The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
The Financial Situation
Labor leaders will find it difficult to negotiate with
executives who do not very seriously object to curtailed operations, and in some instances to complete
Minneapolis and Toledo, outbreaks have assumed cessation of production for a time. But,of course,all
serious aspects. It can hardly be said that these this gives us no assurance that labor disturbances on
developments have caught the business community a wide scale will not be exceedingly troublesome,
by surprise. On the contrary, signs of the approach costly and on occasion, as in Toledo and Minneapolis
of widespread difficulties of this sort have been in during the past week, dangerous from both an
evidence for a good while past. Apparently reliable economic and a social point of view.
reports have been in circulation for some time of
Reviving the Wagner Bill
plans by labor officials to make the life of the nation
HAT Washington officials are well aware of the
miserable during the months to come. The situation
seriousness of the existing situation is clear
be
very
the
least
appears now to have become, or at
fact that the President is said to have sent
the
from
disturbing.
rapidly growing, distinctly
All this of course is a discouraging commentary word late in the week to Congress that he wished to
have it push the revised
upon the policies of an AdWagner bill through to the
has
that
made
ministration
statute book with as little
shorter working hours and
Codes vs Trade Associations
delay as may be possible.
higher wages the keystone
Although the fact is apparently not
It is not possible at this
of its arch, or something
universally recognized even among trade
conflict
basic
a
themselves,
time to foresee with any
associations
very nearly approaching it.
is in progress between trade associations
great exactitude or assurIf the assertion be made
and the sundry code authorities. Acjust what is likely to be
responlibility
ance
of
apportionment
curate
that these ills have beset us
for the situation that is thus developing,
in such a law. It is
included
despite, rather than because
where it has not already developed, is not
that agreements
alleged
easy.
altogether
of, the activities of the
reached under
the
on
desire
a
grows
of
been
out
conflict
have
The
of
Government in behalf
part of the NRA to maintain its position
objectionmost
the
which
be
labor, the claim cannot
of dominance in industry and the diffiable features of the bill
culties being experienced by industries in
allowed to stand for a
supporting both code authorities and
have been definitely and
moment. On the contrary,
trade associations.
eliminated. Be that
finally
it must be clear to every
Whoever may be at fault, the budgets of
as it may, no law of the
many of the code authorities are almost
thoughtful man that labor
unbelievably large. They amount in many
sort, and none that could
unrest is logical, not to say
instances to hundreds of thousands of
be devised, can be expected
dollars per year, and in those industries
the inevitable outcome of
of such code
number
a
with
afflicted
undo the damage that
to
the policies of the Governauthorities the total cost is running well
has
been wrought by the
ment during the past year.
into the millions.
of the past year. We
policies
The NRA insists that the code authorOfficial adoption of the old
come first. The result may be a
ities
well face the unas
may
fallacy of labor leaders that
gradual deterioration and possibly a disthat it will be
fact
pleasant
high wages beget prosperity
appearance of the trade associations in
expansion
by
instances
accompanied
many
large part to
in
necessary
was unwise not only because
of the work of the code authorities.
all over again with the
start
it is untrue but also because
The code authorities are largely under
task of getting labor costs
it is not well suited to induce
the thumb of the Government. Such a
consummation as is thus suggested would
down into accord with the
content among wage earners
therefore leave industry more than ever
needs of the situeconomic
well treated and reasonably
under the domination of Washington.
Trade associations have heretofore been
ation,and wagesinto reasonwell paid.
the main reliance of business in its defense
able relationships with one
of itself against Government encroachInviting Trouble
another. Real prosperity is
ment.
Equally as unfortunate is
not likely to be our lot until
proving
to
it
that task is completed.
be that officialdom for about the first year of the present regime in
"Planned Economy"
Washington pampered and truckled to the American
Federation of Labor and its racketeering leadership
HE issues that occupied the spotlight during
most of the past week have had to do with
in practically every way open to it. Inevitably the
forceful logic of events ultimately obliged the Presi- what by the brain trust is termed industrial planning
dent to alter his course after organized labor, with and by others "regimentation" or industrial and
the aid and comfort of public officials, had got into trade fascism, but which is really only an extremeform
the habit of obtaining practically everything it had of the old evil of Government control of business.
demanded. Whether warranted or not, it was but This is true despite the fact that the proposed silver
natural that the change of front represented by the Act has at length taken definite form backed by a
so-called Detroit settlement in the motor industry Presidential message, and that the Conference Comwas resented by the American Federation of Labor. mittee of the Senate and the House is still daily
It was almost inevitable that wage-earners should be deliberating upon the National Securities Exchange
inclined to demand more "direct action" when they. measure with the slyly altered "rider" attached decould apparently no longer count so completely upon signed to amend the Securities Act of 1933.
Perhaps it was the so-called Darrow report on the
the Government to pull their chestnuts from the fire.
