Section 13-B of Federal Reserve Act—Says
The recent declaration of Secretary of the Treasury
Only $88,000,000 Advances Have Been Approved
Morgenthau in favor of a Government-owned and controlled
Bankers
throughout the country should take advantage of
central bank was attacked on May 23 by R. S. Hecht,
provisions of Section 13b of the Federal Reserve Act
President of the American Bankers Association,in addressing the
to
the Georgia Bankers Association, meeting at Sea Island to enlist Government aid in making industrial loans
enterprises, M. S. Szymczak, member of the Federal
Beach, Ga. "Secretary Morgenthau's statement," he de- local
Reserve Board, told the Illinois Bankers Association, meetclared,"came as a distinct shock to the banking and business ing
at Decatur, Ill., on May 20. Mr. Szymczak, speaking
interests of this country. If history teaches us anything it is on "Recent
Relations of the Federal Reserve System with
that it is almost certain that a central bank so owned would
of
be run to meet the varying exigencies of the government in Business and Industry," explained in detail provisions
amendments to the law which make it possible for a
power rather than to serve the commercial needs of the the
private bank to lend money to an individual or company
country," he said, and added that "undue susceptibility to and
have 80% of that loan guaranteed by a Federal Reserve
popular demands makes Government banking inherently bank.
weak."
It is not the intention of the Government, he said, to
Mr. Hecht was referring to the statement made on May 17 urge
bankers to risk their depositors' funds on a basis that
by Secretary Morgenthau, in appearing as a witness before Is
not reasonable and sound. "But in times like these," he
the Senate sub-committee on Banking and Currency con- added, "when the banks
have more funds than they can
ducting hearings on the proposed Banking Act of 1935, to the put to profitable use, and on that
account have difficulty
effect that the Federal Government should own the stock In making adequate earnings,
it seems to me important that
of the Federal Reserve banks. Reference to the statement you should understand the possibilities open to you under
was made in our issue of May 18, page 3319. In his address Section 13b and should make the most of them."
Mr. Hecht stated
Mr. Szymczak pointed out that the Federal Reserve banks
have about $280.000.000 available for industrial loans under
History has proven that any banking system entirely owned and dominthe provisions of the Act, but said that after almost a year
ated by government usually demonstrates much greater ability in aiding
expansion of credit than in putting on the brakes at the right time to prevent only about $88,000,000 of advances have actually been apUndue inflation by restraining and contracting credit.
proved by the committees. He denied that this reflects
This Is easy to understand because in times of depression every one is
either indifference on the part of the System to the program
Urging the Government to make money and credit easy and to encourage
or lack of demand for the kind of credit made available by
expansion. On the other hand, it has always been and always will be a
the Act. He intimated, rather, that more loans have not
difficult task foranygovernment tocalia haltin tlmeof apparent prosperity.
been made because the commercial banks are pursuing an
because in the very nature of things the Government woul be very sensitive
ultra-cautious policy regarding loan applications.
to public criticism and would hesitate to take any action which would tend
to curtail business activity.
In concluding, Mr. Szymczak said, in part:
Mr. Hecht in part said:
I trust I have given you a definite idea of what industrial loans should
'While there is necessarily some difference of opinion concerning some of
the provisions of the proposed Banking Act of 1935. there is a virtually
unanimous agreement among bankers that our present regional system under
private ownership is infinitely better for the country than would be a
Government-owned and controlled central bank. If history teaches us
anything, It is that it is almost certain that a central bank so owned would
be run to meet the varying exigencies of the government In power rather
than to serve the commercial needs of the country.
Central banking has been tried twice in the United States, but both the
First and Second Bank of the United States covering intervals from 1791
to 1811 and from 1816 to 1836 were finally abolished because the credit
control they exercised became very unpopular and objectionable and the
whole question of the continued existence of the Second Bank finally became
a bitter political issue and Andrew Jackson succeeded in abolishing it.
mean to you. I hope that when you find enterprises in your communities
which could use additional working capital advantageously that you will
not hesitate to communicate with the Federal Reserve bank about such
prospects.
In this connection I should also like to read you at least one letter,
received by a Federal Reserve bank, which shows that real assistance has
been rendered under Section 1313:
"We wish to thank you for having permitted the Federal Reserve bank to make
loans to individUals, as the banks that we do business with have refused to beta
us: had it not been for the Federal Reserve we probably would have been at a great
handicap, that Is, our farmers would have had to go on the relief. The folks here
in the Reserve Bank are the way real bankers should be: prompt, courteous, business
all the way through and very competent.
"Thanking you and trusting that you will leave this avenue of finance oven to
us, lam,
Faithfully yours,
Banking System on Profitless Basis, Says H. H.
Heimann—Issues Call for Credit Men's Convention
—Finds Plenty of Cheap Credit Available
The banking system of the nation is experiencing a period
of "profitless prosperity," Henry H. Heiniann, Executive
Manager of the National Association of Credit Men, said
on May 18, in his call to the group's 20,000 members for the
fortieth convention which will be held in Pittsburgh beginning June 17. Excess reserves, he pointed out, are unusually
high and money rates are unusually low, and as a result a
number of the larger banks must choose new fields of
operation.
Money, be continued, is being turned over at a slightly
greater rate as the result of a growing tendency among
people possessed of reserves to try to insure those reserves
against an inflationary movement. This tendency, he declared, has been growing since the first of the year. He
added, in part:
This loan has already been repaid without loss of a penny.
I could illustrate cases one after another, but even these would not show
all the assistance that has been rendered, for in many cases the Federal
Reserve banks and member and non-member banks have helped the small
Industry and business without even the necessity of the granting of a loan.
Through Section I3b the Federal Reserve System has come closer to the
public in a tangible and concrete way, though the figures, at first glance,
might make the service actually rendered appear rather small.
If certain banks lending under Section I3b find that some of these loans
are better risks than they had supposed, and thus decide to lend a little
more freely to comparable enterprises, it will be a distinct advance toward
putting bank funds profitably to work.
There is a plethora of cheap credit available. The very fact, however,
that there is so much reserve credit available, which is not being utilized,
illustrates well the point that more than enough credit can be available
and still not circulate unless business has an actual need for it. The
need of credit arises out of increased business activity. Business activity
develops credit and credit demand. Reserve credit will help sustain business, but the original impetus must arise from business itself. This
original activity, in turn, arises from confidence and a need for goods.
We have an abundant need for goods, but our confidence is not sufficient
to translate that need into orders.
When the Industrial Loan Act was passed by Congress, last June, permitting Federal Reserve banks to make direct loans to business for working capital, I commented upon this in the "Monthly Letter." It is now
Interesting to see what has been accomplished in this respect.
Figures available about a month ago reveal that approximately $21,000,000 of funds had been placed in this manner and that commitments
for some $16,000,000 have been made. While the amount is rather modest,
when compared to the whole, there is a very good reason why loans have
not been more generous or numerous. Of 451 applications made to the
Industrial Advisory Committee of the New York Federal Reserve Bank by
the end of 1984, 292 had to be rejected because of poor financial condition, poor business outlook or poor security to back the loan. In
passing, it might well be said that those in charge of direct loans have
exercised good judgment and have performed a very valuable service.
The commercial banks which have been criticized, unfairly in my
opinion, for their lack of interest in snaking loans, reported the same
condition that was found by the Industrial Direct Loan Division, and
consequently had followed the same general policy that the Federal Reserve
banks have been forced to follow. Unsound loans are not conducive to
H. A. Brinkman, President of Illinois Bankers Association, Denounces Title II of Administration's
Banking Bills as Socialistic—Says It Would Enable
Government to Control All Credit
The bankers of the United States are ready to co-operate
"In a sane, unprejudiced revision of the banking laws," but
they are opposed to the Administration's banking bill on
certain fundamental grounds, H. A. Brinkman, President
of the Illinois Bankers Association, said at that organization's annual meeting at Decatur, Ill., on May 20. The
present desire to amend the Federal Reserve Act, he
charged, is motivated by a wish for "a centralized or socialized governmental, and therefore a political, control of the
banking credit of the nation, with little or no recognition
of State rights or the needs of particular sections of the
country." He also said that the sponsors of the measure
are motivated by "a desire to have an assured outlet for
Government obligations issued to finance deficits with the
accompanying power to inflate credit at will."
Mr. Brinkman deplored the failure of banks throughout
the country to maintain a definite stand opposing Title II
of the bill, and said if they had done so that Title might
have been eliminated or have been subject to greater revision
by the House of Representatives. The non-member banks,
he said, have failed to recognize the dangers in Title II,
and this attitude has contributed to a situation where the
press and general public seem to be condemning Title II
more than do bankers themselves.
Mr. Brinkman denied that Congress has surrendered to
the banks its constitutional right to coin money. In that
connection he said:
Volume 140
Financial Chronicle
The banks have not usurped the powers of Congress, and Congress has
not illegally delegated the issuance of paper currency to the Federal
Reserve banks. The quantity of money in circulation, or the lack of it,
is not to blame for our present troubles as amply proved by the fact that
the total money in circulation has for some months exceeded the circulation at the time of the period of extreme prosperity in 1929. These facts
deserve wider dissemination in order that people may not be led to believe
the demagogues who contend that the United State' Government has
suddendered these prerogatives to the bankers and I recommend that the
Public Relations Committee of our Association bring these facts firmly
to the attention of the public through newspaper and other publicity.
In conclusion, Mr. Brinkman said:
The fight which the bankers are making is not a selfish one. On the
contrary, it is a fight to maintain for future generations the principles
laid down by those sturdy forefathers of ours whose clear and remarkable
vision turned over to us a plan of government which has made ours the
most prosperous and livable country on the globe. It would be a betrayal
of the highest God-given trust to turn over to our children a new system
which can only lead to misery and destruction of a heritage which is
rightly theirs.
Kansas Bankers Association Attacks Proposed Banking
Act—Convention Holds It Would Give Political
Control Over Banking System to Any Administration in Power
The proposed changes in the Federal Reserve Act under
the Banking Bill of 1935 are "revolutionary" and would
transcend "the fundamental theories on which the system is
based," the Kansas Bankers' Association declared in resolutions adopted at the closing session of its State convention in
Topeka, Kan., on May 17. The resolutions said that the
ehanges provided in pending national legislation "would tend
greatly to concentrate power over the banking structure of
the entire country in the hands of the Federal Reserve Board,
fully equal in extent of concentration of power to that of a
central bank." These changes, the resolution added, would
make the nation's banking system "completely subservient
to the domination of any political administration which
may at any time be in power."
Some of the other proceedings of the convention were noted
as follows in the Topeka "Capital" on May 18:
Referring principally to changes proposed under Title II of the Banking
Act proposed by the National Administration, the Bankers' Association
declared it would "destroy the independence of the 12 Federal Reserve
banks and effectually subject all banking to the domination of partisan
polities."
The Association also urged abolition of the postal savings banks because
of their competitive nature. It also urged the establishment of a State
police system in Kansas.
A. S. Axford of New York City, editor of the "American Banker," declared that the Federal Government should bind itself by a constitutional
amendment against ever again operating at a deficit.
"Are you looking for something to take the profit out of war? Think
that idea over, for it would make mandatory upon the American people
the paying for wars as they are fought, and we could count the cost while
we are indulging in disorders, instead of fooling ourselves that our grandchildren could afford the war better than ourselves."
Attacking the Federal bank legislation now before Congress, the financial
editor said it would be "vastly wiser" for Congress to remove the Secretary
of the Treasury from the Federal Reserve Board.
Edison Electric Institute Denounces Utility Holding
Company Bill as Threat to Millions of Investors—
Says Passage of Measure Would Retard Economic
Recovery
The Board of Trustees of the Edison Electric Institute on
May 17 unanimously adopted a resolution opposing the passage of the Wheeler-Rayburn utility holding company bill
"as destructive to the investment of millions of security
holders in both the holding and operating companies." The
resolution declared that the passage of this measure would
retard the nation's economic recovery. The text of the
Board's resolution is given below:
Resolved, That the Board of Trustees of the Edison Electric Institute,
representing over 75% of both the holding and operating utility companies
in the United States, unanimously oppose the passage of the Wheeler.
Rayburn bill as destructive as the investment of millions of security
holders in both the holding and operating companies; that such legislation will put additional and unnecessary burdens upon consumers through
duplicated and bureaucratic Federal control of operating companies, and
that its passage will hinder and retard the economic recovery of the
nation, and that it is in principle contrary to fundamental constitutional
and governmental principles.
The Board also passed a resolution authorizing the distribution to member companies and the release for publication of a detailed statement analyzing the aims and purpose of the proposed legislation. The statement said that
the bill as reported to the Senate retains "all the major
destructive features of the original draft." We•quote below, in part, from the Institute's analysis:
It is now clear that the true purpose of the bill is to socialize the
business of providing the homes of the nation with electric light and
power. And the story behind this effort is a story of the most vindictive
attack ever waged by a government against Industry. Here are the facts:
In the pre-election campaign of 1932 various political attacks against
the utilities indicated that they were to become a political issue, and
that the sensational failures of two or three companies would be headlined
before a public already suffering from the general economic depression.
For some years the Federal Trade Commission had been conducting an
Investigation into the industry; and in the spring of 1933, after the new
Administration took office, the Commission began to release mimeographed
statements attacking particular utility holding companies. These defamatory statements pointed out abuses that had sometimes occurred in
the wildly speculative period 1920-1929, and these abuses were treated
3483
as if they still existed, and as if they applied not merely to a few
isolated companies, but to the entire industry. With this as a background,
the Government immediately began the development of Federal power
plants and projects at the cost of hundreds of millions of dollars, citing
two reasons therefor:
1. To furnish a yardstick by which rates of private operating companies
can be tested.
2. To insure an adequate supply of electric power.
These two reasons have turned out to be a mockery and a sham.
Missouri Bankers Association Assails Relief—Asks
Balanced National Budget and Condemns Banking
Bill—Says One-Sixth of Nation Is on Relief Despite
Business Improvement
The Missouri Bankers Association, meeting at Excelsior
Springs, Mo., on May 15, adopted resolutions condemning
"the high cost of unemployment relief," urging a balanced
Federal budget and criticizing the proposed Banking Act
of 1935 as "giving to the Government, through political
appointees, entire control over credit, with unlimited possibilities for inflation and deflation." The resolutions pointed
out that 2,000,000 families had been added to the relief rolls
within the past year and said that one-sixth of the population
is now on relief despite obvious signs of business recovery.
Associated Press advices of May 15 from Excelsior Springs
quoted further from the resolutions as follows:
"The broadcast of the Federal relief people that no one would be allowed
to starve was accepted by a horde of persons as meaning that they did not
have to work. From this assumption it was only a step to the conclusion
that the Government owes them a living.
"No more important question faces the American people than that of
finding some relief from the ever-increasing cost of unemployment relief.
The situation seems to call for a complete reorganisation and some very
serious surgical operations."
In demanding a balanced budget, the resolutions asserted "the purpose
in passing the 14,000.000.000 work relief bill is not in reality to prime the
business pump but to give relief."
Calling attention that the Federal debt had increased from $16,000.000,000 to in excess of $30.000,000,000 during the depression and that "the
Federal Government will spend this year alone nearly 5% of the total
wealth of this country," the resolutions called for curtailment ofexpenditures
and "strict economy" until indebtedness is "decreased to a safe limit."
The resolutions reaffirmed faith in the Federal Reserve System and
warned "against any effort to divert the system from its original purpose of
serving industry, commerce and agriculture."
The resolutions "favor the liberalization of the capital requirements for
membership in the Federal Reserve System in order that many good banks
which may desire to do so may join the system."
President Roosevelt Urged by Railroad Workers' Representatives to Support New Retirement Bill—
Measure Similar to Act Recently Found Invalid
by United States Supreme Court
White House support for the newly-introduced Crosser
Bill, providing pensions for railroad employees, was asked
May 21 by a committee of the Railway Labor Executives
Association, headed by Timothy Shea, Vice President of the
Brotherhood of Firemen and Enginemen. The bill was introduced in the House on May 17 by Representative Crosser,
and was designed to meet the constitutional objections in
the Railroad Retirement Act which was recently declared
invalid by the United States Supreme Court. The principal
alteration in the new measure is that retirement benefits
are not made applicable to workers who were separated
from service for more than a year regardless of cause.
The visit to the White House of the committee representing the railroad workers was noted as follows in a Washington dispatch of May 21 to the New York "Times":
The President was told by the delegation that the rail unions favor the
Crosser bill proposing a constitutional amendment which would require at
least a three-fourths vote of the Supreme Court to upset a Congressional Act,
The President was asked to support extension of the Emergency Railway
Transportation Act for one year beyond June 16, its expiration date. Under
the Act the railroads are prohibited from reducing their personnel below
that of May 1933 when the law was enacted. The unions fear that mergers
and consolidations may mean the further unemployment of 100,000 to
150,000 workers if they are not protected by the terms of the Emergency
Act.
John J. Pelley, President of the Association of American Railroads, indicated today that his organization favored expiration of the Emergency Transportation Act and hoped the President would not recommend its extension
to Congress.
If the carriers are not to collapse, according to Mr. Pelley, bus and truck
control legislation, already passed in the Senate, must be enacted, together
with long and short haul legislation to permit rail competition with the
Panama Canal and the water carriers.
Governor Lehman of New York Signs Bill'Permittink
Manufacturers to Fix Minimum Retail Prices ig
Contracts with Merchants—Memorandum Sayn
Provisions of Measure Are only Permissive
Governor Lehman of New York on May 17 signed the
Feld-Crawford bill, permitting manufacturers of trademarked goods to write into a contract with a retailer the
minimum price at which the goods may be sold to consumers. The measure had been opposed by large merchants
throughout the State, who contended that it represented a
dangerous experiment in price-fixing, and would give the
manufacturer authority to dictate prices on all kinds of
goods. A group of small merchants, principally druggists,
supported the bill. Governor Lehman, in his note of approval, denied that it was a price-fixing measure, and said
that its provisions were only permissive. Other States had
3484
Financial Chronicle
passed similar legislation, he said. An Albany dispatch of
May 17 to the New York "Times" quoted from the Governor's memorandum as follows:
The purpose of this bill, as expressed in its title, is to protect trademark owners, distributers and the general public against injurious and
uneconomic practices in the distribution of articles of standard quality
under a trade-mark brand or name," he wrote.
"The bill is in no sense a general price-fixing Act. Under no condition
does it authorize a contract or agreement between manufacturers and producers or between wholesalers or between retailers as to the sale or resale
prices of any commodity.
"Nor does the bill prevent the resale of a commodity at any price where
one is closing out his stock of goods for the purpose of discontinuing that
line, or where the goods have been damaged or have deteriorated in quality
and proper notice has been given to the public.
Holds Monopoly Not Sanctioned
"It is important to note that this bill applies only to commodities which
are in fair and open competition with commodities of the same general
class produced by others. If this essential factor is not applicable to a
certain commodity, then the bill has no force or effect whatsoever with
respect to it," the Governor went on.
"This bill in no way sanctions monopoly, monopoly prices or combinations in restraint of free competition between commodities.
"It seems to me to be sound economy to devise a method whereby a
manufacturer or producer may protect himself against undue slashing of
the price of his product, with the consequent destruction of the value of
his trade-mark and good-will and with unnecessary loss to others.
"Moreover, I believe this bill will protect the small independent merchant,
retailer and business man. It should offer some protection against devastating cut-price practices such as the ruthless method of loss-leader articles.
"The bill will also serve to discourage falsification and adulteration of
commodities."
Banking Bill Attacked in Report of Finance Committee
of N. Y. Chamber of Commerce—Four Chief Objections Listed
The proposed Administration Banking Act now pending
before Congress would result in "complete political domination of commercial banking," according to a report made
public May 23 by the Committee on Finance and Currency
of the Chamber of Commerce of the State of New York.
The Committee said that the measure would undermine
the soundness of the Nation's banking system, and urged
that Congress create a "non-political commissimP to "prepare the ground for a sound, simple, modern reorganization
of the whole structure." The report resembled other criticisms recently made by banking and business organizations
when it said that so far as credit policy is concerned, the
bill would transform the member banks of the Federal
Reserve System into agencies of the Federal Reserve Board
"through the power given to the Board to dictate open market
policies and rediscount rates to the individual banks."
Among the more serious objections to the proposed Act,
the Committee listed the following four as outstanding
(1) The placement of the Federal Reserve Board under greater control
of the Executive Department of the Federal Government, and at the same
time a vast increase in the powers of the Federal Reserve Board to control
banks in the Federal Reserve System, enabling complete political domination of commercial banking;
(2) Giving control and dictation to the Federal Reserve Board of the
open market operations of the Federal Reserve Banks, and of reserve
requirements;
(3) A large extension in the types of collateral acceptable for rediscount
at the Federal Reserve Bank,in fact removing all restrictions as to liquidity,
ac, so that practically any asset which a bank may possess, including a
large volume of real estate loans, can be made eligible;
(4) Establishing additional ways and means for uncontrollable inflation
at the will of the political party in power.
Revived International Trade Is Key to World Recovery, According to Secretary Hull—Declares
United States Will Play Leading Part Through
Reciprocal Negotiations
Revival of international trade is the key to world economic recovery, and the Roosevelt Administration expects
to play a leading part in that revival through the use of
the program of negotiating reciprocal trade agreements,
Secretary of State Hull declared in an address delivered
before the twenty-third annual meeting of the Chamber of
Commerce of the United States in Washington early this
month. International trade, he said, has always been essentially of a complementary character, rather than sharply
competitive. If obstacles to trade are reduced it will continue to expand, on the basis of "comnlementary relations,
rather than sharp competition," the Secretary predicted.
Mr. Hull said that the more efficient industries are encouraged to find foreign markets, the more the structure
of American industry will be shifted toward lines where it
will not feel the impact of foreign competition. Only the
highly-protected industries, he said, complain about foreign
competition.
With regard to the reciprocal trade agreement policy, Mr.
Hull said:
The trade agreements program, first promulgated and unanimously
adopted by the 21 American nations at Montevideo and now actively being
carried forward by this Government, is based upon the view that international trade, among other things, is a material factor in the full and
stable business recovery of individual nations; that unreasonable trade
barriers can only be effectively reduced by a constructive program carried
out over a period of years concurrently by the leading nations of the world;
that such liberalized commercial policy will be a vital factor in the
reduction of unemployment, the increase in domestic prices, and the
May 25 1935
improvement of business conditions throughout the world. What we propose
in a fair and friendly way, as stated, affords the best possible foundations
on which to rebuild sound and worthwhile international relations. This
program contemplates a simultaneous and continuous attack by all wideawake nations upon the several well-recognized obstructions to the restoration of international trade and finance.
The opponents of a liberal commercial policy would have every nation by
means of a purely nationalistic program alone attempt to restore domestic
prosperity, while at the same time intensifying the existing network of
trade-destroying restrictions and practices. The proponents of a liberal
commercial policy, on the other hand, would utilize the most comprehensive domestic and international programs combined and would cut
through these trade restrictions and open the way toward an expansion
of world trade as an aid to domestic recovery, thereby combining domestic
measures with international measures designed to rehabilitate a full measure
of domestic and world prosperity.
This country can and must furnish its fair share of leadership in this
great movement. For this it is peculiarly fitted because of its weight
and importance in the world economy, and because it is lees tied up in
the entanglements and restrictive policies in which other countries, frequently against their will, have become enmeshed. The way lies open
for new opportunities in world leadership toward peace and prosperity.
Wagner Labor Board Bill Termed Unfair and Likely
to Result in Mass of Litigation by James A. Emery,
Counsel of Manufacturers Association—Hits Failure to Bar Coercion on Part of Labor Organizations
The Wagner bill providing for a permanent Labor Board
"violates the most elementary requirements of fair play"
and raises a number of serious constitutional questions,
James A. Emery, General Counsel of the National Association of Manufacturers, told the Brooklyn Chamber of Commerce in Brooklyn, N. Y., on May 20. Mr. Emery charged
that the measure is so ambiguous in the obligations it imposes upon an employer that, if enacted, it would result in
much dispute and litigation. Senator Wagner, Mr. Emery
said, has proposed an "anti-lynch law for persecuted blacks"
but"has sponsored a new lynch law for intimidated whites."
Mr. Emery's principal objection to the bill is that it requires all employees to be represented by the majority in
collective bargaining, and makes it an unfair practice for
an employer to intimidate, coerce or restrain the employee
in exercising his bargaining rights, while at the same time
placing no such prohibition upon any other person or labor
organization.
"The refusal to extend the prohibition against coercion,"
Mr. Emery said, is invincible evidence not merely of the
unfairness of its sponsors but of their determination to protect the notorious coercion which Chief Justice Taft described as 'moral intimidation' of non-conformists to force
them into the only mode of organization the proponents of
this measure desire to exist."
In analyzing the bill, Mr. Emery said, in part:
A brief analysis of the proposal as accepted by the Senate discloses not
merely its injustice to employers but the arbitrary destruction of liberty
and property with which it confronts the working people of the United
States by the limitations which it places upon the disposition of their
hand or mind.
Its declared purpose is to protect the worker "in full freedom of association, self-organization and designation of representatives of his own choosing." It never fulfills that promise. On the contrary, it substitutes half
freedom in each particular for the full freedom, which every worker now
possesses under the law. For the Wagner bill denies full freedom of association to the worker unless he be part of a majority. A minority may
constitute an organization but it can neither select its own agents nor
sell its own labor. The individual is excluded from consideration. He,
like the minority, may offer a grievance or make a complaint, but the
terms of sale of his work may not be written by his own hand nor that
of his agent. To-day he may join any voluntary organization, and if he
disagree with its policy or leadership he may retire from the organization,
but, caught in the trap of the Wagner bill, he may not even select the
unit of his employment for the purpose of determining whether he shall
bargain as part of a plant unit, a craft unit or as a figure in an industry.
That is to be determined for him and not even by his fellow workers but
by a remote Federal agency. His only remedy, if he does not like it,
Is to join the ranks of the unemployed.
The bill is the product of mental deplopia. Asserted to protect collective bargaining, it permits nothing else and limits its exercise to the
manner described. It applies as completely to an establishment of 10
employees as to one with 10,000. He sees a single employee facing a
powerful employer. It is blind to the small employer lacing a union of
10,000 men. No matter how small the unit of employment, the individual
may not make his own terms, if four employees out of six demand a
collective agreement. Can the worker who is not free to associate or
decline association, who cannot bargain for his labor individually rather
than collectively, who must accept an agent he does not wish, because
he is the choice of others, who must join an organization which is
repugnant to him as a condition of employment, if a majority of his
fellows and his employer desire it, be described save in fiction, as one
who possesses "full freedom of association, self-organization and designation of representatives of his own choosing"? That 19 bondage in the
mask of liberty.
Increased Imports Necessary to Economic Health of
Nation, Says C. H. McCall, Aide to Secretary of
Commerce Roper
Foreign trade must move in two directions, and if the
United States wishes to mcrease its exports it must make
corresponding gains in purchases of goods from abroad,
Chester H. McCall, Special Assistant to the Secretary of
Commerce, declared on May 23 III an address before the
New York Advertising Club. This country must have a
thriving and flourishing export trade if economic activity is
to prosper, he said, and added that a corallary of this principle is that "the necessary volume of exports can only be
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Financial Chronicle
attained and certainly can only be maintained through an
increased volume of imports." The United States, Mr.
McCall said, has made a "fetish" of the so-called favorable
trade balance, and he pointed out that creditor nations often
record an excess of imports over exports.
Mr. McCall in his speech stressed the following points:
1. "Commercial intercourse between nations . . . has always arisen
through the need for the products of other nations."
2. "A large variety and quantity of imports are basically essential in
our economic functions."
3. There is no truth in "the popularized generalization that imports are
responsible for a large amount of domestic unemployment and, hence,
result in decreased domestic purchasing power."
4. "The employment feature of imports is a determining factor in the
economic future of our thirty or forty major port cities."
5. "The perpetuation of the American merchant marine on a sound business basis is dependent upon an increased volume of foreign trade, and.
thus, of imports."
6. American products are discriminated against abroad because of restricted imports into the United States.
7. It is fundamentally important to accept goods "in a larger measure
in payment for what we sell, for the principal and interest on our loans and
for services rendered to foreigners."
Mr. McCall in conclusion said in part:
Imports, properly considered, make possible a more effective utilization
of our resources in men and materials and will assist in attaining a better
balance in domestic purchasing power. Importation must be a selective
process, affording needed, but not excessive, protection to certain American
Industries. The basis of a program of selectivity for imports must be drawn
from several classifications within which importable goods can be placed;
first, articles which cannot be produced in the United States and for which;
there is no substitute in this country, including necessities and semi-necessities; second, articles which we have resources to produce when prices are
sufficiently high but of which comparatively little or none is being produced
in the United States; third, articles for which a related domestic product
can be substituted, but which we cannot produce; and fourth, articles for
which the United States is in a considerable part dependent on imports
but of which a considerable quantity is produced in the United States.
These classifications which I have just enumerated represent those commodities the importation of which depends almost entirely upon the desires
and abilities of the consumer to purchase. Their consumption increases
and decreases in proportion to the purchasing power of the consuming public.
Therefore, we must consider a fitfh class, the more or less competitive
imports. Because of this competition with domestic production, a careful.
long-term program would have to be worked out for the readjustment of
the factors involved. The reciprocal trade agreement program affords the
most effective approach that the United States has ever had toward the
solution of this problem.
Our immediate task is not solely one of increasing imports, but rather of
formulating a constructive import policy that assures our foreign customers
of our desire to do business on an equitably reciprocal basis. Inherent in
such a policy is the recognition of the responsibility which devolves upon
us as a creditor nation.
Secretary Roper Says Commerce Department Seeks to
Avoid "Experimentation"—Declares Many Business
Men Wish Government to "Take Over Everything"
Secretary of Commerce Roper told members of the Ohio
Society of New York, at a meeting in New York City on
May 21, that although he favors extension and revision of
the National Industrial Recovery Act, "it has been my aim
to keep the Department of Commerce out of what we call
experimentation, to let these measures go through a period
of evolution before attempting their application." One of
the greatest problems he faces in Washington, he said, is
"to keep the Government from taking over everything"—
not because the Administration wished to do so, but because
many business men who have lost confidence would like to
shift their burdens to the Federal authorities.
Secretary Roper compared the Interstate Commerce Commission with the National Recovery Administration, remarking that the former agency required 50 years before
it was enabled to effect the present-day control of railroads.
This knowledge and experience, 'he said, should be applied
In dealing with conditions affecting industry as a whole.
Mr. Roper, according to the New York "Herald Tribune"
of May 22, continued, in part:
The NRA was devised at the urgent solicitation of business men as a
means of controlling all business units after the general fashion, if you
please, of the application of the idea of control for the railroads. Certainly no one would now repeal the Interstate Commerce Act, but no one
will contend that it is yet perfected.
So, with the NRA we must have experience in administration, the
guidance of court decisions and patience among the people if we would
perfect this control. If and when the proper procedure is worked out and
enacted into permanent law, America will stand out in the large accomplishment of saving our capitalistic system by wisely helping both business
and the public. If this can be accomplished in 50 years this generation
will be remembered as having had the necessary vision and courage to safeguard it into an advanced generation of human thought and action.
We have not until recent years sensed the need of a balanced relationship
between the two. The closer we can interknit these relationships the
safer will be our future. . . . Business is better organized than
agriculture, and hence a greater responsibility is incumbent upon business
men to utilize their organized endeavors in working for a balance between
agriculture and industry.
Exporters Urged by Secretary of Commerce Roper to
Study Needs of Foreign Countries—Opens Foreign
Trade Week—H.F. Grady Tells NewYork Luncheon
of Trade Agreement Negotiations
American exporters must devote more time in studying
the problems of what foreign countries need, and less in
considering how the United States may dispose of its surpluses, Secretary of Commerce Roper said on May 20 in a
radio broadcast from Boston at a gathering celebrating the
3485
opening of Foreign Trade Week. The occasion was marked
by meetings in more than 200 other cities throughout the
country, while a luncheon in New York City on May 20 in
celebration of "Latin-American Day" heard Mr. Roper's
broadcast, and also beard Henry F. Grady, Chief of the
Trade Agreements Section of the Department of State, describe the procedure by which the Administration is seeking to negotiate reciprocal trade agreements with other
nations.
Mr. Roper, in his address, said, in part:
We should not expect too much in a short period of time. Barriers
which obstruct trade between nations are snore extensive to-day than ever
before in modern history, and it is only by a process of gradual readjustment that corrective treatment can be applied.
The present administration is endeavoring through specific activities
to bring about this realignment. The United States already has a large
equity in the economic future of other nations. We have invested in the
four corners of the earth several billions of dollars. Much of this total,
which many believe lost, can be regained over a period of years if our
approach to the difficult task is directed with wisdom and discrimination.
We cannot advance progressively along these lines if we are entirely
nationalistic. Neither can we completely reverse the present situation in
on or two years. Those of our citizens who have actually invested cash
in the obligations of other countries or in their expanding industries cannot
be protected unless we listen to the voice of reason in foreign trade
relations.
We also quote, in part, from the New York "Times" of
May 21, describing Mr. Grady's address of the preceding
day:
He said that the trade agreements program had encountered the resistance of "special interests" and that not one representative of American
agriculture and only one or two of American industries had conceded the
justification of a reduction of even 1% in the American tariff protection
rates affecting their commodities.
Further, Mr. Grady said, the trades agreement section is "resisting special
drives of every conceivable kind. In a word, the same protected interests,
having obtained a high tariff fence around their domestic market, now
demand a similar preferential fence in foreign markets against the competition of third country producers."
The solution of many of the present problems depends on international
trade Mr. Grady said, because our industrial and agricultural production
' on it.
is based
"The trade agreements program," he said, "is of fundamental importance
because the system of free enterprise cannot survive except in a world
economy functioning in terms of a reasonably free price structure."
Charges Enactment of Wheeler-Rayburn Bill Would
Cause Heavy Loss to Investors—Philip H. Gadsden
Says Measure Would Substitute Federal for State
Control—Urges Mass Protest to President Roosevelt and to Senators
Dissolution of utility holding companies, as proposed in
the Wheeler-Rayburn bill, would cause great destruction
in the value of public utility securities and a heavy loss to
investors, Philip H. Gadsden, Chairman of the Committee
of Public Utility Executives, said in a radio address on
May 18. The bill, he said, would retard economic recovery,
increase the cost of electricity to the consumer, nullify State
jurisdiction over local operations, and would eventually
lead to Government ownership of the industry.
Utility executives, Mr. Gadsden said, are not opposed to
regulation, but the present bill would destroy rather than
regulate. He denied that the bill primarily affects holding
companies, and said that instead it would reduce the management of local operating companies "to a rubber stamp
in the hands of a Federal commission in Washington."
State regulation of utility companies would be forced to
yield to Federal authority, he charged. Mr. Gadsden urged
his hearers to communicate with the President and with
Senators, asking them to oppose the bill.
In his analysis of the measure, Mr. Gadsden said, in
part:
First of all, the bill requires that all utility holding companies most
be dissolved in whole or in greater part if the subsidiary properties which
they own constitute more than a single system located in more than one
State. This would force the elimination of most holding companies, since
most of them own properties in different territorial sections on the basis
of the soundest investment principle known, namely, diversification of risk.
To force the dismemberment of these holding companies will set the
clock back a quarter of a century. We shall be returned to the days when
electric service was uncertain, when costs were relatively high, when expansion was slow because the isolated operating unit could not raise the
necessary funds. If this bill passes, the operating company will once again
be left to stand alone. Under the holding company system it had the
strength of the group; it could draw upon skilled centralized management;
it was assured of money for its extensions and improvements.
To you, the consumer, the holding company system has meant simply that
electricity has cost less than it otherwise would, and that the service is
admittedly the best in the world. But the dissolution of the holding
company will not only impair your electric service; it will cause immense
destruction in the value of public utility securities and a tragic loss to
the investor.
am aware that the sponsors of this bill have regarded this threatened
destruction of investments with reactions ranging from indifference and
ridicule to indignant denial. I submit to you, however, that there is no
way of destroying a holding company, or most of a holding company,
without impairing the value of the securities it has issued. More than
that, the assets of a holding company are the common stocks of the
operating companies, and when these are, perforce, thrown upon the market, their value will abruptly decline.
In order to allay the public outcry, the sponsors of the bill were forced
to suggest elaborate and misleading trustee devices—desperate remedies
for a desperate situation—whereby in some unexplained way the value of
these securities could be preserved. You will be told that the holding
company will not have to get rid of Its operating company stocks: it can
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Financial Chronicle
merely surrender their voting power. It would own the property, but
would have no control over it. It would have assumed all the risks of
the enterprise without the slightest influence upon its direction. In such
a situation obviously it could not wisely continue to hold these non-voting
common stocks; if this bill passed, they would be offered at a forced
sale in a market flooded with securities of that kind.
May 25 1935
Bankers Association, except that he analyzed the banking
situation in that State rather than in Kansas.
After pointing out that deposit insurance is compulsory
for all banks which are members of the Federal lteserve
System, the Comptroller said, in part:
As of Oct. 1 1934, the insurance system covered 5,450 National banks
and 969 State banks which were members of the Federal Reserve System.
The benefits of insurance, however, are also extended to State banks which
voluntarily apply and which meet the qualifications of the Insurance
Corporation. There were included in the system as of Oct. 1 1934, 7,706
such banks which had made voluntary application for insurance. This
made a total on that date of 14,125 insured banks. In these banks the
Corporation has an insured deposit liability of $10,452,433,000, representing the deposits of .51,245,242 depositors, 98.39% of whom are
insured in full.
The rehabilitation of the National banking system was practically completed by the end of the second year of the Administration. Following
the banking holiday in March 1933, 1,417 banks under the supervision of
the Comptroller of the Currency, with deposits of nearly $2,000,000,000,
were not licensed to reopen and were placed in conservatorship. By March
of this year there was not a single bank in conservatorship in the National
system. There have been reorganized 1,096 of these banks, with deposits
of $1,808,060,000 at closing, 31 with deposits of $11,513,000 went into
voluntary liquidation, and either discontinued operations or left the
National system, and 290 with deposits of $152,387,000 were placed in
receivership following disapproval of plans for reorganization. Six of
these 290 receivership banks have been finally liquidated.
Charles R. Gay, Head of New York Stock Exchange,
Discusses Publicity Policy Objectives for Security
Markets—Declares Public Must Be Disabused of
Certain Erroneous Ideas
The security markets of the United States should formulate a definite program of public relations to inform the
public of their activities and to disabuse it of certain erroneous ideas concerning their functions, Charles It. Gay, the
newly-elected President of the New York Stock Exchange,
told a meeting of the Associated Stock Exchanges at St.
Louis on May 20. The objectives of a public relations
policy, he said, should be "to render a service that has economic and social merit, to justify that service and defend
the right of security markets to render it." He denied that
the security markets have any special interest which is distinct from the interest of the general public.
Mr. Gay listed certain denials which security markets
should seek to make public. The first of these, he said, is
that concerning responsibility for swings in the business
cycle. The second is the passive character of the markets Leo T. Crowley Sees Changes Necessary in Future
Banking Practices—Head of FDIC Tells MinneIn the process of arriving at prices. The third "illusion,"
apolis Bankers Greater Attention Must Be Paid
Mr. Gay continued, is that security markets buy and sell
to Investment Portfolios
securities, while, finally, the public must be convinced that
the markets do not profit from rises or declines in security
Weaknesses in the nation's banking system which have
prices.
contributed in large measure to bank failures and losses
In his discussion of the objectives of a publicity campaign are being gradually eliminated, Leo T. Crowley, Chairman
of the Federal Deposit Insurance Corporation, told the
Mr. Gay said:
Minneapolis Chapter of the American Institute of Banking
The first and most explicit denial concerns the responsibility for swings
on May 22. One of the most important sources of weakin the business cycle. Students far abler than I have devoted the best
years of their lives in an attempt to solve the riddle of recurring business
ness, he said, has been the "overbanked situation," but be
fluctuations. Although they have thrown much light upon a refractory
added that this is rapidly being remedied, since more than
subject, the fact remains that a general and convincing answer has not
14,000 banks have ceased operating in the past 14 years.
yet been discovered.
Mr. Crowley mentioned other weaknesses as follows:
Whatever the final cause, be it monetary, industrial or psychological,
we know that it is not the security markets. They are but mirrors which
reflect the changing fortunes of business. The light rays which cause
these reflections are emitted by the minds and feelings of millions of
investors who buy and sell securities.
Clearly, if the deliberate policy of stock exchanges could have had anything to do with the depression, then the men responsible, in view of
the world•wide nature of the depression, must have been both omnipotent
and omniscient. In view of the appalling losses which they themselves
sustained they must also have been imbeciles. To me, at least, it seems
rather difficult to believe that omniscience and omnipotence can be copartners with imbecility.
A second fact which the security markets must pound home is the passive
character of the market place in the price-making process. The market
does not fix security prices. It promotes complete freedom in the expression of value judgments by those who wish to buy or sell.
It furnishes superb mechanical facilities through which prices may be
eetablished by the normal operation of supply and demand. It acts as an
arbiter in the application of trading rules designed to promote fair and
equitable principles of trade.
The market does not fix prices.
This fiction erroneously accepted by the public has caused an infinite
amount of mischief. Clearly, if it were possible to fix security prices the
public would be entirely justified in charging against us the unsatisfactory
levels which have prevailed during the years of the depression.
Another illusion which has amazing prevalence is that the security
markets buy and sell securities. That section of the public which entertains this view looks upon a stock exchange as a merchant who keeps
supplies of securities on his shelves and deals with the public for his
own exclusive benefit.
The security market, of course, does nothing of the kind. The number
of stocks bought each day is obviously equal to the number sold. The
buyers and sellers who account for both sides of the market are individuals, corporations and institutions located in all parts of the globe.
The market organizations do not themselves account for a single
purchase or sale. This fact has been so plain to us that we have neglected
to impress it upon others to whom it is not equally clear.
Finally, we must convince the public that security markets do not profit
from rises or declines in security prices. To trace the final resting place
of any part of the market price lost by a security is neither possible nor
necessary. Suffice it to say that it does not end up in the treasuries of
the exchanges.
J. F. T. O'Connor Credits Deposit Insurance with
Rehabilitation of Nation's Banking Insurance—
Points to Steady Increase in Deposits Since 1933
The rehabilitation of banks throughout the United States
has been due in large measure to the restoration of confidence which followed the organization of the Federal Deposit Insurance Corporation, J. F. T. O'Connor, Comptroller
of the Currency, said in an address before the Kansas Bankers Association in Topeka, Kan., on May 16. Mr. O'Connor
said deposits in National banks on Dec. 31 1934 exceeded
by more than one billion dollars the deposits in the same
banks on June 30 1926, while the general average of deposits
per bank "Is now higher than at any other period in the
history of the system." The average, he continued, has
Increased until it is now $3,964,000 net* bank.
In addition to his discussion of banking conditions in
the nation as a whole, Mr. O'Connor devoted considerable
time to an analysis of the situation in Kansas. In a speech
on the following day (May 17) at Roswell, N. Mex. Mr.
O'Connor gave much the same survey before the New Mexico
The competitive lowering of banking standards, the competitive pay.
ments of dividends, and the competitive raising of interest rates on deposits,
all of which are counterparts of an overbanked situation, can no longer be
tolerated. It is imperative that this condition does not return. Let us
not consider, however, even at this stage, that our problem has been fully
solved. A further purging of those parts of our structure whose weakness
detracts from the strength of the whole will be necessary. It will mean
the elimination of those banks whose opportunities for profit do not
justify existence. Let it be clear, however, that I do not mean by this
elimination the removal of the very cornerstone of our banking system—
the strong and independent unit bank. The unit bank has a definite place
in a fully developed banking system and can contribute greatly to its social
usefulness. Nevertheless, the unit bank must be able to stand upon its
own feet, and it must be able to move forward with the times. I would
point out that the unit banks which now remain have a greater opportunity
to operate on a profitable basis than ever before, to increase their powers
of resistance, and to justify their economic worth.
In predicting great improvement in the banking structure
In future years, Mr. Crowley said that this will be aided
by the higher quality of bank supervision exercised by both
Federal and State agencies, together with better co-operation between these agencies.
A significant change has also taken place, he said, in the
nature of loan and investment policy since the formation of
the FDIC. This, he continued, consists in the increased
importance of investments in securities as an outlet for
bank funds and as a source of earnings. He declared that
banks have incurred relatively more losses in their investment accounts than in loans and discounts, and said that
the solution of this problem lies in the use of men trained
and skilled in the analysis and study of investment portfolios.
Bank earnings in the future, Mr. Crowley said, must be
sufficient to charge off losses currently or to provide annually reasonable reserves against potential losses, which
should "rightfully be met only from earnings." He added,
In part:
In the past banks have been prone to allow worthless paper and deadwood
to collect in their portfolios without currently meeting this contingency.
The result has been that in times of substantial readjustment a large
scaling down of capital structure has become inevitable, and not infrequently suspension with consequent loss to depositors. But losses can no
longer be charged against depositors. They are now a charge against the
whole system, and it is absolutely necessary that individual bankers
protect themselves and the insurance fund by providing for these losses as
they occur.
The period ahead will undoubtedly be one of substantial improvement
and with it will come increased earnings. It will in all probability be a
period of sustained low interest rates, and it will therefore be essential
that interest expense on account of savings deposits be correspondingly
curtailed. There is no reason to believe, however, that it will be a period
which will not allow a substantial and fair return to stockholders from
their investment. But I emphasize again that this return will be conditioned to a greater degree than ever before upon the skill and soundness
of the management.
Undoubtedly the tremendous deflation in loans and discounts which has
characterized the recent depression has occasioned both a reticence on the
part of the bankers to lend and a tardiness on the part of borrowers to
return to the banks. There is already evidence that this stage is passing
and that increased earnings from this source will be available, but neglect
and unwillingness on the part of bankers to meet legitimate demands may
create weaknesses in the banking system. There is as much to be lost by
the refusal of loans and the resulting failure to increase earnings as in
the granting of loans and the assumption of a reasonable risk.
Volume 140
Financial Chronicle
Price Changes Not Neces -ary Accompaniment of Inflation, According to H. Parker Willis and John M.
Chapman—Study Says Inflation Is Problem of
Production and Distribution Rather Than Money
and Credit
Inflation is not a problem of money and credit but of
production and distribution, Professor H. Parker Willis and
Professor John M. Chapman declared in a study of "The
Economics of Inflation," just published by the Columbia
University I'ress. Inflation, they said, is a process by which
"the distribution and use of purchasing power on the part
of the community is altered. It may involve a change
In the money quotations of goods of different classes," they
pointed out,"but it does not necessarily do so and frequently
shows no immediate or traceable influence in that direction."
Changes in prices, the authors said, may or may not
accompany inflation. They continued, in part:
Rising prices are by no means universally identical with inflation, while
declining prices are seldom synonymous or contemporaneous with deflation.
No direct connection between them has been demonstrated. So far as the
banks are concerned, it may at times happen that expansion of credit
takes place In periods of declining prices, and contraction in periods of
advancing values. The relation between changes in supplies of money and
bank credit needs far greater and more dispassionate attention than has
hitherto been bestowed upon it.
What has been done in the past has frequently been vitiated by the fact
that those who were at work upon the subject had preconceived it as
peculiarly a credit phenomenon, largely independent of production and
consumption save in a very superficial sense.
It is desirable, on the basis of all the facts cited, to distinguish between
what we may call economic, and what may similarly be called financial,
inflation. Economic inflation is the change which is brought about by
alteration in exchange values, occurring without alteration in currency and
banking conditions.
Financial Inflation is the effort to bring about a similar result by
altering economic relationships through the power of the State or of
some effective element therein. The success of financial inflation in
attaining its object must depend upon the skill with which those who are
seeking to apply it have selected the media through which to work.
Alteration of monetary content or of credit bases may sometimes assist
in inflation, but equally certainly may be inoperative.
In judging of any such measures or programs, it is necessary to remember
at all times that a "price level" is an abstract conception. Such a price
level is a mathematical expression made up of prices representing the
relationship of various commodities to money. To raise the price level,
it is needful to raise the individual prices of which it Is composed. This
can be done only by altering the conditions under which money is offered
for such commodities. Unless purchasing power be actually offered for
goods by persons who will transfer it in exchange for the goods themselves, ad‘ance in prices will not take place. In order to bring about
such increase of offers, it will be needful to create a disposition on the
part of buyers to buy and of sellers to sell.
The persons who suffer most, relatively, from all economic changes are
those who have least ability to adjust themselves and their income-producing power to such changes. This is true of what we have termed economic
inflation, and the fact is the basis of the demand which used to be common,
for a "stabilized dollar"—one which will be the same in its purchasing
power "from one generation to another."
Experience shows that farmers find it particularly difficult to derive
any aid whatever from inflationary policies. Their prices are, to a large
extent, world prices, and are less influenced by domestic currency and
monetary, or domestic production, policies than any others. Their borrowing has usually to be arranged, in large part at least, through distant
creditors who are greatly influenced by doubts and fears as to credit.
War Debts and Stabilization Should Not Be Discussed
at Same Conference, Lionel D. Edie Asserts
Any international conference called to consider currency
stabilization should avoid discussing; the question of war
debts in the same connection, Lionel D. Edie, the economist,
writes in an article entitled "Stabilization, an American
Opinion," published on May 21 in the current issue of
"Economic Forum." The subject of war debts would result
in the stirring up of nationalistic emotions, Mr. Edie asserts,
and so would form a definite barrier to a stabilization agreement. British officials are mistaken, he continues, if they
believe that war debts constitute a bargaining weapon in
the stabilization matter, since most American authorities
would refuse to join the two subjects. In his analysis of steps
to achieve stabilization, Mr. Edie writes in part:
The most Important forward stop In the world to-day would be to bring
about stability as between the pound and the dollar. It does not have to be
final. It can be provisional. It can be do facto. Instead of letting sterling
"soak its natural level" In relation to the dollar but proposing a fixed high
price for gold. the Unitod States and Groat Britain could fix a do facto ratio
between sterling and the dollar and lot the price of gold "seek its natural
level." But lot the period of competitive depreciation between the pound
and the dollar come to an and. Lot this objective be sought without laying
down a list of "conditions" more or loss impossible of fulfillment and Involving endless delay.
D.With this stability of Anglo-Saxon currencies established as a basis of
support, the world economy would be better prepared to absorb the shock
of currency readjustments in Western Europe. World recovery would then
have the aid of a forward atop toward monetary reconstruction and a step
away from currency chaos.
Federal Monetary Authority to Measure Value of
Currency Against Weighted Price Index Advocated
by Frank A. Vanderlip
Congress should sot up a weighted price index as a standard
of value, and later provide for the regulation of the currency so that its value is stable, Frank A. Vanderlip writes
in the current issue of "Economic Forum." The former
banker said that this would be administered by the most
practical Federal monetary authority that could be created.
3487
Congress should, he said, decide what price level it wishes
to attain and maintain, and should declare that price level
as the permanent objective in regulating the value of our
money. He continued, in part:
It would then be necessary to set up the executive machinery for carrying
the will of Congress into effect. I have advocated the creation of a Federal
monetary authority which should have the exclusive power of currency
issue. The management of this authority should be created on much the
same lines as the Supremo Court of the United States is organized. The
suggestion Is that there should be five directors of the monetary authority,
who should be insulated from either business or political pressure by having
life appointments, and who should be circumscribed in their powers so
that they operate the levers of control in currency management to the
end of maintaining the commodity price index on a practically unchanging
level.
There should be no attachment of this currency to a definite weight of
gold. Gold should be treated as is any other commodity; dealt in a free
gold market where all the world could buy and sell, as is done in England
to -day.
Mr.Vanderlip writes that the powers given to the monetary
authority would be "few,simple and easily understandable."
He also said:
It would not be a bank. It would never receive deposits. It could
never owe anyone and Its one debit obligation would be the amount of Its
circulating notes outstanding. It would have no free-running printing
press by which it could print notes. Notes could only be issued in exchange
for gold, for Government obligations not having over a year to maturity,
for foreign exchange, and for two-name bankers' acceptances."
Secretary Hull Urges Co-operative Action by Nations
to Revive Foreign Trade—Message from President
Roosevelt Hails Maritime Day and Stresses Trade
Importance
The Nations of the world should initiate a simultaneous
co-operative movement to revive foreign trade by restoring
price structures, stabilizing exchange and removing trade
barriers, Secretary of State Hull declared in a radio address
from Washington on May 22. The Secretary spoke on the
occasion of Maritime Day and the celebration of Foreign
Trade Week, and he read a message from l'resident Roosevelt which endorsed his program and said that an adequate
merchant marine and an increase in American foreign trade
are necessary factors of recovery.
Mr. Hull did not specifically mention an international
conference as the desirable method for putting his program
into execution, but some observers inferred that he extended
this implied invitation. His speech was regarded as supplementing the expressed willingness of Secretary of the Treasury Morgenthau to consider proposals for currency stabilization.
President Roosevelt in his message said that "no more important subject can engage the attention of our citizens than
that of increasing our International trade." The text of the
President's message follows:
designating
On May 11 1933 a resolution was adopted by the Congress
action.
May 22 as "National Maritime Day." I heartily subscribe to that
are so
The mutual relations of foreign trade and the Merchant Marine
concentrate
interwoven that it is appropriate for the National thought to
period
the
during
on the significant influences of both on our economic life
Week."
that is being observed from coast to coast as "Foreign Trade
Savannah,
"Maritime Day" commemorates the triumph of the good ship
under steam
the first to successfully negotiate a trip across the Atlantic
propulsion.
unique
When we visualize the advances we have made from the time this
that
vessel set sail from Savannah, Ga., on May 22 1819, it seems impossible
brief
so much achievement could have been crowded in the comparatively
brilliant
span of the past century and a quarter. Yet, that is one of the
chapters In the annals of American life, to which all patriots point with
Truly, the voyage was a milestone in ocean transportation and marked
the beginning of overseas commerce and traffic by modern methods. The
historical legacy is to-day a symbol and a challenge for building and maintaining an adequate American Marine that will carry not only our flag far
and near, but also the goodwill, the enlightened vision and the understanding sympathies of the American people.
No more important subject can engage the attention of our citizens than
that of increasing our international trade.
Secretary Hull and his staff are bending every energy toward the expansion of our foreign commerce, Our reciprocity treaties are already bearing
fruit and similar treaties which are expected to be equally beneficial are in
the process of being negotiated.
wish you every success in your celebration and I stand ready to help
at every opportunity.
Secretary Hull said, in part:
The commercial world to-day is a network of artificial and arbitrary
trade discriminations and obstructions. Some $22,000,000,000 of international trade has been destroyed. Tens of millions of wage-earners have been
made idle. Commercial strife and retaliation render impossible that degree
of understanding, friendship and neighborly spirit on which all normal and
necessary international relationship must rest.
To-day the whole world stands on the threshold of a great industrial and
commercial revival. We have reached a point at which there is a firm technological basis for a strong, substantial recovery in the heavy capital goods
Industries, But in order to make progress we are compelled to remove the
obstacles that stand in the way—to rebuild the economic foundations and
structures shattered and broken by the devastating depression.
This expansion of foreign trade, by opening up new markets and developing purchasing power, will win us not only a marked expansion in quantity
of exports and of total output, but is also the only means by which a sound
balance can be secured both in our internal and in the international price
structure.
The expansion of markets and the development of purchasing power means
price advances erected not on artificial stilts but on the solid basis of purchasing power based on productive activity and the mutually profitable exchange of goods.
L 3488
Financial Chronicle
It is of utmost importance that the current artificial trends in foreign
commercial policy be reversed. To reach this end requires an advance on
many fronts.
An effort must be made simultaneously to achieve an improved price-andcost relationship in the several domestic economies, to reestablish equilibrium
in the international price structure, to secure currency and exchange stability, and to remove step by step the current close regulations of foreign
trade in form of quota restrictions, import licenses, exchange control and
clearing and compensation agreements.
Independent Government Board to Enforce Collective
Bargaining Guarantees Advocated by Twentieth
Century Fund—Report Endorses Principles of
Wagner Labor Relations Bill
A recommendation for the establishment of a permanent
Federal labor relations board, independent of any government department, to enforce legal guarantees of collective
bargaining for workers, was advanced by the Twentieth
Century Fund in a book published yesterday (May 24) by
the McGraw-Hill Book Co. under the title "Labor and the
Government." The report, based on an investigation of
the part played by the Government in labor relations, indorsed the principles of the Wagner Labor Relations Bill
recently passed by the Senate, rather than the Connery Bill
which would place the proposed board under the Department of Labor.
The effective development of collective bargaining, the
report said, is "the most immediately pressing problem in
the relation of Government and labor." It therefore advocates Federal and State legislation to protect agreements
covering wages and working conditions between employees
and employers. A press release by the Twentieth Century
Fund summarized some of the other features of the survey
as follows:
The report does not advocate government stimulation of unionism nor
does it favor any particular form of labor organization, nor seek to outlaw
unions formed on the basis of single plants or companies—provided they
are free from employer interference or domination. It urges, however,
the establishment of a permanent national labor commission, and similar
state agencies, to enforce the labor law which guarantees freedom of employees to organize and to elect their representatives.
Although dissenting from some of its provisions the report endorses the
main purposes of the Wagner Labor Relations Dill which recently passed
the Senate. The report differs from the Connery Dill in the House, however, chiefly in recommending complete independence of the national
labor board from the Department of Labor. The report goes further than
either bill, however, in advocating enlarged government mediation services to attempt settlements of disputes between employers and employees.
These, it is held, should also be independent, not only of labor law enforcement boards, but also of any other government agency.
Nation's Steel Leaders Assert Recovery Is Retarded by
Unsound Legislation—Politics Seen as Major
Impediment to Upward Business Movement—
Wagner Labor Bill Assailed and Open Shop Defended
Executives of the country's leading steel companies on
May 23 placed the blame for retarded business recovery on
"unsound" New Deallegislation now pending before Congress.
Officers of some of the principal steel corporations who
attended the forty-fourth general meeting of the American
Iron and Steel Institute in New York were agreed that
industry is prepared for a sharp upward swing, but is being
held back by political influences emanating from Washington.
They were particularly vigorous in attacking the Wagner
Labor Disputes Bill, and unanimously indorsed the continued
use of the employee representation _plans which have been
followed for years by the steel industry. Other pending
legislation which was widely criticized included the Banking
Bill, the Guffey Coal Bill, and the Rayburn Utilities Bill.
The speakers were Eugene G. Grace, President of the
Bethlehem Steel Corporation; William A. Irvin, President of
the United States Steel Corporation, and T. M. Girdler,
Chairman of the Republic Steel Corporation. About 2,000
executives attended the meeting. At a dinner meeting in
the evening, David A. Reed, former United States Senator
from Pennsylvania, echoed many of the sentiments expressed
at the earlier session. He said that "recovery is coming and
coming soon, if we do not by unwise action postpone its
arrival, and handicap its enjoyment, when it does come, by
having piled up for ourselves a mountain of liabilities."
Mr. Grace said that almost the entire blame for the slowness of business recovery rests with politics. "Business is
ready to go forward," he said. "It is being halted by undue
emphasis on reform, unsound, biased and perhaps even
unconstitutional legislative proposals, political maneuvering,
unrestrained public expenditures, currency tinkering and
increasing tax burdens."
Extracts from some of the principal speeches are given
below, as contained in the New York "Times" on May 24:
Mr. Grace, who is President of the Institute, received prolonged applause
after a speech in which he denounced the Wagner Labor Disputes bill as
"a vicious legislative proposal," urged further study of the Social Security
bill, and attacked those features of the Eccles Banking bill, the Rayburn
Utilities bill and the Guffey Coal bill which, he said, would tend to
encourage bureaucracy and discourage private enterprise.
"We stand squarely for the open shop," said Mr. Grace in opposing
the Wagner bill as encouraging the closed shop.
He departed from his prepared address to explain that, as he intended
to be "rather frank" in talking about Government policies, he wished it
understood that he was expressing his personal views and not speaking
authoritatively for the Institute.
Mr. Grace urged that care be taken that the emphasis being put upon
relief unemployment "does not obscure and place in jeopardy the 42,000,000
May 25 1935
still employed by heaping upon them and their employers unbearable burdens through extravagant and hasty legislation." He said that it was a
grave question whether the adoption of the program contemplated by the
security bill, with its heavy taxes on business, "would not in effect actually
retard recovery."
Whether the NRA codes remain in effect or not, Mr. Grace went on, the
fate of private enterprise depended upon its ability to adhere to fair trade
practices.
Mr. Irvin agreed with Mr. Grace that industrial recovery depended largely
on the outcome of pending legislation affecting industry.
"After more than four years of necessary and enforced retrenchment,"
Mr. Irvin said, "natural recuperative forces are bound to stimulate and
affect industry unless checked by further burdens and restrictions on
industry."
He said he found reason for moderate encouragement in the increase of
ingot production under the code from 32.5% of capacity for 1933 to 36.2%
for 1934, and an average of 46.8% so far this year, although the present
figure was 42.8%. Retrogressions such as that in the last half of 1934,
however, had prevented the "stabilized continuity of volume" necessary
to prosperity, he said.
Mr. Girdler attacked the Wagner Labor Disputes bill as "the outstanding legislative money-wrench which threatens to jam the wheels of recovery." Ile said its enactment into law would "plunge the country
almost at once into a prolonged period of bitter industrial strife and
litigation."
"The bill," he added, "would place the Government in the impossible
position of attempting to control the most intimate relationships between
employees and employers in every community. It was drawn upon the
insistence of and, for the exclusive benefit of the American Federation of
Labor, and the one and only purpose ,behind it is to clamp the yoke of the
closed shop upon millions of free American citizens.
"Business is set to go ahead and we are hopeful of increasing markets
for steel," he added, "but industrial strife, such as may be stirred up if
the Wagner bill is passed and upheld by the courts, is bound to be a
pcwerful retarding force upon business, and might actually offset the forces
now making for recovery."
If the steel industry is allowed to operate free from "threats of paralyzing restrictions and intolerable burdens," he forecast that "10 years
from now we will look back upon a decade of activity and prosperity in
the industry unequaled. by any that has gone before."
Governor Talmadge of Georgia Urges Abolition of
NRA and AAA and Immediate Bonus Payment as
Means to Recovery—Says Government Agencies
Encourage Idleness
Governor Eugene Talmadge of Georgia, speaking on a
radio broadcast from New York on May 18, urged the immediate abolition of the National Recovery Administration
and the Agricultural Adjustment Administration, with the
immediate payment of the soldiers' bonus, as the only means
to attain business recovery. He charged that the NRA and
AAA programs have encouraged idleness and at the same
time have sought to bring prosperity by means of scarcity.
Governor Talmadge said the Government owed the bonus
to the veterans and therefore should pay it immediately
in cash out of the $4,800,000,000 appropriated for the works
relief fund. He denounced the banking bill and the Wagner
labor bill as communistic and contrary to the spirit of the
United States.
The New York "Times" of May 19 quoted, in part, from
the Governor's address as follows:
"In two years and a half the program of the AAA has added millions
to the relief rolls. The NRA, by its restrictions on business, has added
millions more to those on the dole. The processing tax has increased
imports of agricultural products on an average of 300% for the first three
months of this year as compared with the first three months of 1934.
"Importation of cotton goods from Japan and other foreign countries
adds jobs there but cuts down jobs in the United States. The increase in
the importation of butter from 1934 to 1935 has been over 500%. All
this gives jobs to foreigners to milk the cows, make the butter and ship it.
Here we have killed the cows and encouraged the workers to go on the dole."
In urging immediate payment of the bonus, Governor Talmadge said
the country owed it to the veterans anyway.
"Pay the soldiers' bonus now and pay it out of the $4,800,000,000 now
appropriated for the Public Works program," he said.
"Abolish the NRA and private industry will take hold and employ more
men. Cut the AAA and produce what we need. Pay the outstanding contracts for curtailment to farmers out of that $4,800,000,000."
Secretary of Agriculture Wallace Says AAA Program
Was Necessary as Result of Huge Crop Surpluses
in 1933—Denies Adjustment Policy Injures Consumers
The Administration's crop adjustment programs will not
decrease the consumer's share of the nation's food production, but will instead eliminate that part of the crops once
thrown upon foreign markets, Secretary of Agriculture Wallace said May 16 in a radio address sponsored by the Washington "Star." Discussing the farm situation in 1933, with
its huge crop surpluses, Mr. Wallace said that the only
practical step to take was to "reduce those mountainous
surpluses until the farmer's price disadvantage" has disappeared. This was the theory, he continued, that gave rise
to the formulation of the Agricultural Adjustment Administration. Mr. Wallace then added, in part:
In 1932, when accumulated surpluses had driven prices down to the
bottom, the consumers of the United States suffered as never before. Vast
piles of wheat on Kansas farms, and huge stocks of cotton down South
did not keep city factory workers off the breadlines. The fact is there
was less consumption of cotton in the United States in 1932 and more
people in the breadlines than ever before. Low prices to farmers prevented
farmers from buying and hurt city folks as well as farmers. In reverse
fashion, exceedingly high prices and a scarcity of farm products eventually
may cause even greater damage to farmers than to consumers, for the
usual result is subsequent overproduction, low prices, and farm bankrupt.
Volume 140
Financial Chronicle
balance
cies. I ask you whether we ought not strive for a workable
between these two extremes?
They
In 1933 most people thought a policy of reduction justified.
low farm
were impressed by the record-breaking stocks in reserve, the
40,000,000
prices, and the lost foreign market for the product of more than
could be done.
acres. What many doubted, however, was that the job
Some were positive it couldn't be.
that
That criticism has lost some of its force in the face of the fact
the Governmore than 3,000,000 farmers have carried out contracts with
risen four
ment to make these adjustments; that farm cash income has
1934,
and a third billion dollars in 1932 to better than $6,000,000,000 in
55% of
from
risen
has
and that the purchasing power of farm products
pre-war in March 1933 to 87% of pre-war in April 1935.
for
The adjustment programs have of course not been solely responsible
And as
this achievement, but they have been an indispensable factor.
would
I
evidence that they have not been animated by a policy of scarcity
result
point out that there are more people clothed and fed to-day as a
policies had not
of the policies of the AAA than would be true if those
been in effect. Many a city wage-earner owes his return to work to the
factory,
fact that farmers are once more able to buy the products of his
buying
and so keep it going. To some appreciable extent the increased
payrolls
power of farmers is responsible for the 90% increase in factory
during the past two years.
So far are we from a policy of scarcity that despite the worst drought
in our history we shall have on July 1 this year a larger wheat carryover
than we had in any of the so-called prosperous years between 1919 and
1928, and there will be a cotton carryover nearly twice the normal. So
Car are we from a policy of scarcity that there is more meat available
no
for consumers to-day than would have been possible had there been
AAA. To the uninformed this may seem an extreme statement. Let me
remind them that when the Government bought and processed nearly
10,000,000 head of cattle and sheep last summer it prevented them from
becoming a total loss through starvation in the drought areas. This action
made available more than 1,000,000,000 pounds of meat which otherwise
would have been wasted. When the AAA processed those farmers' 6,000,000
little pigs in the fall of 1933, thereby saving a distressed hog market
from a complete breakdown, and providing food for relief purposes, it
also gave the remaining livestock on farms that much more feed and forage
to live on in the desperate drought-stricken days of 1934. It is true that
this phase of the pig slaughter was sheer luck, since no one could foresee
the draught, but that does not alter the fact that it was an exceedingly
helpful measure. These cattle and pig programs, plus the encouragement
given by the Department of Agriculture to increasing the acreage of feed
and forage crops in 1933 and 1934, definitely minimized the damage
which the drought of 1934 might have done to both farmers and consumers
Secretaryiof Interior Ickes Pledges "No Log-Rolling"
in Administering Work-Relief Fund—Says Principles of PWA Will Be Continued in Drive to
Transfer Those on Relief to Payrolls
The program of work relief will have no place for "political log-rolling," Secretary of the Interior Ickes declared in
a radio speech from Washington on May 16. Mr. Ickes, who
is serving as Chairman of the Advisory Committee on Allotments, asserted that no part of the work relief fund will
"go into a pork barrel. Our object," he said, "is to get men
off relief rolls regardless of politics or local considerations.
There never has been an inside track to public works money,
and there will be no back-door entrance to work relief allotments and projects. The sooner that all communities accept
this proposition in full faith the better it will be for the
general welfare and the quicker the idle will move from
relief rolls on to payrolls."
The Public Works Administration has "more than justified itself," Mr. Ickes said. He continued:
Thanks to the PWA program, there has been actual construction work
In 3,049 of the 3,073 counties of the United States. These projects have a
high social value. They have been undertaken and built in the confident
expectation that they will prove to be real assets of the various communities for many years to come. PWA will continue to offer its services
to those communities that want to avail themselves of those services. We
will be glad to co-operate with you in building such useful and socially
desirable public works as sewage systems, waterworks, schools, power
plants, bridges, public buildings, &c.
In order to facilitate the PWA program I have set about to decentralize
the PWA organization. This will have the twofold beneficial effect of
clearing the applications faster and of bringing PWA into closer contact
with the local communities. In each State there will be set up a miniature
o! the general PWA at Washington. A State PWA Director will be in
charge, and associated with him will be an engineering, a legal, and a
finance staff, varying in size, but adequate to carry out expeditiously the
work that will be entrusted to it. We are able to do this at this time
because we now have experienced men in these various divisions in Washington who are qualified to go into the States and move the program at
an accelerated pace.
PWA projects should be submitted promptly to the PWA Director in
each State. Instead of forwarding the applications to Washington for
approval they will be examined on the ground. This will make for much
greater speed. Since the local staff will be in close touch with the various
communities, it will be able to get whatever information it may need.
The applications will then be sent on to Washington, where, after a brief
review by the PWA general staff, they will follow the procedure that
has already been outlined.
As has been said, preference will be given to the projects the cost of
which will be shared between the Federal and the local governments. It
Is our ambition to help to finance as many such projects as possible. We
will want to continue the fine record of PWA throughout the country.
Over 17,000 PWA projects, either completed or under construction, now
dot the snap of the United States. They gave direct work on actual
construction to millions of men and indirect work to additional millions
who produced and fabricated and moved the materials used at the sites.
See to it that your local projects are of a quality and usefulness of
which you will be proud. See to it that they are a type to acquire which
you would willingly pay local taxes. Remember that Federal money is
your money just the same as if it came from your local school, sewer,
water, city or county tax assessments. Your community has resources, and
in honor and patriotism must bear its share of the burden. The Federal
Government stands ready to aid but it expects every community to do
its bit.
3489
SecretarnPerkins Predicts Passage of Social Security
Bill by End of May—Notes Sharp Rise in Payrolls
Since 1933
The Wagner-Lewis social security bill is likely to pass
the Senate by the end of May, and will be signed by President Roosevelt almost immediately, Secretary of Labor Perkins predicted May 20 in a speech before the fifteenth
annual convention of the Westchester County League of
Women Voters at Harrison, N. Y. Miss Perkins said that
within a period of two years the United States has formulated a system of employment insurance that required 15
years for Europe to accomplish. She said that passage of
the measure would provide the Administration with a
"foundation stone in the scientific approach" to the problem
of establishing a balance between national purchasing and
productive power.
Miss Perkins denied that there is any "reality to the
much-advertised strike epidemic" of the last eight months,
and said that such strikes as have occurred were not unexpected. They always accompany a recovery from economic
depression, she remarked.
A dispatch from Harrison to the New York "Herald
Tribune" on May 20 quoted further from the Secretary's
address as follows:
Defending the steps taken by the Administration to overcome the depression, Miss Penkins cited statistics showing improved conditions. In
March 1935, she said, payrolls were 95% larger than in March 1933, and,
even with allowances for the increased coat of living, were 74% higher. In
the same time, she continued, the average weekly pay check had increased
from $15.32 to $20.87, and the total of weekly payrolls had risen from
$75,000,000 to $144,000,000 weekly. Improvement likewise WRB shown,
she said, in such items as increased motion picture admissions and automobile sales, which she described as especially marked in the Middle West.
Stressing her belief that only by payment of adequate wages and the
employment of more persons could industry build up the mass market
needed to keep factories open, Miss Perkins reiterated her support of the
profit system.
Upholds Profit System
"Every individual employer and company," she explained, "has the
right to make a profit, for the savings of many people are invested in
industry and they are entitled to expect the maintenance of profits. But
it also should be recognized that workers are entitled to fair wages, based
upon the ability of employers to make a fair profit."
Turning to labor problems, Miss Perkins said that arbitration boards
now available, such as the National Labor Relations Board, the Conciliation Service of the Department of Labor and special boards in various
Industries provided agencies through which labor disputes might be settled
and costly strikes and lockouts averted. She said she believed that both
labor and capital would appeal to such boards voluntarily much more
frequently in the future.
"Neither workers nor employers can or should be coerced," said Miss
Perkins. "There is often confusion of thinking on this point, and one
hears and reads much loose talk about the Government taking a two-fisted
attitude in industrial disputes. In order to preserve the democracy under
which we live the Government must not coerce any group. Arbitration is
more in character."
Secretary Ickes Urges Government Subsidy for LowRent Housing—Says It Will Prove More Profitable
Financially Than Slum Maintenance
The Federal Government should subsidize low-rent housing to the extent necessary to make it available for persons
in the lowest-income groups, Secretary of the Interior Ickes
told the American Civic Association at Cincinnati on
May 22. Mr. Ickes contended that cities throughout the
United States have actually been "subsidizing" slums because of the expense they throw upon the municipalities.
The cost of a slum area to a city, he said, includes both the
extra expense involved in servicing that area and indirect
financial, social and moral costs.
The Secretary said that a direct subsidy for slum clearance and erection of better buildings would actually provide greatly improved living accommodations at a lesser
cost than that now paid by slum occupants. He cited the
experiences of certain European countries as proving that
State subsidies for housing have proved profitable investments.
The Federal Government, Mr. Ickes said, is willing as
part of the recovery program to carry through plans for
slum clearance projects throughout the country, but he
added that "it would be unreasonable to expect us to carry
this burden for an indefinite length of time or for an indefinite amount of money to be expended." States, cities
and private organizations of citizens must co-operate, he
asserted. He added, in part:
At the moment we are not only interested in the social benefits of the
program; we are concerned about putting men to work. To encourage our
continued interest, it would be well for States and municipalities to show
a willingness to fall in line with the Federal Government in order to
carry on the program after this depression is a thing of the past. I should
like to see a national housing conference called to which the Governor
of every State and the Mayor of every city would be invited, this conference to pay serious attention to this most pressing social and economic
problem, with a view to adopting a program that would have as its ultimate aim the clearance of every slum area in every part of the United
States.
In the meairvhile, the cities should co-operate with the Federal Government because the present program is primarily for the benefit of the
cities where it is proposed to build alum clearance projects. They should
approach this question not only from the point of view of the social
good that will result from cleaning out their slum areas, but having in
mind the actual financial profit that will follow the discontinuance of
the indirect subsidy that they have been paying for slum maintenance.
The cities can help materially in this movement by establishing and
maintaining small parks and playgrounds, by providing adequate school
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Financial Chronicle
facilities and by aiding in the solution of the important and pressing
problem of utility facilities so that we may be assured of gas, water,
electricity and sewage services at rates which will make it possible for us
to accomplish our objective of providing dwellings for those in the lowest
income groups.
May 25 1935
indirectly affected by the walkout. United Press advices
from Portland, Ore., on May 19 gave the following summary
of the strike situation:
Thousands of workmen not directly involved in the strike of Pacific
Northwest lumber workers faced idleness to-day. The building trades
slowed down as lumber prices skyrocketed under the impetus of dwindling
supplies.
D. E. Nickerson, President of the Oregon State Federation of Labor,
predicted that construction would almost stop unless sawmills and logging
camps in the great fir belt of Oregon and Washington resume operations
soon. Several thousand members of the Portland Building Trades Council
Joined other A. F. of L. unions in supporting the sawmill union's strike
with hard cash.
Longshoremen were solidly behind the strike, refusing to handle lumber
from closed mills In any Northwest port. As a result, shipping was cut In
half. Two thousand members of the furniture workers union here threatened to strike after rejecting by a 6 to 1 vote the proposal of two firms to
raise wages on a sliding scale to reach 50c an hour in 1936. This strike
threat is coastwise.
Furniture union representatives from all coast cities will meet here
Monday to advise the locals whether or not to strike.
1,500 Business Men Visit Washington to Urge 2-Year
Extention of NIRA—Resolution Says Expiration of
Law in 10 Months Would Ruin Hundreds of Codes
The Clark resolution extending the life of the National
Industrial Recovery Act for only 10 months constitutes
"legislative sabotage" which would result in "complete
disaster" to hundreds of codes of fair competition, according
to a resolution adopted May 22 by a group of 1,500 business
men who met in Constitution Hall, Washington, to urge
Senators and Representatives to continue the NIRA for a
period of two years. The delegates, many of whom came
from New York and New England, approved the resolution
calling for a two-year extension after they had visited Capitol
Hill, and had sought to impress upon Congressmen the
desirability of prolonging the Recovery Act as asked by
Nation-Wide Bituminous Strike on June 17 Threatened
President Roosevelt.
Unless Wage Contracts Are Signed Before Then—
Ward Cheney, Connecticut silk manufacturer who adConference Committee on New Wages and Hours
dressed the meeting in Constitution Hall, said that if the
Fails to Reach Agreement
NIRA is extended for two years the United States will,
Possibility of a nation-wide bituminous coal miners strike
before it lapses, be "on the high road to prosperity." He
added that the meeting was a "remarkable spontaneous on June 17 appeared on May 21, with an announcement
effort" and was "not a march and not a raid" on Congress. that negotiations between the soft coal producers and the
A dispatch from Washington to the New York "Times" United Mine Workers on new wage and hour contracts had
collapsed. Duncan C. Kennedy, Chairman of the Joint
on May 22 described the meeting as follows:
Conference Committee of Operators and Miners in the ApMr. Cheney reminded the critics of the NRA that two years ago, before
palachian area, said in a statement issued at Washington
the passage of the Recovery Act,"we were literally hanging on to the last
flickers of life and that NRA came to us and saved us." He predicted that
that there has been "such a breakdown of stable competitive
two more years of NRA would bring prosperity, not for "a few all-powerful
relationships, and such increasing confusion and uncertainty
and ultra-rich monopolists," but for the general run of business and indusin the industry, that the operators are in no position to make
trial groups.
definite commitments for wages, hours and conditions of
Inasmuch as the principles involved in the act were of profound sigemployment."
nificance to the welfare of the nation, Mr. Cheney said he opposed the
The nine operators and nine representatives of the United
temporary extension because it meant "a clear sounding death knell and
Mine Workers decided on May 21 to call a meeting of Apthe necessity of a new start at some future date after a period of deepened
chaos and suffering."
palachian operators and the union's entire wage scale comIt was announced that the delegates were from forty States and committee for May 27, when the Conference Committee will
prised in large part owners of small businesses. A special train brought
formally report its failure. John L. Lewis, President of
400 from New York. principally from the men's clothing and apparel trades.
the union, said on May 21 that not a miner will enter the
The speakers included William Hager of Lancaster, Pa., for the general
pits on June 17 unless contracts are signed before that date.
retailers; Sylvan Gotshal of New York, counsel for a large number of InA dispatch on May 21 to the New York "Times" comdustrial code groups; H. Harris, General Alloy Company. Boston; Charles
mented on the labor situation in the soft coal industry as
D. Jaffee, men's clothing, New York; William D. Lilly, retail tobacco,
Baltimore; Frank Kelly, retail drugs, Carbondale, Pa.; Samuel De'tech, follows:
coat and suit, New York City; L. M.Stewart,retail automobiles, St. Louis,
and Mr. Cheney. textiles.
Mr. Hager recounted the benefits derived by labor and industry from
the twenty months' operation of the Retail Code. The less than ten
months' extension, he said, would mean that "regulation and compliance
would be impossible; the chiseler once more would come into his own and
resort unchecked to his former destructive predatory price methods; commodity prices would be pulled down and wages would again be cut to low
levels."
Mr. Jaffee said that while mistakes had been made in the drafting of
codes and code administration, the remedy was not to cut down the NRA
tree but to prune it.
Mr. Lilly said the Retail Tobacco Code was "conceived by the little
man, Initiated by the little man,operates for the little man and Is administered and managed by the little man."
He urged extension of the NRA for two years because It would affect
the lives of 2.750.000 directly and indirectly dependent on the industry.
Mr. Stewart told of the beneficial results to the retail motor Industry
from its code.
$69,199,582 Advanced to May 18 Under Modernization
Credit Plan of FHA
In reporting on the progress of its better housing campaign, the Federal Housing Administration said that on
May 18 property owners throughout the country had
pledged, under the stimulus of the better housing program,
$401,042,062 worth of modernization and repair, an increase
of $8,274,646 for the week ending on that date. The majority of pledgers indicated their intention of paying cash
for the improvements, the Administration said, adding:
Credit amounting to $69,199,582 had been advanced to 166,486 applicants
under the terms of the modernization credit plan by May 18. This represents an increase of 8,917 credit advances amounting to $3,481,127 for
the week.
Insurance contracts issued to lending Institutions totaled 13,366 on
May 18. This is an Increase of 33 for the week. There were 7,626 community campaigns organized or being organized on that date, 159 having
been added during the week.
Insured mortgage applications amounting to $46,715,303, of which 33%
was for new construction, had been received on May 18. Commitments
Issued to mortgagees to insure mortgages when executed totaled $21,801,780,
of which 34% was for new construction.
Thousands of Workers Affected by Lumber Strike on
Pacific Coast—Men Demand Shorter Hours and
Higher Wage Than Provided in Lumber Code
A strike of 2,300 Pacific Northwest workers in lumber and
allied industries, which began more than two weeks ago,
was complicated this week by the walkout of additional
mill hands at St. Helena, Ore. Most of the strikers seek a
30-hour working week and a minimum wage of 75 cents an
hour. The lumber code provides a 40-hour week and a
minimum wage of 42% cents an hour, although operators
say that many of the mills have been paying a 45-cent
minimum. Many Oregon mills have been closed in recent
weeks because of the labor disaffection, and it was estimated
in some sources that between 40,000 and 75,000 men were
The full membership of the Appalachian Joint Conference, consisting of
200 miners and 200 operators from all fields In the area, which produces
70% of the nation's coal, will meet here Monday.
The full membership will then be informed that the joint sub-committee
of the scale committee, with nine representatives from each side, was unanimous to-day in it decision to recommend that the full conference adjourn
sine die.
To Make Strike Plans
It is assumed that the joint session on Monday will adopt this recommendation. Then the scale committee of the United Mine Workers will
hold a separate meeting and make its strike preparations.
Passage of the Guffey Coal Stabilization Bill by June 16 would forestall
the threatened strike. In coal circles It is felt that extension of the National
Recovery Administration, even for a two-year period, would not ward off
a Walkout, because the price structure of the Soft Coal code has collapsed
and a large section of the industry has no faith In Its possible revival or belief that it would be adequately enforced.
The breakdown of the wage conference followed a meeting held here
yesterday of 201 soft coal operators who favored the principle of the Guffey
bill. but who arranged to meet again Monday to formulate amendments
that would strengthen that measure.
fhe situation in respect to the Guffey Bill and the threatened coal strike
reminded Congressional observers of the circumstances under which the
Adamson Eight-Hour Day Law was put on the statute books In the fall of
1917. At that time a nation-wide strike had been voted upon by the railroad unions and the law was passed just in time to avert the strike orders.
When the joint scale conference began on February 18, the miners demanded a thirty-hour week, a two-year contract and some wage adjustments. The operators refused to grant these term and indicated their
willingness to renew the present contract, with some modifications, for a
one-year period.
The contract was due to expire on April 1, but the miners' union agreed
to extend it until June 16 in the hope that the legislative situation would
be clearer by that date.
Death of John R. Drexel
John R. Drexel, former Philadelphia banker, and a son of
the late Anthony J. Drexel, noted banker and founder of the
Drexel Institute, died on May 18 at his residence in Paris,
France. Mr. Drexel, who was born in Philadelphia in 1862,
had resided in Paris since 1919, but made yearly trips to
Philadelphia and New York in the interest of his financial
holdings. As a young man he served as a clerk in the banking firm of Drexel & Co., founded by the grandfather,
Francis M. Drexel in 1837 and later headed by his father.
Some years after joining the firm he became a partner but
remained in that capacity only a short time retiring from the
firm prior to his father's death in 1893. A brother of Mr.
Drexel, Colonel Anthony J. Drexel, died Dec. 15, last.
President Roosevelt Appoints Norman Armour as
Minister to Canada, Succeeding the Late Warren
D. Robbins
Norman Armour, American Minister to Haiti, was named
by President Roosevelt on May 20 as Minister to Canada
to succeed the late Warren Delano Robbins. Mr. Armour
Is a career man in the foreign service, having served in nine
Financial Chronicle
Volume 140
foreign capitals since he entered the diplomatic service in
1912 in Vienna. He is a member of the New Jersey bar.
He has served in the American Embassies at Vienna, Petrograd and Brussels, and as Secretary to the Legations at The
Hague and at Montevideo. He also spent three years as
Counsellor to the Embassy at Tokio. He took his post as
Minister to Haiti in October 1932.
A. E. D. Tremain Elected Chairman of Montreal Curb
Market
A. E. D. Tremain, of R. Moat & Co., Montreal, was
elected Chairman of the Montreal Curb Market on May 14
for the year 1935-36. Mr. Tremain succeeds Col. J. D.
Macpherson, who completed the unexpired term of the late
C. N. McCuaig. Raymond Allan of Greenshields & Co.
was elected Vice-Chairman and D. S. Yuile of O'Brien &
Williams, Secretary-Treasurer.
Montreal Stock Exchange Elects H. J. Child as
Chairman
Harold J. Child, of Holt, Rankin & Child, Montreal, has
been elected by acclamation Chairman of the Montreal
Stock Exchange, it was made known May 13, succeeding
Douglas S. McMaster. F. S. Mathewson, of Thomas,
Mathewson & Co., is Vice-Chairman, and Grant Johnson,
of Grant Johnston & Co., was renamed Secretary-Treasurer.
Maurice Forget Elected Chairman of Canadian
Commodity Exchange
On May 17 Maurice Forget, who,it is stated, was responsi
ble for the original idea of a silver market in Montreal was
elected Chairman of the Board of Governors of the Canadian
Commodity Exchange by acclamation. He succeeds D. S.
McMaster, whose term has expried. Grant Johnston, of
Grant Johnston & Co., was elected Vice-Chariman.