It is probably true that the unions have chosen an work of the NRA that attracted most widespread
unstrategic moment to launch such a campaign. attention, but thoughtful groups in the business
Business activity is obviously declining. Many in- community have not been unaware of current
dustries are overburdened with stocks of goods. efforts to "clarify" the Agricultural Adjustment Act
TRIKES and labor disturbances have lately been
S
increasing in number and importance as well as
in violence. Within the past week particularly in
T
T
3486
Financial Chronicle
in such a way as greatly to add to the enormous
already established powers of the President and
the Secretary of Agriculture. Nor has there been
lack of attention to the proposed "strengthening" of
existing legislation under which the Washington
authorities are now virtually running the petroleum
industry. The approval after some weeks of delay
by the NRA of the plans of the cotton textile industry
for a 25% reduction in current production was also
naturally a subject of a good deal of interest.
It is decidedly unfortunate that the Darrow report
should have contained passages that could be so
easily siezed upon to becloud the immediate and
intensely practical questions which it raises and which
ought to be put effectively before every thoughtful
citizen in the land. The "alternatives" set forth by
Mr. Darrow and his colleagues, which General
Johnson has termed Communism and Fascism, are
nothing that we need adopt unless we choose to do so,
nor are they, either of them, a solution of anything.
The question of course is not whether we shall choose
Communism or Fascism, but whether we shall remove
the scales from our own eyes sufficiently to see where
all these codes in their present form are leading us
and turn to common sense in the management of our
affairs. One trouble, perhaps the greatest trouble,
with the work of Mr. Darrow and his colleages is
found in the fact that it is not likely to have the
effect of inducing such action on the part of the rank
and file of the public.
Facts Already in Hand
As a matter of fact we had, and have, no need of a
Darrow report, or any other report, to tell us that the
codes, so far as they are effective, limit competition,
indeed in many particulars largely eliminate competition. That is what they are intended to do. Nor
do we need have one rise from the dead to inform us
that many of the provisions of the codes in actual
practice discriminate, and must discriminate, against
the small and medium sized enterprises. Everybody
knows that many of the so-called code authorities are
dominated by the larger enterprises in the respective
industries, and no one is likely to be convinced of the
contrary by technical denials or explanations.
Whether advantage has as yet been taken of the
opportunities thus presented, it would be difficult
to prove since adequate data are absent—assuming
for the sake of discussion that, as NRA officials
claim, the evidence submitted to the so-called
Darrow board is not conclusive. But certainly we
should do well not to leave a situation intact which is
so obviously and so admirably adapted to such abuse.
At any rate it is undeniably obvious that the labor
provisions of all the codes, so far as they have any
meaning at all, in the very nature of the case discriminate against the small and medium sized enterprise which as a rule is not mechanized in nearly so
large a degree as is the large concern. Obviously the
more extensively labor saving devices and sundry
types of automatic machinery have been installed,
the smaller, relatively speaking, the pay roll costs,
The artificially high wage rates of the whole postwar era preceding the depression greatly stimulated
the installation of such devices, as is well known, in
all large plants. It has been the lack of extremely
heavy overhead burdens resulting from such policies
that has enabled the smaller establishments during
the past few years to make necessary adjustments
in such a way as to compete quite successfully with
May 26 1934
the larger units. If such advantages are taken away
from the smaller enterprise by arbitrarily shortened
hours, artificially increased wages resulting directly
and indirectly from the terms of most of the codes,
then the small man who is unable now to mechanize
quickly and effectively is of necessity faced with a
difficult situation indeed. All this is of course obviously true regardless of what the Darrow report or
any other report may or may not say, and likewise
quite irrespective of anything that General Johnson
and his associates may say in defense of themselves
and their labors.
Of course there are several other important aspects
of these matters, as has been repeatedly indicated in
these columns during the past few weeks. But these
are the two basic questions given extended treatment
in the Darrow report made public at the beginning
of the week. It had been hoped that the facts concerning these two basic questions would be brought
forcefully to the attention of the public by means of
the report here in question. There are, however,
reasons to believe that these and certain other aspects of the National Recovery Administration situation are now receiving more realistic attention by
public officials as a result of recent developments,including the Darrow report, notwithstanding the
vehemence with which Mr.Darrow and his colleagues
are now condemned by them. If this latter proves in
fact to be the case and the result is a much more
restricted NRA program in the future, the business
community will have cause to be thankful for at
least this much.
Reducing Production
S TO the announcement of General Johnson on
Tuesday that he had approved an arrangement under which the cotton industry would reduce
its working hours 25% for "an emergency period" of
twelve weeks beginning June 4, it may be expected
that further requests of the same kind will be forthcoming before long if the figures given out by the
Recovery Administrator are to be taken at their
face value. According to General Johnson, unsold
stocks of cotton cloth by about the end of April
amounted to more than 332,000,000 yards, while
unfilled orders in the industry had at the same time
seriously declined. During the last two weeks in
April, it was said, sales amounted to no more
than 47% of production. Despite all this and
despite the relative certainty of a continuance of
these trends for some time to come, the mills have
continued to produce at a higher rate than at any
time since the code for that industry went into effect.
It is thus evident that the industry, notwithstanding its code, is strongly inclined to fly in the face
of all maxims of prudent business management.
Indeed it is by no means clear that it has not been
more defiant of such principles than during a number of years immediately preceding the adoption of
the code that was to cure its ills. If this is true, it
doubtless has not only itself to thank, but • also
sundry activities of the Government in both the
cotton growing districts of the South and the Indus.trial sections of the country. These official acts designed to "create" prosperity by formula were naturally well adapted to stir the speculative spirit in the
cotton goods industry where it has always had a
hearty existence. The difficulty with the remedy
now chosen is that it tends to protect the inefficient
along with the efficient, thus eliminating the prin-
A
Volume 138
Financial Chronicle
3487
ciple of natural selection, and further makes no at- of the United States that the proportion of silver to
tempt whatever to reach the root of existing diffi- gold in the monetary stocks of the United States
culties which is found in excessive costs and prices. should be increased with the ultimate objective of
It is not an encouraging record for code number one. having and maintaining one-fourth of the monetary
value of such stocks in silver." The Secretary of the
Other Proposed Legislation
Treasury is "authorized and directed"in another secIMILAR questions are raised by proposals con- tion to buy silver "at such times and upon such terms
cerning the petroleum industry and in connec- and conditions as he may deem reasonable and most
tion with the Agricultural Adjustment Act. The advantageous to the public interest until the proporproposed amendment to the latter, which is now mak- tion of silver to gold in the monetary stocks of the
ing definite headway in Congress with strong Ad- United States shall equal one-fourth of such stocks."
ministration support, is spoken of in official circles The only restrictions imposed upon the Secretary of
as merely clarifying existing legislation. Perhaps the Treasury are, first, that he shall not pay more
that is what it does, but if so the original Agri- than the "monetary value" of silver—at present
cultural Adjustment Act had hidden meanings few $L29 per fine ounce—for such metal as he may achad recognized. At any rate, careful study of the quire, that he shall not buy silver when and so long
meaning now to be given it leaves no doubt in intelli- as the monetary value of silver so purchased and
gent minds that with the passage of this proposed held in the treasury equals or is greater than 25%
law—assuming that the courts will not interfere— of the total monetary value of the combined stocks of
the President would have the power virtually to dic- gold and silver so held in the Treasury, and that
tate in detail to all industries using important agri- not more than 50 cents per ounce shall be paid for
cultural commodities as raw materials or engaged any silver situated in the continental United States
in dealing or trading in them, and will in various on May 1 1934. The Secretary of the Treasury may
other directions be placed further in the business of sell silver when the market price is above the mone"planning" not industry but agriculture. Powers tary value of the metal or when the stocks in his
such as these may or may not have been implied in possession in terms of its monetary value are greater
the provisions of existing law, but if so they have than one-third of the monetary stocks of gold held by
never been exercised and no one supposed they would him. He is further authorized and directed to
be. It is therefore disturbing to learn that the Ad- issue silver certificates in face amount not less than
ministration now attaches so much importance to the cost of the silver thus purchased. Such certifimaking perfectly sure that it has such authority. cates are made full legal tender and convertible on
Indeed a good deal that has been said in defense of demand into standard silver dollars. He may conproposed legislation is disturbing for the reason that trol to the point of prohibition all trading in silver
it plainly suggests that there is definite thought in or silver contracts at his pleasure, and the Presiofficial circles of making use of just such unprece- dent may take possession at any time of all the
dented expedients.
silver in the country, paying therefor in any currency
The President's letter to leaders on Capitol Hill of the United States "not less than the fair value at
in behalf of the so-called Ickes oil bill is in one sense the time of such" acquisition as determined by open
a confession of failure. He cites official figures to market prices of the metal. A tax of 50% is laid
show that "illegal" production of crude oil in this on profits made in trading in silver.
country during the first three months of this year
Small wonder that the proposal pleases nobody a
amounted to some 149,000 barrels a day, and adds great deal. Silver speculators, who have on the one
that he is "frankly fearful that if the law is not hand been advocating the "monetization" of silver
strengthened, illegal production will continue and at some absurd ratio to gold and on the other buygrow in volume and result in a collapse of the whole ing silver or claims on silver,see their hopes of sudden
structure. This will mean a return to the wretched opulence grown dim. Monetary heretics long urgconditions which existed in the spring of 1933." If ing that we "do something for silver" in the belief
it felt more assured that the President had any that in this way we should succeed in debauching
plan, either embodied in the legislation now urged the currency most successfully are now hard put to
or otherwise, that would really and permanently cure it to find in this bill any provision that assures this
the ills of the industry in question, the business com- type of madness, at least for the present. The existmunity would unquestionably be much more inclined ing arrangement under which silver newly mined in
to support the President in his demands. What is this country is salable at the mints for 641/2 cents
certain is that the measure in question is designed per fine ounce is apparently not disturbed by the
to give still greater powers to the Federal Govern- terms of this proposed act, but the arrangement
ment. The day appears to be steadily approaching may be altered or abolished at any moment by direcwhen the President of the United States or officials tion of the President. The financial district is of
under his control will possess virtually dictatorial course quite well aware of the possibility, not to say
powers over all business enterprises in the country. the probability, that the plans now brought forward
may spell an end of the open market in silver in this
"Subsidy, Just Plain Subsidy"
country.