Senate Confirms Nomination of Morris L. Cooke as
Administrator of REA—P. R. Taylor Appointed
Executive Officer
The Senate on May 20 confirmed the nomination of Morris
L. Cooke as Administrator of the Rural Electrification
Administration. The creation of the REA and the nomination of Mr. Cooke as Administrator was noted in our issue of
May 18, page 3313.
By an Executive Order May 15, President Roosevelt
appointed Perry. R. Taylor,of Pennsylvania, to be Executive
Officer of the REA. Mr. Cooke announced May 19 the
appointment of Vincent D. Nicholson of the National
Recovery Administration legal division, as counsel for the
REA,and M.0. Swanson as Chief Engineer.
Irvin McCreary to Succeed E. C. Brand as Banking
Commissioner of Texas in September
Governor Allred of Texas, announced on May 13 the
appointment of Irvin McCreary as Banking Commissioner,
succeeding E. C. Brand. Associated Press advices from
Austin, May 14, said that the appointment will become effective in September. Mr. McCreary is Vice-President of the
Guaranty Bank & Trust Co. of Gatesville, Tex., and has
served twice on the Executive Committee of the Texas
Bankers' Association of which he is a former Treasurer.
Martin Gehringer Elected President of Queens Bankers
Association
At the annual dinner-meeting of the Queens Bankers
Association held May 16, Martin Gehringer was elected
President, succeeding Henry H.L. Doughty. Other officers
elected follow:
First Vice-President, H. A. Prosswimmer. Assistant Treasure. of the
Jamaica office of the Bank of Manhattan Trust Co.
Second Vice-President, Peter Schwoebel. Cashier of the Boulevard Bank
of Forest Hills.
Third Vice-President, Stanley Weston, Vice-President of the Rockaway
Savings Bank. Far Rockaway.
Secretary. Raymond Riley, Assistant Cashier of the Jamaica National
Bank.
Treasurer. Howard Durland, Vice-President of the Union National Bank
of Long Island. Forest Hills.
F. M. Pitt Elected
President of Finance Forum Alumni
of New York University
At a recent meeting of the Finance Forum Alumni of New
York University, which consists of alumni of the University
employed in financial work, the following officers were elected
for the year 1935-36:
Frank M. Pitt. First of Boston Corp., President.
Charles F. Heard, Vice-President of Hyman Federman. Hunch.Lilienthal
& Co., Vice-Preeldent.
Fred Schmidt, Abraham & Straus, Treasurer.
J. Sydney Greenbauxn, Manufacturers Trust Co., Secretary.
Fred Correa of the National City Bank and Frank Sala of Carl M.Loeb
dt Co. were elected members of the executive committee.
ITEMSIABOUT BANKS, TRUST COMPANIES, &c.
The New York Coffee & Sugar Exchange announced
May 18 the sale of the membership of the estate of Geo.
R. Dyer to Simon J. Shlenker at $4,500, an advance of $600
from the last previous sale and the highest price paid for
a membership since Aug. 29 1934.
3491
On May 23 two memberships on the New York Cotton
Exchange were sold: That of the Estate of Joseph M.
Sydeman was sold to Elwood P. Manany, for another,
for $11,500, this price being $600 in advance of the previous
sale, and the second membership of Stephen Paine was sold
to E. J. Schwabach for another for $12,500.
-membership was sold May 18
A Chicago Board of Trade
at $5,100, up $100 from the last previous transaction.
Edwin C. Estes, Vice-Pre-sident and Secretary of the
South Brooklyn Savings Bank, Brooklyn, N. Y., died
May 19. Mr. Estes, who was 49 years old, was also President of the Bankers Club of Brooklyn. During his banking
career he was actively connected with the American Institute of Banking, of which he had been President of the
New York Chapter in 1926 and National Executive Councilman from 1930 to 1933. Mr. Estes was a former President
of the Junior Officers Association. In 1932 he was elected
President of the Bankers Club of Brooklyn, of which, for
many years, he was a delegate at the annual conventions
of the National Association of Mutual Savings Banks.
William H. English, Jr. was elected to membership by
the board of directors of Lawyers County Trust Co., New
York, at their regular monthly meeting May 21. Mr.
English is managing director of M. B. Brown Corp. His
father, William H. English, Sr., was a director of the bank
from the day of its organization to the time of his death.
The Board of Managers
of the Montclair Savings Bank,
of Montclair, N.J., on May 22 advanced Stanley R.Soverel
from Vice-President to President, to succeed. Edwin B.
Goodell, who will retire. Mr. Goodell, one of the founders
of the bank in 1893, has been President since 1915. He
will remain on the Board of Managers. A New York
"Times" dispatch in the matter went on to say:
Mr. Soverel began his career with the bank in 1897. He has been
President of the New Jersey Savings Bank Association. the Essex County
Bankers Association and the Montclair Chamber of Commerce.
0. H. Neilson was elected President of the First National
Bank of Clairton, Pa., at a meeting of the directors on
May 15. He succeeds the late Edward Latchem. At
the same meeting, Robert S. Lindsay was elected VicePresident and Secretary of the board, while W. F. Dickson
was named Cashier and Assistant Secretary. In noting
the changes, "Money & Commerce" of May 18 also stated:
The new President. Mr. Neilson. has been with the institution of which
he is now chief executive the whole of his business life of 29 years. starting
as a bookkeeper at the conclusion of his schooling and during recent years
has been Vice-President. Mr. Lindsay has been with the institution
12 years and has had an extensive and valuable experience. Mr. Dickson
has been with the bank 19 years.
One of the strong banks of the Monongahela Valley. organized in 1903.
the First National Bank of Clairton has 850.000 capital, $225,000 surplus.
322.500 undivided profits and deposits of $1.375.000.
The capital stock of the Rochester Deposit Bank, of
Rochester, Pa., will be increased from $100,000 to $150,000,
the increase to be preferred stock, we learn from a Rochester
dispatch appearing in "Money & Commerce" of May 18.
Dan A. Depew, who has been connected with the National
Bank of Corry, Pa., for about 20 years, has been promoted
to Cashier of the institution, according to a dispatch from
that place printed in "Money & Commerce" of May 18,
which added in part:
Mr. Depew, who has been Assistant Cashier the past few years, succeeds
the late Oscar H. Andrews. who served the bank in various capacities over
a period of close to 50 years.
From "Money & Commerce" of May 18 it is learned
that H. B. McDowell, President of the McDowell National
Bank of Sharon, Pa., has announced that the new home of
the institution will be formally opened to the public on
June 1 and that business will begin in the new quarters
on June 3.
According to Associated Press advices from Honesdale,
Pa., H. Scott Salmon, for 37 years Cashier of the Wayne
County Savings Bank of Honesdale, on May 20 tendered his
resignation and E. C. Bell, of Philadelphia, was elected by
the Board of Directors to succeed him, effective June 1.
We learn from the Pittsburgh "Post-Gazette" of May 18
that Albert C. Kabet, receiver for the Monongahela National
Bank of Pittsburgh and the First National Bank of Grafton,
Pa., announced on May 17 that a dividend of 18% would
be paid to depositors of the First National Bank of Grafton
yesterday (May 24). The paper went on to say:
The payment amounts to $118,000. The previous payment was 60%,
and with dividend just declared brings the total to depositors up to 78%.
The dividend will be paid in the Monongahela National Bank, Sixth
Avenue and Wood Street.
In reporting changes in the personnel of the Carlisle Trust
Co. of Carlisle, Pa., a dispatch from that place, appearing in
"Money & Commerce" of May 11, contained the following:
S. Sharpe Huston was elected Second Vice-President & Trust Officer of
the Carlisle Trust Co. at a meeting of the Board of Directors. Mr. Heston
bits been connected with the bank for a number of years and has had
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Financial Chronicle
much business experience, having been a manufacturer prior to engaging
In banking.
Announcement also was made of the retirement of E. E. Sellers, Treasurer,
after thirty years of faithful and efficient service. He has been in ill
health for some time.
Murray R. Whitcomb was named Treasurer to succeed Mr. Sellers. He
had been Assistant Treasurer, a position which was given to Paul D. Zug,
a teller.
D. C. Tomkins, Managing Director of the conserved
Twentieth Street Bank, of Huntington, W. Va., announces
that the $65,000 capital stock has been subscribed, we
learn from a dispatch from that place printed in "Money &
Commerce". An additional $65,000 is to te subscribed
by the Reconstruction Finance Corporation, the advices
stated.
J. Arthur House, former President and Treasurer of the
Guardian Trust Co., Cleveland, Ohio, and ex-officio President of the Board of Trustees of the Guardian Bank's pension fund, on May 17 lost his appeal to United States Circuit
Court of Appeals from his conviction in District Court at
Cleveland, Oct. 3 1934 on 26 of 27 charges of an indictment
alleging violations of the Federal banking laws. The Cincinnati "Enquirer" of May 18 is authority for the foregoing,
from which we also quote the following:
The Appellate Court, in an opinion written by Circuit Judge Ken Hicks,
Knoxville, Tenn., finds there were no prejudicial errors committed by the
lower court in the trial of Mr. House, and that the evidence supported
the petit jury's verdict of guilty. Each of the 26 counts charged misappropriation of bank funds and the making of false entries in the bank's
books.
Mr. House was indicted with Harry 0. Robinson and William R. Green,
Vice-Presidents of the Guardian Trust Co. Mr. Robinson and Mr. Green
were acquitted by a directed verdict of the jury. District Judge S. H.
West, who tried the case in the Cleveland court, directed the verdict.
Judge West sentenced Mr. House to serve three years in a Federal penitentiary and fined him $400 on each of 26 counts.
According to a dispatch by the Associated Press from
Cleveland, Ohio, on May 17, W. A. Kumler, liquidator of the
closed Standard Trust Co. of Cleveland, had announced on
that day that 23,000 depositors of the company will receive
$520,000 on June 3 as their second liquidating dividend.
The advices continued:
Mr. Kumler filed an application in Common Pleas Court to-day (May 17)
asking permission to make the pay-off. The institution's first dividend
was paid Aug. 15 last year. The amount of each dividend represents 5%
on deposits. When the bank closed Dec. 21 1931 it had deposit liabilities
of $13,200,000, Mr. Kumler said.
From Kokomo, Ind., advices, on May 20 to the Indianapolis "News," it is learned that not only has the Russiaville
National Bank, Russiaville, Ind., closed since 1933, paid its
depositors in full, but the receiver, F. W. Bryant, has also
paid $7.76 interest per $100 on deferred payments. The
dispatch added:
The receiver said he also will pay an additional dividend to shareholders
who met their assessments. A 5% dividend brought dividend distributions
to 100%.
In indicating that a payment was to be made this week
to depositors of the defunct First National Bank of Riverside, Ill., the Chicago "News" of May 20 stated:
"Charles F. Knapp. receiver of the First National Bank of Riverside,
to-day (May 20) announced that a payment of 10% will be made. The
checks will be available in his office at 26 East Ave., Riverside, on May 21.
The bank was closed June 27 1932 and the total payments to data aggregate 55%.
Edward J. Barrett, State Auditor of Illinois, announced
on May 21 that he had authorized the receiver of the First
Englewood State Bank of Chicago to make a 10% payment
to depositors, amounting to $59,605, according to the Chicago
"News" of that date, which also supplied the following
details:
This is the third payment since the bank closed, bringing the total to
50%. In addition to this, $14,679 has been paid to preferred creditors
and $354,266 on bills payable.
The Berwyn State Bank of Berwyn, Ill., on May 16 was
authorized to pay a 5% dividend, amounting to $27,517, to
depositors. In noting this, the Chicago "Journal of Commerce" said that this is the second dividend, bringing the
total to 10%.
Depositors of the First Security Bank & Trust Co. of
Charles City, Iowa, were notified on May 15 that a distribution of 15% was available on trust certificates. A dispatch
from Charles City to the Des Moines "Register," in reporting the matter, also stated:
The first payment was 20%, and this is the second payment. Deposits
at reorganization amounted to $791,000.
The Raleigh "News and Observer" of May 18 stated that
Commissioner of Banks for North Carolina Gurney P. Hood
on May 17 announced that checks for 10% dividends had
been mailed to depositors of the Citizens' Bank of Yancey,
Burnsville, and the preferred creditors of the Central Bank
& Trust Co. of Asheville. Each dividend brought to 50%
the total paid these creditors. We quote the paper:
The dividend paid the Central Bank creditors aggregated $55,258.56,
and the fourth dividend brought the total paid preferred creditors by the
May 25 1935
bank to $278,448.05. The bank was placed in liquidation on Nov. 19 1930,
and in addition to the above dividends has paid $8,860,021.58 to secured
creditors.
The 469 depositors and other common claimants of the Burnsville institution, which closed on June 19 1931, also received their fourth dividend,
aggregating $23,648.96, and making a total of $117,741.93 paid them.
In addition to dividends to depositors, the bank has paid $929.89 to preferred creditors and $7,700 to secured creditors.
Orville L. Dines has become Chairman of the Board of
the United States National Bank of Denver, Col., succeeding William A. Hover, who has resigned, Albert Reed, President of the institution, announced on May 15. In noting
this, the "Rocky Mountain News" of May 16 further stated:
Mr. Hover was one of the organizers of the bank in 1904 and its first
President.
He now lives in Long Beach, Calif., and is gradually stepping down
from active business in Denver, although still retaining many interests here.
New York "Times" advices from San Francisco under
date of May 23 report that negotiations for purchase of
the American Trust Co., the head office of which is in
San Francisco, by the Bank of America National Trust &
Savings Association, were said to be under way that afternoon and the report was not denied by officials of either of
the two institutions. If consummated, the dispatch said,
the deal will be the largest of its kind on the Pacific Coast
in 25 years. The advices continue:
The discussions, which are said to have been under way for several
days. are reported as centering about a proposed cash price for the assets.
It is understood the asking price is based on an appraisal in 1929 of the
assets of the American Trust, a figure said to be considered too high by
the Bank of America. It is also reported in financial circles that the
Bank of America has offered to buy for cash at a price to be based on a
current appraisal by neutral parties.
laThe American Trust Co. has 90 branches in northern California. Its
statement of condition as of March 4 showed a continuation of its consistent
gains in deposits. At that time the figure was $212,038,354, a gain of
nearly $15,000,000 over the previous year.
The Bank of America last October had resources of more than $1,000,000000 and 420 branches in 257 communities serving more than 1,500,000
depositors. Consummation of the deal would bring the Bank of America's
resources to more than $1,250,000,000 and would increase its number of
branches to 510.
The First National Bank of Bakersfield, Calif., with capital of $500,000, went into voluntary liquidation on May 6.
The institution was absorbed by the Anglo California National Bank of San Francisco.
Payment of $77,131 to depositors of the Albany State
Bank of Albany, Ore., now in liquidation, was authorized
by an order issued on May 17 by Circuit Judge L. G. Lewelling to A. A. Schram, State Superintendent of Bank&
Albany advices to the "Oregonian," authority for the above,
also supplied the followLg:
The order directs that $50,416.89 be paid to savings and $26,714.10 to
commercial depositors. This is the third 10% dividend paid by this
bank to commercial depositors and the fifth 10% dividend distributed
among savings depositors since the bank was closed.
COURSE OF BANK CLEARINGS
Bank clearings this week will again show an increase as
compared with a year ago.. Preliminary figures compiled
by us, based upon telegraphic advices from the chief cities
of the country, indicate that for the week ended to-day
(Saturday, May 25) bank exchanges for all cities of the
United States from which it is possible to obtain weekly
returns will be 20.8% above those for the corresponding
week last year. Our preliminary total stands at $5,254,839,212, against $4,350,206,494 for the same week in 1934.
At this center there is a gain for the week ended Friday of
18.8%. Our comparative summary for the week follows:
Clearings—Returns by Telegraph
Week Ending May 25
1935
1934
Cent
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
82.571,256.453
197.476,518
300.000,000
161,000,000
72,226,141
64,800,000
98,382,000
74,675,679
77,411.300
56,120,194
44.002,337
25,718,000
32,164,543.968
169,357.557
221,000.000
143,000.000
55.083.927
56.300.000
76.305,000
79,145.676
60.686.275
46,627.025
40,362.651
20.268,000
+18.8
+16.6
+35.7
+12.6
+31.1
+15.1
+28.9
—5.6
+27.6
+20.4
+9.0
+26.9
Twelve cities. five days
Other cities, five days
83.743,068,622
635,964,055
$3,132.680.079
470,018,075
+19.5
+35.3
Total all cities, five days
All cities, one day
84.379.032,677
875,806,535
$3,602,698,154
747.508,340
+21.5
+17.2
Total all cities for week
85.254.839.212
24.350 299 494
.l-2n5
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week in all cases has to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous—the week ended May 18.
For that week there is an increase of 8.4%, the aggregate
of clearings for the whole country being $5,462,075,543,
against $5,040,351,694 in the same week in 1934. Outside
of this city there is an increase of 14.1%, the bank clearings
at thi, center having recorded a gain of 4.7%. We group
the cities according to the Federal Reserve districts in which
they are located, and from this it appears that in the New
York Reserve District, including this city, the totals record
a gain of 5.2% and in the Philadelphia Reserve District of
12.6%, but in the Boston Reserve District there is a loss of
0.9%. The Cleveland Reserve District has to its credit an
increase of 12.9%, the Richmond Reserve District of 11.3%
and the Atlanta Reserve District of 14.4%. The Chicago
Reserve District has managed to enlarge its totals by 16.7%,
the St. Louis Reserve District by 8.8% and the Minneapolis
Reserve District by 18.5%. In the Kansas City Reserve
District there is an increase of 25.6%, in the Dallas Reserve
District of 0.3% and in the San Francisco Reserve District
of 29.0%.
In the following we furnish a summary of Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS
Week Ended May 18
Clearings at
1935
Ine.or
Dec.
1934
1933
$
242.034,962
3.332,845,849
353,316.535
238,358.654
116,148,431
122,468.018
421.217,518
123,401,354
91,949,452
135,600,589
46,359,111
238,345,040
$
244,281,283
3,168,846,402
313.783,740
211,098,647
104,342,338
107,052,816
361,057,128
113,453,703
77,571,290
107,919,864
46,230,838
181,710.645
%
-09
+5.2
+12.6
+12.9
+11.3
+14.4
+16.7
+8.8
+18.5
+25.6
+0.3
+29.0
$
205,721,412
3,019,745,761
254,332,252
151,931,424
72,101,342
74,030,888
238,0;6,874
88,398,133
68,063,559
80,126.758
35,812,710
159,267,721
$
229,672,412
2,946,200,041
259,859.624
195,621,583
102,376,439
87,019,000
352,159,205
90,976.015
66,939,323
100,172.749
37,070,686
175,368,923
111 Cities
Total
Outside N. Y. City
5,462,075,513
2,210.370,256
5,010,351,694 +8.4
1,963,043,639 +14.1
4,447,607,834
1,513.334,332
4,653,436,000
1,796,648,078
2116 565 ATI
245.631.278
128 S91 /99
ita 054 790
-55
We now add our detailed statement showing last week's
figures for each city separately for the four years:
Week Ended May 18
Clearings 08
Inc. or
1935
1934
1933
Dec.
First Federal Reserve Dist rict-Boston
Me.-Bangor _
577,584
471,817
Portland
1,771,276
1,591,454
Mass -Boston.
209,058,704 212,630.420
Fall River._ _ _
621,693
633,280
Lowell
325.374
315.996
New Bedford.
726,215
719.855
Springfield. _ _
2,777,220
2.851,045
Worcester
1,231,415
1,252.699
Conn.-Hartford.
10.515,833
10,406.296
New Haven
3.414.990
3.032,748
R.I.-Providence
10,450.500
9,939,600
N.H.-Manches'r
564,158
439,073
Total(12 cities)
242,034.962
244,284,283
$
1932
$
+22.4
+11.3
-1.7
-1.8
+3.0
+0.9
-2.6
-1.7
+1.1
+12.6
+5.1
+28.5
393,831
829.497
181,439.354
675.853
318.329
537,563
2,200,507
991.967
7.605.142
2,759,150
7.489,600
480.619
400,919
2,206.977
197.901.084
845,877
434,974
628.293
2.958.242
2,207,852
7.830.817
5,324.572
8,515.500
417.305
-0.9
205,721,412
229,672,412
Second Feder at Reserve D strict-New
6.304,589
N. Y. Albany _ _ _
6,965,984
Binghamton_
1.102,339
884,828
Buffalo
31,000,000
28,2a0,236
Elmira
733.956
655,265
Jamestown__
554.607
495,884
New York:_ _ _ 3,221,705,287 3.077,308,055
Rochester
6,995,773
5.829.261
Syracuse
4.047,893
3,762,562
Conn.-Stamford
3,816.013
3.257,697
N. J.-Montclair
423,404
462.912
Newark
17,602,738
16.612,146
Northern N. J_
38,559.250
24,361.572
York
4,290,966
-9.5
5,601.628
708.145
+24.6
771.288
25,627.383
+9.7
25.151,128
645.682
+12.0
557.538
546,984
+11.8
294,817
+4.7 2,934.273.502 2,856 787.922
5,510.655
+20.0
7.053.387
3.582.825
3,903,721
+7.6
+17.1
2,752,256
2,448.607
-8.6
449,198
544.732
20.530.189
+6.0
14,794.874
+58.3
24,463.320
24,655.055
Total(12 cities) 3,332,845,849 3,168,846.402
+5.2 3,019,745.761 2,946,200,041
Third Federal Reserve D1s trict- Phila delphi 8Pa.-Altoona _
348,256
268,337
347,801
+0.1
Bethlehem _ _
a338.295
Chester
262.150
213.955
250,194
Lancaster
996,994
595,461
775,275 +28.6
Philadelphia
341,000,000 304.000,000 +12.2 246,000,000
Reading
1,038.259
1,430,774
1,018,602 +40.5
Scranton
2,472,212
2.389.128
1,787,183
+35
Wilkes-Barre_ _
957.574
1,435.012
1.368,024 -30.0
860.945
York
1.485,275
1,044,716 +42.2
2,133,100
4,363,300
N.3.-Trenton..
2,590,000 +68.5
Total(9 °Wel)-
464.343
a2,083,548
430,147
1,312,839
258,000.000
2.171.858
2,342,473
1,666,604
1,143,860
2,327,500
313.783,740 +12.6
254,332,252
269,859.624
Fourth Feder al Reserve D Istrict-Clev elandOhio-Akron..._
Canton
Cincinnati__ _
54.386,982
45,083,592 +20.6
Cleveland
63.776,098 +11.4
71,073,954
Columbus
10.584.100
9.875.000 +7.2
Mansfield
12.5
1.255,541
1,435,666
Youngstown
Pa.-Pittsburgh. 101,058,077
90,928,291 +11.1
36,330,442
44,275,460
6,019,100
898,558
42,955,176
65,999,432
7,811,600
1,082,937
64,407,864
77.772,438
211,098,647 +12.9
151,931,424
195,621,583
Fifth Federal Reserve Dist act-Richm ondW.Va.-11untIon
166,155 +6.5
176,895
Va.-Norfolk _
2,350.000 +5.5
2,480,000
_
28,584,846 +10.8
Richmond
31,676,043
763,052 +49.3
B. C.-Charleston
1,139,335
58,016.442
+6.5
Md.-Baltimore.
61,786,427
14,461.843 +30.6
D.C.-Washing'n
18,889,731
120,206
2.189.000
24,756.559
714,317
35.491,167
8,830.093
425,659
2.510,605
25,911,338
753.333
53.995,504
18.780,000
104,342,338 +11.3
72,101,342
102,376,439
1,823,206
9.663.306
30,800,000
879,617
427,268
8,146.471
10,099.138
911,318
2,700.529
10.429.916
29,800,000
769.403
372,458
9,271,947
8,974,185
849,424
85,375
11,195,189
92,798
23,758,340
74.030,888
87,019,000
Total(5 cities)-
Total(Scuba).
353,316,535
238,358,654
116,148,431
Sixth Federal Reserve Dist rIct-Atiant a2,779,739 +5.8
Tenn.-Knoxville
2,941.464
12,171,951 +21.4
Nashville
14,772.515
41.400,000 +12.6
46,600,000
+1.9
914.803
Augusta
932,569
501,942 +36.8
686,496
Macon
12,367,000 +3.4
Fla.-Jack'nvIlle.
12.792,000
14,688.138 +16.1
Ala.-Birm'ham _
17,050,444
1,114.336
+4.3
Mobile
1,162,673
Miss.-Jackson_
88,179 +37.6
121,358
Vicksburg
21,026,728 +20.8
La.-New °erns.
25,408,529
Total(10 cities)
122,468.048
107,052,816 +14.4
1933
1932
b
345,028
8,025,578
814.040
330.600
408,092
8.881,000
533.432
2.749,371
10.497.752
201,527
3,643.588
1,816,028
b
300.000
195,449.170
458,153
2,357,777
488.795
745,943
115,220
a 1.090
71.663.984
2.486,184
2,196,000
1,585,630
14,283,000
1,688.986
3,124.456
14,702,485
773,326
5,555.417
2,252,041
b
1.047.681
225,095.632
577.053
2,396,316
676.027
1.496,677
361,057,128 +16.7
238,045,874
352,159,205
Eighth Feder I Reserve Dis trict-St.Lo uisb
b
b
Ind.-Evansville
76,100,000 +7.4
81,700,000
Mo.-St. Louis.,
24,039,501 +13.2
27,206,664
Ky.-Louisville.
12,909,202 +9.0
14,064.690
Tenn.-Memphl 4
b
b
b
IIL-Jacksonvill!
405,000 +6.2
430,000
Quincy
b
60,200.000
17,208,988
10,543,145
b
446,000
b
62,800,000
17,853,614
9,802.401
b
520,000
+8.8
88,398,133
90.976.015
Ninth Federa i Reserve Ohs trict-Minn eapolis2,046,315
2.297.123 -3.0
2,228,082
Minn.-Duluth..
45.577.997
51,052,524 +0.5
61,357,370
Minneapolis....
16,282,373
19,649,553 \+16.4
22.868,538
St. Paul
1,374,706
1,614,603 +18.5
1,912,856
N. Dak.-Fargo •
491,669
585,988 +8.2
633.990
S. D.-Aberdeen.
261.978
350,128 +45.6
509,869
Mont.-Billings
2,028,521
2,021,371 +20.6
2,438.747
.
Helena
2,082.081
44,962.414
15,585,644
1,583,926
651,250
332,543
1,741.465
68,063,559
66,939,323
Tenth Federa1 Reserve Dis trict-Kens as City45,088
56,812 +58.5
90.027
Neb.-Fremont
b
65.351 +48.4
97,011
_
Hastings
1.618.394
+9.4
2,079.301
2,274,589
Lincoln
19.989,776
25,309,166 +28.1
32,411,638
Omaha
1.379.109
1.957,245 +9.7
2.147,938
Kan.-Topeka _.
1.739,409
2,435.519 -5.1
2.311.416
Wichita
52.094.498
+27.5
72,240.553
92,080.043
Mo.-Kans. Cit 7
2,423,546
2.787.889 +10.5
3,079.454
.
St. Joseph....
400.791
498,158 +16.2
578,670
Colo.-Col. Sins.
436,147
+8.2
489,870
529,803
Pueblo
182,616
210.596
2,163.089
23,770,192
1.669.200
3,659,257
64,561.298
2,627.450
626.506
702,545
-
421,247,518
$
$
1932
Federal Reserve Diets.
1st Boston. _ __l2 cities
2nd New York.12 3rd Philadelphia 9 "
4th Cleveland__ 5 "
5th Richmond _ 6 "
6th Atlanta_ _ __10 "
7th Chicago __ _ 19 "
8th St. Louis._ _ 4 "
9th MInneatmlis 7 "
10th KansasCity 10 "
5 "
11th Dallas
12th San Fran_ _12 "
32 cities
inc. or
Dec.
1934
3
$
%
Seventh Feder al Reserve D strict-Chi cago74,905
67,528 +10.9
Mich.-Adrian
471,756
316,315 +49.1
Ann Arbor_ _
76,822.904 +26.2
96,984,121
Detroit
2,296,414
1,645,254 +39.6
Grand Rapids_
1,294,842
951,725 +36.1
Lansing
1,125,277
867,075 +29.8
Ind.-Ft. Wayn
15,640,000
14,282.000 +9.5
Indianapolis. _
1,311,354
1,080.095 +21.4
South lien&
4,776,234
4,233.255 +12.8
Terre Haute_ _ _
13,302,228 +32.1
Wis.-Milwaukee
17,572,057
945,951
424,700 +122.7
Iowa-Ced. Rap
7.356,697
6,068,349 +21.2
Des Moines
3,053,385
2,373.035 +28.7
Sioux City _ _ _
b
b
b
Waterloo
+33.2
585,284
439,36
Ill,-Bloomingt'13
261,892.535 233,246,83. +12.3
Chicago
609,328
477,30 +27.7
Decatur
3,336,032
2,850,30 +17.0
Peoria
987,665
708.77 +39.3
Rockford
+3.7
933,681
900,07
Springfield_ _
Total (19016160
1935
Week Ended May 18 1935
Clfinada
3493
Financial Chronicle
Volume 140
Total(4 cities)
Total(7 cities).
123,401,354
91,949,452
113,453,703
77,571,290 +18.6
107,919,864 +25.6
80,126.758
100,172,749
Eleventh Fed cal Reserve District-Da Ilas686,919 +35.9
933,480
Texas-Austin _
35.804.646 -0.5
35,637.830
Dallas
+2.7
5,144.748
5,283,221
Ft. Worth....
2,469,000 -1.5
2,432,000
.
Galveston
2,125,525 -2.5
2,072,580
La.-Shreveport
603.370
26.358.098
4,972,732
1,728,000
2380.510
1,338.153
26.237,341
5,086,055
2,156.000
2,253,137
+0.3
35,842,710
37.070,686
Franci sco-21,190,273
+58.0
4,499.000
-32.9
326,836
+71.3
21,563.926
+39.7
8.676,540
+4.6
2.805.704
+44.3
2,376,542
+6.3
+195.8
3.046.981
91,572,194
+22.9
1.212,707
+21.0
920,064
+28.4
1,076.954
+26.1
22,880.707
5,598.000
424,611
19,450.463
8.964.568
2,828.968
3,290,836
6.059,345
102,229,428
1,567.501
1,112,407
1,162.089
Total(10 clties)
Total(5 cities).
135.600,589
46,359,111
46,230,838
Twelfth Feder at Reserve D istrict-San
23,334,060
Wash.-Seattle.. 36,860,802
7,736.000
5.194,000
Spokane
345,721
592,091
Yakima
19,618,309
Ore -Portland.. 27,410,407
11,343,487
11.864.291
Utah-S. L. Clt V
2,491,901
3,588.266
Calif.-Long B'c S
2,627,244
2,793.176
Pasadena...- _
3,435,889
10,164,615
Sacramento...
San Francisco. 135,171,000 110,004,961
1,559,569
1.886,459
..
San Jose
954,801
1,225.828
Santa Barbara _
1,258,703
1,587,105
_
Stockton
Total(12 cities) 238,345,040 184.710,645 +29.0 159,267,721 175,368,923
Grand total (11 1
+8.4 4,447,607.834 4,653,436,000
5,462,075,543 5.040,351,694
cities)
Outside N. Y.._.2,240,370,256 1,963,043,639 +14.1 1,513,334,332 1,796,648,078
Week Ended May 16
_
1935
CanadaToronto
Montreal
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William _
New Westminster
Medicine Hat...
Peterborough
Sherbrooke
Kitchener
Windsor
Prince Albert
Moncton
Kingston
Chatham
Farina
Sudbury
Total(32 Cities)
1934
Inc. or
Dec.
1933
$
$
$
%
130,837.813 120,215.585 +8.8 106.667.443
81,613,475
91,622,968 -3.0
88,887,972
46,559.075
74,837,871 -56.0
32.937,635
12,607.646
14,046,222 +5.8
14,856,083
3,674,961
4.220,944 +384.3
20,440,075
3,676,195
4,235,396 -9.1
3,849,779
1,946.944
2,114,105 +11.3
2,352.422
3.246,027
5,033,260 -22.8
3,884,615
4,704,503
+8.5
4,480,726
4,869,429
1,183.689
1.662,073 +2.8
1,708,694
1,309,580
+7.2
1,381,457
1,480.739
2,129.027
3,014,482 -11.8
2,657,751
3,042,635
3,614,968 -0.9
3,582,471
3,245,505
3.262.013 +0.8
3,286.569
267.059
274,182 +1.0
271.566
294.088
+7.5
382,664
355,871
1,134,563
1,119,521 +31.3
1,470,385
575.176
403,939 +22.9
496,536
795,092
838,296 -4.9
797,107
535,238
629,180
535.23 +17.6
385.829
+9.2
544,879
498,84
150,320
+1.1
201,94
204,197
496,359
+6.2
648.677
610.83
-9.5
551,997
694,81
629,126
802.707
1,269,441
1,021.640 +24.3
2,678.021
2,683,848 -8.1
2,465,682
228.421
262,507 +33.5
350,332
470.057
687.616 -10.7
614.176
431.393
521,263 -7.1
484.296
376,774
457,311
415,484 +10.1
300,000
440,919
388.704 +13.4
812,801
705,113 +15.3
478,034
328,591,322
346,001,726
-5.0
286.555.833
1932
$
74,828,168
72,452,914
37,237.142
12,788,454
4,285,273
4,665.142
2,165,263
3,689,133
4.811.134
1,709,926
1.316.339
2,285.737
3,677,785
2,826,514
392.752
311,682
1,449,178
513,801
718,947
606,627
459.681
159,476
584,318
609,406
813,866
2,473,337
348,333
724.693
555,460
429,740
262,565
478,490
240,631,276
a Not Included In totals. b No clearings available. c Clearing House not
function at present.
May 25 1935
Financial Chronicle
3494
THE ENGLISH GOLD AND SILVER MARKETS
THE CURB EXCHANGE
We reprint the following from the weekly circular of
Trading on the New York Curb Exchange has been fairly
brisk during the present week. There have been occasional Samuel Montagu & Co. of London, written under date of
periods of irregularity due to selling, but the latter has, as May 8 1935:
GOLD
a rule, been quickly absorbed and little impression was made
on the gradual upward trend of prices. Specialties have been
The Bank of England gold reserve against notes amounted to £192,578,474
in good demand and toward the middle of the week mining on the 1st inst. showing no change as compared with the previous Wednesday.
and metal stocks were somewhat stronger.
During the week the Bank announced the purchase of E60.990 in bar gold.
Irregularity due to profit taking and week-end adjustments
In the open market, business has been on a moderate scale, at the daily
was the dominating feature of the trading during the abbrevi- fixing
£1,500.000 was offered during the week and was absorbed by
ated session on Saturday. Buying interest centered largely generalabout
demand.
around the public utilities and oil shares, but price changes
Quotations during the week:
Equivalent Value
Per Pine
in either direction were, as a rule, in minor fractions. Some
of Sterling £
Ounce
of the most active of the specialties showed moderate gains,
lls. 9.26d.
144s. 4d.
but the mining and metal shares were quiet and generally May 2
lls. 9.63d.
1435. 1131d.
May 3
unchanged. Among the stocks showing moderate losses May
lls. 9.51d.
1448.
Id.
4
were such prominent issues as Aluminum Co. of America, May 7
lls. 9.96d.
143s. 731d.
Humble
Corp.,
Greyhound
Carrier Corp., Creole Petroleum,
lls. 9.55d.
May 8
144s. Md.
Oil & Refining, Lake Shore Mines, Sherwin-Williams and Average for the above five days
us. 9.58d.
144s. 0.10d.
Hiram Walker.
The following were the United Kingdom imports and exports of gold
feature
the
group
was
The sharp advance in the specialties
registered from mid-day on April 29 to mid-day on May 4:
of the trading on Monday,Columbia Pictures being especially
Imports
Exports
up
was
in
split
that
a
active due to a revival of the rumor
British West Africa
£103,153 Sweden
£1,051.710
continued
to
however,
contemplation. The general list,
15,832
British South Africa
1,796.034 Netherlands
mining
the
channel.
In
narrow
British India
168.353 France
51,223
move within a comparatively
Switzerland
30.000
5,222
its
wide
one
of
Pongkong
made
group Consolidated Mining & Smelting
41.136 United States of America..
Australia
5.800
swings and moved up 17 points on a small turnover.
32.309 Venezuela
Germany
28.800
Price movements continued to swing upward on Tuesday Netherlands
310.559 Palestine
5,045
as the trading interest again centered around the specialties. France
2,959.600 Other countries
503
American Hard Rubber attracted considerable buying and Switzerland
1,948.739
metals
utilities,
closed with a net gain of 5 points. Public
100.000
Portugal
17.204
and oils were stronger and a few of the miscellaneous indus- Venezuela
recording
gains
28,386
Other countries
trials showed moderate advances. Stocks
Cyanamid
B,
included among others, Allied Mills, American
£7.535,473
£1,164.135
Carrier Corp., Cities Service pref., Gulf Oil of Pennsylvania,
The S.S. Viceroy of India which sailed from Bombay on the 4th inst.
Wright
Humble Oil & Refining, Lake Shore Mines and
carries gold to the value of about £101.000 consigned to London.
Hargreaves.
SILVER
While there was some selling apparent from time to time,
business was on a rather smaller scale than last week the market
the curb list continued fairly steady throughout the session hasAlthough
been very active and prices again showed wide fluctuations. Heavy
on Wednesday. Oil stocks were moderately firm and there speculative
reselling at the beginning of the week caused a fall of 231d. in
was a fairly good demand for miscellaneous specialties. the cash and 2 3-16d. in the two months' quotations, part of which, howAmerican Hard Rubber lost 234 points of its gain recorded ever, was recovered the following day. Nevertheless, the tendency conduring the preceding session. Lake Shore Mines and tinued to be weak and with a fall to-day of 15-16d. on further speculative
Pan American Airways were off on the day. Mining and reselling and an absence of support, prices were fixed at 32 13-16d. and 33d.
metals, alcohol stocks and public utilities were comparatively for the respective deliveries.
The Indian Bazaars and China have both bought and sold and there has
quiet and moved within a narrow range. Trading favorites
a good volume of general speculative business.
showing modest gains at the close included among others, been
The market is still unsettled and under present conditions, further wide
Allied Mills, Aluminum Co. of America, Cities Service pref., movements are not unlikely.
Consolidated Gas of Baltimore, Fairchild Aviation, GreyThe following were the United Kingdom imports and exports of silver
hound Corp., Gulf Oil of Pennsylvania, Humble Oil & Re- registered from mid-day on April 29 to mid-day on May 4:
fining and Newmont Mining Corp.
Imports
Exports
£7,890
Higher prices were in evidence on the Curb Exchange on Aden and Dependencies_ __ £6.875 Sweden
42,800 Denmark
1,925
Hongkong
Thursday as the oil shares and specialties continued in active Soviet
126.434 Germany
Union
1.800
20.211 France
demand. Some of the metal stocks were easier and among Germany
10.309
81.191 Portugal
Netherlands
6,198
the miscellaneous issues, there were a number of fractional Belgium
86.199 Switzerland
5.200
declines, but the list, as a whole, showed substantial gains as France
19,872 Italy
14,240
2,900 United States of America__ 157,000
Egypt
the market closed for the day. Prominent among the stocks Japan
71.619 Other countries
- 1,758,000
registering advances for the session were Driver Harris pref. British West Africa
2.110
1.875
4 points to 96, Aluminum Co. of America 1 point to 59 and Other countries
4. Smaller gains were
Greyhound Corporation 473 to 473
£462,086
£206,320
recorded by Sherwin Williams, Hiram Walker, Swift Inter- Ir Quotations during the week:
national and Gulf Oil of Pennsylvania.
IN NEW YORK
IN LONDON
Trading slowed down somewhat on Friday, though the
(Per Ounce .999 Fine)
-Bar Silver per Oz., Std.Cash
2 Mos.
trend of prices continued its upward swing. Specialties
May 1
323ci.
3250.
May
2
7431 cents
attracted the most buying and the oil issues showed modest May 3
May 2
33 9-16d.
7131 cents
33 id.
May 3
333(d.
723 cents
33 9-16d.
gains. Singer Manufacturing Co. moved forward 9% points May 4
May 4
33 15-16d.
May 7
7331 cents
3331d.
to 2593
4, Celanese part. pref. gained 3 points to 10334 and May
May 6
73 cents
8
32 13-16d. 33d.
May 7
minor advances were recorded by a number of the utilities, Av. of above
72 cents
33.350d.
33.175d.
5 daysoils and metal shares. As compared with Friday of last
The highest rate of exchange on New York recorded during the period
week prices were slightly higher, Aluminum Co. of America
closing last night at 59 against 5834 on Friday a week ago, from the 2nd inst. to the 8th inst. was $4.85 and the lowest $4.83.
Stocks in Shanghai on the 4th inst. consisted of about 5.900.000 ounces
American Cyanamid B at 20 against 1934, Canadian Marsycee, 269,000.000 dollars and 45.000,000 ounces in bar silver, as comcoin at 134 against 1%, Consolidated Gas of Baltimore at in
pared
about 6:700.000 ounces in sycee, 267,000,000 dollars and 45.73 against 6834, Ford of Canada A at 2734 against 27, Glen 000.000with
ounces in bar silver on the 27th ultimo.
Alden Coal at 153
4 against 15%, Greyhound Corporation
Statistics for the month of April last are appended:
at 4734 against 47. Gulf Oil of Pennsylvania at 72 against 71,
Bar Silver per Ounce Std.
Bar Gold
3734,
New
Jersey
against
at
Petroleum
International
Cash
2 Mos.
Per Ounce
3934
Delivery
Fine
Delivery
B.
C.
at
Mines
of
Gold
5634,
Pioneer
Zinc at 59 against
1134 Highest price
361d.
36 Hd.
145s. 831d.
4 against 963(1 Lowest
against 10,1, Sherwin Williams Co. at 981
28 d.
143s. 4d.
28.
50
price
30. 864d.
144s. 2.85d.
Average
31.1033d.
and Swift & Company at 163 against 1534.
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE
Week Ended
May 24 1935
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Sates at
New York Curb
Exchange
Stocks
(Number
of
Shares)
Bonds (Par Value)
Domestic
Foreign
Foreign
Government Corporate
108.645 32,220.000
188.120 3.035,000
253,980 3,252.000
244,935 3,778,000
269.625 3,336.000
267,795 3,395,000
$18.000
50.000
'54,000
38.000
50,000
33,000
1,333,100 319,016.000
3243,000
Week Ended May 24
Total
345.000 32.283,000
42.000 3,127.000
32.000 3,338,000
37,000 3,853,000
80.000 3,486,000
40,000 3.468,000
3276,000 319.535,000
Jan. 1 to May 24
1935
1934
Stocks-No. of shares.
1,333.100
698.035
Bonds
Domestic
$19,016,000 314,679.000
243.000
432.000
Foreign government. _
276.000
256.000
Foreign corporate
19,151,868
34,415,350
$491,323,000
7.708,000
5.074.000
3489.990.000
17.789,000
14.829.000
319.535,000 $15,367,000
3504,105,000
3522,608,000
Total
1935
1934
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:
TM.,
Wed.,
Mon..
Thurs.,
Fri.,
Bat.,
May 21
May 24
May 20
May 22
May 23
May 18
34 11-16d, 34 3-16d. 3431d.
34 13-16d. 3331d.
Silver, p. oz___ 360.
Gold. plineoz-141s. 8d. 141s. 8d. 1418. 5d. 141s.1131d 141s.131d. 141s. 6d.
8931
8931
88H
89
Holiday
8931
Consols.231%British 331%
10631
10631
10631
Holiday 10631
10631
W.L
British 4%
11831
11731
11831
Holiday 11831
11831
1960-90
The price of silver in New York on the same days has been:
Bar N. Y. (for77
eign)
U.S. Treasury- 50.01
U. S. Treasury
(newly mined) 77.57
76
50.01
75
50.01
7631
50.01
76
50.01
7631
50.01
77.57
77.57
77.57
77.57
77.57
Financial Chronicle
Volume 140
DIVIDENDS
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the
current week. Then we follow with a second table in which
we show the dividends previously announced, but which
have not yet been paid.
The dividends announced this week are:
Name of Company
Per
Share
Abbott Laboratories (quar.)
50c
Extra _
30c
Abraham & Straus (quarterly)
30c
Extra
15c
Acme Glove Works.634% preferred
h81 31c
Adams Express Co.. 5% cumul. pref. (quar.)- - $134
Acadia Sugar Refining
hl5c
American Bank Note. pref.(quar.)
75c
American Home Products Corp.(monthly)
20c
American Hosiery Co.(quarterly)
25c
Quarterly
25c
American Investors of Ill.. B (guar.)
1234c
American Laundry Machinery Co. (quarterly)_
10c
AmericanSurety Co.,
50c
American Sumatra Tobacco (quarterly)
25e
Armour of Delaware. 7% preferred (quar.)___ - $134
Armour of Illinois, $6 prior pref. (quar.)
$1.34
7% cumulative preferred
h$134
Associates Investment Co., common
$1
Babcock & Wilcox
10c
Baltimore & Cumberland Valley Ext. RR—
Semi-annually
$134
Bayuk Cigars
50c
Preferred (quarterly)
$13.1
Belding Corticelli. preferred (quarterly)
$114
Bellows & Co.. A (quarterly)
25c
Bell Telephone of Canada (quar.)
$134
Beneficial Loan Society (guar.)
15c
Birmingham Electric, $7 cumulative preferred
h$134
h$1%
36 cumulative preferred
Bohn Aluminum & Brass
The
Boston Elevated Ry.(quarterly)
$131
Bower Roller Bearing.(guar.)
25c
Briggs & Stratton (quar.)
75c
British-American Tobacco Co., Ltd., ordinary
stock, coupon No. 160 (interim)
10d.
Brooklyn & Queens Transit. $6 preferred
550c
Bruck Silk Mills (quar.)
30c
California Ink (quarterly)
50c
Extra
25
Canada Malting (quarterly)
3734c
Canada Permanent Mtge. Corp.(guar.)
$2
Central Illinois Light Co.,6% pref. (quar.)__.... 1343.'
7% preferred (quarterly)
1X%
Chesapeake Corp. (quarterly)
The
Chesapeake & Ohio Ity• (quarterly)
70c
Chicago District Elec. Generating Corp—
$6 preferred (quarterly)
$1%
Christiana Securities Co.,7% pref. (guar.)
$134
Columbia Pictures Corp.. common (quar.).
25e
Common, voting trust certificates (quar.)— 25c
Common (semi-annually)
f234%
Common, voting trust certificates (semi-ann.)(234%
Containers Corp. of America 7% preferred
h$134
Continental Gin Co., 6% preferred
75c
Crown Willamette Paper, $7 cumul. pref
h$1
Commercial Solvents Corp., common (s.-a430c
Connecticut & Possumpic River RR.,pref.(5.-a.)
$3
Consolidated Gas of Bait., common (quar.)..
90c
Series A. 5% preferred (quarterly)
$134
Series D.6% preferred (quarterly)
$134
Series E. 535% preferred (quarterly)
$134
Dairy League Co-operative Corp—
$7% preferred (semi-annually)
$134
Daniels St Fisher Stores Co.,634% pref. (qu.)
$1%
De Long Hook & Eye (quar.)
25c
Dominguez Oil Fields (monthly)
15c
Driver-Harris, 7% preferred (quarterly)
$134
Du Pont do Nemours(E.I.)& co.,eem.(quar.)
65e
Debenture stock (quarterly)
$134
Duquesne Light Co.. 1st 5% cum. pref. (quar.)_
$134
Edison Bros Stores (quarterly)
25c
Preferred (quarterly)
$134
Electric Storage Battery Co.common (quar.) 50c
Preferred (quar.)
50c
Electrographic Corp.. 7% pref. (quar.)
$131
Essex SE Hudson Gas Co.(semi-ann.)
4%
Famise Corp..caw A (quarterly)
631c
Fanny Farmer Candy Shops
1234c
First National Stores (quarterly)
6234c
77 preferred (quarterly)
$131
81
,Preferred (quarterly)
20c
Flint ote Co
25c
Florence Stove (guar.)
50c
Preferred (guar.)
$134
Fox (l'eter) Brewing Co
25e
Gates Rubber Co.. preferred (quar.)
$131
General Electric
15c
General Ry. Signal
25c
Preferred (quarterly)
$134
Georgia Power Co., $6 preferred (quar.)
$134
$5 preferred (quarterly)
$134
Gillette Safety Razor. common (guar.)
25c
$5 convertible preferred (quar.)
$1.3.1
Gold Dust, $6 preferred (quar.)
$134
Godman (H. C.) Co. 1st pref.(quar.)
$134
Goldblatt Bios., Inc
n3734c
Grand Valley Brewing
10c
Greene Cananea Copper (quar.)
50c
Great Western Sugar (quar.)
60c
Preferred (quarterly)
$134
Grouped Inc. Shares, A
7c
Guarantee Co. of No. Amer.(Montreal)(qu.)_. $134
Extra
$234
Rabid Co. (quarterly)
25c
Extra
50c
7% preferred (quarterly)
$IX
Haminermill Paper
25c
6% preferred (quar.)
$1.54
Hanna(M. A.) preferred (quar.)
$114
Hawaiian Sugar Co. (quarterly)
60c
Heath (D. 0.) & Co.,7% preferred (quarterly)_ 5131
Heyden Chemical Corp. common
25e
Hollinger Consolidated Gold Mines (monthly)
Sc
Houdaille Hershey, preferred (quarterly)
6234c
Household Finance Corp. A & 13 (quar.)
75c
Preferred (quar.)
8734c
Hudson County Gas Co.(semi-ann.)
4%
Humble Oil & Refining (quar.)
25c
Illinois Bell Telephone
$114
Industrial Credit Corp. of Lynn (quar.)
25c
7% preferred (quarterly)
873.4c
Ingersoll-Rand. preferred (semi-annually)
International Business Machines Corp. (quar.)_
$134
International Cement (quarterly)
25c
Internal tonal Salt Co
3735c
Jewel Tea Co., Inc., common (quar.)
75c
Kansas City Power & Light, $6 pref. B (quar.)- $134
Kennecott Copper Corp
15c
Kings County Lighting 7% pref. ser. B (guar.)-- $131
6% preferred series C (guar.
$134
5% preterred series D (quar.
$13.1
When Holders
Payable of Record
July 1 June 18
July 1 June 18
June 29 June 21
June 29 June 21
June 15 May 31
June 29 June 140
June 1 May 18
July 1 June 11
July 1 June 14a
June 1 May 16
Sept. 2 Aug. 21
June 1 May 20
June 1 May 22
July 1 June 15a
June 15 June 1
July 1 June 10
July 1 June 10
July 1 June 10
June 29 Rale 19
July 1 June 20
July
June
July
June
June
July
June
July
July
July
July
July
June
1 June
15 May
15 June
15 May
6 May
15 June
1 May
1 June
1 June
1 June
1 June
25 July
15 June
29
31
30
31
29
22
20
14
12
14
10
1
15
June
July
July
July
July
June
July
July
July
July
July
29 June
1 June
15 June
1 June
1 June
15
2 June
1 June
1 June
1 June
1 June
6
15
15
21
21
June 1 May
July 1 June
July 2 June
July 2 June
Aug. 2 June
Aug. 2 June
July 1 June
July 1 June
July 1 June
June 29 June
Aug. 1 July
July 1 June
July 1 June
July 1 June
July I June
15
20
12
12
12
12
11
15
12
1
1
15
15
15
15
15
15
15
7
7
July 1 June 18
June 1 May 21
July 1 June 20
June 1 May 24
July 1 June 20
June 15 May 29
July 25 July 10
July 15 June 15
June 25 June 10
June 15 May 31
July 1 June 10
July 1 June 10
June 1 May 15
Juno 1 May 20
July 1 June 27
July 1 June 15
July 1 June 7
July 1 June 7
July 1 June 7
June 15 Juno 10
June 1 May 21
Juno 1 May 21
July 1 June 15
June 1 May 16
July 25 June 28
July 1 June 10
July 1 June 10
July 1 June 15
July 1 June 15
June 28 June 3
Aug. 1 July 1
June 29 June 17
Juno 1 May 24
July 1 June 10
June 25 June 5
June 17 June 7
July 2 June 15
July 2 June 15
May 31
July 15 June 30
July
July
July
June
July
June
July
June
Juno
June
July
July
July
June
July
June
June
June
July
July
June
July
July
July
June
July
July
July
1 June 15
1 June 15
1 June 15
15 May 31
1 June 15
20 June 5
15 July 5
29 June 27
1 May 28
17 May 31
1 June 20
15 June 29
15 June 29
1 May 20
1 June 1
29 June 19
1 May 15
1 May 15
1 June 14
10 June 22
28 June ii
1 June 15a
15 July 1
1 June 14
29 June 7
1 June 15
1 June 15
1 June 15
Name of Company
Kimberly-Clark (resumed)
Preferred (quarterly)
Lehigh Portland Cement Co.. preferred
Liggett & Myers Tobacco, preferred (guar.)
Long Island Lighting.6% pref.ser. B (quar.) _
7% cum. pref. (quarterly)
Lord & Taylor (quarterly)
Loudon Packing (quar.)
Extra
Manischevritz (B.) 7% pref. (quar.)
Maui Agricultural Co
Mayer (Oscar) & Co., Inc.. 7% pref. (guar.)
87
0 2nd preferred (quarterly)
Mayflower Association, Inc. (quarterly)
McBryde Sugar
McCohan Sugar Refin.& Molasses.7% pref.(qu.)
MerrLmac Hat Corp. (quarterly)
8% preferred (quarterly)
Mesta Machine Co., common (quar.)
Meyer(H. H.) Packing Co..634% pref.(quar.)_
Middlesex Water Co. (quarterly)
Minneapolis Gas Light (Dela.) 7% pf. (qu.)_
6% preferred (quarterly)
Monarch Knitting Co.. 7% preferred (quar.)
Mt. Diablo Oil. Mining & Developing Co
Extra
Motor Finance Co., class A (quar.)
Class B (quarterly)
7% preferred (quarterly)
Mutual Telep. Co.(Hawaii)(monthly)
Nassau & Suffolk Lighting. 7% pref. (quar.)
National Breweries. Ltd. (quar.)
7% preferred (quarterly)
National Casualty
National Finance Corp.of Amer.6% pref.(qu.).
National Gas (Detroit)
National Lead (quarterly)
Class B preferred (quarterly)
National Sugar Refining (quarterly)
National Sugar Refining Co.of N.J
New England Gas & Electric,$534 pref.(quar.)_
New England Telep. & Teleg. Co
New Method Laundry, Ltd., 634% pref.(quar.)
New York & Queens Electric Light & Power
$5 preferred (quarterly)
New York Steam Corp.. $7 pref. (guar.)
6% preferred (quarterly)
New York Telephone Co., 634% pref. (quar.)
North Central Texas Oil Co.. pref. (guar.)- -Northwestern Utilities, 6% pref. (quar.)
Oahu Railway & Land Co. (monthly)
Oahu Sugar Co., Ltd.(monthly)
Oneida. Ltd.. 7% preferred
Oriental Consolidated Mining
Pacific Borax, pref. (liquidating)
Pacific Lighting, $6 pref. (quar.)
Paterson St Passaic Gas & Elec. Co.
Pawtucket Gas Co.of N.J. 5% pref. (s•-a.)-- —
Peerless Woolen Mills.634% Pref• (s•-a.?
Penn Central Light & Power. $5 pref. qu.)
$2.80 preferred (quarterly)
Pennsylvania Water & Power Co.(quar.)
Preferred (quarterly)
Peoples Drug Stores (quar.)
Extra
Preferred (quarterly)
Pet Milk (quarterly)
Preferred (quarterly)
Petroleum & Trading, A
Philadelphia Co..$6 corn. pref.(quar.)
$5 cum. preferred (quarterly)
Pioneer Gold Mines of British Columbia
Pittsburgh Plate Glass (quarterly)
Plymouth Oil (div. omitted)
Powell River Co.. 7% pref. (guar.)
Public Service Corp. of N. J.,coin.(quar.)
8% preferred (quarterly)
7% preferred (quarterly)
$5 cum. preferred (quar.)
6% cum. preferred (monthly)
Public Service Electric & Gas Co.
7% cumulative preferred (quar.)
$5 cumulative preferred (quar.)
Pullman, Inc. (quarterly)
Quaker Oats (guar.)
Preferred (quar.)
Queensboro Gas & Elec.6% pref. (quar.)
Radio Corp. of America A pref. (quar.)
Reading Co. 2nd preferred (quar.)
Rubinstein (Helena). Inc., $.3 pref. (quar.)_ _ _ _
Rutland & Whitehall RR.(irregular)
San Carlos Milling Co.(monthly)
Savannah Gas 7% preferred (quar.)
Schine Chain Theatres $3 preferred
Scovill Mfg. Co. (quar.)
Second Twin Bell Oil Syndicate (monthly)
Securities Corp. General $7 preferred
$6 preferred
Servel. Inc.,7% cum. preferred
Shattuck (Frank G.) (quar.)
Sioux City Stockyards Co.(quar.)
Siscoe Gold Mines (guar.)
South Carolina Power Co.$6 pref.(quar.)
South Jersey Gas, Elec. & Trac. Co.(semi-ann.)
South. Colorado Power Co.,7% cum.pref.(qu.)
Sperry Corp
Standard Oil of Kentucky (quar.)
Strawbridge & Clothier 6% pref.(quar.)
Sutherland Paper (bi-monthly)
Extra
Tacony-Palmyra Bridge class A (quar.)
Common (quarterly
Thatcher Mfg
Tide Water Assoc. Oil. 6% preferred
Time, Inc. (quarterly)
Extra
Preferred (quarterly)
Timken Detroit Axle preferred (quar.)
Towle Manufacturing Co.(quar.)
Traders Building Assoc. (guar.)
Trans-Canada Shares, series A reg
Series A. bearer
Tri-State Telep. & Teleg. Co.6%
Tobacco preferred (guar.)prefd.Tuckt
United-Carr Fastener (quar.)
United Dyewood Corp. preferred (quar.)
United States Foil Co. corn. class A & B (quar.)_
Preferred (quar.)
United States Industrial Alcohol Co
Vapor Car Heating
Washington Water Power preferred (quar.)
Waukesha Motor (quar.)
Westland Oil Royalty Co. A (monthly)
Weyenberg Shoe Mfg. Co., pref. (guar.)
Wilcox-Rich. A (quarterly)
Wisconsin-Michigan Power 6% pref. (quar.)
Wisconsin Power & Light Co.6% cum. pref
77° cumulative preferred
Wright-Hargreaves Mines. Ltd. (guar.)
Extra
Yale & Towne Mfg. Co
Zellers, Ltd 6% preferred
3495
Per
Share
When Holders
Payable of Record
1234c July 1 June 12
$134 July 1 June 12
8734c July. 1 June 14
$134 July 1 June 10
$134 July 1 June 15
5134 July 1 June 15
$234 July 1 June 17
3734c July 1 June 7
1234c July 1 June 7
$134 July 1 June 20
45c July 1 June 2
$134 June 1 May 25
$2 June 1 May 25
50c June 15 June 1
15c June 1 May 20
$1 XJune 1 May 22
$1 June 1 May 28
$1 June 1 May 28
3734c July 1 June 17
$134 June 1 May 20
75c June 1 May 27
$134 June 1 May 20
$134 June 1 May 20
$134 July 2 June 15
34c June 1 May 24
34c June 1 May 24
$1.34 July 1 June 19
30c July 1 June 19
$134 July 1 June 19
Sc June 20 June 10
h75c July 1 June 15
40c July 2 June 15
44c July 2 lune 15
10c June 15 May 31
15e July 1 June 10
10c June 15 May 31
$134 June 29 June 14
5134 Aug. 1 July 19
50c July 1 June 3
50c July 1 June 3
3734c July 1 June 31
$134 June 29 June 10
$134 June 1 May 20
$2 June 14 May 31
$134 June 1 May 24
$134 July 1 June 15
$134 July 1 June 15
$1 34 July 15 June 20
$134 July 1 June 10
$134 June 1 May 20
15c June 20 June 10
10c June 15 June 6
50c June 15 May 31
50c June 15 June 3
14c May 20 May 2
$134 July 15 June 29
234% June I May 20
$234 June 1 May 24
$134 June 1 May 15
$134 July 1 June 10
70C July 1 June 10
75c July 1 June 15
$134 July 1 June 15
25c July 1 June 8
25c July 1 June 8
$134 June 15 June 1
25c July 1 June 10
$134 July 1 June 10
h25c July 28 June 14
$134 July 1 June 1
$134 July 1 June 1
20c July 1 June 1
50c July 1 June 10
$134 June 1 May
60c June 29 June
$2 Jdne 29 June
$134 June 29 June
$131 June 29 June
50c June 29 June
25
1
1
1
1
1
June 29 June I
June 29 June 1
May 15 Apr. 24
July 15 July 1
Aug. 31 Aug. 1
July 1 June 15
July 1 June 5
July 11 June 20
June 1 May 23
May 15 May 1
June 15 June 2
June 1 May 20
June 1 May 20
July 1 June 17
June 15 May 31
June 5 Mar. 29
June 5 Mar 29
July 1 June 20
July 10 June 20
May 15 May 14
June 15 May 310
July 1 June 15
June 1 May 20
June 15 May 31
July 1 June 12
June 15 May 31
June 1 May 16
June 29 June 19
June 29 June 19
June 30 June 10
Tune 30 June 10
July 1 June 15
July 1 lune 7
July 1 June 20
July 1 June 20
July 1 June 20
June 1 May 20
July 15 July 6
June 1 May 23
June 1 May 15
June 1
June 1 May 15
July 15 June 29
June 15 June 5
July 1 June 14
July 1 June 15a
34 July I June 150
50c July 1 June 15a
$2 June 10 June 1
$134 June 15 May 24
30c July 1 June 15
10c June 15 May 31
$131 June 15 June 5
6234c June 29 May 25
$134 June 15 May 31
50c June 15 May 31
58 1-3c June 15 May 31
10c July 1 June 10
Sc July 1 June 10
15c July 1 Tune 10
$134 June 15 May 31
$134
$134;
75c
$1
5134
$134
8734c
50c
25c
$134
20c
4334c
h75c
25c
20c
h$134
14134
5334
6e
3734c
Sc
$134
4%
1%
25c
25c
$134
10c
5c
25c
25c
25c
143
75c
50c
$144
5134
$134
75c
19.27c
19.27c
15c
$1.1
25c
$131
15c
may
Financial Chronicle
3496
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Name of Company.
When Holders
Per
Share. Payable. of Record
25c
Abbotts Dairies (guar.)
$1%*
1st and 2d preferred (guar.)
2c
Acme Gas & Oil, Ltd
Sc
Affiliated Products (mthly)
$134
Agnew Surpass Shoe Stores, pref. )quar.)
75c
Agricultural Insur. Co., Watertown, N.Y.(qu.)
$4
Albany & Susquehanna RR. (s.-a•)
$134
Alexander & Baldwin, Ltd.(guar.)
25c
Allegheny Steel
$17A
7% preferred (quarterly)
55..
Allegheny & Western IV.(semi-ann.)
Allen Industries
75c
$3 preferred (quarterly)
10c
Allied Laboratories, Inc. (guar.)
87)4c
Convertible preferred (guar.)
5lic
Aluminum Mrica. (quar.)
50c
Quarterly
50c
Quarterly
$1
7% preferred quarterly
$1
77 preferred quarterly
$1
✓ preferred quarterly
h50c
Amalgamated Leather preferred
25c
American Arch Co.(guar.)
2c
American Business Shares
El%
American Capital prior preferred (guar.)
75c
American Chicle (quarterly)
50c
Special
$2
American Cigar (guar.)
Preferred (quar.)
$2
American Dock Co., 8% pref. (guar.)
American Electric Securities Corp.. partic. pref.. 7;4c
Elyr
American Envelope.7% pref. A & B(guard__
El%
7% Preferred A & B(quarterly)
10c
American Factors Ltd. (monthly)
754c
American & General Securities,class A (quar.)
75c
$3 preferred (quarterly)
25c
American Hardware Corp.(guar.)
26c
Quarterly
25c
Quarterly
20c
American Home Products Corp.(monthly)
50c
American Paper Goods (quarterly)
50c
Quarterly
$1)(
rred (quar.i
7% preferred
$1)4
• preferred (guar
7% preferred (guar.
Amer. Radiator & Standard Sanitary, pref.(qu.) $134
10c
American Republics Corp. (initial)
American Smelting & Refining lit pref.(quar.)_ $134
h$41,4
2d preferred (quar.)
50a
American Steel Foundries, preferred.
50c
American Stores Co. (guar.)
50c
American Sugar Refining (guar.)
3134
Preferred (quar.)
$231
American Telephone & Telegraph (guar.)
American Thread Co.,Inc..5% pref.(1.-a.)_ _ _ _ 1214c
$1
American Tobacco Co., common
$13
Common B
76c
Amoskeag Co.,common
$2 134
Preferred (semi-annual)
$
And ian National Corp.(semi-ann.)
$1
Special
25c
Archer-Daniels Midland (guar.)
25c
Extra
1234c
Armstrong Cork (special)
/41 tr
Artloom Corp.. preferred
10c
Art Metal Works (quarterly)
36c
Asbestos Mfg. Co.,$1.40 conv. pref.(quar.)
35c
$1.40 convertible preferred (guar.)
35c
$1.40 convertible preferred (guar.)
5$3
Associated Dry Goods. lit preferred
$1
Associated Investors (guar.)
$134
Preferred (quarterly)
Atlanta Birmingham & Coast RR.Co.,5% pref.
$24
(semi-annual)
$134
Atlantic & Ohio Telegraph Co.(guar.)
25c
Atlantic Refining Co.(guar.)
75c
Atlas Corporation, $3 preference, ser. A (quar.)_
e10%
Engine
pref
A
Diesel
cl.
Imperial
(Dela.),
Atlas
50c
Atlas Powder (quarterly)
1214c
Automatic Voting Marhins Co.((War.)
Automotive Gear Works,Inc.,cony.pref.(qu.)_ 4131c
Avon Genesee. & Mt. Morris RE$1.45
3)4% gtd. preferred (semi-ann.)
315.4
Baldwin Co.6% pref. A (guar.)
$154
Bamberger (L.) & Co. preferred (guar.)
62c
Bangor & Aroostook RR.Co.,common
%
Preferred (quarterly)
Bangor Hydro-Electric, 7% pref. (guar.)
$1
6% preferred (guar.)
Sc
Bankers Nat. Investors Corp.(Dela.)(quar.)....
lbc
60c. preferred (quarterly)
32c
Class A & B (quarterly)
$1.%
Baton Rouge Elec. Co. $6 pref.(guar.)
E13.4
Bigelow-Sanford Carpet preferred (guar.)
33
Blackstone Valley Gas & Electric (s.-a.)
$14
Bloch Bros. Tobacco,6% preferred (quar.)
o7bc
Blue Ridge Corp.,$3 cony. pref. (guar.)
El
Bon Anil, class A (quar.)
50c
Class B (quarterly)
40c
Borden Co.. common (quarterly)
$234
Boston & Albany RR. Co
32.125
Boston & Providence RR.(guar.)
*2.125
Quarterly
62.125
Quarterly
$2
Boston RR. Holding Co.4% pref.(genii-ann.),..
31
(guar.)
Co.
Boston Warehouse & Storage
$15.4
Boston Wharf Co. (semi-ann.)
25c
Bourjois. Inc
25c
Brach (E. J.) & Sons
h$1
Bridgeport Machine Co. preferred
50c
Bristol-Myers (quarterly)
10c
Extra
4%
British Match (final)
2c
Brooklyn Edison (quarterly)
g134
Brooklyn-Manhattan Transit. Prof. (quar.)
$134
Brooklyn Tel.& Messenger (guar.)
$134
Brooklyn Union Gas (quarterly)
75c
Brown Shoe Co., common (quarterly)
75c
Buckeye Pipe Line (quarterly)
40c
Buffalo, Niagara & Eastern Power.pref.(qu.).....
$1)(
$5 preferred (quar.)
$1.20
Bulolo Gold Dredging (initial)
15c
Burroughs Adding Machine Co
Cables & Wireless Holding. Ltd.—
4)4%
Amer. dep. rec., 514% prof
40c
Calamba Sugar Estate (quar.)
375.4c
California Packing
Campo Corp.. common (special)
r37)4c
Canada & Dominion Sugar,Ltd.(quar.)
r37)4c
Quarterly
r375.4c
Quarterly
40c
Canada Vinegars (quar.)
r75.4c
Canadian Canners. 2d preferred
r$134
1st preferred (quarterly)
40c
Canadian Foreign Investment (quar.)
$,2
Preferred (guar.)
June I May 15
June 1 May 15
June 29 June 15
June 1 May 16
July 2 June 15
July 1 June 26
July 1 June 15
June 15 June 5
15
ay 31
1 51y
June 12Ma
June
July 1 June 20
June I May 20
June I May 20
July I June 25
July 1 June 25
June 30 June lb
Sept.30 Sept. 16
Dec. 31 Dec. 15
June 30 June 15
Sept.30 Sept. 15
Dec. 31 Dec. 15
July 1 June 19
June 1 May 20
June I May 15
June 1 May 15
July 1 June 12
July 1 June 12
June 15 June 1
July 1 June 15
June I May 20
June I May 20
Aug. 1 July 25
Nov. 1 Oct. 26
June 10 May 31
June I May lb
June I May 15
July 1 June 15
Oct. 1 Sept.15
Jan. I Dec. 14
June I May 14a
Aug. 1
Nov. 1
June 15
5
1 15
o!.
Dem
June 1 May
June 30 June
June I 51y
ay
Ma
June 1
June 29 June
July 1 June
July 2 June
July 2 June
July 15 June
July 1 May
June I May
June I May
July 2 June
June21 June
June 1
June 1 May
June I May
June I May
June I May
June 21 June
Aug. 1
Nov. 1
Feb. 1
June 1 May
June 29 June
June 29 June
July
July
June
June
June
July
July
June
1 June
I June
15 May
I May
15 June
10 May
2 June
10 May
21
10
10
lb
14
5
5
15
31
10
10
22
22
21
21
16
15
11
7
19
19
12
15
21
lb
5
31
20
20
July 1 June 26
June 15 May 31
June 1 May 15
July I May 31
July I May 31
July 1 June 10
July 1 June 10
May 25 May 10
May 25 May 10
May 25 May 10
June I May 16
June I May 18
June 1 May 15
June 29 June 25
June I May 6
July 31 July 15
July 1 June 19
June 1 May 15
June 29 May 31
July 1 June 20
Oct. 1 Sept. 20
Jan. 2 Dec. 20
July 10 June 29
June 30
June 29 June 1
June 1 May 25
June I May 11
May 31 May 20
June 1 May 10
June 1 May 10
May 31 May
July 15 July
June I may
July 1 June
June 1 May
June 15 May
July 1 June
Aug. 1 July
June 28 June
June 5 May
10
1
21
3
20
28
15
15
4
3
June 4 Apr. 23
July 1 June 15
June lb May 31
June 1 May lb
June 1 May 15
Sept. 1 Aug. 15
Dec. 1 Nov. 15
June 1 May 15
July 2 June 15
July 2 June 15
July 1 June 15
July 1 June lb
Name of Company
Per
Share
25 1935
'hen Holders
Payable of Record
75c July 1 June 15
Canadian General Electric (guar.)
r8734c July 1 June 15
Preferred (guar.)
Canadian-Hydro Electric. pref. (guar.)
/1134 June 1 May 1
Canadian Oil Cos.. Ltd..8% preferred (guar.)—
$2 July 1 June 20
Canadian Western Natural Gas Lt., Heat & Pow
114 June I May 15
6% preferred (quar.)
134 June 29 June 20
Canfield Oil, 7% pref. (guar.)
VA July 1 June 20
Carnation Co.,7% preferred (quarterly)
ti Oct. 1 Sept. 20
7% preferred (quarterly)
324 July 1 June 24
Carolina Teiep. dr Teleg (quar.)
h$1 July 1 Juno 12
Case (J. I.) Co.. 7% preferred
25c May 31 May 15
Caterpillar Tractor (quarterly)
25c May 31 May 15
Extra
$1.20 July 1 June 20
Cayuga & Susquehanna RR. Co. (9.-a.)
Central Arkansas Public Service Corp.—
% June 1 May 15
Preferred (guar.)
Central Mississippi Valley Electric PropertyEl% June 1 May 15
6% preferred (guar.)
Sc May 25 May 15
Central Tube
10c Aug. 15 Aug. 6
Centrifugal Pipe Corp.(guar.)
10c Nov. 16 Nov. 6
Quarterly
ti June I May 20
Century Ribbon Mills. pref (guar.)
$ui July 1 June 20
Champion Coated Paper, preferred (guar.)
Elti July 1 June 20
Special preferred (guar.)
Champion Fibre 7% preferred (guar.)
8134 July 1 June 20
1
ua ye 7
.
$3$11434 JulyJune 1 1M
Chartered Investors, Inc.. $5 pref.(quar.)__
Chesapeake & Ohio, preferred (semi-ann.)
El June 28 June 7
Chesebrough Mfg. (quarterly)
Extra
50c June 28 June 7
75c Juno 4 May 20
Chestnut Hill RR. Co. (guar.)
h25c June I May 15
Chicago Corp.,$3 cony. preferred
30c June 29 June 19
Chicago Flexible Shaft (quarterly)
Extra
10c June 29 June 19
$214 July 1 June 15
Chicago Junction By.. & Un. StIcyds. Co.(qu.)
6% preferred (quarterly)
$134 July 1 June 15
25c June 1 May 10
Chicago Mall Order (guar.)
Extra
1234c June 1 May 10
25c Juno 1 May 20
Chicago Yellow Cab (quarterly)
Chrysler Corp. (quarterly)
25c June 29 June 1
Extra
25c June 29 June 1
Cin. New Orleans & Tex.
pref. (quar.)__- $1.34 June 1 May 15
tsein1-afin.)_.
Cincinnati Northern RR. Pac..
$6 July 31 July 21
Cincinnati Union Terminal, preferred (quar.)_.... $134 July 1 June 20
Preferred (guar.)
*134 Oct. 1 Sept. 20
Preferred (quar.)$U( Ian. 1 Dec. 20
Citizens Gas Co.of Indianapolis 5% pref.(qu.)_ $15.4 June 1 May 20
City ice & Fuel (quarterly)
50c June 29 June 15
6)4% preferred (quarterly)
$154 June 1 May 16
Clark Equipment
20c June 15 May 28
Preferred (guar.) _
$134 Juno 15 May 28
June 20
Clearfield & Mahoning RR.(s.-a.)
$13.4 July
Cleveland Electric illuminating. pref. (quar.).. $1/4 June
May lb
May 10
Cleveland & Pittsburgh By.7% guar.(quar.)
8734c itme
7% guaranteed (guar.
Aug. 10
8714c ept.
Nov. 9
7% guaranteed (qual.
875.4c Dec.
Special guaranteed (guar.}
May 10
SOc June
Special guaranteed (guar.
Aug. 10
50c Sept.
Nov. 9
Special guaranteed (quar.
50c Dec.
Climax Molybdenum Co. (quar.)
Sc June 30 June 15
15 Sept. 15
uce. 30
bc:Dn
Quarterly
15
2
Quarterly
Sc )ec 30
May
$134
Coast Counties Gas & Elec. 1st pref.(quar.)
Coca-Cola (quarterly)
$2 July 1 June 12
$14 July 1 June 12
Class A (semi-ann.)
Coca-Cola International Corp.(guar.)
$4 July 1 June 12
Class A (semi-annual)
$3 July 1 June 12
1234c June 1 May 6
Colgate-Palmolive-Peet (quarterly)
$144 July 1 lune 5
Preferred (guar.)
June 1 May 20
$I
Collins & Alkman Corp. preferred (guar.)
3Sic June 29 Juno 8
Colt's Patent Fire Arms Mfg
70c May 27 May 18
Columbia Investors (liquidating)
$1 June 1 May 17
Columbian Carbon Co. (quarterly)
75c June I May lb
Columbia Pictures Corp., pref. (guar.)
June If. May 25
Columbus & Xenia RR. Co
75e lune '20 lime 10
Commercial Credit Co.. class A cony. (quar.)
75c June 29 June 10
Class A convertible receipts
8% preferred B (guar.)
50c June 29 lune 10
50c June 29 June 10
89 preferred B receipts
4334c lune 20 lone 10
7°7 1st preferred (guar.)
4334c June 29 June 10
77: 1st preferred receipts
June 29 June 10
$1
65.4% lit preterred (guar.)
$14 June 29 June 10
634% 1st preferred receipts
50c July 1 June 5
Commercial investment Trust Corp. (guar.)
Convertible preferred (quarterly)
01% July 1 June 5
75c July 1 June 6
Commonwealth & Southern Corp., $6 pref
Compania Hispano-Americana de Electricidad
4 peseta June 1
(S.-A.). series E bearer (final)
Am dep. rec. for ser. E bearer (final)._ to 4 peseta Juno 8 May 21
Compo Shoe Machinery Corp., common
123.4c June 1 May 20
50c Juno 15 May 31
Compressed Industrial Gases (quar.)
$1 June 30 une 25
Confederation Life Assoc.."Toronto" (quar.)
$1 Sept. 30 Sept. 25
Quarterly
ec. 31 Dec 25
$1
Quarterly
40c June 15 June 1
Congoleum Nairn (quarterly)
Connecticut Light & Power. 634% prof. (guar.) $154 June 1 May 15
• % preferred (guar.)
$134 June 1 May 15
$3 Aug. 1 July 1
Connecticut & Passumpsic Rivers RR.(s.-a.) _ _ _
6234c June 1 May 15
Connecticut Power (quarterly)
Consolidated Cigar Corp.. preferred (quarterly)_ $134 June 1 May lbo
25c June lb June 1
Consolidated Diversified Stand. Recur. (s.-a.)
25c July 1 June 10
Consolidated Film Industries, preferred
25c June 15 May 10
Consolidated Gas of N. Y
15c June I May 21
Consolidated Paper (guar.)
$134 June 15 May 31
Consumers Glass Co.. 7% pref. (quar.)
Consumers Power Co —
s134 July June 15
$5 preferred (quarterly)
June 15
$134 July
67 preferred (quarterly)
June lb
6.6% preferred (quarterly)
$1.65 July
June'15
7% preferred (quarterly)
$14 July
May 15
50c June
8% preferred (monthly)
June 15
b0c July
65' preferred (monthly)
May 15
preferred (monthly)
bbc June
•
June lb
55c July
6.65 preferred (monthly)
May 15
15c June
Continental Casualty Co.(Chicago)(quar.)
1214c May 3 May 15
Coperweld Steel (quar.)
1214c Aug. 3 Aug. 15
uarterly
12)4c Nov 30 Nov. 15
Quarterly
25c June I May 21
Corno Mills (Quarterly)
Corrugated Paper Box, Ltd., 7% prof
$154 June 1 May 16
8734c June 1 May 10
Creameries of Amer., cony. pref. A.(quar.)__
$2 June I May 10
Crow's Nest Pass Coal Co., Ltd_ _
25c June 6 May 22a
Crown Cork & Seal Co.. Inc..common (qu.)
6Re June 15 May ma
Preferred (guar.)
575c June 1 May 16
Crown Zellerhach preferred A &I)
$2 J0iiti 29 June 19
Crum & Forster. 8% preferred (quar.)
lbc May 31 May 21
Crum & Forster Insurance Shares A & B (quar.)_
10c May 31 May 21
A & B extra
$1)( May 31 May 21
Preferred (guar.)
3134 June 15 June I
Cuneo Press. preferred (quarterly)
May
h4ay 20
2 une
4
3
Cuslunan's Sons, $8 pref. (guar.)
7% preferred (quarterly)
May 20
50c June
Dallas Power & Light. 8% pref. (monthly)
May 15
h20c June
Deere & Co..7% preferred
June lb
*1 July
Delaware RR Co. (serni-ann ).
May 20
$154 June
Denver Union Stockyards,7% pref. (quar.)
5
16
\l ay 2
Deposited Bank Shares. A stock (semi-ann.).__ 234% July
June 15 July 1
$134
$ july
Detroit City Gas Co.,6% pref. (guar.)
Detroit Edison Co. (quarterly)
$2 July 5 June 20
Detroit Hillsdale & Southwestern IIR•(1.-11.)
$2 Jan. 6 Dec. 20
Semi-annuallY
25c June 1 May 10
Detroit Paper Products Corp. (guar.)
1
Name of Company
Per
Share
When Holders
Payable of Record
Dexter Co. (quarterly)
20c June 1 May 16
Diamond Match Co.(quarterly)
25c June 1 May 15
Extra
20c June 1 May 15
Participating preferred (extra)
20c June 1 May 15
Dictaphone Corp
50c June 1 May 17
Preferred (quar.)
$2 June 1 May 17
Dome Mines, Ltd.(quarterly)
50c July 20 June 29
Extra
$2 July 20 June 29
Dominion-Scottish Investors, 5% pref
h50c June 1 May 20
Dominion Textile (quar.)
$136 July 2 June 15
Preferred (guar.)
$1% July 15 June 29
Dunlop Rubber Co._ _
American dep. rec,for ordinary registred
xtr8% May 28 Apr. 28
Eastern Gas & Fuel Assoc.,6% pref.(quar.)---- $1% July 1 June 15
414% preferred (quarterly)
81.125 July 1 June 15
Eastern Utilities Associates (quar.)
25c May 25 May 9
East Mahanoy RR.(semi-ann.)
$131 June 15 June 5
Eastman Kodak (quar.)
$13' July 1 June 5
Preferred (quar.)
$134 July 1 June 5
East Penna. RR. Co.(semi-ann.)
$13.4 July 18 July 6
East Shore Public Service Co.,$634 pref.(quar.)
June 1 May 10
$6 preferred (quarterly)
$135 June 1 May 10
East Tennessee Telegraph Co. (semi-ann.)
$1.44 July 1 June 15
El Dorado Oil Works (quar.)
3735c June 1 May 20
Extra
50c June 1 May 20
Elgin National Watch
15c June 15 June 1
Elizabeth & Trenton RR. (semi-ann.)
$1 Oct. 1 Sept. 20
5% preferred (semi-annual)
$IM Oct. 1 Sept. 20
Elmira & Williamsport 1111,7% prof.(s.-16.)
$1.61 July 1 June 20
El Paso Elec. Co.(Texas).6% prof. (quer.)$134 July 15 June 28
Ely & Walker Dry Goods (quar.)
25c June 1 May 21
First preferred (semi-annual)
$334 July 15 July 3
Second preferred (semi-annual)
$3 July 15 July 3
Emerson's 13romo-Seltzer8% preferred (quar.)
50c July 1 June 15
Empire & Bay State Teiep..4% gtd.(quar.)
June 1 May 22
4% guaranteed (quar.)
,$1 Sept. 1 Aug. 22
4% guaranteed (quar.)
$1 Dec 1 Nov. 21
Empire Capital Corp. class A (quar.)
10c May 31 May 20
Empire Power Corp., $6 cumulative preferred-- $134 July 1 June 15
Eppens, Smith & Co., semi-annual
$2 Aug. 1 July 27
Equity Corp $3 cony. pref. (Initial)
3715c June 1 May 25
Erie & Pittsburgh RR. Co.7% gtd.(quar.)
8715c June 10 May 31
7% guaranteed (quar.)
8735c Sept. 10 Aug. 31
7% guaranteed (auar.)
8734c Dec. 10 Nov.30
Guaranteed betterments (quar.)
June 1 May 31
Guaranteed betterment (quar.)
80c Sept. 1 Aug. 31
Guaranteed betterment (quar.)
80c Dec. 1 Nov.30
Essex Co. (semi-ann.)
$3 June I May 17
Ever-Ready (Britain) (final)
25%
Faber, Coe & Gregg (increased)
50c June I May 15
Fajardo Sugar Co , common (resumed)
June 1 May 15
$l
Falconbridge Nickel Mines
73kc June 27 June 6
Farmers & Traders Life Ina.(quar.)
$23.4 July 1 June 11
Quarterly
$234 Oct. 1 Sept. 11
Faultless Rubber (quarterly)
50c July 1 June 15
Federal Light & Traction, pref.(quar.)
$134 June I May 15
Ferro Enamel Corp., COM. (quar.)
15c June 20 June 10
Fifth Ave. Bus Securities (quar.)
16c June 29 June 14
Filene's (Wm.). Sons pref. (quer.)
$144 July 1 June 20
Firestone Tire & Rubber Co., pref.(quar.)
$134 June 1 May 15
First Holding Corp. (Pasadena, Calif.)—
Preferred (guar.)
8115 June I May 20
Fisher Flouring Mills.7% prof.(quar.)
$131 July 1 June 15
Fishman (M. 11.)
16C June 1 May 15
7% series A tit B preferred (quar,)
UK July 15 June 29
Fits Simons & Connell Dredge & Dock (qui
1234c June 1 May 21
Flordia Power Corp.,7% pref. A (guar.)
$PA June I May 15
7% preferred (quarterly)
8715c June I May 15
Florshelm Shoe Co..class A (quar.)
25c July 1 June 15
Class A (quarterly)
25c Oct. 1 Sept.16
Class B (quarterly)
1215c July 1 June 15
Class B (quarterly)
1215c Oct. 1 Sept. 15
Food Machinery Corp. of N. Y.—
61.4% preferred (monthly)
50c June 15 June 10
6 % preferred (monthly)
50c July 15 July 10
preferred (monthly)
634
50c Aug. 15 Aug. 10
6 % preferred (monthly)
50c Sept.I5 Sept.10
Ford Motor Co. of Canada, Ltd., A & B
r50c May 28 May 8
Fort Wayne & Jackson RR.,53.4% pref.(s.-a.)
$231 Sept. 2 Aug. 20
Franklin Simon,preferred (quar.)
14131 June 1 May 17
Freeport Texas (quarterly)
25c June 1 May 15
6% preferred (quarterly)
$134 Aug. 1 July 15
Fuller Brush Co.,7% preferred (quar.)
$131 July 1 June 25
General Cigar, preferred (quenelle)
$131 June 1 May 23
General Motors Corp.. common (quar.)
25c June 12 May 16
$5 preferred (quarterly)
$131 Aug. 1 July 8
Georgia RR. & Banking (quar.)
$231 July 15 July 1
Gilmore Gasoline Plant No. 1 (monthly)
20c May 25 May 23
Gilmore Oil
15c May 31 May 16
Glens Falls Insurance Co.(quar.)