61 UBSIDY, just plain subsidy"—with these
No "Broadening" Needed
words a public man of a past generation deThe President, apparently forgetting that we now
scribed certain shipping legislation then pending.
Equal frankness would require use of the same words have some $7,750,000,000 in monetary gold stocks
in speaking of the silver legislation proposed this against a total outstanding currency circulation of
week. It may not, however, prove to be even a very less than $5,350,000,000, permits himself to say in his
effective subsidy as a matter of fact. The bill is message to Congress that it is clear that "we should
essentially what had been foreshadowed. Section 2 move forward as rapidly as conditions permit in
asserts that "it is hereby declared to be the policy broadening the metallic base of our monetary system
S
3488
Financial Chronicle
May 26 1934
. . ." and that we should "not neglect the value of compared with the mystifying disappearances
of the
an increased use of silver in improving our monetary
system." The truth is that the measure as now submitted is apparently another of those compromises
which are designed to soothe and perhaps to satisfy
troublesome elements in the population and which
presumably are expected to prevent even more harmful legislation. It is highly improbable that the bill
will permanently satisfy anybody; it probably will
be of great benefit to nobody, and it holds possibilities of serious injury to the public at large. That
a measure "authorizing and directing" the President
to add another $1,750,000,000 to the so-called excess
bank reserves of the country during the next few
years could be read in financial quarters without
producing excitement is eloquent testimony to the
extent to which we have perforce grown accustomed
to astronomical figures in bank statements representing at least potential currency and credit debauchery. That the whole matter has been appraised
in financial circles for what it is—just another
of the miserable attempts to buy off the subsidy
seekers and the hopelessly muddled monetary cranks
—may indicate that the American financial world
is purging itself of its own unsound inflationary
notions and desires.
Amending an Amer dm.,,rit
OME weeks ago, when Senator Fletcher made
public a proposed "rider" to the pending National Securities Exchange Act designed to amend
the Securities Act of 1933 in certain particulars, the
groups in financial circles which were most nearly
affected, after carefully studying the terms of the
proposed amendments,arrived at the conclusion that
some important changes were proposed even though
many other and even more important changes were
greatly to be desired. It was not discovered until
long afterward, and was not generally learned in
financial quarters until quite recently, that the Senator in introducing the "rider" made "one slight
change" in it that materially altered its character.
The really important provisions of the proposed
amendments had to do with Section 11 of the Securities Act of 1933. Here it was proposed to change
the law in such a way that an investor who brought
suit for damages alleging a faulty registration statement would be obliged to show reliance upon such
statement, that the defendant in such suit would be
at least given an opportunity to show that losses
sustained had no relation to the alleged fault in the
registration statement and to the extent to which
he was able to prove his case he would be relieved of
liability, and finally that costs including legal expenses could be assessed at the discretion of the
court against the plaintiff. All these proposed
amendments are absent from the "rider" as actually
adopted by the Senate, except that a purchaser acquiring a security after the issuer has published an
earning statement for a full year subsequent to the
filing of a registration statement must show reliance
upon the registration statement in order to collect
damages.
S
The Federal Reserve Bank Statement
HE combined Federal Reserve bank statement,
showing the position of the 12 banks at the
close of business Wednesday, reflects what must be
regarded as a return to a relatively normal procedure
in regard to the gold acquisitions of the country, as
T
known receipts of the metal in the three preceding
weeks. The Treasury, it is evident, has resumed the
practice of depositing with the banks gold certificates representing not only the imports of gold and
the receipts from domestic production, but also part
of the so-called gold "profit" resulting from the devaluation of the dollar to 59.06% of its former gold
content. There is no official explanation of the
disposal made by the Treasury of gold imported in
the three weeks' period and taken from the monetary
stocks, to the amount of nearly $25,000,000. It is
clear, however, that this metal has been credited in
some way to the stabilization fund, along with the
receipts of new gold from domestic mines in the
same period. Both the Federal Reserve and the daily
Treasury statements have been juggled in such ways
that the ordinary observer, not possessed of official
information, is unable to account for $100,000,000 of
the stabilization fund, and it is a fair assumption
that a large part of this sum has now been expended
in the acquisition of gold, and possibly also in the
purchase of silver, since the peculiar ideas on currency entertained at Washington seem to require
the introduction of the white metal into the manipulative scheme.
In the week between May 16 and May 23, the
Treasury deposited with the Reserve banks $49,772,000 of the gold certificates which now represent
the interest of the banks in metal of which they had
physical possession until recently. The summary
of credit operations discloses that the increase in
the monetary gold stock was only $13,000,000 in the
week. This indicates that the Treasury, which now
appears to be the sole arbiter of credit conditions in
the country, is again endeavoring to stimulate the
freer use of credit by occasioning a further expansion
in the already enormously swollen aggregate of excess reserves. The deposit of much larger amounts
of gold certificates than is being received in new
metal can hardly be interpreted in any other way,
as the Treasury balance resulting from ordinary
operations is very great, and there is clearly no need
of utilizing the gold "profit" at a time when excess
reserves of member banks with the System are close
to $1,700,000,000. The potentialities of credit expansion contained in any such total of excess reserves are dangerous in the extreme, and anything
at all resembling a sound monetary procedure would
dictate far more caution.
With other cash and the Federal Reserve note
redemption fund not much changed, the increase in
the gold certificates resulted in an expansion of total
reserves of the System to $4,901,649,000 on May 23
from $4,850,497,000 on May 16. The tendencies
otherwise are much the same as those previously
recorded. Borrowing by member banks still is
diminishing, and discounts now are $34,251,000 as
compared to $34,402,000 last week. Bill holdings
of the System fell further to $5,263,000 from $5,501,000. The total of United States Government
security holdings is virtually unchanged at $2,430,200,040. Circulation of Federal Reserve notes fell
to $3,038,297,000 on May 23 from $3,061,279,000 on
May 16, while a further decrease also is recorded in
the net circulation of Federal Reserve bank notes,
which dropped to $61,439,000 from $63,752,000.
Member bank reserve balances increased to $3,767,269,000 from $3,694,493,000. Changes in Treasury
deposits and other deposits were not important. The
Volume 138
Financial Chronicle
addition of gold certificates and the decrease of circulation more than offset the advance in deposits,
and we find the ratio of total reserves to deposit
and note liabilities slightly higher, at 69.0%, compared with 68.8% last week.
Corporate Dividend Declarations
IVIDEND actions the present week continued
to be favorable. Kansas Oklahoma & Gulf Ry.
declared a semi-annual dividend of $1.50 a share on
the series "C"
non-cumul. pref. stock, par $100,
payable June 1; this compares with payments of
50c. per share six months ago and $1 on June 1 1933;
semi-annual payments of $1.50 were made on June 1
1931 to and including June 1 1932. E. I. du Pont de
Nemours & Co. declared a quarterly dividend of 65c.
a share on the common stock, payable June 15; previously, quarterly dividends of 50c. a share were paid
from Sept. 15 1932 to and including March 15 1934,
while on Dec.15 last an extra dividend of 75c. a share
was paid; the usual quarterly dividend of 11/2% was
declared on the debenture stock of $100 par, payable July 25. Union Carbide & Carbon Corp. increased the quarterly dividend on the common stock
to 35c. a share, payable July 2; dividends from
April 1 1933 to April 2 1934, inclusive, were at the
quarterly rate of 25c. a share. Columbia Pictures
Corp. declared a quarterly cash dividend of 25c. a
share on the common stock, payable July 2, and a
semi-annual dividend of 21/
2% in stock on the same
issue, payable Aug. 2; these are the first distributions to be made on the common stock since Oct. 2
1931, when the last quarterly cash dividend of 183
/
4c.
a share and the last semi-annual dividend of 21/
2%
in stock were paid. American Sumatra Tobacco
Corp. declared a dividend of 25c. a share on the common stock, payable June 15; none were paid on this
issue since Jan. 15 1930, prior to which date quarterly dividends of 75c. a share were paid. Iowa
Electric Light & Power Co. declared dividends on
its 7% cumul. pref. stock, series "A," 61/2% series
"B," and 6% series "C," all $100 par, of 87y2c.,
811/
4c. and 75c. a share, respectively; these were the
first distributions on the above issues since June 30
1932, when the last regular quarterly payments were
made. Adverse dividend action was taken by Illinois
Bell Telephone Co., the directors of which decided
to omit the regular quarterly dividend ordinarily
declared at this time on the $100 par value capital
stock. The company stated that this was due to the
pending action by the Federal District Court with
respect to refunds to certain classes of coin box
users recently ordered by the United States Supreme
Court and pending a determination as to what effect
the order will have on the surplus and current earnings of the company; from Dec. 1908 to and including March 1934 the company paid regular quarterly
dividends of 2%; of the capital stock, 99.16% is
owned by the American Telephone & Telegraph Co.
D
The New York Stock Market
ULNESS was the prevailing and almost the
only characteristic of the New York stock
market this week, with the turnover down to levels
that have not been witnessed in 10 years for a full
session. The price tendency was irregular, with
the declines slightly more important than the advances, so that most active stocks closed yesterday
at modestly lower figures than prevailed a week ago.