40c July 1 June 15
Globe Democrat Publishing preferred (quar.)... $131 June 1 May 20
Globe Underwriters Exchange
25c June 1 May 15
Golden Cycle (quar.)
40c June 10 May 31
Extra
60c June 10 May 31
Gold & Stock Telegraph Co.(quar.)
$134 July 1 June 29
Goodall Securities (quarterly)
50c June 1 May 27
Goodyear Tire & Rubber Co. let pref
$1 July 1 June 1
Goodyear Tire & Rubber (Calif.), prat_ h50c July 1 June 21
Goodyear Tire & Rubber of Canada (quar.)
r$11.5 July 1 June 15
7% preferred (quar.)
r$131 July 1 June 15
Gorton-Pew Fisheries (quarterly)
50c June 28 June 20
Gottfried Baking Co.. Inc., preferred (quar.)_. 131% July 1 June 28
Preferred (quarterly)
131% Oct. 1 Sept 20
Grace(W. R.)& Co., pref. 6% (semi-annual)$3 June 29 June 27
6% preferred (semi-annual)
$3 Dec. 30 Dec. 27
Grand Rapids & Indiana By.(e.-a.)
$2 June 30 June 10
Grand Union $3 cony. preferred
h3734c June 1 May 10
Great Atlantic & Pacific Tea Co. of America—
$134 June I May 15
Common, non-voting (quar.)
Extra
25c June 1 May 15
7% first preferred (quar.)
$131 June 1 May 15
Great Northern Paper (quar.)
25c June 1 May 20
Great Western Electro-Chemical, pref. (quar.)
$134 July 1 June 20
Greene RR.(semi-ann.)
June 19 June 13
Green Mountaia Power, $6 preferred (quar.)
June 1 May 15
Greening (B.) Wire Co., pref. (guar.)
July 1 June 15
Greyhound Corp., preferred (attar.)
July 1 June 21
June 15 May 31
Gulf State Utilities Co., $6 ef. (quar.)
$534 preferred (quarterly)
June 15 May 31
June 1 May 15
Hackensack Water Co.(semi-ann.)
7% preferred A. (quar.)
June 30 June 17
Hale Bore. Stores (gnat.)
I
June I May 15
Hancock Oil of Calif., A & B (quay.)
25c June 1 May 15
May 15
Handley Page, Ltdzw10%
May 15
10% partic. preferred reg. (extra)
xic5%
=10%
May 16
Amer. dep. rec, for10% partic. pref. reit
May 16
Am.dep. rec. fro.10% partic. pref. reg.(extra) rtc5%
1234c June 1 May 20
Hanes(P. II.) Knitting (quar.)
Class B (guar.)
1234c June I May 20
Harbison-Walker Refractories Co
25c June I May 15
Preferred (quar.)
July 20 July 8
$I
Hardesty (11.) Mfg. Co..7% prof.(quar.)
$131 June 1 May 15
7% preferred (quarterly)
$131 Sept. 1 Aug. 15
7% preferred (quarterly)
$131 Dec. 1 Nov. 5
Hawaiian Agricultural (monthly)
20c May 28 May 31
Hawaii Consol. Ry., 7% pref. A (guar.)
20c June 15 June 5
7% preferred A (quarterly)
20c Sept. 15 Sept. 5
7% preferred A (quarterly)
20c Dec. 15 Dec. 5
Hazel-Atlas Glass Co
$131 July 1 June 15a
Hazeltine Corp. (quay.)
25c June 15 June 1
Hiram Walker Gooderham Worts, pref. (quar.)
r25c June 15 May 24
3497
Financial Chronicle
Volume 140
Name of Company
Per
Shari
When Holders
Payable of Record
10c May 31 May 24
Hibbard, Spencer, Bartlett & Co.(mo.)
10c June 28 June 21
Monthly
50c June 1 May 15
Hires Chas. E.) Co.,class A common (quar.)
3735c June 1 May 20
Hobart Mfg. Co. class A (quar.)
May 9
$1
Home Insurance(N. Y.)(special)
May 25 May 20
Homestake Mining (monthly)
2 May 25 May 20
Extra
$13( June 1 May 15
Hoover & Allison Co.,7% pref.(quar.)
$1% June 1 May 11
Horn & Herten (N. Y.) preferred (quay.)
10c June 3 May 27
Hutchinson Sugar Plantation (monthly)
$2 July 1 June 11
Illinois Central RR.,leased lines (s.-a.)
$115 June 1 May 20
Illinois Water Service. 6% pref. (quar.)
Apr. 12
June
Imperial Chemical Indus.(London)(final) __me
July 2 June 29
Imperial Life Insurance (quar.)
Oct. 1 Sept. 30
Quarterly
Jan. 2 Dec. 31
$3
Quarterly
25c June 1 May 23
Imperial Oil (semi-annual)
3715c June 1 May 23
Special
Indianapolis Water Co$114 July 1 June 12a
5% cumul. preferred series A (quar.)
15c June 1 May 15
Industrial P Power Securities Co.(quar.)
10c June 1 May 15
Extra
50c June I May 6
Ingersoll-Rand
50c June 1 May 15
Inland Steel Co
15c July 15 June 20
International Harvester, com. (quar.)
$13,
1 June 1 May 4
Preferred (quar.)
June I
$131
International Milling, original series pref. (cm.).
$154 June 1
Series A preferred (quar.)
15c June 20 June 1
International Mining Corp
15c June 29 May 31
International Nickel Co. of Canada (quar.)._
$131 June 29 May 31
7% preferred (quarterly)
83ic June 29 May 31
7% preferred $5 par (guar.)
$115 July 1 June 29
International Ocean Teleg. Co. (quar.)
r75c June 1 May 23
International Petroleum (semi-annual)
r50c June 1 May 23
Special
60c June 1 May 15
International Safety Razor Corp.(qua'.)
51.335 July 1 June 15
International Telegraph of Maine (8.-a.)
50c Aug. 15 Aug. 1
Interstate Hosiery Mills (quar.)
50c Nev. 15 Nov. 1
Quarterly
4
Jun
une
e 14
203
c July 1 j
Intertype Corp. common
$2 July 1 June 14
First preferred
July
$
Second preferred
50c June 15 June 1
Investment Corp. of Philadelphia (quar.)
25c June 15 June 1
Extra
25c June 1 May 10
Iron Fireman Mfg.(quar.)
25c Sept. 2 Aug. 10
Quarterly
25c Dec. 2 Nov. 9
Quarterly
Ironwood & Bessemer Ry.& Light Co.
$194 June 1 May 1$
7% preferred (quar.)
$131 June I May 25
Jantzen Knitting Mills. preferred (quarterly)$131 July I June 20
Joliet & Chicago RR.gtd. corn.(quar.)
15c June 30 June 20
Kalamazoo Vegetable Parchment (quar.)
15c Sept.30 Bent. 20
Quarterly
15c Dec. 30 Dec. 30
Quarterly
Kansas Oklahoma & Gulf By. 00.—
3% June I May 20
Series A 6% cum. preferred
21
0
15
1M
Nia
ay 3
3%
Series B 6% non-cum. preferred
134% June 1 May 20
Series 06% non-cum. preferred
75c June
Katz Drug (quar.)
$1% July 1 June 15
Preferred (quar.)
Kaufmann Department Stores, Inc.. pref. (qu.) $1% July I June 10
20c June 1 May 25
Kekaha Sugar Co.(monthly)
1215c July 1 June 5
Kelvinator Corp.(quarterly)
$134 June I May 100
Kendall Co., cum. panic. pref. (quar.)
38c June 1 May 10a
Cum. partic. pref. (panic. div.)
15c June 29 June 7
Kennecott Copper
50c May 29 may 17
Kentucky Utilities, 7% junior pre,(resnmed)
rlOc June 5 May 22a
Kerr Lake Mines, Ltd
50c June 1 May 20
Keystone Steel & Wire
25c July 1 June 20
Klein(D.Emil)& Ce.,Inc.(quiz.)
123kc July 1 June 20
Extra
75c June 1
Knabb Barrel Co.,Inc.. pref.(s.-a.)
2
39
1 May 25
50c
Koloa Sugar Co. (monthly)
$131 June
Kroehler 'Mfg. Co.. 7% pref. (quar.)
Sept.30
$l
7% preferred (quarterly)
$131 Dec. 31
7% preferred (quarterly)
$1)5 June 29
Class A preferred (quar.)
$134 Sept.30
Class A preferred (quay,)
$134 Dec. 31
Class A preferred (quar.)
40c JulyJune 1 May
Kroger Grocery & Baking (quay.)
June 2
1
$134
6% preferred (quarterly)
$131 Aug. 1 July 19
7% preferred (quarterly)
June
15
June
1
50c
Lake Shore Mines (quarterly)
50c June 15 June 1
Extra
June
1
May
15
$131
(qu)
Pref.
Superior
District
Power
Lake
Co..7%
$1)4 June I May 15
6% preferred (quar.)
37)4c June 29 June 20
Landers. Frary & Clark (quar.)
Sept.30 Sept.20
3714c
Quarterly
371.4c Dec. 31 Dec. 20
Quarterly
$1 Sk June 15 June 5
Landis Machine,7% preferred (quarterly)
$13i Sept. 15 Sept. 5
7% preferred (quarterly)
.3
151 MayDec. 25
1
$1it
7% preferred .quarterly)
$1 May
Lanston Monotype (quarterly)
25c May 31 Apr. 30
Lehigh Coal & Navigation (s.-a.)
37tic June 1 May 15
Lehn & Fink Products (guar.)
30c
Libbey-Owens-Ford Glass (quarterly)
1 3I
MN s
ar
y 31
1
40e Jjune 15
Life Savers Corp. (quar.)
$1 June
Liggett & Myers Tobacco (quar.)
$1 June I May 1
Common B (quarterly)
37;kc June 15 June 4
Lily-Tulip Cup (quarterly)
25c June 1 May 24
Lincoln Stores (quarterly)
$131 June 1 May 24
Preferred (quarterly)
July 1 June 20
$11.4
Linde Air Products,6% pref. (quar.)
15c June I May 15
Link Belt
$1% July 1 June 15
Preferred (quar.)
50c June 10 May 24
Little Miami RR. Co. spec. gtd.(gust.)
$1.10 June 10 May 24
Original capital
Co.,
RR.
Coal
Little Schuylkill Navigation
$1.10 July 15 June 14
Semi-annually
r25c June 1 May 10
Loblaw Groceterlas, Ltd..class A & B(guar.).—
$2 July 1 July 1
Lock Joint Pipe. preferred (quar.)
$2 Oct. 1 Oct. 1
Preferred (quar.)
$2 Jan. 1 Jan. 1
Preferred (quay.)
50c July 1 June 14
Loew's. Inc. (quar.)
50c Aug. 1 July 18
Loose-Wiles Biscuit Co., common
$131 July 1 June 18e
lit preferred (gust.)
$13' Oct. I Sept. 18
1st preferred (guar.)
S134 June 1 May 17
Lord & Taylor Co.. 1st preferred (guar.)
Louisville Gas & Electric, A & B (quarterly)._ _ 3734c June 25 May 31
ug:
ug.. 1
55 Aug
4 Aus
Louisville Henderson & St. Louis By.(s.-a.).__ 2214
Preferred (semi-ann.)
$115 June 1 May 4
Ludlow Mfg. Associates (quar.)
Lunkenheimer Co..634% preferred (quarterly)- $154 July 1 June 29
$154 Oct. 1 Supt.2111
preterred (quarterly)
634 preferred
$144 Jan. 1 Dec. 21
634% preferred (quarterly)
40c July 1 June 15
Lykens Valley RR.& Coal (s.-a.)
$3 July 1 June 15
Lynchburg & Abingdon Telegraph Co.(s.-a.).__
$54
50c
1
June 1 May 10
Macy (11. H.) & Co.(quar.)
Aug. 15 Aug. 5
Magnin (I.) & Co..6% preferred (quarterly)-- $1.;k
13c Noy. 15 Nov. 5
6% preferred (quarterly)
June 1 May 8
Manhattan Shirt (quar.)
3774e
c July 1 June 14
Mapes Consolidated Mfg.(qua'.)
July 1 June 11
Mathieson Alkali Works (quar.)
h$
$1
1% July 1 June 11
Preferred (guar.)
June 1 May 22
May Hosiery Mills preferred
40
8c
1 June 1 May 22
Preferred (guar.)
June I May 15
May Dept. Stores(guar.
43kk c June 1 May 31
McClatchy Newspapers. % pf.(qu.)
7% preferred (quarterly)
4331c Sept. 1 Aug. 31
(quarterly
Mc(4
7
(quterly)
4331c Dec. 1 Nev.30
McColl
oll Frontenac Oil (quar.)
r20c June 15 May 15
McIntyre Porcupine Mines
10% June 1 May 1
°A
Financial Chronicle
3498
Name of Company
Per
Share
McWilliams Dredging (guar.)
50c
25c
Special
Metal Textile Corp. participating preferred—
25c
Participating dividend
Participating pre,erred (quarterly)
8134c
15c
Mid-Continental Petroleum
$3
Midland Grocers, 6% pref. (s.-a.)
25c
Midland Royalty Corp. $2 cony. pref
$1$j
Milwaukee Gas Light,7% pref. A (quar.)
SIX
Mine Hill & Schuylkill Haven RR. Co.(s.-a.)_ _
Minneapolis -Honeywell Regulator Co.
5134
6% preferred A (guar.)
$136
Missouri Utilities 7% pref. (guar.)
15c
Monogram Pictures Corp.(guar.)
15c
Quarterly
15c
Quarterly
8734c
Monroe Chemical preferred (guar.)
UN,
Monroe Loan Society partic. pref. (guar.)
25c
Monsanto Chemical (quarterly)
55334
Montgomery Ward class A
51 36
Clam A (guar.)
8136
Montreal Cottons preferred (guar.)
Moore Dry Goods(guar.)
$136
Quarterly
$136
Quarterly
$1 36
90c
Morrell (John) & Co. (quarterly)
Morris 5& 10c to $1 Stores,Inc.,7% pref.(qu.)_ 5136
u
7% preferred (quarterly)
S1S4
Morris rlan Insurance Society. (quar.)
$1
Quarterly
$1
Quarterly
20c
Motor Flaance Corp.(guar.)
50c
Motor Products
50c
Quarterly
1234c
Motor Wheel Corp
40c
Murphy (G. C.) (guar.)
25c
Muskogee Co., common
134%
8% cum. preerred (guar.)
Mutual Chemical Co. of Amer.,6% pref.(qu.)_ 5134
$IX
6% preferreo (quarterly)
6% preferred (quarterly)
$134
Nashville & Decatur RR..736% guaranteed (qu) 9j36c
National Automotive Fibre—
5136
$7 preferred (quar.)
7% preferred
551035
40c
National Biscuit Co.(guar.)
Preferred (quar 1
$134
25c
National Bond & Share Corp. (guar.)
50c
National Container (quarterly)
50c
Preferred (quarterly)
30c
National Dairy Products (guar.)
5134
Preferred class A & B (guar.)
National Lead. preferred A (quar.)
$1%
35c
Nat. Life & Accident Insur., Nash., Tenn.(qu.)
20c
National Power Sr Light Co.,corn.(guar.)
40c
National Transit
Nebraska Power. 6% preferred (quar.)
5134
7% preferred (quarterly)
$1'4
25c
Neisner Bros., Inc
25c
New Bedford Cordage Co
25c
Class 13
$136
79' preferred (quar.)
40c
Newberry (J J.) Co.(guar.)
Preferred (quarterly f
$134
3234
New York & Harlem RR..corn. (8.-a.)
5234
Preferred (semi-ann.)
75c
New York Mutual Telegraph Co.(s.-a.)
50c
New York Transportation (quar.)
5134
Niagara Share Corp. of Md.class A pref.(qu.)
50c
1900 Corp. class A (guar.)
50c
"A" (quar.)
Norfolk & Western Ry.(guar.)
$2
$134.
North American Edison Co. pref. (quar.)____.
75c
Nort ham Warren.cony. pref.(guar.)
$2
North Central RR. Co. (semi-ann.)
25c
Northern Pipe Line
$1
Northern Eli Co of N J.4% gtd.(quar.)
$1
4% guaranteed (guar.)
Si
4% guaranteed (guar.)
$I
North Pennsylvania RR. (guar.)
lbe
North River Insurance (guar.)
5c
Extra
h8734c
Northwestern Public Service. 7% preferred
h75c
6% preferred
.8134
Northwestern Telegraph Co. (s.-a.)
8734c
Norwalk Tire & Rubber. pref. (guar.)
Nova Scotia Light & Power.6% pref (guar.)._ $134
$136
°cal ie Flour Mills. preferred (quarterly)
83234
Ohio & Mississippi Telegraph Co
15e
Ohio Oil Co.(guar.)
5154
6% preferred (quarterly)
$134
Ohio Power preferred (guar.)
581-3c
Ohio Public Service Co. 7% pref.(monthly)
50c
6% preferred tmonthly)
41 2-3e
5% preferred (monthly)
Ohio State Life Insurance (guar.)
- - -- $234
Oklahoma Gas & Elec. Co.,6% cum.
-------- tqu.)_ 134%
79' cumulative preferred (quarterly)
136%
32
Omnibus Corp.. preferred (quar.)
$3
Ontario & Quebec Ry. (semi-ann.)
2N%
Debenture (semi-ann.)
a0c
.rali preterred (guar.)
Oshkosh Ov,
50c
Pacific & Atlantic Telegraph Co.(semi-ann.)
50c
Package Machinery Co. (quarterly)
15c
Parker Pen Co.(guar.)
50c
Parker-Wolverine
25e
Patterson-Sargent (quarterly)
8734c
Pender (D.) Grocery Co A (guar.)
75c
Penick & Ford, Ltd. (quarterly)
373-4c
Pennsylvania Gas & Electric, class A
7% preferred tquarterly)
$1 X"
5184
$7 preferred (quarterly)
55c
Pennsylvania Power Co.. $6.60 pref. (mo.)
_
$6 preferred (quarterly)
$1 36
:$7 pref. (qu.) $134
Pennsylvania State Water Corp.
Peoples Telephone."Butler. Pa."—
$136
7% preferred (quarterly)
20c
Pepper (Dr.)(quarterly)
Quarterly
20c
Quarterly
20c
$134
Pfaudler Co.. 6% preferred (quarterly)
25c
Phelps Dodge (special)
Philadelphia Baltimore& Washington RR.(s.-a.) $134
Phila. Germantown & Norristown RR.(quar.)_ $1 34
$134
Philadelphia Suburban Water ('o., pref.(quar.)
Philadelphia & Trenton RR.(guar.)
5234
Quarterly .
$24
25c
Phillips Petroleum
50c
Phoenix Finance Corp., 8% pref. (guar.)
50c
8% Preferred (quarterly)
8% preferred (quarterly)
50c
8734c
Phoenix Hosiery Mills, 1st preferred
$4
Piedmont Mfg. Co
40c
Pillsbury Flour Mills (guar
10c
Pioneer Mills, Ltd.(monthly)
Pittsburgh Bessemer & Lake Erie (s-a)
75c
$134
6% preferred (s-a)
Pittaburgh Youngstown & Ashtabula RR.
7% preferred (altar.
51.84
7% preferred (quar.
$rli
7% preferred (quar.)
$14
134c
Plymouth Fund
When Holders
Payable of Record
June I May 15
June I May 15
June 1 May
June 1 May
June 1 May
July 1 June
June 15 June
June I May
Aug. 1 July
20
20
6
20
5
25
15
July 1 June 20
June 1 May 21
Aug. 1
Nov. 1
Feb. 1
July 1 June 15
June 1 May 30
June 15 May 25
July 1 June 20
July 1 June 20
June 15 May 31
July 1 July 1
Oct. 1 Oct. 1
Jan. 1 Jan. 1
June 15 May 25
July 1 June 20
Oct. 1 Sept.20
June 1 May 27
Sept. 1 Aug. 27
Dec 1 Nov 28
May 31 May 21
May 25 May 15
Aug. 10 Aug. 1
June 10 May 20
June 1 May 22
June 15 June 5
June 1 May 16
June 28 Jun 20
Sept 28 Sept. 19
Dec. 28 Dec. 19
July 1 June 20
June
1 May 15
July 15 June 14
May 31 May 17
June 15 May 31
June I May 15
June 1 May 15
July 1 June 5
July 1 June 5
June 15 May 31
June 1 May 20
June I May 6
June 15 May 31
June 1 May 14
June I May 14
June 15 Juno 1
June 1 May 14
tune 1 May 14
tune I May 14
July 1 Tune 15
ltine 1 May 16
July 1 June 14
July 1 June 14
July 1 June 29
June 28 June 14
July 1 June 14
tug. 15 July 31
Nov. 15 Oct. 31
June 19 May 31
June 1 May 15
June I May 15
July 15 Tune 29
July 1 June 14
June 1 May 20
Sept. 1 Aug. 20
Dec. 1 Nov. 21
May 25 May 20
June 10 May 31
June 10 May 31
June 1 May 21
lune 1 May 21
July 1 June 15
July 1 June 21
June 1 May 15
June 1 May 20
July 1 June 15
June 15 May 20
June 15 June 3
July I May 9
June I May 15
June 1 May 15
June 1 May 15
May 31 Apr. 18
June 15 May 31
June 15 May 31
July 1 June 14
June 1 May 1
June I May I
lone 1 May 20
July 1 June 15
June 1 May 20
June I May 15
July 2 June 10
June 1 May 15
June I May 20
June 15 June 1
June I May 20
July 1 Tune 20
July 1 June 20
June I May 20
June I May 20
June I May 20
June 1 May 31
June 1 May 15
Sept. 1 Aug. 15
Dec. 1 Nov 15
June 1 May 20
June 15 May 29
June 30 June 15
June 4 May 20
June I May lie
July 10 June 30
Oct 10 Sept 30
June 1 May 3
July 10 June 30
Oct. 10 Sept. 30
Jan. 10 Dec 31
June 1 May 18
July 1
June 1 May 15
June 1 May 21
Oct. 1 Sept. 14
June 1 May 15
June
Sept.
Dec
June
I
1
I
I
May
Aug
Nov
May
20
20
20
15
Name of Company
May 25 1935
Per
Share
Pittsburgh Ft. Wayne & Chicago Ry. (quar.)-- $136
Quarterly
$136
El*
Quarterly
7% preferred (quar.)
$1
7% preferred (guar.)
$134
$194
7% preferred (quar.)
Pollock Paper & Box Co., pref.(guar.)
$1%
$134
Preferred (quarterly)
$136
Preferred (quarterly)
$134
Ponce Electric 7% prof (guar.)
50c
Portland & Ogdensburg Ry gtd. corn.(qu
$I.
Potomac Electric Power 534% pref. (quar.)
$134
6% preferred kquar.)
25c
Powdrell & Alexander, Inc.(resumed)
$136
Preferred (quarterly)
Prentice Hall (quarterly)
50c
Preferred (quarterly)
75c
Procter & Gamble, 5% preferred (quarterly)
$136
$3
Protective Life Insurance (s -a.)
Public Electric Light 6% pref. (guar.)
$134
Public Service Co. of Colorado58 1-3c
7% preferred (monthly)
50c
5% preferred (monthly)
41 2-3c
59' preferred (monthly)
Public Service Corp. of N. J..6% pref.(mthly)50c
Publlc Service Oklahoma 7% pr.lien pref.(qu.). $134
$134
6% prior lien preferred (guar.)
25c
Purity Bakeries (quarterly)
$136
Quaker Oats preferred (quarterly)
Rainier Pulp & Paper. $2 class A.
h50c
60c
Rapid Electrotype (quarterly)
25c
Raybestos-Manhattan 50c
Reading Co. 1st preferred (guar.)
1234c
Reeves (Daniel) (quarterly)
$134
634% preferred (quarterly)
Reliance Grain Co , Ltd., 635% Pref. (quar.)_ _ $1%
50c
Reliance International Corp. preferred
3c
Reno Gold Mines (quarterly)
2c
Extra
$4
Rensselaer 3c Saratoga RR. Co.(semi-annual)....
25c
Reynolds Metals (quarterly)
Rich's Inc .634% preferred (guar.)
$136
Richmond Fredericksburg & Potomac RR. Co.
$2
Common (semi-annual)
$2
Non-voting common (semi-annual)
$2
Dividend obligations (semi-annual)
25c
Bike-Kumler (quar)
$134
79' preferred (quar.)
2.. 6d.
Rio Tinto, 5% preferred (final)
Rochester Gas di Electric7% pref. B (qu.)
$136
6% preferred C & D (quarterly)
5134
Rolland Paper Co preferred (guar.)
$134
Royal Dutch Petroleum (final)
7S1%
Royalite Oil
75c
Rubber Plantations Investment Trust
5%
Ruud Mfg. Co.(guar.)
10c
Safety Car Heating & Lighting
$1
$3
'St. Louis Bridge Co..6% 1st pref.(s.-a.)
$IX
3% 2nd preferred (s.-a.)
St. Louis Rocky Mountain & Pacific RR. Co.
$134
Preferred (quarterly)
Preferred (quarterly)
$136
Savannah Elec. & Power Co. 8% deb. A (quar.)
$2
$134
7 % debenture B (guar.)
$13
4
7% debenture C (quar.)
$1 5,4
6,4% debenture D (guar.)
Schiff Co., common (quarterly)
50c
Preferred (quarterly)
$136
15c
Seaboard Oil of Delaware (guar.)
10c
Extra
Second Investors Corp. R. I.)—
$3 prior preferred (quarterly)
75c
75c
Secord (Laura) Candy Shops(guar.)
$1 36
Shamokin Valley & Pottsville RE. (s.-a.)
1234
Shell Transport & Trading (final).
SI
Shenango Valley Water Co..6% pref.(quar.)_
Sherwin Williams, pref. (guar.)
$134
w5%
Singer Mfg.. Ltd.. ord. reg
w5%
Amer. dep. rec. for ord. reg
Sioux city Stockyards Co.5134 part pref(quar.) 37 c
37 c
$1.34 part'clpating preferred (guar.)
1
Smith (S. Morgan) Co. (quarterly)
$1
Quarterly
Somerset Union & Middlesex Light Co.(s.-a.)._
$2
Southern California Edison Co.. Ltd—
4336c
Preferred series A 7% stock (guar.)
Preferred series B 6% stock (guar.)
3734c
Spencer Kellogg & Sons, Inc. (quarterly)
40c
25c
Standard Brands, Inc.. common (quarterly)3
$7 cumulative preferred, series A (quarterly).. $1 4
StandardCoosa-Thatcher Co.,7% pref.(quar.)_ $1
25c
Standard 011 of California
25c
Standard Oil of Indiana (guar.)
50c
Standard Oil Co., Inc.(N. J.), $25 Par (s.-a.)
$2
S100 par value shares (s.-a.)
41c
Standard Oil of Kansas (quarterly)
Stein (A.) & Co., preferred A (quar.)
$1)4
95c
Sterling Products, Inc. (guar.)
Strawbridge & Clothier, 6% pref. A (quar.)_.. $1%
25c
Sun 011 Co., common
$134
Preferred
Susquehanna Utilities Co.,6% pref.(quar.)
$1 36
1234c
Swift & Co.(quarterly)
10c
Swiss Oil Corp
25c
Sylvania Industrial (quarterly)
5c
Sylvanite Gold Mines (quarterly)
Tampa Gas Co..8% pref. (quar.)
$2
7% preferred (guar.)
$1 4
1
rlOc
Teck Hughes Gold Mines
25c
Telephone Investment (monthly)
Telephone Investors Corp (monthly)
25c
Tennessee Electric Power Co..5% pref.(quar.)_ $1
$1 34
6% preferred (guar.)
7% preferred (guar.)
$1%
7.2% preferred (quar.)
$1.80
50c
69' preferred (monthly)
50c
69' preferred (monthly)
60c
7.2% preferred (monthly)
60c
7.2% preferred (monthly)
Texas Gulf Sulphur (quarerly)
50c
Texas Utilities Co.. 7% preferred (quarterly)._ $136
Tex-O-Kan Flour MULL pref (quar )
$134
Tide Water Power Co An pref (guar.)
$136
Ttlo Roofing Inc . $2 preferred
561k
Title Insurance Corp. of St. Louis (quarterly)„ 12Sic
Timken Roller Bearing (guar.)25c
Extra
25c
Toledo Edison Co.7% pref.(monthly)
58 1-3c
6% preferred tmonthly)
50c
5% preferred (monthly)
41 2-3c
Tunnel RR. of St. Louis (semi-annual)
$3
Twin Bell Oil Syndicate (monthly)
162
Underwood Elliott Fisher Co. (guar.)
50c
Preferred (guar.)
$134
Union Pacific common
$136
Union Tank Car Co. (quarterly)
30c
United Biscuit Co. of America. corn. (quar.)
40c
United Elastic Corp.(quarterly)
10c
United Gas & Electric Corp.. pref. (quar.)
134%
United Gas Improvement (guar.)
25c
$1 1.4
Preferred (quar.)
$234
United New Jersey RR.& Canal(quay.)
When Holders
Payable of Record
July 1 June 10
Oct. 1 Sept. 10
Jan. 2 Dec. 10
July 2 June 10
Oct. 8 Sept. 10
Jan. 7 Dec. 10
June 15 June 1
Sept. 15 Sept. 1
Dec. 15 Dec. I
July 1 June 14
May 31 May 20
June 1 May 15
June I May 15
June 15 June 1
July 1 June 15
June 1 May 2
June I May 20
June 15 May 24
July 1 July 1
June 1 May 22
15
15
15
1
20
20
20
1
10
June
June
June
May
July
July
June
May
June
June
June
June
June
June
June
June
July
July
July
June
June
1 May
1 May
1 May
31 May
I June
1 June
1 May
31 May
1 May
15 Juno
15 May
13 May
15 May
15 May
15 May
I May
2 May
2 May
1 June
I May
29 June
31
23
31
31
31
20
31
31
15
15
15
June
June
June
June
July
30 June
30 June
30 June
11 May
1 June
22
22
22
21
25
June 1 May 10
June I May 10
June 1 May 15
June 7 May 23
June 15 June
July 1 Tune 14
July I June 15
July I June 15
July
Oct.
July
July
July
July
June
June
June
June
20 July
21 Oct.
1 June
1 June
1 June
1 June
15 May
15 May
15 June
15 June
5
5e
14
14
14
14
31
31
1
I
June 1 May 15
May 31 May 15
Aug. 1 July 15
June 1 May 20
June I May 15
Apr. 19
Apr. 26
Aug. 15 Aug. 14
Nov. 15 Nov. 14
Aug. 1 Aug. 1
Nov. 1 Nov. I
Juno 1 May 15
June
June
June
July
July
July
June
June
June
June
15 May
15 May
29 June
1 May
I May
15 July
15 May
15 May
15 May
15 May
20
20
15
24
24
15
15
15
16
10
July I June 14
June 1 May 150
June 1 May 16
June 15 May 25
June 1 May 10
Juno 1 May 20
July 1 June I
July I June 15
Juno 15 June 5
June 29 May 23
June 1 May 20
June 1 May 20
July 2 June 10
Juno 1 May 20
June 1 May 20
July 1 June 15
July I June 15
July 1 June 15
July 1 June 15
June 1 May 16
July 1 June 15
June 1 May 15
July 1 June 15
June 15 June I
June 1 May 21
June I May 15
June 1 May 10
July I
May 31 May 21
June 5 May 17
June 5 May 17
June 1 May 15
June 1 May 15
June 1 May 15
July 1 June 15
June 5 May 31
June 29 June 12a
June 29 June 12a
July 1 June 1
June 1 May 17
June 1 May 6
June 24 June 6
July 1 June 15
June 29 May 31
Tune 29 May 31
July 10 June 20
3499
Financial Chronicle
Volume 140
Per
Share
Name of Company
United Light & Rys.(Dela.).7% pref. (mo.)-__
6.36% preterred (mo.)
6% preferred (mo.)
79' preferred (mo.)
6.36% preferred (mo.)
6% preferred (mo.)
United 011 Trust Shares series H reg
Series H bearer
United States Freight Co (quar.)
United States Gypsum (quar.)
Preferred (quar.)
United States Petroleum (s.-a.)
Semi-annually
United States Pipe & Fdy Co., common (quar.)_
Common (quar.)
Common (quar.)
1st preferred (quar.)
1st preferred (quar.)
1st preferred (quar.)
United States Playing Card (quar.)
Extra
United States Steel Corp., pref
h%
United States Su.tar Corp., pref.(guar.)
Universal Products
Upper Michigan Power St Lt. Co..6% pf.(qu.)_
607 preferred (quarterly)
69 preferred (quarterly)
Utica Clinton & Binghamton Ry.—
Debenture stock (semi-ann.)
Debenture stock (send-ann.)
Utility Equities Corp.. 353 priority stock
Vanadium-Alloys Steel Co
Van Itaalte 1st preferred (quar.)
Veeder-Root (quarterly)
Venezuelan Oil Concessions (final)
Vermont St,Boston Telegraph (semi-annual).—
Vick Chemical. Inc. (guar.)
Extra
Victor Monaghan Co.. 7% preferred (quar.)
Viking Pump,common (special)
Preferred
Virginia Coal & Iron (quarterly)
Virginia Electric & Power,6% pref. (quar.)
Vogt Mfg. Co
Vulcan DatinnIng, preferred (quar.)
Preferred (quar.)
Waialua Agricultural
Ward Baking, 7% cumulative preferred
Ware River RR., guaranteed (semi-annual).
Warren RR. (semi-annual)
Washington R.St Electric Co. (quar.)
59' preferred (qoar
Welch Grape Juice Co.7% Pref. (quar.)
Wesson Oil & Snowdrift Co.. Inc.—
Convertible preferred (guar.)
When Holders
Payable of Record
1
May 15
58 1-3c June
53c June 1 May 15
50c June 1 May 15
58 1-3c July 1 June 15
53c July 1 June 15
50c July 1 June 15
15C June 1
Mc June 1
May 21
25 June
June 14
25c July
$1% July 1 June 14
lc June 15 June 5
lc Dec. 15 Dec. 5
12%c July 20 June 29
12%c Oct. 20 Sept.30
12 c Jan. 20 Dec. 31
July 20 June 29
3
30c Oct. 20 Sept.30
30c Jan. 20 Dec. 31
25c July 1 June 20
25c July 1 June 20
of 1% May 29 May 3
$1 14. (nig 5 June 10
20c June 29 June 19
51% Aug. 10 July 31
$1% Nov. 10 Oct. 31
$1% Feb 10 Jan. 31
$2%
$2%
$1%
25c
31%
50c
634%
m$2
50c
10c
Si)'
25c
60c
25c
$1%
25c
1%%
1%%
60c
50c
8334
51'
June
Dec.
June
June
June
June
26 June
26 Dec.
1 May
20 Jane
1 May
1 May
16
16
15
10
16
18
July
June
June
July
June
June
June
June
June
July
Oct.
May
July
July
Oct.
June
$1 % June
51% May
1 June 15
1 May 16
1 May 16
1 June 20
1 May 20
15 June 1
1 May 15
20 May 31
1 May 15
20 July 10
19 Oa 10
31 May 21
1 June 15
1 June 30
1 50ct. 5
1 May 15
1 May 15
31 May 15
$1 June
1 May 15
Name of Company
Per
Share
d75c
Western Auto Supply, A & B
$134
Western Maryland Dairy, pref (quar)
Western New York St Penna. Ry. Co.(s.-a.)__ _ $1%
Western Public Service Co.$134 pref. A (quar.)_ 37%c
$1%
$6 preferred B (quarterly)
$1%
West Jersey & Seashore RR. (semi-annual)
$1%
6% special preferred (semi-annual)
10c
Westvaco Chlorine Products (quar.)
$1%
Wheeling Electric 6% pref.(quar.)
$1%
Whitaker Paper Co., pref.(guar.)
31%
W h it ma .Win.), preferred
h62
Wilcox Rich, cony. A
$1 34
Williamsport Water Co., $6 pref. (quar.)
12%c
Wilson & Co.. Inc., common
62%c
Old $5 cumulative class A
$1
Winstea Hosiery (quar.)
5114
Quarterly
60c
Woolworth (F. W.) Co.(quar.)
Woolworth, F. W. & Co., Ltd. (England).
American deposit receipts ord. reg. (interim)_ =30%
zw3%
Amer. dep. rec. 6% pref. reg. (semi-ann.)
25c
Wrigley (Wm.)Jr. Co.(mthly.)
25c
Monthly
25c
Monthly
25c
Monthly
25c
a
Monthly
50c
Worcester Salt
50c
Dons Cooperative Mercantile Ina. (quar.)
50c
Quarterly
When Holders
Payable of Record
June I May 20
July I June 20
July 1 June 29
June 1 May 13
June 1 May 13
July 1 June 15
July 1 June 15
June 1 May 15
May 9
June
July 1 June 20
June 15 June 1
June 29
June 1 May 20
June 1 ‘taY 15
June 1 May 15
Aug. 1
Nov. 1
June 1 Apr. 23
June 22 May 17
June 8 May 14
June 1 May 20
July 1 June 20
Aug. 1 July 20
Sept. 2 Aug. 20
Oct. 1 Sept.20
June 29 June 20
July 15
Oct 15
t The New York Stock Exchange has ruled that stock will not be quoted
ex-dividend on this date and not until further notice.
The New York Curb Exchange Association has ruled that stock was
not be quoted ex-dividend on this date and not until further notice.
a Transfer books not closed for this dividend.
d Correction. e Payable in stock.
I Payable In common stock. p Payable in scrip. la On account of accumulated dividends. 5 Payable in preferred stock.
m Vermont & Boston Teleg. corrected—previously reported as Vermont
& Boston Telep.
n Goldblatt Bros., Inc., div. of 3734c. cash or at the option of stockholders in stock at the rate of 1-40th of one share.
o Blue Ridm Corporation In of one sh. of corn. stk., or at the opt. o
the holder 75c cash. Holders desiring cash must notify the corp. on or
before May 16. 1935.
q C. I. T. declares the usual quar. div. on the cony. pref. stock, opt. ser.
of 1929. at the rate of 5-208ths of one sh. of com. stock, or, at the opt. of
the holder, in cash at the rate of 51.50 for each cony. pref. sh3re.
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.
II Payable in 17. S. funds. e A unit, to Less depositary expenses.
I Less tax. y A deduction has been Made for expenses.
Weekly Return of the New York City
Clearing House
Condition of the Federal Reserve Bank of
New York
The weekly statement issued by the New York City
Clearing House is given in full below:
The following shows the condition of the Federal Reserve
Bank of New York at the close of business May 22 1935,
in comparison with the previous week and the corresponding
date last year:
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY, MAY 18 1935
Clearing House
Members
Surplus and
Undivided
Profits
• Capital
Bank of N Y & Trust Co_
Bank of Manhattan Co_
National City Bank____
Chemical Bk & Trust Co
Guaranty Trust Co
Manufacturers Trust Co
Cent Hanover Bk &Tr Co
Corn Etch Bank Tr Co_
First National Bank
Irving Trust Co
Continental Bk az Tr Co_
Chase National Bank_
Fifth Avenue Bank
Bankers Trust Co
Title Guar & Trust Co
Marine Midland Tr Co
New York Trust Co
Comm'l Nat Bk dr Tr Co
Public Nat 13k & Tr Co
Totals
Net Demand
Deposits.
Average
Time
Deposits,
Average
$
6,000,000
20.000,000
127,500.000
20,000,000
90.000.000
32,935,000
21,000,000
15.000.000
10,000,000
50,000,000
4.000,000
150,270,000
500,000
25,000,000
10,000,000
5.000.000
12,500.000
7.000,000
8,250.000
$
$
10,469,000
122,460,000
25,431,700
377.335.000
e41.262.700 al.066,746.000
372,797.000
48.608.700
177.131,600 91.131.541.000
291.670.000
10.297.500
644.449.000
61.517,600
191,366.000
16,350,200
e89,006.600
425.278.000
57,726,000
416,125.000
31,198.000
3,649.000
64.815,900 c1,448,078.000
3.469,200
45,040.000
62,871,100 5708,115,000
7.988.500
14.239.000
61.644,000
7,537.900
246.557.000
21,361.500
7,758,600
58.941.000
56.812,000
e5,229.300
5
6.383,000
30,268,000
152,828.000
19,030,000
54,849.000
106,434.000
29.986.000
21.129.000
8,313.000
3.508.000
2,124.000
65,515.000
352,000
18,630,000
300,000
3,254.000
19,111,000
1,855.000
38,122,000
Ala ace nnn
'00 .1410 Ann
nnA
55,11 001 000
771n q01
• As per official reports: National, March 4 1935; State, March 30 1935; trust
Companies, March 30 1935. e As of March 30 1935.
Includes deposits in foreign branches as follows: a $198,408,000; b $57,813,000:
c 580,803,000: d $26,818,000.
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 17:
INSTITUTIONS NOT IN THE CLEARING HOUSE WITH THE CLOSING
OF BUSINESS FOR THE WEEK ENDED FRIDAY, MAY 17 1935
NATIONAL AND STATE BANKS—AVERAGE FIGURES
Loans
Other Cash Res. Dep., Dep. Other
Disc. and Including N. Y. and Banks and
Investments Bank Notes Elsewhere Trust Cos.
Manhattan
Grace National
Trade Bank of N.Y
Brooklyn—
People's National
$
23,440,200
3,920,456
$
87,500
209.680
$
2,758.800
1,146,004
4.003000
09 Ann
799.000
Gross
Deposits
$
S
1,208,100 23,829.800
132,336 4.523.533
327.000
4
awl non
TRUST COMPANIES—AVERAGE FIGURES
Loans.
Disc. and
Investments
Manhattan—
Empire
Federation
Fiduciary
Fulton
Lawyers County__
United States
Brooklyn—
Brooklyn
Miura (Innnto
$
50,285,700
6,960,890
11,399,109
18,255.000
29,143,400
60,878,359
84,648,000
97 ORS.1.7
Cash
Res. Dep.. Dep. Other
N. Y. and Banks and
Elsewhere Trust Cos,
Gross
Deposits
S
$
*3,868.900 8.471.800
742,781
128,212
602,433
•793,788
386,800
*2,662,700
526.300
*7.190,500
24,150,289 15,758,821
$
$
2,564.500 53,203.400
1,770,285 7,875.148
62,541 10.866,162
377,100 16,963,250
34.344.700
72,412,045
2,612,000 31,039.000
R ORd nn 1
76,000 104,179,000
0 Oat 0.10
•
'19 FAA OR9
•Includes amount with Fedora Reserve as follows: Empire, $2,736,200: Fidtt.
Mary. 5511,0)3; Fulton, 52,450,700; Lawyers Couaty, 56.537.930.
May 22 1935 May 15 1935 May 23 1934
Assets—
$
$
S
;old certificates on hand and due from
2,177,232,000 2,147.063.000 1,565.700.000
U. S. Treasury_x
1,736,000
1,806,000
1,806,000
ledemption fund—F. R. notes
63,531,000
65,520,000
67,611,000
Atter cash'
2,246,649,000 2,214,389,000 1,630.967,000
Total reserves
2,423,000
ledemption fund -F. R. bank notes
Mils discounted:
obligations
Secured by U. S. Govt.
3,770,000
1,887.000
1,432,000
direct & (or) fully guaranteed
12,469,000
2.206,000
2,375,000
Other bills discounted
Total bllls discounted
311I5 bought in open market
,ndustrIal advances
J. S. Government securities:
Bonds
Treasury notes
Certificates and bills
Total U. S. Government securities,
3,807,000
4,093,000
16,239,000
1,810,000
6,198,000
1,814,000
6,182,000
1,886,000
113,776,000
468,146,000
162,396,000
113.215.000
468,467.000
162,636.000
148.403.000
387,348,000
244,504.000
744,318,000
744,318,000
780,255.000
40,000
Dther securities
Foreign loans on gold
Total bills and securities
756,133,000
756,407,000
798,420,000
Gold held abroad
Due from foreign banks
F. R. notes of other banks
Uncollected items
Bank premises
All other assets
275,000
4,722,000
115,906,000
11,791,000
32,047,000
271.000
3,769.000
157.026.000
11,780.000
30.656.000
1,196,000
5,072,000
102,262,000
11.441,000
73.237,000
Total assets
3,167,523,000 3,174,298,000 2,625,018,000
Liabilities—
651,857,000 650,083,000 629,001,000
F. R. notes In actual circulation
39,044,000
F. R. bank notes in actual circulation net
Deposits—Member bank reserve acc't__ 2,054,439,000 2.044.960.000 1,537,801.000
2,257.000
18,423,000
10,304,000
U. S. Treasurer—General account__
1.537.000
6,938.000
Foreign bank
8,844,000
Other deposits
- 198,158,000 187,723.000 130.452.000
Total deposits
Deferred availability items
Capital paid in
Surplus (Section 7)
Surplus (Section 13b)
Reserve for contingencies
All other liabilities
2,271,745,000 2,241,878.000 1,688,213.000
115,538,000 154,082.000 101,223,000
59,653,000
59,376,000
59,365.000
45,217,000
49,964,000
49.964,000
6,064,000
6,094,000
4.737.000
7,500.000
7,500,000
57.930,000
5,351,000
5,490,000
Total liabilities
3 167,523,000 3,174,298,000 2,625,018,000
Ratio of total reserves to deposit a d
F. R. note liabilities combined
70.49',
76.6%
76.89'
Cnntingent liability on bills purchased
for foreign oorrespondents
458,000
1,030
3.000
Commitment, to make Industrial advances
7.338.000
7.329 000
•"Other cash" does not Include Federal Reserve notes or a bank's own Federal
Reserve bank notes
These are certificates given by the U. S Treasury for the gold taken over
from the Reserve banks when the dollar was on Jan. 31 1934 devalued from 100
cents to 59.06 cents. these certificates being worth less to the extent of th- difference the difference itneff having been appropriated as profit by the Treasury
under the provisions of the Gold Reserve Act of 193x
Financial Chronicle
3500
May 25 1935
Weekly Return of the Federal Reserve Board
The following is issued by the Federal Reserve Board on Thursday afternoon, May 23, showing the condition of the
twelve Reserve banks at the close of business on Wednesday. The first table presents the results for the System as a
whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve note
statement (third table following) gives details regarding transactions in Federal Reserve notes between the Reserve Agents
and the Federal Reserve banks. The Reserve Board's comment upon the returns for the latest week appears in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABIL TIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS MAY 22 1935
May 22 1935 May 15 1933 May 8 1935 May 1 1935 Apr. 24 1935 Apr. 17 1935 Apr. 10 1935 Apr. 3 1935 May 23 1934
3
ASSETS
3
3
$
$
3
$
$
3
Gold ctts. on hand dr due from 1I.S.Treas.x 5,820,788,000 5,791,839,000 5,765,819,000 5.750.844.000 a5730265,000 5,682,857,000 5,592.822,000 5.593.721.000 4,633,584,000
20,522.000
17,983,000
16,881,000
29,923,000
21,064,000
20,063,000
20.061,000
Redemption fund (F. R. notes)
17,067,000
17.625.000
232,782,000 235,981,000 237,661,000 244,515,000 249,610,000 228,205,000 237,245,000 236,131,000 238,142,000
Other cash •
6,074,634,000 6,047,883,000 6,023,541,000 6,015,881,000 a5997858.000 5,927,943,000 5,847,134,000 5,847,477,000 4,901,649.000
Total reserves
Redemption fund-F.It. bank notes
Bills discounted:
Secured by U. S. Govt. obligations
direct and(or) fully guaranteed
Other bills discounted
Total bills discounted
Bills bought in open market
Industrial advances
5,354,000
3,388,000
3,370,000
3,531,000
3,124,000
2,639,000
3,321,000
3,074,000
3,304,000
3,539,900
3,285,000
3,332,000
3,329,000
2.818,000
3,201,000
3,406.000
2,985,000
6,471,000
27,780,000
6.758,000
6,655,000
5,960,000
6,378,000
6,824,000
6,661,000
6,019,000
6,391,000
34,251,000
4,700,000
26,895,000
4,705,000
26,546.000
4,698,000
26,410,000
4,696,000
26,444.000
4,698,000
26,206,000
5,302.000
26.163,000
5,307,000
21,256,000
5,304,000
21,073,000
5,263,000
335,621,000 333,542,000 322,337,000 *321,839,000 332,906,000 383.461.000 384,105,000 392.493,000 406,208.000
1 540,402,000 1,541,653,000 1,543,136,000 .1530779,000 1.466.266,000 1,487,332,000 1,488,666,000 1,492.666 000 1,217,000,000
554,304,000 555,160,000 564,772,000 .577.857,000 581,060,000 560.060.000 557.660,000 545,660,000 806.992,000
U.S. Government securities-Bonds
Treasury notes
Certificates and bills
2,430,327,000 2,430,355,000 2,430,245,000 2,430,475,000 2,430,232,000 2,430,853,000 2,430,431,000 2,430,819,000 2,430,200,000
Total IL S. Government securities
546,000
Other securities
Foreign loans on gold
2 468,680,000 2,468,261,000 2,467,313,000 2,467,993,000 2,487,958,000 2,468,979,000 2,463.013.000 2,463,587,000 2,470,260,000
Total bills and securities
Gold held abroad
Due from foreign banks
Federal Reserve notes of other banks....
Uncollected items
Bank premises
All other assets
698,000
16,820,000
478,931,000
49,701,000
44,942,000
694,000
16.506,000
582,111.000
49.690.000
44,077,000
699,000
17,147.000
446.015,000
49,634,000
42,479,000
702,000
702,000
18,982.000
17,800,000
541,743,000 R488,763,000
49.616,000
49,616,000
40,274,0011
39,921,000
705,000
16,057,000
549,845.000
49.617,000
39.685,000
700.000
15,933,000
434.605.000
49,615,00(1
44,019,000
702.000
15,313.000
471.759.000
49.533,000
43,016.000
3,134,000
16,995,000
423,048,000
52,597,000
187,225,000
9 134,406,000 9,209,222,000 9,046,828,000 9,135.191,000 9,062,618,000 9.052,832,000 8,855,019,000 8.891.387,000 8,060,262,000
Total assets
LIABILITIES
F. R. notes in actual circulation
F. R. bank notes in actual circulation_
3,148,543,000 3,154,374.000 3,160,066,000 3,161,879.000 3,145,805,000 3.178,871,000 3,169,329,000 3.174,531,000 3,038,297,000
61,439,000
Deposits-Member banks' reserve account 4,821,304,000 4,822.322,000 4,757,608,000 4,721,320,000 4.719,309.0004.501,203.000 4,286,830,000 4,192.954.000 3,767,269,000
76,209,000
50,969,000
56,874,000 205.419,000 393,068,000 473.670.000
34,693.000
37,317,000
51,313,000
U. S. Treasurer-General account._ -18,733.000
22,376,000
15,470,000
22,319,000
15,378,000
23,967,000
Foreign banks
17,817.000
17,360,000
5,610,000
262,888,000 248,418,000 261.866,000 260,677,000 264,102,000 248,596.000 206,422,000 213.075,000 236,809,000
Other deposits
5,143,885,000 5,124,166,000 5,085,913,000 5,073,584,000 5,064,252,000 4,977,537,000 4.904,137,000 4.897,068,000 1,061,031,000
Total deposits
488,889,000
146,649,000
144,893,000
19,939,000
30,777,000
10.831,000
Deferred availability Items
Capital paid in
Surplus (Section 7)
Surplus (Section 13-13)
Reserve for contingencies
All other liabilities
577,946,000
146,660.000
144.893,000
19,939,000
30,810.000
10,434,000
448.016.000
146,669,000
144.893,000
19,939,000
30,808,000
10,524,000
547,076,000
146,666,000
144,893,000
19,209,000
30,806,000
11.078,000
505,349,000
146,908,000
144,893,000
14,924.000
30,806,000
9,681,000
549,980,000
146,957.000
144.893,000
14,924,000
30,807,000
8.863.000
435,255,000
146,966,000
144,893,000
14,820,000
30,805,000
8,814,000
474.539.000
146.953.000
144.893.000
14.809,000
30,805.000
7,789,000
427,374,000
146,470,000
138,383,000
22,532.000
164,736,000
9,134,406,000 9.209.222,000 9,046,828,000 9,135.191.000 5062.618.0009.052.832,000 8.855,019,000 8,891,387,000 8,060,262,000
Total liabilities
Ratio of total reserves to deposits and
F. R. note liabilities combined
Contingent liability on bills purchased for
foreign correspondents
Commitments to make industrial advances
Maturity Distribution of Bills and
Short-term Securities1-15 days bills discounted
16-30 days bills discounted
31-60 days bills discounted
61-90 days bills discounted
Over 90 days bills discounted
Total bills discounted
1-15 days bills bought in open market...
16-30 days bills bought in open market
31-60 days bills bought in open market....
61-90 days bills bought in open market...
Over 90 days bills bought In open market
Total bills bought in open market
1-15 days industrial advances
16-30 days industrial advances
31-60 days industrial advances
61-90 days industrial advances
Over 90 days industrial advances
Total industrial advances
73.3%
73.1%
73.0%
73.0%
73.1%
72.7%
72.4%
72.4%
69.0%
2,000
16,000
16,000
20,000
27,000
40,000
48.000
70,000
3,268,000
18,640,000
18,515,000
18,040,000
17,051.000
16,908,000
16,687,000
16,315.000
16,252,000
$
5,107,000
851,000
245.000
318,000
237,000
3
5,008,000
168,000
938,000
319,000
222.000
S
3,851,000
621,000
997,000
290.000
201,000
$
4,191,000
641.000
1,042.000
344,000
160,000
$
4,582,000
175.000
1,530,000
390.000
146,000
$
4,586,000
238,000
718,000
1,014.000
105,000
$
3,982,000
211,000
698,000
1,035.000
93.000
$
4,168,000
245,000
783.000
1,093,000
102,000
3
24,480.000
5,334,000
2,007,000
2,132,000
298,000
6,758,000
6,655,000
5,960,000
6,378,000
6,824,000
6,661,000
6.019,000
6,391,000
34,251,000
502,000
583,000
544,000
3,071,000
282,000
420,000
1,009,000
2,994,000
403,000
444,000
257,000
3,591,000
338,000
291,000
489.000
3.578,000
247,000
381,000
559.000
3,509,000
3,703,000
265,000
727,1100
607,000
4,077.000
242.000
624,000
364,000
497,000
3,674,000
472,000
561,000
237,000
315,000
464,000
4,247,000
4,700,000
4,705,000
4,698.000
4,6913,000
4,696,000
5,302,000
5,307,000
5,304,000
5,263,000
1,407,000
107,000
339,000
236,000
24,806
1,243.000
304,000
356,000
252,000
24,391,000
1,318,000
292,000
337,000
278,000
24.185,000
1,424.000
81,000
515,000
300,000
24,124,000
1,358,000
264,000
431,000
347,000
23,806,000
1,527.000
374.000
394,000
360,000
23.508,000
948.000
883,000
492.000
340.000
18.593,000
885,000
774.000
473,0(10
564,000
18,377,000
26,895,000
26,546,000
26.410,000
26,444,000
26.206,000
26,163,000
21,258,000
21,073,000
40,257,000
48,881,000
40,903,000
41,078.000
48,965,000
37,080.(8)0
1-15 days U. S. certificates and bills_ _ _ _
41,690,000
33,252,000
41.103,000
40,903,000
48.765,000
16-30 days U. S. certificates and bills_ _ __ 147,351,000
40,256,000
41,69(1,000
48,881,000
41,078,000
31-60 days U. S. certificates and bills.___ 113,297,000 221,534,000 220,087,000 193,048,000 257,519,000 264,351.000
89.784.000
89,021,000
190,874,000 189,680.000 189,060.000 120.495.000 113.295,000 109,325,000 290.856.000 291,959,000
61-90 (lays U. S. certificates and bills_ __ _
Over 90 days U.S. certificates and bills__ 1,937,902,000 1,937.781,000 1,931,314,000 2,028,711,000 1,968,847,000 1,967,334,000 1,971,021,000 1,075,509.000
94,736,000
65,330,000
56,962,000
589,964,000
2,430,327,000 2,430,355,000 2.430,245,000 2.430,475,000 2,430,232,000 2,430,853.000 2,430,431,000 2,430,819,000
806,992,000
Total U. S. certificates and bills
1-15 days municipal warrants
16-30 days municipal warrants
31-60 days municipal warrants
61-90 days municipal warrants
Over 90 days municipal warrants
506,000
'
5,000
35,000
Total municipal warrants
Federal Reserve NotesIssued to F. It. Bank by F. R. Agent
Held by Federal Reserve Bank
w/
•524
In actual circulation
546,000
.
3,425,006,000 3,420,316,000 3,421,419,000 3,424,484,000 3,440,945.000 3,442.878.000 3,445,917,000 3,433,556,000 3.332,511,000
276,463,000 265,942,000 261,333,000 262,605,000 295,140,000 264,007,000 276,588,000 259,025,000 294.214,000
••
3,148,543,000 3.154,374,000 3,160,066,000 3,151,879.000 3,145,805,000 3,178,871,000 3.169,329,000 3,174,531,000 3.038,297,000
Collateral Held by Agent as Security for
Notes lamed to BankGold ctfs. unhand St due from U.S. Treas. 3,282,979.000 3,288,479,000 3,286,979,000 3,284,979,000 3,289,979,000 3,292.979,000 3.259,979.000 3,249,979,000 3,014,771,000
4,390,000
5,091,000
4,974,000
4,257,000
17,009,000
4,682,000
4,552,000
5.212,000
5,124,000
By eligible paper
224,500,000 226,500,000 225,000.000 232,100,000 218.100,000 212,100,000 240,100.000 246,100,000 352,300,000
U. S. Government securities
Total collateral
'3.512.691.000 3,520.070.000 3,516,369,000 3,521.761.000 3.510.203.000 3.510.053.000 3,504,336,000 3.500.631.000 3.381,080,000
a Revised figures.
• Other cash" does not include Federal Reserve notes.
a These are certificates given by the U. S. Treasury for the gold taken over from the Reserve banks when the dollar was devalued from 100 cents to 59.06 oents
certificates
being
worth
less
to
the
extent
of the difference, the difference itself having been appropriated as profit by the Treasury under ths
on Jam, 31 1984. these
provisions of the Gold Reserve Act of 1934
Financial Chronicle
Volume 140
3501
Weekly Return of the Federal Reserve Board (Concluded)
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS MAY 22 1935
Two Ciphers (00) Omitted
Federal Reserve Bank of—
Total
New York
Boston
Cleveland Richmond Atlanta
Phila.
Chicago
Bt. Louis ifinneap Ran. City
Dallas
San Fran.
RESOURCES
s
s
$
$
a
$
$
$
$
$
$
$
$
Sold certificates on hand and due
from U. S. Tre11.91117
5,820,788,0 397,726.0 2,177,232,0 281,467,0 438,213,0 173,572,0 103.835,0 1,336,724,0 151,641,0 145,755,0 191,180,0 90,421,0 328,022.0
tedemptIon fund—F. R. notes
1,806,0 1,554,0 1,589,0 1,864,0 3,858,0
21,064,0 2,015,0
2,407,0 1,279,0
629,0
807,0
366,0 2,890,0
)thee cash_•
67,611.0 33,079,0 8,907,0 11,182,0 11.780,0
232,782,0 23,905.0
21,426,0 12,166,0 12,035,0 10,920.0 5,339,0 11,382.0
Total reserves
6,074.634,0 423,646,0 2,246.649,0 316,100,0 448,709,0 186,618,0 124,473,0 1,363,557,0 165,086,0 158,469,0 202,907,0 96,126,0 342.294,0
Sills discounted.
Sec. by U. S. Govt. obligations
Meal &(or) fully guaranteed
1,432.0
378.0
130,0
616,0
161.0
3,388,0
118,0
50,0
50,0
155,0
22,0
14,0
262.0
Other bills discounted
22,0
138.0
63,0
2,375,0
178,0
200,0
3,370,0
66,0
10.0
267,0
51,0
Total Mlle discounted
tEls bought in open market_
e[Wastes' advances
I. S. Government securities:
Bonds
Treasury notes..
Certificates and bills
6,753,0
816,0
3.807.0
516.0
152,0
224.0
296,0
50,0
24,0
50,0
88,0
529,0
206,0
4.700,0
26,895,0
346,0
2,188,0
1,810,0
6,198,0
475,0
3,420,0
446,0
1,457,0
174,0
4,280,0
169,0
1.110.0
557,0
2,183,0
81,0
557,0
64,0
2,003,0
127.0
1.021.0
122,0
1,803,0
329,0
675,0
113,776,0 22.062,0 26,556.0 11,156,0 11,757,0
468,146.0 106,374,0 136,141,0 72,576,0 60,207,0
162,396,0 33,684,0 50.328,0 26830,0 22,257,0
335,621,0 20,266.0
1,540,402,0 100,324,0
554,304,0 37,088,0
Total U. S. Govt. securities_ 2,430,327,0 157.678,0
Total bills and securities
)ue from foreign banks____ _
red. Res. notes of other banks..
Incollected items
lank premises
sll other resources
Total resources
42,628.0 13,425,0 15,002.0 13,482,0 17,661,0 24,847.0
251,653,0 69,330.0 40,811,0 68,163.0 39,287,0 127.390,0
89,562,0 25,445,0 14,897,0 25.199,0 14,524,0 47,091.0
714,318,0 167,120,0 213,025,0 113.562,0 94,221,0
383,843,0 108,200,0 70,710,0 106,844,0 71,475,0 199,331,0
2,468,680,0 161,028,0
756,133,0 171.531,0215,080,0 118,240,0 95,796,0
386,633,0 108,862,0 72,827,0 108,080,0 73,929,0 200,541,0
53,0
698,0
375,0
16,820,0
478,931,0 50.318.0
49,701,0 3,168,0
44,942,0
529,0
26,0
72.0
25,0
67,0
275,0
320.0 1,095,0 1.629,0 1,232,0
1.722,0
115,906,0 43,363,0 44,770,0 43,795.0 15,724,0
11.791,0 4.595,0 6,629.0 3,028.0 2,325,0
32,047,0 4,396,0 1,806,0 1,225,0 1,722,0
85,0
4,0
. 5,0
49,0
19.0
18,0
2,587,0
915,0 1,026,0 1,085,0
286,0 1,548.0
68,103,0 20,632,0 11.771,0 26,732,0 17.284,0 20,528,0
4,955,0 2,628,0 1.580,0 3,418,0 1,685,0 3,869.0
226.0
566,0
776,0
500.0
257.0
892,0
9.131,106,0 639,117,0 3,167,523,0 540,377,0 718,156,0 354,561.0 241.297,0 1,826,701,0 298,354,0 246.243,0342,528.0 190,220,0 569.329.0
LIABILITIES
P. R. testes In actual cIrcuistion_ 3.148,543,0 262,748,0
651,857,0 233,304,0 313.287,0 148,190,0 124.696,0
783,666,0 137,915,0 104,575,0 120.518,0 47,761,0 120,023,0
)(speller
Member bank reserve account_ 1,821,304,0 294,726,0 2,051.439.0 219,250,0320,257.0 113,520.0 80,669.0
U. S. Treasurer—Gen. scot
10,304,0 1,000,0 1.383.0 1,670.0 3,915,0
37,317,0 1,600,0
Foreign bank
8.844,0 2,120,0 2.034,0
792,0
771.0
22.376,0 1,542,0
Other deposits
262,888,0 2,951,0 198.158,0 8,684,0 3,868,0 2,548,0 2.932,0
918,901,0 112,929,0 111,280.0 181,221,0 108,822,0 275,281.0
5.453,0 4,646.0 1,390,0 3,757,0 1,665,0
534,0
642,0
2,484,0
557.0 1.499.0
514.0
577,0
966,0 1.794,0 21,075,0
2,548,0 9,824,0 7,540.0
Total deposits
)(steered availability Items
3apital paid in
Surplus (Section 7).
Surplus (Section 13-b)
leserve for contingencies
Ill other liabilities
Total liabilities
5,143,885,0 300,819,0 2,271,745,0 231,054,0 327,542,0 148.530,0 88,287,0
929,389,0 128,041,0 120,724,0 186,524,0 112,838.0 298,392.0
115.538,0 41.903,0 45,267,0 43,424,0 11,720.0
59,365,0 15,125,0 13,126,0 5,035,0 4,443,0
49,964,0 13.470,0 14,371,0 5,186,0 5,540,0
6.054,0 2,098,0 1,007,0 2,501,0
751,0
7,500.0 2,996,0 3,000,0 1.416,0 2,601,0
5,490,0
556,0
279,0
427,0
251,0
70.948,0 21,858.0 11,964,0 26.030,0 19,282,0 27.302,0
12,785,0 3,999.0 3,125,0 4,026,0 4.027,0 10,827,0
21,350,0 4,655,0 3,420,0 3,613,0 3,777,0 9,645,0
1,391,0
939.0
695.0
775.0
547.0 1.003,0
5,325,0
891,0 1,176,0
820,0 1,363,0 2.041.0
448,0
1,847.0
404.0
230.0
256,0
222.0
188,889,0 50.653,0
146,649,0 10,761,0
144,893,0 9.902,0
19,939,0 2.165,0
30,777,0 1,648,0
421.0
10,831,0
9.134,406,0039,117.0 3,167,523,0 540.377,0 718,156,0 354.561.0 241,297,0 1.826,701.0 298,351.0 246,243,0 342,528,0 190,220.0 569,329,0
latlo of total res, to dep. & F. R.
note liabilities combined
2ontingent liability on bills pur•
chased for torn correspondents
:lommittmeuts to make industrial
advances
.
75.2
73.3
2,0
18,640,0
76.8
1,0
b
7,338,0
2,707,0
•"Other Cash" does not Include Federal Reserve notes.
68.1
70.0
1,457,0
438,0
62.9
b
b
b
58.4
1.382,0
79.6
b
b
741,0
62.1
b
501,0
70.3
b
1,706,0
75,0
66.1
59.9
b
b
339.0
160,0
66.0
b
1,746,0
b Less than $500.
FEDERAL RESERVE NOTE STATEMENT
Two Ciphers (0o) °muted
Federal Reserve Aeen$ at—
New York
Boston
Total
In actual circulation
3,148,543,0 262,748,0
Collateral held by Agent as sorority for notes issued to bks:
Gold certificates on hand and
due from U. 8. Treasury
3.282,979,0 301,617,0
Eligible paper..
5,212,0
816,0
U. S. Government securitieb
224,500,0
Totsi collateral
3.512,691,0 302.433,0
Phila.
Clesetand Richmond Atlanta
Chicago
$
$
$
$
Federal Reserve notes:
s
$
Issued to F.R.Bk.by F.R.Agt. 3,425,006,0 277.357,0
Held by Fed'i Reserve Bank__ 276,463,0 14,609,0
$
$
St. Louis Mtnnsap. Kan. City
$
$
$
Dallas
8estrees.
$
$
755,771,0 247,861,0 327,498,0 159,083,0 142,903,0
103,914.0 14,557,0 14,211,0 10,893,0 18,207.0
816,628,0 143,591,0 109,575,0 129.156.0 54.338,0 261,245,0
32,962,0 5.676,0 5,000.0 8.638,0 6,574,0 41,222.0
651,857,0 233,304,0 313,237,0 148,190,0 121,696,0
783,666,0 137,915,0 101,575,0 120,518.0 17,764,0 220,023.0
788,706,0 227,500,0 314,715,0 129,340,0 82.685,0
293.0
201,0
516.0
2.313,0
152,0
22,000,0 15,000,0 30,000.0 65,000,0
827.316,0 107,632,0 110,500.0 130,000,0 19,675,0 213.263,0
529.0
196.0
72,0
24,0
50,0
50,0
4,500,0 51,000,0
37,000,0
791,019,0 250.016,0329,867.0 159,541,0 147,978,0
827,396,0 144,656,0 110.550,0 130,072,0 54,701,0 264.459,0
Weekly Return for the Member Banks of the Federal Reserve System
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the reporting member banks in 91 leading cities from which weekly returns are obtained. These figures
are always a week behind those for the Reserve banks themselves. The comment of the Reserve Board upon the figures for
the latest week appears in our department of "Current' Events and Discussions," immediately preceding which we also give the
figures of New York and Chicago reporting member banks for a week later.
PRINCIPAL ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN LEADING CITIES. BY DISTRICTS. ON MAY 15 1935
(In Millions of Dollars)
Federal
Reserve District—
Loans and Investments—total
Total
Boston
New York
Phila.
Cleieland Rkhniond
Atlanta
Chicago
St. Louis Minneap. Ran. Cite
Dallas
Swirl's*.
18,442
1,173
8,465
1,074
1,210
319
351
1,916
587
345
579
430
1.933
3,015
198
1,771
183
166
49
47
236
59
33
47
44
177
812
163
2,040
11
29
158
782
60
929
15
13
160
6
160
1
48
3
44
2
27
207
4
55
2
31
1
3
43
1
1
42
14
163
Acceptances and comml caper bought
Loans on real estate
Other loans
386
963
3,234
45
89
278
202
245
1,360
26
70
172
6
73
152
7
16
78
3
12
127
36
31
319
9
37
103
6
6
99
22
I 13
111
3
25
110
21
346
325
(l.8. Government direct obligations_
Oblige. fully guar. by U.S. Govt.- .
Other &acuities
7,250
699
2,895
370
13
180
3,399
293
1,195
289
56
273
603
24
186
121
21
57
91
19
52
940
92
292
252
30
97
139
11
51
239
27
120
169
38
41
638
75
351
3,634
273
231
73
1,830
56
147
13
175
20
64
11
28
6
670
45
64
9
60
5
122
11
63
8
180
16
14,794
4,549
814
986
314
57
7,628
1,046
453
773
306
51
764
459
36
242
140
7
208
134
24
1,854
603
42
426
167
17
259
126
3
519
168
17
329
124
39
806
962
68
1,872
4,417
114
211
168
1,990
183
265
132
203
100
105
78
85
340
626
90
180
95
120
228
292
133
129
211
211
Loans on securities—total
To brokers and dealers:
In New York
Outside New York..,,..
To others
Reserve with Federal Reserve banks
Cash in vault
Net demand deposits
Time deposits
Government deponits
Due from banks
Due to banks
Borrowings from F. R. banks
3502
Financial Chronicle
May 25 1935
Sinanrial
aumnarri.111
Ill
B
(11.rxIttir1e
PUBLISHED WEEKLY
United States Government Securities
Bankers Acceptances
Ontcx00 Orricg-In charge of Fred. H. Gray, Western Representative.
208 South La Salle Street, Telephone State 0613.
LowbON Orrice-Edwards & Smith. 1 Drapers' Gardens. London, E. C.
NEW YORK HANSEATIC CORPORATION
37 WALL ST., NEW YORK
WILLIAN B. DANA COMPANY, Publishers,
William Street, Corner Spruce, New York.
United States Government Securities on the New
York Stock Exchange-Below we furnish a daily record
of the transactions in Liberty Loan, Home Owners' Loan,
Federal Farm Mortgage Corporation's bonds and Treasury
certificates on the New York Stock Exchange:
Quotations after decimal point represent one or more 32nds
of a point.
Daily Record of U. S. Bond Prices May 18 May 20 May 21 May 22 May 23 May 24
High 100.29 100.29 101
Furst Liberty Lean
101.3
____ 100.4
___ 100.4
$/4% bonds of 1932-47- Low. 100.29 100.29 100.31 101
Close 100.29 100.29 101
(First 84s)
101.3
____ 100.4
Total 8111411 in $1,000 sinks_
20
3
125
227
____
11
Converted 4% bonds of I11141-2
1932-47 (FIrst
Close
Total sales in $1.000 units_
Converted 436% bonds {High 100.31 100.30 10-1.1
10-1.4 10-1.1 100.6
of 1932-47 (First 4X15) Low. 100.31 100.30 100.30 101.1 100.7 100.6
Close 100.31 100.30 101.1 101.2 100.7 100.6
Total sales in $1,000 units_ __
12
2
64
75
a9
5
Second converted 4h% High
____
____
___
____
__
____
bonds of 1932-47 (First Low_
Close
Second 43441
T04111 sales in $1,000 units.
102.rail;
ii 101 102.1116102.11w
ii ill 102.9 1E5
Fourth Liberty Loan
43(% bonds of 1933-38._ Low_ 102.10 102.10 102.10 102.10 102.9 102.8
Close 102.11 102.10 102.10 102.10 102.9 102.9
(Fourth Otis)
9
36
7
26
26
53
Total sales in $1,000 units_ _
High 116.14 116.18 116.17 116.21 116.16 116.18
Tteasury
Low.. 116.12 116.18 116.16 116.17 116.16 116.15
she 1947-52
Close 116.14 116.18 116.16 116.20 116.16 116.16
3
1
11
85
5
12
Total sales in $1,000 units__
High 111.16 111.15 111.18 111.22 111.21 111.20
Low_ 111.16 111.15 111.17 111.18 111.16 111.19
61. 1944-54
Close 111.16 111.15 111.17 111.22 111.17 111.20
28
9
2
67
41
Total sales in 81,000 units. .
4
1134h 106.1 105.30 106.5 106.10 106.9 106.9
Low_ 105.30 105.30 105.30 106.4 106.7 106.5(
43‘e-311,s, 1943-45
Close 106.1
105.30 106.4 106.8 106.7 106.5
319
385
2
158
125
12
Total sales in $1,000 units...
High
____ 109.28 109.28 110.1 109.30 111.1
Low.
__._ 109.27 109.28 109.29 109.28 109.29
3Ms, 1946-56
Close
.___ 109.27 109.28 109.31 109.28 109.29
51
2
50
108
51
Total sales in $1,000 units_ _
{High 107.4
___- 107.7 107.10 107.10 107.8 107.8
Low_ 107.4 107.4 107.6 107.8 107.5 107.6
891s, 1943-47
Close 107.4 107.7 107.8 107.8 107.8 107.6
2
2
18
10
Total sales in $1,000 units._
155
5
High 103.22 103.22 103.25 103.29 103.27 103.29
Low_ 103.21 103.20 103.22 103.25 103.26 103.25
36, 1951-55
Close 103.22 103.21 103.25 103.25 103.26 103.25
3
87
Total sales in 81.000 units...
207
616
15
208
11111) 103.28 103.28 103.28 104
104.1 104
Low_ 103.25 103.24 103.28 103.31 103.30 103.27
as, 1946-48
Close 103 26 103.26 103.28 104
104.1 103.27
61
16
15
1
107
10
Total sales in $1,000 units...
(High 107.30 107.29 107.31 108
108
107.30
Low_ 107.30 107.28 107.31 107.30 107.31 107.30
3)64, 1940-43
Close 107.30 107.29 107.31 108
108
107.30
1
10
14
21
3
2
Total sales in $1,000 untts_ _.
High
____ 107.31 107.31 108.3 108.1 108
Low__ 107.27 107.28 107.30 108.1 107.30
3/44, 1941-43
Close
____ 107.30 107.31 108.1 108.1 107.30
____
27
31
181
12
53
Total sales 10 81,000 units_ ..
{High 104.29 104.26 104.29 104.31 105
105.2
Low. 104.25 104.24 104.25 104.27 104.29 104.28
830, 1946-49
Close 104.29 104.26 104.29 104.30 104.29 104.28
29
14
22
8
231
Total sales in 81,000 units_ __
295
High 104.23 104.23 104.28 105
104.26
Low 104.18 104.20 104.23 104.27 104.26
334s, 1949-52
-Close 104.21 104.20 104.28 104.29 104.26
-9
55
Total sales in $1,000 units._.
312 2.890
1
righ 107.31 107.31 108.1
108.4 108.1 108.2Me, 1941
Low 107.28 107.29 108
108.1 108
108
Close 107.29 107.31 108
108.1 108
108.1
13
20
22
68
228
Total sales in $1,000 units_ __
163
High 105.30 105.30 108.1 106.6 106.6 106.5
83(s. 1944-46
Low_ 105.26 105.30 105.30 106
106.3 106.2
Close 105.30 105.30 106
106.4 106.3 106.2
70
1
229 1.737
Total sales in $1,000 units__
197
53
High 101.16 101.16 101.18 101.20 101.19 101.20
234s, 1955-60
Low_ 101.14 101.14 101.14 101.17 101.17 101.15
Close 101.15 101.14 101.18 101.18 101.19 101.17
104
82
248
403
Total sales in 91,000
_
104
103
ederal Farm Mortgage units_Illgh 103.25
__ 103.28 103.28 103.31 103.27
Ilk s, 1944-64
__ 103.24 103.25 103.31 103.24
Low. 103.25
Close 103.25
_- 103.28 103.28 103.31 103.26
Total sales in $1,000 units...
5..__
31
125
1
125
Federal Farm Mortgage
High 101.30 101.31 102.2 102.4 102.3 102.3
718, 1944-49
Low_ 101.29 101.23 101.30 102.2 102.1 102
(Close 101.31 101.31 102.2 102.3 102.3 102.1
Total sales in 81,000 units...
4
40
140
10
223
43
'ederal Farm Mortgage
High 102.2 102.2 102.5 102.6 102.7 102.6
8a, 1942-47
Low. 101.31 102
102.1
102.4 102.3 102.3
Close 102.1 102.2 102.5 102.5 102.3 102.3
Total sales in $1.000 unit,...
133
21
70
6
10
107
ederal Farm Mortgage
High
------------100.31
--- 101.1
2,4s, 1942-47
1 00
____
____
.___ 100.31
__ 101
Close
------------100.31 .. 101
Total sales M 31.000 units_._
1
____
15
---.--- - -roma Owners' Loan
(High 100.27 101.5 101.2 101.2 100.29 100.30
4s, 1951
Low. 100.27 101
101
100.30 100.29 100.28
Close 100.27 101.3 101
100.30 100.29 100.29
Total sales in $1,000 units_ _.
4
462
147
.167
182
93
High 101.30 101.31 102
ii;ome Owners' Loan
102.2 102
102.2
3a. series A, 1952
41.0w. 101.26 101.27 101.29 102
101.31 101.31
Close 101.29 101.29 102
102.2 102
101.31
Total sales in 81,000 units__
15
71
170
69
148
89
'ome 0••ssers' Loan
1 High 100.14 100.15 100.19 100.20 100.20 100.21
Low. 100.9 100.13 100.13 100.18 100.18 100.16
2%a, series B. 1949
Close 100.14 100.14 100.18 100.19 100.18 100.17
Total sales in $1,000 units__
37
90
28
291
216
485
United States Treasury Bills-Friday, May 24
Rates quoted are for discount at purchase.
Bid
May 29 1935
June 5 1935
June 12 1935
June 19 1935
June 26 1935.
July 3 1935
July 10 1935
July 17 1935
July 24 1935
July 31 1935
Aug. 7 1935
Aug. 14 1935
Aug. 21 1035
Aug.28 1935
300. 4 1935
lent 11 1935
Asked
Bid
Sept. 18 1935
Sept. 25 1935
Nov. 27 1935
Deo. 4 1935
Des. 11 1935
Dec. 181938
Dec. 24 1935
Deo. 31 1935
.1an. 8 1938
Jan. 15 1936
Jan. 22 1936
Jan. 29 1936
Feb. 5 1936
Feb. 11 1936
Feb. 19 1936
0.15%
0.15%
0 15%
0.15%
0.15%
0.15%
0.15%
0.15%
0 15%
0 15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.150s
Asked
0.15%
0 15%
0.20%
0.20%
0 20%
0.20%
0.20%
0.20%
020%
0.20%
0.20%
0.20%
020%
020%
0.20%
Quotations for United States Treasury Certificates of
Indebtedness, &c.-Friday, May 24
Figures after decimal point represent one or more 32ds of
a point.
Maturity
/M.
Rate
Bid
Asked
June la 1936-Sent. 15 1936Aug. 1 1935_
Mar. 15 1940.June 15 1939._
13%4.15 1938--Dee, 15 1935-Feb. 1 1938.-Dec. 15 1936_
146%
144%
114%
13.4%
234%
2.4%
215%
234%
241%
101.3
101.24
100.26
101.12
103.12
104.27
101.29
105.1
104.1
101.5
101.26
100.28
101.14
103.14
104.29
101.31
105.3
104.3
DU.
Maturity
Apr. 15
June 15
June 16
Feb. 15
Apr. 15
Mar. 15
Aug. 1
Sept.15
1930-19381935_
1937_
l937...._
19381936_
1937--
Rate
Bid
Asked
234%
21.4%
3%
3%
3%
8%
334%
334%
102.23
105.27
100.24
104.20
104.31
108.0
103.23
105.31
102.25
105.29
100.31
104.22
105.1
108.2
103.25
106.1
The Week on the New York Stock Market-For review
of New York Stock market, see editorial pages.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE.
DAILY. WEEKLY AND YEARLY
Week Ended
May 24 1935
Stocks,
Railroad
State.
Number of and Aftwat. Municipal &
Bonds
Shares
ForeignBonds
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
600,460
972,070
1,139,380
1,147,341
1.285,930
1,181,160
$3,676,000
5,699,000
6,562.000
6,509,000
5,418,000
7.876,000
6,326,341 535.740,000
Sales at
New York Stock
Exchange
5791,000
1,382,000
1,598,000
1,770,000
1.311,000
1,336,000
1934
Stocks-No,of shares_
6,326,341
3,150,050
Bonds
Government
515.847,000 813,778,200
State and foreign
8,188,000
7,198,000
Railroad 3t Industrial_
35,740,000 33,583,000
Total
5912.000
993,000
2,372.000
8,126,000
1,200.000
2,244,000
$5,379,000
8,074.000
10,532.000
16,405,000
7.929.000
11,456.000
88.188,000 515,847,000 $69,775,000
Week Ended May 24
1935
Total
Bond
Sales
United
States
Roads
Jan. 1 to May 24
1935
1984
96,268,475
194,774,535
$371,230.000
159,693.000
835,654,000
8257.875,500
309,318.000
1,191.234,000
$59,775,000 854,559,200 81,366,577,000 81.758,425.500
CURRENT
NOTICES
-Arnold & Co., members New York Stock Exchange, announce the
removal of their offices to 25 Broadway.
-W. D. Yergason Ss Co., 30 Broad St., New York, are distributing
public utility preferred stolc analysis.
-Reginald M. Bevan, formerly with Hemphill, Noyes & Co.. Is now
with Dunne & Co.
-Leslie 0. Stutts has become affiliated with Frederic H. Hatch & Co.,
Inc.
FOOTNOTES FOR NEW YORK STOCK PAGES
• Bid and asked prices, no sales on this day.
Companies reported in receivership.
a Deferred delivery.
n New stork.
r Cash sale.
s Ex-dividend.
y Ex-rights.
32 Adjusted for 25% stock dividend paid Oct. 1 1934.
31 Listed July 12 1934; par value 106. replaced El par, share for share.
34 Par value 550 lire listed June 27 1934: replaced 500 lire par value.
Is Listed Aug. 24 1933; replaced no par stock share for share.
34 Listed May 24 1934; low adjusted to give effect to 3 new shares exchanged for
1 old no par share.
2, Adjusted for 66 2-3% stock dividend payable Nov. 30 1934.
II Adjusted for 100% stock dividend paid April 30 1934.
59 Adjusted for 100% stock dividend paid Dee. 31 1934.
"Par value 400 lire; listed Sept. 20 1934, replaced 500 lire par value.
4, Listed April 4 1934; replaced no par stock share for share.
os Adjusted for 25% stock dividend paid June 1 1934.
The National Securities Exchanges on which low prices since July 1 1933 were
made (designated by superior figures In tables), are as follows'
New York Stock
l2 Cincinnati Stock
u Pittsburgh Stock
"Cleveland Stock
New York Curb
23 Richmond Stook
a Including cash sale of one bond at 101.1
14 Colorado Springs Stock "St, Louis Stock
New York Produce
New York Real Estate 'I Denver Stock
Note-The above table includes only sales of coupon
so Salt Lake City Stock
Baltimore Stock
34 Detroit Stock
n San Francisco Stook
bonds. Transactions in registered bonds were:
Boston Stock
"Los Angeles Stock
ss San Francisco Curb
1 1,,t 3tis, 1932-47_ _100.27 to 100.27 1 Treas. 3445, 1946-49_104.26 to 104.26 . Buffalo Stock
"Los Angeles Curb
12 San Francisco mining
1 Treas. 3.3. 1951 55_._103.17 to 103.17
32 Minneapolis-St. Paul
13 181 43.48. I932-47.._.100.27 to 101
California Stock
"Seattle Stock
1 Treas. Ms.1941-43-107.29 to 107.29
o• New Orlean efRook
Chicago Stock
os Spokane Stook
24 4th 444s, 1933-38___102.6 to 102.9
• Washington(D.C.) Moos
Chleago Board of Trade 2, Philadelphia Stock
2 Treas. 33(8, 1942-45_105.28 to 105.28 4 Home Owners 23(8.
1939-49
100.13 to 100.13
Chicago Curb
1 Treas.48, 1944 54-111.13 to 111.13
Volume 140
3503
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Nine Pages--Page One
NOTICE-Cash and deferred delivery sales are disregarded In the day's range, unless they are the only transactions of the day.
sales in computing the range for the year.
mem
Saturday
May 1S
AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Monday
May 20
Tuesday
May 21
Wednesday
May 22
Thursday i
May 23
Friday
May 24
SalesR
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Range S,nce Jan. 1
Os Basis of 100-share Lots
Lowest
$ per share $ Per share $ per share 3 Per share $ per share 3 per share Shares
Par 3 per shard
381 2 •35
3612 *351g 3612 *3518 36,2 *3518 3612 *3512 3612
*35
Abraham & Stratus
32 Apr 3
No par
*112 11334 11218 11218 *11212 11334 *113 11334 *113 11334 *113 11334
Preferred
100 110 Jan 10
10
Preferred Called
100 111 Mar 4
614 6%
638 6%
612 Os
--612
- -9;566 Adams Express
414 Mar 15
63* -14 --9E4
No par
*87
,
4 90
*8712 90
8812 8812 88
88
*88
90
*88
90
Preferred
30
100 8434 Jan 2
3112 3178 3112 31% 3112 31,
8 3112 3112 *3112 32
4 3112 31,
1,300 Adams MI1112
No par 2814 Mar 27
1138 1112 11% 11,
8 1118 1114 1118 11,
8 1034 11
8 Jan 12
10
1038 1078 5,400 Address MuItigr Corp
8,
8 8%
7% 814
*772 8,4
814 8%
8
814
412 Mar 18
800 Advance Rumely
No par
*78 8%
4,77, 8
8
8
8
81g
8
818
818 818
8
814 2,300 Affiliated Product, Inc ._No par
834 Jan 15
12814 130
12814 12912 12912 132% 132% 13412 13412 136
13512 13614 7.600 Air Reduction Inc
No par 10432 Mar IS
4.22
1
878
I
Ils
118
118
1
*78
I
34 Apr 3
*78
1
1.200 Air Way Elec Appliance No par
1738 1818 1818 18,
18% 17
4 18
,
4 18
17
18
17
1714 16,900 Alaska Juneau Gold Mln
10 1538 Mar 13
•____ 189
*---- 189 •____ 189 •____ 189 •- 189
1,700 Albany & Susquehanna
100 188 Apr 10
*212 278 *212 2
,
4 *213 238 *212 238 *212 23* *212 23*
A P W Paper Co
2 Jan 4
No par
1
118
I
118
118
1
1
1
lls
1
1
34 Mar 30
1% 2,900 :Alleghany Corp
No par
*312 418
312 4
418 *314 4
*314 418 *314
238 Mar 21
600
100
Pref A with $30 warr
314 314
312 312 *3
4,
8 *3
338 *3
312 *3
338 *234 332
2 Mar 27
Prat A with $40 wart
100
4% *3
*3
434 *3
4
3
3
3
3
*278 4
134 Mar 28
200
Pest A without ware__. _.100
12
*10
*10
1138 *10
1112 10
10
1112 *10
10
658 Apr 2
21i% prior cony pret__No par
10
200
26
2512 26
26
26
26
2612 2612 26% 2618 2614 27
1.500 Allegheny Steel Co
No par 21 Jan 12
Allegheny & West 6% gtd100
1712 119-1-2 148 149
1.7
1481.4 119
.