The threat of regulatory legislation doubtless had
D
3489
much to do with this state af affairs, but other factors also combined to produce apathy. Strikes in
important industries again are in progress, and in
some instances the measures adopted by the strikers
indicate that bitter conflicts may eventuate. There
is general apprehension that this movement may
spread and involve a whole series of labor disturbances. The drouth situation in the grain-growing
areas threatens to curtail the buying power of an
important section of the population. Nor is the business outlook such as to stimulate the purchase of
stocks. Leading trade indices reflect a downward
tendency in some important instances, and they are
indicative of the parlous state of the capital goods
industries, which have been virtually throttled by
the hampering effects of the Securities Act. The
unpromising situation is reflected in the sale of a
seat on the New York Stock Exchange, Thursday,
at $96,000, as compared with $105,000 on a similar
transaction, Monday.
There was very little activity last Saturday, but
a firm tone. In the initial session of the current
week the turnover on the New York Stock Exchange
was only 382,190 shares, which represents the least
active full period since June 2 1924. Price changes
were of no importance in the session. Tuesday's
dealings aggregated 830,880 shares, and the trend
was downward, with the larger losses recorded after
the President's message on silver legislation was
delivered. Modest selling again was the rule,
Wednesday, when 656,630 shares were traded, but
the losses were not impressive. Slight gains were
registered Thursday, when the turnover was a little
less than 500,000 shares. Trading yesterday was
hardly more active, but the general tone again was
firm. The listed bond market also was quiet, with
United States Government and other high-grade
securities in fair demand, while other issues moved
irregularly. Foreign exchange dealings revealed
nothing new, and they were not a factor in the markets for securities. The grain and commodity markets reflected nervousness at times, but the movements here also played only a minor role so far as
stocks and bonds were concerned. Of more importance was the report of the Iron and Steel Institute,
which estimated steel production for the week beginning May 21 at 54.2% of capacity, or 2.4 points under
the preceding week. Electric power production for
the week ended May 19 was 1,649,770,000 kilowatt
hours, according to the Edison Electric Institute, or
slightly more than the figure of 1,643,433,000 reported for the previous week. Carloadings of revenue freight for the week ended May 19 were 611,142
cars, compared with 601,739 cars, or 1.6% higher
than the preceding week, the American Railway
Association reports.
As indicating the course of the commodity markets, the May option for wheat in Chicago closed
yesterday at 935
/
8c. as against 891/
4c. the close on
Friday of last week. May corn at Chicago closed
yesterday at 521
/
4c. as against 481/
4c. the close on
Friday of last week. May oats at Chicago closed
yesterday at 367
/8c. as against 34%c. the close on
Friday of last week. The spot price for cotton here
in New York closed yesterday at 11.50c. as against
11.60c. the close on Friday of last week. The spot
price for rubber yesterday was 12.30c. as against
12.94c. the close on Friday of last week. Domestic
copper remained unchanged at 81/
2c., the same as
on Friday of previous weeks. Silver the present
3490
Financial Chronicle
week continued to be influenced by the pending legislation at Washington. This was particularly true
of the proposed tax of 50% on silver speculation, and
while it is the belief among traders that no such
levy will be adopted, a certain amount of anxiety
existed, with the result that the price of silver was
adversely affected. In London the price yesterday
was 19 9/16 pence per ounce as against 19% pence
per ounce on Friday of last week, and the New York
quotation yesterday was 45.00c. per ounce as against
45.27c. per ounce on Friday of last week. In the
matter of the foreign exchange, cable transfers on
London yesterday closed at $5.09% as against $5.11
the close on Friday of last week, while cable transfers
on Paris closed yesterday at 6.61c. as against 6.611/
2c.
the close on Friday of last week. On the New York
Stock Exchange, 22 stocks reached new high figures
for the year, while 35 stocks touched new low levels.
On the New York Curb Exchange, seven stocks
touched new high levels for the year, while 21 stocks
touched new low levels. Call loans on the New York
Stock Exchange remained unchanged at 1%.
On the New York Stock Exchange, the sales at
the half-day session on Saturday last were 249,300
shares; on Monday they were 382,190 shares; on
Tuesday, 830,880 shares; on Wednesday, 656,630
shares; on Thursday, 495,710 shares, and on Friday,
535,340 shares. On the New York Curb Exchange
the sales last Saturday were 66,180 shares; on Monday, 118,920 shares; on Tuesday, 144,665 shares; on
Wednesday, 151,580 shares; on Thursday, 115,105
shares, and on Friday, 101,585 shares.
As compared with Friday of last week, the volume
of trading was on a very limited scale, with prices
for the most part lower throughout the list. General
Electric closed yesterday at 19% against 201/
8 on
Friday of last week; North American at 167
/8 against
165
/
8; Standard Gas & Elec. at 10 against 101%; Consolidated Gas of N. Y. at 327
/8 against 331/2; Pacific
Gas & Elec. at 17 against 17½;Colombia Gas & Elec.
at 13 against 12%; Electric Power & Light at 53%
against 6; Public Service of N. J. at 36 against 36;
J. I. Case Threshing Machine at 50% against 51%;
International Harvester at 31/
1
2against 33½;Sears,
Roebuck & Co. at 41% against 42%; Montgomery
Ward & Co. at 247
/
8 against 25½; Woolworth at 50
against 50%; Western Union Telegraph at 437
/
8
8 against 48%;
against 44; Safeway Stores at 481/
American Tel. & Tel. at 114 against 115l/; American
4
Can at 94 against 94½;Commercial Solvents at 223
against 23; Shattuck & Co. at 9% against 9%, and
Corn Products at 68 against 66.
Allied Chemical & Dye closed yesterday at 132
against 134 on Friday of last week. Associated Dry
8; E. I. du Pont de
Goods at 121% bid against 131/
Nemours at 85 against 83%; National Cash Register
1
2 against 16½; International Nickel at
"A" at 15/
27%; Timken Roller Bearing at 29/
against
1
2
26%
Johns-Manville at 48% against 48½;
%;
291
against
Gillette Safety Razor at 10% against 10½; National
/
8 against 16%; Texas Gulf
Dairy Products at 167
8; Freeport-Texas at
/8 against 341/
Sulphur at 337
8; United Gas Improvement at 1534
39% against 391/
against 16; National Biscuit at 33% against 36;
1
2against 75; Eastman Kodak
Continental Can at 74/
at 95 against 941%; Gold Dust Corp. at 19% against
8; Para20; Standard Brands at 19% against 201/
8 against 41%; West/
mount Publix Corp. ctfs. at 47
8 against 33%; Colum/
inghouse Elec. & Mfg. at 337
1
2against 64%; Reynolds Tobacco
bian Carbon at 66/
May 26 1934
class B at 43/
1
2 against 43½; Lorillard at 17/
1
2
against 17%; Liggett & Myers class B at 931/
8
against 94%; Yellow Truck & Coach at 4% against
% against 76; United States
4%; Owens Glass at 743
Industrial Alcohol at 39/
1
2 against 40%; Canada
Dry at 22 against 22%; Schenley Distillers at 26%
against 28; National Distillers at 247
/8 against 255
/
s;
Crown Cork & Seal at 26 bid against 27, and Mengel & Co. at 7% against 8.
The steel shares closed lower than one week ago.
United States Steel closed yesterday at 401/
4 against
42% on Friday of last week; United States Steel
pref. at 85 against 887
/
8; Bethlehem Steel at 33/
1
2
against 35, and Vanadium at 19% bid against 211/
8.
In the motor group, declines were the rule, with
prices closing below those of the previous week.
Auburn Auto closed yesterday at 34% against 35%
on Friday of last week; General Motors at 3284
against 33½; Nash Motors at 167
/
8 against 17%;
Chrysler at 381% against 397
/8; Packard Motors at 4
against 41/
8; Hupp Motors at 3% against 37
/
8, and
Hudson Motor Car at 13% against 14. In the rubber
group, Goodyear Tire & Rubber closed yesterday at
291/
8 against 30 on Friday of last week; B. F. Goodrich at 141/
8 against 14/
1
2,and United States Rubber
at 19 against 19.
The railroad list suffered declines as compared
with the close on Friday a week ago. Pennsylvania
8 against 31 on Friday
RR. closed yesterday at 301/
of last week; Atchison Topeka & Santa Fe at 547
/8
Atlantic Coast Line at 401/
against 5½;
2 against
41%; New York Central at 28% against 287
/
8; Balti/8; New Haven at 15
more & Ohio at 23/
1
2against 237
1
2against 121½;
against 15%; Union Pacific at 122/
Missouri Pacific at 41% bid against 4%; Southern
Pacific at 22 against 221%;Missouri-Kansas-Texas at
91% against 9%; Southern Railway at 25 against
251/
8; Chesapeake & Ohio at 451% against 45; Northern Pacific at 25 against 26, and Great Northern at
21 against 21.
The oil stocks also closed yesterday at lower levels
than on Friday of last week. Standard Oil of N. J.
closed yesterday at 42% against 42% on Friday of
last week; Standard Oil of Calif. at 321/
2 against
32%, and Atlantic Refining at 241/
2 against 25/
1
2
.
In the copper group, Anaconda Copper closed yester1
2 against 15 on Friday of last week;
day at 14/
Kennecott Copper at 19% against 201%; American
1
2 against 40½; Phelps
Smelting & Refining at 39/
Dodge at 16% against 17; Cerro de Pasco Copper at
347
/8 against 35%, and Calumet & Hecla at 4%
/8.
against 47
European Stock Markets
ULL trading and slight irregularity in quotations characterized the sessions this week on
stock exchanges in all the leading European financial centers. The markets in London, Paris and
Berlin all were closed Monday, for the Whitsuntide
holidays. Resumption of dealings, Tuesday, after
the protracted close, brought forth fresh evidence
of the uncertainty created everywhere by inflationary and semi-inflationary proposals. The proposal made by President Roosevelt for permissive
legislation looking toward the partial monetization
of silver was much discussed in the European centers.