4 147- 149
14912 14934 146" 119-3; - 6.700 Allied Chemical & Dye___No par 125 Mar 18
12434 12434 *12478 125
125 125
12514 *125 12514 •125 12514
Preferred
100 123 Apr 20
1914 1978
1914 20 1938 20
19
1934
1912 20
1912 2014 21,400 Allis-Chalmers Mtg
No par 12 Mar 13
18
1814 •1712 18
18
18
1778 17% 1738 1772 18
14 Mar 13
18
1.100 Alpha Portland Cement No par
*318 338
333 312
313 312
314
312 1.900 Amalgam Leather Co
21* Mar 14
312 312
3,
8 312
1
3012 •29
30
32
•2978 32
3114 3114 3112 3112 *3018 32
7% preferred
60 2614 Mar 15
700
6814 6912 68
1531s 68% 69
6838 70
6912 7018 6912 70
5,700 Amerada Corp
No par 4811 Jan 11
4612 4712 47
4714 48
4934 50
50% *49
50
49
49
2.100 Amer Agri° Chem (Del) No par 42 Apr 4
2512 25% 2538 2512 2514 2512 2518 25,
4 2538 2534 2414 2512 6,900 American Bank Note
10 1312 Jan 12
6212 6212 *62
8234 62
82
62% 62
*62
62
*62
Preferred
70
60 43 Jan 11
6212
*2618 2612 2618 2618 25 2514 25
25
263* 2,300 Am Brake Shoe & Fdy___No Dar 21 Mar 29
251g 2534 26
•124 124% 124 124
12314 12314 122 122
123 123
123 123
90
100 119 Jan 8
Preferred
125 125,
12412 126
4 12514 128
126% 128
1263* 127
12614 12714 8,700 American Can
25 110 Jan 15
162 163 *16012 164 *160 164
*158 165
162 162 *158 164
500
Preferred
100 15184 Jan 4
1512 1434 15
15
14,
4 15
14% 15
15
15
15
10 Mar 13
1539 3.100 American Car & Fd3r
No par
*3512 361 i 3634 3634 37
38
3812 3114 39
39
3912 38
100 2512 NI ar 13
Preferred
2,400
*1138 1138 1034 1138 *10% 1112 1118 1112 *1118 1118 1118 1118
8 Jan 30
1,100 American Chain
No par
75
*70
*7012 75
*70
74
72
7218 *72
7334 73
75
t% preferred
400
100 38 Jan 11
8612 Si
88
88
8814 89
8918 9018 9112 9112 9114 9114
No par 66 Feb 8
1,600 American Chicle
*32
35
*32
35
*32
35 .32
35
*32
Am Coal of NJ (Allegheny Co)25 30 N1 ar 28
35
*32
35
318 *3% 3% *318 318 *314 3s8 *314 352
*3
338 *3
232 Mar 14
Amer Colortype Co
10
25% 2618 26
271g 26
26,
4 2512 2614 2538 2614 2614 2634 8,500 Am Comml Alcohol Corp
20 2212 Mar 18
1234 1318 12,
4 13
1272 13% 1278 1318 1318 1414
14
15
612 Feb 5
22,300 American Crystal Sugar
10
11412 115
114 115
113,
4 11334 114 11514 11512 116
7% preferred
11512 116
1,050
100 5738 Jan 2
134 1114
112 1,
4
I%
1,
4
%May 24
112
34
1 12 17s
112 43,600 Amer Encaustic Tiling___No par
13*
*434 5
*4,
4 514
28 Apr 2
512 5'4
514 514 *412 518 *414
400 Amer European See'e____No par
5
378 418
37
37
334 418
378 4
Mar 13
2
338 37s 5.800 Amer & Porn Power
354 378
No par
20
20
20
20% 20
2038 1912 1912 1812 191* 19
Preferred
No pa, 14 Mar 15
191
2,800
*634 734
8
712 812
378 Mar 14
NO par
2nd preferred
1.600
*73
8
7%
732 8
77
•1612 18
18
18
1734 1734 1634 1634 1618 1612 16% 16%
12 Mar 30
800
No par
$6 preferred
10
10
9,2 912 *912 934
10
912 912
84 Apr 18
500 Amer Hawaiian S S Co
912 912 *914 9,2
412 412
412 5
518 534
214 Mar 13
6
612
6
614
6
6
3,500 Amer Hide & Leather___No par
*24
25
2412
2714 27
27
2714 2714 2714 2714 *2612 27
100 17 Mar 13
Preferred
2.400
3112 3178 *3138 3178 31,
8 3158 31,
8 3178 *3112 313
1 x 2918 Apr 12
3134 3134
1,000 Amer Home Products
378 378
334 418
4
4
31: Jan 2
372 4
No par
372 37s
1.400 American Ice
372 4
*35
3534 *35
3514 35
35
35
3514 *34
*34
35
100 2878 Jan 2
3412
400
8% non-cum pref
7
718
71
7
718
714
6% 714
412 Mar 18
71s 714
Vo par
714
71
5,900 Amer Internal Corp
_
h Feb 11
:Am L France & Foamite_No par
-*278 -312 *2, -1
,
4 '234 33
134 Mar 13
100
Preferred
60
*234
:112 3,2 -11234 -23
13
1334
13
1312 1314 13,
13
13
13
9 Mar 13
1438 7.200 American LOcOMOtlee____No par
1314
4 13
4578 4578 *42
45
4418 44% *40
4434 4412 45
4538 4638 1.400
100 32 Mar 19
Preferred
2212 2218 2212 2212 23,
22
4 23
2314 2238 2314 2214 2234 6.400 Amer Mach & Fdry Co-No par
1812 Mar 13
*814 812
814 814
8% 838
8321 878
814 814
414 Apr 4
814 838
1.700 Amer Mach & Nfetaln____No par
*814 318 *8
812 *8
814 8% *8
8
8
Voting trust etre
812
412 Apr 4
834
No par
500
20% 2078 2012 2138 20% 2138 2012 21
1312 Mar 15
2012 2114 2034 2114 9,600 Amer Metal Co Ltd
No par
106 106 •105 107
107 107 *105 11178.105 1117e 106 107
600
8% cony preferred.
100 72 Jan 2
*23
30
*26
30
*20
,
4 29% *23
*21
30
2978 *2312 30
Amer News, N Y Corp Na par 224 Jan 3
353 334
338 334
314 338
312 314
3% 3,
8
No par
3'4
1 12 Mar 13
33s 7,300 Amer Power & Light
2312 24
24
2538 2418 2434 23
2338 23,
2134 23
8 2414 8.300
1018 Mar 13
No par
$6 preferred
2014 2038 2012 22
2034 21,
21
1934 203*
4 20
838 Mar 13
No par
193* 2114 9,500
$5 preferred
1438 1478
1412 1478 14% 15
14,
4 15
1412 1478 35,300 Am Rad & Stand San'y_ No par
1412 15
1012 Mar 13
*14818 150 *14632 150 *14638 150 •I48 150 •148 150 *148 150
Prefer red
100 13412 Mar 1
20
201 i
1938 2014
1972 201s 20
19% 2012 1912 2018
2078 17,700 American Rolling 54111
26 1534 Mar 18
78,
8 7638 7614 76,4 76,
4 77
7634 7678 7614 7614 7612 7612 1,600 American Safety Rawl. __No par 66 Mar 14
412Mar 12
*7,2 778 •712 7% *7% 7%
1,300 American Seating v t a___No par
778 8
734 8
734 78
*23
24
24
2312 2312 2312 2312 24
24
24
2414 2414
270 Amer Shipbuilding Co_No par 20 Mar 14
4538 4638 45
4534 4718 4534 4632 32,900 Amer Smelting & Retg___No par 3138 Apr 3
45,
8 45
4652 4518 46
13734 13734 •13678 138
137% 13778 137,
13714 13714 *137,
4 1377e
g 133
700
Preferred
100 121 Feb 4
•112 113
113 113
11312 11312 •113 1131 11312 113% 1133* 1133*
700
2nd preferred 6% sum
100 103 Feb 14
7138 7138 72
72
74
74
7212 7314 74
74
74
7412 1,200 American Snuff
25 63 Jan 16
*137
*137
•137
*134% 140
•137
•I37
Preferred
100 125 Feb 20
1334 1414
14% 14% 14,
14
14% 1414 1434 1538 10.400 Amer Steel Foundries____No par
8 1418 141
12 Mar 14
*9312 95
•9334 95
9334 93,
4 9312 931
340
9438 9412 *9312 05
Preferred
100 88 Feb 4
37
3712 37% 3712 37% 38
3712 3712 37
37
1,700 American Store,
37% 37,
No par 3312 Apr 4
62
63
62
6314 6314 64
63
62,
4 6212 62,
1.900 Amer Sugar Refining
4 63
6414
100 5512 Mar 3
*138 140
13178 140
13912 14018 140 140
139% 139% •13918 140
1.400
Preferred
100 12612 Jan
*22
2212 22
22
22
22,
4 2138 221 •2215 2214 *2134 22
2,000 Am Sumatra Tobacco___No par
1812 Jan 29
11912 12012 11912 12012 11914 120% 11934 12034 119% 1203* 11912 12014 17.100 Amer Telep & Telcg
100 9878 Mar 1
8514 8512 85,
4 85,
4 85
8514 3,200 American Tobacco
86
8538 8534 8512 8514 85
25 7212 Apr
8 8714 87
8612 ii712 811,
87
,
4 87
8734 10,200
88,
8 8714 8772 87
Common class 13
25 7434 Mu' 2
13914 13134 13912 140
139% 139% *138 1391_ 13912 13912 *139 13934
600
Preferred
100 12918 Jan 1
*4
4,
4
*4
4% 414
414
*4
4
414 414
4
414
400 tem Type Founders
No par
2l Mar 1
•1372 15% 15% 15% 1512 1614 1514 1514 15
15
*1334 153
280
Preferred
9 Mar 15
100
II
10% 11,4
1118 10,
103
4
1114
107
8
113
8
4 10,
1012
107
8
8,200
Am Water Wks & Elec-No Par
4
712 Mar 13
64
*62
6212 6212 82
60
6214 62
62
601
60
lst preferred
63,
4 1.300
No par 48 Mar 19
7
812
718 712
83* 878 23.200 American Woolen
8% 91
83* 9
812 938
No Par
478 Mar 13
43
4314 43% 4912 4834 5112 4838 50,
49
4814 49
2 48
23,500
Preferred
100 3512 Mar 18
78
78
78
78
*58 1
300 :Am Writing Paper
78
%
*32
*34
78
58 Mar 29
1
*332 418 *312 412 *334 438 *318 414 *312 412 *334 414
Preferred
par
214Mat 15
4
418
458 538
438 412
5
334 4
538 9,900 Amer Zinc Lead & Smell_o
412 412
N
_
3 Mar 13
42
42
*38
4312 4312 44% 4478 44% 4512, 46
4518 4518
1.300
Preferred
25 31 Mar 20
1638 17
1658 1718
1612 1712 1678 17,
4
173* 1818 17% 18 161.800 Anaconda Copper Mlning
50
8 Mar 13
*2312 26
.2314 2512 *2314 26
300 Anaconda Wire & Cable__No pa
2312 23% *2312 2418 2212 2314
1618 Apr 1
1272 1318 • 1314 1318 14
81312 14
1312 131* 1312 1312 2,400 Anchor Cap
14
Vo pa
1212May 15
•102 10312 •102 10334 10214 10212 104 104 *104 10412 *104 1041 2
30
$8 50 cony preferred_No par 101 May 15
*618 71 1
714
714 *714 812 *734 8%
7,4 *613 7%
*61s
100 Andes Copper Mining
10
318 Mar21
41
41
x10
40
4018 4012 4012 4012 4012 4034 40,
4 4114 2,200 Archer Daniels Micird___No par 38 Jan 18
•120 12014 •120 12014 11812 120 •11812 120 .11812 120
120 120
30
7% preferred
100 11814 Jan 4
103 105
104 104
10412 10412 1310312 10434 •10312 10434 *104 10434
600 Armour & Co (Del) oret
100 97 Apr 3
418 414
4
438
414
418
418 414
438 19,200 Armour of Illinois new
414
418 4%
5
314 Apr 3
83,4 63,2 6314 6414 63,
4 6372 6312 6334 6412 6514 6512 6634 3,800
$6 eon* prat
Vs par
5512Ntay 1
*9712 101
100 100
*9712 101
*9712 101
*9712 10018 *9712 101
200
Preferred
1130 85 Jan 2
For footnotes sec nage 3502
No account is taken of such
Highest
Juq,
1933 to Range for
pr 30 Year 1934
1935
High
Low Low
$ per share $ per sh
3712May 16
30
114 Apr 5
89
11112 Mar 6
4
714 Jan 2 -1165
8934 Apr 15
1412
3312 Jan 2
1178May 17
6
834May 9
312
8,
8 Feb 11
478
13 il4May 24
8012
17s Jan 7
1538
z2018 Jan 9
187 Apr 25 170
2
312 Jan 8
172 Jan 7
2,
8
7 Jan 4
2
612 Jan 2
1%
632 Jan 5
1234Nlay 14
1314
27 May 24
82
15178May 16 10712
12712 Feb 27 117
10%
2012May 17
11%
2014 Jan 5
2%
312May 17
21%
33 Apr 22
27
7034NIay 17
20
5734 Feb 16
2734Nlay
11%
3412
6414May 10
291
/
4 Jan 3
1912
88
125 Apr i7
80
123 May 21
168 May 3 120
10
2014 Jan 9
2512
4532 Jan 9
4
1312 Apr 24
14
8518 Apr 26
8112May 23
4312
20
30 Mar 26
2
358Nlay 17
2034
3314 Jan 3
15 May 24
611
32
12034May 14
1 12
3 Jan 3
5'29
234
-lay 13
2
512 Jan 3
1134
2338 Feb 14
812 Jan 7
372
1014
20 Feb 14
814
13 Jan 10
214
612May 22
17
2734Nlay 22
2434
3212 Feb11
3
47a Jan 17
2534
37% Feb 16
712N1ay 16
412
34 Jan 18
134
8 Jan 18
9
2034 Jan 9
32
5612 Jan 9
12
2334 Jan 3
3
934 Apr 26
3
912 Apr 26
2138Nlay 20
1272
63
107 May 17
3018Nlay 7
20%
418May II
1 12
1018
2772May 11
8%
2312May 11
1812 Jan 7
9%
150 May 10 10712
12,
8
24 Jan 7
7712N1ay 17
3358
2
838Niay 10
15
2814 Jan 7
4712May 17
2812
144 May 8
71
57
117 May 6
43
7412May 24
133 May 15 106
1918
1814 Jan 9
52
9412 Apr 28
43 Jan 9 21 3318
4512
7012 Feb 16
14012May 6 102
11
2418 Jan 3
9878
121 May 17
6312
86 May 16
8838May 22
8478
140 May 20 105
210
814 Jan 18
7
1938 Jan 18
718
z1472 Jan 10
48
641 2MaY 1 6
4%
9301ay 21
5112May 21
3512
134 Jan 18
313
214
612 Jan 18
538Nlay 23
3
31
43 May 23
1318May 23
8
25 May 17
738
1312
1738 Jan 4
109 Apr 26
80
7149
-lay 22
318
4234May 11
2178
121 Apr 6 106
10814 Feb 23
64
618 Jan 3
314
4614
7038 Jan 10
10812 Feb 4
3114
per share
35
43
111
89
1134
6
7014 285
3472
16
634 1132
312
738
472
958
9134 113
138
338
1658 2372
196
205
234
772
114
514
438 1818
4
1432
372
1438
13-1;
15
82
9814
1151g 160%
122% 130
1088 23%
1112 2012
734
218
45
25
39
5558
2514 48
1112 251.4
40
50%
1912 38
122
96
9014 11434
12812 152,4
3372
12
32
5612
412 12,4
19
40
464 703s
22
35'2
212
612
20,
4 6212
612 1312
gi2 7272
118
6
A
1012
1314
30
ilk
gig 1712
25
11
10i2 2252
312 1012
17,
4 4214
2534 363,
3
10
2534 454
11
4
45
38
119
3%
10
1412 38%
3512 7434
1238 2338
314
1014
412 10
1278 27,
8
63
91
3414
21
3
121,
1138 2978
912
10
11112
1312
36
2%
1732
3014
100
7114
4834
108
1018
5978
37
46
10312
13%
100%
6514
67
10714
3
2614
1738
13772
2814
85,
4
75*
30
51,4
126
10912
71
12712
26%
92
44%
72
129%
24
12514
8512
89
13034
13
7% 28%
1258 2758
80
54
17 18
7
83,
4
38
41,
1
2% 1712
3%
3612 50%
10
17%
914 1832
4
1318 24,
106
84
1018
418
2614 3918
117
.10
8
76% 103,
6,
4
3%
46% 7114
85
54
New York Stock Record-Continued-Page 2
3504
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
May 18
Monday
May 20
Tuesday
May 21
Wednesday
May 22
Thursday
May 23
Friday
May 24
Sales
for
the I
Week
STOCKS
NEW YORK STOCK
EXCHANGE
J
$ per share $ per share 5 per share $ per share 5 per share $ per share Shares I
Par
438 438
412 458 .413 458
434 431
412 412 .412 4%
700 Arnold Constable Corp
5
*414 514 *4
514
514 *153. 514
100 Artloom Corp
No par
514 *5,4
512 *514
512
*72
'372 - __ *72 _ __ *72
_ _ *72
__ _ *72
_ ._.
100
Preferred
813 -812
812 -813
838 9
9
-9834 8-78
838 .-9
2,800 Associated Dry Goods
1
88
88
8912 8913 *82
89
*83
89
88
88
100
8912 90
700
6% 1st preferred
*5318 57
*534 54
*534 54
"5318 54
5412 5412 57
200
57
7% 2d preferred
100
33
3314 3314 33
*3234 3112 *3234 3412 *3312 3412 *3312 3412
50 Associated 011
25
4114 4113 404 4158 41
42
4038 4138 4038 4112 4114 4238 19,500 Atch Topeka & Santa Fe
110
80
80
7912 7912 *79
80
80
80
*79
8014 79
80
1,200
100
Preferred
23
23
23
2312 2278 234 2212 2234 *2212 2234 2214 2378 1,000 Atlantic Coast Line RR
100
*438 5
*438 512 *453 514 *434 512 *434 5
5
514
100 AS G & W I SS LInes____No par
*512 812 *51 2 812 *512 812 *512 812 *512 812 *512 8'2
100
Preferred
2612 2678 x2614 2658 2638 27
2612 264 27
2714 27
2712 15,000 Atlantic Refining
25
4112 42 .4214 434 42
4312 4112 4238 4112 4234 41
4134 3,000 Atlas Powder
No par
*11012 11112 .11012 11138 *11034 11138 111 111
11070 111
90
Preferred
11138 11138
100
.111 11158 .111 11158 *111 11158 111 111
111 111
111 111
50
Prat called
558 6
6
6
6
6
*54 64 .512 534 *512 54
600 Atlas Tack carp
No par
2014 2012 2014 2014 2038 21
2018 21
2014 2014 2058 2034 3,300 Auburn Automobile
No par
614 612
64 734
734 818
734 734
712 78
8
8
3,500 Austin Nichols
No par
*37
3712 3634 40
4112 4134 414 414 4012 40'z 4012 40'2
No pa
Prlor A
360
31* 4
34 414
4
414
4
414
334 4
13,800 Aviation Corp of Del (The)_-__5
378 4
278 314
278 3
278 3
278 3
234 278
No par
212 234 7,800 Baldwin Loco Works
1214 1212 1278 1278 13
1314 13
13
1238 1213 *1218 13
1,600
100
Preferred
1138
11
1114
11
1118 1114 1034 114 1034 11
11
1138 9,000 Baltimore & Ohio
100
1334 1334 1333 1338 *13
1358 1238 13
13
13
1312 1312
900
100
Preferred
110612 10612 *10612 109 *107 109 *107 109 '3107 109 *107 109
20 Bamberger (1.) & Co pref
100
'40
4013 40
40
4112 4112 4134 42
*4134 4213 4212 424
900 Bangor & Aroostook
60
*11412 116 *11412 116 *11412 116 *11412 116 *11412 116 *11412 116
Preferred
100
*438 478 *438 479 *314 434 *334 434
200 Barker Brothers
No par
378 34 *378 438
*36
3712 *3614 3712 *3612 37
36
36
200
3512 36
35
36
100
634% cony preferred
5
912 9%
912 10
934 97
938 10,8
94 104
034 1018 30,000 Barnsdall Corp
40
40
4012 4012 4014 4012 41
4478 4,100 Bayuk Cigars Inc
4414 4378 444 44
No par
*10978 114 *10978 114 *10978 114 *10978 114
114 114 *1094 114
20
1st preferred
100
*1578 17
*1614 1612 *1638 1634 154 154 *16
600 Beatrice Creamery
1633 16
16
25
- *1064
*1067
- *10678
- - *10678
- *10714 112 *10714
Preferred
_ ___ ___
100
8*80
-82-12 *8112 1212 *81 --8212 82 --8212 8134 9
-2-12 .82
8212
500 Beech-Nut Packing Co
20
1212 1213 1238 1213 1214 1212 1238 1238 1218 1214 1218 1238 2,300 Belding Hemingway Co__No par
8818 8818 *86
90
90
9
400 Belgian Nat Rya part prat
9014 9012 *9014 9212
*9013 91
1434 1478 1412 1518 1458 15
1438 15
1434 144 1412 1438 9,400 Bend's Aviation
5
17
1714 17
1714 174 1714 174 1718 1718 1714 1718 1714 2,600 Beneficial Indus Loan____No par
3712 3734 3712 3713 3714 3758 3738 3712 3778 3878 3738 3738 2,100 Bost & Co
No par
2634 2738 264 2714 2634 2758 2634 2712 2718 2734 27
2814 27,900 Bethlehem Steel Corp
No par
68
100
6834 68
6812 68
4,000
7% preferred
68
68
70
6834 684 6912 69
1914 19
2114 2034 2158 2138 2112 *2018 2034 2,790 Bigelow-Sant Carpet Inc- No par
*1914 194 19
1112 1134 1138 1134 1138 1134
1138 11's 1158 114 1114 1134 3,500 Blaw-Knox Co
No par
2034 2034 *17
*19
2034 *17
2034 *19
20
30 Bloomingdale Brothers
2034 *19
No par
2034
•1111
Preferred
_ *111 114
.*111 113
60
11034 III *11034
111 111
"53 4-5612
_53
100
53
5012 -i013 5012 50,2 "52
53
53
53
140 Blumenthal & Co prat
8
818
778 814
8
814
5
778 8
758 778
738 734 7,100 Boeing Airplane Co
55
55
544 5413 5413 5512 544 5434 5412 55
55
5518 4,300 Bohn Aluminum & Br
5
*944 9514 *9412 95% 9512 9512 9538 9512 95
No per
500 Bon Ami class A
9534 9612 9612
2258 23
2238 23
2258 2314 2234 234 2212 23
15,300 Borden Co (The)
15
2238 23
3518 3578 3512 36
36
3714 3614 3678 304 3758 3714 3814 11,100 Borg-Warner Corp
10
*478 518
5
5
*478 512 *478 5
200 Boston & Maine
478 478 *412 .5
100
.158
4.34
1
78
1
78
.1.58
1
1
1
'
3 12 1
200 !Botany Cons Mills class A-50
94 1018 1038 1114 11
1138 11
114 48.800 Bridgeport Brass Co
1138 1118 1138 11
No par
31)
2918 2938 2918 2938 294 30
29
20,100 Briggs ManufacturIng_No 12..r
2958 3038 2914 30
36
36
3614 3614 3634 3634 37
37
37
No par
3718 3714 3738 4,900 Briggs & Stratton
3138 3138 *3138 3312 3132 3134 3112 3178 31
3134 3078 3114 3,500 Bristol-Myers Co
5
•I58 2
134 2
134
134
1,900 Brooklyn & Queens Tr___No par
134 2
158 133
138
14
2014 2014 2078 21
1912 207* *2034 21
2014 2014 19
20
3,200
Preferrcd
Ne per
3834 3834 384 334 3814 3834 3814 3812 2,900 Bklyn Manb Transit
3814 39
381* 39
No par
*9534 9714 9512 9678 9612 9714 96% 97% 965* 9712 9810 0818 1,300
$6 preferred series A
No par
800 Brooklyn Union Gan
55
56
56
55
56
56
*5334 5512
5513 56
*55
56
No par
59
59
*58
*5634 59
*57
5978 5918 5918
59 '5634 59
200 Brown Shoe Co
No par
*12414 ____ *12414 -___ *12414 ____ •12414 ____ •12414 --_ *12414 -__- ______
Preferred
100
*438 478
5
478 5
44 5
*478 5
5
478 478 1,100 Bruns-Balke-Collender___No par
738 8
7
634 678
74
634 758
778 818
10.500 Bucyrus-Erie CO
734 8
10
1178 12
1212 1358 1312 1438 1312 14
1358 1438 19,200
1414 15
Preferred
5
83
85
8712 871
*83
88
87
88
87
88
8778 87%
7% preferred
370
100
34 34
No par
*338 378
4
334 37
418 7,900 Budd (E (J) Mfg
334 414
35* 35*
26
2614 26
26
2534 2614 26
2634 258 2834 2734 2812
720
100
7% preferred
414 438
418 438
4% 434
438 5
478 5
434 5
38.200 Budd Wheel
No par
4
418
418 44
400 Bulova Watch
No par
*334 418 *378 4
*334 414 *334 4
134 134 1313 13
1218 1258 1238 1338 1314 1334 13
1318 11,900 Bullard CO
No par
214 *114 214 '3114 214
*14 214 *114 214 *114
14
No par
114
100 Burns Bros class A
No par
ClassAvto
*38 134
*38
*33 158
*38
134
134
*3a
"38
134
13
012
38
*12
34
*12
34
12
12
No par
Class B
38
350
12
5*
38
Class 13 Ma
No par
*!ti
*18
34
3
34
*18
*I8
*13
34
31
4
*18
5
*458 538 *458 5
5
514 51
460
458 514
7% preferred
100
35* 414
1638 164 1618 1612 1618 1612 1618 1638 1613* 1634 1638 1634 5,800 Burroughs Add Mach ____No par
Ds
114
138 112 *114
114 *114
112
138
138 *114
900 :Bush Term
114
No par
97
938 '6
100
Debenture
100
6
'512 95* *534 938 *6
*512 912
6
1212 1212 12
1212 14
1212 1258 13
13
1312 1412 13
210 Bush Term Ill gu prof ctfs
100
24 2%
2
218 214
2
218 218 *2
214 2,200 Butte Copper & Mao
23* 218
5
*34
*34
78
78
*34
*34
78
78
*34
78
*34
78
:Butteriek Co
No par
1538 16
1538 1534 1512 1512 1534 1534 1513 1534 16
17
4,300 Byers Co (A M)
No par
*4612 50
50
*4612 50
5172 *50
120
*4612 50
5178 5178 5534
Preferred
100
34
3538 3534 3(3
334 34
3312 334 3312 34
6.000 California Packing
No par
3578 36
1
.1
118
112
118
1
118
1
1
118
1
118 6,200 Callahan ZIno-Lead
1
4
8,000 Calumet & Ileola Cone Cop__ _25
334 378
334 4%
37
378 4
378
37a
334 378
1312 134 1312 1314 1334 1378 1338 1334 10,100 Campbell W & C Fdy__No par
1318 1334
1334 14
10
1014 1018 1012 4,800 Canada Dry Ginger Ale
1014
1018
978 10
10
1038 10
10
5
52
*49
*49
52
52
52
*49
300 Canada Southern
50
*49
52
50
*49
100
1114 1138 1118 114 111s 1114 11
1112 1114 114 1118 1138 13,500 Canadian Pacific]
5
3212 3212 3212 3212 3213 33
3212 3212 *32
3212 3212 3212 1,600 Cannon Mills
No par
8
8
814 814
1,200 Capital AdmInla el A
8
84 *712 8
8
1
8
•7,2 8
38 '3838 3834 3834 40
3914 .383
250
*3814 39
, 3834 38
Preferred A
38
10
. ___ ___ Carolina Clinch & Ohio Ry__100
___ ____ .. ____
*86
_ __
*86
_.
Stpd
9012 -9113
*9012 12 *86140
9012 -919112 9113 *9012 -92
*9014 92
100
574 53
5958 11,900 Case (./ I) Co
5818 59
5734 5834 5812 6018 58
5734 58
100
96
97
97
9413 94
97
300
9412 9412 94
98
Preferred certificates
99
95
100
47
48
47
474 47
4814 4818 484 4712 4814 4734 4858 11,900 Caterpillar Tractor
No par
13,300 Celanese Corp of Am
2338 2438 24
2414 2438 25
No par
2334 2412 2334 2434 2314 24
4
414 434
414 10,700 teelotax Corp
4
No par
378 44
'238 34
412
34 334
Certificates
21,600
438
34 4
4
412
4
Yo par
312 434
234 312
'214 258
6,330
21
28
Preferred
21
2534 27
2238 2378 234 2914 2718 2938 27
100
2812 2834 28
274 2734 2834 287
2813 2,600 Central Aguirre Asso____No par
28
2834 28
23
4014 4014 .40
4234 *40
100 Central RR of New Jersey_100
4134 *39
4134 *40
4134 '
339
4134
*71
818 *733 734 *7
800 Century Ribbon Mills_No per
712 734
74
738 738
712 712
Preferred
10
102 102 .102 115 *102 115 *102 115
•102 115 *102 115
100
58
5834 5738 5812 5712 5912 5714 5912 583e 5934 5734 5914 21,000 Cerro de Pasco Copper-No par
514 5%
434 518
434 434
*434 5
*434 518 2,600 Certain-Teed Producte___No par
5%
514
29
2938 315*1 30
2812 2934 29
7% preferred
3012 1,180
314 3018 3012 30
100
Checker Cab
814 *5
*5
5
814 '35
814 *5
814 *5
814
*3
814
1,400 Cheaapeake Corp
"4278 43
No par
4338 4338 4278 4318 *4212 4278 4278 43
4318 4318
12,200 Chesapeake & Ohio
4312 437
4314 4312 4358 44
4314 4358 4358 44
26
4334 44
/Chic & East III Ry Cm
100
114
*78
114
*78
*78
114
*78
114
*78
14
*4
118
6% preferred
100
1,2 *114
*114
112 *114
112 *114
112 *114
112
112 *14
*78
1
78
78
78
„
78
78
78
73
*34
78
500 Chleago Great Western
100
2
218
2
2
*2
Preferred
214
2
214
2
2
2
1,300
2
100
(Chic Ind & Loulav pref___100
.114
*114
2
2
*14 2
*114 2
*114 2
*114 2
78
1
78
1
1
1
1
1
1,600 Chic MOW SIP & Pac____No pa
1
1
78
78
Preferred
138
138
100
134
138
112 158
112 15,
152 3,600
112 15*
112
314 314
ion
314 338 2,500 Chicago & North Western
3% 314
318 314
3% 314
34 311
614 812
Preferred
900
638 688
100
634 634
632 612 *618 7
614 614
75, 778
714
712
712 712
738 738
4,900 Chicago Pneumat Tool___No par
712 734
g
778
alo par
Cony preferred
3212 321* 3278 3214 3278 3278 3338 33
33% 6,500
32% 3338 32
112
114
114
*114
113 *114
300 :Chicago Rock 121 & Pacific...100
112
14
11]
*114
113 *14
100
7% preferred
*214 vs *214 3 *214 3
2
2
234
.214
3
*214
218 .214 3
100
6% preferred
218
1 1%
400
•134 214 *15, 214 .15* 214 ..
____ _-__ ---- ---- ---- ---- ---- ---- ---- ---- ---- --218______ ChM St Paul Minn & 0m...100
Preferred
100
_ _ ______
____ ---- ---- ---- ---- -- -- --- --- Vs par
Chicago Yellow Cab
11
11
if
1012 "8
8
*812 11
.8
11
8
For footnotes] see page 3302
May 25 1935
Itanoe Sines Jan. 1
On Basta of 100-share Lots
Lowest
$ per share
4 Mar 6
334 Mar 15
70 Apr 25
712 Mar 13
8078 Apr 3
48 Mar 12
2934 Feb 21
354 Mar 28
6638 Mar 28
1913 Apr 3
3 Mar 6
6 Mar 5
21451:2r 12
3234 Apr 3
10834 Jan 2
111 Apr 30
4 Mar 13
15 Mar 18
512Nfay 6
3512May 7
3 Mar 13
14 Feb 26
712 Apr 3
712 Mar 13
918 Mar 13
10034 Fab 21
3818 Mar 12
1064 Mar 18
314 Feb 25
3212 Jan 15
578 Mar 6
3713 Mar 14
10724 Jan 11
1534 Mar 29
10013 Jan 5
72 Feb 2
1118 Mar 18
85 Apr 26
1178 Mar 13
154 Mar 13
34 Jan 30
2153 Mar 18
554 Mar 18
1424 Mar 19
933 Mar 14
18 Feb 16
1034 Jan 22
2814 Mar 13
618 Mar 18
4934 Mar 13
90 Jan 31
21 Mar 29
284 Jan 15
334 Mar 27
4 Mar 5
812 Apr 30
2412 Feb 7
2318 Jan 17
3934May 13
138 Apr 18
1418MaY 2
3612 Mar 16
90 Jan 4
43 Mar 18
53 Mar 11
124 Feb 14
418 Mar 6
414 Mar 14
8fs Mar 15
6234 Mar 22
314 Mar 15
23 Mar 14
212 Mar 21
334Nlay 13
814 Mar 13
1 14May 14
12 Mar 28
14 Mar 20
4 Feb 6
3 Mar 16
1314 Mar 14
1 Apr 8
514 Apr 3
10 Mar 28
1 12 Mar 12
NI Apr 3
1138 Mar 14
32 Mar 14
3338Nlay 18
13 Feb 19
212 Mar 13
712 Mar 13
84 Mar 27
50 Apr 9
94 Mar 18
3014 Apr 5
44 Mar 21
3212 Feb 25
8214 Feb 27
85 Mar 20
4534 Mar 18
8312 Apr II
3612 Jan 16
1912 Apr 26
Ire Apr 3
1 14 Mar 8
1114 Mar 20
2214 Feb 13
34 Mar 18
612 Apr 3
964 Mar 14
3858 Jan 15
333 Mar 13
23 Mar 12
438 Mar 27
36 Mar 12
3718 Mar 12
1 Apr 26
1 14 Star 7
58 Feb 28
14 Feb 28
I Mar 30
14 Mar 29
24 Mar 29
253 Ntar 29
44 Mar 14
44 Mar 14
20 Mar 13
1 Mar 12
15, Mar 30
112 Slur 13
10
Feb 20
Iltohest
July1
1933 to Range for
Apr 30 Year 1934
1935
Low Low
Mak
$ per share $ per oh $ Per share
64 Jan 3
24
a
84
514May 22
318
4
10,2
6334 7013
7018 Jan 22
6334
714
714 1814
1353 Jan 8
44
95 Jan 24
46
90
70 Jan 18
38
36
644
2912 404
3314May IS
26
5558 Jan 7
3534
4514 734
6314
8612 Jan 5
704 80
3714 Jan 4
1912
2412 64,4
3
5
7 Jan 7
16
778 24
912 Jan 19
6
28 May 16
2118
2112 3514
4412May 16
18
3514 5512
112 May 2
75
83
107
111 Apr 30 III
734 Jan 8
4
64 1614
2934 Jan 7
15
16,2 5753
14 Jan 2
4
6,3 1652
63 Jan 2
3114 65
2758
558 Jan 3
3
334 1034
653 Jan 9
1 12
4,2 16
2634 Jail 21
713
1614 6434
1478 Jan 7
124 3412
712
1778 Jan 7
918
Id
374
109 May 4
86
864 1024
4278May 21
2914
3512 464
115 May 8
91 13
95,8 115
54 Jan 22
214
24
64
16„ 3812
4034 Jan 22
14
104May 16
578
54 10
4478NIay 23
23
23
454
115 May 16
80
89
10912
19 Mar I
84
1014 1934
10538 Apr 30
100
55
55
8312 Apr 23
54
58
7653
1312 Feb 23
7
878
1514
11712Mar 7
8334
9512 127
1712 Jan 2
934
934 234
1732 Jan 7 3 12
1218
1918
3878May 23
26
40
21
3432 Jan 8
2418 49,2
2133
7734 Jan 9
544 82
4458
2614 Jan 23
1434 1 1914 40
1372 Jan 8
6
6
164
2314 Jan 21
17
26
16
I 11 Apr 25
65
88
109
5812May 16
28
28
56,4
10 Jan 2
614
64
1 1,4
597a Jan 8
3334
4413 684
98 Mar 18
68
76
94
2534 Jan 7
18
1978 2814
38143.lay 21
1112
1618 31%
713 Jan 4
34
5 14
1912
72
3
14 Jan 9
33
1138May 21
31 May 13
2832
1114
12
3738May 21
1013
14
2712
3014 Jan 10
25
26
37,2
312 Jan 5
34
84
133
3178 Jan 3
15
3114 58,4
4418 Feb 19
254
2814 444
9818May 21
6914
8218 97
5812 Apr 25
43
46
8013
6014May 14
41
45
61
1254 Apr II 117
11814 1253*
4
672 Jan 9
10,
8
4
3%
818May 23
Os
312
15 May 23
6
1412
6
88 May 21
75
47
50
3
734
514 Jan 2
3
44
16
33 Jan 22
16
5 May 22
532
2
2
478 Jan 113
24
24
612
15 Jan 2
418
54 1512
234 Jan 25
1'41
6
1
58
412
112 Jan 23
12
138 Feb 7
1
312
1
4
14
213
53 Feb 20
94 Jan 23
4
1512
3
1728May El
1012
1012 21938
34
318 Jan 21
4
378
234
012
1012 Jan22
2
518 21
2212 Jan 21
413
234 Apr 26
1 12
112
314
33
118
4'.
124 Jan 3
204 Jan 7
1138
134 3234
60 Jan 5
32
40
67%
4212 Feb 18
I11% 44,12
1658
4
134
4
1 18 Jan 3
234
44 Jan 7
64
212
1572
6
6
14 May 20
i2': 291 2
164 Jan 7
834
53 Feb 4
4812 5612
44
107* 18's
1334 Jan 9
938
284 3814
36 Jan 10
2214
538
814May 24
103*
414
40 May 21
264 39
26
85
74
87 May 17
60
92 May 4
70
70
9212
63 Feb 18
35
8634
35
9934May II
5678
564 93
4978May 17
3834
23
15
3538 Jan 7
1718 1.478
17%
478May 21
1%
6%
112
„
1
4
4345fay 21
64 224
2938N1ay 22
2-3
1834
1834 3218
29 May 8
5512 Jan 4
53
92
34
512 124
1233 Jan 16
513
110,3
82
10912 Jan 2
75
6334 Apr 25
3014 4412
2334
658 Jan 7
334 Jan 23
858 Jan 7
4473 Jan 4
4532 Jan 7
24 Jan 12
251 Jan 8
214 Jan 7
412 Jan 4
2 Apr 13
3 Jan 3
434 Jan 4
553 Jan 7
1038 Jan 8
8 May 24
3414May 16
253 Jan 9
418 Jan 9
4 Jan 10
111k Jan 3
734
314
24
1713 35
1033
44
4,2 16'2
2912
34
484
3912 4828
3718
1 18
7
1
114
153
3
Ns
112
612
312
1178
168
7
1
134
4
'2
812
114 . 312 1314
312 15
2,
8
534 28
418
3%
9%
338
1414
143* 284
14
614
I
2%
953
138
8
2
112
118
Iht
6,2
1134
4
314
316
p
313
117
New York Stock Record-Continued-Page 3
Volume 140
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
May 18
Monday
May 20
Tuesday
May 21
Wednesday
May 22
Thursday
May 23
Friday
May 24
1 Sales
for
the
Week ,
STOCKS
NEW YORK STOCK
EXCHANGE
3505
Range Macs Jan. 1
On Basis of 100-share Lots
Lowest
Highest
$ per share 8 per share $ per share g per share $ per share $ per share Shares
Par 8 per share
$ per share
27's 2738 27
2714 27
27
2714 2714 27
2738 2678 2678 1,400 Chickasha Cotton 011
10 2512 Mar 12 2934 Feb 18
413 412 044 412 '414 434
419 44 *4
414
4,4 414
300 Childs Co
311Mar 15
No par
712 Jan 7
1778 1812 1838 2014 20
2034 21
21
20
2014 '19
2012 1.090 Chile Copper Co
9 Feb 23 21 May 22
25
4634 4734 4812 4734 4718 4918 47
4813 48
4834 464 4834 172,500 Chrysler Cori)
5 31 Mar 12 4938May 16
2313 2334 2378 2378 2378 2378 2378 24
24
2434 2458 2478 3,400 City lee et Fuel
Vs par 20 Jan 14 2434May 20
9878 99
99
*98
981* 9913 98
9818 984 99
98
99
480
Preferred
100 87 Jan 10 100 May 3
4
4
4
434
4
*334 434 *4
*4
44 •334 418
300 City Stores new
5
214 Apr 30
5 Apr 16
*1212 13
*1212 13
13
13
.1212 1314 "1212 1312 *1212 1312
200 Clark Equipment
No par
1214May 15 15 Jan 18
4
8313
8314
*7534
'753
*75
8314 *7534 8314 '7534 8314 *7534 8314
Cleveland & Pittsburgh
50 80 Mar 26 83 Apr 9
27
*2634 2734 27
27
27
027
28
27
2718 27
27
700 Cluett Peabody & Go____No par 24 Mar 22 2812 Jan 7
126 126 *125 126 *125 126
*125 128
125 125 012314 126
40
Preferred
100 11212 Jan 7 126 May 20
206 206
206 207
20513 206 *20514 207
207 207
203 206
1.100 Coca-Cola Co (The)
No par 1614 Jan 2 209 Apr 22
056
5614 5614 5614 5614 5638 *5614 5612 5614 5614 '5614 5612 1,200
Class A
Ni par 5338 Apr 20 5738 Mar 8
*404 --__ *404 --_- '404 ____ *404 --_- *404
____ '404 ____ ______ Coca Cola Internal Corp_No par
1618 1612 1612 165* 165* 1634 1612 1718 1658 17
17
17
5,700 Colgate-Palmolive-Peet__ No par
1538May 10 1814 Jan 7
*10378 10434 10414 10414 10414 10414 10438 10438 104 104 *104 10414
6% preferred
600
100 101 Jan 3 10512 Mar 15
12
1214
121s 1234 1234 1338 1314 1334 1312 14
14
1518 27,300 Collins & Alkman
Ns pa,
9 Mar 13 1534 Jan 7
87
87
87
•85
*85
8638 8634 8634 *85
8678 8678 88
Preferred
110
100 6934 Mar 13 84 May 24
*7
712 0634 712 *634 712
714
712 '634 734 '634 734
110 Colonial Beacon 011
No par
63
4 Jan 10
712 Feb 15
2
158
2
178
178 24
2
2
178 2
178 2
2,000 :Colorado Fuel de Iron
No par
12 Mar 13
512 Jan 21
01012 1112 1018 1018
978 1134 1118 1118 1012 1012 1012 1114
Preferred
590
100
5 Mar 14 2812 Jan 21
*1412 1612 *1434 16
1434 1434 *1334 1612 '1334 15
15
40 Colorado & Southern
15
100 1034 Feb 28 1958 Jan 8
*1113 13
*10
1213 11
11
11
11 '11
13
*11
13
20
4% 1st preferred
100
7 Feb 26 1512 Apr 25
1434 *10
1434 10
*10
10
*10
1213 010
1212 '10
20
4% 2d preferred
1212
852 Mar 9 13 Jan 8
100
*8314 8412 08314 8478 84
8612 8512 87
875* 8919 6,200 Columbian Carbon v t a __No par 87 Jan 15 8912May 24
87
88
5378 59
5812 6338 6114 6212 5812 61
5834 6012 5912 6012 21,700 Columb Pict Corp•t c__ _No par 344 Jan 16 6338May 20
613 631
638 612
614 612
64 68
618 612 19,200 Columbia Gan & Elec___No par
618 614
34 liar 13
734 Jan 10
66
6614 6614 66
6612 6612 65
6618 6314 6414 6234 6334 1,600
Preferred series A
100 3512 Mar 13 68 May 11
61
61
63
63
06134 6334 6134 6212 8134 8134 *61
5% preferred
80
100 31 Mar 15 63 May 20
6114
4438 4518 4412 45
4438 4518 45
4718 4678 4718 47
4758 21,500 Commercial Credit
10 3912 Jan 2 4758May 24
3018 3018 13214 3238 3014 3014 3012 3012 '3012 3038 3012 3012
300
7% 1st preferred
25 29 Jan 6 3212liay 14
r59
5938 r595* 595 *5513 ---- *5512 ---- '5512 5934 5512 551
Class A
2,882
60 5212 Jan 7 6934May 13
3212
71218
3238 3014 3014 *3014 3058 3012 3012 '3014 3058
3213
170
Preferred B
35 2911 Jan 3 33 Jan 25
111 111
11118 11118 *11118 11134 *11118 11134 *11138 11134 11138 11138
150
100 10978 Jan 2 11814May 13
634% Bret preferred
*3218 3234 *3238 3234 *3218 33
*3258 _-__ *3258 ____ •3258 ____ ______
7% 1st pref stock receipts_ ___
32 May 2 32 May 2
5
'584 6014 0594 6018 *59
60
60
60
.605* 6112 *6078 ____
100
Class A stock receipts
5738May 2 60 May 22
*32,8 3234 *3238 323 .3213 33
*3238 ___ *3258 ____ *3258 ___
Prof B stock receipts
____
32 May 2 32 May 2
'117 119 *11814 119
11914 11914 *11918 ---- '11912 ---- •12034 --63.5% 1st pref stock rece1Pts- 11714May 2 11914May 21
100
6438 65
6414 6458 65
654 6514 6534 657 6634 6558 66,8 7,500 Comm Invest Trust
No par 564 Feb 7 6634May 23
0113 1144 1134 11334 11118 11418 11312 11313 *11312 11434 114 114
600
Cony preferred
No par 111 Mar 13 11512 Jan 29
2014 204 2012 2118 2013 2118 2012 2118 2034 2138 2034 2118 23,800 Commercial Solvents
No par 1753 Mar 13 234 Jan 7
114
11*
15*
111
118
14
118
114
118
114
118
114 20.900 Commonvelth & Sou
No par
34 Mar 6
138 Jan 2
12
4212 41.34 42
4134 4234 40
4178 4012 404 4014 4012 3.400
$6 Preferred series
Ni par 2912 Jan 4 4512May 10
*738 10
09
10
*7
10
*814 10
*813 10
.813 10
Conde Nast Pub.. Ine___No par" 572 Mar 149 10 May 1
34
3414 3378 34
34
34
3378 34
3358 3438 3418 3412 4,000 Congoleum-Nairn Ine____No par
27 Mar 15 3472 Jan 2
*1218 1334 "1134 13% *1134 1334 *1134 1358 *1134 1358 '1134 1358
Congress agar
9 Feb 7 1478May 16
No pat
36
36
35
35
35
35
3518 355* 35
35
34
34
Connecticut
Ry
&
200
Lighting_10111
233
4 Mar 1
42 Jan 4
*1712 4934 4934 4934 '4658 50
"4058 50
*4658 .50
Preferred
.465* 50
Apr 2 493451a5' 20
100 41
10
*718 85, *738 814
758 ii
758 734 '8
814 "8
900 Consolidated Cigar
818
7 Mar 14 1012 Jan 9
Ns par
05814 70
"584 70
*5814 70
*5814 70 '5814 70 '5814 70
Preferred
100 62 Mar 28 74 Jan 24
'75
80 '75
80
7412 7412 *74
77
*75
7612 '75
7612
Prior preferred
10
100 71 Apr 2 82 Feb 28
'72
*72
75
75
.72
75
*72
75 '72
75
*72
75
Prior pre! ex-warrants___ _100 73 Mar 28 80 Mar 6
334 4
378 4
378 4
*34 4
334 4
4
4
2.300 Conn'Film Indus
1
3341iay 17
74 Jan 113
1434 1514 15
1558 1512 1538 154 1538 1514 15'2 1412 15
3.700
1412May 24 224 Feb 15
Preferred
No par
2234 23
2234 23
2238 23
2134 224 2134 2218 224 23
44.900 Consolidated Gas Co
No par 154 Feb 20 244 Apr 25
9113 92
01
9234 9234 93
92
9234 92
9234 92
9314 2,800
Preferred
No par 7218 Feb 23 984 Apr 25
*178 2
"178 2
*178 2
*178 2
2
24
2
2
2,800 Consol Laundries Corp
No par
14 Mar 12
214 Jan 18
978 lO'a
978 10
978 10
1012 10
978 1018 10
1014 54,000 Consol Oil Corp
612 Mar 13 1012May 17
No par
8
111
*1103
1103
8 111
11038 1108 .11012 11034 *11012 11034 *11012 11058
100
preferred
100 10812 Feb 5 112 Jan 28
*412 5
412 412
*112 5
414
414
414 414
414 412
900 Consol RR of Cuba pref
5 May 14
100
212 Jan 25
34
34
34
*58
53
34
5*
58 3,300 Consolidated Textile
58
%
33
08
No par
12 Mar 12
14 Jan 5
1018 1014 10
1014
10
1014 1018 1018 10
10
10
1038 2,200 Container Corp class A
912 Apr 30 1352 Jan 10
20
339 338
338 34
Class B
338 338
314 338 2.500
318 338 '314 338
318May 22
No par
54 Jan 9
*514
*514 578
078 618 *44 57s •512 6
534
558 558 1,400 Continental flak class A Ns par
412 Mar 13
64 Jan 7
*34
78
34
34
78
78
Class B
78
78
78
78
73 3,300
No par
5*
58 Apr 1
1 Jan 3
*5211 5312 *5212 5313 534 55
5412 5412 5434 5434 544 5414
1,300
Preferred
100 4814 Jan 28 55 May 21
73
*S13
31
114
2138
41
7118
'159
512
3672
*1558
.1213
'16
*7912
418
19
.54
112
*812
7%
*78
1134
2112
7578 7434 7514 7518 7614 7634 7518 7614 76% 7612 774
84 878
9
8% 914
9
914
938 1034 1018 1058
3414 3414 3414 3434 35
3413 3478 3413 35
3412 3478
118
it4
114
its
114
118
114
114
118
Ds
118
22
2138 2134 2158 2218 2138 2212 2258 23
2238 23
44
4334 4334 *44
4334 4378 4334 4334
4413 4334 441
72
7118 7178 7118 7134 7034 72
7214 7312 7212 74
166 *162 164
164 164 "160 168
165 165 "164 168
51 2 534
512
514 534
558
512 512
514
5
514
37
3078 3678 3634 3678 3634 36o 3634 37
37
3718
1534 1558 16
1534 1534 1513 153 *1512 1578 16
16
325* 3318 335* 13313 3312 33
3318 3278 33
3278 3278
4612 *46
4612 4613 4613 46
46
46
4512 46
46
8312 *79
83
"8018 84
*80
83
*8014 8234 *8014 8234
414 438
414
414 414
414 414
414 414 *414 412
19
19% 195*
1914 *1918 1978 20
1931 20
19
20
60
59
60
60
60
60
61
60
61
'61
63
112 '138
158
138
138 0148
112
138
134
Pa
138
9
812 812 •638 812 *6114 812 *758 834 *778 9
734
712 75*
738 712
714 74
8
838
712 818
7914 76
7814 76
7614 7618 7638 78
7914 7834 8014
4178 41
41
041
42
41
41 12 4034 4034 *41
4112
215* 2113 2218 2134 2214 *2112 22
22
22
22
22
10212 10314 103 103
103 10314 10318 10312 10358 104
104 10414
213 258
213 238
212 238
212 213
23a
238 212
212
818 814
8
838
818 812
8
814
778 814
778 8
*81
8338 "8012 8338 *8012 8338 82
82 .50
8338 •80
82
70
70
*70
75
*70
75
*70
75
*70
75
*70
75
2034 2034 204 2038 2038 21
2038 2114 21
2114 2038 208
0513 7
*6
7
*6
7
.6
7
*6
7
*6
7
2852 2914 2818 2834 2814 2832 2814 2834 284 3034 294 3038
2414 2414 2414 2413 2414 2434 2434 2514 2412 25
2434 25
2834 2912 29
2938 2813 2914 2834 29
2834 2834 2834 3012
1334 1334 14
1414 1334 1414
1312 1378 '1378 1418 1378 1458
*14 234 "2
234 "158 234 "178
234 *2
234 0134 234
07931 80
794 7934 7913 7913 79
79
7912 8018 81
81
---- --- ---- ---- --- - ---- --- - ---- ---- ---- -- ____
*1 18 5
*1
412 *I
412 .118 3
'118 412 '118 412
*8
13
*8
13
.8
13
.8
13
*8
13
*8
13
*10
43 '40
45
45
42
4514 .44
4212 434 45
45
'Ill 11712 116 116
116 116 .117 1204 *117 12034 117 117
..11.31 32
3113 3178 31% 3178 3134 3134 3138 3138 3158 3158
*39
3912 39
39
*3918 4018 '39
'39
404 3914 40
40
4212 43
424 4212 4238 4213 42
4258 42
4234 4112 42
838 838
838 838
814 838
814 8%
8% 834
812 $13
2658 2672 2614 273
, 2612 27
26
2634 26
202 2534 2613
*2012 22
2013 21
2034 2034 *2018 2113 2178 23
2114 22
8
8
*734 8
8
8
8
8
8
91_
938 958
*I t
12
*14
12
*14
12
12
*14
*14
12
*14
10
'314
34
*14
34
*14
34
*14
%
3
*,4
•14
34
*3
334 *3
332 .3
318
3
3
3
3
3
318
*1213 17
*1234 15
1234 1234 *1314 14
14
14
*1418 15
*107 114 '107 114 '107 114
10912 1091 .10512 10912 10912 10912
9814 994 9858 9934 99 10114 10034 102
10012 102
100 10112
'12814 129 *12814 12878 12858 12858 12834 12834 12858 12858 12858 12858
*11112 112 *11112 112
11113 112
111,2 11112 11134 11134 11134 11134
*1812 --- *1812 -___ "1812 -__ •1712 ---19
19
.19
____
55* •518 558
*5
538
512
514 514 *548
552 55g
558
14212 14334 143 14412 144 14413
11113 142
141 14113 14113 142
152 152 *153 15434 .153 15434 *153 15454
*15112 16434 15112 153
19
1912 187s 1918 19
1834 1914
1878 1914
1914
18% 1878
.478 6
.478 512 *434 5
*438 478 *414 478 '44 47g
2218 2212 2134 2213 2178 2234 2178 2212 2158 2214 2112 224
'111 112 *1114 112 *11114 112
11114 112
11112 11112 *111 1121
45* 44
478 478
438 478
458 514
5
514
5
534
0612 638
(1% 634
634 634 "658 634
658 673 *612 65
213 258
238 24
234 3
213 234
212 258
212 258
1 t76 1178 1134 1238 1034 1134
934 1012 1018 1012 1014 1112
11
1112 1114 1112 101* 1034
834 914
938 913 10
1034
For footnotes see page 3102
Continental Can Ilm
20
Cont'l Diamond Fibre
5
Continental Insurance
2.50
Continental Motors
No par
5
Continental 011 of Del
Corn Exchange Bank Trust Co 20
Corn Products Refining
25
Preferred
100
Cots' Inc
No par
Cream of Wheat ctfs
No par
Crosley Radio Corp
No par
Crown Cork & Seal
No par
82.70 preferred
No par
Crown W'mette Pap lit pfNo par
1,800 Crown Zellerback v t e__ _No par
1,000 Crucible Steel of America____100
Preferred
600
100
1,200 Cuba Co (The)
No par
50 Cuba RR 8% prof
100
7,400 Cubits-American Sinai
10
1,010
Preferred
100
1,100 Cudahy Packing
50
2,700 Curtis Pub Co (The)
No par
Preferred
3.300
No var
16,000 Curtiss-Wright
1
Class A
8,600
I
20 Cushman's Sons 7% prat _-_100
No par
10
o preferred
No vat
2.500 Cutler-Hammer Inc
5
Davega Stores Corp
17,400 Deere & Co
No par
3.800
Preferred
20
3,500 Delaware & Hudson
100
4,200 Delaware Lack & Western___60
Deny & Rio Or Wert pref____100
1,300 Detroit Edison
100
______ Detroit Hillsdale et SW R110,100
Detroit & Mackinac Ry Co__100
5% non-cum preferred____100
1,100 Devoe & Raynolde A.._-No par
60
lst preferred
100
1,400 Diamond Match
No par
600
Participating preferred
25
5,200 Dome mines Ltd
No par
3,200 Dominion Stores Ltd
No par
17,500 Douglas Aircraft Co Inc No par
1,900 Dresser(SR)Mfgeonv A No pat
3.600
Convertible clams B
No pat
Duluth SS& Atlantic
100
Preferred
100
900 Dunhill International
1
200 Donlan Silk
No par
60
Preferred
100
23,700 DuPont deNemours(E.I.)&Co.20
600
8% non-voting deb
100
410 Duquesne Light let pref
100
10 Durham Hosiery Mills pref 100
900 Eastern Rolling MUM_ __No par
6,000 Eastman Kodak (N .1)___No par
100
8% cum preferred
100
9,100 Eaton Mfg Co
No par
EitIngon Schtld
No par
17,100 Eke Auto-Lite (The)
5
Preferred
50
100
32,500 Electric Boat
3
8.800 Elec & Mus Ind Am shares
4,000 Electric Power & Light --No par
7,900
Preferred
No par
16 preferred
3.600
No var
9,200
8,000
3,700
7.900
33,400
560
9.900
400
2,600
3,100
1,000
2,000
900
62% Jan 15
7 Jan 15
284 Mar 13
54 Jan 2
154 Mar 14
4134 Mar 11
62 Feb 6
149 Jan 2
41g Mar 13
357s Jan 15
1212 Jan 15
23's Mar14
4312 Jan 4
7412 Mar 13
313 Mar 18
14 liar 15
4713 Apr 12
1 Jan 28
5 Jan 5
538 Jan
4012 Jan 3
40 May 3
15 Mar 15
8913 Mar 14
2 Mar 12
814 liar 15
73 Mar 23
64 Apr 22
16 Mar 13
61818lay 10
2234 Mar 18
19 Jan 15
2312 Nfur 26
11 Mar 13
113 Feb 27
65 Mar 13
45 Apr 20
24May 1
8 Jan 4
36 Mar 22
11412Mar 8
2812 Jan 2
3438 Jan 7
3415 Jan 15
814 Apr 8
1712 Mar 12
1312 Mar 16
633 Mar 18
31 Jan 9
',May 4
3 Mar 6
1234May 21
103 Mar 20
8858 Mar 18
12672 Feb 8
104 Feb 18
1712May 16
334 Mar 13
11012 Jan 16
141 Jan 4
1658 Jan 15
314 Mar 27
1912 Mar 13
107 Jan 23
34 Mar 15
618 Apr 3
14 Mar 15
3 Mar 13
212 Mar 13
July i
1933 to Range for
Apr 30 Year 1934
1935 ----_
Lou, Low
High
8 per it $ Per share
15
1914 305g
35*
334 1158
9
1014 1758
2814
2914 6038
1413
1714 343
67 9212
6338
314
12
2,*
613
814 2114
60
7012 78
22
2478 46
90
95
115
85
9514 161 1 2
4512
5018 57
200
314
314
9
9% 18 18
66
684 10212
10
9
2812
6934
74
94
5
5
9
12
35*
834
5
1012 32
1034
165* 4038
7
13
33,4
64
11
30
45
58
7714
174
21 13 4138
338
65s 1914
3512
52
7834
31
41
71
1114
1858 404
22
234 301s
32
38
53
24
23
304
85
9112 110
33 2214
3534 61
1/1
8412
114
1534
1534 3634
34
1
334
1738
214 524
411
5 8 5
13%
1612
22
355*
74
714 141 2
2334
32
61
41
55
58
514
54 13%
3014
31
75
4514
4514 7478
4514
49
70
158
15*
64
10% 2038
734
1578
1812 4738
171
z71
95
112
112
438
612
714 144
103
108
1125*
218
35*
834
13
24
12
64
414
1334
2
23s
538
412
54 1458
58
4
232
4414
4414 64
7714May 24
37
1034May 23
6
35 May 10
20
134 Jan 8
34
23 May 23
1214
4012
4812 Feb 14
7478llay 16
5512
165 May 23 133
678 Jan 3
314
3978 Mar 4
23
16346,fay 14
7
3378May 16
1834
4734 Apr 20
32
86 Jan 11 33 40
54 Jan 10
34
2514 Jan 7
14
68 Jan 2
30
158 Feb 19
34
10 Slay 15
3
812Nlay 13
212
8034l1ay 13
1413
3518
4712 Jan 2
1312
2278 Jan 8
10414May 24
3812
3 Jan 2
2
101s Jan 2
314
83 Feb 8
73
64
z7014May 17
22 May 14
912
814 Feb 14
512
31 Feb 18
104
26 May 8
1014
4312 Jan 7
2312
11
1918 Jan 7
113
434 Jan 8
82 May 10
55
45 Apr 20
45
6 Jan 17
4
1212May I
112
20
5038 Jan 2
11718May 17
8912
3212liay 4
21
4112May 3
2758
4312May 17
25
1258 Jan 28
84
274May 17
1118
23 May 23
814
958May 24
338
58 Jan 0
32
4
12 Feb 13
518 Jan 18
3
13
1712 Jan 3
10912llay 22
92
102 May 22 a1 5972
131 Apr 22 10414
11212May 10
85
23 Mar 5
13
8 Jan 7
313
148 Apr 27
8513
155 Mar 26 120
2078 Feb 18
10
734 Jan 4
314
29 Jan 3
1158
112 Apr 26
75
61g Jan 7
3
84 Feb 18 33 512
3145105' 13
118
1478May 13
3
135213,lay 13
212
5634 04,2
1154
6
1
23,
3614
34
258
1534 2254
4012 51
5512 8412
135
15013
358
94
3614
28
8
1712
184 3614
3512 4414
47
84
35*
65*
17
385*
44
71
78
3'8
314 1012
312
94
2018 65
37
525*
134 2938
4312 954
24
514
514 12',
7514 91
8412 90
11
2112
6
84
104 344
1014 194
35
7312
14
3334
33
1314
6312 84
5
7
10
1814
29
5514
99
117
21
28,2
2814 3413
32
464
33
11
1414 2812
8
20
5
1172
158
to
218
3
,
115
11112 23
100
110
0
103s
115
12812
90
107
21
30
418 1254
79
11612
147
120
124 2212
6
1914
16
3138
80
110
3
712
414
918
214
953
652 21
6
1934
New York Stock Record-Continued-Page 4
3506
HIGH AND LOW SALE PRICES-PER SHARE. NOT PER CENT
Saturday
May 18
Monday
May 20
Tuesday
May 21
Wednesday
May 22
Thursday
May 23
Friday
May 24
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Ranoe Mato Jan. 1
Oa Basis of 100-share Lots
Lowest
$ per share $ per share $ per share 8 per share $ per share $ per share Shares
Par $ per share
424 42[2 *4218 43
414 4212 41[2 424 4134 424 4134 414 1,900 Elea Storage Battery
No par 39 Mar 21
*12
5,
*12
52
12
12
*58
58
14 Mar 29
No par
200 /Elk Horn Coal Corp
*38
58
*38
58
*34
1
1
*34 1
50
58 Apr I
*34 118
"a Ps
*34 1
1
200
6% part preferred
3.6014 6012 *6014 6012 6014 61
61
63
63
50 5234 Jan 16
6118 62
63
1,200 Endicott-Johnson Corp
•128 129
128 128
129 129
129 129 *127 129
12812 12812
130
Preferred
100 12534 Jan 10
*218 212 *218 212
2% 218 *2
14 Mar 18
2%
218 218 *2
278
200, Engineer* Public Serv____No par
*22
24
*23
2312 *23
24
*23
2312 23
23
22
2212
$5 cony preferred
No par 14 Mar 19
300
*2318 25
*2318 25
*2318 25
*2318 25
*2318 25
*2314 244
$534 preferred
1413 Feb 7
No par
2718 2718 *2514 2834 264 2634 *2514 2634 2614 2612 *2313 2718
1513 Mar 19
400
26 preferred
No par
*514 512 *54 54
514 54
5
54
5
5[8 1.700 Equitable Office SIdg
514 514
No Par
5 Jan 7
812 812
814 812
8
74 Mar 20
8[2
859 859
818 814
100
814 84 3.900 Erle
*10
11
*1012 1112 104 11
100
812 Mar 26
10
10
*1018 1034 1034 1114 1,000
First preferred
3
*734 8
*734 8
734 7
634 Mar 12
*618 8
*618 8
100
*7,2 8
100
Second preferred
*6218_ - *6218
_ *6218
- *6218
:Feb 18
- *63
*63
_ _ _.___ Erie & Pittsburgh
50 691
*1112 1-1-34
1112 11-13 1134
1134 --12
1,800 Eureka Vacuum Clean
5 104 Mar 19
1638 1612 1659 164 17
1814 174 18 18 1734 18
5 15 May 7
1714 1734 6,500 Evans Products Co
*259 278 *212 278 *212 278 *2)2 2% *212 2% *238 234
2 Apr 30
Exchange Buffet corp___No par
%Mar 26
*112 14 *112 14 *112 14 *112 2
14 1 12 *1
10 Fairbanks Co
25
112
64 634 *5a8 6
6
6
*534 64
100
4 Mar 19
120
Preferred
559 53
*54 618,
2012 21
2034 21
204 2112 2114 21[2 21
21
20
21 1 6,900 Fairbanks Morse & Co--No par 17 Jan 11
*93
96
9634 9634 *94
97
97
97
100 72 Jan 17
Preferred
98
9812 98
9912
700
1114 11 14 1118 11 18 11
1114 1012 104 *10% 1114 *1012 1134 2.600 Federal Light & Trao
538 Mar 15
15
*71
81
*74
82 •76
82
76
76
Preferred
No
pat 48 Jan 8
*71
76
20
*71
744
*60% 6678 *61
66
69
69
400 Federal Min & Smelt Co---100 40 Apr 3
668 *62
70
6959 69% 70
82
*82
100 54 Apr 1
*75
83
82
8518 8518 85% *83
Preferred
90
*83
90
300
614 614
334 Mar 23
54 614
6
6
3.534 6
6
6
6
6
900 Federal Motor Truck____No par
*212 34
212 212 *234 3
2% Mar 14
*212 3
100 Federal Screw Work,--No par
*212 3
*212 3
1
118
118 14 *1
78 Feb25
118 *1
1 18 *1
118
600 Federal Water Sem, A__No par
114 *1
1618 Mar 29
*18
18% 18% 18 18 1859 13% 18
1318 *1738 18
700 Federated Dept Stores_ _No par
18
18
34.8 35
31,
3312 34
8 35
*34
35
3412 3412 3434 3434 3,400 Fidel Phen Fire Ins N IF _3.50 28,2 Mar 14
19
19
*17
19
60 Filene's(Wm)SO OH Co___
16 Apr 9
1814 1814 *1414 13
--No par
*1814 19
*1814 19
11018_ 11014 111 *111
60
634% preferred
-- *111
__ 112 112 *111 112
100 10614 Mar 8
10 1318May 2
15
1-i18 1118 15
15 15% 14,
8 15
1478 1538 15
1518 6,300 Firestone Tire & Rubber
100 841:Apr 8
9412 9412 94)4 94
9412 94
Preferred aeries A
9412 9412 9412 1.400
942 9412 94
4712 48
4714 4713 4712 48
4754 4714 483* 4934 4934 5012 4,200 First National Stores____No par 4534May 6
*20
21
21
21
21
21
19 Feb 21
*2112 23
22/8 2278 *2134 23
300 Florsheim Shoe class A___No par
24 24 *234 3
214 Mar 6
*214 3
*214 3
N. pat
*234 24 *234 24
109 tFollansbee Bros
3134 3414 3114 *33,4 3112 34
34
3412 3412
600 Food Machinery Corp
No par 2014 Jan 15
*3359 3412 *33
978 Mar 15
1418 144 1112 15
15
15
11,2 11 14 1478 1518 1514 1559 3.600 Foster-Wheeler
No oar
7278 7278 727 73
73
73
7278 72% 7278 73
Preferred
No par 60, Mar 15
7312 7412
360
43 Mar 13
600 Foundation Co
No par
734 734
712 77
712 74 *738 8
712 712
*74 814
I
1034 Nisi' 21
26
2618 26
27
27
2718 27
2712 4.400 Fourth Nat Invest w w
2734 27
27% 27
128 13% 1312 148 144 1414 1314 1112 1418 141i 1459 1418 63,000 Fox Film class A
833 Mar 15
No par
,*3114 35
*3218 45
*3214 4512 *3512 41127 11.39
Fkln Simon & Co [no 7% Pt.-100 3014 Apr 2
44
•40
4412
2312 2414 21
2414 21
25,8 2514 2712 2734 2812 27
10 1714 Mar 18
2818 23.000 Freeport Texas Co
*116
_ ___ ___I
Preferred
100 114 Mar 18
•115
__ *115
-*115__ •1 15
_ _ *116
15 Mar 13
22 22
25 26
26
140 Fuller (0 A) prior pref-No par
*1734 25
*25
26
*24 Ii 34 *23 --4% Mar 13
..1 818 9% *814 959
220. $6 2d pref
No par
959 1012
914 918
933 9)8 *918 10%
*7,
1
*78
1
78Msy 21
No par
78
1
1
1
*78
400 Gabriel Co (The) al A
1
1
1
7 Mar 30
8
8
*8
812 *734 812 *734 8,2
No par
8
8
812 8%
110 Gamewell Co (The)
8
8
84
734 818
8
8
818
Ns par
513 Mar 13
814 8%
818 812 3,100 Gen Amer Inyeetors
*90% 93
*904 93
*9014 93
*9014 931 2 *9014 92,2 92
92
Preferred
No par 8444 Jan 10
100
31
35
3112 33
5 3233 afar 12
35
3518 3434 353* 7,200 Gen Amer Trans Corp
338 3354 33,2 31
13
10 1134 Mar 15
1748 174 1712 18
13% 174 134 174 18
17/8 1834 11,600 General Asphalt
812 8[2
818 812
812 8,8
6
8% 81
73* Mar 29
812 859
812 853 1.800 General Baking
I
58 preferred
130 . __ *130,2- -- *13012 133 *13059 - -- •13012 - -- *13012
No par 115 Jan 10
638
618 -618
6% 6%
64 -74
514 Mar 4
.
7
5
V4
7
74 12,000 General Bronxe
*312 412
4
4
4
418
4% 4,8
4
2 Mar 20
4
378 4
900 General Cable
No par
No par
4 Mar 26
818 8%
603
Class A
814 84
8
838
84 814
812 82 *814 812
4012 4012 4412 4112 44
100 19 Mar 14
45
44
41
*41
43
43
43
1.000
/15, cum preferred
No par 50 Mar 25
5314 51314 57
584 561
1,500 General Cigar (no
56
53
53
55% 5512 *55 2 53
113 143 *112 113
142 145 *112 145
142 142
104 1274 Jan 2
142 14214
100
7% preferred
2518 25)2 2518 2559 25% 2578 254 2314 2318 2634 251 2659 95,500 General Eleotria
No pat 204 Jan 15
Special
10 11 Jan 2
airs -3-f78
1518 3434 3
No pat 3214 Mar 15
.114 34% 3478 11.800 General Foods
14 Feb 25
No par
34
12
12
12
%
12
33
12
*34
12
4
12 1,800 Gen'l Gas & Elea A
10 Mar 15
•12
1412 *12
1412 *12
1412 *12
1113 *12
1112 •12
Cony prof series A.--__670 Par
1412
*__ 15 *__- 15 *____ 15 *__ 15 *U.- 15 *____ 15
No par II Mar 5
57 pref class A
*___ 18 •____ 16 *__ 18 •__-- 13 *
16 •___ 16
1534 Jan 15
No par
38 [mei class A
6012 *4359 6359 *48
*53 6012 *48
6012 *48
Gen ital Edison Elm Corp
5.518 Apr 20
6012 •48
6012
657 6359 657k 66
3.6518 66
6514 6514 *65% 66
66
66
1,800 General Mills
No par 5974 Feb 6
100 116 Jan 3
•I17 113 *117 118 '
3117 113 *117 113 .117 118 *117 118
Preferred
314 32% 3159 3218 3138 3212 31-3 323 3134 323* 31 15 3218 79.300 General Motors Corp
10 26% Mar 13
116 11318 113 11318 11559 113
11534 11614 115% 11514 1.800
110 113
$5 preferred
No par x1071, Jan 4
*1318 1512 *138 1513 *134 13•8 *1318 1359 •1318 13%
Gen Outdoor Adv A
No pa, 10 Mar 20
a 1359
Common
314 Jan 9
4
*334 4
*334 4
700
No pa,
3134 34 *334 34
33
*314 4
21
2)
2) 2912 28
1759 Feb 5
28
2812 2312 29
29
2859 2918 1.270 General Printing Ink
No par
56 preferred
104% 10134 105 105% 105% 106
103 106
106 108 *10514 108 I
320
No par 9313 Jan 22
2
2,4
2
214
118
214 212
178
1,
8 *134
2,
8 2%, 2.400 Gen Public Service
No POT
1'8 MAT 13
*22
23
224 2214 2212 *21
23
*21
217 23
2312 2312 1.200 Gen Railway Signal
No pa, 1559 Mar 13
*97
9912 *96
9312 *9712 9312 *3712 93,2 *95
9912 *95
9912
Preferred
100 80 Jan 2
1.12 1 12
138 III
112 1i
1 1a
114
158
131
RI 2 1 21.700 (len Realty & Utilities
I
34 Apr 2
No par
23
23
23
23
*221 2312 *2213 2312 234 2412 24
$6 preferred
14% 1,.r20
25% 2.100
*20% 2012 2012 2059 *20
20,8 204 21
*20% 21% *2034 2138 1.400 General Refractories
1634 Jan 30
No par
201
1734 2018 20
1112 20,4 20
1978 20
Voting truat certifs
No par
1814 Jan 15
20% 20
203* 5.900
21
21
21
21
•2014 2014
4 1812 19 1 19
20 I
300 Gen Steel Castings pref ...,No pa. 14 Apr 13
12 Mar 14
8 14% Ii
1414 1112 1438 1112 1118 I1,
1414 144
1438 1434 8.500 Gillette Safety Rasor
No par
70
8014 78,
8 80
77'3 784 73
78% 7912 7912 8012 81 I 2.300
Cony preferred
No pat 7018 Jan 4
214 Mar 13
*278 318
3
3
28 24
27
3
234 3
234 234 2,700 Gimbel Brothers
N. par
2638 2612 264 *25
27 13 *28
27
Preferred
*25
2312 2812 *26
27
00
100 18 Mar 27
2312 2314 2313 2314 2834 2838 2859 5,600 Glidden Co (The)
27% 27% 2713 2718 24
No par 23% Feb 7
240
Prior preferred
•10712 1074 10712 1073 10712 10312 10312 10312 10734 10734 10318 109
100 10474 Jan 2
178
172 2.300 I lobe! (Adolf)
2142%
'218 214
2
2
•I78 2
1 18 Apr 26
'1% 2
5
1518 15% 1514 15% 1514 153 1512 1514
15, 1534 1512 1534 10.400 Gold Dust Corp vi a
No pa, 143May 2
$6 cony preferred
•115 11912 *115 11612 •115 11312 *11512 11312 11612 1164'118 117
100
No par 111 12May 3
759 Mar 13
834 9
814 9
9
834 918
8% 9%
9'8 9%
No pa,
97* 12.700 Goodrich Co(S F)
•45
48
*43
47
4313 47% 46
47
Preferred
434 4312 4512 4712 2.000
100 40 Mar 15
29,200 Goodyear Tire & Rubb__-No par
1534 Mar 13
1834 19
18'4 1918 13% 1 159 11
11% 1934 20% 1912 20
let preferred
78
78
7713 7712 73% 73% 7859 7334 80
81 12 8034 8134 1,100
No pat 70 Apr II
378 34
34 3,
8
34 34 *312 3,
8
338 34 *3,
8 334
500 Gotham Silk Hose
No par
21
:Apr 4
100 20 Apr 3
2812 2812 2734 28
2312 24,2 *2712 23,4 29
29
*2712 28%
100
Preferred
I
112 Mar 21
134
134
1%
114
114
14 •114
134 4.500 .3raham-Palge Motors
1%
1%
1%
1%
8
8
514 Mar 19
I418 814
84 84
818 818
818 818
We 81a 3,21X1 Granby Cons M Sm & Pr.......100
2% 234 *23 214
23 23 .1.218 2%
24 234
800 )rand Union Co trolls
I
214 afar 15
2% 234
Cony prof series
15
15
1413 1112 15
15
144 154 1,500
14335fay 20
14 18 144 1413 147
No par
18.8 Mar 29
25
25 .2212 26
21
21
*22% 21
•23
200 Granite at, Steel
28
•23
26
No par
1.509 Grant (W Y)
31
31
3114 3114 3114 3112 3114 31% 34
8 34
No par 26 Mar 26
3459 33,
9112 1178
1 112 1112 1178 11,
914 Mar 19
8 ill', 1.
1134 11% 11% II% 1.400 18 Nor Iron Ore Prop.,.--No par
100
9% MAT 12
14% 1418 I44 20,5011 lreat Northern Prof
14
1418 14
1414 1118 1112 11
114 14
31
31
3078 31
303 31
3314 3)14 3078 31 12 31
31 12 7.300 'heat Western sugar__-.No pa' 2651 Jan t5
•I29 137 *121 136
133 133
133 133
135 138
13.5 133
120
- .1114) 119 Jan 2
___.. Green
*21
25
Bay & Western RR11/e-100 21 Apr 12
•19
25
*19
25
*13
25
*21
25
*21
25
ureferr*1-
T13-4 113 iv-, 1159 ya,
-
138
5i -3-4-,8 5159 1514 3111
1001 Greene Canaries Copper
•44
75
•46
55
*50
75
55
55 .1155
75
1355
75
100 14 Feb 6
2
2
2
218 214
2
2
214
214 214
218 214 1,400 Guantanamo thIfter
I Feb I
No par
*26
40
•26
40
*28
3912 *35
40
*30
40
•30
Preferred
40
100 19 Feb 16
0412 559 3.412 518 *413 518 *112 5% •413 518 *412 57* ------Gulf Mobile & NOrIbern___100
4 Mar 7
12
1012 11 12 110
*10
12% *II
12
Preferred.
12%
II
11
*10
300
100
6 Apr 3
•133 18
*13% 1618 •1378 1718 *134 1318 •14
100 'lull States Steel
No par
12 Mar 29
1614
1814 1614
•59
63
*51
63
*51
64
*51
63
68
20
Preferred
68
65
65
100 48 Mar 29
*27
2814 •27
2314 *27
I Hackensack Water
28
*27
23
*2534 2734 •2634 2734
25 2114 Jan 15
34
33
33
*33
*33
34
*33
33
33
70
7% preferred class A
31
*33
34
25 30 Jan 18
34 Mar 13
4
418 11,300 Hahn Dept SUMO
3% 3%
333 34
338 3%
3,
4 414
4
414
No par
*6713 69
*6812 8712 67 6713 6712 70
89% 70
6918 6912 2.70(1
Preferred
100 85 Jan 16
*44 459
414 414
4
414
4
41
.1.418 434
800 Hall Printing
4 Mar 19
4
4
10
*7% 818
814 8,4
814 814
400 Elamllton Watch Co
8% Si .734 83 *734 812
No par
84 Apr 30
20
Preferred
6112 •63
813 6912 6912 *68
80
*68
6912 *64
6312 •63
100 63 Jan 4
•106 10612 10812 10312 l0812 10312.103 10312 10312 107
3.50 Hanna (M A) Co 57 pf-No par 101 Jan 2
107 107
1978 2018 20
1934 20
8.900, HarbInon Walk Refrao.-No par
16 Mar 15
203 2012 204 2014 203
1951 20
Preferred
•11012 117 *11012
- •10314 - _ 110 110 *108 110 *108 110
14'
100 9934 Jan 7
3.1011
Hat
Corp
of
93
8
ArnerlOa
518 Feb 6
al
A
--1
94 94
94 --918
94 -64
8
414
94 918
914
100 81 Feb 6
9978 994 9912 9912 98
230
134% preferred
9812 913
93
98
•98
99', 98
59 Apr 27
500 Havana Electric Ry 00.,.No par
31
34
5)4
31
*4
34
84
*4
34
•12
34
31
10
77
Preferred
•3
15
*3
15
*3
15
100
212 Apr 17
•4
15
•3
414 414
I
May 25 1935
Hiohest
July 1
1933 to Raw,for
Apr 30 Year 1934
1935
LOW rill°
MO
$ per share $ per sh
4912 Jan 7 11 3374
74 Jan 10
14
I% Jan 10
58
63 May 23
45
132 Apr 23 112
27 Jan 4
14
2612May 6
1018
27 May 13
11
12
2912May 6
57aMaY 17
5
14 Jan 4
718
1714 Jan 4
812
13 Jan 7
634
70 Feb 2
50
1259 Feb 19
63
2314 Feb21
3
5 Jan 18
2
214 Jan 19
58
98 Jan 18
312
4%
2559 Apr 22
101 Apr 22
25
1159May 16
4
76 May 22
33
72 Apr 26
40
8518May 22
50
678 Apr 22 13 231
44 Jan 7
1
1118 Jan 7
72
164
2059 Jan 7
35 May 20
20.4
2313 Jar 8
16
112 May 23 z85
1814 Jan 7
1318
9478May 16
8718
38 Jan 7
46
23 May 9
1258
634 Jan 7
2
3512VIsy 13 57 104
174 Jan 5
813
77 Jan 2
4414
48
101, Jan 7
2712-May 24
16,
8
1478May 20
8.4
48 May 7
20
2812Msy 23
1714
120.8 Jan 22 1134
26 May 21
12.,
47
12 Jan 24
213 Jan 3
1
9% Apr 22
7
8383lay 23
513
92 May 16
64,2
384 Jan 5
25,4
1874 Jan 9
1134
94 Feb 19
6,,
131 May 16 100
7149iay 23
5
4347.lay 17
2
10 May 17
4
4612May 16
14
6314 Jan 8
2414
113 May 21
97
2634May 23 • 16
1118 Jan 3
11
3559 Apr 22
28
59 Jan 14
4
15 Apr 6
514
1614 Apr 6
634
18 Apr 6
712
6134 Feb 5 14 54
8634 Apr 29
51
11834 Apr 23 10012
3459 Jan 3 u 253
1171:May 7
84
1312May 10
814
4 Mar 21
314
2912May 17
104
100 May 21
1314
2127aIay 23
1 18
30 Jan 7
153
100 May 4
80
2 May 24
31
253,May 24
10
2114MaY 16
812
2034May 17
714
32 Jan 22
14
16%May II 8 159
8712May 81 4513
37 Jan 41
214
2778May 13
1312
29 Apr 2'..
12
1094 Aur 27
8033
434 Jan 25
1 18
18 Jan 7
1412
117 Apr 10
96,2
II% Jan 7
718
544 Jan 8
264
2678 Jan 7
15%
92 Jan 10 I* 811,8
24
51a Jan 3
50 Jan 3
20
314 Jan 3
11:
874 Apr 25 I
4
5 Jan 7 I
214
293* Jan 31 17
2514May 17 I 1818
3512May 161 25
77
1274 Jan 7
1714 Jan 7
9%
3233May 6
25
140 May 4 I 99
21 Apr 12
21
55 May 16
18
23414.ty 13
34
4314May 14
714
6 Jan 8
4
15 Feb 18
8
24 Jan 8
12
68 May 23
2514
28 May 9
1978
3:334 Apr 30
26
811 Jan 13
34
7074May 9
18
74 Jan 2 1 34
94 Jan 8
338
75 Jan 23
20
107 Apr 18
77
2034May 23
12
III May 0
82
933May 24
11,
9978May 16
1412
1 May IS
la
5I4May 16
213
$ per share
34
52
so
17a
1
334
45
63
120
128
2
8%
1018 2311
2412
11
13
2513
5
10%
97* 2471
1434 2814
9
23
50
68
7
1459
2714
9
3
1012
228
1
334 124
184
7
30
7712
11 14
4
34% 62
52
107
62
98
80*
274
51
2
1
4
20
31
2359 4512
23
30
87
106
13
2514
7118 9214
53
694
16
25
1759
2
1018 208
813 22
55
80
64 17 3
171, 2712
814 17.:
20
63
2114 50%
11313 1603
14
334
5
19%
118
4%
8
20
558 11,4
73
87
30
43%
12
2312
614 143*
WO
10812
10.8
5
214
63
414 12
1413 33
27
598
97
1274
1678 253
12%
11
28
363
34
1
64 19
21
11
22
13
50
6218
64,a
51
103
118
24% 42
8934 109
8% 21
65
314
1013 2514
734 96
2
5%
234 4659
90
1014
3%
1
10
2659
101a 23/
1
4
20
10
1738 4814
812 141,
72
47
27*
6%
164
1538
83
338
16
9613
8
54
1814
64
vs
3813
14
4
4
23
21
23
84
12[4
25
102
---18
%
714
5
12
1514
47
204
27
34
2514
34
35,
25
84
13
87
14
1959
%
3
30
2838
10714
94
23
120
18
8234
41%
86[4
104
711,
412
13%
81a
40
314
4059
1518
3212
3514
11814
---59
312
31
1614
3534
42
83
2614
51
84
6313
244
1174
63
10134
2459
100
75,
92
14
559
..
Volume
,,
New Yorkstock Record-Continued-Page 5
/40
, HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
May 18
Monday
May 20
Tuesday
May 21
Wediterday
May 22
Thursday
May 23
Friday
May 24
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
3507
Range Sinai Jan. 1
Os Rases of 100-share Lois
Lowest
Highest
July 1
1933 to Rano'for
Apr 30 Year 1934
1935
Low Low
High
$ per share $ per Oh S Per sitars
Par 5 per share
1%
34 Jan 2
1% Mar 18
2
114
1114
Hayes Body corp
66
74
25 85 Jan 2 10212May 21
964
Hazel-Atlas Glass CO
94
101
145
25 127 Jan 5 14012May 24
Helme (0 W)
12312 153
100 1424 Jan 10 160 May 20 120
Preferred
514 1218
614
11 Jan 8 194 Apr 25
NO par
Hercules Motors
40
69
No par 71 Mar 12 80 May II
8113
Hercules Powder
100 122 Feb 9 128 May 3 10418 111
1254
57 cum preferred
4813 7314
44
No par 7314 Apr 4 8134 Jan 19
Hershey Chocolate
80
83 1054
Cony preferred
No par 104 Jan 25 11412 Apr 16
Po 1014
4
914 Jan 7
534 MAr 15
Holland Furnace
N. par
634 13
54
638 Nils 29 11 Jan 2
5
Hollander & Sons (A)
310 x43015
100 338 Feb 6 412 May 14 200
Homestake Mining
11
34
Houdaille-Heretkey el A ....No Par 304 Mar 14 4014 Apr 17 11 7
25*
878
212
612 Mar 13 1473 Apr 22
Class B
No par
43
43
54
Household Finance part of-50 49 Jan 2 621411ay 18
94
1212 2934
918 \l a 15 1734 Jan 2
Houston 011 of Tel tem ctte-100
213
DI
333 Jan 4
112 Mar 13
55*
25
Voting trust otte new
20
3512 5714
5 43 Jan 15 36 A:1r 26
Howe Sound v I o
234
512 Jan 21
4
124
234 Feb 27
100
Hudson & Manhattan
9
612
2614
612 Mar 14 1312 Jan 21
Preferred
MO
64 2414
614 Mar 26 1234 Jan 7 31 6
No par
Hudson Motor Oar
714
34
I%
378 Jan 7
34 Aar 5
10
Hupp Motor Oar Corp
94
913 M kr 14 1714 Jan 7
13/5 3878
100
Illinala Central
21
50
15
100 15 Aar II 2334 Jan 4
6% pre! series A
40
484 66
WO 40 Mar 21 674 Jae 10
Loam I lines.
50
712 2414
44
44 M a 30 10 Jan 4
RR Sea ale series A......1000
10
43
258
218
234%4 ly 10
24 Mar 16
10
Indian Refining
6 13.4
195g 3214
No par 2312 dor 8 33 Jan 7'
10.300 Industrial Rayon
4913 7334
45
No pr 60,2 M a 13 84 May 13
1,100 Ingersoll Rand
105
1165*
100 109 Jan 7 127 1.4 II'9 105
__
Preferred
26
3414 66
No pi, 4614M tr 22 641214 ay 17
2:500 Inland Steel
24
418 \lay 17
232
64
213 Feb 27
20
2,100 tnicaratton Cons Copper
218
2
4:18
6 VI ty 13
4 Mar l
I
90 Insuranshares Otte Lao
512
54 1712
814 Mar 15 1618 Feb 19
3,400 Moro kro Rapid Craft v I a -1011
6,2 1213
5
Certificates.......____Wo par
2
2
7
438 Jan 25
238 Mar 28
Internal Rye of Cent Amer -100
212
638
214
5 Jan 3
24 A a 26
NO par
Certificates
73
8
6's
10
22%
Jan
at
iy
21
1812
914
-10)
Preferred
90
112 vi k y
i
133
3 Jan 7
24
Vs
No pi
2.000 Interoont'l Rubber
4
4
1114
7 Jan 7
44 Mar 7
No V
900 Interlake Iroo _
112
5 Jan 2
2
64
234 M kr 14
No pa
1,333 Internal WWII _
15
3714
10
100 31 Mir 14 4234 Jan 25
Prior preferred
403
164
903 Int Buell:lees MaohInes-No pa 1494 Jan 15 184124ay 16 1254 131
315
638
Jan
8
Ms
lila
14
a
12
338
1.500 Internal Carriers Ltd.-- __1
185* 3734
18%
14,303 International Cemeat......37;par 224 Mar 15 33 Jan 7
235*
23
,
4
4412M4y
23
464
kr
18
M
344
par
N
.
()
21.400 Internal Harveeter
137
110
_100 135 Jan 2 152 .11 ay 9 110
Preferred_
503
24
9,3
114
275 Jan 9
1.4 Mar 15
25
1,203 fat EIydro El Sys ol A
2
6
2
20
3.8
Feb
3
24 Ala
603 (at Mercantile Alartne-No par
21
294
32.800 lot Nickel of Canada-AV° pir 22.4 Jan 15 2938 Al ky I7 "1438
1154 130
Preferred
100 126 Feb 8 130,2 Mar 14 101
500
10
25
85*
Internal Papor 7% prof
100
2
*138 2
2
*114 2
3 Jan 8
1 1s'
11:17 15
2
*114 2
2
6'2
14
300 Inter Pap A Pow ol 4.---No par
178 1g
2
35*
72
Jan
7
4
1%
tivi
a
13
par
*84 1
No
*34 1
Class B
*34 1
100
*34 1
73
*34 1
4
94
13
2%
14 Jan 19
94
14
33'fly 7
*12
12
73
No Par
Class 0
930
34
*68
58
'4
3
%
68
84 8,3
84
244
412
12
Jan
7
13
73
star
412
818 818
100
84 81
Preferred
8
84 3.033
734 8
814
9
9
254
23 23
*2213 23
23 23
23
2318 234 2214 2214 1.030 Int Piloting Ink Corp.-No par 2113 Jan 15 24': Mar 1
23
66
101.
65
*101 10314 *101 1054 *101 10514 101 101
Preferred.
100 9313 Jan 2 105 Apr 29
10112 10112
30
103 103
32
It
20
•344 3512 *33
29 Jan 21 3614M ky 14
33: *334 33 "334 351 *3378 355* 3513 3512
No pa
100 International Salt
311
38
60%
4612 4614 464 4312 46
No par 4214 'fir 19 47 May 16
46,8 4818 45:4 453 43% 45
4512 3.300 International Shoe
19
17
454
4
28
Jan
Mir
19
*1912 20
17
1112 20 "104 214 204 234 21
100
International
'River
*1912 2175
21
500
59
40
84,2
6712 6712 "65 6712 63 65
100 60 2 Mat 21 75 Jan 3
7% preferred..
80
64
61
63
61 63 3134
97 Jan 10
6%
74 175*
834 9
50 VI kr 13
No pa
812 913
818 84
84 84
814 9
818 9 47.700 Inter relep & roleg
25*
10
10
34 1613
123
4
Jan
7
*938 10
87811ty
8
pi
94 93
93 93
10
103 1,700 Intense, e Dept Stores-No
93 10
165*
215* 814
*75 804 75
100 71 VI ty 9 8478 Jan 7
73 *7512 81 .1,7514 81
Preferred
*75 81 "75
101
80
668 10
434
*8
934 "818 938
6.8 Mar 13 1.01831 iy 24
No pa
934 1013 2.330 latortype Corp
914 95*
912 914
913 912
245* 36
203
4
8
Jan
29 2)14 *2) 2312 2)4 2312 *29
36
24
2834May
1
2313 "29
2)13 2314 234
800 Island Creek Coal
110',
90
85
116 113 .1
1 110 110 22 12011 Apr 9
-_. *115
Preferred.
_ *11.5
-__ •115
10
-_- *115
--26
33
57,2
*3312 5713 5713 /71
*55% 5712 .115No par 49 Mar 13 51 M ty 21
574 -5314 5314 19
5712 -571
1.100 Jewel fee Ins
664
575k
39
364
Jan
7
Mar
13
4914 534 53 5)13 4114 504 404 5)
No par 38,2
53 5314 4)12 504 8.800 Johns Manville
121
101
87
1434 1234 *121 1234 *123 121's 123'8 1234 4021 12378
121 121
WO 11713:11a 15 125 Jan 1
Preferred
40
135
140
*1334 175 •133,4 173 .31334 175 •13314 175 •133,4 175 *13314 175
J01108 & C810 RR Co 7% gtd..101) 130 Feb 19 130 Feb 19 116
77
45
45
604 6012 60 615* 6314 61
100 50 Apr 4 73 Jan 23
61
61
6312 61
60
6134 1,010 Jones & Laugh Steel pref
97% 11412
9778
•I 18 . --•118.
- -- *113
113 113 *113 - ... 113 118
30 Kansas City P & L prier BNo par 11514 Mar 20 118 Apr 15
195*
7
65*
Jan
35*
834
tr
13
3%14
100
54 14
54 -54 "513 _-51900 Kansas City Southern.
4
54 8'4
54 54
-54
104 274
6%
*7
9,8 *Vs 9
64 At kr 12 1012 A IT 2
100
*734 9
Preferred.
*714 812 •714 812 '812 91s
1013
6
5
,
4
17
121814.iy
6
1112 1114 11,8 1118 1138 1112 1113 1112 1118 11%
Feb
712
$12.....60
1112 1,200 Kaufmann Dept Slues
1372 1812
12
1313 1)14 *1115 1)4 1)78 205* 1)4 232 234 23,8 204 20% 2,700 Kayser (J) & Co..
-- -_--,-8 15'4 J40 17 20414 ar 23
15
20
3712
*45 60 *45 63 *50 60 *50 63 "5) 60 •50
Keith-Albee-Orpheum
•-__________ 34 Mar 7 41 May 16
60
Jan
is
Aor
5
118 114
23
8
17
4
1
4
Us 14
84
114
115
14 14
1,4 118 11.500 fKally•Springneid fire
I
13
5
20
5
1213 I4'
12'8 13
6 Apr 4 1618M ky 24
12', 124 1212 12'5* 13
No par
1578 13'2 16% 12.000
6% preferred._
3
10
2.2
*1212 132 132 1312 1313 132 132 11,8 11
6 Jan 25 15 May 6
11 18 1414 1413 1.803 Kelsey Hayes Mice! conv.o1A.-1
Ug
1312M
is
,
21
34
ma
I
1
23
7,2
113 11,8 1112 114 "1113 12
Class 13
1112 1214 1214 1214 124 13% 5.803
1168 21'4
IN 1114 1114 15
1413 154 1114 1518 15
No par 14 N.1 ay 15 1814 Jan 9 'a 6111
154 1475 1518 23,230 Kelvinator Corp
6518
94
65
29
Jan
95
Mar
21
*902 9114 .10114 91 "914 93
84
pa
9114 *92
93 93 *32
50 Kendall Cops pf 808 A-No
913
16
1334
23,5
194 205* 90 20% 114 293 234 21
13% al kr 13 214 al ky 23
No pi
2012 214 2012 21
68.200 Kennecott Copper
973 184
We
*11
15
*1113 114 1414 1312 1512 1312 16,2 17
10 14 kr 5 17 NI ay 23
No pa
17
1,100 Kimberly-Clark
17
3
7,4
214
54 Jan 3
44 475
414 414
3 Mar 19
No par
414 414 *1
4's •1
633 Kinney Co.
475 •4
44
1313 41
12
2912 2312 30 33
23 14 kr 29 38 Jan 23
No pa
3114 334 314 3214 325* 3214 32
3314
ereferred
740
135* 22%
1014
22
224 22
2218 2214 224 224 2212 224 2114 235* 2412 19.400 Kresge (S B) Co
10 19% Mar 13 23121,133. 24
9914 101 2114
*10313 10) •I.0813 10) 10312 10312 010118 10) *103 10) r103 103
100 103,2 Apr 26 113 Apr 9
7% preferred,
70
212
74
2
*2
4 Jan 17
3% "04 318
2 111 lY 21
No pa
35*
2
200 Kresge Dept Stores
3
3
2
*213 312 *3
55
19
12
Mat
9
85
MI 6712 '53 6712 "50
Jan
11
42
100
*51
70 .051
70 *53 70
Preferred
70
36
2754
6512
5618 Apr 5 6913 Jan 7
64% 6418
*62111 61'2 *524 614 •83 6112 *8314 6113 "634 65
100 Kress (3 ED & Oci
NO par
19
2314 333
2314 2313 23,2 2114 2113 21% 25
23 234 23
21
No par 221M ay 16 284 Jan 2
2411 7.100 Kroger Ores & Bat
634
20
12
107 23 *17 23 *17 2)
*17 21
13
13
*17
10 Laclede Gas [.1 0001 Louie -.100 12 Mar 22 21 Jan 12
1812
27
60
1914
*27 3) "23 3) *25
100 194 Mar 27 31 Jan 24
*264 29
30 •2618 2) '2318 29
a preferred
31%
224
1115*
26
Jan
8
23's 2312 2514 2814 27
284
24
Apr
6
No
pa
27
2714
2713 6,300 Lambert Co (T11/0
277k
28's 2712
5 May (3
No pa
g Jan 3
44
6
1414
4,54 612
*513 612 *318 612 *54 64 *54 611 4.5t2 61
Lane Bryant
144
7
ISts
114 11
ll5 1114 Ill
811 NI ir 14 1278 Jan 7
S
1112 5,700 Lee Rubber & rite
114 1078 114 11
Il's 11
11
20
1114 15
*1114 1314 11
1518 iS's 15
9
15
15
51) 10% Mar 14 175, Jan 7
1,000 Lehigh Portland Cement
155* 13
7338 90
73
934 9318 *9318 10314 49318 9)13 98% 98's 9818 984
100 103
40
7% preferred
100 894 Jan 3 WO Apr 27
5
913 21.4
714 714
5 Mat 13 1112 Jan 7
714 71
71
714 73
7
74 74
50
2,200 Lehigh Valley RR
714 7,4
212
5
2
2
113
*114 2
278 Jan 4
14 14 *14 178
115 Mar 13
138 113
No par
700 Lehigh Valley Coal
15* 1%
5
4
*7
734
7
7
165*
7
51211 ay 1 1212 Jan 23
Preferred
700
7
7
7
71
7
713
7
50
644 78
6814
78
73
7612 7713 774 7734 77 7818 7712 781
7812 7814 4.100 Lehman Corp (The)
No par 674 M in 28 7 08\4 ay li
1115 2313
1112
154 15
•15
1514 13
*1478 IS's 15
17,4 Jan 25
15
1114 15
15
5 1412 14 kr 21
1.900 Lebo & Fiat Prod Co.
2718 2778 2778 2114 23/3 2)18 2378 2)4 233 2)12 24,700 Liaby Owens Ford Glass- No par 21 1214 kr 30 324 Jan 2
'2314 27
2213 43%
21
23
214 2214 21
1718 24
1533
221 22's 23
224 2312 22 22
2218 2.800 Life Savers Corp
5 21 Mar 14 2412 Apr 22
10312 10112 10313 03'2 "107 10) 10) 10) 10)4 10)1 111 111
73
110
714
600 Liggett & Myers Tobaaeo....25 9414 Apr 5 III M ky 21
744 11114 ,
73.4
109 10313 4.900
10)4 110
1.0734 10314 13714 1374 133% 1081 10) 110
Series B
23 9334 Aar 4 110 May 22
1654 13312 13714 15714 157 187
129
4 123
18512 16512 1,100
18312 187
167
1524
157
16732May
30
100
151
12
Jan
Preferred
e
18
18 *13
16
1712 1.200 Lily Tilip CUD Corri....-No par 1678 Mar 13 1912 Aar 251 1414
13,2 18
2612
131 *1712 131 •175* I3l1 17
1813 1314 12
*174 184
*1712 1) "1712 19
13 'IS
1514 364 ,
1312
19
900 Llma L000mot Works.-No par 134 14 kr 14 2413 Jan 5
'231s 2378 2112 2112 2112 2112 2118 2118 25
2515 25
114
2514 2,100
1112 195 '
No par 17.4 M a 13 2514May 24
2918 33
2)4 33'8 3012 314 334 314 3014 3078 3014 3114 7.600 Liquid Carboni°
No par 2412 Mar 13 3178 Mae 13
163 WS
WI
3078 37
1912
414 35.900 (pew's Incorporated
41 4 414 413,1 41
31.4 Feb 7 4178May 24
NO par
39,3 314 3)'s 314 3378 415*1 41
•10512 108's *10312 105.8 10513 1035*1 10514 10314 "108 107 I 1093 1063
72
105
900
Preferred
No par 102 Feb 1 10812 Apr 5 66
Ili
3
114 114
114 114
•114 118
1
1% Jan 2
1 Mar 15
114 14 *113 114 1.100 Loft Incorporated
112 113
No par
•112 14 *112 1%
1
3
118 14 *112 l's '14 14 "112 I%
1
212 Feb 14
100 Long Bell Lumber A__--No par
114M ir 12
35
*344 314 3118 3173 3134 33 I 3114 314 344 35
25 33 Apr 25 36.4 Feb 20
35
2314 :at,
33
1.200 Loose- Wiles 131soult
.128 1234 123 121 *12614 128 *1254 12712'127 127131 127 127
7% lst preferred
30
1195* 1284
100 126 Jan 30 130 Aar 16 IN
20 2018 20
20
20
1514 2218
14%
8,000 Lorillard (P) Co
2073 2034 2118 2014 2114 2014 21
10 1812 Mar 26 2112May 11
139 139 I 139 139
•130 139 "135 133 139 139 I 139 140
7% preferred
370
9812 102 2130
100 124 Apr 5 140 May 22
1
1
1
1
1,300 Louisiana Or.
1
1
*78 1 I
34 Mar 13
72 1
*73 14
%
Vs
178 Jan 7
No par
14
11
1112 *94 1112
934 95* *934 11 I 10
978 10
90
10
6
Preferred
714 234
714 War 15 1413 Jan 8
100
171
1634 17
*17
21
3.1678 17
12
164 1714 1612 1612 163 165* 1,300 Louisville Gas R El A-No par 1018 Mar 18 1714May 13
1038
40 40
3312 33 33%I 3912 4014 1.900 Louisville & Nashville
374 624
34
100 34 Mar 29 474 Jan 7
39 •33
334 3934 39
•16
1638 *16
2.400 Ludlum Steel
163 165* 165* 1614 16's 164 1678 1612 17
84 1912
713
1 1234 'Sir 26 1814 Jan 8
•I05 110
110 110 *105 112
109 10) *103 110 *105 110
Cony preferred
200
60
97
50
No par 904 Jan 4 110 May 23
*4212 4313 *42 43
Forbes
42
42
*4178
42
MikaAndrews
&
42
42 42
30
4214
46
40
Jan
24
10
400
21
Feb
19
"I
•1254 130 *12512 130 *12512 130
10
95
87%
6% preferred
100 113 Feb 8 133 May la
130 130 *12512 130 *12512 130
1104
100
204 33
204
$ per share $ per share $ per share $ per share $ per share $ per share
2
2
218
24
218
"2
2
2
218 213
2
214
9912 9913 9812 9938 9934 10012 10013 102
99 99
10112 10212
140 140
138 138 •135 145 *1364 140 *13612 145
14014 14012
160 160 "155 15934 "155 15934 *155 15934 "155 1594
'155 160
*18
1834 "1814 1834 1814 1814 18
18
1813
18
1838 18
7834 7778 7878 79
7914 7914 77
7938 784 7938 7918 7934
12412 12412 *123 12413 *123 12413 12414 12414 "125 126
*12318 125
*79
7913 7934 80
8038 814 •784 80 "79 80
79
7934
111 111 *1104 112
*110 111
111 111 *110 111
111 111
834 878
878 84
84 913
873 94
9
94
878 913
*712 Vs
74 8
8
8
8
77a 778
8
*713 84
*400 410 *400 425 "400 415 405 405 "401 405 400 401
3618 3612 3618 3612 3618 3613 36
3612 3634 3678
3818 38
1312 1312 1313 1318 131* 1318 1312 1314 134
134 13's 13
62
62
62 62,4 6214 6214 *62 6318 *62 63 *62 64
1612 1612 16
1638 16'3 "1334 164
16
161a *151i 164 16
234 234
234 278
278 278
234 214
24 &A
24 278
52
5314 52 3234 5114 5212 51
5214 5112 5278 52
5218
3
278 272
3
3
3
3
3
275 3
"27
3
812 "8
814 814 *8
812 '8
812
84 "8
812 "8
8
8
84
8
818
814
74 8
8
84
754 8
113 112
113 118
112 138
114 112
113 112
136 112
1113 1118 1114 1118 114 113
104 1114 1014 1114 11
115*
19 "16
"17
19 *18
19 *16
*18
10
*16
19
19
51
51
*5012 5113 *5013- -- *5012 - -- *504 - -- 51
53
*518 -7
"5
6
"5
6
514 114 *54 112 "318 6
1,238 3
•24 3
*234 3
*218 3
*234 3
*234 3
2614 265* 2314 2738 265* 27
23 284 2512 254 2513 2738
8114 8414 85 85,3 85
*8112 8478 8413 85
8612 85 8512
___ '124____ *124
__
."121
'124
___ *124
___ 4,121
6314 6378 64 -(C4-18 64 1413 6314 -6418 6312 -64 14
614
pa% 34 '3's 33 *334 37g
318 4
34 33
378 4
578 578
514 578
6
6
54 578
54 534
*54 6
124 1278 1273 13
13
13
12
123 1214 1278
125* 13
--.7.- --_-- --.7.- --_-....
24 318 *23 3,8 *23 -33 *212 -318 *23 3-18 *212 -3
*214 3
*24 3
*24 3
*214 3
*214 3
*24 3
•913 11
'94 11
*94 11
94 913
914 914 *912 11
*2
213 213 *24 212
213
214 3
212 214
278 24
514 54 '54 54
5,4 514 '5
34 54
54 514
55*
314 312 *34 34
313 313
34 34
34 35* '3's 312
33 '3314 3114
314 31:4 *33
38 36 *33 354 38 35
180 181 *173 181 "178 18112 1804 18112 18214 18318 133 183
513 515 *54 514
54 55*
513 54
5
518 51
518
2814 2318 2813 29
29
30
2)14 33's 3018 30% 30
30,8
4113 42's 4115* 414 4134 434 434 41:4 43,
441
8 4113 43
143 119 .1.149 1434 "118 14312 "148 1191 1494 14)14
•14712 148
2
2
14 2
2
2
14 13
14 14 "114 2
,1278 3
214 24 "212 234
212 2,2
212 21
"24 21
2812 237s 2812 2378 28,8 29
284 20's 2378 291
234 2)
126 126 .125 1234 125 125
125 128
125 125
126 126
For footnotes 808 Page 3502.
Shares
4,800
2,100
400
20
1.000
2,300
30
800
400
3.200
900
300
1.800
17,800
500
900
2,000
10.800
1,000
100
8.800
4,033
6,900
New York Stock Record-Continued-Page 6
3508
HIGH AND LOW SALE PRICES-PER SHARE. NOT PER CENT
Saturday
May 18
Monday
may 20
Tuesday
May 21
Wednesday
May 22
Thursday •
May 23
Friday
May 24
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
May 25 1935
Rano Mace Jan. 1
On Baste of 100-share Lots
Lowest
Highest
July 1
1933 to Range for
Apr 30 Year 1934
1935 ----High
Low Low
51 Per share 5 Per share 5 per share $ per share $ per share 5 per share Shares
Par $ per share
5 per share $ per Os 5 per share
22
2218 2214 2212 2213 2218 22
2214 2218 2212 2112 2212 3,600 Mack Trucks Inc
2034
23
No par 2034 Star 29 2818 Jan 8
4134
3512 3634 3512 3614 3553 3613 3518 3534 3558 3614 36
3012
3633 7,600 Macy (R H) Co Inc)
No par 3012 Apr 1 4414 Jan 2
3514 8213
712 Apr 26
7
678 7
512 Jan 2
212
258
7
74
7
718 713 *7
7
7
*678 713 1,100 Madison So Gard•I o_.-No par
3014 3013 30
3112 3213 3431 3434 36
1214
10 1852 Jan 16 36 May 22
1513 32314
35
3558 33
351 j 10,000 Magma Copper
414
118
118 *1
113
*78
113
300 MaMason (H R)& Co_-No par
78
113
•113
114
118
34May 10
2 Jan 4
118
1 13 118
4
10
1012 10
10
1012 1138 1014 11
7 Mar 14 1972 Jan 23
753 3333
100
1014 1014 1078 1078
250
7% preferred
78
78
*112 2
*112 2
*112 2
*112 2
214May 14
*178 2
2
2
100 /Manati Sugar
100
72 Feb 6
333
753 838
734 814
838 838
818 833
1
1,410
4 Jan 7 10 May 24
114
814 912
938 10
Preferred
100
914
3
3
*3
3
3
813
4
*318 4
3 Apr 29
57s Jan 19
No par
*313 373 *313 314 *313 314
100 Mandel Bros
*28
32
*28
32
*28
32
*2813 32
20
41
14
*2813 32
*2813 32
:Manhattan By 7% guar _--100 29 Apr 23 3613 Feb 20
*1612 1712 *1614 17
1612 1638 1613 1612 1614 1614 16
1034
16
800
Mod 5% guar
100 1314 Mar 15 22 Feb 1
1034 297/1
1414 1438 1412 1412 *1312 15
*1334 1414
10
1013 2032
1412 1412 *13
400 Manhattan Shin
25 10 Mar 28 1412Slay 22
15
2
213
212 278
•114 2
*114 2
1 Feb 23
3 May 23
1
1 18
338
212 234 4,100 Maracaibo OH Explor___No par
234 3
*412 434
413 458 *412 434
413
412 412 *458 434
5
412 Mar 23
512 Jan 14
418
434 434
700 Marancha Corp
532
538 512 *533 512
5
514 Apr 1
512
9
Vs 512
653 Jan 24
5
538 512
538 512
512 618 14,600 Marine Midland Corp
12
12
.12
34
*12
34
.12
34
12
12
12
12
12
Ds Jan 8
13
228
100
300 Market Street fly
13 Jan 31
*2
434 *114 434 *114 434 *114 434 *114 458 *114 453
2
100
252 Jan 2
2
814
Preferred
5 Jan 8
5
5
*478 5
*434 5
5
314 Mar 1
3
5
Prior preferred
100
7 Jan 28
3
1214
514 534
370
512 512
*34 214
112 112
*34
*34 112
.34 112
112
*34 113
100
1 Mar 15
214 Jan 8
414
2nd preferred
72
1
50
24
2414 *2313 24
24
2413 2413 2618 2138 26
32
No par 20 Mar 13 2618May 22
12
17
2514 2534 6,100 Marlin-Rockwell
734 778
712 778
753 8
734 778
634 Mar 14 1114 Jan 3
838 1953
734 8
No par
634
714 778 3,400 Marshall Field & Co
*6
7
*8
7
511May 21
514 6
6
No par
912 Jan 7
6
"6
678
400 Martin-Parry Corp
6
6
214
4
1213
2812 2914 2812 2834 2913 3034 30
3078 30
2313
3034 30
3014 7.600 Mathieson Alkali Works No par 2334 Mar 14 32 Jan 8
2312 4084
*14712 14912 *14912 14912 *14712 14912 *14712 14912 *14012 14912 *14012 14912
100 138 Jan 2 160 Apr 1 10512 110
Preferred
136
43
43
4212 4234 4278 43
43
50
4584
4358 4334 4378 4334 4438 3,300 May Department Stores
10 3573 Mar 29 4438May 24
23
513 Jan 30
753May 24
753
718 718
738
No par
314
7
714
412
81i
Vs
713 733
738 733
753 2,800 Maytag Co
4113 4113 *4158 42
42
4213 4238 4212 *4238 43
No par 33 Jan 15 43 Mar 22
834
10
36
*43
44
600
Preferred
9
*3713 4212 *3713 4212 *3713 4213 *3712 42
Preferred ex-warrants_Ne par 3212 Jan 7 4213 Mar 22
8
3234
*3712 4212 *3712 4212
27
49
300
Prior preferred
N.par 8413 Jan 4 9734Slay 24
*96
97
93
96
96
97
97
9714 *9612 9713 9712 9734
9212
3112 3112 3112 3212 3213 3234 3214 3234 3278 3278 3212 3212 1,400 McCall Corp
22
24
32
No par 28 Mar 14 3333May 16
1014 1013 10
714 Apr 3 13 Jan 3
24
1/2 1212
978 10
914 101s
1038 1014 1038 1018 1012 4,500 :McCrory Stores classA Ne par
933 10
953 953
612 Apr 3 1211 Jan 3
*834 934
913 953
No par
112
10
1,600
Giese B
114 1332
953 934 10
*70
7518 *70
7513 *70
7518 *70
7518 *70
Cony preferred
100 5714 Feb 5 76 May 4
7518 *70
7512
312
IN 6333
813 812 *812 9
714 Mar 26
872 Apr 23
4
4
*812 9
100 McGraw-Hill Pub CO-N• par
1012
*734 838
*812 9
*812 9
44
43
4378 4134 4314 4214 4253 4218 4284 42
2858
44
$812 4012
4238 6,000 McIntyre Porcupine Mines____5 3858 Jan 15 4553 Mar 4
113 113
11112 11112 111 111
111 112
112 114
11114 11114 2.100 McKeesport Tin Plate___No par 9012 Jan 15 116 May 11
6714
79
9512
5
578May 22
618 638
a
614 638
614 614
578 614
872 Jan 2
312
414
573 618
578 618 6,700 McKesson & Robbins
914
I
3434 35
35
3512 35
3533 3414 35
912
1172 4234
34
34
32
3334 2,300
Cony pref series A
50 32 May 24 45 Mar 4
1118 1114
11
1118 1113 1112 1114 1112 11
812 Apr 1 1532 Jan 3
1712
No par
1
111s 1038 1012 2,400 McLellan Stores
34
*92
9438 93
93
*93
9513 *93
100 8513 Mar 13 93 May 22
8
9518 *93
95
93
93
200
6% cony pref stir A
912 9212
4678 4678 4673 47
42
4638 47
28
4612 4714 4738 4714 4713 4734 2,400 Melville Shoe
No par 41 Jan 2 4714May 20
1712
*358 4
334 4
*334 378
1
3 Mar 12
553 Jan 22
3
373 379
312 11
312 334 2,200 Mengel Co (The)
339 334
*27
28
27
27
27
27
100 2034 Mar 20 3812 Jan 23
27
27
*27
2034
24
52
2712 2612 2612
80
7% preferred
March & Min Trani') Co_Ne par 22 Apr 12 27 May 8 2 22
*2714 30
*2714 30
*2714 29
*2714 30
2512 3334
*2714 30
*2714 30
30
3034 30
30
30
3012 2912 2978 *2912 30
5 2412 Jan 15 32 Mar 5 22 834 22012 2534
30
31
2,900 Mesta Machine Co
2814
2738 2738 2738 2738 *2738 2712 2712 2712 2738 2738 2738 2738
21
800 Metro-Goldwyn Pict pref____27 27 Mar 9 2814 Jan 3
18
4
213 Mar 13
438May 17
414 *334 378
4
2,300 Miami Copper
6
4
212
334 413
273
812
378 4
334 378
912 Mar 15 1378May 23
1314 1358 1318 1333 1338 1338 1338 1358 1353 1379 1312 1378 10,200 Mid-Continent Petrol
10
918
912
1414
814 Mar 12 1372 Jan 8
612 217s
No par
1034 1118 1034 11
*1034 1112 11
11
11
612
11
1114 1134 1,800 Midland Steel Prod
44
92
9113 9178 9173 93
9214 9214 9313 94
100 6012 Mar 6 95 May 24
92
8% cum let prat
44
9378 95
660
8553
*88
90
8713 8712 *88
8912 8812 8812 8812 8912 9014 9014
500 Minn-Honeywell Ream.-No par 58 Jan 15 9014May 17
2058
36
65
30
100 105 Jan 9 110 Mar 14 2 68
*108 110 *108 110 *108 110
6% pref series A
108 110 *108 110
108 108
87
107
372 Mar 15
438 438
438 412
534 Jan 2
453 412
414 43s
413 413
414 438 5,600 Minn Moline Pow Impl __No par
112
173
57t
*3978 42
"40
41
1,800
No par 31 Mar 14 42 Apr 22
4034 4034 40
Preferred
15
1512 41
40
4012 4034 4034 41
12 Mar 4
32 Jan 7
13
500 :Minneapolis & SI Loule____100
14
14
*19
14
14
14
*18
14
hi
18
14
14
14
188
24
34 Apr 24
134Nlay 20
*112 2
134 114 *118
1713 *112 138 •112 153 *112 134
200 Minn St Paul & SS Marle___100
24
358
1 Mar 6
*134 2
*134 2
173 172 *134 2
100
2 Jan 21
173
178 *173 2
400
1
7% preferred
1,4
513
*138 2
*178 2
*133 2
*138 2
IGO
114 Mar 29
3 Jan 14
*138 2
*138 2
4% leased line Ms
114
112
713
1534 16
1534 16
1534 16
15
1512 15
No par 1038 Apr 9 1078May 16
1514 1412 15
8,700 Mini/Ion Corp
1011
-- - 258 Mar 13
3
318
614 Jan 7
319 313
No par
253
4-18
314 32 1
312 318
314 312 1,700 Mo-Kan-Texas RR
1-4-72
314 314
572May 7 1412 Jan 7
100
4,000
Preferred scrim] A
12
3413
714
653 7
614 634
614 653
612 7
6
718 713
7
1 14 Mar 11
134 134
158 158
100
3 Jan 4
152 138 *114
1 14
158 *114
500 :Missouri Pacific
153 •153 158
112
6
112
Mar
30
•134 218
2
2
218 218 *V9 2
4 Jan 7
*134 178
Cony preferred
100
178
400
112
212
914
178
15
1558 1514 1553 1538 1614 16
1612 1638 1613 1534 16'2 10,700 Mohawk Carpet Mills
20 1034 Mar 13 2812 Jan 3
1212 2213
1034
72
7112 72
7113 72
72
7358 71
x73
7334 7438 7518 2,400 Monsanto Chem Co
10 65 Feb29 77 May 0 "24
39
8152
2618 2638 2014 2673 26.78 2634 2612 2738 2718 2713 2634 2733 35,200 Mont Ward & Co Ino___-No par 2134 Mar 12 3013 Jan 7
20
3558
1514
6012 63
61
6318 64
*63
5913 5912 60
6478 64
No par 5672 Apr 9 68 Feb 25
37
64
1,300 Morrel (J) & Co
3473
6314
6512 *64
6512 *6414 65,2 64,4 6414 *64
71
*64
6512 6512 6512
50 6112 Apr 18 6512M8y 24
58
40 Morris & Essex
5534
78
1
78
1
78
1
14
1 12May 1
38
Pm
14 AM' 4
24
78
33
78
34
78 7,700 Mother Lode Coalition_ __No par
28
2714 2734 2718 2734 2712 2778 4,300 Motor Products Corp„-No par
*27
2713 27
2714 27
1712 Mar 18 2872 Apr 22
1514
1514 4414
914 938
914 938
914 938
9
914
9
914
9
018 4,000 Motor Wheel
5
718 Mar 12 1134 Jan 7
814
058 1612
10
10
10
7 Mar 13 1212 Jan 22
10
101 1
10
10
372
514 1553
1014
No par
912 978 1,300 Mullins Mfg Co
*934 10
*5914 6038 59
61
59
*59
6014 61
59
6014 5913 60
10
1213 46
170
Cony preferred
No par 3872 Jan 11 8112May 13
1638 1818 1714 1758 *17
11 Apr 3 1818Nfay 21
15
1512 1534 16
1734 17
10
13
17
2,300 Munsingwear Ins
No par
2514
914 Apr 22
758 8
712 773
414 Slur 13
758 778
10
712 734
734 918
831 913 47,000 Murray Corp of Amer
352
371
1158
38
*38
3914 *3714 3834 38
33
38
3834 38
38
3814 3814
14
No par 30 Jan 12 3912May 17
1312
500 Myers F de E Bros
12 Apr 27 1912 Jan 7
1312 1334 1314 1353 1312 1353 1338 1313 1314 1353 1318 1314 11,900 Nash Motors Co
1258 3214
11
No par
19
19
*15
19
*19
20
19
1034 46
*19
20
19
*15
20
30 Nashville Chatt de St Louts _100 14 Mar 14 2712 Jan 8
14
1
412 mar 13
31.
873
678 7
714 Jan 7
618 612
612 678
639 678
634 678
3
653 Co 11,900 National Acme
*773 818
8
8
814 814
8
8
8
634 Feb 28
853 Apr 25
514
811
8
818 1.500 National Aviation Corp.__Ne par
514
1314
2618 2612 26
2614 2613 2652 2553 2614 2539 26
25
2572 4912
2534 25,500 National Biscuit
10 2214 Apr 1 3014 Jan 7
2214
14914 14914 149 15018 150 150
150 150
•14834 153
150 150
7% cum pref
100 14112 Mar 7 151 May 3 12912 131
700
14812
1512 1533 1512 1513 1512 1538 1534 15
1312 Mar 14 1832 Jan 3
12
2358
1513 1514 15
1512 5.300 Nat Ca813 Register
No par
12
1512 1518 1613 1514 1512 15,800 Nat Dairy Prod
1514 1518 1512 15
1518 1538 15
13
No par 1272 Mar 21 1718 Feb 9
1114
1814
12
113 Mar 7
2
2
1
173 178
178 178
178
17,3
2
2
178
179 1,100 :Nat DepartmentStores_ _No par
452 Jan 17
372
22
22
2234 23
2212 2378 23
2334 2312 24
2234 2338
3
2813
Preferred
100 17 Apr 2 3434 Feb 18
5
840
2533 2534 2513 2614 2614 2658 2614 2634 2612 2634 2612 2718 52.200 Nail Distil Prod
16
No par 2313May 2 2914 Jan 3
16
3158
1612 3272
*2318 2312 2318 2312 2313 2312
*2318 2513 *2318 2412 *2318 24
400 Nat Enam de Stamping
10
No par 2318May 23 29 Feb 18
*166 172 *17012 172
172 174
17514 17514 •171 17412 174 175
170
1.300 National Lead
100 145 Jan 18 17514May 22
8734 135
14612
•16014 165 *16014 163 *16014 163 *16014 16212 18213 16213 *16014 16212
122
100
Preferred A
100 150 Jan 18 16212May 23 122
13412 13412 135 135 *135 136
134 134 *134 13478 135 135
140
Preferred B
100 12158 Jan 26 136 Apr 5
9934 10012 13112
8
8
818
8
8
Mar
15
77
2
2
9
Apr
24
47s
65
8
1512
8
853
8
77
8
814
8.200
National
Pow
&
par
47
77o
LI
No
*78
1
*78
1
78
78
*58 1
*58 1
as
100 Nat Bps of Mex 1st 4% pt___100
52 Apr 10
1 Jan 10
238
*58 1
54
I,
„
2d preferred
53
100
14 Mar 19
II Jan 2
*38
lz
as
38
53
*4
*14
12
*14
12 1.400
13
1
4813 4912 4838 4834 4812 4913 49
4912 4953 4931 4934 5078 7.700 National Steel Corp
3412 5814
25 402* Mar 13 5073May 24 33
21 13
1514 1512 1534 1634 1658 1713 1653 1734 1713 1838 1734 1818 8,200 National Supply of Del
9 Mar 13 1838Nfay 23
0
10
25
3312 60
6934 68
33
*6512 67
6724 67,4 68
7053 7032 7112 71
7134 1,360
100 36 Mar 20 7134May 24
Preferred
912 912
912 934
938 912
938 953
914
9
1814
No par 3814 Mar 13 1138 Jan 4
3814
933 938 2,400 National Tea Co
95*
612 3014
*2512 26
2513 2512 *25
2534 *25
2534 *2414 26
*2414 26
4
500 Nelsner Bros
NO par 22 Mar 12 2838 Feb 14
500 Newberry Co (J J)_ ._
No par 4313 Jan 2 5312Nfay 16
15
31
4073
5312 5312 *5112 5312 53
53
*52
5234 5234 5234 5314 5312
112
100
*11214 113
113 113
110
80
113 11434 11414 11414 114 11412 *11214 11312
7% preferred
100 109 Jan 25 117 Slay 7
*35* 7
6
25
:New Orleans Texas & Mex__100
4 Apr 11
0 Feb 27
*358 7
*338 7
*353 7
*358 7
*353 7
4
438 Star 12
8 Jan 3
614 6.78
614 614
1
614 718
432
513 13
658 718
634 673
612 612 5,800 Newport Industries
2118 2153 *2112 2134 2112 2134 2112 2131 22
2218 2212 2278 1,900 N Y Air Brake
1112 2834
1112
No par 1813 Mar 12 2814 Jan 4
1838 4514
1633 1634 1618 1634 1614 1639 1618 1634 1618 1658 1618 171i 30,600 New York Central
1214
No par 1214 Mar 12 2114 Jan 7
2672
9
8 Mar 12 13 Jan 4
*8
812 .8
813 *8
*8
812 *8
6
V
812
812 813
100 N Y Chic & fit Louis Co
100
16
43,4
972 Mar 12 25 Jan 7
*14
141- 14
14
1434 1434 1412 1412 *1434 15
1414 15
Preferred series A
100
973
1.000
5
2 Mar 14 31s Jan 22
258
814
*114 358 •114 358 *2
353 *2
358
- *2
3 3 *2
3,
8
New York Dock
100
2
20
4 Star 29
8 Jan 11
5
*618 912 *514 912 *514 912 .414 812 *45s 812 .4573 812
100
4
Preferred
"121 12278 •121 12278 *121 12278 121 12278 12278 12434 120 130
108
139
1,100 NY & Harlem
50 112 Mar 11 126 May 24 101
120
112
•120 130 *120 130 *120 130
60 11414 Mar 14 11414 Mar 14 112
120 130 *120 130
126 126
Preferred
*53
52 Jan 3
13
114
12 Jan 31
500 2N Y Investors Inc
No par
38
13
*38
22
38
33
38
38
33
38
12
33
83
96
*99 _ _
*99 101
7812
*99 101.
90
99 *_ __ _ 98
__ 98
10 NY Lackawanna de Western_100 99 May 22 99 May 22
478 47g
434 434
434 472
45* 433
27s Feb 26
812 Jan 4
2,400 NY N H & Hartford
100
438 458
458 5
27s
6
24'1
6 Feb 20 1433 Jan 7
1012 3753
8
814 814
813 814 *8
812
8
8
100
8
818
8
813 2,100
Cony preferred
100
253 Mar 15
(I Jan 19
253
Vs 1158
800 N Y aetarlo & Western
319 314
314 314 *313 353
*314 338 "311 358
314 314
*39
is
la Mar 29
58
134
1 Jan 9
100 N Y Railways pref
No par
*1 3
58
38
*14
'8
12
12
"8
33
*38
58
14May 22
14512y 22
--100
Preferred stamped
---- ----*13 ---*18
14
14
14
*14_,-*14
-613 Mar 14 1612 Jan 7
10
10
its
-9,2 -Lis
9,
3 933
034 10
10
103s 1038 -1-013 10 1034 3.700 NY Shipbldg Corp oars stk____I
8984
74
*731, 78
72
74
100 70 Apr 18 87 Jan 7
6912
*74
76
*7212 79
*7212 78
75
76
80
preferred
Apr
1
73
85 Jan 2
9912
73
70
73
73
73
71
7112 72
72
*7012 72
260 N YSteam
*
$6 pre
*7112 72
No par 70
90
1097e
83
8818 8818 8518 88
8614 8614 84
84
82
82
220
37 let preferred
No par 8078May 24 97 Jan 22
8073 8218
25
3014 457e
4012 4118 4029 4123 4078 4238 4218 43
4214 17,100 Noranda Mlnee Ltd
42
No par 3034 Jan 15 43 May 22
4173 43
*7
3
1
*7
8
1
*7
8
1
*7
8
I
74
1.14
4's
*78
1
100
78 Mar 25
112 Jan 17
*78
1
:Norfolk Southern
187
161
172 172
100 158 Mar 13 175 May 24 138
*170 17112 17112 172
17112 17112 172 17312 174 175
1,400 Norfolk & Western
10
10618May
Jan
21
82
10012
77
106 106
106 10618 106 106 *10618_ *10613
100 99
*10538 106
180
Adjust 4% pref
1014 2114
9 Mar 13 1512 Apr 24
9
1312 1334 1312 1334 1338 13,
No par
1331 14
- -7.8 27.800 North American Co
8 1313 .13-12 1312 -13
45
4613 4758 4619 4612 4412 4512 4534 46
31
34
48
48
50 3512 Mar 15 491451ay 10
4712 2.700
Preferred
47
258
834
1
2 Mar 13
4 Jan 23
2
318 314
312 353
3,3 314
318 314
318 318
313 314 9,000 North Amer Aviation
39
4712 7413
79
*76
7873 *76
200 No Amer Edison pref___No par 57 Jan 3 83 May 11
*7812 8078 7812 7813 *76
7858 78
78
712
16
722
912 Apr 22 1012 Apr 28
*738 8
North German Lloyd
*7
8
*7
8
*718 8
*724 8
*714 8
81
9214
71
20 Northern Central
____
95
50 8612 Nfar 29 95 May 21
95
*94
9434 *94
9434 .94
9312 9312 *95
9434
/
For footnotes see page 3502.
Volume 140
New York Stock Record-Continued-Page 7
3509
July I
Range Since Ian. 1
1933 to Range for
STOCKS
Sales
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
On Basis of 100-share Lots Apr 30 Year 1934
for
NEW YORK STOCK
Friday
1935 EXCHANGE
the
Monday
Tuesday
Wednesday Thursday
Saturday
Low Low
Lowest
Highest
Hto4
May 24
Week
May 21
May 22
May 23
May 18
May 20
---per sh $ per share
per
Share
share
$
$
per
Par
$
Shares
per
share
share
$
per
3
per
per
share
share
share
$
$
S Per share 5 per
1412 304
/
4 Jan 7
1318
100 1318 Mar 28 211
1818 12,000 Northern Pacific
17/
1
4 17
171
/
4 1712 1634 1714 17
17
1714
17
1718
33
33
43
1
4 Jan 18 3811 Jan 3
50 35/
70 Northwestern Telegraph
37/
1
4 38
*3712 38
3712 *3712 38
3712 3712 3712 37
*37
214
Jan
4
114
Apr
6
114
par
11
/
4
412
700 Norwalk Tire & Rubber __No
112
*112 11
/
4
/
4
/
4 112
112 *11
11
/
4 11
112
Ds
11
/
4
112
29
20
50 z20 Mar 20 3212 Jan 3
Preferred
4014
110
*2714 29
*2614 29
29
29
2618 29
*25
27
27
*25
9/
1
4 Mar 18 14185.4ay 17
No par
812
812 15/
1
4
1
4 38.600 Ohio 011 Co
1
4 13/
1
4 1334 1234 13/
1314 1312 1314 1358 1314 13/
1314 1334
41
11
/
4 Mar 30
/
4 Jan 2
11
/
4
2
7
No par
214
218 218 9,900 Oliver Farm Equip
218
218 214
214
218
218 218
2
21
/
4
9
15/
1
4 Mar 15 2838 Jan 2
9
271
/
4
No par
Preferred A
2212 2,200
2212 *21
2114 21
2114 21
20/
1
4 2118 *2014 2112 21
512 Feb 16
358
3/
1
4 Apr 4
3/
1
4
No par
632
400 Omnibus CorD(The)ytc
33* 33* *31
334 3/
1
4
3/
1
4 3/
1
4
/
4 4
*3/
1
4 378 *3/
1
4 3/
1
4
70
70
95
100 75 Jan 18 77 Feb 26
Preferred A
*65
84
100
*65
84
*65
84
84
*65
76
76
*76
84
778 Feb 19
434
434 Apr 3
51
Oppenbeim Coll & Co____No par
/
4 141
/
4
*512 7
*512 7
*512 7
*512 612 *512 7
*512 6
1112 Apr 4 2058May 20
1118
1212
1938
No par
1
4 58,900 Otis Elevator
181* 19/
1812 19
1
4 1818 1978 1812 19
1
4 20/
181
/
4 1912 19/
92
92
108
Preferred
100 108 Jan 7 12112May 8
110
121 121
12112 12112 *12012 12134 12034 121 *11812 121 *12012 121
3
714 Jan 21
332
8
414 Mar 14
No par
57g 614 6,200 0118 Steel
534 578
578 6
6
6
532 6
534 6
71:
9
25
100 2264 Jan 16 46 Jan 21
Prior preferred
460
1
4 4279 *41
*41
4314 4314 4314
43
4234 4234 42/
43
*30
28
30
47
No par 38 Mar 12 45 Jan 8
30 Outlet Co
*4512 46
*44
45
44
44
*4512 46
45
45
44
*43
97
07
100 11412 Mar 23 11412 Mar 23
Preferred
1141
/
4
__ ._ ___
__ *11412
_ *11412 ----*114!, ----*11412
*1141
/
4
_ *11412
60
60
94
25 80 Mar 12 95125Iay 23
9512 5,900 Owens-Illinois Glass Co
91
/
4 95 -9 12 91'2 9 12 9134 -i51
9078 If
9078 -9114
_Jan
7
1
1 18
212
Mar
26
61
1
10
1
/
4
Pacific
Coast
21
/
4 *114 214 *118 218
*1
214 *114 2 4 *118 218 *114
8 Mar 30
312
No par
312
334 Jan 2
lstpreferre d
1 114
10
*4/
1
4 7
*438 7
*438 7
*414
7
4
4
*5
7
1
4 Jan 7
1 Mar 27
2
612
No par
20 preferred
60
*2/
1
4 2/
1
4 *238 312 *238 312
2
2
'.234 3
*2/
1
4 3
20
May
20
12
/
1
4
12
/
1
4
/
1
4
Mar
6
13
2311
Pacific
Gas
25
&
Electric
8,000
19
/
1
4
197
8
19
20
19
/
1
4
20
1912
20
1912
193
4
197
8
1978
19
3012Slay
10
Mar
18
2034
19
37
No par
30
2912 2934 2914 2978 2912 2934 2958 3012 5,000 Pacific Mg Corp
*29
2912 29
1258
19
34
/
4 Mar 29 21 Jan 2
Vs yes 121
16/
1
4 2,200 Pacific Mills
1
4 16
1658 16/
14/
1
4 1478 1614
1
4 14
1534 16
1358 13/
69
851
/
4
100 70 Jan 2 96 May 21 37 6812
220 Pacific Telep & Teleg
96
96
96
9512 9512 95
*94
96
95
96
96
95
9914
103
118
100 11112 Jan 14 130 May 22
6% preferred
50
130 130 *128 129 *128 129
•130 138 *130 133 *130 138
912 Apr 16 3 6
7 Jan 24
512
938
1
4 3,100 Pac Western 011Corp____No par
9/
1
4 9/
8/
1
4 8/
1
4
8/
1
4 834
8/
1
4 834
918 912
8/
1
4 9
1
4
2/
1
4
5/
1
4 Jan 7 31 2/
61
/
4
312 Mar 13
No par
378 418 29,400 Packard Motor Car
418
418
4
4
418
4
4
418
418
1
4 12
814
10/
1
4 Jan 9 11 38 Mar 8
5 10/
100 Pan-Amer Petr & Trans
*1114 1212 111
/
4 1114 *1114 1212 *1114 1214 *1114 1214 *1114 1214
Jan
11
1214
:73
4
Slay
20
17
3512
11
1
Park-Tilford
Inc
800
12
123
8
*11
12
11
121
/
4
12
1212 *1158 13
.10
1212
12
11
/
4 Feb 18
1/
'2
34 Apr 18
118
118 2,900 Parmelee Transporta'n-No par
114
114
1
1
114
114
1/
1
4
114
11
/
4 *118
132 Jan 7
38
212
/
1
4
52 Feb 27
300 Panhandle Prod dr Ref___No par
*78
1
1
1
*1
/
4 1
*78
1
1
1
*1
/
4 1
12
12
Jan
7
Mar
612
81
/
4
7
100
21 12
8% cony preferred
*934 11
*934 11
*912 1112 *934 1112 *934 11
*934 11
414 Jan 26
118
11
/
4
214 Mar 27
51
/
4
10
3
3/
1
4
3
318
312 45,700 :Paramount Publix see
3/
1
4 338
314
338 312
338 33*
6 Apr 26
2
212
678
2/
1
4 Mar 21
1
47g
518 26,300 Park Utah C M
4/
1
4 5
478 578
5
538
478 518
478 518
12
112 Jan 2
h Mar 8
12
414
No par
38
34 3,600 Pathe Exchange
34
54
*34._ -8
34
78
34
34
34
34
438
1012 2454
81412lay 2 1714 Jan 2
No pin
Preferred class A
1,300
8/
1
4 914
912 934
1018
10
958 10
1012 1012 10
10
912 2112
814
814 Feb 28 15 May 23
1418 1434 15,700 'Patine Mines & Enterpr No per
/
4 1278 1234 15
121
1
4 13
12/
1
4 1212 12/
1212 1234
1
1
lss Jan 4
1 May 14
472
3
1
118 2,100 Peerless Motor Car
114
118 118
118
118
118 *1
118
119
118
4438
44/
1
4 67
No par 6412 Feb 5 7612Slay 13
1,200 Penick & Ford
76
76
76
76
74
71
7512 *7312 76
75
7434 75
3512
511
/
4 7414
No par 5714 Apr 3 74 Jan 8
7012 71
7014 71
7014 70/
1
4 6912 7014 5,000 Penney (J C)
7014 71
70
71
10512 10812
100 10712 Apr 11 110 Mar 1 103
Preferred
500
*108 10812 *108 10812 *108 10812 *108 10812 *10734 10812 *10734 10812
412 Apr 20
11
214 Mar 13
/
4
10
11
/
4
514
200 Penn Coal & Coke Corp
*4
414
4
41
/
4 *312 414 *312 414 *312 414 *VA
1
512 Jan 7
234
272
734
3 Mar 9
No year
438 412 2,400 Penn-Dixie Cement
412 434
*418 432
414 412
414 414 *418 438
10
1214 32
100 18 Mar 11 27 May 24
Preferred series A
1,500
2512 2512 2534 2614 2534 27
2412 2412 2412 2412 2478 25
Jan
7
1714
253
2
Mar
12
2018
1714
371
/
4
50
Pennsylvania
17,800
2114 2112 2118 2114 2118 2138 21
2138 2118 2178
2114 21
1 1012
1958 (18
No par 30 Feb 5 3958 Apr 1 .
600 Peoples Drug Stores
371.
3534 3534 36
3614 3613 3612 361 *34
36
*34
36
1121
/
4
80
86
100 11034 Jan 9 11634Mar 28
Preferred
1
4
*113/
1
4 11412 *11334 11412 *11334 11412 *113/
1
4 11578 *114 11578 *114 115/
1734
1914 6378
17/
1
4 Mar 7 33121May 13
100
2818 2912 2912 2,800 People's 0 L & 0 (Chic)
28
2812 28
29
29
3058 2834 2912 28
2
3 Jan 7
218 Feb 26
100
2
8
Peoria & Eastern
*112 212 *112 312 *112 31
*112 3
*112 3
/
4 *118 3
914
12
38
914 Mar 13 19 Jan 31
100
100 Pere Marquette
1212 1212 1213
*1012 20
*1012 18
*1012 14
*1012 1212 *11
1412
18
511:
100 1612 Mar 13 32 Jan 9
Prior preferred
200
2514 2414 25
2514 *23
*23
2514 *23
2514 *23
2514 *23
1318 43
12
100 13 Mar 15 2412 Jan 11
Preferred
200
*17
1834 1834 1834
18
18
*18
19
*18
19
*18
20
914
1778
1
4 Feb 4
914
1414May 15 19/
No par
200 Pet Milk
*1512 16
*1514 16
*15
16
15
15
*1512 16
*1514 16
752
814
753 Mar 14 1158May 23
1414
5
/
4 8,000 Petroleum Corp of Am
1
4 1112 111
11
11
1114
11
1114 11
1078 1114 1112 11/
17
113
4
2038May
Mar
15
1314
123
4
25
1872
1'helpa-Dodge
Corp
40.200
191
/
4
2014
185
8
19
1914
1
4 20/
1
4
19
1858
1934 1914 1978 19/
2112
2414 37
50 23 Feb 27 36 Slay 16
35
3512 1.000 Phi/adelphia Co 6% prof
*35
36
3512 3414 35
3514 3514 35
*35
36
3814
49
841
/
4
56 preferred
No par 3812 Mar 5 60 Apr 24
*58
60
60
*58
*55
*55
60
*551
/
4 60
60
*55
60
2 Mar 12
6
4 Jan 8 '
3 1 12
2
20 :Philadelphia Rap Tran Co___50
238
2/
1
4 *2
*2
2
2
2/
1
4 *2
238 *2
2/
1
4 *2
3
412
16
6 Jan 12
378 Mar 4
50
77 preferred
*4
5
*4
5
*338 5
*358 5
*3/
1
4 5
*358 5
4/
1
4 Jan 9
134
134 Mar 21
No par
314
634
1
4 2.300 Phlia & Read 0 & I
214 2/
214 238
214 214
214 214
214 2/
1
4
214 214
1012
1112 481
/
4
10 3514 Mar 12 4634 Jan 11
4434 4378 4418 4,400 Phillip Morris dc co Lila
4412 451
/
4 44
4334 4412 44
44
44
45
512
512 Mar 22 11 Jan 4
7
21
NO par
400 Phillips Jones Corp
8
8
9
*7
7
7
*634 812
9
712 712 *7
48
Jan
15
68
741
/
4
68
531
:
Apr
1
100
preferred
7%
6512
6512 *57
*63
61
*57
6512 *57
6512 *57
6512 *63
1338 22034
11
13/
1
4 Mar 12 23 May 17
No par
2212 22/
1
4 37,500 Philips Petroleum
2134 2214 2112 22
2134 2218 2134 2212 2212 23
3
Jan 3
8
21
Mar
41
/
4
1312
3
Hosiery
5
Phoenix
200
612
*5
*5
612
612
r5
5
5
5
*45
8
*5
612
44
50
84
100 55 Jan 23 59 Apr 27
Preferred
08
68 .63
*63
069
64
68
*80 ---- *62 --__ *60
r
171 Jan 7
34
612
18
la AV 3
:Pierce-Arrow Mot Car Co
5
38
118
52 Jan 8
14 Apr 27
25
14
.,
12 1,400 Pierce Oil CorD
38
12
.
1
*38
38
12
38
38
3s
12
312
618 Apr 15
312 Mar 21
412
101
/
4
109
Preferred
500
8
*334 4,
4
4
428 4/
1
4 *412 5
412 41;
*412 5
a,
34
'2
11
/
4 Jan 8
34 Mar 14
No far
6,400 Pierce Petroleum
1
1
118
1
1
1
1
1
1
1
1
1
10
18
3434
35
May
8
181
/
4
Apr
31
par
Pillsbury
Flour
Mills
No
2,300
34
3414
4
343
3414 3434 3414 3414 34
34/
1
4 3434 3412
35
7014 87
72
Pirelli Co of Italy Amer shares- 72 Apr 17 7612 Jan 25
*6812 75
*6812 75
75
*67
75
*____ 75
*65
*68
75
7312
_ ___ ___ ___ Pitts C O& St I. RR Co____100 100 Jan 12 110 Jan 15
*80
*80 _
*80 _ __ *80 _ _- *80 _ __ *80
Feb
4
7
712
181
1012
Star
14
/
4
7
100
.712 -818 *312 -8
of
Pa
Pittsburgh
Coal
100
8
-8
*778 -818
1
4 -8
.734 -81, .7/
28
28
421
/
4
:Apr 23 42 Feb 4
100 291
Preferred
100
*29
33
33
*29
31
*29
33
*31
*31
3218 31
33
14112
169
May
20
141is
178
Feb
14
100
172
Ft
W
Pitts
&
Chic
wet
10
179
.175
178 178 *173
*173 179
•175 - __ *175 179
418
9 Jan 11
412
1132
51
/
4 Mar 13
6,600 Pittsburgh Screw & Boll__ No par
652 7
7
718
718 -738
718 -712
718 714
714 738
1514
1514 43
/
4 Mar 13 35 Jan 21
100 221
60 Pitts Steel 7% cum prat
27
27
26
26
*2314 2712 *2412 2714 26
27
*26
26
21
1
21
/
4
Jan
12
Mar
1
100
112
31
/
4
Pitts
Term
Coal
Corp
178
11
/
4 *1
11
/
4 *1
11
/
4 *1
11
/
4 *1
*1
11
/
4 *1
61,8
818
1912
100 1014 Apr 4 15 Feb 25
8% preferred
130
14
*10
12
12
14
111
/
4 12
12
12
*10
*10
14
21
118
Jan
118
5
212
20
114Mar
25
United
Pittsburgh
1,000
13
4
112
178 *112 2
112
134 *138
/
4
*134 218 *134 21
2412
2553 5978
100 2412 Apr 4 371/ Jan 7
Preferred
40
*2918 32
*2912 3114 3114 32
*2918 32
30
*30
30
31
10
10
'17
8 Slay 14
8 May 14
Pittsburgh & West Virginia 100
*614 1018 *614 1018 *614 1018 *638 1018 *638 1018 *632 101
/
4
113
133
144
____ Pitts Young &A shtRy7% p1.100
1
218 Jan 4
134
5
1 Mar 21
No par
Pittston Co (The)
1/
1
4
/
4
134 *11
178 *118
178 *08
178 *118
*1
11
/
4 *I
612
714
1634
612 Mar 15 1158May 17
5
1
4 20,200 Plymouth Oil Co
934 9/
934 10
11
11
1138 11
1014 1034
912 101.
6
6
618 Mar 15 1112 Jan 9
1478
No par
800 Poor et Co class 13
712 758
712 71 3
7/
1
4 752
7/
1
4 7/
1
4 *734 8
734 734
438May 10
11
/
4
158 Mar 19
238
614
0.114 412 *414 438
900 Porto Rio-Am Tob ol A-Ne par
412 412
412
412 *4
438 458 *4
314
11
/
4 Jan 8
14 Feb 28
14
1
No par
Class B
700
112 *132 112
112 *138
138
112
*11 1
112
112
112 *138
/
4
101
/
4
391
Jan
7
614
1652
May
7
6
712 758 6.500 Postal Tel & Cable 7% pref __100
712 734
734 734
778 814
8
832
712 8'8
318 Jan 21
114
58May 14
114
512
No par
5,100 .Pressed Steel Car
hg
1
78
112
1
1
1
1.
1
1
1
1
5
/
1
4
5
/
1
4
22
Jan
21
17
612May
14
10
Preferred
000
818 818
8
814
8
8
734 814
1
4
712 712 *734 8/
3318 4438
3318
s7o par 4238 Jan 12 50 May 21
8.700 Procter & Gamble
1
4 491
/
4 4934 50
481
/
4 481
/
4 4834 49
48/
1
4 4938 4918 49'l 49/
11 101
1021
/
4 117
5% prat (set of Feb 1'29)_100 115 Jan 2 z12034:Slay 23
120
1
4 11912 11912 12012 12012 512012 1203 *11814 121
*117 11914 11914 119/
10
203
8
25
45
307
8May
Mar
5
/
1
4
No par 20
2914 298 12,800 Pub Ser Corp of NJ
21)
2914 2834 2914 29
2914 30
2934 2834 30
137
84
5978
1
4 Feb 20 9112May 11
No par 62/
$5 preferred
600
891s
*8812 90
8834 8812 8912 89
8912 8912 *86
*87
89
73
105
May
8
78
97
/
1
4
Mar
14
73
100
preferred
8%
300
99
102 102 *102 10234 *98 102
*99/
1
4 101'2 99
100 100
88
106
84
100 8518 Mar 18 11658May 10
7% preferred
100
1
4 *108 11212
11114 11114 *109 11278 *108 112/
1
4 *108 113 *108 112/
131
May
11
99
105
11912
Mar
14
100
100
preferred
8%
200
121
121
123
*122 12814 *121 129 *120 126/
*121
1
4 120 120
83/
1
4
8712 10412
Pub Ser El & Gas pt $5___No par 99 Jan 5 112 Apr 24
*11114 112 *11114 112 *11114 112 *11114 112 *11114 112 *11114 11178
3514 501
/
4
1
4 Jan 9
34
No par 34 Apt 30 52/
1
4 24,500 Pullman Inc
1
4 4014 3914 40/
1
4 3978 3914 40/
3812 3914 39/
/
4 39/
1
4 3934 401
57
8
61
/
4 14/
1
4
914May
17
21
Mar
5
/
1
4
No
par
878 914 29,600 Pure Oil (The)
81
/
4 914
838 834
858 918
812 834
812 834
49
49
80
100 4958 Mar 18 7114May 23
8% cony preferred
660
*6818 6812 6812 70
69
7012
6812 7114 70
*66
6812 *68
838
838 1954
8/
1
4 Feb 1 1314May 16
No par
9.100 Purity Bakeries
1212 1278 1238 12/
1134 12
12
1214
1
4 1212 1234 1134 12
018
4
6 Slay 21
412
4 Mar 13
No par
534 6
5'2 578
558 578
528 528
512 534 151,600 Radio Corp of Amer
514 6
22
2314 5618
50 50 Mar 18 6212 Jan 25
Preferred
*5134 5514 5434 5518 *55
/
4 1,600
5518 5434 5518 5434 5512 5434 541
8May
21
133
8
517
Mar
12
15
46
3514
par
No
Preferred
11
40,200
4712 48/
1
4 4814 5112 5918 5178 4934 51
4972 5114 4912 51
2/
1
4 Jan 2
114
114 Mar 13
112
414
No Far
12,600 :Radio-Keith-0mb
2
21
/
4
2
2
178 2
2/
1
4 214
218 214
21
/
4 214
111
/
4
141
/
4 23
/
4 Mar 13 21 Jan 2
No par 161
19
19
*1878 19
1914 2,000 Raybestos Manhattan
1914 19
1014 191
/
4 1912 1912 *19
2978
3518 56/
1
4
60 2978 Mar 28 4318 Jan 7
500 Reading
/
4 321
/
4
*31
3412 3212 3212 *31
32/
1
4 311
3212 *31
*31
33
28
3312 4112
50 36 Apr 6 3978 Feb 18
4012
lst preferred
1
4 4018 .38
*38
4018 *38
4018 *38/
1
4 4012 *3858 4018 *38/
2918 3912
27
50 33 Apr 17 3734May 14
2d preferred
38
*35
38
*35/
1
4 38
*35
38
*35
38
*35
*35
38
5
14
612 Jan 3
3/
1
4
318 Apr 4
10
500 Real Silk Hosiery
438 4/
5
5
*434 538
4/
1
4 5
1
4 *434 5/
4/
1
4 4/
1
4
1
4
2018
35
601
/
4
100 2018 Apr 2 39 Jan 7
Preferred
*28
10
35
*25
50
*29
35
*25
*2534 37
30
30
30
5
7
1
11
/
4
21/
Jan
Mar
26
par
1
No
&
Co
(Robt)
Reis
2,300
114
114
*114
134
114
118
114
114
1
118
1
1
Ps 3834
538
8 Mar 12 15 Jan 7
100
188 preferred
200
15
013
141 *10
1312 131 *13
*13
15
*13
15
15
514
0
1
8 Mar 13 1114 Jan 7
13/
1
4
9
9
6,000 Remington-Rand
852 878
858 9
834 87
834 878
858 9
2434
32% 71
/
4 Jan 15 93 May 9
100 711
9113 1.200
1st preferred
*90
90
9012 90'2 91
91
90
901
9012 901
91
24
30
70
100 70 Jan 9 8934May 10
89
*8812 90
2d preferred
50
8812 *87
86
87
88's 88
87
87 .87
114
120
Renss de Saratoga RR Co____10 100 May 1 110 Mar 1 104
105 •_ . 105
105 *__ 105 *____ 105 •____ 105 •
51,
2
414May 9
214 Mar 13
2
1
6.700 Reo Motor Car
.
312 31
3/
1
4 312
312 31
3/
1
4 3/
1
4
312 334
338 334
9
9 Mar 15 1512 Jan 7
101
: 2534
No par
18,400 Republic Steel Cory
1
4 14
1
4 1334 13/
1314 13/
1
4 13/
1
4 13/
1312 13/
1
4 1334 1318 133
Mar
18
19
491
/
4
Jan
21
281
/
4
331
:
6712
100
4558 47
13% cony preferred
1
4 4814 9,100
46/
1
4 4734 46/
4614 4634 46
1
4 47
4634 45/
28 Mar 15 49 Jan 21
28
3912 4214
*45
6% pref ctfs of deD
4612 *4534 47
46
4614 *4578 4713 4714 4738 4634 4734 1.100
81411lay 16
512
5
5
512 Apr 3
Revere CoPPer & Brass
.7
8
141:
*7
8
*7
814 *7
8
8
*7
*7
8
1114 2812
10 13 Apr 17 1912May 16
13
Class A
*18
19
500
*18
19
01818 1858 *18
18
18
1812 18
18
35
46
90
100 75 Apr 9 92 May 16
Preferred
8912 8812 89
200
*8812 91
!/11
/
4 92
8912 901 *89
*8912 91
1712 Apr 29 2412 Jan 10 33 9/
1
4
1512 27/
1
4
2212 2234 2228 23
2212 2234 5,100 Reynolds Metal Co ____No par
2212 23
2234 23
22/
1
4 23
1 121
/
4 Mar 20 2318May 24 41 61
2212 2318 6,700 Reynolds Spring
22
22
/
4
20
21
6/
1
4 16
2114 2212 2212 22/
1
4 2112 221
4318mar
26
B___10
5152
Jan
3
393
4
393
4
Tob
class
16,800
49
/
1
4
5018
5334
Reynolds
(R
J)
493
4
501
/
4
4914 4912 49
50's
4938 491
/
4 49/
1
4 4912
10 5514 Apr 22 61 Jan 8
5514
57
0272
Class A
59
59
59
140
59
58
*56/
1
4 58
05634 59
5714 5714 58
1
4 Mar 13
1212 23
Rhine Westphalia Elee Power___
1212
1312 Mar 13 13/
*12
15
*1212 147s *1212 1712 *1212 143 *1312 1434 *1312 1434
1312
518
518
812May 21
514 Mar 26
No par
9
838 812 *8
500 Ritter Dental Mfg
718 812 *812 1138
1
4 738
.658 812 .6/
20
20/
1
4 3318
211
/
4 Feb 25 3038May 17
2912 2912 2912 30
2938 2934 2918 291„ 2978 2078 2938 2938 5,400 Roan Antelope Copper Mines__
,.
For footnotes see page 1302.
New York Stock Record-Continued-Page 8
3510
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
May 18
Monday
May 20
Tuesday
May 21
3 per share
40
40
.234 314
1712 1814
4.78
1
138 112
•834 1314
.15
21/
3333 3012
*1101 _ .
.11312 11-4
812 9
26
2634
2
2
1012 10.8
66
6618
l2
I'.2
4
34
321 3378
*3
3's
3812 39
$ per share
40
40
*234 334
18
1812
*78 1
11 11
*Sig 1318
*15
2178
3114 4014
11038 11114
111 14
*812 918
27
2812
2
2
*10
1014
6518 66
38
4
118
.78
3273 31
*3,2 32
3312 3314
$ per share
4012 4012
*244 314
1834 1912
78
78
1 18
D.1
'8', 1318
*15
2178
4012 41
110,9 1103
11314 111
812 914
2712 2772
2
2
1014 101
65
651
't
12
Wednesday
May 22
Thursday
May 23
$ per share $ per share
41
41 14 42
4212
*21 334 *21 334
19,8 2018 20,8 2134
78
78
78
8
114
114 *1,8
138
•834 1318 *834 1318
*1.5
2178 16
17
3178 40'2 40
404
11012 111
11012
1132 111 *113 1-1-33,
-4
*814 913 •834 918
27
27.2 2714 2734
213 214
214 214
1014 11:2 11 12 11 12
66
63
65
66
38
12
38
12
*34 118
*34 118
"4
1 18
1
332 31
31
31 4 341 3434
*312 3's *3'2 3g *31. 31
33', 3314 3)14 40;8 3934 40 I
•11 178
WI 173 *11 11 *14 11
134
1341
*4514 4912 *46
4312 *47
4814 4814 443 *4712 4912
PridaY
May 24
$ per share
4134 4134
•278 334
2034 2112
78
8
1 14
114
•834 131
1712
.16
3933 3934
11034 11034
113,
4 11334
9
9
2714 2818
.2
238
11
11
66
66
12
1
34
34
3413 3434
312 31
3878 40
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
May 25 1935
Range Serve Jan. 1
On Basis of 100-share Lots
Lowest
Highest
July1
1933 to Range for
Apr 30 Year 1034
1935 -----Low Low
MO
3 per share $ per sh $ per share
Par $ per share
Royal Dutch Co (N Y shares)__
2912 Mar 12 4212May 23
281
281 3938
Rutland RR 7% prof
3 Apr 18
3
413 15
512 Jan 3
100
31.300 it Joseph Lead
10 104 Mar 13 2134Nlay 23
1014
1514 271
78May 21
112
1,300 181 Louie-San Francisco____100
2 Jan 8
41
1
112
let preferred
1 Apr 3
900
213 Jan 8
100
1
618
St Louis Southwestern
6 Apr 15 14 Jan 12
100
6
20
8
180
100 12 Mar 4 211Nlay 13
Preferred
13
12
27
4,300 Safeway Stores
3534
3814 57
No pa, 3714 Mar 18 46 Jan 2
100 10434 Niar 11 11114Nlay 20
100
6% preferred
80
8434 108
100 10612 Feb 7 114 Apr 22
110
7% preferred
9012
9812 11312
6 Jan 15
518
900 Savage Arms Corp
934 Apr 2
1214
No par
412
56,100 ichenley Distillers Corp
5 22 Mar 12 2812 Jan 3
171
17'8 381
1,100 Schulte Retail Stores
4 Jan 2
1
11 Apr 4
3
8
134
Preferred
8 Apr 4 2018 Jan 18
230
100
15
8
3034
270 Scott Paper Co
Ni, par 55 Jan 2 68 May 9
60',
3714
ill
38 NI kr 4
2.300 (Seaboard Air Line
72 Jan 4
No par
'2
2
38
100
Preferred
34 Mar 14
400
112 Jan 5
318
74
1
7.930 Seaboard 011 Coot Del___No par 2034 Mar 12 3538May 9
19
204 381
No par
312May 9
800 Seagrave Coro
478 Jan 26
212
212
53
16.600 Sears. Roebuck ec Co
No par 31 Mar 12 4012 Jan 3
Si',
30
81
118May 6
1
2 Jan 7
400 Second Nal Investors
112
112
*11
1 711
414
Preferred
1 40 Apr 3 4912NIay 13
*4712 4912
32
30
52
30
18
-tSeaeca Copper
No par
12
2
"I
1
81 9
1
7-3 Mar 13
10125351ly 22
9,
8 1018
313
914 1018
878 9 4
91 9'g
912 934 108,100 Serval (no
638 9
734 734
714 Mar 14
712 738
71 712
738
7.2
No par
6
914 Apr 22
714
714
634 1378
7 33
7'2 0.000 Shattuck (F (1)
II
11 18 1012 10.8 1034 1014 *1014 11
9 Mar 14
1418 Jan 21
No par
4
11 12 2,100 Sharon Steel Hoot/
1034 1014 11
5.2 134
4
378 Vs C378 418
4
314 %1 LI. 12
3'8 3'o
518 Jan 3
No pa,
4
471
4
373 4
4
1,700 Sharpe & 0ohrne
778
314
*46
49
4678 47
461 47
No par 4478 Jan 29 4914 Apr 5
Cony preferred set A
47
47
*4618
*4318 47
30
3814 40
600
*32
37
3213 3212 *3318 - - *33,2 37
*34,2 37 .34 12 37
20 Shell Transport & Trading-£2 2033 Jan 2 3112May 20
19
19
2612
978 1-04 1038 1112 11 18 1112 1014 11 14 71.200 Shell Union ()II
953 91
912 972
11 12May 23
512 Mar 19
No par
512
6
11 12
93
9212 9212 9214 93
9114 9112 97
9214 93
100 63.4 Mar 21 97 May 23 37 45,2
Cone preferred
4,300
93
93
57
89
16
16,2 1514 1131 15
81 Feb 15 1938 Apr 26 as 514
1114 15 3 15
16
1334 15,4 1512 16.900 Silver King Coalition Minee___5
8
1212
8 18 8,3
812 81
No par
6 Ntsr 15
82 833
5.300 Simmons Co
1014 Jan 2
814 9 I
838 834
834 9
6
818 21 12
1512 1518 15
10 1312 Mar 15
1514 111 1514 1518 154 15
15131 14 8 15
5.800 5110108s Petroleum
1834 Jan 9
738
74
17.8
10 1 1078 101 10% 1038 1014 11
1118 11 14 3,900 Skelly 011 Co.
11 14
I138‘lay 23
Ill8 Ills
25
612 Jan 15
6
6
11 13
8014 8)14 90
90
*8) 9138 *8) 91
100 60 is., 22 9 i 14 May 23
9212
9)12 91 14 .90
5001 Preferred
42
5112 68,8
.21
24
.21
21
*21
iloss-Sheff Steel & tron____100 13 N1 0.20 2378 May i0
21
.21
12
21 '222 24 1 .21
24
15
27 12
*30
32
*31
33 '3134 33
32
.3012 3338 32
100 24 Mar i2 3514 Apr 20
230
77 preferred
33
Az
15
342
I812
1514 10r 3 20 Feb 15
1734 1734 1712 13
1734 171 1712 1738 1712 1714 17,4 13
1.800; Snider Packing Corp_ __No pa,
312
111
191
15:8 (Co 1512 15,4 1312 15 18 1534 67.300. locony Vacuum Oil CoInc____15
11 Mar Ii
153451ay 24
1434 IS
14% 1512 15
11
12,2 19%
•11.1 14 111 18 •11114 Ill's 11112 111 2 ill, 11.1 8 *111 12 11134 *111 12 11134
2001 Solvay Am luvl Cr pref
i0312
3May 22
100 1071 Jan 15 111,
76
86
27
2712 2312 271 23'. 27,8 23'8 272 '712 23
2512 2318 6,400 So Porto Rico Sugar
39,3
No par 20 Jan 30 28%NW 24
20
20
*1424 14312 *14214 1432 1431 113 2 *111 113 2 144,2 14412 14.112 14612
100 132 Feb 4 14612May 24 112
Preferred
70
115
137
1515 1512 1518 1514 1513 1514
25 101 Mar 13 16 May 10
15
151 151 151 7.800 Southern Calif Edlson
15
15,4
1018
1013 2212
Southern Dairies class A__No Par
512 •5
*5
5,2 .412 5 2 •412 6 12 *412 6,2
538 •5
3 May 6
5 May 15
513
5,2 110%
No par
Class B
*1
*11 2
2
l's
•114 2
2
l's
1 14 Mar 11
*12 2
•1
11Nlay 21
50
1 14
1 12
34
1314 1718 16
161 Ills
100 1234 NI kr 18
16.3 17
1714 25.700 Southern Pacific Co
1614 1(31
16
17
1918 Jan 7
1234
1472 331
7', Mar II
9% 13'8
1012 i0'
100
1012 10', 10
10
1018
10
1612 Jan 4
132
738
1038 12.400 Southern Railway
11 12 361
1234 1114
100 10 Mar 13 2033 Jan 4
Preferred.
11', l4'4
1214 13
13
13
1234 13 13 13,700
127 13
10
14
41 ,4
1
.25
Mobile dr Ohio stk Sr cdfs 100 25 May II
23
23 .24
*22
*22
28
23
23 .22
*22
28
3314 Jan 12
2513
31,2 4734
*612 7
5 Mar 14
7
7
1,000 Spalding (A (1) & Bros___No par
7
7
7
7
734M ky 21
712 712
712 734
5
5
13
WO 42 Apr 2 63 May 16
60 .57
6112 60
50
*54
61 12 *5918 62
141 preferred
60
60 .55
60
304 74
30,4
i- - - . -- - . --- -I Arans Chalfant & C I10-- No par
- - - --1-151
7
7
20
1
a
*75 16 ii 0 -100 594 Apr 3 85 May 14
Preferred.
16
i0 81 go 2 7 79
20
30
66
414 414
413 412
3% Mar 13
418 4%
414 41
No par
44 414
41 414 3,400 Spark, Withington
534 Jan 2
278
272
8
338Nlay 14
338 338
No par
•314 412 *314 434
90 Spear & Co
4
4
7 Jan 22
334 31
334 334
1 12
'4
732
I
*67
*40
101) 65 Mar 23 74 Jan 7
Preferred
72
80
•67
*67
72
72
•67
72
•67
72
39
301 2
64'3
35
3178 311 •3434 3312 35,2 351
•35
3512 354 3514 35
800 Spencer Kellogg & Sons __No par 32 Apr 3 31114May II
1214
154 3318
9t2 1018 10
102 10'4 10, 101 103 1014 101 100,500 Sperry Cap (The) v I o . ._ I
714 NI it 14
101May 21
914 0,2
31
5,
8
11 32
812 Mar 14
10
101 10
400 Spicer Mfg Co
1.234 Apr 22
-•10
par
1018 *10
1012 *10
10: *1018 101 10
13
6
6
*3318 31
*3318 31
33,2 3338 .3318 31
Cony preferred A
3314 F-1,14 4,4may 3
120
No par
3914 40
18
2134 4114
4:31 N4111. 27 7912 Jon 17
74
19
7614
5312 5114 53
5)
__OW
571 534 574 5138 5334 60
No par
Spiegel May Stern Co
50,2 5314 3
8
13,
8 Apr 30 1912 Jan 3
134 21518 13's
151 1.514 IS', 11 8
No par
1475 1518
111 1514 50.200 Standard Firanda
1
15
4538
131
1714
No pa, 123 Jan 3 130 Apr 9 120
124 121
124 125
123,2 123'3 125 125 2123 123
Preferred
123 123
320
121,4 127
4.214 314
3'4 .3
23851 kr 15
31 31 *3
200 Stand Comm Tobacco_No par
3
3
338
.3
41 Jan 21
312
3
8
212
1
3
1,2 Mar 15
No par
34 4
338 3 4
338 338 1,400 Standard Gas & El Co
454 Jan 3
31 31
38 3', *312 3'
338
1 12
17
*413 414
14 Mar 15
4
418 •4
438
Preferred
4
414 418
418 1,400
No par
534 Jan 10
412 414
41 17
134
9
•913 978 1012 10,4
434 Slat 15
9
50.1
No par
*912 11
VS cum prior pref
*94 1038 391 3 10
1234 Jan 3
434
10
33
1214
4 12 14 12
*1214 13% 12,
12 18 12% 1212
$7 ourn prior prof
6 Mar 15
11,
4 11,
4 12
16 Jan 7
No par
800
6
1114 334
78
%
17,
138 *114
1 13 Mar 9
No par
*I
112 •114
113 Jan 7
1 1,3 •1 14
1 12
1 38
1 1 2 .1 14
1 12 1.200 Stand Investing Corp
113
1153
11312 11312 '11318 11412
*113 111'2 .113 11112.113 111,2
100 standard Oil Etport pref. _100 Ill Jan 3 116 Apr 6
9412
96,2 114
kTo par 274 Mar 15 381 May 24
33
4278
3372 374 361, 371 361 373 374 33
3312 3314 333 39.400 Standard 011 of Calif . __ ..2612
2614
211 25
23
26 18 26', 2614 26', 26
26
23 1 23 . 2312 34.900 Standard 011 of Indiana
25 23 Mar 15 2714May 9
23
23.2 274
*2813 2173 *231 2178 28
2312 *20
23
400' Standard Oil of Kansas
28
28 I *20
10
2612 Apr 30 32 Feb 18
28,2
19
26
41
4513 461 4818 431 47
471 4178 50
4912 50,2 49,4 50 1 87.700 Standard 011 of New Jersey_25 3534 Si kr 18 501 2May 23
331
394 504
16
16
1514 151 16
6
16
2,000 Starrett Co (Tbe) L 3.___No par
16 %NI iy 16
111 14
151 16
12,2 Mar 14
16
1312 16
6
1538
6238 63
62
6214 62
62% 62
10 5834 Jan 15 67 Apr 25
6313 6438 6312 64
6212 8.900 Sterling Products Inc
451
4714 6612
1 12
1 18 Mar 19
112
1,2 .1 14
172 Jan 18
•114
1,2 '1', 112 *11
200 Sterling lecuritlee oh A...No par
1 12 •1,4
1 12
114
3
1
34 Mar 28
.31 4
318 4
*312 4
372 4
'3', 4
1.800
No par
.31 4
Preferred
512 Jan 3
7
21
3
37
37
3314 3314 •39
40
1.200: Convertible preferred
55
50 36 Mar 5 41 May 24
40
40
*33
41
*36
2812
BO
381
91 10
10
1014 Apr 25
9/ 10
1014
91 10
61 NI it 6
5
91 10
973 10
413
412 10 ..
6.500 Stewart-Warner
438 414
212 Mar 14
_No par
4'
41
412 434
414 4,4
8 478 5.300 Stone & Webster__
6 Jan 7213
418 41
4,
372 1318
238 2'
238 2,
3 Mar 11
258 24
4
2,8 21
214 A., 17
21 234
234 21 8.700i 11-Studebakercore (The) new_.1
2,4
---- ---3', Mar 8 21 Jan 3
red
100
3',
10
47
No oar 4301:\I a20 75 NI iv 10
75
75
711 75
275
•74
751 7478 741
75
75
*74
1.100 SPnre1
42
51(3 7414
11) 11) 11) 11') *11812 119
230
Preferred
119 119
11912 11912 118 113
i0t)
118
100 11512 Jan 10 121 Mar 23
96
*13
Apr 4 171May 14 211
161 17
1.200 Superheater CO (rtos).___No par sl 1
*1513 1314
171
1634 1714
1512 1512 *1512 17
11 13 2514
2/ 214
2'
278
21 21 5.300 Superior 011
24 21
234 234
234 273
3 Apr 17
1
11 Jan 2
114
114
114
733 1,600 Superior Steel
712 718
100
5 Nlar 18
7,4 714
912 Jan 71
7,
8 733 *632 7
718 718
7
432
45a
1533
so
1
1
1
200' Sweets Co of Amer (The)
3I Slat 6
412
414 414 .4
44 44
*378 4 4 .338 438
4l4 414
54 Jan 3
31
312
51
400 :Symington Co
14
No par
4 Apr :5
72 Jao 4
,
tt
12
38
38
*38
313
*45
12
:ht
38
*38
38
38
2'2
1513
152
8
100
ol,
111138 2
i3 2
•1-2i 2
Clime A
1,1 1,
234 Jan 4
No par
1 14 Aar 29
'l's 2
Co
1 14
11
81
600, Celautograph Corp
8
812 *8
81 *8
812 *8
734 Mar 26
71 8
812
973 Jan 9
5
*74 8
7,2
/12
15,4
514
...
5
4 Mar 15
512 Jan 26
518
5
518 513
5's 538
51 5.700, Conneeeee Corp
5
5
5'2 514
318
3i,
634
2278 2334 23,4 2334 29.300, Cexas Corp 1 Ilse)
2212 2312 221 2272 221 2 2353 22: 23
2033
25 1612 Ni it 1 3 2334\1 IN 17
1612
19 •8
334 354 33 . 12,11001 Cents Gulf Sulphur
No pa' 2834 Apr 4 3684 Feb 19
341g 31,13 3478 3514 31,8 334 35'2 3314 38
3(4
43 I
2234
4
413
6i,
4
Cexas
4
4
,
8
4
PacIfic
4
418
4
4
Coal & 011
412 18.300
41
213
414 Jan 18
11)
3,4 Jan 2
24
1134 12 1 1134 Ills 11.900: Came Pacific Land Crust- .1
11,4 1134
812 Jan 15 1212‘1 ty 14
11,
8 1178 111 1218 1112 12
614 12
6
IS
•1514 13
18
*15,4 18
100 Cexfus & PacIfIc Ry Co
*1514 14
•1514 1.8 13 *1514 13
14 Sr 12 2534 Jan Id
100
1312
13.2 43,4
I318‘10' 8
No par
154 1573 1.512 1538 1534 151 *151 1514 1512 1534 1512 1578 1.200 Matcher Mfg
1938 Feb 151
8
8
18
•4972 53
$3.60 cony prat
05014 52
*5314 53
*5014 52
*504 53
No par 511 May 4 5512 A or 231
*50
53
33
52,4
381
100 The Fair
No pa,
6
6
5,4 Apr 10
*54 638 *51 638 •513 614 *51 64 *53
714 Feb i4j
8
4
4
12,
Preferred
*7612 90
110
76
100 61 18 Jun 7 82 Jan 29
73
76
7612 7812
76
76
73
76
76
83
50
45
31 31
5
31 3o *3,2 3,
512 10,900 fhermold Co
34 41
1
4
213 Mar 7
3,2 33
512 NI 0, 24
2,2
213
9'n
100
214 A ,r 26
200 Chird Avenue
2', 2,8
*212 214 *212 24
5 Jan 5
214
2% 2', *212 21 •213 238
4'4
4
*2112 22
*214 22
*21
22
21
21
800 Ctilrd Nat Investors
21
21 12 *2034 22
_I
16 Mar 15 21 Jan 7
1312 2212
13
Chompeon
(J
R)
638
31/0
61'
6
64
6'2
'614
25
51 Jan 7
*6
*6,4 7
41
612
41
6,2\I ky 17
II
638 .6
8 11,2 1112 141 1412 1114 1434 1513 15
1412 1112 14,
151 5.100 Thompson Products Ina__ No pr. 1333 Stir 13 171 Jan 2
10
10
2014
24 2'
238 21
21 2.8
238 3
IN M sr 15
313 Jan 71
21 273
21 218 1.800 Chompsoo-Starrett Co __.No pa
114
512
11
*13
21
•1314 21
•13
21
19
100
No par
*13
19
$3.50 aum prat
21
*1814 21
17 A3r 231 2012 m 43, 4
17
21 2
17
42.800 Cidawater 43,03 011
No par
11'
11 - 12
1014 11 13 101 1114 151 111 111
1134 12
71 Stir 18
12 NI ty 23 7 712
8
II',
2.200
10012 10012 100 10014 1031 1031 103 103.8 10014 1001 101 101
Preferred
100 84 Jan 8 101 Ni.sy 21 *743',
6412 87
120 ride Water Oil
32
32 I
32 .3014 32,3 *3012 321 *3012 3212 32
030
32
No par 2644 Mai 20 33 NY:1y 20
24
40
IS
Preferred
700i
•10314 105
105 105
105 105
101,
4 101/ 105 105 .101 105
100 100 Feb 15 10534May 7
62
80
1001
10
572 572
51 51
512 573
6
6
518 6 I 2.400 'Irate° Detroit Axle
458 Mar 15
714 Jan 3
572 8
8,2
378
3
3538 3512 35
341 3514 3114 35
33,4 3538 3814 3512 361 12.600 Timken Roller Bearing...._No par 28% NI kr 15 3634 Jan 8
41
21
24
55,100 fransamerIca Corp
578 6
578 6
6
___ Vo pa,
7 May 24
64
618 7
41 Mar 12
67, 638
61 678
41
512
813
Mar
29
900
Tran.scon
&
Western
74
Alt Eno_ 5
(0,, Apr 24
938 912
4 938
*91 10
91 104 1.01 10'8 *9'2 10
9,
714
- -- - 2.700 franeue & Williams 32'1-- No par
9
9
9
914
9
914
51 Slit 14
10 May 23
91 10
912 10
83, 81
41
-41
1-3-1
31 4
1 78 Stir 13
378 4
418 7.000 CH-Continental Corp___-No par
4125tay 111
373 4
4
418
31 1'8
4
178
3
64
300
*7912 83
.79
83
4131
*7912 83
811 81
81
6% preferred
81
81
No par 69 Apr 4 81 12May 17
51
6014 78
900 filo° Products Corp
*3912 40,4 40
3912 3973
40 '39,8 40
No par 36 Feb 7 42,2 Jan 7
3014 3)14 39,2 40
4212
25,4
33
1
1.700 Crilisx Traer Coal
618 6,21
6,4 6 4
6
67351sy 10
6,4 6,4
6
418 Jan 15
No par
618 6,4
131 614
1 12
11
512
10
34 Stir 13
413 413
41 434 3,600 rruioon Steel
412 412
41 41
412 412
412 41
6 Jan 8
313
Vs
91
100 CwIn City Rapid Trans-- No par
3 May I
3
*3
312 •214 312 *234 3
3
5 Feb 19
*214 338 •21 3
04
PS
81
100 18 Mar 1/3 2734 Feb18
2014 2012 20,4 21
210
19,4 2012 *1972 2078 2014 21 14 21 12 2112
Preferred
41.
11
39
300 Ulen A Co
•134
11 *134 2
112
1 12
11
11
4 *11
178
No par
11
1,
i'4Mar ii
214 Jati 4
4
1
1
6634 1,700 Under Elliott Maher Co -.No par 5334 Stir 23 6634May 22
6512 6612 .65
651 651 66'4 66
66,4 66,2 66,g 66
2212
36
581
Preferred
30
•13014 13112 13014 13014 1304 133 *13014 132 .13014 132 •1304 132
101 127 Jan 13 133 Apr 5
128/
95
102
32
32
800 Union Bag 81 Pap Corp___No par 30 A Pr It 501 Jan 22
32
*3214 33
32
*31 12 32
•3238 33
3238 32
30
394 601
591 59,2 60,8 5934 6034 5934 6038 35.200 Union Carbide & Carb-No par 44 Jan 15 6034May 23 ol 34
53'2 56
5712 531 58
357j 5072
204 11,7001 Union 011 California
1978 2018 20
1933 191 1953 194 1912 1978 1953 20
25 1434 Feb 6 201May 23
1113
114 2012
For footnotes see page 3502.
e
Shares
3200,
,
3511
New York Stock Record-Concluded-Page 9
HIGH AND LOW SALE PRICES-PER SHARE. NOT PER CENT
Saturday
May 18
Thursday 1
May 23
Wednesday
May 22
Tuesday
May 21
Monday
May 20
Friday
May 24
Saito
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Ranee Singe Jas. I
On Basta of 100-Shari Lots
Highest
Lowest
July1
1933 to
Range for
Apr 30 Year 1934
1935
Low Low
High
i per share $ Per 58
Par 8 per share
8 per share $ per share $ per share $ per share $ per share $ per share Shares
8212
100 824 mar 28 11112 Jan 10
981 5.200 Union PURI°
9518 9534 96
9812 95 9534 95 96
941 9534 95
621
8834 Jan 11
791
Mar
14
100
86
86
86
86
858 8578 8514 8512 1.200 Preferred
8818 8618 86 86
138
No par 20% Mar 13 2614May 24
*2512 2578 257 2814 1.500 Union Tank car
*2512 251 2512 251 2512 2512 *2512 25
97
818
1618
Jan
7
13
Mar
5
United
Aircraft
Corp
30,600
1212
13
1234
1314
1314 1318 1318 13,8 1312 1334 1314 131
67
314
31
Jan
41 Mar 13
534 618 7,300 United Air Lines Tramp v t o 5
534 614
6
638
614 838
61 678
61 61
7
7 Mar 29 11 Apr 24
100 United American Basch__No par
934 *878 934 *712 938
978 *8
*8
*878 10
10
10
19
9
2612
Jan
16
20I4May
par
No
2034 2018 2114 2178 2112 2112 2118 2178 2,800 United Biscuit
21
2114 20% 21
100 113 Jan 18 1171 Jan 2 10414
20 Preferred
11312 11312 11312 11312 *114 1144 *114 1144 *114 11434+114 11434
2014
No par 46 Jan 28 6018May 24
5914 5934 5914 6018 9.000 United Carbon
5714 5714 5714 5712 5772 531 5814 59
112
314 Apr 5
14 Feb 27
No par
21 234 18.800 United Corp
212 234
212 278
212 234
212 234
212 29
203
No par 2034 Mar 13 3118May 10
Preferred
2312 2978 281 2)78 2814 2914 2814 2834 2834 2978 10,200
2934 30
1314
Jan
7
16
61
914May
5
8
4
United
Drug
Inc
978 91 5.300
934 91
91 9
91 934
934 978
978 978
234
412 Mar 13 1134May 18
10
1018 101 1034
912 938 •934 1014 1014 1014 1.700 United Dyewood Corp
10
973 10
50
100 65 Mar 21 9012May 23
Preferred
140
90
90 90
90 90
90 901 *84
88 88
88 83
3
718
Jan
9
3%
Mar
13
No
par
414 434 3,600 United Electric Coal
412 412
*434 5
5
48 4% ,5414 412
5
491
No par 7178 Feb 6 9234May 14
901 4.700 United Fruit
9012 90
9112 901 904 90 904 90
904 9114 91
131
914
Apr
23
Mar
18
9/
par
No
United
Gas
Improve
16,900
13
123
8
123
4
121
13
13
1318
13's 124
1314 13
13
8212
Preferred
No par 8712 Mar 15 10318May 24
700
*1021 10314 10234 10234 1021 1021 10212 10218 1023 10234 103 10318
1
314 Apr 22
218 Jan 28
100
:flatted Paperboard
*218 314 *2,8 314 62'8 314 *218 314 5218 314 *21 31
214
67s Jan 7
2% Feb28
900 United Place Dye Wkg---No pa?
314 314
31 314
314 314
312 313 *31 312
312 312
1418
331
Jan
24
Apr
29
141
100
6 t1% preferred
270
1714
16
171 18
18
18
17 1712 174 1812 1778 18
2,8
71 Jan 3
31 Apr 4
48
2,000 United Stores class 4.--Mo par
5
5
5
434 5
434 5
5
518
41 47
46
No pa, 46 Apr 3 6512 Ian 19
Preferred class A
400
*6012 64
*6012 65
*5614 6314 6018 6018 6014 6014 64 64
37
5734 607
6234 6114 6312 13,600 Universal Leaf Tobacco --No par 61 Mar 15 6312May 21
5112 6012 61
5712 5712 53 58
/
4
100 13314 Feb 9 150 May 6 1081
Preferred
90
14512 14512 143 145
148 146
5146 149 *146 149 *14618 148
15
40 Universal Pictures let 0,1-.100 31 May 9 4034 Mar 15
*3112 35
3112 35 *33 35
35
35
*301 35 •301 35
%
218 Jan 18
11 Jan 16
1
700 Universal Pipe & Rad
112 112 511 112
*11 112
11 11 *114 112
11 11
414
100 12 Feb 6 1938 Mar 6
Preferred
300
15
16
17 •1514 1678 *1514 17
8 17
164 164 161 16,
12
20 1434 Mar 14 22 Jan 7
2038 2018 2114 14.700 U S Pipe & Foundry
1978 20,8 1,34 2014 20
1118 20
1)12 20
1314
No pa. 1914 Jan 7 21 May 23
1s3 preferred.
900
*21
2112
20% 2078 '201 208 2034 2014 *2012 2034 2034 21
1
21 Jan 3
112 Apr 9
No par
200 US Distrtb Corp
*11 2
,5115 218 *112 21
*53 2
l''s 2
113 112
4
6 Apr 9 10 Jan 9
100
Preferred
10
87
*734 87
*73
73
734 *778 9
*734 87a
*734 87
3,
12 Jan 4
1 Jan 2
100
United States Express
__
. _
11
No par 11 Mar 14 151 Mn 7
ilia 1343 iiiis ill., eigs 1114 14T4 liii 465 a 5 Freight..,
41
142 Til2 Xi:FY 12
412
9 May 17
41 Mar 12
No pa,
900 US & Foreign Scour
8
8
818
8
818 818
838 81
•818 8/
814 812
60
No par 654 Mar 26 84 Jan 22
Preferred
300
84
83 84
*80 84
*77 85 *77
84 84
*7814 81
341
20 4012 Mar 12 55 May 14
5,600 US Gypsum
5234 5312 531 54
511 51
514 5212 51
5278 52 53
110
May
17
157
11
143
Jan
100
preferred
7%
4
15834
15612
150
1563
15512
157
15812
1561
15612
15312
15612
*155 157
31
738M ly 24
5 Feb 8
5
6
6
7,8 71 3.500 US Hoff Mach Corp
51 58
61 714
61 81
51 618
32
4614 17.300 U 8 Industrtal Alcohol-No pg. 3515 Mar 13 46,4 May 24
43 4434 4412 4518 45
421 4312 4214 4318 421 43
878M
ly
22
318
15
Mar
31
par
No
734 81 6,100 CY 5 Leather v I 0
8
814
818 8s
614 678
712 8
678 71
7
No pa, 711 '34 sr 16 143451ay 21
Class A v I e
1318 1414 1314 144 1414 141 1414 1478 1338 141 14,800
13
13
45
May
20
613
22
63
Jan
100
Prior
preferred
*t
e
200
67
6512
66
5
65
*65
67
*833
4
67 "65 87
*6334 66
3
7 Jan 7
3 Mar
51
51 V 51
51
/
4 51.
1P 518 5.,4
No pa'
5t
518 5,4
512 5% .6.100 13 8 Realty & Impt
91
1
4 Jan 3
91 Mar 13 17/
No par
22,900 U S Rubber.
8 1412 1312 14
1312 13,
138113
1234 1314 1214 1318 13
171
100 241 Mar 14 42% Jan 7
let preferred
3412 19,60
3118 3412 351 34
32 3278 3218 321 3212 3118 33
5314
50 95 Apr 5 12412 Apr 25
7,50 U S Smelting Ref & Min
11412 11514 11312 11412 11214 11518 113 1141 1131 11514 112 114
5112
50 6275 Jan 3 7314May 10
Preferred
80
704 7114 *71
7012 70%
71
72
71
71
71
72 72
271
8
401
Jan
271:Mar
18
100
1
US
Steel
63,50
Corp
3334 3112 3378 311 3478 341 3314 3478 341 34
3414 351
671
100 7378 Mar 18 94 Jan 23
Preferred
7.40
911
881 9012 90
881 90
8131 8,14 83 813,4 33 90
81%
No par 11918 Jan 4 I4034May 16
U S Tobacco
•138 140 .136 140 •133 140 5138 140 •136 140 *136 140
12478
26
155
Apr
Feb
11
1493
4
100
Preferred
*155*158
- •156 _ - "156
-- 5158
- •I56
40
10 40 Mar 22 5114May 6
__- ...... Utah Copper
1634 *55 6-61-4 *54 -863-4
*54 13.34 554
-663- •53 -663
•54
21s Apr 5 3, 74
1 Mar 15
1
11 11
•I14 11
178 178 *114 178 1.000 Utilities Pow & IA A
112 lis
114 178
11 Jan 2
12 Mar 15
12
No par
2.700 Vadsoo Bales
7
34
34
78
34
78
34
34
*34
*34
74
3
191
191 April 22 May 14
100
Preferred
*22
2712 *221 2438 *2218 271 *2238 271 31238 27'2
*22
27
1114
131 1314 1314 13,8 1312 1334 1312 1334 1378 1438 5.600 Vanadium Corp of Am---No par 1114 Apr 11 2178 Jan 7
13
13
378
5 1114 Feb 7 2014May 15
500 Van Elamite Co Inc
193
3'1812 1114 •131 1918 191 1114 •13', 1114 •181 1914 19
5414
100 91 Feb 20 10278May 21
7% let prat
110
•10012 10112 10178 10178 101 10215 •101 105 *101 10212 102 10212
231
6 3415 Jan 14 371818X 11
*351 36
•351 34
3518 351 3518 35's 35 35'u 1,200 Vick Chemical Inc
334 351
11,
458 Jan 3
215 disr 18
3/
1
4 31
378 312 *314 378
318 378 1.000 Virginia-Carolina Chem --No par
312 312 *318 31
10
100 18 Mar 15 2714 Feb 1
6% preferred.
2.700
2214 2214 22 23
2234 23
23
23
23
2278 2312 23
5714
100 85 Jan 4 13018May 6
7% preferred.
200
599 101
*99 101
*91 101
*99 101 5100 10018 10014 101
60
340 Virginia El & Pow VI pf ..No par 7218 Jan 4 98 May 24
98
9612 97
9614 9614 5961 971
3.9612 9715 Ms 97'u 97
34
4 Mar 5
Virginia Iron Coal & Coke....1004 Mar 5
*31 4
*3
*3
5
*314 5
5314 4
*3
5
5
15
100 15 Feb 19 151 Feb 28
6% Pref
*20 25 .20 25 *20 25
25
25 •20
*20
25 '520
36
100 834 M ir 29 83 May 10
160 Vulcan Detinnlng
7712 7812 7714 7738 *77 80
*78 80 •77 80
*77
79
95
WO 10914 Feb 5 110 Mar 12
Preferred
*115 - - •115 _ __ ..._
•I15 •11312 511312 -•I1312 1
2% Jan 8
1 Apr 1
100
*114 -1-78 *114 -1-7*1/ -1-7
100 t Wabash
8 *11 -I-7-8
*11 -11
11 -1-1
134
312 Jan 4
134 Mar 1
100
Preferred A
*2
21
*2
21
800
*1/8 214
21 21
134 11 •178 21
134
21 Jan 19
I May 22
100
Preferred B
*118 212
280
*11 215
*IA 21
*138 21
I
118 *Us 21
6
37
8
71
Jan
10
Mar
15
Ca
par
No
System
Waldorf
300
*5
51 *5
*5
51
51 *5
51 *5
5
51
5
15,
5
'
31
Jan
3
271
Mar
13
No pa,
2114 281 29
281 2834 23
27% 2734 274 28
291 291 4,200 Wall/ratio Co
100 114 Jan 7 120 Apr 24 5 80
117 117 *11614 117
11634 117
614% Preferred
117 117
117 117
'11834 117
190
114
375
Jan
7
28
Feb
114
pa
,
No
21
Walwortb
Co
2
2
2
2
*218 214
214 214
218 214 1.400
214
814M1Iy 20
5
No pa, 5 Mar 14
1,100 Ward Baking Glass A
91 '
734 878
738 738
57
9
*8
8
8
8
8
114
1- May 20
114 Frb 28
No par
Class B.
112 l7s
*Ps 1% 2,800
184 164 6112 178 •118 17
*112 134
24
4034May
22
42
Jan
284
100
Preferred
3934 3.700
401 319
3514 39's 3312 4018 3114 401 40
3112 35
214
478 Jan 2
214 Mar 15
5
4
418
334 31 41.800 Warner Bros Pictures
3% 4
31 4
312 4
31 3a
12
No par 1412 Mar 13 2612May 21
$3.85 eon, met
2434 2.400
*2214 2314 2314 244 241 2612 241 2534 2434 251 24
58
158 Jan 2
58 Mar 15
*61 1
*61 1
% 1
No par
118 2,100 Warner QuInian
178
11 118
1
11
212
7
84
Jan
212
Mar
15
No
par
Warren
Broe.
2.800
51
51
51 518
514 518
51 512
518 5'8
5'8 51
77
7%
4N1
,y
17
16,
Mar
20
No
par
Convertible pre
300
13
13
14
1118 1118 14
15
51378 15 *13
*1378 15
1378
No par 21 Mar 27 28 Jan 8
2612 •2412 26
2312 281
*231 27
700 Warren ro & moo
2878 2578 *251 2814 26
3
6 Jan 2
4 Mar 14
No par
47
47
•412 5
300 "'abater Elienlobr
5
5
*41 44
5
5
*44 4%
60
100 85 Apr 29 90 Feb 18
Preferred.
95 •86
310 95 *80 95 •80 95
•80 95
95
316
114 Jan 24
34
1 Jan 5
1
1
500 Wells Fargo & Co.
14
1
1
•1
118
•1
11
1
I
*34 1
15
3218 3218 32 32
331 3111 3278 3338 331 33,8 3,800 Wesson ()II & Snowdrift . -No par 301 Jan IS 39 Feb 18
3214 31
49
No par 72 Jan 29 78 Apr 24
7514 7612 *75
Cone preferred
7534 1,300
77 77
77
77
7612 7612 7578 757
131
29 2178
2134 2134
4712 4812
•102 10214
1212
512
*33 3314
*5515 5112
67 6712
601 6014
117 117
*111 112
*1
178
*38
12
75, 8
•10 111
4114 1%
314 31
20 2018
*22 27
*27 30
19%
*19
*674 61
11
1118
16
16
2
214
81
878
*2
214
*351 35.8
5
51
211 3118 3012 32
21
2112 2112 2178
471 487s 473 41
10214 10214 10112 10112
*12
129 *1134 12
*33 3314 533 3314
55
5514 *55
57
6414 6812
65 67
518 60
60 60
116 117 *116 117
11078 111,2 112 112,8
112
•1
112 .31.
2334 3114
211 2115
484 4118
102 10214
Ills 12
*33 33114
55 58
6478 68
51 6012
1161 11314
113 113',
Liz
*1
c's
12
"2
12
*32
Is
74
*10
112
312
*201
•22
30
•1312
6118
1014
1814
*178
*8
214
*351
434
734
11
11
31
201
27
30
191
701
11
1612
214
9
214
355*
5
734
*10
*11
3%
201
*24
*27
*1812
611
101
IN
•178
*8
*2
*3514
47
814
11
138
3%
2018
27
30
191
6'02
11
1612
214
9
21
351
51
71
*10
112
314
1978
•22
•27
19
Nis
lot4
15
178
*8
2%
355*
5
71
1138
112
314
2014
27
30
19
61
1012
1534
11
9
214
3518
54
"iti" iiiii "ii" 1N" -5.478 icit;
3018 3118 2978 313
2115 221 2115 227
49
5014 4878 4914
10112 102
10214 103
•1111 1178 1112 1112
33
3214 321
33
51
51 511 54
6412 6434
641 65
5734 5312 561 5712
116 1164 11614 11614
113 11312 113 11314
*1
112 *1
112
It
os
12 *32
73
8
*71 31
1138
*10
1118 *10
•138 118 •138 112
31 318
314 314
201 2018
In 20
25
25
27
•25
317 30 *27
30
19
19
19
•18
*67 6934 *65
69'1
104 1018 1012 12
131 14
131 148
*134 214 *114 214
*818 9
•818 9
214 214
24 21
33512 3538
•3512 351 '
51 51
54 5%
-iir. WC: '1364 iii
801
5912 6018 591 5178 5934
5934 60
5912 60
17
17% 1734 1814 171 1712 171
*16
17
3734 3812 384 4114 401 4112 40 401 39
3312 3112 314 *31
30 3112 32
30 30
49
*49
5I
51
*49 60 *491 50 *49
8134 8112 8134 8112 8134 8112
8118 8178 *31
211 2118 51918 2012 2012 2012 2012 2012 5201
278
5218 3
3
27
25 27
27
3
*3434 3512 341
35
35
03414 36 *3114 36
243 25
2518 251 25% 25%
2518 2512 25
1578 171 16% 1718 1614 1634 1614
1834 17
45 451 *43
4512 4514 *45% 47% *45% 48
*112
112 1%
178 178 0112 2
*178 Ifs
314
314 312
318 312
312 3%
312 31
11
footnotes
see
page
3502.
For
Or
-a- -a.-..
60
6078
171 1612 1778
3812 39
41
31
31
32
49
4712 4778
8112 81,2 811
*2012 21
21
3
3
3
3434 3414 341
251 2512 2512
1634 1811 1714
461 *444 464
17e •112 178
314 378
312
•
Western Onion Telegrapb-100
WeethurlYee Air Brake-No par
50
Weetinghouse El & Mfg
60
1st preferred
Weston Elea Lnetruml-No par
No pa
Class A
Wee, Penn Elea °lase A_--No par
100
Preferred
100
0% preferred
100
West Penn Power pref
100
6% preferred
Wan Dairy Prod ol A___-No par
No psr
ClaeaBvte
100
1,900 Western Maryland
100
2d preferred
100
800 Western Pacific
100
Preferred
800
1.200 Neetvaoo Chlorine Prod__ No pa,
10 Wheeling A Lake Erie Ry Co..100
6% non-ruin preterred
100
10
300 Wheeling Steel Corp
No par
100
501)
Preferred
18,400 White Motor
50
3,200 White Rk 1.1to Apr ott __No pa,
600 White Sewing Machine-No pa,
Coav preferred
No par
100
700 Wilcox Oil& Use
5
200 Wilms-Rich Corp Oialle A-No pa,
No par
54.700 Wilson & Co Inc
Class A
No pa,
100
1.556 $8 prat
10
14,300 Woolworth (F W)Oo
100
2.200 Worthington P & W
RIO
1.260' Preferred A
Preferred B
100
2.000
No par
40 Wiliest Aeronautical
1.000 Wrigley (Wm) Jr (Del)-No pa,
25
400 Yale & Towne Mfg Co
1.900 Yellow Truck & Coach el B-10
100
Preferred
70
4.400 Young Spring & Wire- No par
5,000 Youngstown Sheet & T--No par
100
400
644 Preferred
-No par
500 towiltb Radio Corp
1
9,800 Bootle Products Corp
42.500
6.800
42,300
190
700
60
280
520
280
530
400
204
201 Mar 14 3434 Jan 7
18 M 4r 27 27 Jan 9 o 1534
277e
3278 Mar 18 5014May 23
77
90 Feb 5 103 May 23
5
10 Mar 18 1374 Jan 2
15
29 Jan 4 34 May 14
34
34 Mar 6 62 Apr 24
3978
,Mar 6 70 Apr 24
391
36
36 Mar 14 624 Apr 24
8812
1041 Jan 17 1177 Apr 25
7834
93 Jan 2 41338May 22
214 Jan 8
l's
153 Feb 27
42
74 Jan 8
38May I
97 Jan 7
512
512 Mar 15
712
11%
Feb
20
ir
30
712 ‘1
I%
338 Jan 7
114Myy 3
21
778 Jan 7
238 Feb 28
1214
1834 Mar 13 234 Jan 3
18
18 Jan 3 25 May 14
21
25 Mar 14 30 May 20
111
1414 Mar 23 20,4 Jan 21
34
4612 Jan 12 7018May 20
67
61s Mar 15 185* Jan 3
134
1312 Mar 22 241 Jan 9
11
238 Jan 22
11
/
4 Mar 15
4
912 J..n 24
5 Jan I 1
278 Jan 8
I Mar 14
I
221
34 Feb 5 3588May 22
7 Jan 2
3% Apr 3
31
1114
2518 Feb 7 31% Jan 3
58
58 Apr 2 75 Feb 28
35
51 Jan 15 6074May 24
1184 Mar 12 211 Jan 7
1134
25.2
2512 Mar 13 44% Jan 23
20
20 Apr 4 331213fay 21
12
351 Mar 13 531 Apr 34
7334 Mar 13 8234 Apr 26
4734
17% Apr 9 24 Feb 1
115*
284 Mar 14
234
44 Jan 7
3112May 8 42 Feb 19
25
18 Mar 18 26 May 16
1018
13 Si a 15 211 Jan 8
12%
3812 Apr II
56 Jan 21 "30
114May 6
115
24 Jan 8
3 Mar 15
3
47g Jan 10
$ per share
90
13374
7178 89
15% 255,
8% 1514
642
314
8
17
2114 2914
107 120
36
604
87
218
2114 3778
914 1814
Pt 1075
595
7534
315
714
59
77
1112 dm,
86
9978
12a
378
4
13%
30
68
81
2/
1
4
64
78
404 83
1121 140
16% 461
78
3
414 24
151 33
1815 19%
14
4
14
4
1
114
11
2712
1514
6
631 73
3414 5178
115
146
458 101
644
82
618 1172
19114
7
45
80
4
1234
24
11
2418 6114
9658 141
544 654
2938 59%
6714 991,
140
99
128
150
4815 67
578
114
34
17s
1914 2212
14
3134
41 124
55414 98
241 3834
172
5%
10
26
5978 84
66
80
35e
9
1818 27
82
52
112
95
47e
118
2%
878
114
812
875
4
2214 2978
844 1165
21
6%
5
12
14
It.r
24
36
24
81
15
3175
31
1
314 1378
8
28%
1312 31
3
7
65
90
2,
.
34
1514 355
5212 7478
291 13873
15% 36
3778 6714
82
95
CI
161
16% 2912
641 70
61% 80
z6812
lb
8911 11058
7878 105
134
64 ,
II
24 '
71 1714
91 23
878
2,
4
478 171
1474 2714
2412 29
24
36
1112 29
34
57
15
284
311 3112
14
378
5
1114
53,
2
274 341
614
9
1216 32%
4178
131
311
2358
1678
541
14
25
28
13
1278
21
114
3%
-5514
317j
53
42
75
76
2212
71,
471
2234
3378
59%
478
78,
li
3512
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
May 25 1935
On Jan. 1 1909 the Exchange method of quoting bonds was changed and prices are now -and Interest"-except for income and defaulted bonds.
NOTICE-Cash and deferred delivery sales are disregarded In the week's range, unless they are the only transactions of the week, and when selling outside of the
regular weekly range are shown In a footnote in the week in which they occur. No account is taken of such sales in computing the range for the year.
BONDS
N. Y. STOCK EXCHANGE
Week Ended May 24
West's
July 1
Z._
i'..4
Range of ; 1933 fa
Friday's
el Apr 30
12.....
.... a; Bid db data CFA
1935
U. S. G00000ment.
Low
First Liberty Loan-33.4 of'32-47-- 1 D 100.4
J D
,_
Con• 4% of 1932-47
J DJ 100.6
Cony 44% of 1932-47
1 D
__
2d cony 434% of 1932-47
Fourth Lib Loan 4%% of 1933-1938 A 0 102.81947-1952 A 0 116.12
Treasury 449
Treasury 4%-3)113__Oct 15 1943-1945 A 0 105.30
Treasury 4.
19441954 J 13 111.15
Treasury 334/1
1946-1958 M S 109.27
1943-1947 J D 107.4
Treasury 3539
Treasury as
Sept 15 1951-1955 M 8 103.20
Dec 15 1948-1948 J D 103.21
Treasury 39
Treasury 3948___ _ June 15 1940-1943 1 D 107.28
Treasury 3)441__ _.. Mar 15 1941-1943 M 8 107.27
Treasury 31.4s___ June 15 1948-1949 J D 104.24
Treasury 334s
1949-1952 1 D 104.18
Aug 1 1941 F A 107.28
Treasury 334.
Treasury 3349
1944-1948 - -- 106.26
Treasury 23.4s
1955-1980 si 5 101.14
Fed Farm Mtge Corp 334.------1964 M 8 103.24
3s
Nov 151944-1949 M S 101.28
39
Jan 15 1942-1947 1 J 101.31
2*4
_Mar 1 1942-1947 M S 100.31
Horne Owners Mtge Corp 46
1951 J J 100.27
1952 M N 101.26
38 series A
1949 F A 100 9
9%9
State & City-See sole below.
Hias No.
101.3
45
____ ...._
161
101.4
__ _ .._
102.11 157
116.21 119
106.10 997
111.22 151
110.1
276
107.10 193
103,29 1,131
104.1
211
108
51
108.3
302
105.2
599
105
3.360
108.2
516
106.6 2.303
101.20 1,028
103.31 287
102_7
159
102.6
635
101.1
16
101.5 1,021
102.2
555
100.21 1.212
Rang.
Since
Jan. 1
Low
99
100.17
99.28
102
100.30
104.10
97.28
101.18
99.26
98.5
93.12
97.26
98.12
98.8
94.28
101.5
9717
99.24
199.14
98
94.27
10020
---94.26
94.26
9225
High
Low
100.4 105.14
102.20
101
100.6 104.4
103
103
102.8 104.18
113.6 118.28
102.28 106.20
168.24 111.28
107
111.10
103.28 107.12
100.20 104.13
100.20 104.10
104.15 108.3
104.14 108.6
101.28 105.11
101.15 106,8
104.18 108.11
102.24 109.15
103.16 101.25
101.14 104
99.16 10218
100.20 102.15
102.24 101.1
100.19 101.18
99.18 102.14
92.20 0121
Foreign Gest & Municipals
Agricultural Mtge Bank (Colombia)2212 2212
2
*Sink fund 63 Feb. coupon on__1947 F A
1
*Sink fund 63 April coup on ____1948 A 0 2312 2312
1963 M N
9112 9334 10
Akershua (Dept) ext 59
9
8
1945.9 1
812
•Antloquia (Dept) coil 71 A
8%
4
814
1945 J 1
*External a f 7e ser B
912 ___,
1945 J 1 *812
*External s f 79 ser C
818
87
8
1945 J 1
*External 9 f 79 ser D
812
812
1957 A 0
1
•External 9 f 76 let ser
75
75
11
1957 A 0
*External see ti f 7e 2d ear
75
814 22
1957 A 0
*External sec, t 75 3d ser
46
1958.9 0 9814 102
Antwerp (City) external 59
42
1960 A 0 9312 95
Argentine Govt Pub Wks 81
1959 1 D 94
9518 71
Argentine 65 of June 1925
81
1959 A 0 934 95
Extl a f 6e of Oct 1925
1957 M S 9312 9453 79
External 9 f 65:series A
9.5
62
1958.7 D 94
External Os series B
66
1960 M N 9312 95
Ertl 9 f 68 of May 1926
98
1961) M S 9334 95
External If 69 (State RY)
935
95
67
1961 F A
Ext1 Os Sanitary Works
67
Esti 66 pub wks May 1927 ---1961 MN 9334 95
90
9112 68
1962 F A
Public Works ern B345
1955 J .1 10113 102
88
Australia 30-year os
10134 56
1957 M 8 101
External 58 of 1927
206
1956 M N 9514 97
External g434,of 1928
. 5
1943 1 D 100% 1001
Austrian (Govt) s 1 79
3
1957
1 9318 94
International loan 5 f 79
1824
153
64
73
644
712
714
60±
614
54
7434
44
44
4423
44
4414
4413
4414
4414
45
4114
7733
78
7378
8314
4213
3312
21
1912 32
9012 963
712 1134
73 IDA
75
94
714 105
634 1014
67 10
62
972
88 126
9013 9614
9612
90
963
90
9,314 9633
904 9612
9834
90
90
9618
90
9814
9614
90
8412 91 5
98 10412
98 10412
921a 974
10033 10234
96
81
1945 F A
•Bavarta (Free State) 63.4,
1949 M S
Belgium 25-yr ern 634B
1955 J J
External s f 6s
1955 J D
External 30-year a f 71
1956 M N
Stabilization loan 71
1949 A 0
Bergen (Norway) 58
1960 M 8
External 8in/daft3und 5a
1950 A 0
*Berlin (Germany)s f 630
1958 .1 D
'External sinking fund 6+3
1945 A 0
*Bogota (City) extl 9 f 86
*Bolivia (Republic of)(401 89.--_1947 M N
1958 J J
*External secured 79
1969 M 5
*External sinking fund 79
3058
7
10838 40
10712 78
11653 54
10812 111
9912 ---9734
8
2514
I
2334 16
1412 10
50
22
54 36
512 30
3614
8812
8612
9224
91
8711
6214
22
2012
1134
514
4
4
32
1941 1 13 3018 31
•Brazil (U S one:ten:WIN
2314 154
1957 A 0 22
*External If 6149 of 1926
1957 A 0 2212 234 144
'External,f 634e of 1927
1952 .1 D 2414
2512 35
•75 (Central Ry)
6
1935 M S 3712 38
'Bremen (State of) exti 75
92
38
1957 M S 92
Brisbane (City) ii 59
910
92
3
1958 F A
Sinking fund gold 56
1
1950 1 D 100
100
20-year. f 69
Budapest (City of)1962 1 D 39
39
2
ilia July 11031 coupon on
Buenos Aires(City)6)4913-2 __ _ _1955 1 1 29212 9212 11
1960 A 0 8514 8612
3
External a f ils ser C-2
3
1960 A 0 8712 88
External 9 f 6e ser C-3
77
6
*Buenos Aires (Prov) ext1 89-1961 M 8 7614
1961 M S 6234 65 .501
•69 stamped
1961 F A 4.72
77
*External a f 6345
1961 F A 6234
1354 73
*8349 ,tamped
Bulgaria (Kingdom of)*Sinking fund 7s July coup off 1_967 1 1
15
1514
13
157
1613 11
*Sink fund 714s May coup off-1968 MN
2174
193
1918
1859
29
68
6812
75
30
1071s
10612
11514
108
*97
9714
25%
2318
130±
618
47g
478
10
•Caldas Dept of (Colombia) 73413_1946 J J
1960 A 0 108
Canada (Dom'n of) 30-yr 4e
1952 M N 11334
59
1936 F A 10212
4148
1954 J J •5134
*Carlsbad (City) 9 t 89
*Cauca Val (Dept) Colons 7)4s....1946 A 0 0978
*Cent Agric Bank (Ger)'le__ __1950 M 5 3834
29
July 15 1960.7 J
*Farm Loan s f fle
Oct 15 1960 A 0 2878
*Farm Loan a f 69
*Farm Loan 69eer A ___ Apr 15 1938 A 0 35
127
1942 M N
*Chile (Rep)-Ext1 a f 7e
1960 A 0 1253
'External striking fund 65
Feb 1961 F A
1234
•Ext sinkIng fund 6e
Jan 1961 J J
127
•11.7 ref ext 9 f (ts
Sept 1961 St S 13
*Eat sinking fund 89
1982 M 8 1314
*External sinking fund 135
1963 IN N
*External sinking fund 69
1233
*Chili, Mtge Ilk 6568
1957 1 D 127s
1981 1 D 124
*Sink fund 6949 of 1926
1961 A 0 1258
'Guano f 69
1962 M N
1258
*Guar a f 6/3
*Chilean Cons klunic 79
1980 M S 107
1951 .11 D *4518
*Chinese (Hukuang RY) 59
s f 69_1954 M S *10114
Christiania (Oslo) 20-yr,
*Cologne (City) Germany 6%9_1950 M 9 28
Colombia (Republic of)089 Apr 1 1935 coupon on_Oct 1961 A 0 2612
2613
'Os July 1 1935 coupon on_Jan 1961 1 .1
1947 A 0 •22
*Colombia Mtge Bank 6969
'Sinking fund 78 ot 1928
1948 M N 214
1947 F A
22
*Sinking fund 711 of 1997
Copenhagen (City) 59
1952 1 D 8614
195390 N 82
25-year g 4301
*Cordoba (City) mei a f 79
1957 F A 5234
1957, _
45
4,75 stamped
*External sink fund 75
1937 M N *5312
1937 *7s stamped
•46
29%
4014
36
3814
2914
2552
3712
2533
15
1613
11
6
10812 77
11413 189
10234 12
54 ____
11 ____
3912 15
30
20
3012 19
36
12
14
57
1333 52
1314 76
1338 74
1311 31
1338 21
134 69
19
13
1234
2
1312 21
1312
3
11
16
464 ____
10134 ---1
28
853
8612
9912
984
52
833
2913
28
263,
274
7
5
618
64
64
64
6
73
973
74
712
5
22
75
22
2734 21
2712 23
24 ____
6
22
22
1
9014 38
8433 60
524
1
4634 55
18
204
14
12
142
5012
5512
12
9973
BONDS
N. Y. STOCK EXCHANGE
Week Ended May 24
1.7
*02.•
t ...
t
4 n..
Week's
July 1
Range or ;
_ 1933 is
Friday's
VI Apr 30
llia de Acta: ai,
a
1935
Low
High No.
ForsIgn Govt. & Munk.(Con.)
Cordoba (Prov) Argentina 71 ___1942 l J 7518 77
6
Costa Rica (Republic on*79 Nov 11032 coupon on
3412 ---1951 MN .26
1912 16
•711 May 1 1936 coupon on__ __1951 .. 17,
4
1
Cuba (Republic) 56 of 1904
1944 M 8 100
100
1949 F A
_ -___
External 5e of 1914 vet A
91
89
15
External loan 4%9
1949 F A *83Sinking fund 5)4e ____Jan 15 1953 .2 J 92% 9212
6
*Public wka 531s -June 30 1945 J D 3673 42
85
1012
1012
•Cundlnamarca 834s
9
1959 MN
31027
8 103
17
1951 A 0
Czechoslovakia(Rep of) 813
Sinking fund 89 ser B
6
1952 A 0 10212 10212
Denmark 20-year ern 69
1942 J J
9912 10078 147
External gold 53.46
1955 F A 9514 971. 57
88 - 352
External g 4As__Apr 15 __ _1962 A 0 843
Deutsche Bk Am part elf 69 ..,_1932
268
6812
*Stamped extd to Sept 1 1935
5
Dominican Rep Cust Ad 5149,..._1942 M S 70
7112 12
19
let ser 5)48 of 1926
1940 A 0 6112 63
2d series sink fund 5349
4
1940 A 0 6118 26134
*Dresden (City) external 79_ _1945 M N *___ _
4712 ____
*El Salvador (Republic) 89 A _1948 .1 .1
__ ____
4712 48
*Certificates of deposit
.1 J *52-11
94
Estonia (Republic on 79
10
1967 .1 .1 94
Finland (Republic) ext 83
1945 M S 106
10618 18
1956 M 5 10214 10234
External sink fund 614s
16
*Frankfort(City of) 216 As
1953 PA N
23
23
2
French Republic eat! 7341
1941 1 D 17658 18014 45
External 7, of 1924
1949 .1 D 317653 17914 11
*German Government International 35-yr 5)49 of 1930
189
1965J D 2512 28
*German Republic ern 75
3512 70
1949 A 0 34
*German Prov & Communal Bki
(Cons Agri° Loan) 654s
39% 10
1958 1 D 39
Graz (Municipality on•89 untnatured coupons on..,j954 l'51 N •„__ 103 ---Or Brit tz Ire (57 50 of) 5149
72
1937 F A 11214 11314
14% fund loan Z opt 1960
1990 MN a11512 a11658 137
*Greek Government If ear 7s--__1964 MN 03312 36 ---*9 f secured 6s
264 2814
16
1968 F A
Range
Since
Jan. 1
Low Low
254
70
1818
6812
8312
617s
61
1934
834
7734
77
7978
75
61
4813
40
36
36
27
36
35
4812
70
7012
20
126
12713
23
3113
High
80
324 3514
1734 2534
9412 100
90 95
84
91
9224
77
2313 42
84 149
9512 105
9513 105
9834 105
93 101
82,2 963
5514
6/
5953
5913
35
6512
46
844
10312
1014
23
16812
17512
70
71 12
64
64
435
6512
62
96
108
10434
3514
190
190
1
2424 3712
31
474
2312
38
49
10753
95%
22
16%
88
110,4
1080±
3312
2512
10812 '
11613 '
119
39,2
33
Haiti (Republic) i f 89 ser A
1952 A 0 89
89
3 67
*Hamburg (State) 68
1946 A 0 •2418 25 ____
204
*Heidelberg (German) Intl 7349-1050 1 .1 *18
2712 ____
15
1960 A 0 1024 103
HelsingfOra (City) ext 614e
3
6814
Hungarian Cons Municipal Loan*7349 unrnatured coupons on__1945 J 11 3214
25
9
3414
*19 unmatured coupon on
32
1046.9 .1 32
265
1
*Hungarian Land M Inet 7%5_1961 MN *3153 3434
2912
*Sinking fund 7349 ser 13
3
1911 M N 334 334
3953
Hungary (Kingdom on*73.49 February coupon on____1944 F A
4012 4012
3
3113
Irish Free State enl if 59
1960 MN 011414 11514 -_-_
92
Italy (Kingdom of) mai 7.
79
1951 1 0 823n 853 133
Italian Cred Consortium 75 A_'37 M 5 9714 98
9
893
External lee,f 7,ear 11
8218 20
78
-1547 M 8 81
Italian Public Utility ext17.
30
37
76
7812 26
1959 1 J
6312
9314 1083 Japanese Govt 30-yr e f 630
1954 F A 9812 997 147
77
9314 10712
Ertl sinking fund 514,
8812 24
1965 M N 87
6713
Jugoslavia State Mortgage Bank10113 119
97 1104
4,79 with all unmat coup_ ___1957 A 0 *22
32 ____ 23
997
9572
99
*Leipzig (Germany) 9 f 79
93
1947 F A
37
37
1
2933
Lower Austria (Province of)2513 38
*7.149 June 1 1935 coupon on_1950 J D 9712 9712
2313 3812
3
50
*Medellin (Colombia) 630
1154 18
1
634
8
1954 J 13
8
5f3 73 *Mexican Irrig Asatng 43.4.
1943 M N
*512
714 --3
4
633 *Mexico (US) exti tio of 1899 i_1945 Q 1 •-„25 ____
4
63
4
*Assenting 5e of 1899
9
9
1
473
1945
*Assenting 51 large
5,8
612 -----•- *5
*Assenting 59 small
28
3974
- -•
*Mot 1904
22
3112
1954
8% ____
419
2212 3134
*Assenting 49 of 1904
3
8
613 11
1954 ---24
3114
*Assenting 49 of 1910 large
----------------4
3353 402
•Amenting 49 of 1910 small
5
514 22
553
874 9714
**Trees 89 ot 13 assent (larger_ 1933 i J
733
724
5
534
•15mall
1 J ------------54
850± 973
2
97 1024 Milan (City, Italy) est]6%1 __1952 A 0 6914 7314
3
6858
Minas Geraes (State of, Brazil)3218 3914
*6349 Sept Coupon off
1612 14
1958 M 5 1514
153
84
9334
*8 qs Sept coupon off
1523
1534
7
1959 r,•1 s 1314
82
874
82
89% *Montevideo (City of) 7s
3622 ____
1952 / D 035
2714
*External 9 f 68 series A
1959 NI N .33
664 77
3512 ____
25
5158 65
New So Wales(State) mil 511 - -1957 F A 994 100
40
73
3134
2
87
76
External a f 59
Apr 1958 A 0 9918 100
19
854 Norway 20-year ern Oe
52
1943 F A 10518 1057
11
88
20-year external 69
21
1944 F A 10514 106
8712
15
1852
30-year external 89
1952 A 0 1001.1 10213 51
834
1578 19
40-years 1594.
1965 J D 10058 10113 20
7874
External sink fund 55
1983 M 8 101 310114
76
10
853 14
Municipal Bank eatl a f 59
1967.9 0 *9978 101 ____
7712
1044 10812
Municipal Bank exti e f 5e
10012
1970 1 0 100
6
8012
11014 11412 •Nuremburg (City) ext! (is
1952 F A 2353 2412 10
29
1021.10312 Oriental Devel guar 88
14
1953 M S 8834 877
64
5012 6212
EMI deb 5949
1958 M N
833
84
3
594
822 1313 Oslo (City) 30-year a f 8s
1956 Pit N 100
101
12
73
36
6812
1953 1 D 105
29
47 Panama (Rep) eat] 5945
9
89
1054
•Ext1 9 f see A
281 464
1963 M N 4615 47
11
2478
*Stamped
---- 54613 47 ____
35
554
37
17
12
Pernambuco (State of)•79 Sept coupon off
1947 M S 1314
1012 1514
84
140± 29
7
1012 1512 *Peru (Rep of) external 79
158, 21
1959 M S 1433
1012 1512
*Nat Loan exti a f 69 let ser ___1960 1 0 1014
5
1053 92
1012 1512
*Nat Loan ern a f Os 2d ger__ _1961 A 0 104
1053 71
4%
1034 1538 Poland (Rep of) gold (14
1940 A 0 79
80
5
56
104 1512
Stabilization loan el f 74
1061 1 49
1947 a 0 101
83
104 1412
External sink fund g 8s
1950 J J 8958 9111 67
6333
1424 Porto Alegre (City of)11
1414
11
*89 June coupon off
1961 1 0 1612
17
11
1812
•734s July coupon off
1034 1414
1614
1966 1 J
17
144
11
934 12
Prague (Greater City) 7342
1952 M N
994 101
7714
4
40
47
*Prussia (Free State) exti 810_1951 NI S 22512 2612 36
2414
99 10259
*External a f 6.
1952 A 0 2414
26
2312
52
274 36
Queensland (State) ern a 1731 ___.1941 A 0 10731 10812
94
6
2218 3612
25-year external 69
1947 F A 1064 10614
8334
1
2213 37 'Rhine-Main-Danube 7s A
1950 SI 5 038
3514
45 ____
18
2412 Rio de Janeiro (City of).88 April coupon off
1813 2412
1946 A 0 1514
1534
1312
4
9513
*8 Me Aug coupon off
18
1953 F A
14
13
1458 10
86
94% Rio Grande do Sul (State of)08s April coupon off
8114 9113
1948 A 0 18
1759
1834 23
444 524
•69 June coupon off
1968 1 0 1434
1514
1513
8
384 4759
*78 May coupon off
1968 M N
1453 1514
9
16
5214
*79 June coupon off
50
1967 1 13 16
16
1534
2
4612 5118 Rome (City) e551 8949
1952 A 0 71
7012
7434 48
82
2412
2513
10114
89
3612
31
10314
2912
3012
9912
3234
38
3714
35
35
345
10812
79
94
76
6312
90
77,4
494
115
9414
99
89
85
997
8812
48%
25
43
37
4433
97 106
624 1014
5
815
873 11-34
814 11
534 534
518 8
413
7
353 7
734 704
6)2
8,
4
6858 851 2
15
15
1938
1912
42
37
33
361 2
10
022
:
2:2
3 1
63
9
1)6
10312 10714
10312 107
10014 10414
994 103
9812 10234
0934 10112
98 10134
23% 3534
774 87%
7433 84
99 10233
10212 1074
5134
40
3612 4824
1314
12
73
712
71
i1978
7973
157
16
1073
11
8012
12612
9533
1612 22
22
16
99 1031 2
2312 37
244 3624
10613 110,2
10318 109
373 4312
1514 1958
13% 1812
16
1434
1453
1534
MI
2313
22
21
2113
87l4
For footnotes see page 3517.
NOTE-sales of State and City securities occur very rarely on he New York Stock Exchange, dealings In such securities being almos entirely over the counter.
Bid and asked quotations, however, by active dealers in these securities, will be found on a subsequent page under the general head of "Quotations for Unlisted Securities.-
Volume 140
New York Bond Record-Continued-Page 2
_
Joiy 1
Wsere
r.
_ 1933 to
Rowe or ;
4
!
BONDS1,
30
Apr
In:
s
Priddy
.2.
EXCHANGE
N. Y. STOCK
1935
.."iat Bid & Asked (aro
Week Ended May 24
WO) No
Low
Foreign Govt. &Munic.(ConcJ )
2
114
1984 MN p114
Rotterdam (City) eat! 1313
of
Monopolies)(Kingdom
Roumania
1959 F A 2912 3112 48
1175 August coupon off
I
764
1953 J .1 764
Searbruecken (City) as
Sao Paulo (City of, BrazI1)12
19
18
1952 M N
ofis May coupon off
8
16
15
*External 8742 May coupon off 1957 M N
San Paulo (State of)9
27
1936 1 i 25
•8s July coupon off
6
18
18
*External 8s July coupon off...1950 J .1
5
17
*External Is Sept coupon off _1956 51 5 17
1534 22
1514
•Externalt3s July coupon ott-1968 .1 J
64
82
79
0
A
1940
*Secured of 75
1942 M 5
oSenta Fe (Pro, Arg Rep) 7s
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1951 MN
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1945.1 D *
*Saxon State Mtge Inst 7s
1946.1 D *
*Sinking fund g 81431
Serbs Croats dr Slovenes (Kingdom)•Ss Nov 1 1935 coupon on__ 1962 --__
•7s Nov 1 1935 coupon on__ 1962 ----
Low
9218
2058
56
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1518
1518
1212
1278
1034
61
57
54
35
3538
57
5512
37
37
47
5412
1
5
21
28
17
38
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2812
4212
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2978
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25
15
____
____
2
1958 J D 7112 7134
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1947 F A •_
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1938 MN 16458 16458
42
254
117
1
5
4714
75
7
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Taiwan Elec Pow a f 645
14
78
1952 51 5 75
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1961 A 0 834 8434 42
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1
1018
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9712 Trondhjem (City) lit 15745
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1945.2 D .10818 111 ____
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__ ___
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4438 12
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4014
3712
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1960
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8
75
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72
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4
88
1981: D 87
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58
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59
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1946 F A
1955 F A
86
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, Week's
.
July 1
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77 s
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Ramp.
Since
_ Apr 30
,..n 2
•
Friday'a
ii h
2.7, I' STOCK EXCHANGE
.Since
Jan. 1
1935
.81d & Asked 05..5
-.3
Week Ended May 24
Jan. 1
Flips
Low
11(05 No. Low Low
Mph
Low
117
7112
93
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107
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68
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2512 394
12
4
253
27
A
F
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8
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1:•Bowman-Bilt Hotel! let Ts _ __1931
412
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of
pay
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as
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153
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1943 A 0 10411 105
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10712 180
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81
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1948 M 73 9314
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1938 J .1------------158
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6412 7512
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1957 M N 10914 1094
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18
____
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9178 --------87
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7
0 7978 80
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1952
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let
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1937 M N 10814 10812 14 1023*
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68
1981 7 D •7012 73 ____
Cart & Ad 1st gu g 4s
7414 100 104
7
19551 D 10211: 10312
Cony 4s of 1905
4
2414
1948 J D *2912 2912
'Cent Brandt; 11 P let g48
73
100 103
4
1960 J D 10212 10212
Cony g 43 issue of 1910
2 10358
8
1077
8
1077
D
J
1943
let
5s
Tel
30-yr
Dist
62
884
Cent
110
10412
107
1948 1 1) 10534
Cony deb Vim
39
8
397
530
A
F
1945
Nov
:'Central of Gs let g Es
10014 105
79
1
19653 J '10414 10414
13
Rocky Mtn Div 1st 48
i
1312
1312
1945 MN
10712 11012
•Consol gold M
89
7
1958.2 J 109 , 409
Trans-Con Short L 1st 45
634
3
84
818
0
A
B
1959
series
545
gen
&
14
'Ref
8714
1084 11212
1962 M S 1094 110
Cal-Aria let dr ret 474s A
7
1
814
814
1959 A 0
'Ref & gen 55 send( C
9934 110 113
1946.1 D *11214
All Knox & Nor let g 53
1712
___
8
187
_
_
•
D
J
_1951
_
45._
g
pur
Div
money
104
•Chatt
8
1027
8
887
4
4
1033
4
1st
A
44s
1944.1 .1 1033
AU & Chad AL
35
____
------25
J
1946
*Mac & Nor Dtv 1st g 55
88
105 1104
10958 1944.2 J 5106
jot 30-year 5s series II
15
23 ____
•Mld Ga & All Div pur m 55_1947 J J•_
_
95
___ --__
1947 J D •1041
Atlanta Goa L let 58
1946 .1 .7 ------------20
74
*Mobile Div 1st g 5a
2-96
.
1951 J J *941
Atlantic City Ist gunr 4s
3 1004
Jan 1957 M S 10614 10634
Cent Hudson 0 & E 65
For footnotes see page 3517
BOND BROKERS
Railroad, Public Utility and Industrial Bonds
VILAS & HICKEY
New
York Stock Exchang•- M•mbsrs- Maw York Curb Ezehang•
49 WALL STREET
-
-
Priced/ Wires to Chicago, indianapoisa and St.
NEW YORK
Lou,,
10258
3412
5912
6012
5912
28
534
612
10614
45
79
7935
74
4038
1212
11
-9284
1064 11012
106 110
1044 10734
64
65
7034
65
10053 109
11434 120
11853 125
_
ioiTs idi
1C814 III
10158 1034
10834 11158
10414 107
51 12 7034
1712 24
14
201,
83
76
3714 51
5312 6858
774 874
10778 10812
10312 10553
10112 103
10134 1034
234 10
10614 11153
10234 104511
10812 11358
10318 10514
11234 118
115 12018
,
11518 1197
113 11784
109 11678
10934 11458
10518 10758
119 125
8112 877/
9914 10318
10938 1124
1014 10478
9512 10012
40
106
10712
71
2712
1074
42
13
7
634
45
109
110
78
39
1,0
47
26
14
1412
ig
20
108
I&
25
11014
,...,
New York Bond Record-Continued-Page 3
3514
N
BONDS
Y. STOCK EXCHANGE
Week Ended May 24
Cent III Elea & Gas 1st fs
Cent New Engl let gu 48
Central of NJ gen g 5e
General 45
Cent Par let ref gu g 4a
Through Short L lat gu 48
Guaranteed g fs
Cent RR & Bkg of Oa colt 5a
Central Steel lit get fts
Certain-teed Prod 530 A
Charleston & Say% 1st la
Cheeap Corp cony Si
10-year cony coil 5a
rhea & Ohio 1s8 con g 56
General gold 430
Ref & !min 4 4*
Ref & impt 430 ler B
Craig Valley let 5a. May
Potts Creek Branch lit 4e
R & A Div let con g 4$
2d cons& gold 4.
Warm Spring V let g bs
Week's
Imp
1..
Week's
July 1
r 3 Ranee or . 1933 to
Boned
.
i312ano or
BONDS
.2
1933 to
Friday's ,
.:51 y
Since
Apr 30
N. Y. STOCK EXCHANGE
Friday's
vy
g. "4, Apr 30
•-.1k. BM et Asked di A
Jan, 1
1935
Week Ended May 24
...e, Bid & Asked to to 1935
Mel No
Low
Low
1951 F A 90
9112 80
43
19811 J 50
5014
8
50
1987 J .1 104
10412 19
90
1987 J 1 9213 93
7
78
1949 F A 100.3 10134 148
658*
1954 A 0 100
100
58
6313
1980 F A
77
7834 91
55
1937 M N 58
57
4
49
1941 M N 1119 r119
3 100
1948 M S 75
42
7934 238
1936 1
__•__ 103
1047 M N
104
J*103141043
_-4 54
94
0 10434 105
1944
86 10113
1939 M N 11238 11234 32 104
1992 M 13 116% 117% 26
914
1993 A 0 10912 11014 28
831,
1995
J 109/
1
4 110
61
84
1940 J J *10812 --------96
1948 J .1
85
1989
J 112
11234 16
9018
1989
J *10634
87
1941 M 9•10713
„
Chic & Alton RR ref g 38
1949 A 0
Chic Burl & Q-111 Div 330
1949.1 1
Illinois Division 4s
1949.1 I
General 4s
1958 14 S
let & ref 44.Der B
1977 F A
let & ref 5s ser A
1971 F A
'Whim° & East 111 lot Ills
1934 A 0
1.0 & E III Ry (new co) gen ba
M N
•Certificatee of deposit
Chicago & Erie lit gold S.
1982 MN
CM 0 L & Coke let ffU g bs
1937.1 -/
t•Chicago Great Watt lit 46._ _1959 M S
•4s stamped
1959 ---f•Chle Ind & Loulav ref 1313
1947 J J
*Refunding g Slier B
1947 J 1
*Refunding 4e seriee C
1947.1 1
•I st & gen 58 aeries A
1966 M N
*1st & gen 68 serfs) B_Mity ,_1968J.
I
Chic led & Sou 50-year &
2656 .1 .1
434
10338
10612
10512
105%
10834
*7418
712
714
11334
1054
19
*20
15
*1514
•13
514
5Is
*89
11210 L S & East let 434a
1989 1 D *11078
Chic M & St P gen 43 aer A
1989 ..1 J 4434
Gee g 330 set B May 1
1989.1 J 4114
Gen 4348 merles C__May I
1989 J J 46
Gen 434a seem E__MaY 1
4634
1989
Gen 415s serlea F_May I
1989 J J 50
Chic Milw St P & Pao S. A
1012
1975 F A
*Cony ad) 15s
312
Jan 1 ___2000 A 0
Chic & No West gen g 330
1987 M N 40
1987 M N 4512
General 4,
Stpd 45 non-p Fed Inc taz
1987 M N 46
Gen 414s Mod Fed Inc tax
1987 M N 4912
Gen Si. atpd Fed Inc tax
Igni NI N 521
430 stamped
1987 M N *___
Secured g 630
1936 M N 60
1st ref g bs
May 1 _ _2037 J D 23
let h ref 44s stpd_May I -2037 J D 20
let & ref 430ser C_May 1 ____2037 J 0 2012
•Conv 444s series A
13
1949 M N
1 t•ChIcago Railways 1,1 5,stpd
F A
Aug 1 1933 25% part pd
7414
1988 I .1 3838
f•Chle R t & P 117 gen 4$
•Certificatea of deposit- 35
i•Refunding gold 48
1934 i--0 1134
*Certificates of deposit
--1114
f*Secured 430 eerie. A
1952 M S 12
*certificates ot deposit., 1114
*Cony'430
1960 liti-N
434
CO St L & N o &
June IS 1951 1 D *963
Gold 330
June lb 1951 1 D *76
Memphla Div lit g 48
1951 .1 D *72
Chic T If & So East let &
19603 0 49
Inc ffU be
Dec 1 __._1960 M El 31
Chic Un Eitaen 1st gu 430 A
1963 J J 106%
1s1 &series B
1963
J 10734
Guaranteed g ba
1944
0 10712
1st guar 630 series C
.1 110%
1963
Chic & West Ind con 48
1052
J 98
let ret 530 series A
1962 M S 10412
1962 M S 105
1st & ref 530 aerlea C
Childs Co deb ba
1943 A 0 59
Chile cooper Co deb be
1947 1 J 95
t•Z•hrte Okla & Gulf cons be
1952 M N *
Cin a & E let M 4e A
1988 A 0 10434
Cin 11 & 7., 2
,
1 gold 430
J •102%
1937
C I St L & C in g 4aAug 2
WM Q F *10152
CM I.eb & Nor let cot gu 44
1942 M N *103
Cln Union Term let 430 A
2020
.1 *10914
let mtge Si. eerie.B
2020
1 1115,
lat guar 5a series 0
1957 MN 11234
Clearfield Bit Coal let 4s
1940
J *7038
Clearfield & Malt let gu S.
1943
.1 *9912
Cleve Cm n Chl & St L gen 41
1993
D 0512
Generals,series B
1993 1 D 108
Ref & impt 13s ser C
1941 1 .1 •____
ger & impt be set D
1963.1 .1 72
Ref & Mot 4)4* ser E
1977 J I 6512
Cairo Div let gold 4a
1939.1 J 10414
CM W & M DI* let 411
1991 J J 01
St L Div lit coil tr g4*
1990 M N *9134
1940 M S *10312
Spr & Col Div 1st g0
W W Val Div lat 1 413
1940.7 I
Cleveland & Mahon Val g be _ _1934 J .1 *10512
flew & P gen gu 430 see B
1942 A 0 *10712
Series B 8 a guar
1942 A 0 *10218
Series A 410 guar
19421 .1 *10818
Series C 34s guar
1948 M N *10212
Series D 3458 guar
1950 A F *102%
Gen 44s ser A
1977 F A 10512
Cleve Sho Line 1st gu 430
1981 A 0 103
Cleve Union Term gu 530
1972 A 0 9934
let a f Es Series B guar_.....1973 A 0 9214
lit. f 430 series C
1977 A 0 8834
Coal River Ry lot ffU 48
1945 I D •10512
Colon Oil cony deb Os
1938 J I 4634
t•Colo Fuel & Ir Co gen if S..._1943 F A
843*
ti•Col Indus 1st & coil Si gu.....1934 F A 25
Colo & Muth 4%s set A
1980 M N 6012
Assented 410
1980 5814
Columbia G & E deb /Ss__ May 1952 M N 4614
Debenture be
Apr 15 1952 A 0 8612
Debenture S.
Jan 15 1981 J J 8538
Col & FI V 1s1 ext g 4a
1948 A 0 *11018
Columbus By P & L lit 4301.....1957 J J 10812
Secured cony g 534s
A 0 11214
Col & Tol 1st ext 45
1955 F A *10918
Comml Invest Tr deb 530
1949 F A 11118
Conn & Passum Riv 1st 4s
1943 A 0 *101 14
Conn Ry & L let & ret 430
1951 J .1 10712
Stamped guar 430
1951 I J 10712
*Consolidated Hydro-Elec Works
1956 J .1 •30
of Upper Wuertemberg 75
For footno e. 4, a page 3517
May 25 1935
:-. e
Low
High
71% 9334
50
8734
101 10814
921 9874
978 10134
97% 100
6914 8118
52
6512
114 118
83% 7934
103% 10438
102 10814
10111 105
11034 113
114% 12018
108 111 18
10814 11118
105 105
1027s 1027s
1051* 11234
10514 1064
Low
Consol Gas(N Y) deb 530
1945 F A 10478
Debenture 430
1951 J D 10578
1957 J .1 105
Debenture Si
1954 J J
Congo] Ry non-cony deb 4a
19
Debenture 411
1955 J .1 *____
Debenture 4a
1955 A 0 *---1956 J J •____
Debenture 48
t•Cons Coal of Md let & FM 58_1950 J D 37
*Certificates of deposit-- - 3714
ConsumertGas of Chic gu ba
1938 J -12 10413
Consumers Power let ba C----1952 M N 10614
Container Corp let 6a
1946 I D 103
15-year deb be with wart'
1943 1 D 924
Copenhagen Teiep 58 Feb 15
1954 F A 9312
Crown Cork Seal if Ila
1947 J D 105%
Crown Willamette Paper 88
1951 J J 104
Crown Zellerbach deb S. w w
1940 M 8 101
Cuba Nor 117 lit 530
1942 1 0 51
Cuba RR let be 1
1052 J ./ 4214
1st ref 730 series A
1938 1 Is 447
let lien & ret 6,sot' B
1936 J 0 4314
Cumb T & T lit & geese
1937 J .1 106.3
3314
84
9234
8414
77
5413
53
83s 20
53
518
3
712
8212
11414 19
97
10618 40
2014 99
19%
2012 2013
1512
lb
3
18 I___
21
1528
26
512 24
5
51s
1
5
9070
3314 5014
1011* 10614
106 1097
10513 11011
10414 1095*
10714 114%
73
7514
5% •97
518 9
1111 117
103% 10618
1834 35%
2012 34
lb
2134
21
22
18
21
5
814
5
84
86% 9213
I
49
46
4134
7;
4713 81.
4734 16
50 1
5
1212 228
4
215
417
23
47
411
48
16'
5114 14
9
53
52 ____
6012
3
25
18
2212 30
2234 36
1412 126
38
3818
3818
92
2%
3014
34
3518
36
3634
41
4413
1618
1428
14%
9
1061,11078
348* 58%
35
55
38
132%
3818 824
3818 6434
9% 26
213 7%
3014 4813
34
53
35% 53
38
5778
368 6111
41
47
4413 70
1818 31
145* 28
14% 28
9
2213
Del & Hudson let & ref 45
1943 M N 79
8038 80
87
S.
1935 A 0 10018 1001
1
93
Gold 534s
1937 M N 92
93
62
8913
Del Power & Light let 434s
1971 J J 108% 10834
9
934
let & ref 4358
1969 1 J *10318 105 ___
88
let mortgage 430
1969 J I *10512 ---- ---93
D RR & Bridge let g 4s
___ ____
1938 F A *1031
913
Den Gas & El List & refit as
1951 M N 105%
410612
83
5
Stamped as to Penns tax
1951 M N 10514 10514
4
8311
•Den & R 0 let cons g 4s
19361 J 2511 2612 82
23
19361 .1 26
*Congo! gold 430
28
11
25
•Den & R 0 West gen S..__Aug 1955 F A
634
734
8
Ols
*Assented (sub) to
_,
512
8138 27
512
•Ref & impt Slier B plan)Apr 1978 A 0 14
1414
7
11 11
t•Des M & Ft Dodge 48 cthi__ _1935 1 J
3
3
3
218
Des Plaines Validt gu4 Hal
1947 M SI *40
70 ____
63%
Detroit Edison Si ser A
1949 A 0 10613 107
20
95
Gen & ref 5e series B
1955 J D 10734 108% 11
92
Gen & ref be series C
1962 F A 10878 10878
b
93
Gen & ref 410 series D
1961 F A 11113 11214 18
851*
Gen & ref S. miles E
1952 A 0 10814 10834 74
90%
*Oct h Mae let lien g 4$
1905 J D •25
36 ____
20
•Pit 4s assented
1995 . *22
*Second gold 4.
_-11 •1318
_ __
1994 1
111s
1961 M N 10812 11(1
Detroit River Tunnel 430
-13
84
Donner Steel let ref 78
1942.1 1 *10212 104__. . 87
Dui MIssabe & Nor gen 5a
1941 1 .1 *1E858 107 ____-1 102
Dul & Iron Range lat 5a
1937 A 0 10818 108%
.5 102
Dui 8011 Shore & All g S.
1937 J .1 391
40
5
20
Duqueane Light lit 430 A---1967 A 0 105
10513 49
99%
lot M g 430 series B
1957 M 8 11113 11112
5
9984
7712
39
35
1212
1212
13
12
5
16
8
1
50
10
22
6
29
4284
3214
321*
1014
10
1012
1018
412
6134
3214
32%
1014
10
1012
1018
41
100
8812 _
778 _
60
197
45
427
108
20
108
6
10812 17
11012 10
9312 80
105
66
9
165 I
631.11 95
9534 136
3872
1057s 22
10312 _
____I____
75
6311
69
2578
1312
939*
100
95
108
8378
82
103
3014
48
38
8778
8878
97%
82
97%
9884
100
5218
7813
45
104
10734
10714
10612
11012
10
30
12
27
71
32
99
34%
as
7713
4578
43
17
16
18
18
10
Rance
Since
Jan. 1
Molt No
Low Low
High
106
99
29
1047* 10873
10612 104
88
99 107
10512 26
93
10234 106
11
20
32
19
3514
20 __
3238
32% 324
29 ---44% ---- ---33 ____
44
---- - 3934 117
10
29
4112
40
10
62
29
41
1044
8
98
103 10538
106% 10
98
10112 10934
10312 17
68
9811 104
955
9414 52
4913
83
96
18
89%
93 100
106
20
9618 10414 107
10418 14
75
101% 10414
10112
6
85
9716 10 34
53% 38
15
37
5378
4418 78
134
29
4411
4614
6
28
1318
4514
4312
3
15
2334 44
19 102
107
1088* 1671a
•fEaat Cuba Sus lb-yr if 730 -1937 M S 157
1712 751
1314
East Fty Minn Nor Div 1,1 4. -1948 A 0 *1013
-,- -___I 8913
East T Vs A Ga Div lit 5s
1956 M N 107 g107
2
79
Ed El Ill Bklyn let cons 45
1939 J J 10814 1084
5
99
Ed Else(N Y) lit cons g 58
_ ____I 107%
1995 1 1
•El Pow Corp (Germany) 630_1950 M 9 *12614--3734 38
4
3114
*1st sinking fund 630
1950 A 0 3752 3734
3
30
1941 M N 10712 108
Elgin Joliet & East let g 58
23
89
El Paso & 8 W 1st 58
1985 A 0 *9312 9412 ____
8113
Erie & Pitts( gu 330ser B
1940J I *10352 ____ _. 90
Berle/ C 330
1940 3 I•1033s --------90
Erie RR lit cons g4,prior
1996 1 .1 9812 99
50
69
lit cowsl gen lien g48
1996 J J 7312 75
58
52
Penn coil trust gold 4e
10518
1951 F A 105
2
99
COOT 4a series A
1953 A 0 71
7112 59
5011
Series B
71141 13
1953 A 0 71
5011
Gen cony 48 series D
68 I____
1953 A O'__..,.
62
1967 M N 59
Ref & impt fa 01 1927
6238 181
461s
Ref & impt 58 of 1930
1975 A 0 5812 6134 215
464
Erie & Jersey 1s1 4 f 8a
1955 J 1 11413 11412
1
9014
Genessee River lit s f 6s
1957J 1 11 47* 114
2
9213
N Y & Erie RR ext 1st 4s
1947 M N *108% --------86
1938 M B*10234 111_
3d mtge 430
_
.._
95
Erneeto Breda 7s
19541F A 8114
4 -10 68
7438
100
8912
10613
102
10412
94%
101
10234
107
104
10652
18214 1-06-%
103 1074
23
394
25
393
612 12
54 11
1113 21
234 3
__
_
10534 10934
10611 110
1084 11013
101113 112%
10815 11114
26
30
213
26
1212 15
10578 11113
102 104
__
10714 10812
31% 4712
10413 110
111 11312
74
10114
105
10613
1237
38%
3815
10414
1712
1021s
111 11
108%
12538
411k
40
108
92 96
10178 103%
1014 1014
07% 102
70
7912
104 105%
65
78
65
78
727* 78
5212 7414
1
52
74,
11413 11714
112% 1167*
105 10912
913 1051:
-.,..
nis 85
257 69
1311 45
10832 1095
1065, 11014
75
8134
107 10812
110% 115
Federal Light & Tr let So
l942'M 9 9178 9234 11
81
60
94
92
9813
ba International series
1942 M 8 *91
95 ____
75
83
813
102 105
let lien a 1 ba Stamped
1942 M S 9114 93
7
59
798 94
103 105
lit lien 6s stamped
1942 M 9 95
971s
8
5913
80% 973*
5134 68
30-year deb Gs series B
D
844
8434
1954J
2
4814
6332 97
987 Fiat deb s f g 78
79
93 ____
1948 1 J .90
824
8214 97
4114 t•Fla Cent & Penin ba
37
1943 .1 .1 *4313 46 -___
25
434 47
10334 10712 t•Florida East Coast 1st 430.-1959 1 13 5234 5234
2
48
505 67
10213 103
*let & ref S. aeries A
8
1974 M 3
9% 96
613
87s 12%
10113 103
*Certificates of deposit
811 72
---7%
513
513 12
1007s 1024 Fonda Johns 4 Glov 430
1952
109 11034
110141 ____
ff•Proof of claim filed by owner_M N *44
6 -__ _
84 ---- ---11178 13
110 113
(Amended) lit cons 2-4a
19ii
11318 13
1118* 114
313
1I•Proof of claim filed by owner_ MN
312 5
313 12
3
78
8912 89%
•Certificates of deposit
---- *
2
2 --.1
313
312
---- Fort St U D Co let g 434s
1941 J J *102
103 ____
83
1011% 101%
Ft W & Den C let g 5%s
106 ____
1961 J 0 *105
104 1084
947
8
9572
65
89 101
Framerican Ind Dev 20-yr 730
1942 1 1 107% 10718
4
94114 108 1101s
108
9218 108 108
1
*'Francisco /Mg lets f 730
1942 M N 4114 43% 32
23
lb
444
937 ____
5 101 14
73
7212 24
80
80
85% Cialy Hon.& Heed let 530 A ___I938 A 0 8114 83
7
76
72
83
677* 94
50
50
77% Gannett Co deb es ser A
1943 F A 10414 1041
1
7314 101 10413
103% 10514 Gas & El of Berg Co cons g 58
10441
88%
1
-------11/49 I D *117
10338 11518 11713
9112
3
53
8714 93
•Klelsenkirchen MinIng 13a
5614 75
35i2
1934 Ma 6412 6712
9472 ...._
66
88
98
Gen Amer Investors deb as•
1952 F A 104
105
41
99 105
73%
86
Oen Cable lat a f 530 A
1947 .1 I 9414 95
50
46
87
954
95% 9518 Gen Electric deb g 330
72
1942 F A 10512 10513
105% 10614
3
97
10312 10534 'Gee Else(Germany) is Jan 15 1945 1 J 4812 48%
--------87
5
32%
4011 484
--------------------'et deb 1330
4834
1940 J 0 48
9
40
33
484
•20-year at deb 6.
1948 M N 4812 4852 10
48%
40
3014
10014 10738 1075 Gen Pub Serv deb 530
9613 18
1939J J 95
78
904 9812
105 ------- --__ Gen Steel Cast 530 with warr __ 1949J 1 7314 7412 29
90
94
54
54
- _-__ - . . ff*Gen Theatre. Equip deb 611_1940 A 0 11
1334 669
3%
els 13%
10512
91
10512 10512
4 -.1
*Certificates of depoait.
10%
1278 570
813 12%
314
1045* 10
7311 10013 10518 f•Ga & Ala fly let cons Se
137 ____
19,8.7 J •I0
17
9
18
101
103
74
927 103
f t•Ga Caro & Nor lit ext Oa
24
1934J I'
1514 ---- ---- -19
20
9412 158
71
85
9718 Georgia Midland lit 38
40 _ _ _ _
39
1948 A 0 *30
44
48
8734 60
MI
80
9114
___ ____
93% 104 104
*Good Hope Steel& It sec 7a
36
1945 A 0 36
1
34
3513 4434
-5513 27
38
38
55% Goodrich(B F)Co 1st630
1947.1 1 10814 10834 51
89% 108 109%
8413 20
2811
8813 8413
Cony deb Os
1945 1 D 9512 9612 104
921s 975*
83
2714 97
151s
22
34
Goodyear Tire & Rub lit &
1957 M N 10414 10412 110
83% 103% 106
61
13
55%
58
7314 Gotham Silk Hosiery deb 85
1936.7 0 93
9652 51
8212
8212 971s
5513 8511 f
61
16
:
*Gould Coupler let s f 13a
26
1940 F A
28 I 21
17
3834
8
8758 84
5913
904 (Mu* & Oswegatchle 181 5,
69
10112 ____ 101
1942 J D •100
101 101
8734 22
6852 90
6014
Gr R & I ext let gu g 430
91% 10412 10712
1941.1 1 •10714-_ ____
8613 152
58
89% Grand Trunk of can deb 71
88
1940 A 0 10438 105.
61 101% 1045, 1084
10214 110
94
Deb gust O,
1938 M S 10818 10614 53 10014 108%1071s
_
____ __..
10612 18
__ _ _
9813 10813 Grays Point Term lit ffU ba
73
1.9473 El ____
11212
5
9014 108% 11212 Clt Cone El Pow (Japan) 7s
9314 -94
1944 F A
7
58%
8834 -9413
112
10534 109
91
let & gen if 630
1950 .1 J 88% 89
7
58
7838 9012
11112 19
9513 1101, 11238 Great Northern gen 78 ser A
82
7115
95
1936 J I 9112 9212 215
100 101
92
lit & ref 44a series A
1981 J 1 10018 1001% 136
8818
96 104
10712
1
8818 10131s 1075*
General 530 swim B
1952 .1 J 8738 90
32
84
93
75
10712
1
965
108 10734
General 58 Berke C
1973 J J 82
89
84
57
55
8812
General 430 series D
77
79
1976.7 J
61
133
53%
794
3534 _
33
35
4114
General 430 series E
1977 1 .1 7634 7818 175
531j
13234 795*
-
Volume 140
New York Bond Record-Continued-Page 4
i July 1
Week's
.
..,e
t, 1533 to
Range Or ;
4-,
BONDS
. Apr 30
Friday'sr,....t
4 ,-,,
N. Y. STOCK EXCHANGE,
-.8- Bid & Asked 35.3 1935
Week Ended May 24
_
Range
Since
Jan. 1
Jeety 1
Week's
'''
1933 te,
4
Range or
.,-_.
;tt e
BONDS
0 Apr 30
Friday's
_31'
N. Y. STOCK EXCHANGE:
.1`, a_ Bid & Asked al 65 1935
Week Ended May 24
3515
1
Range
Since
Jan. 1
HO'
Low Low
ROA N
Lore
High
Low Low
1134 117
8914
1
1965 A 0 11478 11478
--------LOX & East let 50-yr be gu
26
134
13318
13218
21
130
117
0
1944 A
3
312 634 Liggett & Myers Tobacco 75
11578 1224
1951 F A 12014 12058 10 103
58
8814
814 104 104
__ -1962 M N *10634
5358 70
50
Little Miami gen 48 series A
10314 106
78
56
1941 A 0 10438 10412
-Loew's Inc deb of 68
4912
88
60
6118 8012
6118
16
70
664 664 Lombard Elec 7e ser A
19523 D z70
55
,
3
9712
10178 1037
103
1935 A 0 103
Long Dock consol g 6e
4978 50
55
974 Long Island90
50
10438
9814
105%
10514
D
5
J
10514
1939
4s
gold
General
108
9512 10512
8714 1024 105
1
1940 M 9 10234 10318
Unified gold le
31
384 4638
924 10214 10312
1937 M N *10318 10334 --20-year pm deb 58
4912
38
3612
15
101 12 10412
8534
10314
10212
9
M
1949
Guar ref gold 4s
28
39
23
12514 130
32 110
1944 A 0 12912 130
8
Lorillard (P) Co deb 75
4
4
9858 11218 116
15
116
4
1153
A
F
1951
11258 11711
91
58
8912
58
3812
Louisiana & Ark let 5e tier A
1969.3 1 6312 6612 90
3112 42
20
1074 112
86
7
1952 MN 11138 112
15
Louisville Gas & El (Ky) 55
13
1212
101
102
8
75,
---__
*106,4
S
M
-1945
&
Louie Jeff Bdge Co gu g48
95
70
71
10714 1074
_- -_100
1937 M N *10713 108
Louisville .4 Nashville be
9058 10438 106
9912 loc. um.
1078 65
1940 2 J 107
Unified gold 4s
101 1024
89
81
1034 10712
10512
4
10512
0
A
2003
1st refund 545 series A
9658
95
61
10334 107
807s
34
2003 A 0 10412 105
lot & ref 58 series B
35
35
4438
74
9812 104
55
101
100Ie
0
A
2003
4%,
ref
&
let
8
10158 11334 1185
mice C
10814 109
9812
15
109
1941 A 0 109
Gold be
8338 9038
6334
82
102 10478
1946 F A 10172 1048 17
254 397
Paducah & Mem Div 48
27
7412 831z
5412
7
7912
1990 M S 794
St 1.01111, Div 24 gold 38
10312 107 111 14
1094 1094
92
_ -___
1945 M S *10914
Mob & Monte iota 440
103 10612
83
86
77
8
567
8214
--8012
.1
19522
4,
South
10118
99
fly
Monon
loint
7612
105 108
80
1955 M N *10618 10712 ---Atl Knott,& Cin Div Is
994 102
78
99
88
4412
9612 --__
_ *Lower Austria Hydro El 614e..._1944 F A •____
____
68
8734 -8112
57
6712 8638 1:McCrory Stores deb 5%s
1941
5618
814 984
4612
7
93
93
__ _
Proof of claim flied by owner_
71
70
58
934 9912
53
984 104
7 98
,
1959 M l'
5912 7512 McKesson & Robbins deb 5448
5234
32
9
11
18
32
7014
747 9412 II•Manati Sugar 1st of 7%a_ -1942 A 0 30
814 32
712
3
32
32
deposit_
*Certificates of
90 101
82
818 32
612
6
32
1942 1-0 30
4212 6318
110Stmed Oct 1931 coupon
4212
2112
12
--------------4
*Certificates of deposit
984 102
704
4
4
2912 30
914 3012
1 I•Flat stamped modified _ _1942 ---85
81
733s
712 3212
712
2712 3212 40
*Certificates of deposlt_
8512
894 9234
50
35
6018
j•Manhat Ry (NY)cons g 412 ___1990 1-0 5818 594 62
77
87
60
47
57
35
19
5418 58
-_--7538
*Certificates of deposit
74
61
3712 45
27
43 ---2011 1 D *38
•2d 4s
8258 8714
6212
3
82
98
WA
---_
4
94
•8612
S
M
1953
Manila Elec RR & Lt 0158
87
68
4934
1
7214
1939 M N 6918 6918
75
8512 8614 Manila RR (South Lines) 48
51
1
887 70
688 687
1959 M V
let ext 48
50
52 ____
1941 J J •___
5212 7838 Man 0 B & NW let 340
5238
4934
494 7334 Mfrs Tr Co etre of panic In
7114 7712
50
5
7712
1943 2 D 7714
A I Namm & son let Co
106 10812
10114
41
70
55
7
654
1947 A 0 64
3712 4314 Marlon Steam Shovel a f (is
31
60
74
6
83
74
74
J
@
.
Market
7s
1940
Ry
____
St
A_
set
April
8912
9312
47
7954
29
91
N
92%
M
1945
954 -9-712 Mead Corp 1st (38 with wart
72
85
817 98
10
1957 A 0 8179 84
102 1034 Merldionale Elec let 7s A
94
4
1063
10218
77
27
106
4
1053
J
J
1953
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16
10
10
957 10558
67
1969 M 13 10434 1051
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104 10814
96
74
4
1013
9612
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97
9312
0
A
1950
.40
10618
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106
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Metrop
9814
5%o
938 1712
9
1713 22
1658
MR F A
10334 10618 12•Met West Side El(Chle)4s
79
1%
4 1977 M S *1
10334 10514 •Mex Internet 1st 4. asetd
80
33
-33
33
1
D
8
0297
8
a297
1
1956
8114 9314 •Mlag Mill Mach let e f 78
5812
Michigan Central Detroit & Bay
85
50
1914
10012 10414
934
25
1940 1 1 10112 102
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2014
4812 62
883s 904
874
92 ____
1951 51 4 *83
Jack Lana & Hag 3%o
95
84
5712
8412 1001/ 1034
1952 M N 10312 10338 14
let gold 344s
944
82
5712
70
9311 9912
12
4
943
9412
1
J
1978
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60
82
72
6138
6638 80
2
1940 A () 67
67
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10238 10312
90
54
1936 M e 10234 103
52
9118 9934 Midvale St & 0 coll tr of do
57
7712 9812
1961 J D 9612 9734 92
974 10312 Milw El RI & Lt 1st be B
74
7812 07
56
9512 964 38
107. 2 J
1st mtge Ifat
25
2512 41
47
47 1114 •115111w&Nor lot ext 4%s (1880)-1931 8 0 *---93 ---6534 70
654
884 -___
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let ext 4188
23
384
65
6012
6534
6212 ____
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23
1939 _, -- *---23
374
3412 53
314
9
4514
1947 M 8 44
2814 5814 Mil Spar .4 N W let gu 40
2814
604
__ ____
1941 J J *25
Mllw & State Line lot 3140
61
50
37
-8-12
5
1934 M N
*4
_-612 ---4
774 2•Minn & St Louis be ctfe
58
47
1
34 212
1,2 ---*1,8
1949 M S
•Ite & refunding goal 48
3558 584
3114
112
112 ____
•12
'Ref & ext 50-yr be ser A
1962 (.1 F
74
70
451s
267,8
112 __
(,) F
7418 Si
*certificates of deposit.
4918
.4
-5026
si 36
13714
1 18
%
2
4
4
'1'538
29
4312
8112 51St P.4 SS M con g taint gu_ 1939 .1 J
69
197
1
1978 26,2
2612
2612
18382
2
let
Se.
eons
37
8412
50
31
8
31
4038
37
1936.3 1 35
1st cone 11088 as to lot
42
5812 73
1812 2312
16
1
22
1946 3 .1 22
let & ref Co series A
40
5512 69%
15
174 1912
19 ___
1949 51 s *1958
25-year 5%s
99 104
804
6712 75
5158
11
73
7314
1978 2 J
99 10338
lot ref 5%s series B
82
-- - ---85
-- ---1st Chicago Term of Is
1941 54 N
82
99 10318
91
95
75
95 ____
*90
19483 J *75-44 97 Mississippi Central let So
34
1
178
1
12
30
18
___
2634
*19
J
1
1959
8334 10510-111 RR 1st be series A
74
66%
7012 894
6738
7012 7214 56
1990 J D
Mo Kan & Tex let gold 48
4012 73
4412
36
44
4012
J
1
1962
99
pr
RR
A
Mo-K-T
User
lien
10012
4
993
100
3i
62
4012
15
38
3614
1962 1 J
40-year 40 serles B
70
1
97 10112
101
7
4014
3638 64
40
1978 J J 38
Prior lien 414s eerlea D
29
3012
41
3212 19
364
1212
1212
62
1418
13(2
0
A
3918
28
•:.7um adluet be sec A
29
3
Jan 1987
29
20
30
20
51
2138 23
1965 F A
10412 10814 t•Mo Par lot & ref be oar A
97
3
10412
19
19
274
96
of
19
114
1104
•Certaleates
deposit
11212
57
7
8
pa
4
73
57
11 14
52
1971
*General 411
51 14
15
6912 784
76
1912 30
194
7412
1977 M El 2138 2212 96
53
*let & ref 55 settee F
5578
594 179
274
1812
1811
6
2112
2113
deposit_
*certificates of
8412 10538 109
10634 52
1958 2934
194
224 13
1978 iv5114 22
•lat & ref 55 series 0
7034 1004 105
10412 33
1878 27
-------------1858
*Certificates of deposit
.143e
32
42
13%
4
774
334
47
4
3
3
45
8
43
1949 M N
13
_I
*Cony gold 5140
3834
26
39
1912 30
19,1
1980 A 0 2114 2214 48
•let & ref g 55 series H
2514 30
11
30
2112
____
1958
deposit____
2112
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41
17
78
6712 7912
1912
1912 30,4
elot & ref be series deposit--1981 F A -HT3 2258 65
4412 7314
294
I
7314 242
1878 27
1878
_ _ __ ____
*20
88
42
10112 10358
•CerUficates of
103
8958
78
80
83 __
10412 108$8 •Mo Par 3d 7.ext at 4% July _ IOU MN •____
111 ____I 80
135
99 ___
77
73
Slob .4 firm prior lien g55
I
91
19493 1 *81
82
i
805
8
78
8058
78
78
J
I
80
1
95
Small
954
9812
45
354 48
4412 ____
99
93
99
1946.2 2 *38
let 51 gold 45
44
4478 4478
44 ____
J 1 *30
103
10814 1084
Small
155 ____ 118
30
-8818 ---- j•Mobile & Ohio gen gold 4619311 51 5 *---14512 149
12
iii
812
-1594 20 ____
86
*Montgomery Div 1st g 5s____1947 F A
94 10212
10112 13
5 10034 110 114
51
•Ref & irnpt 44a
113
I 10512 119 122
11993787
S *5
5
51
4 ---i
2718
552748
*Sec 5% notes51
122
99 3
5551 '
10412 ____I 77,2
1004 1044
79
70
8512
83 ___
1991 M S *78
67
1024 103% Mob & Mal lot gu gold Is
10318 25
87
100 1024
1014
2814 34
Mont Cent let gu Cs
1937 J 1 10012 10114 22
3112 1431
0738 1014
7914
2
1st guar gold Se
1937 J .1 10014 10012
77
9312 10534
11 9412 108 10912 Montana Power let ba A
1943 J J 10434 10514 44
108
87
5011
884
39
90
9714 101 18
Deb be series A
1962 J D 8612 87
10012 48
4634
5914 7012 Montecatini Min & Agile85
67
94
89
8734
24
93
91
16
1937 J J
Deb g 7s
70
6614 23
59
88
3
9614 101
loo
1941 J J 190
10114 10318 Montreal Tram let & ref ba
77
11
103
7934
77
70%
81 ____
61
3
1955 A 0 •____
85
94
9012
Gen & ref 51 514 series A
7234
_ ____
79
1955 A 0 ____
6
9718 10078
Gen & ref a f 55 series B
10018
6334
-4
73
____
4
733
"id•___
0
1953 A
7
434
Gen & ref s f 4%0 series C
914 41
1038
7938
7034
_
74
1955 A 0
Gen & ref 0158 series D
7712 10174 105
7
10412
101 1054
92
1-0-5-18 100
80
2
19393 J 105
10412
102 106
Morris & Co 1st, f 4148
70
9114 9512
77
93
2000 J D 92
5212
64
7314 Morris & Essex lot gu 34e
71 12
94 102
9534 9812 30
77
84
1955 51 N
9514 ____
Conatr 151 54 ser A
874 9734
8558 1.038
652
N
51
SS
54
1955
33
9
8938
57
SO
Constr M 414e series B
59
0,, 1014
1947 J D 107
10918 37
98
Murray Body let mtg 6'.4o
5134 72
3112
537s
--------95
10334 100,4
1947 51 N •110
52
32
9
7312 Mutual Fuel Gas lot gu g 58
51
1941 61 N *10638 --------8938 182 10838
73
9818 Mum On Tel gtd Co ext at 5%,
92
9234 15
9712 104
_79
Narrim (A I) & Son-See 151freTr10
100
8814 97
78
19713 F A
90
9012 23
7538
Nash Chatt & St L 4e eer A
9
8414 99
85
91
10218 1054
10614 ___
1937 F A *103
3014 5038 Nash Flo & S lst gu g 5a
304
70
343
1014
5014 5938
57i2 27
5634
1951 1 J
333
16
33
5414 Nassau Elec au g 48 stpd
38
864 95
.54
1
95 1
1942 2 D 95
Not Acme let a f 13s
44
3912 80
3912
4
1 47s
10212 105
1948 F A 1031. 1034 118
89 18 10512 10738 Nat Dairy Prod deb 5;28
10738 27
Hige No.
Low
Feb .37
--*Green Bay & Weet deb Ws A
512
6
Feb
513
*Debentures ctfs B
1940 MN 510458
Greenbrier Ity let gu 48
597
6
1950 A 0 5814
Gulf Mob & Nor let 514s B
12
1950 A 0 5612 57
lot mtge be series C
60 ---Gulf & Si let ref & ter Se ____ Feb1952 1 J •____
49% ---J J *
Stamped
9434 9512 14
1942 1 D
Gulf Statee Steel deb 5144
1952.3 2 •10634
Hackensack Water 154 4s
*Fianna SS Linea (11 with warr__19311 A 0 *4114 44 ---45 1949 1 1 *
•Harpen Mining 6/3
11
39
39
1959 F A
Havana Elec coneol g 58
96
8
64
1958 M 5
•Deb 54s series 011926
1
1999 J 1 11518 11518
Hocking Val let cone g 444e
1I•Hoe(R)& Co 1st 634s ser A...1934 A 0 *31 18 3534 ---1947 M N *1258 15 --__
•Holland-Amer Line thi (flat)
1937 NI N *7014 72 ---Housatonic Ry cons g 5t1
---1937 J 1 *10512
II & T C Iota be lot guar
5
1937 2 1 102
102
Houston Belt & Term let 5s
964 45
96
1940 M N
Houston Oil sink fund 5%e A
104
3612
4
353
D
.1
1962
A
aer
0158
let
Coal
nucleon
1
1949 M N 11714 1174
Hudson Co Gas iota be
42
1957 F A
8414 86
Hurl & Manhat lot 511 ear A
91
•kdJustment income be __Feb 1957 A 0 2534 29
19561 D 107,4 10712 53
Illinois Bell Telephone 55
10612 1951 J J •104
Illinois Central lot gold 48
1951 J J *10114 102
let gold 314e
1951 A 0 *101 14
Extended let gold 3148
__ --__
1951 M 13 *66
1st gold 38 sterling
1952A 0 6812 -6912 13
Collateral groat gold 40
1955 M N 6912 7112 59
Refunding 4e
7114 -1959 J 1 *
Purchased Once 3%e
1953 51 N 6612 6734 19
Collateral trust gold 48
19
1955 MN
79
77
Refunding 58
5
9378 937
1936 J J
lb-year secured 13148 a
56
4814 50
Aug 1 1966 F A
40 year 448
2
102
1950 2 D 102
Cairo Bridge gold 42;
_ ----I
Litchfield Div let gold 3s
1951 1 1
4
4
913
*85--914
2
J
Loulev NY & Term g 3%a
1953
1951 F A *____
73 --__
Omaha Div let gold 38
1951 J .1 •7012 75
St Louie Div & Term g 35
1
1951 J 1 8258 8258
Gold 3%/i
1951 .1 J *92
Springfield Div let g 31444
Western Lines let g411
1951 F A *77
8614 III Cent and Chic St L.4 NO43
6134 61
Joint 151 ref 58 scrim A
19633 D
5712 27
567
1st & ref 4%s series c
1983 1 D
18
Illinois Steel deb 4%o
1940 A 0 10758 108
4
38
38
*Herder Steel Corp mtge Co
1948 F A
_ _ ___
Ind Bloom & West let est 4i1
1940 A 0 *103
b
1950 2 J 954 -97Ind III & Iowa let g 4e
10312 _
193e M N *94
Ind Nat Gas & 011 ref &a
:•1nd & Louisville let gu 4s
1950 1 J *734
1012
2
Ind 110100 Ity gel' 58 eer A
1965.2 3 10534 10534
Gen & ref 58 series 13
1965 2 J *10812
Inland Steel lot 458 REY A
1978 A 0 10412 105% 85
54
let M of 44e ser ll
1981 F A 10438 105
tInterboro Rap Tran 1st 5s
1968 1 J 8938 9112 183
5312 30
1•10-year fie
1932 A 0 52
52
*
*Certificates of deposit
I•10-year roily 7% notes
1932 M S 9214 9318 111
37
93
*certificates of deposit
92
7412 7518 14
Interlake Iron 1st be B
1951 M N
Int Agrie Corp 1st & coil trbeStamped extended to 1942
M N 9914 9912 311
lot Cement cons deb egi
1948 M N 10278 10314 64,
314 ____1
t•Int-Ort Nor let Co aer A
1952 J J *28
8
84
612
•Adhistment ()seer A __July 1962 A 0
2
•Ist bs series B
1956 2 1 30
30
6
1956 .1 .1 2912 30
•Ist 855 series(7
Internet Ilydro El deb Cs
364 771
1944 A 0 35
92,
Int Mere Marine a t 65
1941 A 0 5312 60
64!
72
70
Internet Paper be ser A & B
1947 1 J
Ref of Ile series A
1955 M S 4834 5012 55
4,
lot Rye Cent Amer let ba B
1972 M N 7218 7218
li
76
lot roll trust 6% g notes
1941 M N 76
6978 ____
let lien & ref 8140
1947 F A *68
5512 604 159
Int Telep & Teleg deb ir 410 __1952 J J
1930 J J
222
Cony deb 4%s
7158 73
195, F A 6412 6612 175
Debenture 58
5
Investors Eoulty deb be A
1947 1 D 10134 10212
4
103
Deb 68 met It with warr
1948 A 0 103
21
103
Without warrants
194,A 0 103
5
434
j•lowa Central 1st be ctfe
1938 1 11
44
1951 4,1 S *118
2 __ _
•let & ref g 4s
51
James Frank & Clear 101 48
1959 J D 7834 795
Kal A .40 It lot gu g 55
193812 2 *9812
Ran & 51 len gu g 40
1990 A 0 101
18K C Ft 9 "k Silty ref g 48
1936 A 0 29
A 0 24
wertlficaten of deposit
1957 J 1 10412
K C Poo & Lt let 4 He Fier B
1961 F A 1114
let mtge 4%e
Kan city Sou let gold 35
1950 A 0 744
Ref & Unfit 5s
5312
Apr _,.,.19503 J
Kaneas City Term 101 4,
1960 2 J 106Ia
Kansas ORR & Electric 414e
1980 2 121 104
•Karetalt (Rudolph) let Co
1943 MN 42
wertiffrates of deposit
---- .30
29
*Os stamped
....1943
Keith (11 F) Corp 1st 6s
1948 M S 7658
j•Kelly-Springfield Tire Cs
1942 A 0 66
Kendall Co 510
1948 51 S 10212
Kentucky Central gold 4e
1987 2 J •10458
Kentucky & Ind Term 4444
1961 1 J *7712
9812
Stamped
1961 2 J
Plain
J •101
1901
Kluge County El 1. & P55
1937 A 0 *1084
1997 A 0 •14718
Purchase money 85
Kings County Elf.* let g45
1949 F A 101
Kings Co Lighting 1st 50
1954 J 1; 113
I,fret and ref 610
1954 3 J *12118
Kinney(GM& Co 74% notes
1938 J D *10414
Kresge Found'n coil tr Co
11 D 103
1936.
j•Kreuger & Toll cl A be etre.- 1959 M 8 29
Larkawanna Steel let& A
M 8 108
Laclede Oes Lt ref an ext Is
1939 A 0 9934
coil & ref 644s series C
6314
11153 F A
62
Coll & ref 6145 series D
1900 F A
1937 J J 10212
Lake Erie & West 1st g ba
2d gold 514
1941 J 1 9012
Lake 811.4 MIeh Bog 314e
1997 .1 D 100
84
19542 J
•Lautaro Nitrate Co Ltd 65
1951 .1 J 104
Lehigh C& Nov el f 414e A
Cons sink fund 414sser C
1954 1 J 10414
194551 S •
Lehigh .4 N V Ist go B 411
Lehigh Vol Coal let & ref of 58_1944 F A *8734
57
let & ref s I 55
1954 F A
1st & ref s f be
1964 F A *5212
52
1st & ref a f be
1974 F A
Secured 6% gold notes
1938 2 2 921 4
Leh Vol harbor Term gu Se
1954 F A 997
Leh Vol N V tot au g 490
1940.3 1 8414
Lehigh Vol (Pa) cons g 45
2003 M N 33
3512
20413 /11 N
General cons 494s
General cone 58
2003 M N 43
Leh V Term RY 10g gu g be
1941 A 0 107
For rmo flutes .We ivtze :1517
A.
lir
3516
—
BONDS
N. Y STOCK EXCHANGE
Week Ended May 21
—
New York Bond Record—Continued—Page 5
.
week,
July 1
:-' II
Ranoe or
1933 Co
4
j1. Priday'R
see Apr 30
:11.. BM ,t Askedc73 i,'
32 1935
&mod
87nO4
Jan 1
BONDS
N. Y. STOCK EXCHANGE
Week Ended May 24
May 25 1935
Z
1 July 1
Week's
VI'
Ranos or ; 1 1933 to
T.....
,-, t fr,Tfe0P,s gl Apr 30
..., a, Bid & Asked 32ea
1935
Ranoe
Since
Jan. 1
Low
SISok No
Low Lao
Hiell
Low
riloA 's•ro.
Low Low
Illols
'Nat Ry of Mex pr lien 4348
1957 J J
____ ____ Ore-Wash RR & Nay 4e
1961 1 .1 102
103% 203
7714 101 10519
*Assent cash war rot No 4 on _
ii8 --3-.18
.5
---i
-1-12
214 5 Oelo Gas & El Wks extl 5s
13
6512
1963 61 8 0934' 100
94 100
*Guar 4s Apr '14 coupon
15ii i-__
____ ____ Otte Steel lot mtge 66 ser A
1941 M 9 93
9478 77
20
6914 96
*Assent cash war rot No 5 on_
____
•3l8
51,
112
212 478 Pacific Coast Co let if
._..._
43
__ MO .1 0 43
1
43
25
36
*Nat RR Met pr lien 4342
1556
Pacific (3as & El gen &refbe
1942J 1 10634 10712 70
6s.--- A
9812 106 109
•Aissent casb war rot No 4 on
*2
3
4 ___ _
2
Pac RR of Mo lst ext g 4/1
619
A
10012
F
1938
99
80
10012
1
10114
*1st consol 4s
1551 ATi5
__ __
_
•20 extended gold be
1938 J 1 *9612 97 ___
84
93
9914
*Assent cash war rct No 4 on__ .._ ,—.,
_
5T, --ii, -- 3 234
212 434 Pacific Tel & Tel let 5s
1937 1 .1 10634 10678 41 103% 106% 10712
Nat Steel let coil En
1950 __A 11 10512 10519 85
10512 108
85
1952 M N 110
Ref mtge 56 arias A
11018
4 104% 10978 11312
Naugatuck RR let g 4s
1954 m N *45
60
Paducah & Ins let it g 445
65
60
_1955 J 3 •I0512 --------03
10518 105,2
Newark Como, Gas cons 56
1948 1 0 *11714 1-1-i- -_ -_ -_ _ 101% 11312 118
I t•Pan-Am Pet Co (Canconv
66-1940 .1 0 *3838 4112 ____
,_2518
3312 4312
New England RR guar Ess
1945 J .1 a__
7324
68%
____
78
81
37; 3078
*Centric/2ms of deposit
9
25
3314 4312
Comm' guar 4e
.1940 .1 J a
_6378 ____
63
70
I•Paramount-Wway let 534s____1951 .1 .1 *54
6119
5012 --__
27%
423, 53
New Eng Tel & Tel be A _____ ___1952 1 13 II'S
118
5 10438 11512 122
*Certificates of depoeit_ _
2712
12
42
5712
1st g 434e series B
1961 M N 11612 11719 19
112% 118
9914
absented
54*
1051 ---- 56
56
4
____
56
50
NJ Junction RR guar let 4s
1986 F A *9512
8212
8812 8812 Paramount Fain Lasky 09
1947
NJ Pow & Light let 434s
1960 A 0 103
1-61312
6812
94 10319
II•Proot of claim filed by owner..__
8714 90
120
1318
5834 90
New Orl Great Nor 5e A
1983 i 1 52% 5412
4838 6312
.1 D 8712 90
*Certificates of depoelt
6
4819
106
15
59
90
NO & NE let ref&impt 430 A
1952 J J a_ _
5112
50
50
63
1950
A
Paramount
F
Pub
Corp
38
54s
•Ti
7312
New Orl Pub Serv let 56 A
1952 A 0 ,i'i
55% 7312
It•Proof
of claim filed by owner__ ---- 8918 9119 136
5912 9158
1272
First de ref be series B
1955 .1 0 72
5558 7312
7312 44
*Certificates of deposit
2,-, 90
38
14
9112 168
5819 9112
New Orleans Term let go 48
1053 J 1 8572 86
31
5814
82
87
Paris-Orleans RR ext 3149
1999 M S 133
13712 40 104% 133 163
I•N 0Tex & Max n-o inc be
1935 A 0 1778
158 2512 'Park-LexIngton 6 kis otts.._
1214
1778
1
1953, r *22
24 ___
8
17% 22
•let be (series B
1954 A 0 22
1814 2914 Parmelee Trans deb (3s
14
2314 31
1944 A- -0 2978 33
69
14
33
23
•Ist 58 series C
1956 F A
2114
1978 2812 Pat & Passaic G & E cons 52
1414
1949M 13 118
2231
7
116 118
118
1 102
*1st 434s serie6 D
1956 F A
1418
1878 2734 *Pauline Ry lot refit 7s___ __ _ _1942 m 8 *---2112 57
3018
____
8938
453
89
4
94
'let 534s series A
1954 A 0 2214
1412
20
31
18
23
N & C Bdge gen guar 434s
1945 J 1 *10618 --------92
10212 104
Penn Co go 33.58 coil to A
1937 M S •10318 --------94
102 10232
NY B & MB let con g be
1935 A 0 10114 101%
10114 10219
4 101
Guar 314e con trust nor B
1941 F A *10312 --------8119 100 I0212
Guar 3%,trust ctfs C
1942i 0 *1031
___ ____
83%
9834 10112
NY Cent RR cony 6s
1944 MN 106
983
4
9834 112%
254
107
Guar 5%,trust elf, D
1944 1 0 103 2103
8112
98 103
1
Consol 48 series A
1998 F A
7312 8778
8278" 8312 103
Guar 4e ser E trust Ws
64
1952 M N 10338 102%
8418
3
99% 10212
Ref & front 434e series A
2013 A 0 57
1963
431
4314 64%
5812 190
SIN
Secured
gold 43.js
10638 106% 13
104% 107,
82
4
Ref & Inept 5s series C
2013 A 0 62
6334 307
4612 7078 Penn-Dixie Cement 151 88 A
4612
um M 5 8612 8812 43
65
7112 8812
NY Cent & Bud Ely M 8%i
7378
1 .1 9212 9112 110
92
9834 Pa Ohio & Bet let & ref 449 A 1977 A 0 104
10512 30
103 10512
78
Debenture 48
1942 1 1 9314
67
88
8
9712
94
44* merles B
1981 1 1 *1051
___ 10134 10412 105%
Ref & Impt 434s set A
2013 „ r
6412 Pennsylvania P & L let 434s
43
57
43
199
59
1981 A 0 104324 105
_.- - 145
7512
98% 105%
Lake Shore coil gold 334s
1998 5- -A
7838 8914 Pennsylvania RR cons g 4s
64
8612 87
23
1943 M N *1091,-------107 110
98I
Mich Cent colt gold 334111
1998 F A
85
65
79
22
81378
86
Consol gold 48
1948 M N 11212 1212
11338
108
9412
2
NY Chic & St L let g 4s
1937 A 0 10138 10138 10
10038 10212
77
48 sterl stpd dollar May 1 _ _1948 M N 112
112
9
9638 108 11312
Refunding 53.4e series A
1974 A 0 6234 63 8 32
Consol(finking fund 434e
77
4312
57
1980 F A 11512 11718 45
08%
I1412
1191
2
Ref 434s eerie, C
1978 M S 5212 54
364
47
149
86
General 448 series A
'1965 1 D 10612 10712 73
8038 104% 10812
3-yr 6% gold note,
1935 A 0 5412 5714 83
41%
43% 7112
General 5e series B
1968.1 0 11214 114
87% 109 11584
29
NY Connect let Ku 4346 A
1953 F A 10712 10734
108
0212 1063,
7
1936 F A 103% 104
Secured 614s
72 101
10378 1116
let guar Se series 11
1953 F A 10712 109
107 10814
90
11
Redirect gold 56
1964 MN 10634 10718 56
81
105 10718
N Y Dock let gold 4e
1951 F A 6834 6918 20
1970 A 0 9434 96
59% 6918
4112
Debenture g 4148
94
66
9055 97%
Serial 5% notes
1939 A 0 54312 52
42)2 5212
General 43(s series D
15
30
1991 A 0 10338 104)4 88
7534
10019 1013
NY Edison let & ref 634e A
1941 A 0 113% 11278 19 10812 11214 114%
Gen mtge 434s ser E
1984 1 1 10312 104
63
9112
9978 10434
let lien & ref be seriee 13
1944 A 0 1057g 10612 22 10212 10578 109% Poop GM L & C let cons 66
1913 A 0 11538 1153
110% 11614
2 100
let lien & ref be series C
1951 A 0 10712 108
47 10219 107 11014
Refunding gold bs
1917 61 S 104% 10512 26
80
9834 10612
NY & Erie—See Erie RR.
Peoria & Eastern let COW 4s
1910 A 0, 8334 6334
2
50
63
73,4
NY Gas El Lt H & Pow g 5e
1948 J 0 12212 123
9 10418 11618 123
*Income 4e
April ____1990 Arm .4
6
4
912
4
Purchase money gold 48
1949 5 A 113
113
10738 11338 Peoria & Pekin Ein let 534e
95
17
1974 F A *10512 107 -_-_ _
8312 102 10512
NY Greenwood L gu KS,
1946 M N *84
8561
8214 9012 Pere Marquette lit ser A be _ _ 1956 1 1 84% 87
_
271
51
75
01
NY & Harlem gold 334e
2000 M N *99
_
8314
98 10214
181 4, eerier) B
19543 1 J 74%
7414
5
4812
69
8114
NY Lack & West 4e net A
1973 M N 98
191
8 - -65
92%
118 1027
let g 4348 series C
1980 M S 76
767
28
82
46
68
434s aeries B
1973 M N *106
8912 106 10938
NY L E & W Coal & RR 5141.._1942 M N 99
99
7512
94
1
Phlla Bait es Muth let g 42
-99
1943 MN 1111
111 14
9
9878 109 111 14
NY L E & W Dock & Impt 56_1943 3 1 *
9912 _ _ __
87
105
10512
General
be
merles
B
1974 F A 11814 11814
9512 113 11812
1
NY & Long Branch gen 48
1941 M S *10519 ____ ____
op, tolls 10112 General g 434e series( C
1977 1 .1 111
111
11
87
10812 11112
General 414s eerie* D
1981 1 D 11034 111
13 10034
107 III
NY N H & H n-c deb 46
1947 M 8 •
28
28
35
39
Phila Co sea So ecrlee A
1967 1 11 9234 9412 218
7912 06
6114
Non-cony debenture 330
1947 M 8 2912 2912
27
I
1967 M N 10614 107%
27
3612 Phila Elec Co 1s1 & ref 4%s
10614 II()
14 100
Non-cony debenture 354s
1954 A 0 2712 29
29
2418
let
2418
37
&
ref
A
46
10434 106
1971 F
82
893, 10414 108
Non-cony debenture 45
1955 1 1 29
32
28
Phila & Reading C& I ref be
40
28
26
I973 .1 .
1 61
5234 75
61% 21
4838
Non-cony debenture sle
1956 M N 29
3014 38
26%
Cons deb 68
265, 3912
1949 M S 3612 3712 33
3012
3012 537
Cony debenture 3346
1956 1 J
2712 2812 13
24%
24% 3638 Philippine Ry let if 4e
24
1937 I 1 24
2194
2214
6
24%
Cony debenture 6s
1948 1 1 35
38
1939 1 D 10318 10312 110
30
107
62
30
Phillips Petrol deb 5148
8414 101% 104
Collateral trust 68
1040 A 0 4912 528 18
4012
40% 63
Finsbury Flour Mills 20-yr 6e
1943 A 0 108
10834
8 10214 106 10914
Debenture 48
1957 M N
2218 2312 11
16
16
3014 Pirelli Co(Italy) cony 76
1952 m N
98 10412
9912 9912
2
1s1 & ref 434,ser of 1927
98
1967 J D 3212 3434 149
2712
2712 45
Pitts C C & St L 414s A
1940 A 0 11118 11134
10838 112
9 100
Harlem It & Pt Ches let 4e
1954 M N
93
19
94
82
87
9514
Series 13 4342 gum
1942 A 0 Ill% 111% 14
10812 112
99
NY 0& W ref g 4s
1992
M
5
June
4214 4412 37
4412
40
61
Sorted C 4%,guar
1042 M N
__ 100%
106 109
General 48
1955 1 0 35
36
3212
3212 49
14
Series D 4s guar
1945 61 N •108118_*10819 11014 -9734 10734 10834
NY Providence & Boston 4s
194'2 A 0 *99
. ____
8118
___
____
Serie6 E 334s guar gold
1949
.17
4
____
*10118
____
8912
N Y & Putnam lit con go 4s
16
1993 A 0 80
5
66%
75
-5714
Series F 46 guar gold
1953 1 111 .10938_
. 9618
•N Y Rye Corp Inc 6s_Jan . 1965 Apr
1114
1134 99
4
8
12
1957 MN *10938 11034
Series G 4s guar
- ::98
10519 10-9-12
•Inc 6s assented
1965 ,--, *1114
_ _
12 ____
1112 I i12
SeriesSeriesH cons guar 46
060 F A *10938
961,1
_
107 10914
Prior lien 6e 'feriae A
1965 1 1 91
91
7038 9212
8 -561963 F A *11534 117_- -_-_Series I cons 430
99
11319 117
NY & Melina Gas lift 66 A
1951 M N *10912 --------06
10514 10912
Serie6 Icons guar 434s
.
96l2 11319 115,8
1984 MN *11512
5•N Y State Rys 4%s A offs__ 1962 .- -.
•218
214 __
114
General M bs eerie, A
15, 21
1970 1 0 113
1-1-1f34
86% 11132 11614
1,-I
•630 serlee II certifIcate6
1962 r2.-_._
•134
3% ___
118
13, 218
Gen
mtgo
En
1051
ser
B
12 11314 34
12
5%
4 1 10
10
975
7;
8514
111% 116'4
NY Steam 6s eerie, A
1947 M N 10914 10012 50
98
108 11)34
Gen 4%e series C
75
104 10712
z 10
let mortgage 56
1951 M N 106
10634
7
10434 10734 Pitts Sh & L E let g be
90
1940 A 0 113% 113%
97
1
110 113%
let mortgage 58
1956 M N 10638 107
13
91% 10412 10738
tat consol gold 66
1043 1 1 •11258 -------- 11084
1103
4 112
NY SUM & West lot ref 15e
1937 1 .1
4818
49
46
5
(13
4014
Pitts Vi & Char let 42 guar
1943 M N *10519 -------94
10714 10714
2d gold 434s
1937 F A *40
4)12
4112 ____
41 12 52
*Pitts & W Va 1st 434s ser A
I958 .1 0 *50
57 __
53
53
68
General gold 56
1940 F A 40
40
5
31%
3734 5112
let M 4348 aeries B
57 __
1958 A 0 *50
5134
5134 5738
Terminal let gold 56
1043 M N 100' 100
3
7234
9712 100
let M 414s Berlin, C
1960 A 0 527
47
47
55
8
68
NY Telep 1st & gen of 414s
1939 NI N 11118 11112 77 10218 109 Ili% Pitt, Y & Ash lot 4e ser A
1948 1 D *109
110 __
9214
109 109,
4
N Y Trap Rock let 6e
1946 J 1/1 7512 784 36
4519
56
8414
lst gen be series B
1962 F A
___ ___
._._ ..
97
N Y Westch1,0& B l ser I 4 He
1946 J 1 19
1712
2019 101
1953 F A *1111712 32
Port Arthur Can & Dk 65 A
*75
79
6114
78
8
.
5%
1953 F A
let mtge 68 Berle, 13
75
8014
75
75
66
6
Niag Lock &0Pow let Si A
1955 A 0 107
107
5
90
:108
1041
Port Gen Elec lot 434s son C
1960 m s 68
3712
6014 6914
6914 216
Niagara Share(Mo) deb 514s
1950 MN 8234 8512 58
48
6214 8512
4148 assented
1960 ,- -, 6812
12 _.„..WS
6014
6912
•Norddeutsche Lloyd 20-yr of 6e_1947 M N 73
75
13
38
83
75
Portland Gen Elea let be
1935 .1 i 10418 10518 80
75
98 10512
New 4-6%
1947 M N 51
51
3672
42
7
5212 Porto Rican Am Tob oon• 61_1942 1 J 53
54
42
16
2814
5634
Nord Ry ext sink fund 634e
1950 A 0 139
14514 96 1051* 139 171
Poetal Teleg & Cable coil be
1953 1 1 3018 3334 197
2514 52%
30
it•Norfolk South let & ref be__ 1961 F A
1312 14
21
12
5
1912 II•Pressed Steel Car cony g 5s_ 1933 J J 43
43
3814
1
3814 55
*Certificates of dent:waft_
ii--.
_.. 13%
1314
1
13
4
184 Providence Sec guar deb 4.
1957 fa 14 .18
37 ___
35
20
22
*'Norfolk & South let g be
1941
N *4134 47 __
1414
3578 45
Providence Term lot 4s
1956 M 8 881
8118
8858 91 12
90
2
N & WRY 1st cons g 48
11434 38
1996 0 A 114
9114
11012 11434 Pub Be,', El & 01st & ref.4348 _1067 .1 D 100
10538 10912
10678 13
9818
DWI lot lien & gen g 46
1944 -1 .1 10514 10538
9734 10514 10934
14
let & ref 434s
1970 F A 10534 10034 18
97
10512 10914
Pocah C& C Joint 46
1941 J 0 107
10734 17
96
106 10734
1st & ref 46
1971 A 0 10434 1057
8814 1044 l08%
44
North Amer Co deb be
19131 F A 9778 9812 145
6118
8114 99
Pure 011 s f 514% notes
1937 F A 10118 10112 30
10012 102,4
87
No Am Edison deb 58 sot A
M
8
9434 96
1957
21
56
7418 97
13 t5%% notes
9934 1025,
1940 M 8 10114 10134 57
82
Deb 534s son 13
Aug 15 1963 F A 9834 100
100
56
78% 100
Purlty Bakeries it deb iSei
1948 1 1 9178 9314 99
8234 0138
7914
Deb 5s set C
Nov 15 1969 M N
714 9712 1•11.adlo-Keith-Orpheum pt pd Ws
9312 9434 96
54
North Cent gen &ref be A
1974 M 13 •120
125 --__
118 118
98
for deb 68 & cornstk (65% pd)
... _ *54
_ _ _
4514 4514
35
Gen es ref 434s aeries A
1974 M 8.108
--------88
11014 111
I I•Debenture gold 135
1941 1 b 3978 16
2512 41
io 15
t•North Ohio 1st guar g be
1945 A 0 44
21
45
35
40
45
Reading Co Jersey Cent coil 411 1951 A 0 9612 9734 45
9612 1001 2
73
•Ex Apr'33-Oct'33-Apr'34 diner.-*4418
354
52 _ - __
45
45
Gen & ref 43.4e eerie, A
1997 J J 10534 106
105 10818
79
25
•Strripd as te sale Oct 1933. &
Gen & ref 4%s series B
1997 1 J 10512 106
7914 10518 10812
27
*Apr 1934 coupon,.--- *40
34%
45 ____
42
43
Rem Rand deb 54, with warn _1947 M N 10314 103
9
38
31 _.
1 1_9
. 6
88
312
8101 180,4
138 A
1947 M 13 10914 10914
7478 104% 10914
5
5345 without warrants
North Pacific prior lien 46
1997 Q J 10212 10378 169
1015, 107
76
Renmelaer ec Saratoga 61 go
1941 M N *110
113
Gen lien ry & Id a 3, Jan __ _ _2047 Q F 7312 7478 105
50%
7012 7612 Repub I de S 10-30-yr 6e a f
0
105
A
1940
10512
10314
80
10
11)5-13
Ref es !mot 4348 eerie! A
20413 1 8234 85
77
60
Ref & gen 5%e merino A
7412 8912
1953 1 J 10078 10212 74
6112
9434 1025,
Ref de impt 60 series 13
2047.1 1 9655 98
6812
260
8812 10234 Revere Cop de Bra.se fle ser A
1948 NI S 108
108
10714 108,
76
4
8
Ref & impt be aeries C
20473 1 9018 9112 24
82
64
0614 •Rheinelbe Union n f 7s
.1
343
4
1948 1
3434
3434 43
2612
1
Ref & Impt 5s series D
2047.1 1 90
9112 60
61
82
96
*Rhine-Ruhr Water series 6s
1953 1 1 2612 22634
2612 3912
5
25
Nor RI of Calif guar g 5211938 A 0 *10838 1'10834 --__ 100
106 103
*Rhine-Westphalia El Pr 7e
1950 M N 40
304 44
40
3614
1
Nor States Pow 25-yr be A
1941 A 0 10618 : 1065, 35
89
103 10714
*Direct mtge 66
1952 M N 23712 3712
3414
3712 4312
7
lot & ref 5-yr Baser 11
1941 A 0 107
93
10712
6
10514 10812
*Cons mtge Os of 1928
A
23712
F
1953
363
3731
4 43
4
35
Northweetern Teleg 41.4e ext___ _1944 1 J
__ __ 100
'cons m 68 of 1930with warr 1055 A 0 23712 3712 17
101 10)%
3212
3712 4312
Nerweg Hydro-El Nit 5%o
9412 45
93
1957 61 N *10118-88%
88
87
I tortIchfleld 011 of Calif fle
25
M
1944
N
20
43
3214
3114
3312
L
Chain
let go g 4s
OK &
10481 1 30
30
2
3214
30
6014
*Certificates of deposit
M V 3112 3212 55
1912
2412 3312
Ohio Connecting Ry let 46
1943 64 5
_ --... 10534 10534 10112 Rich & Meek 1st g 46
1948 31 N 033
49 ____
46
32
32
Ohio Public Service 7148 A
1916 A 0 *106--11112 11218
10914 11284 Richm Term Ry lit GU 56
89
7
_ ____
1952.1 J
1043, 10112
99
let & ref 79 serSeriesB
1947 F A 111
111
6
78
*Rime Steel let s f 71
1073, 112
547
1955 F A *106--60 ____
60
45
48
Ohio River RR let g be
1936 J D •10112
_ .--__
102 104
90
Rio Grande Juno 1st Ku be
1939 J 0 *90
92 ____
8512 87
70
General gold be
1937 A 0 10212;11-02-12
102 10414 f•Rio Grande Sou let gold 4o
87
8
1
11
*1
J
1
1940
I
I•Old lien Coal 181 69
1944 F A
1612
8
10
1334 Iii
*Guar 4s (Jan 1922 coupon)
1619
1940 J 1
___ _ _ _
1
1
1
Ontario Power N F let 58
1943 F A 211134 11134
3
109 112
99
*Rio Grande West let gold 48_ _1939 J 1 •119
72
74
45
66
6612
78
Ontario Tranernismion 1st be
1945 M N *11134 116 —
9412 110 11712
*let con & coil trust 4s A
1949 4 0 2412 2612 30
2812
2412 4712
Oregon RR & Na,corn g 4s
"2
1946.2 D 108
8314 105 109
108
Roch G&E gen M 5340 ger C. _1948 M S *10612 . 10738 ____
116
107
109
Ore Short Line 1st cons a 5s
1046.1 J 11618 117
5 100
114% Ili)
Gen mtge 4346 series D
197751 5 *1093
. ____
109 103
fle
Guar stpd cons be
10463 1 *117
119 --__
99% 11518 11912
Gen mtge 58 series E
107
_.
1962 M 8 10781
107 10878
8912
For footnotes see page 3317.
4
New York Bond Record—Concluded—Page 6
Volume 140
r.
BONDS
N 'Y. STOCK EXCHANGE
NVeek Ended May 24
July 1
1933 to
Range Cr
Apr 30
t BidFriday's
& Asked 04.2 1935
..a.
Range
Mrled
Jan. 1
BONDS
N. Y. STOCK EXCHANGE
Week Ended May 24
3517
Week's
Range Cr
Friday's
Bid & Asked
Jul, 1
1933 to
Apr 30
1935
Range
Since
Jan. 1
High No
11185
Low Logs
Low
High
9
23
13
23
1014
1945 AO 22
El,, RY (Chic) Se
1312
13
11914
120
11612
119%
FA
105
1942
May
A
6s
30-yr
13612 Union 011
2
102
923s 102 10514
Apr 1945• D 102
38
Deb ba with wart
149
1077s 11312
94
4014 Union Pac RR let & Id gr 4e ____1947 J J 11012 112
106% 106% 113
8012 10414 10315s
June 2008 M
let Lien & ref 4s
51
103 10612
10474 45
81.
1967 J J 104
Gold 434s
113 120
11312 17
99
2
June 2008 MS 113
let lien & ref Se
8314 103 10614
1947 .1 J 10614 10614
StJoe & Grand IsId 15848
9912 10314
7652
1963 J D 10114 102% 45
9 10512 10518 11134
Gold 4s
1941 M N 105Is 10514
St Joseph Lead deb 534s
7
10334 107
10374
10334
MN
97
1942
United
65
deb
103
Am
7
96
of
Biscuit
1023
10214
4
N
M
70
1937
St Joe Ity Lt lit & Pr let Se
99
87
9312
9212
M
53
9112
1953
3
United Drug Co (Del) 5e
8612 90
6414
1996 J J 8612 8612
St Lawr & Adr let g 5a
9712 10738 1091s
1944 MS •11134 11214
U N J RR & Can gen 4s
8014 85
83
70
1996 A 0 •79
211 gold 6s
3
3034
26
26
4
2712
J
153
J
1934
4s
Rye
g
let
L
St
li•United
Ht Louis Iron Mt & Southern—
94
9434 140
56
9012 9512
5412 70
1947 JJ
U (3 Rubber let & ref be ser A
6212 76
45%
1933 MN 60
•111.1v & 0 Div let g 4s
9934
98
—
851s
4
*993
MN
0318
1937
-year
15
United
_
Co
S
6e_
6414
S
54
62
•56
deposit
*Certificates of
15
37
50
37
5512
St L Peor & N W let gu 54.__ __ _1948 J J 46
43
34
28
1951 J D 34% 3514 10
9
741 4 'Un Steel Works Corp 6349 A
37
60
7114 7414
1955 J J
Ht L Rocky Mt & P 5e 801
33% 4212
27
3412 3434 15
1951 • D
934 1714
41
•Sec. I 634s eeries C
11
10
934
1960 J J
9•Elt L-San Fran pr lien 4s A
41
19
3212
23
3312
3314
J
•
1947
*Sink fund deb 634s ser A
39
812
10
812 1534
9
•Certalcates of deposit.
7
13112
9834 120 13112
1951 AO 130
934 18
Un Steel Works(Burbach)7e
934
1950 4 J •1112 13
*Prior lien be aeries B
4
313
21
13
•28%
O
30
J
934
1612
..l936
Rad
&
13e
Pipe
deb
20
•Universal
934
12
10
*Certificated of deposit.
4134
33
37
3818 11
1953 A0 37
91 157
734
734 1412 •Unterelbe Power & Light 6m_
81/3
1978 MS
•Con M 434s series A__ __
38
31
65
5012
A0
86
s
863
1944
be
ref
&
158
23
2
Tree
&
137
Lt
712
Utah
81
____
4
73
712
•Ctfe of deposit stamped.
5534
69s 8834
8612 8712 76
1944 FA
Utah Power & Light let be
1 109
116 11(312
116
1950 J J 116
80
70
64
Utica Mee L & P 1st f g 5s
781
7514
51
1989 MN
Ht L S W 1st 4.11C bond ctfe
122
4
117
100
121
12012
J
J
1957
_
be
ext
4112
&
ref
Utica
Elec
&
54
Gas
49% 80
No. 1989 J J •48
2e g 48 Inc bond etre
2414 4212
33
39
2011
1947 ID 37%
UM Power & Light 534e
3514 54
35%
5014 5314 56
let terminal & unifying be_ __.1952 J J
127
18
2014
FA
3334
36
34%
1959
7
27
107
44
447
ba
2
Debenture
41
J
J
A
Sneer
g
ref
1990
Gen &
1
7814 9414
45
9112 9112
1937 ▪ J
Si Paul City Cable combs
22
6(3
9414
59
3
9412 Vanadium Corp of Am cony be __1941 AG 8012 82
94
79
457a
1937 .1 J 94
Guaranteed 5s
99
1955 FA •10512
1
10112 10214 Vandalla cons g 4s scaled A
81
1968 J D 10214 10214
St P & Duluth let con g 45
10214 1-0Y14
85
1957 MN *10512 --Cone s I 4aseried B
49
45
1947 • J •
St Paul E Or Trk let 434e
412
2
114
1939 J J
3
Ills 1732 Wiens Crus & P let gu 43211
12
11 14
12
:•St Paul & K C Sh L gu 434a_1941 FA
4
4
3
•114
J
•*July coupon off
9212 10412 10834
10718 10712 24
1943 J
St Paul Minn & Man 5
334 131.
3
1212 -13-12 55
1942
2
101 103
•Vertlentes Sugar 7s ctfe
D 10214 10214
86
Mint ext tat gold 4s
1937
5 10114 10514 1073,
10712
1954 iD 107
1
Va Elec & Power Ss aeries 13
102
99% 102
85
1940 J .8 102
tPacific ext gu 48 (large)
10712
10612
39
10612
A0
10714
1955
1161. 45
1st & ref NI 5s set A
113 11814
90
1972 J J 116
HI Paul Un Dap baguet
110% 114
1944 4.8 11134 112% 40 107
Secured cony 534a
60
5612
60
S
1949
7412 8514 Va Iron Coal & Coke let g be
8212 35
55
SA&ArPasslstgug4a
1943• J 82
101 10274
91
N *102
1936
10034 10833 Virginia Midland gen 55
70
1073a 10812 20
1952 .1
Han An.onlo Pub]Sem lit 62
94
2
9712
757
9
*95%
6
J
8
2003
1st
Va
55
1123
gu
&
108
•110
S
81
95
Southwest
6,
1,8
1942
Santa Fe Pre,& Phan
84
67
55
9
1958 A0 673s 6712
let cons Ss
37 ---3534
Hchulco Co guar 6 345
1940 J J .31
11014 113
89
32
1962 MN 111% 11234 29
29
28%
*3112 35 -- Virginia Ry let be series A
,ped
Stir
10412
106
8412
N
105
4
•1033
3214
1962
3214
42
29
1st mtge 434e series B
Guar a f 034s seried B
1946 AO '31
1
28
30
3618
30
30
Statist ed
8912 9612
4
1
57/
9212 9414 59
) N
99
1(41
A
1091s 115 :Wabash RR let gold 5,
po
Scioto V & N E let gu 4s
1989 MN •11014 11312
57% 75
48
6914 16
68
5
12
18
11
•2d gold 55
634
11•Seaboard Air Line 1st g 4a
1950 AO 12
53% 56
50
1954
J •
1512 17
lit lien g term 4,
*12
20
1014
*Certificates of deposit
9814 101
70
_
101
8
•993
1
1941
1
10
12
Dot & Chic Ext let be
1212
20
1950 A 0 12
11•0o111 4, stamped
53
5574
45
597s --Jes •55
1939
12
1212 A 0 •12
20
*Cern!e of deposit stamped
D Moines Div 1st g 4.41
1014
4512 5534
38
4
4
3
55
5412
s
O
mi
A
wi
10
A
212
212
g
212
Omaha
1st
Div
318
F
334a
212
1949
•Adhistment be
Oct
8333
77
56
5
833
4
3
83
5
414
3
4%
9
414
434
Toledo & Chia Div g 4s
:I•Refunding 4e
1939 A 0
1214 1914
1534 19
1214
15
41
11
9445
1197
433
•412
/'Wabash Ry ref & gen 634s A _ 19
*Certificates of deposit
534 ---13
17
1
131,
11
13%
4,2
of
433 117a
534 46
deposit
*Certificates
1945M s
454
f•1st & cone 68 series A
1914
12
12
10
16
15
312 10
6
434
434
*Certificates of deposit
*Ref & gen Sc series B ______ --1976 FA
3,2
1012 1012
10,2
•1213 1414
812
812 171a
*Certificates of deposit
:1•Atl & Birm let g te
1933 M S •74, 1012 1134
21
4
113
1512
19'2
1514
A0
1978
•Ref & gen 434e series C
1374 17Ia
11
1534 _--•1212
414 1 27
214 414
378
:•Seaboard All Fla 6et A etre__ 1935 A 0
214
*Certificates of deposit
1134
4
1912
113
38
15%
15
1
214
4
1980
214
A
4
F
D
4
'Series 13 certificate,
•Ref & gen Ss series
1935
1012 13
10,2
*1212 1414
35
92
80
*Certificates of deposit
Sharon Steel Hoop 51 5141
1948 F A 88
8914 19
40
121:
33
4
40
40
1034 10514 •Walworth deb 6349 with warr__1935
88
Shell Pipe Line a I deb be_
1962 M N 10312 10415 31
3634
3612
1212
A0
*Without warrants
Shell Union 011 a 1 deb be
78% 10214 1031z
1947 M N 10234 10312 21
3614 5414
1814
5334 53
3
1945 A0 52
7612 8674
58
6 4 CO
11n2.1
3 8614 8674
*let sinking fund (ls sec A
Shinyetsu El Pow 1st 6341
39
76
58
•ISlemena & Ilalske s 1 7s
3681s 6818
4812 6634
24
19311 3,1 S 6314 6634 400
4118 5034 Warner Bros Pict deb 65
36
*Debenture a 1 634e
1961 M 6 411s 24212 17
3373
24
24
38% 49
1939 MS 35
8634 10334 III
lc94,
Warner-Quinlan Co deb (3e
l' A 11014 11012 13
3419;
Sierra & San Fran Power 155
104
10711
2
10312
1035s
10312
D
2
2710 3912 Warner Sugar Refln 1st 75
26
2712 2712
•Sileela Elea Corp e I 034e
3214 52%
30
5234 44
MS 50
45% 60
33
Warren Bros Co deb 8s
Silesian-Am Corp coil tr Ts
6612 5714 30
76
85
10214 01 1007e
102 104
1 1 F A *__
10
_2
(
Warren RR let ref Cu g 334s_
Sinclair Cons 0117e ser A
MI
Z 1 '73 102
9114 94
79
9314
1021s 17
987s 10174 105
102
1st lien 630 series B
Washington Cent let gold 441 __ _1948 Q 121 .9114
10371 10534
1
86
10512
10512
A
F
31
102%
80
1023
1945
98%
102
Skelly Oil deb 534e
4
Term
334e
gu
Wash
let
1 '
12
Si
'
D
4 106%
1067
94
•107
A
F
99
1945
10374 10434
1s8 40-year guar 4s
South & Nor Ala cons Cu g bei. _1936 13 A *10414
105 110
981a
1-1-61-2
89
112 11612 Wash Water Power s I be
1939 J J 10912 10912
()en cons guar 50-year be
1963 A 0 •112
10314 11514 120
120
1950 J D 120
Westchester Ltg bs stpd gtd
9 10014 10612 11112
10734 10812 35 10312 107 110
South Bell Tel & Tel let If 56_1941 1
1946 M 8 10712 108
West Penn Power tier A be
7 10171 11414 120
6014
99%
1963 M S 11812 119
95
82
9812 25
Southern Colo Power 61 A
1st 5e series E
1947 3
101
10714 11112
4
D
J
1073
10734
108
7214
46
6012
Ho Pac coil 414(Cent Pact coil)
1956
1949 J D 6814 70%
leteecSssenlenG
9014 10512 10912
108
55
1961 J 3 108
1st 440(Oregon Lined) A
7312 8312
let mtge Is leer H
1977 M 8 7934 8012 148
287
63
44
5612
Gold 4345
6912
6614
1968 M 8
36
9412 10412 107
5512 6912 Western Electra deb 55
215
43
1944 A 0 10634 107
Gold 43413
63
1909 M N 66
8712 9614
6112
9458 148
42
1952 A0 04
58
69
Gold 434e
681s 265
Western Maryland 1st 48
1981 M N 66
7
96 102
57
66
8012
99
99%
J
J
991
.
15
10418
10412
1977
104
San Fran Term let 4e
1st & ref 534e eeries A
1057a 107
7 100
10574 106
_
100
1937 J
10714 10712 Weet N Y & Pa 1st g ba
So Pac of Cal 1s1 con Cu g Sa
•10712
102 10334
78
95
1943 A 0 10714 10834 16
Ho Pac Coma let gu g4,
Gen gold 4e
1937 J 1 *99
37
25
23
7
2S34
89
96% •Weetern Pea 1st Sneer A
80%
1946• B 27
4 122
Ho Pao RR 1st ref guar 4,
1955 .1 1 9412 1513634
25
12
28
27
81 10312
103
74
1946
86
84
Southern fly let cone 15s
55e Assented
10312
10112
32
4
J
1023
621
102
181
38
38
4212
1938
Devi & gen 4e series A
Western Union coil trust be
199
6j
54
A 4 3934
9112
82
6712
4612
39
4612 81
8912 30
1950 MN
5212 553s 16
Devi & gen 65
Funding & real eat g 434e
100 1021,
92
49
4874
4872 86
5834 56
1936 F A 10012 1011
55
Devi & gen 63.4s
lb-year 63.4s
11212
8212
s
1
711
70
921,
91%
60
5
79
83
1951 • D
83
Mem Div 1s8 g rsi
9212
25-year gold Se
9034
80
7512 25
72
7515 88
5314
St Louis Div let g 4
1960 M 8 8934 903 143
7514
1 1 .1
g993
5
30-year be
4312
3514
27
19
J
37
J
73
4
363
6
10012 103
1938 NI S 10012 10012
__1953
Ewa Tenn reorg lien g Se
Be__
*Westphalia Un El Power
7412 8614
66
43
41
67
.40
811
4034 11
40
2361 .1 J 80
Mobile & Ohio coil tr 411
West Shore let 49 guar
7014 82%
31
7334 751
107 111
2381 J J
1071s 10732 34 104
Sweet'wt Bell Tel let & ref as
Registered
614
912
2
614
714
714
I•Spokane Internet let g Se
EiF i
103 10412
81
6
96
102 10412 Wheel ALE ref 434s ser A
. 66
1031
1966 131 S 10312 1031
Stand 01101 N Y deb 434.
1951 3 D 103
65Is 10314 104
9612
1966 M S *10314 104
Refunding be series B
Staten island lty let 434a
10214 108
83
12
8
12
1412 15
1949 M S 10712 108
RR 1st consol 45
4/'Stevens Hotele 6e aeries A
1945
1
11
10014 105
70
21
4138
4112 64
41
1945 1 J
Wheeling Steel Corp 1st 534s ____1948 J J 10334 1041
*Studebaker Corp cony deb 6s
9912
90
60
99
99
9834
1053 AG 97%
lit & ref 434. series B
Sunbury & Lewiston let 4s
1936 3 3 •102
00
65
4315
1
White Sew Mach 6s with wart _1836 1 1 89% 891
Syracuse Ltg CO 1s1 g 55
1951 3 D 11812 11111-2 10 103
90
45
66
•901a
J
92
•
Without warrants
77
4212
64
4314
5414 63
1940 M N *7612 81
Tenn Cent let 6* A or 11
Paid,, I deb fla
194 AO 5914 6014 14
1 10114 113 1171s 2•WickwIre Spencer St'l 1st 75 1935
I enn Coal Iron & RR gen be
195 J 1 117Is 1171a
818
414
12
21
60
102
8
102
9114
1003s
812
814
Tenn Copy & Chem deb es II __ _ _194 M
•Ctfdep Chute Nat Bank
7
13
22
334
5412
6
90 10012
814
812
Tenn Elea Pow 1.16e set A
194 in 9914 100
*Ctrs for col & ref con,?. A ___1935• N
33
36
48
8
1117
112
11
10812
99
8
3612
1117
D
38
J
AO
1942
Term Amen of St L lat g 43411
&
Wilk
East let gu g ba
193
10912 11234
98
let cons gold be
194 FA •11272
10212 10434
86
10112 105
71
4 43
Gen refund e I g 45
1938 I D 10314 10312 17
Will & 8 F 1st gold 55
195 J J 10414 10-41
8312 9(04 Wilson & Co let a f 6s A
6414
95% 10314 1101a
17
20
90Is 92
1941 A 0 10834 109
Texarkana & Ft 8 gu 534e A-----1950 FA
104% 10812
83
9312 10234 10434 Winston-Salem 5111514,
4
71
'texas Corp cony deb be
1960 J J 10712 10712
194 AD 10234 103
758 1312
3912 :•Wia Cent 50-yr 1st gen Is
83
64
881. 11
*912 10
'I'ex & N 0 con gold be
1999 J J
1943 J J 83
712 1012
82
1
113 120
9
Texas & Pao let gold Sa
9
*Certificates of deposit
2000 ▪ D 11412 1141.
412 734
412
*2d Income Is
N .612
Dec 1 2000 Ma
712
*Sup & Dui div & term 1st 44_1936
70
412
55
931*
912 734
Ho
—
lit:
AO
8712
(len & ref 5,series Ti
.4
1977
•Certificates of deposit
88
6312
7912 0312 Won & Conn East 151 434,
8712 25
1943 J
Oen & ref be series C
.27
1979 AG 87
2
7912 9312 Yount:prawn sheet & Tube 54_1978 .1 .1 92
54
94" 87 8314 8912 Vs%
Gen & ref be sedee II
1980 3D 873s 8712
67
9911 9914
8912 9914
6314
62
94
'1'ex Pac-Mo Pao Ter 5341 A
1970 J 0 92
1964 MI 9812 9834 23
lat mtge s 55 ser B.
1:•11 1 Ark & Louts let 434s
Royal Dutch 4s with warr
•Ruhr Chemical 5 f 6s
Rut-Canada 1s1 gu e 48
Rutland lilt let con 4345
Illoh No
Low
11
10
934
1934 MS
1945 A 0 11233 11474 64
1948 A 0 .33
31
31
1949 J J
2
1941 J 4 3134 31
Low
758
9038 10512
3412
35
3212
31
3134
35
Low
4
1:3? f,', 2
MI 2 2
1
53
Third Ave fly 1st ref 4s
1980 iJ
•Adlinc 6s tax-ex N Y_Jan
1960 AO 2112
1013s
'third Ave RR 1s1 g 55
1937
Toho Elea Power 151 74 A
1955 MS 9114
Tokyo Elec Light Co Ltd1953• D 81$3
1st 6e dollar series
'l'tal & Ohio Cent let Cu be
1935• J •100
%Voltam Div let II 55
1935 AO •10012
1935 ▪ D 10018
General gold 58
Tol Ht L & W let 4,
1950 AO 8712
1942 Si S •107
Vol W V & Ohio 4s set C
Toronto liam & Buff let g 48 —1946 J D 101
Trenton 0 & El let g be
1949 MS 11514
9012
Truax-Tmer Coal cony 634s
1943 M N
Trumbull Steel let 5 1 fie
1940• N 102Is
N
*Tyrol Hydro-Elec Pow 7 345._1965
85%
1952 FA
•Ouar sec a f 75
95
Utigawa Elea Power 5 f 7,
1945 M
Union Elec Lt & Pr (hlo) be
1957 AG 106
1954 J J 10514
Un E L & P (111) 1st g 5348 A
54
2212
10134
9414
8
34
2
1
33
18N3
5514
7014
82
10014
70
5712
85
91
83
8773
17
IOC"
11514
91
10218
8634
85%
95
10614
106
9
4
5
18
5
oo
103
82
10132
35
6712
4512
4312
13914
94%
9914
5874
51
r Cash sales not Included in year's range. a Deferred delivery sale not included in
18% 2614
Year's range. n Under-the-rule sale not Included in year's range. - Negotiability
100% 103
ha% 9414 impaired by maturity. - Accrued interest payable at exchange rate of 54.8665.
:Companies reported as being in bankruptcy, receivership, or reorganized under
Section 77 of the Bankruptcy Act, or accurate:4 assumed by such companies.
82
72
K Cash sales in which no account is taken in computing the range, are given below;
1001s 101
10034 101
- --41— Norway 5s 1963, May 24-at 102.
C-arc;Iiii4;Clinch. &O.53713lay 21 at 10934.
10014 10114
• Friday's bid and asked price. • Bonds selling flat.)
91
81
z Deferred delivery sales In which no account Is taken in computing the range, are
103 103
given below:
9614 101
Rhine Ruhr Water 6s, Slay 22 at 2631.
11214 11734 Buenos Aires 6558. May 22 at 92. Czechoslovak 681051. May 18 at 10132. Rhine VVestphalla 6s 1952. May 24 at 37.
91
70
68 1953, May 24 at 37.
Slay
at
1935,
22
6734.
as
1)eutsche
100 103
Gs 1955. May 24 at 37.
Dominican 2nd 5345 1940, May 21 at 62.
911
85
Rotterdam 6s, Slay 21 at 11334.
8214 9012 French 7s 1949, May 22 at 17634.
Siemens & IIalske 7s, May 20 at 6732.
9612 Frainerican 732e 1942, May 20 at 107.
87
(332s 1951, May 18 at 424.
10514 1093s Lombard Elec. 7s, May 22 at 68.
Uruguay 8s 1946, May 22 at 4244.
10412 10612 Ontario Power 55, Slay 21 at 11134.
Prussia 630 1951, May 24 at 2534.
3518
New York Curb Exchange-Weekly and Yearly Record
May 25 1935
NOTICE-Cash and deferred delivery sales are disregarded in the week's range, unless they are the only transactions
of the week, and when selling outside of
the regular weekly range are shown In a footnote in the week In which they occur. No account is
taken of such sales in computing the range for the year.
In the following extensive list we furnish a complete record of the transactions on the
New York Curb Exchange for
the week beginning on Saturday last (May 18 1935) and ending the present Friday (May
24 1935). It is compiled entirely
from the daily reports of the Curb Exchange itself, and is intended to include every
security, whether stock or bond, in
which any dealings occurred during the week covered:
STOCKS
Week's Range
of Prices
Sales
for
Week
July I
1933 to
Apr 30
1935
Range Since
Jan, 1 1935
STOCKS
(Continued)
Week's Range
of Prices
Sales
for
Week
July 1
1933 to
Apr 30
1935
Range Since
Jan. 1 1935
Par Low
High Shares Low
Low
High
Par Low
High Shares Low
Low
High
Acetol Products el A_
•
2%
2% Feb
74 Mar British Col Power cl A_ •
244 2434 Nfar 2514 Nfar
Acme Wire etc cont.__ _20 15
500
1531
8% Jan
15m May Brown Co 6% pref
63-5
75
100
67-1
Apr
7
811
34
5
Jan
Adams Millis 7% let p1100 1074 1084
75 664 103
Feb 109
May Brown I.,wman Distillery _1
64 64
100
534 Apr
031 Jan
536
Aero Supply Mfg cl A.._.°
7
May
1135 Mar Buckeye Pipe Line
5
50
26
303-4 Jan 39
May
Class B
•
200
2
231 2.4
Jan
Mar Buff Nlag 4, East Pr pref 26 204 20% 1,500 14%
4
34
14% Jan 21
May
Agfa Ansco Corp com
1
34 Jan
5
Apr
$5 1st preferred
• 9335 9435
400 7 66
6931 Jan 9474 May
Ainsworth Mfg corD____Io 25
25
200
18% Feb 27
6
Apr Bulova Watch 134 prat • 273i 2735
100
Mar
28
Jan
2454
•
1854
Alr Inve•torscom
1
1
100
01.
1.4 Jan
Bunker Hill & Buillvan__10 46
76 Mar
4814 1.300 26
30
Mar 49% Apr
Cony pref
• 1631 lam
200
1235 Mar
9
1631 May
Burro Inc corn
•
% Feb
Jan
9-1
14
Warrants
'is Feb
35 Jan Burma Corp Am Sep Ms- •
Si
2% 2%
400
14 Mar
134
234 Apr
AlabamaGt Southern ___50 304 324
75 30
30
Apr 40
Jan Butler Brothers
6.31 6% 1,100
10
631 Mar
7% Jan
234
Ala Power $7 pref
• 58
58
120 26
414 Jan 6731 May
Cable Ellie Procl v
•
Apr
Jan
1
• 51
Si
Si
$6 preferred
37
524
150 25
Jan 61
May Cables & Wireless LtaAlgoma Consol Corp
lie
•
4
SS
100
4 Feb
4 Feb
A m dep nets A ordshs_fl
2,800
Si Mar
Feb
1
"16
1%
'16
7% preferred
5
h mar
Am dep rcts B ord ehs El
11
116
3-1 Mar
N. May
500
'16 May
31
'16
34
Allied Internat Invest.
*
200
31 May
Si
31
31 May
Amer dap rets pref shs El
lie
415 43.4
200
334 Nfar
33e(
43-4 May
Allied Mills Inc
• 154 19% 35,600
1234 Jan 194 May Calamba Sugar Estate_ _2(1 22
534
200 154 20
Apr
Feb
223.4
23
Aluminum Co common__.• 56
61
3,150 32
32
Mar 6131 May Canadian Gen El 7% pf 50
61
61
Apr 61
Apr
6% preference
100 86
894
650 54
6934 Mar 9054 May Canadian Hydro Elea Lbo
Aluminum Goods Mfg..' 11
11
9% Feb 114 Apr
100
8
6% let preferred_ __IOU
74
74
Mar 79
Jan
Aluminum Industries corn'
6
74 Mar
834 Mar Canadian Indus Alcohol A•
9% 915
100
735 Jan
May
11
534
Aluminum Ltd com
• 32
17
32
100 17
Mar
33
B non-voting
May
•
634 Jan
44
10
May
C warrants
24
24 Jan
7
Apr Canadian Marconi
1% 1% 3,500
114 Mar
1
14
251 Jail
D warrants
5
M Mar Carib Syndicate
Apr
25c
331 334 5,600
115 Nlar
434 May
134
6% preferred
100 65
65
5031 Apr 65
100 37
May Carman & CoAmerican Iteverage com _I
134 Jan
135 Feb
Convert.ble class A
835 May
631 Jan
•
American Book Co._ _ _100 694 694
57
50 41
Jan 69% May Carnation Co corn
18
• 18
100 1334
17
Jan
1835 May
Amer Brit & Cant COM- •
34
M Apr
14 Feb Carolina P dr L $7 pref.._ •
33
Feb
5415
Jan
60
Amer Capital$6 preferred
•
27
57
Apr
Feb 63
Class A com
•
134
800
156 Apr
131
1% Jan Carrier Corporation
154
•
2.700
h
1315
Mar
Feb
44
1734
Common class B
•
Si
11 Jan
M Jan Catalin Corp of Amer___ _1
gye may
7
3Si
434 Apr
74 3,800
$3 preferred
•
16% May 20
935
Jan Celanese Corp of America
American Cigar Co-- _100
138
120
Mar 145
Apr
7% Ist partic prof ___100 98 10334
275 81
90
Feb
May 110
Preferred
100
110
110
Jan 115
Feb
7% prior preferred___100 104 104
25 75
Feb
9734 Ma 105
Am Cities Pow & LtCellulold Corp corn
15
8
Jan
634
Apr
15
Clam A
25 36
37%
350 234
29
Mar 39
May
$7 dly preferred
26
25 1654 25
• 26
Jan
May 36
Claes B
2
24 2,900
74 Mar
Apr
3
34
• 694 70
is preferred
110 40
6534 May 80
Feb
Amer Cynamid class A__10
124 204 Apr 2034 Feb Cent Hurl(1& Evt
•
400
114
8
8%
May
12
Ma
11
Si
Clam B n-v
10 18% 20% 25,900
84
15
Mar 20% May Cent P & L 7% pref....100 35
35
50 11
204 Jan 38m May
Amer Dist Tel NJ oorn_ •
734 76
Jan 80
Mar Cent & South Wen Util
Ns Ma
Its
3-4 Jan
7% Cony preferred_ _100 1124 1124
111
25 98
Apr 11331 Apr Cent States Elea corn._ I
500
li n, Apr
Si Ma
h
Amer Equities Co com_ _1
1% Feb
23,4 May
6% prat without war? 100
24 24
350
1
1
Ma
May
234
Amer Founders Corp____1
115
600
Mar
7le
Si
.4 Jan
7% preferred
4
100
4
2
100
2
Ma
Apr
5
7% metseries B
50 214 214
75
13% Jan 214 May
814
Cony preferred
100
135
-Ian
335 NIay
13-4 9
6% 181 pref eer D....60 194 21%
450
8
134 Jan 2334 May
Cony pre! op ser '29..100
Apr
Si
Ma
Si
23i
Amer & Foreign Pow wan14 2
14
300
135 Mar
3
Jan Centrifugal Pipe.
•
44 5
900
414 Jan
535 Feb
534
Amer Gaa & Elea com___ • 25
264 16,800 1611
16% Feb 27
Apr Charts Corporation new..I
134 1334
100
1235 Ma
9
1475 Jan
Preferred
1004 1024
900 574 804 Feb 1034 May Cherry-Burrell Corp
5
•
244 Apr 24% Apr
Amer Hard Rubber corn _50
6% 12
4
44 Apr 12
2,300
May Chesebrough Mfg
25 13334 13434
150 105
115
Ma 157
Feb
Amer investors coot
1
2
335
300
24 Jan
331
334 Jan Chicago Mall Order
5 203-4 21
1,800
84 15% Ma
21.34 May
Optl •warrants
% Apr
31
34 Mar Chicago NI 3,1)30 511g A _ _50
Jar
36
Jan
Si
4
Amer Laundry Mach___20 15
16
12% Mar 16
2.000 104
May Chicago Rivet & Mach__• 1431 154
600
44 1235 Jai
1531 May
Amer L & Tr nom
25
814 10
5,600
7%
7% Mar 104 Apr Childs Co pref
19
20
190
100
1635
534
Apr
30
Jan
6% preferred
25 23
23
100 16
1734 Feb 234 May Chief Consol Mining Co__ I
1s,
300
131 Apr
35
Si
Si Jai
Amer Maize Prod corn. •
19
19
Apr 25
Jan Cities Service corn
•
13-6 25.3(00" %
17-4
Si Ma
Jan
1
4
Amer Mfg Co corn
334
334 Apr
8
Feb
Preferred
• 1374 1834 4.400
64
635 Mar 13% May
Amer Maracaibo Co
1
1,250
3-4
916
3.8
5-4 Ma
Preferred II
31 Jan
15 1M
1,300
M May
Fi
34 Mar
Amer Meter Co
•
534
8
Ma
14
Jan
Preferred BB
• 1335 1835
32()
8
6
181-4 May
Mar
Amer Potash & Chemical.'
11
124 Mar 19% Jan Cities Sere,P & L $7 met.* 17
150
74
18.14
74 Mar
May
Am Superpower Corp com •
1
135 10,600
Si
SS Ma
1% Jan
$6 preferred
•
134
1,1
-00
6,4
1834
631 Mar 1814 May
let preferred
5435 5434
44
500 44
Feb 55% May City Auto Rtamping.__ ..•
300
3
335
Jan
6.31
615
Apr
64
Preferred
11
11
100
735
74 Ma
13
Jan City & Suburban Homes 10
4
3
Apr
Apr
4
Amer Thread Co prat
434
431
5
a
2,700
4
Jan
431 Apr Claude Neon Lights Ina I
3-4 May
300
3.6
31
Niar
Ns
Amsterdam Trading
Cleve Elea Ilium corn....' 30
600 214 2335 Jan 3534 Apr
301-4
American shares
•
11%
114 Jan
15
May Cleswand Tractor corn.. • 15% 169-4 1.400
14
534 Jan 18% Apr
Anchor Pont Fence
200
%
31
Si
3-4 Ma
31 May ClInchtield Coal corn_ ..100
100
3
131 May
14
14
13.4 May
Anglo-Persian Oil Co LtdClub Alum Utensil Co._ •
400
fis
34
31
54 Jan
.
16 May
Am dep rcts ord reg__£1 1515 15%
300
9
144 May 154 May Cohn & ItoNenherger
•
515
Mar
554
Mar
7
Angostura Wupper Corp_I
211
4
1,500
May
531
511
6% May Colon MCorp corn
•
14
9,100
Apr
4
IM
31
May
%
Apex Elec NIfg Co corn
•
5%
431 Apr
400, 7 335
735
7S5 May Colt's Patent Fire Arms_25
15
25
Jan
2934 Mar
Appalachian El Pow pref.
94
9534
SO 5735 71
Jan 97
May Columbia Gas & EleaArcturus Radio Tube_- _1
lie Mar
9-16 Jan
31
Con v 5% pref
59
825 32
100 57
32
Mar 64
Jan
Arkansas NM Gal corn.,..
135
1%
1,600
H Mar
1% May Columbia Oil& Gas Mc._ •
3.4
500
Si Mar
ti Jan
fi6
fi6
h
Common class A
13.4
2,500
"is
31
3-4 Feb
134 Apr Columbia Pictures
250
60
1914
38
6234
•
Jan
6236
May
Preferred
10
435 4%
24 Mar
1,800
131
4% May Commonwealth Edison_100 65
7031 3.900' 303.4
4734 Jan 7734 may
Arkansan P & 1. $7 pref.. •
254 4114 Jan 60
May Commonwealth & Southern
Armstrong Cork com_ ___• 21% 2234 2,900 13
1635 Mar 24
Jan
Warrants
9,100
34
35
las Jan
Art Metal Works com
14
_5
53-1
434
3,300
534 Apr Community P & L $6 Pr.''
331 Mar
9% 10
200
a
Jana
113.4 May
Associated Eleo Industries
Community Water Sery •
200
h
34
Sl
34
ay
15 Jan
Amer deposit rote__ _El
4
5% Feb
634 Apr Corns Mines
1
234 24 15,400
14
4
4344
2% Apr
Assoc Gas & EleaCompo Shoe Machinery 1
1631 13
4,400
8
12% Apr
18.35
Mar
Common
1
51
34 2.600
h Apr
Si
4 Jan Consolidated Aircraft_
I
7tS May
714 7% 1,200
1031 Jan
Class A
11., May
"it 6,900
X Mar
34
SS
Connol Auto Merchand'ig.•
ii
Jan
Jan
Si
$5 preferred
•
234
231
1h
154' Feb
100
May
234
$3 50 preferred
•
4 Jan
Associated Rayon corn
•
1
14 Mar
24 Jan Consol Copper Mines_ _ 6
62
24 2% 16.000
1
Jan
24 Feb
n
Assoc Telep $1.513 pref_13
22
Apr 224 Apr Consol0 E LAP Balt com • 6735 74
3,800 4534
May
3-4 Jail 74
Assoc TeIep L011 rm.....
3,6 May
200
116
116
4 Jan
35
Como! Min & Smelt Ltd.25 175 182
260 115
13452 34 Feb 182
May
Atlantic Coast Fisheries _ _•
5% 6
1,200
2
5
10.4 Jan Como! Retail Stores
Mar
234
100
234
6
34
34 Feb
23.5 Jai
Atlantic Coast Line Co...50
18
18
Mar 30
Jan
8% preferred w w...10()
1254
May
Jar
50
343.4
Atlas Corp common
9% 1035 18,200
7% Mar 10,
4 May Continental ()II of max_
74
Si Mar
3.5
h Nlar
$3 preference A
• 50
5234
2.000 35
47
Apr 524 May Coneol Royalty 011
10
1
May
2
Feb
Warrants
3
3% 6,600
14
14 Mar
3% May Cont0 & E 7% prior pf 100 56
58
350
6134
29
36
Ma
may
Atlas Plywood Corp
331 3M
•
600
34 Mar
24
634 Jan Continental 011 of Mex...l
300
3-4
35 Nlar
3.4
Si
31 May
A utomatio-Voting Mach_'
14
634 6%
1,000
5
64 May Continental Securities_ •
Jan
2
2
334 Apr
34 Jan
Axton-Fisher TobaccoCooper Beseemer corn_
•
234
535 Jan
Apr
Class A common
10 52
53
330 4834 43% May 60
Feb
$3 pref A
• 22
2234
300 12
16% Jan 26
Apr
Babcock & Wilcox Co _ _ __• 3864 4115
1,100 1835
28
Mar 404 May Copper Range Co
3
•
3% Feb
Jan
4
Balt'win Locomotive Works
Cord Corp
2yi 276 1,500• 2
6
235 Ma
434 Jail
Warrants
34 Jan Corroon & ReynoldsX Feb
Si
Baumanu(L),4Co7%pfd100 15
15
10 11
May 254 Jan
15
Common
24 24
500
1
134 Ma
2Si May
Bellanca Aircraft v C
43i 5
2,100
5
1%
May
$6 preferred A
131 Apr
3031
200 10
• 29
22
Ma
3031 May
BellTel of Canada
100 124 125
100 104% 124
May 132
Jan Cosden 011 corn
100
1
11
M Jan
Mar
Si
Benson & Hedges corn
2
2
100
14
1% Feb
May
2
Preferred
100
2
2
100
1 54 Man
Feb
2
Cony pref
6
.3
•
100
6
Mar
5
Apr Courtaulds Ltd1Fi
Bickforde 100 com_
•
14
4%
834 Feb
May
Am den rote ord
100
11% Ma
131i May
139-5 131i
$2 50 cony pref
•
23
334 Apr 35
May Crane Co corn
13
14.4
9,150
26
7
15
Ma
Nlay
Bliss(E W)& Co corn
•
51‘ 7
1%
1.600
334 Mar
7
May
Preferred
75 32
100 1024 105
87
106
Fe
May
Blue Ridge Corp com
135
131
1
1,300
1
I
2
Mar
Jan Creole Petroleum
6 16% 1834 46.400
554
104 Ma
1836 iThw
53 opt cone prat
• 433.4 46
1,700 2835
3534 Mar 46
May Crocker Wheeler Elea
7
•
354
715 1.500
4
734 May
Ma
Blumenthal (B) et Co
735 9
•
2
2,000
2% Jan
0% May Croft Brewing Co
1
1
1
1
134 4.300
Fe
13-4 Jan
Bohack (II C)Co coin
•
7
7
11
Apr
Jan Crowley Milner & Co. •
6
231
214 Feb
Apr
4
7% 1st pref
100
40
65
Feb 65
Feb Crown Cent Petroleum I
600
14
M
Feb
3-4 Jan
54
3-4
Botany Consol Mills corn.'
M May
3-4 Jan
116
Crown Cork Internatl A.
915 10
2,600
634
74 Mar
104 May
Boor loin Intl
•
331
34 Jan
4% Feb Cuban Tobacco corn Vie.'
2
Mar
2
Jan
3
Borne Scrymser Co_-__ 25
6;4 May Cuneo Frees corn
63i 635
100
6
Niar
•
1514
30
Mar
Feb 34
Bower Roller Bearing.
5 1911 103i
400 • 631
164 Mar 2034 Apr
63-6% preferred
100
69% 87
Feb 103
Apr
BrazillianTr Lt & Pow__ _•
93.4
935
400
84 Mar
10.4 Jan (Mei Mexican 9-lining...50e
8
2
.16
235 11,000
1% Mar
24 Jan
Bridgeport Machine
73/1
•
9.34
8.200
34 Jan
9% May Darby Petroleum corn.....6
500
44 al ar
63.4 6%
6% May
Brill Co o class B
•
I
34
May Davenport Hosiery
3-4 Mar
100 10% 104 May
103i 103-4
16
Jan
Clam A
175 115
•
100
1
14 May De IlavIlland Aircraft CoJan
34
Brillo Mfg CO COM
• 7
7
100
7
64 Apr
634
May
Am Dep Itcts ord reg LI
4
13
Jan
15,1 Apr
•
Class A
274 Feb Dennison Nlfg 7% pref_100
22(4 25
Jan
574 May 574 MaY
Brit Amer 011 coup
•
1.414 Mar
15% Feb Detroit Gray Iron Fdy_ _5
12%
13-4
4
4
May
May
British Amer TobaccoDerby Dil & Ref Corp corn'
1,600
13.4
2
2
Si Apr
May
Am Oen rata ord bearerEl 3035 3015
100 244 27
Apr 314 Jan
Preferred
•
20
20
Feb
20
Feb
Am dep tiers ord reg.
24% 2831 Apr 274 Apr Diamond Shoe Corp
•
1011 Jan
971
15
Apr
Britleh Celanese LtdDletograph Productm.___2
200
33.4
1%
3
33.4
May
Jan
7
Am dap Fete ord reg._106
2
2
Mar
Jan
3
Distilled Liquors Corp
5 12
300 113.4
123-4
11% Mar 164 Apr
For footnotes see Page 3523.
4
AL
New York Curb Exchange-continued-Page 2
Volume 140
STOCKS
(Continued)
Week's Range
of Prices
Jule I
Sales 1933 to
Apr 30
for
1935
Week
Range Since
Jan. 1 1935
STOCKS
(Continued)
Julv
1
Week's Range Sales 1933 to
Apr 30
for
of Prices
1935
Week
3519
Range Since
Jan. 1 1935
High
Low
High Shares Low
Par Low
High
Low
High Shares Low
Par (..ow
May
100 1534 20
Feb 25
24
• 24
Horn &Hardart
Distillers Co Ltd108
May
30
10234
Jan
834
103
106
100
7%
preferred
Jan
Mar 2334
400 174 21
Amer deposit rets......El 2231 2231
1634 May
10,300
114 Jan
7%
1334 May 1834 Feb Hod Bay MID & Smelt_ _• 155% 16
834
Mainers Corn Seagrams-• 1634 1731 21,600
May
64
Jan
11,600
51
2254
44
64
•
59
Oil
&
Ref
Humble
May
164,
Mar
1034
3
2,000
Doenier Dle Casting...-• 1331 1631
54 Feb Huylere of Delaware Inc54 Feb
24
Dominion Steel & Coal B25
Jan
1
4 Mar
Ns
Common
I
Mar
7
436 Jan
331
Dominion Tar & Chemical.
204 2036 Apr 2636 Jan
7% pref stamped_ _100
• 100 10231 2,400"36% 804 Mar 10215 May
izow Chemical
54 Jan
234 Mar
234
Jan Hydro Electric Securities •
55
May 60
150 54
• 59
Draper Corp
5931
314 Jan
154 Mar
600
154
5
24 214
Feb Hygrade Food Prod
13
Apr 19
9)4
1,000
10 1534 1634
Driver Harris Co
Mar
26
Jan 38
75 17
May Hygrade Sylvania Corp_s 3244 33
9135 Mar 96
10 48
100 96
96
7% preferred
May
1334 Jan 29
• 22)4 264 1,000 10
131 Apr Illinois P & L $6 iner
34 Feb
4
600
35
1
Dubilier Condenser Corp _l
May
Jan
30
50
10
14
26
26
preferred
100
6%
5136
May
37
Jan
10 50
50 33
51
Duke Power Co
3435 3435 Jan 4031 Apr
34 Feb Illuminating Shares Cl A_ •
31 Feb
Durham Hos cl B corn___*
84 Feb 124 Feb Imperial Chem Industries
2
Duval Texas Sulphur_.' 1031 11% 3,800
815 Mar
8
934 Jan
400
84
854
£1
Amer
deposit
rots-734 May
334 Mar
331
444 734 8,100
Eagle Pleher Lead Co ___20
Imperial 011 (Can) coup.....• 2014 224 60,500 1034 1554 Mar 224 May
East Gas & Fuel Assoo400 1194 1574 Mar 2235 May
2234
•
2031
Registered
•
Jan
5
Mar
234
234
600
3
3
Common
Apr
133-1 Jan
300
934 12
Jan Imperial Tob of Canada_ _5 1334 1334
58
Jan 64
25 53
64
434% prior preferred_100 64
38
Apr 5014 Jan Imperical Tobacco of Great
100 42
825 38
4331
6% preferred
Jan
354
Mar
3154
2334
400
344
34
Ireland___E1
Britain
and
34 Jan
34 API'
31
200
%
34
East States Pow corn B__•
5
344 Mar
354
May
431 434 1,000
10
74 Apr Indiana Pipe Line
4
Mar
4
$6 preferred series B- •
011Indian
Ter
Illum
Apr
8
Apr
5
5
50
694 64
57 preferred series A__..'
434 Apr
1
154 Jan
200
231 231
Non-voting class A _ ___•
44 Jan
3
Jan
214
34
100
331
Easy Washing Mach "B"-•
44 Apr
134
134 Feb
•
Class B
May
254 Jan 32
6
1,000
32
Edison Bros Stores com_ _• 31
Industrial
Finance
131
May
Jan
•
%
34
200
Eisler Electric Corp
4
%
134 Feb
51 Apr
54
1
V t o common
8
May
34 Mar
315
631
734 22,300
Elm Bond & Share corn---5
May
435 Feb
231
1
50
1
100
134
May
7% preferred
34
Jan 55
• 48
1.100 25
55
$5 preferred
May
65
53
Mar
344
500
Amer_
10
6234
6434
Co
of
N
Insurance
• 53
564 2,900 264 3735 Jan 5834 May
$6 preferred
May 3334 Feb
1834 29
4
Jan International Cigar Mach•
24 Mar
234
200
1
34 331
Elea Power Assoo com
Internal
Hydro-Eleo4
Jan
235
Mar
20
231
(lass A
1
314
334
934 Jan
354 Mar
334
550
554 634
94 may
Pref $3.50 series
50
•
24 Feb
234
Eleo P & L 2d pref A_
1534 Jan
Jan
13
734
3,400
15 Mar
131 Jan Internet Mining Corp___1 1331 14
31
Option warrants
Apr
5
634 Jan
2.100
274
514
54
Warrants
Electric ShareholdingMar 3934 May
28
234 Apr International Petroleum_• 3735 39-4 21,300 1534
54 Mar
600
Common
1
2
31
231
Feb 3234 May
23
2954
834
May
Registered
40
Jan
34
w
• 5734 60
200
50 cony pref w
34 Jan
I
500
234 Jan
314 315
63-4 Feb International Products_ _•
Jan
6
1
Electroirraphie( ore corn 1
131 Feb134 Feb
I
May Internatl Safety Razor 13.5
May 24
634 24
100
24
Elgin Nat Watch Co__ - _15 24
Internat'l
May
UtilityJan 28
334 mar
200 124 14
Empire Dlatrict El 6% _100 2531 26
134 Jan
134
100
•
14 14
Class A
Empire Gas & Fuel CoJan
716 Apr
700
Class B
xi
2334 May
516
516
1
754 Ma
100 1631 234
225
b% preferred
Apr
Apr35
35
35
•
57 prior prat
223.1 May
Ma
8
8
100 21
75
04% pre('
224
4 Jan
'Its
In Mar
Warrants
2534 May
8
Ma
100 19
254 1,150 Is 8
7% preferred
Interstate
Equities
28
May
84 Ma
100 214 28
1,100" 854
8% preferred
34 FebFeb
34
I
Common
May
9
Apr 13
4
700
Empire Power Part Stk__• 1054 13
Jan 2434 Feb
1534 20
50
$3 cony preferred.
1.54 May
14 Jan
100
14
Equity Corp corn
194 2,200
2414
May 2714 Jan
13
•
Interstate
Hos
Mills
Feb
3334 May 38
30
50
Eureka Pipe Line
May
Jan
19
8
7
10
Interstate Power $7 preit.• 1434 1434
European Electric Corp234 May
235 May
84 Jan Investors Royalty coin_ _25
10
634 Jan
544
500
Class A
84 831
Jan
Apr
15
34
1434
% Jan Iron Fireman Mfg v t c_-10
54 Feb
500
Option warrants
54
34
54
11
May
334 Jan
235
6,600
834 11
1
34 May Irving Air Chute
31 Apr
qi 3,100
4
Evans Wallower Lead_ __ •
35
Jan
134
Mar
34
34
300
14
135
•
Italian
Superpower
A
May
7
.5
May
2
100
7% preferred
5
300
7
34 Apr
its Jan
94
Warrants
94 May
6
Feb
Ex-celi-0 Alr &'tool
8
3
831 4,300 11 234
LCentral
P
&
Jersey
Apr
731 May
934
Falrohlld Aviation
231
731 84 1,600
1
May
43
Feb 58
175 42
57
100 56
534% preferred
May
71
Jan 105
Fajardo Sugar Co
100 100 104
225 59
May 6234 May
60
100
6% preferred
ex 235 Jan 5 Apr
Falstaff Brewing
800
I
34 44
May
Apr 72
6034
6034
30
65
64
100
preferred
7%
74 Mar
9% Jan
1,800 55 254
Fanny Farmer Candy
I
831 834
154 Apr
31 Apr
31
454 May Jonas & Naumburg .2.50
134
Fansteei Products Co _ __ _*
131 Mar
100
454 431
18
Mar 3074 Jan
480 15
Apr Jones & Laughlin Steel_ WO 2131 23
931 Mar 11
100 I' 4
Fedders Mfg Co class A • 104 104
8331
Mar
Mar
8334
8335
114 Jan Kansas G & E 7% pref..10u
134 Jan
134
Federated Capital Corp_ •
"is May
34
35 Jan
15,6 1,400
4
34
1954 May Kerr Lake Mines
1031 Feb
2,200
18% 19
7%
Ferro Enamel Corp corn
234 Jan
I
Apr
1
1,700
14
1
_1
Breweries._
Kingsbury
May
2531
Fiat Amer deo recta
100 153,4 2134 Jan
254 25%
May
3
134 Mar
34
5,000
1
231 3
% Jan Kirby Petroleum
Fidello Brewery
36 Ma
800
34
34
3-4
7tis Mar
Is Jan
34
7,6 1,000
7,6
may Kirkland Lake GM Ltd 1
57
Jan 62
51 31
Fire Association (Phila.) 10
22
Jan
May
934
15
3,900
22
18
•
Klein(Emil)
First National Stormex Mar 735 Apr
5
300
734
7
10
Apr Kleinert Rubber
112
y% let preferred____100 1134 1134
Jan 115
10 110
23-4 May
1
134
Jan
corn
Corp
1
Knott
1134 Jan
631 Apr
1
714 831
5,100
Fisk Rubber Corp
53.4
34 Jan
31 Jan
9111
Jan Koister Brandee Ltd. _El
400 354 7434 Mar 88
$6 preferred
100 78
794
23
May Koppers Gas & CokeCO334
• 20
5,200
Flintokote Cool A
23
11% Ma
5254
Apr
96
Mar
72
100
6% preferred
May
30
834 104 Ma
1,700
Florida P & L $7 prat -• 28
30
1234 Jan
1134 Apr
200 10
Krems (3 H) 2nd prof 100 123-4 1234
Ford Motor Co LtaMay
44 Mar 10
414
2,500
10
1
7
Brewing
Kreuger
Jan
754 Ma
454
94
Am dep rots ord reg_£1
894 831 2,500
May
30 593-4 7534 Feb 78
2531 Mar 324 Jan Lackawanna RR of N J100 7634 78
4,800
Ford Motor of Can ol A • 263-4 2731
Mar
Jan 58
5,100• 3236 48
• 29
May 3731 Jan Lake Shore Mines Ltd...) 5334 5531
75 144 29
Class El
304
Jan
34
Foundry
&
Maoh_l
Lakey
Ford Motor ot France"
80
Jan
67Ja
M
a
n
r
54
25
414 May Lane Bryant 7% prof 100
234 Jan
2%
100
American dep rats _100
4
4
234 May
134 Mar
I
100
234
235
1
Lefoourt
Realty
Oom
Mar
Mar
4
34
Foremost Dairy Prod com•
34
Jan
20
Jan
18
7
Preferred
114 Mar
100
Preferred
34 Feb
4
4
734 Apr
574 Mar
534
500
64
6
•
44,4 May
334
5
5
200
634 Jan Lehigh Coal & Nay
Foundation Co (forn sha)•
May
Apr
31
34
71i
27,600
,
31
35
Leonard Oil Develop___25
Froedtert Grain & MaltJan 5134 Mar
300 1034 40
494
1434 Apr 1514 Feb Lerner Stores common _ _ _• 49
14%
15
Cony preferred
914 Feb 994 May
40
6% pref with warr__100
Mar 284 May
200 114 20
26
26
Oarlock Packing atm_
8
6u% AprApr
J o
81
3
234
3,500
634 74
154 Feb Libby McNeil & Llbby--10
600
1
51 Apr
General Alloys Co
•
134
31
Mar
200' 3
54 531
Lion 011 Development
*
Gen Electric Co Ltd1834 Jan
174
Feb
15
1134 Mar 1344 May Loblaw Groceterias A_ •
914
Am dep rots ord reg_LI
175.4 Feb
1734 Jan
14 34
•
Clam B
May
ti
3
44 Jan
Gen Fireproofing corn - •
634 Jan
414 Mar
434
2,600
54 6
Lone Star Gas Corp
•
Gen Gas & Eleo•
Apr Long Island LW11
Feb 15
53-4
$6 cony pref H
Ma
8% Apr
2
•
2
700
sic
Common
34 3%
1
% Jan
700
'is Mar
Gen Investment oom
54
4
May
Jan 70
48
150 38
6834
100 63
15
3
Jan
100
7% preferred
$6 cony met class B---• 1531 1531
Jan
17
May
Jan 62
37
50 32
100 5736 5834
Prof elms B
Si Jan
'is Jan
Warrants
May
2034 Apr 25
9 1031
Loudon
Packing
Co
•
38
May
24
Mar
20
pref
-__-•
36
120
Pub
Sem
$6
38
Gen
May
r
Jan
9
3
4
6
431
14
15,400
931
9
134 Feb Louisiana Land & Flxplor. 1
3( Ma
Si
Gen Rayon Co A stock__•
2
Apr
714 Jan Lucky Tiger Combinatn_10
Ma
46
225 46
General Tire & Rubber__25 514 534
Jan
943
,
4
Jan
89
70
•
564
99
Mar
Ludlow
Mfg
Assoc
25
89
Apr
100 95
95
6% preferred A
Jan
354 Jan 41
9 15
a
52
Jan 7034 May Lynch Corp min
475 35
Georgia Power $6 pref__.• 68
6931
3
10
951 May
2,400 264 26634
394
Common new
5 38
Apr 60
May
50
10 50
• 60
$5 preferred
60
May
1
Mangel Stores Corp
1% May
400
24 Jan
•
214 24
Gilbert (A C) corn
Jan
Mar 61
50
10 12
2494 Mar
54
100 54
244 Ma
22
•
814% Wei w w
Preferred
Apr 3334 Jan
27 27
•
Jan
• 15
Mapes Consol Mfg
134 May 24
154 2,200 10
Glen Alden Coal
7
94 May Marconi Intertutt MarineJan
800
531
Globe Underwriters Ino 2
83-4 94
34 Jan
854 Jan
814
American dap receipta_11
164 Apr 249.4 Ms3.
. 10
Godchaux Sugars class A •
734 May
Feb
4
4
100
714 735
10
May Margay Oil Corp
7
200
Jan
•
•
934 934
Class B
Mar
3
13.4 Stay
b
134
1
14
1,600
334
231
•
100
4 Jan
34
Goldfield Consol MInes_10
4 Apr Marion Steam Shovel
4
4
136, Jan
Jan
13i
1
1,000000
1
Feb
Maryland
Eleotrieal
1
4
134
Casualty
1
600
I
"ii
'ii Apt
Gold Seal
34
715
1
24 Feb
1
314 May Maas Util Assoc vto
.. 15H 17
Gorham Inc class A oom •
13-4
554 Jan
334 Mar
8
500
1534 May
1934 May Massey-Harris Corn
434 534
•
900 14
$3 preferred
34 Jan
4 Feb
34
Mavis Bottling class A__ _I
7is 1,200
Gorham Mfg Co316
May
4034 Fab 48
1,750 88
1214 Ma
48
18
Jan
Mayflower Associstes
• 45
600 10%
V to agreement extended 1531 16
44
Mar
Feb
4054
22
514
734
Jan
May
Ma
434
Varnish_
•
Hosiery $4 prat
734 73-4
900
•
Grand Rapids
1531
Jan
Apr
1234
12
350
16
814 Mar
May McColl Frontenac 011_ _._• 1334 13%
8
Gray Telep Pay Station...* 15
100
15
74 Jan
154
334 Apr
300
McCord Rad & Mfg B •
44 434
Great All & Pao TeaMay
A
J
a
p
n
3
6
64
3
4
2
5
1
5
4
12%
x
44
•
3
2
00
1
,
,,
74
121
Ma 139
6
35
94
Jan
McWilliams Dredging...-. 35
330 115
Non-vol corn Mock_-• 1264 130
May Mead Johnson & Co
1224 Jan z129
60 120
• 58)4
7% let preferred___100 12614 1274
May
3
154 Mar
134
4,400
Jan
3
Memphis Nat Gas corn...5
May 26
50 194 20
234
25 21
21
(it Northern Paper
1044 May 134 Jan
834
100
6
Jan
Mercantile Stores corn_ _ _• 1034 1031
43-4 Mar
100
336
Greenfield Tap & Die.,...,'
43.4 434
Jan 7334 Jan
70
25 60
203,4 Jan 4934 May
7% preferred
71
100 71
5 4631 4731 3,600 1 5
Greyhound Corp
134 Feb
34 Jan
34
100
134
14
36 Feb
34
200
ts Apr Merritt Chapman & Scott •
Grocery Stores Prod•t 025
X
34
Slay
Mar 10
8
554
6)40)3. A preferred _ _ _100 10
100
10
34 Mar
I
3-4
sis Jan
Guardian Investors
Mar
34
Mar
34
34
744
5031
May
Metal
Textile
pref
•
Mar
43
(MCorp
of
Penna_25
6
12,500
7454
Gulf
931
714 Jan
'16 May
•
'is
316 27,500
354 Mar
'3
•
1.6
6
Jan Mesabi Iron Co
Hall Lamp Co
%
Feb Metropolitan EdisonMay
Irs
Hamilton Gas corn v t c__1
Ile
May
Jan 96
25 4634 80
$8 preferred
• 9154 9154
Handley Page Ltd1
Jan
•
34 Jan
34
331 Mar
1%
534 May Mexico-Ohio Oil
Am dep ran pref---8 sh.
334
May
2
Mar
•
2
800
331
4
Jan
Michigan
Gas
&
011
Jan
3
34
Happiness Candy
Its
•
Apr
ix
•
Mar
34
4
1,100 •
131
1
Michigan Sugar Co
4835 504 Jan 634 May
Hartford Electric Light.23
Feb
54 May
3
234
200
534
534
10
Preferred
44 Apr
14 Jan
34
Hartman Tobacco flo. •
3
May
34 May Middle States,Petrol1
3
3
800
Harvard Brewing Co
214 May
34 Mar
800
154 2
9
Feb
734 May
Class•v I e
400
•
714
734
Haseitine tory.
•
800
9,6
'is May
4 Mar
ClaasB vie
6
34
Feb 124 Apr
4
25 104 12
12,000
Hecht Mining Co
Ifs Jan
Int
Jan
200
its
,
16
corn_
_
•
134 May Middle West Util
54 Jan
•
1
14 1,300
114
Helena Rubenstein
1
Apr
34 Apr
100
34
%
37
Jan 52
34
May
$6 cony pref ger A w w__•
10 BO
600 14
519-4
Hayden Chemical
14 Jan
Apr
*is
•
34
25
of
dep.
23%
Certificates
May
18
•
May
2331 25
100
Hires(C El Co cl A
14% May 204 Jan Midland Royalty Corp894
Hollinger Consol 0 M_..-5 1431 1531 6,500
Jan
4
10
831 Apr
17 854 30
•
May
Jan 48
$2 oonv pref
•
Holly Sugar Corp corn
Jan
Mar 11
100
444
5
i4 34
8
8
•
100
Feb 100
Feb Midland Steel Prod
100
Preferred
Jan 4034 Apr
50 184 35
36
• 36
334 Mar Midvale Co
2
Jan
134
•
Holophane Co corn
Mar
134
Apr
"Is
"is
Canada
•
7
Corp
of
Mar
Mining
54
Feb
3
lioit (Henry) & Cool A_ •
Jan
164 May
25,• 74 12
1634
234 May Minnesota Mining & Mfg • 16
144 Apr
134
100
Horn (A C) Co corn
•
234
214
May
82
Feb 100
20' 65
N117 Miss River Pow 6% pfd 100 100 100
30
Mar 30
14
let preferred
For footnotes see page 3523.
New York Curb Exchange-continued-Page 3
3520
STOCKS
(Continued)
Week's Range
of Prices
Sales
for
Week
July 1
1933 to
A pr 30
1935
Range Since
Jan. 1 1935
STOCKS
(Continued)
Week's Range
of Prices
May 25 1935
Sales
for
Week
July 1
1933 to
Apr 30
1935
Range Since
Jan, 1 1935
Par Loto • High Shares Lots
High
Low
High Shares Low
Par Low
Low
High
Mock Judson Yoehringer..•
63.4
1034 Mar
14
Jan Premier Gold Mining__ _1
115
1,400
134
1Si Jan
21i Apr
34
Mob & Bud Pow lit pref,,• 5035 55
650 3014 30% Mar 56
May Producers Royalty
1
316
15
2,700
h Jan
34
NI Jan
2d preferred
• 1815 1834
9
200
Mar
9
20% May Properties RealizationMolybdenum Corp v t c 1
1151 1114 5,600 • 2%
734 Jan
1234 Apr
Voting trust crts_33 1-3c
143-4 1431
500
12,4 Apt
15
Jan
Montgomery Ward A_ __.• 144 144%
127
250 56
Ja., 144% May Propper McCall Hoe Mille
14 Mar
200
1% Feb
15
34
Montreal Lt III dr Pow
• 28
28
26% May 31% Jan Providence Gas Co
100 27
10/1 May
1034 Slay
Nloody's Invest Service_
25
25
100 16% 23
Jan 25% Jan Prudential Investors
611 6% 0.300
•
454 Mar
635 May
Moore Drop Forging A- •
20
Jan 30
634
Apr
$13 preferred
83
•
Jan 88
Apr
Moore Ltd pref A
-190
125
90
Jan 127
Apr Pub fiery of Indian $7 prof• 16
16
10
18
8
Jan
May
Mtge Ilk of Columbia$6 preferred
•
5
Jan
7
Apr
American Shares
4
4
100
354 Feb
431 Apr
154
Public Seri,Nor Ill corn,*
1715 Feb 32
May
Mountain dr Gulf 011
1 _
Common
4 Feb
34 Feb
51
60
16
Feb 28
May
Mountain Producers._ _
511
334
45. Jan
5% May
534 10,500
6% preferred
100
• 38
7835 Apr 82
Apr
Mountain Ste Tel & Te1100 112 112
10 100
105% Mar 11335 May
7% preferred
100
77
'
38
Jan 83
Feb
Murphy(0 C1 Co
• 9815 100
600 31% 72
Jan 102
May Public Service Oklapreferred
8%
100
112
105
Apr 116
Apr
7% pr L pref
100
81
May 81
Slay
Nachman SPringfilled- •
6
851 Jan Puget Sound P & L* 451
Mar
Nati Hellas Hess cam _ _1
115
115
5,600
151 May
251 Jan
134
$5 preferred
• 2431 25%
13
800
Mar 273( May
Nat Bond & Share Corp_
3415 35
400 2851
2951 Feb 35
May
$6 Preferred
• 123-4 1354
175
6% Mar
1734 May
National Container CorpPure 011 Co 6% pref,.100 53
56%
3415 Mar 563( May
720
$2 cony preferred
•
10
Mar 2234 May Pyreno Manufacturing_ _10
19
4
4%
215 Jan
300
May
5
Common
1
35
29
Mar
35
Mar Quaker Oats corn
• 1333.4 134
110
127
Jan 134
May
Nat Dairy Products% preferred
100 144 14435
132% Feb 14434 May
20
7% pref class A
100 108 10834
103
195 80
Feb 108% Apr Railroad Shares Coro. •
15 Apr
h Mar
• 17
National Fuel Gas
115( Mar 18% May Ry & Light Semi. corn-. 10
1834 8,600 1111
1115
175
6% Mar
1134 May
National Inveetore corn 1
115 Jan Ry & Util Invest A
51 Mar
1,100
135
%
1
14
Jan
Jan
)1
Si
$5.50 preferred
1 _
35
Mar 86
55
Jan Rainbow Luminous ProdWarrants
800
9,41 JAM
ste
Class A
A
34
34 Feb
•
11,4 Feb
14 Mar
3-4
Nat Leather corn
•
1,200
151 Jan
51 Mar
51
Class B
154
51
•
15 Mar
14 Mar
National P & L $ti prat_ _ _• 6434 66
900 32
4651 Feb 66
May Raymond Concrete PileNat Refining Co
25 __
551 Apr
'
3 24
511 Apr
Common
•
415
Jar,
Jan
454
5
Nat Rubber Mach
,
9% Mar
5,300 6 2
731 9
551 Jan
$3 convertible preferred •
17
17
Apr 25
Jan
Nat Service common
1
2,500
716
24
4
51 Apr
15
51 Jan Raytheon Mfg•t c_-_-60a
200 9
5( Feb
31
1
Jan
isi
Cony part preferred •
400
% Apr
716
54
11
51 Jan Red Bank 011 Co
1
1
100
•
Feb
Si Fel
34
I
National Steel Car Ltd_ _ _• 15
1614
15
500 1115
1651 Apr Reeves(Di corn
May
•
415
451 Feb
7% Jan
Nat Sugar Refining
• 2911 303.4
200 2715 27% Apr 35
Feb Reiter-Foster 011
Si Ma
•
300
% May
ire
31
Nat Tea Co 514% pf___10
Apr
9
915 May Reliable Stores Corp
9
451 Slur
5% 651
1,700
•
1%
8% Jan
National Transit __ _12.50
831 9
1,200
May Reliance International A_•
6% Feb
9
6%
1% I%
% Ma
200
15.. Jan
9
Nat Union Radio Sam_ _1
A
31 May
34 Feb Reliance Managernent__ •
15 Feb
1 34 May
34
• 1131 11% 8,400 ▪ 356
Natomas Co
II% May Reybarn Co Inc
734 Jan
10
2
Apr
13.4
2% Jan
434 6
•
Nehl Corp com
2% Mar
700
May Reynolds Investing
51
6
1
6,000
Apr
Jan
54
"16
1%
14
Nelaner Bros 7% pref._100 9715 9734
25 20% 90
Feb 99
May Rice Stir Dry Goods
• 104 104
100 29 634
951 Apr
1234 Jan
Nelson(Herman)Corp_ _5 ----2
4% Apr
8
Jan Richfield 011 pref
28
300
% Ma
3.1
Jan
1
.4
34
Neptune Meter class A- •
354
831 May
9
Jan Richmond Radiator CoNev-Calif El Corr) pfd. 100 4035 4014
35
25 35
Common
Mar 4035 May
•
1%
114
100
155 May
34 Ma
/5
New Bradford 011
234
6
234
2
500
154
25. Jan
Feb
7% cony preferred
•
134 Fe
515 9
115
700
May
9
New Haven Clock Co_ .._ -•
100
3%, 311
115
354 May
351 May Rochest G &E
D pf 100
55
Apr 85
65
Air
New Jersey Zinc
59
25 56
4,100 47% 49
May Rogers-Malestio class A_ _•
Apr 59
Ma
6
9% Jan
135
111
New Men & Aria Land_ _ _1
700
1
May
11
23-4 Jan Roosevelt Field. Inc
15. Apr
2
2
200
May
25
,
1
st
Newmont Mining Corp.10 5034 5315
4,400 34
3411 Ma
53% May Root Refining Co
1
a% 2%
1
24 May
100
Feb
5(
• 18
New Process corn
18
200 1051
18
12
Jan
Prior prof
May
8
11,1
3% Apr
10
400
334
May
10
N Y Auction corn
•
Feb
11
3.4
1 11 Feb Rossi& International
7,4 May
Feb
3-4
51
• 31
31
N Y Nlerchandlse
100 15
254 Jan 3115 May Royallte 011 Co
• 28% 26%
100
2634 May 2631 May
NY & 110111321211/ Rosario10 60
60
33
50 1734
Feb 69% Apr Royal Typewriter
• 17
15% May 29
17
400
854
Mar
N Y Pr & Lt 7% prof _ _ _100
19
81% Jan 61 55 Jan Ruberold Co
• 55% 56
41
200 25
Jan
May
56
• 7715 7715
25 53% 53% Jan
$6 preferred
7754 May Russets Fifth Ave
33.4 Apr
53-4 Feb
N Y Shipbuilding CorpRyan Consol Petrol__ _ •
1% 1%
100
3-4
54 Mar
% May
Founders shares
1
8
8
200
134 Jan Safety Car Heat & LIght100 70
454
4% Ma
6051 Mar 7634 Ain
70
25 35
N Y Steam Corp oom__• 13
13
100 13
13
1835 May Si Anthony Gold Mines_ _1
Feb
100
Apr
'is
'is
314
4 Jan
Y
1314%
Telep
prof
N
_100 11734 118%
275 113
11335 May 121
Mar St Lawrence Corp corn. •
2
May
15 May
335
6
N Y Transit
315
100
a
34 Feb St Regis Paper corn
3
Apr
1%
1% 2,500
10
1
1
Mar
Jau
1
N Y Nat fiery 6% pfd__I00
4615
20
7% preferred
Feb 82
Apr
100 27
17%
17%
40
27%
Mar
27%
May
Niagara Bud PowSalt Creek Consol 011_ _ _1
700
14
1
15
Jan
51 Jan
Common
431
7,800
15
456
234 Mar
254
May Salt Creek Produoers_ _10
615
554 Mar
711 3,000
7% May
Class A opt wart
A
300 1
31
15
h Jan
11 Jan Savoy 011
•
54 Jan
Jail
1
Class B opt warrants__
• 2715 28%
3.4
34 Mu
11 Mar Schiff Co corn
500
2551 Mar 3334 Jan
Niagara ShareSchulte Real Estate oom_•
300
Mar
11
15
Jan
316
1(
Class B common
1,000
334
351
5
2% Ma
2%
304 Apr Scoville 211anufacturing_75 2135 21%
125
195. Mar 23% Jan
• 1634 2134 9,500
Nlies-Beiment-Pond
2135 May Seaboard Utilities Share* 1
815 Ma
711
51 Mar
h Feb
Nipleming Mines
214 2% 2,900 6 1 54
5
215 Jam'
3
Apr Securities Corp General •
51 Mar
115 Apr
I% 2
•
Noma Eleetrie
700
2
34
May Seeman Bros Ina
15 Jan
46
• 46
100
4351 Mar 49
Apr
Northam Warren prat__
305. 35
4254 May Segal Lock & Hardware •
Ma
400
34
3.1
56 Mar
51 Jan
Nor Amer L$& PrSelberling Rubber com_ •
151 Apr
234 Jan
Common
•
h
1
111 May Selby Shoe Co
% Mar
•
28
Jar
34
Apr
10
$8 preferred
1035
1,150
3
11
May Selected Industries I noNorth American Match„: 33
25 18
33
2434 Jan
33
May
Common
1
1,500
34
114 Jan
131
Si Mar
131
No Amer Utility Securities.
100
13.4
1.4 May
51
$5.50 prior stook
61
26 57
500
Mar 61
48
May
Nor Cent Texas 011 Co..5
2% 3
1,700
2
3
Jan
Allotment oertifteateo___
May
5715 6015
500 3756
46
Mar 6215 Slay
Nor European Oil eom _ _ _1
600
34
34 Jan Selfridge Prov StoresNor Ind Pub Ser 6% pfd100 5211 5234
25 21
54
Amer dep rue
May
15(
251 Mar
2% Jan
7% preferred
100
58
2015
May Sentry Safety Control_ _ _•
100
11
Si
Mar
34
34 Jac
Northern N Y Utilities
Beton Leather corn
615 6% 3,400
•
33-4
351 Mar
7
May
83
81
40
preferred_
_ 100
7% let
4514
85
May Shattuck Dean Mining_ _ _6
433164866532o:4i
134
215 2%
1,200
211 Mar
154 Jan
7
7
Northern Pipe Line
500
10
454
May Shawinigan Wat & Power* 1515 15%
7
14%
400
14% May
1935 Jan
100
Nor Ste Pow corn clams A100 1135 1115
631
14% May Sheaffer Pen corn
73-' 20
Apr 23% Jan
Northwest Engineering_ _• 1011 13
2,700
13
Slay Shenandoah Corp corn _.1
1
1
100
%
11 Apr
$3' Jan
Novadel-Agene Coro.- • 18% 2034
3,100 '1434
$3 cony pref
May
2234 Jan
25 1834 19
600 12
12% Slur
1914 May
Ohio Brass Co cl B com__•
10
19
28% May Sherwin-Williams corn_ AS 0515 98% 2,600"32% 84
Jan
Jan 9811 May
Ohio Edison $6 prat
•
455. 70
Feb 8535 Apr
8% preferred A A__ _ _100 10835 109%
70 15 90% 108
Jan 11314 Mar
100 10635 107
1,050 8131 89
Ohio 0116% prat
Jan 10731 May Singer Mfg Co
100 250 259%
110 119
235
Mu 259;1 May
Ohio Power 6% pref
200 80
100 10034 10135
85% Jan 104% May Singer Mfg Co LtdOhio Publlo ServiceAmer dep rec ord reg_11
Feb z35.1 Apr
1st 6% preferred_ _A00
9051
0011 Apr 9051 Apr Smith (II, Paper Mills_ _.•
1254
1215 Jar
124 Jan
1134 1156
011atooks Ltd eons
100
9% Feb
11,% May Smith (A 0)Corp oom _ _ • --55
654
65
4,900 1551
29
Slay
Jar
72
Outboard Motors B com
100
1
15 Mar
Jan Smith (L C) & Corona
6
A
4%
5
Class A cony pref
200
•
4
5
Jan
May
Typewriter•t c corn,,•
3A
Jan
6 Fe
Overseas Securities
215 214 1,000
•
IA
134 Am'
211 May Sonotone Coro
1%
2
1
900
1
Apr
1
234 Jan
215 315
Pacific Eastern Corp
5,100 7 14
1
315 May So Amer Gold & Plat
3%
4
15'
4,100
1
Jan
3%
Apr
3,700 :34 20%
Pacific0& E6% let prof21 2511 25%
2
2515 May Soil Calif EdisonM
Jaar
n
551% let prat
1811 Jan 23% Apr
• 1631
25
5% original preferred 25 38
38
100 28
Jan 3411 Slay
2814
Pacific Ltg $6 pref
• 9115 93
125 zs 663-4
71
Feb 93% May
7% pref orrice A
25 2514 25%
200 18% 20% Jar
Slay
26
Pacif,c Pub serv non-vot_•
1
1
May
h
Preferred It
May
25 22% 23
700 IS A
Slay
1734 Jan
1215 1215
lot preferred
200 7 13,4
74 Feb
1235 May
554% oref series C__25 2015 20%
14%
500
15%
2
Jan
8
3
1
S:ii
May
1%.t,i y
Pacific Tin spec stk
29
30
50 10
25
30
Jan
May South'n N E Telep_ _100
100
Jan 108
104
Apr
Pan Amer Airways____10 3911 40
1,000 31% 39
•
Mar 4414 Feb Southn Colo Pow el A__25
ti
114 Apr
Jan
1
Pantepec 011 of Vanes_ _ _•
1% 2;5 52,400
111 Mar
2% Jan Southern Corp corn
IOU
54
51
1
May
Apr
15
Paramount Motor
35(
314 Mar
4% Feb Southern Natural Gas__ •
15 J,art
'111
3-1 Jan
Parke, Davis & Co
40
4111
1,500 1934
3211 Jan 4111 May Southern Pipe Line
10
354
Jan
4% Apr
Parker Rust-Proof oom • 5934 8034
950 3915 55
Jan
8411 Jan Southern Union Gas com..•
Apr
' 3-1
1
34 Apr
•
Pander I) Grocery A
34
2414
Fel, 37
Feb Southland Royalty Co___fi
631
615
1,400
435
611 May
434 Jan
Class II
•
7
7
Feb
Feb Mouth Penn 011
7
15%
2615 28
25
3,000
2114
Mar
Peninsular TeleP cora
100
751 731
7% May So'weet Pa Pipe Ltne_ _50
5
534 Mar
3434 4531 Feb 52Si Feb
Preferred
100
6815 79% Apr 82
May Spanish dr Gen CorpPenn Mel Fuel Co
11
713-5
Jan
Am dep rota ord reg_31
200
34
:
%1%Apr
lfaayy
'16
s Apr
Peunroad Corp v t e
1
211 18,700
135
234 Jan Spiegel May Stern
34 Mar
Pa Gas & Elea dam A_
•
9% Apr 13
Apr
651% preferred
10(1 97
100 45
9711
:
38
:
Mar
80
NA
p
tlyr,
Pa Pr & It 37 prof
•
74% 80% Jan 98% MAY Square I) class 11 corn-- I
1715 18
800
70c 17
May
$6 preferred
•
72%
77
Jan
77
Jan
Class A pref
30%
150 12 3
• 30
2915 Apr
Penn Salt Mfg Co
50
42% 7635 Apr 84
May Stahl Meyer corn
1%
•
115 Apr
Pa Water & Power Co_ ___.• 6515 68
600 41%
5351 Jan 68
May
Standard Brewing Co. •
34
4 Jar,
3-4
Pepperell Mfg Co
100 71
7231
460 524 52% Apr 81151 Jan Standard Cap dc Seal com _ 5
23
Mar
29M
jan 3215 Apr
Perfect Circle Co
•
• 21
31
Feb 40
Apr Stand Investing $15.50 Pf-• 19% 2011
250 10%
sost Apr
%.4
Pet Milk Co 7% prat_ _100
9051 113
May 120
Feb Standard 011(KY)
20% 7,200 13%
10 20
2191,2
May
SFeb1' yy
17
Philadelphia Co corn
•
7
7
4
600
4
Mar
8
Jan Standard 011(Neb)
25 114 12
400
754
34
Phoenix SecuritiesStandard 011(0010) corn 25 18% 1951
600 11%
1955 May
171
Common
I
1% 1,200
13.4
2% Mar
154 Feb
5% preferred
100 95% 98
150 7651 91
N3.4
Slay
Feb
$3 cony prat ser A___10 39
41
1,000 165( 27% Feb 41
May Standard P & Loom
1
Mar
1
Pie Bakeries Inc corn
11
311
Mar
8% Mar
Common class B
•
15
Apr
51
Pierce Governor corn
•
Jan
4% Apr
2
Preferred
•
9
9
S
Nifiry
r
Pioneer Gold Mines Ltd_ _1
8%
12% May Standard Silver Lead
8% Mar
1034 1134 13,000
1
*le 26,000
51
larr
Nm
Aia
Pitney-Bowee Postage
Starrett CorporatIon
9,4 Slay
1
400
*to
51
Meter
•
5
654 5,900
2%
6
631 Jan
Mar
6% preferred
2
1%
10
300
Pittsburgh Forgings
1
2
2% Jan
45( Jan Steel Co of Can Ltd
. 40% 473(
125 32
424
4
132
1
3
7
:
:5'li
ii
i AN
iN%I'
kAAflk:
tif aaa
lielipyy
b
y
yrr
Pittsburgh & Late Erle_50 56
5634
40 51
51
• 1234 133(
Feb 60
Jan Stein (A)& Co com
800
5
Mar
Pittsburgh Plate Glass_25 5911 6315 4,300 3054 46% Apr 63% May
634% preferred
80
100
1093"
107
Feb
Potrero Sugar corn
5
2
251 1,400
215
•
May Stein Coemetics
51 Jan
716
Powdrell & Alexander_
•
12
751 Jan
71
May Sterling Brewers Inc
3%
1
4" Apr
335 Ma
JanIt
-l'ower Corp of Can corn_.
50
6,
4 May
73.4 734
7
9% Feb Stetson (J 13) Co com
225
7Si
11
12%
15
Feb
Mar
Pratt & Lambert Co . • 2451 25
200 1514 24% Slay
30
Jan Stinnes (Burro) Coro
1
Jar
5
2
2
Ian
For footnotes see page 3523.
1:83207
New York Curb Exchange-Continued-Page 4
Volume 140
STOCKS
(Concluded)
Week's Range
of Prices
Sales
for
Week
July 1
1933 to
Apr 30
1935
Par Low
High Shares Low
131
2
234 3,800
Atilt% Motor Car,„,... •
54
800
Sullivan Machinery.___ .• 1156 13
336
24
700
•
334
Sun Investing corn
34
•
$3 cony preferred
3,200
136
134
51
1
Sunray 011
2431 18,400 • 2.10
Sunshine Mining 00__10c 23
134
Swanirinch Oil Corp__ .25
26
1 531 1634 10,000 6 11
Swift & Co
15 3454 35%
2,300 • 19%
Swift Internacional
300 824
56
Swim Am Elec pref--100 55
236
334
3.700
1
Swim 011 Corp
89
Syracuse Ltg 6% pref__100
1
1
31
200
•
Taggart Corp corn
300 2134
Tampa Electric Co corn • 2731 28%
°
Taetyeast Inc clam A
31
36
% 1,000
* 18% 21
15,800
Technicolor Ina corn
454 4%
i
34i
1,800
Text-Hughes Mines
Tennessee Products
31
336 4
6,900
Texas Gulf Producing_ _ _ _•
75
Texas P & L 7% prof __100
636
636
2,100
431
Taxon 011 & Land Co__ •
225 so
ioo 25
30
ThermoId 7% pref
•
3734
Tobacco Allied Stocks_
2,000
136
234
Tobacco Prod Exports_ _ _•
3-6
Tobacco Securities Trust
18%
Am dap rots ord reg__£1
5%
Am dep rets dof reg__£1
31
100 18
Todd Shipyarda Corti-- -• 31
10 51
95
Toledo Edison 6% pref i00 95
58%
100
7% preferred A
Tonopah Belmont Devel_l
34
Tonopah Mining of Nev_1
3-6
1
154
Trans Air Transport
1,000
1
Stamped
316
31
Si
Trans Lux Plot Screen1
134
1,500
Common
236
2%
14
131
600
fad-Continental warranta__
35
Triplex Safety Glass Co11;4
Am dep rots for out reg..
7%
Trt-Stute Tel & Te16%pf 10
II
734
i runs Pork stores Inc. •
434
1,100
4
I ubize Chatillon Corp___1
1 12
100
12
oss
Class A
4% 5%
800
Tung-Sol lamp Worke__.•
2%
• 36
200 12
36
$3 cony prof
100
Unexcelled Mfg Co
10
234 2%
2
16
Union American 'furl •
•
4
200
Union Gas of Can
43-4
•
100
Si
%
Union Tobaoco corn
'is
xi 4
50
Union Traction Co
United Aircraft Transport
4% 434
100
Warrants
8
United Carr Faetener.___• 1731 184 1,000
United Chemicals corn. •
231
•
13
53 cum & part prat
200
United Corp warrants
916
Si
3-4
1,100
United Dry Docks corn __•
Si
Si
1
United Founders
%
36 24.400
30 46
United (3 & E 7% pref_100 6836 7231
231 10,500
1
2
United Gas Corp eorn
• 55
4.500 15
Pref non voUng
59A
Option warrants
3.6
54
7ie 1.100
4.500
United 1.1 & Pow eom A__•
3-41
ss
•
Common class B
•
634 734 2,300
334
$6 con• 1st prof
25
434 44
United Milk Products •
$3 preferred
•
20
United Molasses Co434 5
600
A m dep rats ord ref ___ £1
234
1
•
1
600
United
31
Preferred
Prodt-Skaring___-10
1.1255 47
United Shoe Mach com.25 8131 843-4
-211
Preferred
304
II
*
US Dairy Prod cl II
3.4
200
11 S I,(cc Pow with warr I
36
h
316
U 8 Finishing coin
•
3-6
I
1131 1231 3,100
US Foil Co clew B
534
•
1
131
U S Intl Securities
700
Si
• 56
600 39%
1st pref with warr
58
•
U S Linea pref
.16
50" 14%
US Playing Card
10 3831 3831
14
(I S Radiator Corp corn_ •
IS 5
7% preferred
100
U S Rubber Reclaiming_ •
34
34
400
United Stores v t e
31
4
•
3% 354 6,500
tin Verde Extenslon___50e
24
United wall Paper
•
1%
134
100
1
•
United Zinc Smelting_
31
1.20
Universal Consul Oil Co _10
Universal Insurance Co__8 14
14
100
535
31
1
700
Utah Apex Mining Co___b
50 13M
Utah Pow & 1,t 17 pref___• 2731 2734
10 77
91
Utica(3as & Elec 7% pf.100 91
800
utility Equities Corp____'
131 1%
54
• 524 554
300 20
Priority stock
•
100'
Utility A Ind Corp
34
4
31
13-4
•
131
500
Cony Preferred
1
Si
Util Pow A IA corn
36 1,000
100
536
200
3%
7% preferred
Venezuela Men 011 Co..10
131
Venezuelan Petroleum___5 '
34
5 s 5% 41.400
Vogt Manufacturing
•
214
4% 431
500
Waco Aircraft Co
•
3%
•
200
Waltt & Bond al A
99-4 936
•
131 14
900
35
Clam II
Walgreen Co warrants_
1
154
131
200
Gather Mining Co
616
Waller(iliram)-(looderh'm
• 25% 2634 6,900 2034
& Worts Ltd com
• 1731 1734
600 12%
Cumul preferred
•
200
Watson (J 1V) Co
38
34
Si
1
34
Wenden Gopper
Si
,• 2,100
2
1
2% 2%
600
Western Air Express
5534
350 17
Western Auto Supply A • 53
25 62%
Western Cartridge pref_100 10031 10031
Western Maryland RY
10 35
7% 1st preferred _ _ _ _100 53
53
85
Western Power 7; pref 100
654
Weetern Tab & Stat•t e..•
Westvaco Chlorine Prod25 00
100 10231 10236
7% preferred
436 2,300
334
3-4
West Va Coal & Coke____•
11
minims(It 0)& Co
Wil-low Cafeterias Inc- _1
34
4
•
Cone preferred
• 2631 2731
600
Wilson-Jones Co
431 0
1
10,000
2
Woodley Petroleum
Woolworth(F W)Ltd100 174
Amer deposit rata _ _ _ _be 2831 2831
836
551
Wright-Hargreaves Ltd _ _•
83-4 9,300
134 5,900
Si
Yukon Gold Co
5o4
BON DSA bbott s Dairy 0e___1942
Aiuniinum Co St deb 6852 106
Aluminum ltd deb 54.1948 10054
Amer Comity Pow 534e 53
Amer & Continental 581943 101%
Am El Pow Corp aen 69 '57 123-4
For footnotes see page 3523.
10631 31,000
1013.4 54,000
10131
7.000
14
98,000
Range Since
Jan. 1 1935
Low
134 May
10
Mar
24 Mar
Mar
40
36 Apr
1031 Jan
24 Mar
1435 Mar
31
Jan
454 Jan
Feb
2
Apr
89
34 Mar
2236 Mar
34 Mar
1131 Jan
336 Mar
34 Jan
336 Mar
75
Feb
Mar
6
224 May
80
Mar
154 Feb
Apr
Apr
Jan
Jan
Jan
Apr
May
24 Jan
316 May
1934
536
2336
68
83
%
2
Apr
Si Mar
BONDS
(Continued)
High
331 Feb
1434 Jan
4
Jan
4136 Feb
134 Jan
243-4 May
3
Feb
1931 Jan
3631 Apr
5835 Feb
331 May
90
May
1% Jan
293-4 May
36 Jan
2136 Apr
454 Mar
34 Jan
454 May
90
May
6% Jan
30
May
67
May
231 Jan
24
7
33
95
92
34
134
3
34
Jan
Jan
Apr
May
Mar
Apr
Apr
Jan
Jan
34 Feb
134 May
1636
1034
734
3
12
34
29
231
1934
4
Sf
5
Feb
Apr
Apr
Apr
Mar
Apr
Jan
Mar
Mar
Stay
la
Apr
1734
1034
9
si
18
531
37
236
23
534
31
5
Feb
Apr
Jan
Jan
Jan
May
Apr
Slay
Jan
Jan
Jan
Apr
331
1436
254
21%
36
'la
h
54
31
35
34
36
1
334
8
29
Mar
Jan
Mar
Apr
Mar
Apr
Mar
Jan
Mar
Mar
Mar
Mar
Feb
Mar
Jan
Jan
6
18%
4
25
Si
'is
55
7231
234
6034
36
14
134
94
431
364
Jan
May
Apr
Jan
Jan
Jan
Jan
May
May
May
Jan
Jan
Jan
May
May
Apr
431 Jan
34 Mar
74 Feb
70
Jan
36
Jan
616 Feb
34 Jan
31 Ma
104 Ma
31 Ma
4.131 Apr
34 Apr
30% Ma
2
ma
12
Apr
34 Feb
35 Ala
231 Apr
134 Ma
36 May
331 Jan
7
Jar
54 Ma
16
Jan
84
Apr
h Ma
434 Jan
34 May
1
Mar
31 Feb
334 Mar
136 Mar
'is Jan
8
Jan
331 Mar
434 Feb
34 Mar
54 Mar
35 Jan
2336
IOU
Si
34
2
53
98
531 Jan
131 Apr
74 Apr
8431 May
404 Apr
•16 Feb
51 Jan
2
Jan
13% Jan
136 May
59% May
51 Feb
3834 May
3
Feb
17
Jan
34 Feb
131 Jan
354 Feb
251 Jan
34 May
636 Feb
14
Slay
154 Jan
31
May
91
May
154 May
55% May
Si Jan
131 Apr
"ii Apr
734 May
3
hfay
1% May
12
May
54 Jan
9% May
151 May
1% Feb
136 May
Apr 32%
Jan
1831
Jan
31
Jan
34
Jan
3!4
Jan 8031
Jan 101
4834 Mar
74% Mar
12
Feb
Feb
Mar
Jan
Mar
Fob
Mar
Apr
63
May
8334 May
14
Jan
99
Jan 10236 Apr
334 Mar
Apr
5
12% Apr
1736 Jan
36 Mar
'
Ili Feb
4
Feb
6
Jan
18
Jan
2736 May
6
35-4 Jan
May
24
Mar
834 Jan
4 Mar
Jan
86% 102
924 10531 Jan
9731 Jan
59
231 Jan
131
93
Jan
78
734 Mar
734
28% Jan
10
Mar
134 May
10436
10736
10136
334
102
14
Mar
Mar
May
Apr
Apr
May
Week's Range
of Prices
3521
Sales
for
Week
July I
1933 to
Apr 30
1935
High
Low
Alabama Power Co1946 10234 10236 47,000
lin & ref 5e
1951 97
97% 61,000
let & ref 53
1956 9736 9736 8,000
1st & ref Is
5,000
92
1968 91
1st & ref Ess
8636 180,000
1967 85
lst & ref 434e
Amer 0 & El deb 58_2028 101% 10236 190,000
Am Gas dr Pow deb as 1930 31% 33% 43,000
5.000
3236 33%
Certificates of deposit
Secured den 53
1953 2736 2936 26,000
7,000
2834 29
Certificates of deposit_
Am Pow & Lt deb 08_2016 70% 7634 323,000
2.000
Amer Radiator 43-4,._1947 10436 104%
Am Roll Mill deb 5s_.1948 96% 9836 81,000
Amer Seating cony 68_1936 93% 94% 51,000
35,000
Appalachian El Pr 5s_1956 10534 106
Appalachian Power 64_1941 10731 107% 3,000
Deb 6a
2024 105% 106% 10.000
Arkansas Pr & Lt 58_1956 9136 9236 68,000
Associated Elea 44s_ _1953 3734 4134 104,000
Associated Gas & El Co3,000
Cony deb 5%s
1938 2434 27
1,000
2134
Cony deb 443 0_ _1948 21
Cony deb 434e
1949 19% 21% 115,000
90,00
1950 2136 23
Cony deb be
Deb be
1968 2136 22% 123,000
12,000
25
1977 24
Cone deb 53411
15,000
68
1950 69
Assoc Rayon be
4,000
Assoc Telephone Ltd 541'65 10336 10434
37,000
Aesoc T & T deb 5368 A '55 67% 69
18% 18,000
Assoc Telep OBI 5%8_1944 17
1736 18% 44,000
Certificates of deposit
3536 3,00
8s
1933 35
35
3534 10,00
COI of deposit
Atlas Plywood 5 Sis--I943
Baldwin Loco Works8,000
65 with warr
1938 4036 44
24,000
without warr
_1938 3736 40
Bell Telep of Canada21,000
let M be series A _ _1955 113% 114
let M 5s series B
1957 116% 11634 36,000
10,000
bs serlea C
1960 116% 118
7,000
Bethlehem Steel (4
1998 134 134%
Binghamton L H & P5.'46 10634 106% 6,000
33,000
Birmingham Elec 4 h.1968 8536 86
20,000
76
Birmingham Gas 5.3_1959 73
Boston Consul Gas 53_1947
2,000
Broad River Pow 5e 1954 8436 8436
Buff Gen Elea 138
_1939
8,000
Gen & ref Es
1956 109 109
Canada Northern Pr be '53 9834 9934 66,000
Canadian Fax Ry 6s_1942 110% 11134 64,000
Capital AdmInis 5o,1953 10036 101% 19,000
99% 109,000
Carolina Pr & Lt 6s_ _ _1958 98
Cedar Rapids M & P bs '53 112% 112% 8,000
10234 52,000
Cent Aria Lt & Pow be 1960 102
1,000
41
Cent German Power 681934 41
3,000
Cent III Light ba
108
1943 107
Central III Pub Servicebe series E
1958 96% 97% 49,000
1st & ref 434e ser F.1987 8834 9034 182,000
68,000
Miseries G
1968 9436 96
44% series 11
9034 17,000
1981 89
18,000
Cent Maine Pow 5a D_1955 10436 105
443eeriest E
1957 10036 10136 26,000
9034 48.000
Cent Ohio Lt & Pow 561950 86
7536 38,000
Cent Power 58 ser D_1957 74
Cent Pow & Lt lot 58_1956 7734 7834 123.000
90.000
Cent State. Elea 51
1948 36 ' 37
534s ex-warr
1954 3536 3636 128,000
Cent States P & L 15311..'53 6236 65% 91,000
Chic Dist Elea Gen 4343'70
Chic Jet Ry St Union Stk
Yards be
1940
Chic Pneu Tools 5%n_1942
Chic Rye de otfe
1927
Cincinnati Street Ity546 aeries A
1952
as series B
1955
Cities Service be
1966
Cony deb 58
1950
Registered
Cities Service Gam 534s '42
Cities Service Gas Pipe
Line Os
1943
Cities Serv P & L 543 1952
1949
536.
Cleve Else III let 56_1931i
bs series A
1954
fa series B
1961
Commers and Privet
Bank 6%n
1937
Commonwealth Edison1st M 63 series A
1953
let M be series B
1954
let 44s eeriest C
1956
1S1 4%11 settee D 1957
161 4513 series E_1960
1st M 4.series F
1981
5 314 series G
1962
Com'wealth Saber]54e'48
Community Pr & Lt be 1957
Connecticut Light & Power
75 series A
1951
54e series B
1954
434e series C
1958
Si series D
1962
Conn River Pow Si A 1952
Consol Gas (Salto City)56
1939
Gen mtge 431s
1954
Conseil Gas El 14 it P(Bait,
431,series
1969
114a series H
1970
lstref.f45
1981
Cannel Gas Util Coln & coil laser A_1948
Cony deb 64s w w _1943
Consumers Pow 1141_1958
but & ref Si
1936
Coiat'l Gas & El 64 _ _ 1958
Ccamove-Moehan1945
Coal Corp6 Hs
Crane Co beAug 1 1940
1940
Crucible Steel ba
Cuban Telephone 734s 1941
Cuban Tobaeeo _ _ _1944
Cudahy Pack deb 5346 1937
1946
3 f be
Ca.mberld Co P& L 434866
Dallas Pow & Lt 8e A_1949
1952
series C
Dayton Pow & Lt 511_1941
Delaware El Pow 5%3_259
Denver Gas it Elec 56_1949
Derby Gas & Elea 63_1946
Del City Gas Neer A_194.7
1950
Se bet series B
103
1033-4 42,000
10931 11031 10,00
9834 9954 38,00
74
7734 62,00
71
71
3,00
58,000
4631 49
4654 4831 405,000
1,000
a67 a47
60,000
81
84
9651
414
41%
103
1064
39
9731
43
431-4
10451
10631
Range Since
Jan. 1 1935
63
5436
55
47%
44%
34
1334
123(
384
974
62
41
64
99
58
50
204
High
Low
Low
8834
83%
8334
73
6634
8934
18
3234
17%
28%
54.
10334
9431
74
101
10531
8434
7331
2931
Jan
Jan
Jan
Jan
Jan
Jan
Jan
May
Jan
May
Jan
Jan
Apr
Jan
Jan
Feb
Jan
Jan
Feb
11
114
11
3834
7651
34
9
8
134
133(
47
32%
3034
32%
30%
Apr
Apr
98
97
974
102
764
454
3854
1024
29
1024
102
71
98
65
46%
9431
724
8354
99
10936
11134
11234
12651
10231
69%
58
108
70
10631
105
97
105
8834
8331
11031
89
39
106
Mar
Feb
Jan
Jan
Jan
Jan
Jan
May
Jan
Jan
Apr
Apr
Mar
Jan
Jan
Jan
Jan
Mar
Apt
81
68
11554
1184
119
135
10636
88
76
109
88
10934
109
10134
1124
10131
100
11234
10234
4234
109,4
Jan
Jan
Apr
Apr
Feb
May
May
May
May
Jan
Mar
Jan
Jan
Jan
Jan
May
May
May
May
Apr
Mar
7631 Jan 97% May
50
91
Jan
May
4531 67
9751 Slay
Jan
75
49
6731 Jan 9031 May
46
Jan 1054 Apr
101
80
9531 Jan 10236 May
72
91
May
72
5554
Jan
794 May
Jan
374 59
374 594 Jan 8331 May
39% May
Ma
26
25
39
May
253.4 2534 Ma
Slay
4831 Jan 67
29
62
924 Jan 103% May
1054
90
5131 8731
6534
43
4034
47
28%
284
48%
58
6634
30%
29%
29%
6351
8431
32,000 55
146,000 2634 26%
55,000 2734 274
103
21,000 108
6,000 10134 10531
10931
102
3951 12,000
Slay
Slay
May
May
Slay
May
May
Slay
Slay
May
Slay
Feb
Jan
Slay
Slay
Mar
May
May
May
May
Mar 28
Feb 2114 May
Mar 2134 Slay
2334 May
Ma
2336 May
Ma
2534 May
Ma
Feb
Apr
Jan 1044 Apr
Jan 7531 Feb
21
May
Jan
May
Jan 21
May
Jan 38
May
Jan 38
06
Jan
Ma
1431
13
11
1231
12
144
60
99
5734
1431
1431
20
20
78
12
94
103%
9934
98%
93
8734
10331
3314
3334
293.6
29
8234
106
100
9531
106
109
10734
t+334
43
$3
37
Jan 110% May
Jan 99.4 Jan
Jan 7731 May
7434
76
50
5036
49
8434
Apr
Apr
May
May
May
May
Jan 99
Feb 4416
Feb 4131
May 106
Stay 111
Feb 114
May
Slay
May
Mar
Feb
Jan
Feb
Fe
Mar
Feb
Feb
Jan
Apr
47
Feb
8654
8654
1103(
7931
804
6934
923,5
64
13336
Star
1094 Jan 112
109
Jan 11235 Apr
10534 Jan 11035 Apr
Apr
10431 Jan 110
May 10631 Apr
102
9431 Jan 10431 May
Jan
10534 May 109
May
83
Jan 101
5131 Mar 6734 May
112
2,000 104
9831
6,000 102
10631 10631
105 10531 21.000 8754
11934 Jan 121% Apr
Jan
10831 Apr 112
1084 Jan 10936 Mar
May 10934 Jan
106
Jan
103% Jan 106
111
11134
1094
10931
102
10331
10531
9731
63
11131
1114
10931
1094
10234
104
10535
100
6431
109
10936
112
112
12,000
18,000
19,000
22,000
14,000
165,000
27,000
116,000
53,000
1,000 10014 111
9934 11451
Jan 112% Apr
Slay
Jan 120
2.000 101% 10535 May 111% Feb
10534 10531
Apr
Apr 111
1084 1084 5,000 964 107
884 108% Jan 110% Mar
13,000
107 10731
7134
15
1074
1024
6231
7234 May
51
Jan
724 15,000 $8
2236 May
431 Jan
431
3,000
15
1074 Jan 10936 Slat
108).' 31,000 88
Jan
102% 12,000 1004 10236 May 104
42
Jan 6836 Slay
6431 358.000 83
14
103
100
784
40
1034
10551
104
106 h
1054
1074
984
10734
9434
102
98
14
10331
10031
80
44
1033-4
1064
10431
1074
106
108
99
10734
95
10334
98%
1,000
23(
14,000 7731
57,000 604
9,000 60
7,000 85
28,000 9331
26,000 102
16,000 65
12,000 10054
4,000 94
11,000 994
42,000 65
11.000 9234
22,000 663(
17,000 76
52,000 674
8
102
9531
6131
40
1034
10331
95%
10634
10431
1054
8634
10535
83
99
914
Jan
Jan
Apr
Mar
Stay
Mar
Mar
Jan
Apr
Feb
Apr
Jan
Jan
Jan
Jan
Jan
1731
10331
100%
82
4836
104
10731
104%
110%
107
109
9911
1084
9551
10451
99
Mar
Mar
May
Slay
Jan
Jan
Feb
Slay
Mar
Mar
Mar
May
Feb
May
Feb
Feb
New York Curb Exchange-Continued-Page 5
3522
BONDS
(Continued)
IVeek's Range
of Prices
Sales
for
Week
July 1
1933 to
Apr 30
1935
Range Since
Jan. 1 1935
BONDS
(Continued)
Week's Range
of Prices
May 25 1935
Sales
for
Week
Jell/ 1
1933 to
ipr 30
1935
Range Since
Jan. 1 1935
High
Low
Low
High
Low
Low
Low
High
Low
High
Detroit Internal BridgeKentucky Utilities CoAug 1 1952
3
6
74 Apr
1,000
Jan
6
6211 Jan 8631 May
645
15t mtge 55 ger 11 _1961 8355 8431 46.000 46
24
Certificates of depoelt _
5% 6
2,000
Jan
Apr
2
73
7
14
Jan 99
Slay
18.000 55
8%s merles D
1948 9711 98
Aug 1 1952
1%
Deb 76
1% 2.000
255 Apr
511s series F
69
4 Jan
Jan 9011 Slay
1955 8814 8934 6.000 50
34
Certificates of deposit_
1
1
11 Mar
14 Apr
5,000
55 series I
1969 8354 84% 54.000 451.4 6211 Jan 8651 May
34
Dixie Gulf Gas 6115..1937 10351 103% 18,000 78
101% Jan 10331 May Kimberly-Clark 55_ _ _1943 103 103
Jan 103% Mat
6.000 8234 102
Duke Power 4315
1967 107% 107% 23,000 85
105
Jan 108% Mar Koppers G & C deb 55 1947 10314 10331 76.000 72
10111 Feb 104
Mar
Eastern Util Invest 55_1954
12
13
11
164 Jan
2.000 10
Sink fund deb 5 516-1950 101 10151 35.000 76
Mar
103
Feb 10555 Jan
Elea Power & Light be_ 2030 48% 53% 500.000 22
334 Feb 5734 May Kresge(SS) Co be
10034 Slay 10455 Jan
_1945 100% 100% 2.000 89
Elmira Nat.Lt & RR 5858 99% 99% 4,000 aa
May
854 Jan 100
Certificates of deposit
1004 May 10334 Feb
1024 103
8,000 85
El Paso Elea be A _ _ _ _1950 101
10114 25,000 as
8911 Jan 10214 May Laclede Gas Light 5461935 68
68
564 Apr 73% Slay
1.000 60
El Patio Nat Gas 6315_1948
Lehigh Pow Scour 65..2020 102% lot% 137.000 as
91% Jan 104% May
10151 1024 5.000 56% 91
With warrants
Jan 1024 May Lexington Utilities56.1962 9251 9351 24.000 544 75
Jan 96
Apr
3.000 25
904 Jan 100
1938 100 100
Deb 654s
May Libby MciN & Libby 5s '42 10211 103
984 Jan 104
36.000 57
Apr
41.000 46
Empire Dist El 5s
90
1952 8711 89
67
May Lone Star Gas 5s
Jan
1942 103% 10334 31.000 8251 101
Jan 1044 May
Empire Oil& Ref 511s 1942 6651 68% 56.000 41
54
Jan 6931 May Long Island Ltg 65
9511 Jan 1034 May
31,000 65
1945 10251 103
Marelli
Ercola
Elea MfgLos Angeles Gan & Elea61
6,000 80
1953 61
651s A ex warr
60
Apr 69
&
Jan
107% Feb 10851 Mar
1939
100
7,000 78
Erie Lighting 65
100
1967 10531 106
Jan 106
55
May
1961 106% 106% 3,000 874 10314 Jan 10731 Feb
European Elee Corp Ltd65
Feb
1942
Jan 110
994 108
1985 9434 94% 2.000 6951 85
611s x-warr
Jan 98
Apr
5 %Beetles E
107
1947 103% 1034 1.000 94
Jan 1094 Feb
European Mtge Inv 75 C'67 39% 40% 47.000 24
3431 Apr 5511 Jan
5115 eerles F
10451 Jan 107% Slay
1943 106% 10651
5.000 94
Fairbanks Morse 55..1942 10251 103
22.000 58
96% Jan 10355 Apr
511s scrim I
106
Jan 110
Feb
1949 1064 106% 8.000 94
251
231
Federal Sugar Ref 6s 1933
2% May Louisiana Pow & Lt 56 1957 9651 9731 103.000 814 88% Jan 98% May
1.000
111 Feb
135
Federal Water Sera 546'54 5231 53% 30,000 16
314 Jan 56
Apr Louisville G & E 65_1937 101% 101% 2.000 90
100
Mar 10234 May
Finland Residential Mtge
4 4s nodes C
104
195! 10631 106% 4.000 79
Jan 1084 Apr
1.000 88
Bank!6s-56Stamped1981 99% 99%
9811 Mar 100
Apr Manitoba Power 546_195i 5451 55% 16.000 2234 5011 May 664 Feb
Firestone Cot Mills 65 '48 102% 10334 55.000 85
102% Jan 105% Mar Mass Gas deb ba
854 Mar 9511 Jan
1959 89% 9151 30.000 70
Firestone Tire & Rub 58'42 104 104% 13.000 89
103
Apr 10534 Mar
8711 Mar 102% Jan
5%e
9551 51,000 80
1946 95
89% 91.000 48
78
Fla Power Corp 5518-1979 89
MeCord Radiator & MfgJan 9111 May
8111 215.000 444 8831 Jan 8214 May
Florida Power & Lt be 1954 80
65 with warranta _1943 7334 75
67
May 82
Jan
9.000 33
73,000 63% 8334 Jar) 80
Gary Elea & Gas 56 ext _'44 75% 80
May Memphis PA L be A _1948 10151 102
904 Jan 102
May
49,000 70
7934 Apr 994 Jan
Gatineau Power 1st 5s 1958 88% 89% 45.000 714
Metropolitan Edison7634 8,000 80
Deb gold Se June 15 1941 75
4sseriesF
60
Apr 994 Jan
89
101% 56.000 63
1971 101
Jan 10231 May
1941 7311 754 13.000 594 594 Apr 9851 Jan
Deb eased& B
55 series F
10031 Jan 10611 Slay
1962 106 10611 32.000 73
11,000 55
1940 89% 91
General Bronze 5a
8134 Mar 94
Middle States Pet 61.85 '45 8111 8211 7.000 45
Jan
88
May
Jan 84
9.000 54
86
General Pub dery be 1963 86
Middle Welt
74
May
Mar 86
Gen Pub UV! 634. A.1956 66% 6711 64.000 2331 514 Jan 6914 May
1031 May
Jan
ctts of depoalt_.1932
5
731 951 33.000
814
5,000 38
60
General Rayon 66 A-1948 60
56
Jan
6n Mfg of dap
6011 May
414 Jan
104 May
835 934 17.000
1933
354
Gen Refractories 6e.._1938
451 Jan
&Mrs of deD
1051 May
1934
734 954 63.000
160 160
2.000 90
With warrants
145
Mar 163
6g efts of depogit
May
4% Jan
731 931 62.000
104 May
1935
81.4
101% 10134 7.000 85
Without warrants
Mar 102% Feb Midland Valley 5s
100
6211 Jan 75
May
75
1943 74
8,000 53
9
9
2.000
4
Gen Vending & ex war '37
9
2
Jan
107
May 8111w Gas Light 445..1967 10751 108
Feb 10814 Jan
18,000 90
Certificates of depoalt
4
715 73,5 14.000
2
755 May
Minneap Gas Lt 441_1950 103% 10411 39,000 87
Jan
9431 Jan 104% May
73
27.000 3834 56% Jan
Gen Wet Wks & E15&.19'3 71
7511 May
Minn P & L 411s
794 Jan 9431 Slay
38.000 64
1978 92
93
Georgia Power ref ba _ _1967 944 95% 172.000 54% 8154 Jan
9651 May
56
Slay
1956 9734 9814 27.000 584 884 Jan loll
Georgia Pow & Lt 58_1978 68% 72
47,000 40
5631 Jan
Mississippi Pow 5s
72
Mai
1955 824 8431 39.000 354 6234 Jan 86% May
Gestural& x-warrants 1953 31% 3131 8.000 30
3111 May 564 Jar
Miss Pow & Lt 5e., _1957 8451 8634 65,000 40
72
Jan 88
May
Gillette Safety Razor 55'40 104 10431 6.000 93
103
Mississippi River FuelJan 1054 Feb
Glen Alden Coal 46_1966 864 8734 75.000 53
8434 Jan
92
94
85 with warrants.__1944 9951 9951
Mar
Mar 9931 Jan
1,000 89
Gobel (Adolf) 6145___1935
Without warrants.... 9734 974 2.000 854 94
Mar 99% Jan
82
80
19.000 69
with warrants
70
Apr 934 Feb M165 River Pow 151 5. 1951 1074 108
36,000 954 106,4 Jan 108
May
Godchaux Sugar 7118_1941
106
95
Miggourl Pow & Lt 5 4E1'55 105 105% 8,000 7014 101% Jan 1064 May
Apr 107% Mar
Grand Trunk Ry 6 SO 1936 103% 103% 10.000 984 103% May 1054 Jan
414 Mar 68
Missouri Pub Sery 54_1947 50
Feb
55
77,000 33
Grand Trunk West 45_1950 86% 87% 37.000 63
86% May 9211 Jan
Monongahela Weal PennGt Nor Pow Ss stmp_ _1950 105 105%
3.000 10235 1024 Feb 1064 Apr
i'ubFervSl.4sera 1953 974 99
86
70,000 58
Jan 994 May
Great Western Pow 56 1945 108% 108% 2.000 934 107
Jan 1094 Apr Mont-Dakota Pow 546'4
May
7431 7431
1.000 4755 6731 Jan 76
Guantanamo & WW1)!'58 40% 52% 4.000 10
523.1 Slay
1751 Jan
Montreal LU & P Con35
Guardian Investors 53.1948 34
9.000 24
25
36
let & ref 55 ser A
Mar
Jan
1951 10631 10711 14,000 9451 145434 Mar 107% Jan
1937 1034 10331 14.000 994 10311 May 105% Jan
Gulf 011 of Pa be
56 series B
1970 10711 10731 10,000 9355 1054 Mar 10851 Apr
1947 105 106% 27.000
55
105
Apr 107% _Ian Munson SS LineGulf States UM 56_1956 103 1034 24.000 62
2% Mar
6116 with warr
9431 Jan 105
May
Jan
b
24
1.000
311 351
1937
446 series B
1961 994 100
6.000 55
874 Jan 101
May Narragansett Elea 58 A '57 104
10434 24,000 914 102% Apr 10611 Feb
Hackensack Water be_1935 1104 11011 14.000 984 10831 Jan 1104 Mar
56 aeries B
1957 1044 10431 11.000 9314 103
Apr 105 31 Feb
1977
be series A
98
105
1004 Jan 104% Slay
Apr 1064 Feb Nassau & Suffolk Ltg 56 46 103 103
2.000 98
7551 31,000 70
_ _1947 74
Hall Print fis
70
May
7131 Jan 95
Mar 7731 Apr Nat Pow & Lt 6s A _ _2026 8631 904 73,000 bl
Hamburg El Underground
Deb be seri& B_ _ _ _2030 7634 7911 102,000 42
614, Jan 84
May
& St Ry 54s
32
1938 32
3.000 28
31
May 41% Feb Nat Public Service 55 1978
92%
4.000 55
Hood Rubber 5516
1936 9251
84
7
9
Jan 954 May
Certificates of deposit. _ _
May
84 57.000
334 Mar
331
1938 934 95
71
9.000 65
87 Pan 97
107% Jan 111
Slay
May Nebraska Power 4346_1981 10931 1104 15.000 83
Houston Gulf Gas 66..1943 9951 10054 66.000 40
93
68 seder! I
Jan 101
6,000 704 10131 Jan 113
May
Slay
2022 Ill% 112
6116 with warrants.1943 94
95
16,000 2934 78
90
Mar 95
May Neigner Bros Realty 65 '48 97% 98% 26,000 35
Jan 9814 Slur
Houston Light & Power67
Nevada Calif Elea 58_1956 76
May
Apr 79
7831 130,000 54
1953 10551 106
15.000 91% 104% Apr 107
let 66 ser A
1004 Jan 109% Slay
Mar New Amsterdam Oa 56.'48 10951 10935
4,000 85
1978 104 105
3.000 79
1st 4345 ser D
1024 Feb 1054 Mar N E Gas & El Astin 56_1947 5911 814 26,020 34
474 Mar 62% May
1981 105% 105% 31.000 80
let 43.4e ser E
104
Jan 1064 Mar
Cony deb 56
Afar 6234 May
1948 594 60% 41.000 3314 48
Hudson Bar M & 865.1939 104 105% 6,000 10114 10134 Apr 107% Apr
Cony deb 56
61,000 33% 47
19531 5931 61
Mar 675.1 May
Hydraulic Pow 5e__1950
1004 111% Jan 11355 May New Eng Pow Assn 55_1948 6231 6511 65,000 464 6414 Mar sag may
107
107
Impr
1951
4,000 100
Ref &
50
56,000 50
Debenture 534s_.1954 66
70
5711 Mar 72
Slay
lossi Mar 10731 Jan
New OH Pub ge,
117grade Food ProductsSlay
v 4 144'35 814 874 76,000 3234 474 Jan 88
624 45.000 404 47
1949 52
88 series A
Apr 6431 Jan
63
13,000
66
Slay
63
Certificates of deposit_ _
May 66
1949 533.4 61
5.000 42
Salaries B
54
fis series A
30% Jan 6014 May
22,000 25
Apr 63
Apr
.1949 47% 49
Idaho Power 5s
1947 10834 10834 4.000 86
10531 Jan 1084 May N Y Central Elea 511s '50 9111 9331 21,000 its
77
Jan 9354 May
67
4
Illinois Central RR els 1937
30.000 60
60
Mar 80% Jan NY Penn & Ohio 414s 1950 10734 107% 26.000 103% 10354 Mar 10731 May
III Northern Util 56_._1957 10634 10611 6.000 8234 1024 Jan 10734 May NY P&L Corp 1st 431s '67 10311 1044 161,000 73
8934 Jan 1044 Slay
III Pow & L let 88 ger A '53 9354 943.4 123.000 48
7531 Jan 95% Mar N Y State G & E4546.198(1 9851 994 117.000 68% 85
9931 Slay
Jan
31.000 48
let & ref 534s ger 8_1954 88% 90
694 Jan 9011 May
let 535t
9934 Jan 107% May
1962 1074 10751 3.000 77
1st & ref be ser C
86
86.000 4231
1966 85
8631 Jan 88
May NY & Weetch'r Ltg 41 2004 105 106
994 Jan 106
2,000 81
May
S f deb 534s ..May 1957 75
7634 47.000 3214 57
Jan 79
104% Jan 112
96
Debenture 56
May
Apr
1964
Indiana Electric CornNiagara Falls Pow 85_ 1950 10734 10734 2,000 104
107
Mar
Apr 110
ets series A
1947 78% 80% 8.000 644 84
Jan 85
55 series A
May
9951 1054 Apr 10914 Feb
1959
86%
83%
1953
4.000 58
6 45 series B
68
Jan 88
May Nippon El Pow 5516..1953 88
2,000 63
88
824 Feb 83
May
1951 71% 72% 44.000 45
66 aeries C
764 May No American Lt & Pow80
Jan
Indiana Gen Serv 55..1948
93
1074 Jan 107% Mar
5% notes
1936 101% 101% 5,000 814 10031 Jan 101% May
Indiana Hydro-Elec 55 '68 804 82
23.000 44
6234 Jan 8211 May
545 aeries A
May
1956 594 6211 84,000 25% 4414 Mar 63
Indiana & Mich Elea be '55 105 106
10.000 70
99
14,000 184 2051 Mar 3431 May
Jan 106
May Nor Cant ULU 514s
34
1948 32
Si...1957 111 111
6.000 884 1074 Jan 111
No Indiana GA E 65_1952 105 1054 10,000 71
May
994 Jan 10614 May
Indiana Serviae Is._ 1950 48
4911 42.000 233.4
3611 Jan 51
Northern Indiana P 13Slay
1st lien & ref 5a._ 1963 48% 48% 24.000 22
Si
35% Jan
36,000 514 77
bn sedan C
May
Jan 100
1966 9834 99
May
Indianapolis On. 55 A _1952 94% 95% 11.000 68
&series D
98% 52.000 5231 76% Jan 100
80
Jan 97
May
May
1069 98
Inti•Dolis P & L 56 ser A '57 103% 104% 108,000 73
4 Sieserles E
9731 Jan 10.15.1 May
7131 Jan 0414 Slay
935.4 33,000 494
1970 93
Intercontinents PowerNo Ohio PA L 5 45..1951 105% 10651 17.000 89
1014 Jan 107
Apr
68 series A ex-w......1948
3
33.4 8.000
1% Mar
414 Mar Nor Ohio Tree & Lt 5s '56 10611 1064 16,000 85
134
100
Jan 10614 Ala
International Power SeaNo States Pr ref 410..1981 10251 103
51,000 71
9034 Jan 104% May
73% 2.000 65
1955 73
64s series 0
65
Nfar 77% Jan
88
514% notes
Jan 10131 May
1940 100 101% 38,000 89
1967 73% 75% 17.000 724 7234 Mar 8551 Feb N'weetern Elect fie__ _1935 9234 94
75 series E
39,000 54
74% Jan 9434 May
3.000 60
70
1952 70
7s series F
SO
Mar 8034 Feb N'weetern Power tie A _1960 31% 31% 3,000
Jan 384 Feb
834 28
International Salt 68..1951 107 107
8.000 8331 1044 Apr 108
84 28
Apr
Feb
Certificates of deposit._ _
Jan 37
International See 55..1947 77
79% 59.000 43
6834 Jan
79% Slay
72
90
N'weatern Pub Sen.66 1967 8831 90
82.000 474
May
Jan
interstate Irn & 811 445'46 9634 9931 30.000 584 89
Apr 9931 Slay Ogden Gas be
Jan 10314 Apr
194o 100 10031 55.000 734 96
Interstate Nat Gaa 88_1936 1044 10434
1.000 103
10434 May 10551 Jan Ohio Edison let 5a
1960 10531 10511 67,000 834 97q Jan 105.4 Apr
Interstate Power 6s 1957 7254 75
37.000 37
57
14.000 88
1044 Apr 1084 Jan
77% Slay Ohio Power let 56 B 1952 105 106
Jan
Debenture lis
1952 5111 5355 64.000 264 38
1st & ref 4145 aer
Jan 56
May
1956 10134 105 3-4 51,000 834 1044 Apr 1064 May
Interstate Public ServiceOhio Public Service Cobrigades D
27,000 41
1956 68% 72
52
3,000 7031 105% Jan
Jan 74
1953 10831 10834
Os series C
May
Mar
.4p series F
45.000 42
1958 6255 65
26,000 604 0931 Jan 10411 May
56 series D
4711 Jan 88
May
1954 103% 104
Invest Co of Amoe1004 Jaa 107
May
1951 10531 1064 18,000 63
545 sedan E
1947 97
ba settee A w w
93
6.000 67
92
Jan 98
99
Apr Okla Gas & Elea 5a
1960 10431 10411 35.000 6811
Jan 104% Mar
without warrants
97
2 000 67
97
91
29,000 63
102
904 Jan 102
Jan 98
85 series A
May
Apr
1940 101
Iowa-Nth L & P
100 101% 33.000 56
88
48
Jan 10331 Slay Okla Power & Water 55 '48 643-4 6731 19,000 40
Jan 6831 Slay
1961 100% 100% 8.000 5634 86
be series B
Jan 103% May Osgood 64 ww
31
40
May
1938
Mar 41
Iowa Pow & LI 441_1958 105 10554 7.000 72
100
Jan 105% Apr Oswego Falls Si
4,000 454 5534 Jan 8411 Mar
1941
77
78
Iowa Pub Serv 68._
1957 9534 9631 61.000 5714 82% Jan 97% Slay Pacific Coast Power 55 1940 10414 10431 6.000 66
994 Jan 10411 Apr
!woo Hydro Elea 75_1952 7111 72
4.000 64
64
Mar 83% Apr Pacific Gas & El Colsotta Franshini 7s. _1942 854 854 2.000 7331 83
20.000 101
1st 65 series B
1114 Jan 11854 Apr
Jan 87
1941 11734 118
Apr
Italian Superpower of Del
30.000 954 105
let & ref 645 ler C.1962 105 105
Apr 1083.4 Feb
Deb 6s without war_1963 59
59% 5.000 49
51% Mar 6834 Feb
1054 Jan tossi Jan
55 series D
1955 107% 1074 15.000 91
Jacksonville Gas 511_1942 5015 5235 6.000 32
43.000 824 101
36
Jan 524 May
lst & ref 4%.E
Jan 1074 Mar
1957 10634 107
Stamped
48% 49% 24.000
48
May 49% Nfay
1st & ref 445 F
Mar
1950 106 106% 26.000 8211 1004 Jan 107
Jamaica Wat Sun 5146'55 10634 106% 2.000 984 105% Apr 108
18
Mar
Mar Par Invest So ser A __ _1948 954 9634 5.000 1111
87
May
Jersey Central Pow & Light
3.000 102
Apr
Pacific
Jan 117
110
& Pow 55_1942 115 115
1947 103 10314 45.000 77
5a seder! B
mg Jan 104% Feb
Pacific Pow & Ltg 68..1955 7511 76% 101,000 35
57% Jan 784 Slay
1961 10134 1024 28.000 7011 93% Jan 10331 Slay Pacific western oil Si '
4 45 series C
43
Jones & Laughlin SU 58 '39
1024 1064 Jan 1074 Apr
Mar
10351 10334 38.000 734 9814 Jan 104
With warrants
Kansas Gas & Elec 66_2022 103 10434 13.000 614 90
Jan 10834 May Palmer Corn 5e
Jan 10334 Apr
102
1938 1024 10211 23.000 85
Kansas Power 55
1947 924 93
9.000 62
26.000 55
7731 Jan
111..r
9411 Slay Park & Tilford 6s._ _ 1936 9971 100
924 Jan 100
Kansan Power & LightMay
Penn Cent L & P 645 1977 9731 9811 80.000 57
84% Jan 99
1955 10734 10734 1.000 80% 105
5.000
68 series A
Jan 10731 Mar
9311 Jan 1024 Apr
ba
1979 10111 10251
1Q57 106 106
100
9.000 70
89,0001 5114 74% Jan 93
Jan 106
93
1971 92
Apr Penn F.lectric 45 F
May
For tnntnotps
wive 3523.
a.
New York Curb Exchange-Concluded-Page 6
Volume 140
BONDS
(Continued)
Week's Range
of Prkes
Low
Penn Ohio Edison1950
ea aeries A lw
Deb 555seeriesB_ _1959
Penn-Ohio P & L 555-s 1954
1956
Penn Power Is
Penn Pub Serv 65 C 1943
1954
55 series D
Penn Telephone Is C_1980
Penn Water Pow bs. _1940
1968
445 series 11
Peoples Oat L & Coke1981
is series B
1957
ee merles C
Peoples LS & Pr ba_ _1979
Phila Electric Co 58_196e
Phila Else Pow 548_1972
Flyila Rapid Transit 65 1962
Phil Sub Co G & E 450'57
Phila Suburban Wat 5s '55
Plednel Hydro-El OM '60
Piedmont & Nor 5e
1954
Pittsburgh Coal es
1949
Pittsburgh Steel 8s
1948
Pomeranian Elea 65 1953
1939
Poor & Co 6a
Portland Gas & Coke 55'40
Potomac Edison 55.-195e
1961
4,55a aeries F
Potomac Else Pow 58_1936
l'otrero Sugar 78
1947
Stamped
PowerCorplCan) 454e 11'55
Power Corp of NY1947
6155
l'ower Securities 6s,.1949
Prussian Electric 65. _1954
Pub Sart,of N FI 455sB '67
Pub dery of N J pet etre__
Pub Sere of Nor Illinois1956
1st & ref be
1966
68 aeries C
4148 serial D
1978
1980
4148 series E
let & ref 4 14a ser F_1981
1952
64e aeries II
Pub Nary of Oklahomabrigades C
1961
baneries I)
1957
Pub dery Hubeld 545_1949
Puget Hound P & L 545'49
let & ref 58 series C_1950
let & ref 414e ser D..1960
Quebec Power be
1968
Queens Boro0& E 455s'58
5 Wineries A
1952
Reliance Slanagemt 5s 1954
With warrants._ ..
Republic Gas es
1945
Certificates of depoeit_ _ _
itochouer(cot Pow 591953
Rochester Ry & Lt 58_1964
Ruhr Gan Corp 6 sie...1953
Ruhr Housing 6355.-1958
Sate Harbor Water 454m '79
St Louis Gas & Coke as '47
San Antonio Puullo Service
Salaries B
1958
San Diego Gan & Elea-554s Berke D
1960
San Joauuln Lt & PowerIs series Ii
1052
basemen D
1957
Sauda Falls 14
1955
Saxon Pub %Vita es....__1937
Schulte Real Estate6s with warrants. _1935
es ex warrants
1935
Script)(E W)Co 550_1943
Seattle Lighting ba___1949
Serval Inc be
1948
shawinlgan W & P‘48'67
4558 series II
1963
1st be series C
1970
let 4 48 series D
1970
Sheffield Steel 548_1948
Sheridan Wye Coal ea 1947
Sou Carolina Pow 58_1957
Southeast I' & L 65...2025
Without warrants
Hon Calif Edison 51__195i
55
1939
Refunding 55 June 1 1954
Refunding Is Sep 1952
Sou Calif(las Co 548_1961
let ref ba
1957
1952
5%s eeriest-I
Sou Calif Gas Corp 551937
Sou Countlem Gan 448.'68
Sou Indiana 0.1 E 5145 '57
Hon Indiana Rs 48._ 195l
Hon Natural Gas 6s
1944
Onstarnped
Stamped
Wiesner'. Assoc Tel 65 '61
Southwest(I & E 58 A_1967
banerlea 11
1957
d'weetern Li & l'r 58..1957
li•weetern Nat Gas 68.1945
Ho'Went l'ow A LS 55.2022
S'west Pub Sere Oa_ _ _1945
Staley Mfg es
1942
Stand Gaa & Elea 68..1935
Cone es
1935
Debenture 65
1961
Debenture fla Dec 11988
Standard Inveetg 5 As 1939
Seen warrants
1937
Stand Pow & Li es
1957
Standard Telep 54s...1943
Stinnes (Hugo. Corp1936
Deb 78 ex-warr
7-4% staiiiiied___193)1
Deb 78 ex-warr____1946
7-4% stamped _ _1948
Super Power of 111 4341 '68
1st 4.411
1970
1961
68
Swift & Co tel m et 58_1944
5% notes!
1940
Syracuse Ltg 63.-4e__,1954
5s aeries B
1957
High
July I
Sales 1933 to
for
4pr 30
1935
Week
S
8414
8754
1054
10655
106
10251
106
96
27,000
89
29.000
10534 32,000
1064 2,000
1064 2.000
10234 5.000
106
6,000
106
10654 12,000
Low
394
35
74
9234
864
60
86
103
89
8314 8414 92,000 5634
9734 934 228,000 6834
2
155
235 42.000
12.000 10434
11134 112
10934 10934 21.000 100
85
8534 3.000 4454
107 107
8.000 98
1053.1 1054 7.000 9555
584 61
17.000 56
29.000 69
9834 100
1074 10734 2,000 89
9514 96
8,000 79
2534
10234 103
15.000 80
7755 7834 15,000 674
105 10534 14,000 72
1013.4 10534 30.000 66
101
60
63
8,000 13
8031 8034
954
89
34
105
128
Jan 8531
Jan 99
Mar
334
May 11434
Apr 1104
Jan 8534
Apt 109
Apr 10655
Mar 7534
Jan 101
Jan 10854
Apr984
Slay 35
Apr103
Feb8254
Jan 10634
Jan 10534
Mar 10554
Jan 66
Slay 49
Mar 8851
May
Mar
Apr
Mar
Mar
May
Mar
Star
Jan
May
Feb
Jan
Feb
May
Slay
Apr
Apr
Jan
May
Slay
Jan
Jan 10055 May
Feb 9255 May
Feb
Apr 42
Jan 10655 May
Jan 130
May
9055
89
81
8034
80
9855
Jan 1054 May
Jan 1044 May
may
_Ian 100
May
Jan 100
may
Jan 100
Jan 107
May
1024 9.000
10234 32.000
9435 32.000
7634 159.000
7334 50.000
694 oo.000
6034
55
4014
3794
3635
334
9451
9354
794
5534
5334
6034
Jan 10334 May
May
Jan 103
Jan 9734 Apr
Jan 7834 May
Jan 76
May
Jan 72
May
100
4,000
30,000
101
85
102
88
6134 86
Apr 1051‘ Feb
Jan 10655 Mar
May
Jan 100
Week's Range
of Prices
High
$
Low
Par Low
64,000 55
Thermold Co fle 550_1937 7034 SO
63,000 49
Tide Water Power 55_1979 904 92
Toledo Edlaon ba
1962 107
10734 27,000 79
Twin City Rap Tr 53.4S '55 514 5734 85,000 19
Ulan Co deb ea
1944 474 4855 27,000 33
78
Union Amer Inv 55 A.,1948
Union Elee Lt & Power58 series A
1954 10655 1 0634 3.000 99
58 series B
1967 10534 10655 12.000 924
1957 1074 1074 13.000 9034
4558
8.000 9814
United Elec NJ ea.-1949 11354 114
United El Serv 75 x-w_1956 6314 6414 14.000 56
4114 414 1.000 35
United Indu.strial 655s 1941
lst s f 68
1945 4134 4134 3.000 3334
United Lt & Pow 68_1975 4334 47% 225.000 26
1974 4534 4755 30.000 2654
850
9554 41.000 50
5 48
Apr 1 1959 94
Un Lt & Rye (Del) 5155'52 5355 5635 163,000 31
United Lt & Rya(Me)9934 31.000 514
6a series A
1952 98
20.000 25
1973 444 46
68 series A
1.000 894
U S Rubber es
1936 10255 10255
6%T. aerial notee
1936 101 10114 6,000 66
60
655% serial notee_1937
10114 4.000 60
84% aerial notee___1938 101
614% serial notes___1939 1014 1014 4.000 60
14.000 80
634% serial notee _.1940 10034 101
Utah Pow & LS 65 A__2022 74
804 3.000 45
44s
1944 854 8534 26,000 5251
92
Uttar Gas & El
@FedFRASER