Although the President's message was recognized as
a political gesture, the proposal was condemned
everywhere as unsound and impracticable. It was
generally agreed that no major country will join the
D
Volume 138
Financial Chronicle
United States in a move of this nature, but because
of its inflationary implications some concern was
occasioned. Trade indices in the foremost industrial
countries of Europe reflect some slowing of the
tendency toward improvement, largely as a consequence of seasonal influences. Uncertainty regarding the future trend is increasing, however, and this
also is acting as a deterrent to trading in securities.
One highly satisfactory development is a steady increase in new capital financing on the London
market. An offering of E10,000,000 Canadian Government bonds on Thursday is the most prominent of
recent flotations.
Trading on the London Stock Exchange was very
quiet when business was resumed Tuesday after the
Whitsuntide suspension, but most securities were
steady. British funds held to former levels; home
railway stocks eased a bit, and industrial issues
were firm. Stocks of airplane companies again were
in good demand, owing to the prospect of large orders
by the British Government. International securities were neglected and mostly weaker. In Wednesday's session the tendency was slightly downward
in almost all groups. British funds lost a little
ground, while profit-taking in the industrial shares
occasioned losses here also. The international section reflected the unfavorable reports from New
York, and recessions were sizable. The trend Thursday was irregular, with trading at a very slow pace.
British funds were dull owing to the new flotation
of Canadian Government bonds. In the industrial
section most issues receded, but airplane stocks improved. German bonds were firmer in the international section, while other issues reflected uncen
tainty. Gilt-edged issues receded slightly in dull
trading yesterday. Industrial stocks also dropped,
but South African gold mining issues improved.
The Paris Bourse was weak in the opening session
of the week, Tuesday, but losses were substantial
only in a few issues. Rentes were offered rather
freely and most stocks followed the same downward
tendency. Gold mining issues in the foreign group
were well supported and one or two French industrial issues also advanced, in contrast with the general tendency. After a hesitant opening, Wednesday, prices tended to improve on the Bourse and net
changes were small in most issues. Rentes showed
small gains, but international issues were marked
sharply lower, partly as a result of pessimistic ad.
vices from New York. In Thursday's session quotations were soft throughout, with rentes especially
weak. Gold mining stocks were about the only exception to the trend, these issues improving slightly.
Offerings were heavy in other departments but
buyers proved reluctant and in some instances, such
as Bank of France shares, the recessions amounted
to as much as 375 francs. The decline in rentes continued yesterday, but other sections were firm.
The Berlin Boerse was extremely quiet, with quotations somewhat lower, in Tuesday's initial trading
session of the week. Uncertainty regarding the outcome of the Berlin transfer conference diminished
investment activities and also occasioned slight pressure on most securities. Lasses of 2 to 3 points were
recorded in some of the prominent issues of stocks,
and small recessions also were registered in bonds.
In Wednesday's dealings the general tendency was
continued, and losses again ranged from small fractions to 2 points and more. Shipping shares moved
against the trend and Reichsbank shares also im-
3491
proved slightly. Bonds again lost ground. The tone
was better Thursday, largely owing to reports that
an agreement of some sort was in sight at the transfer conference, which has now been in progress
nearly a full month. Price changes were mostly
fractional, and there were about as many gains as
losses. There was a little more activity in bonds,
which were well maintained. The tendency toward
higher levels was resumed yesterday, but changes
were mostly fractional.
Arms Traffic and the Chaco War
IN ACCORDANCE with the suggestions made during the League Council meeting last week for
international action to control the sale of arms and
munitions to Paraguay and Bolivia, measures have
been instituted by the Administration in Washington to obtain the necessary authority for joining
this movement and for controlling international arms
traffic generally. The measures now under consideration undoubtedly represent one of the most
determined moves of recent years to put an end to
war. The effectiveness of the steps remains to be
demonstrated, as a real stoppage of war supplies to
the two nations engaged in the Chaco war requires
the co-operation of many countries. It can also be
pointed out that there is no great likelihood of the
adoption of similar embargoes where any great
Power is concerned. Nevertheless, any movement
that seems designed to bring about peace certainly
is deserving of commendation and support. In the
present instance the need for such measures is being
demonstrated daily and with great emphasis by reports of tremendous engagements in the Chaco, in
which some 60,000 to 80,000 men are fighting on a
twenty-mile front.
The British proposal for an arms embargo applicable to Paraguay and Bolivia clearly stipulated that
it would be effective and therefore would be attempted only if the United States gave it support.
Measures of this nature require Congressional approval and authority, and President Roosevelt
promptly set about obtaining the authority from
Congress. In a special message, on May 18, he urged
the ratification of the Convention for the Supervision of the International Trade in Arms and Ammunition and in Implements of War, which was signed at
Geneva in 1925, but which still remains before the
United States Senate for action. The private and
uncontrolled manufacture of arms and munitions,
and the traffic therein, has become a serious source
of international discord and strife, the President
said. No one country can control this evil, he pointed
out, and the hope was expressed that the Senate
would provide a "concrete indication of the willingness of the American people to make their contribution toward the suppression of abuses which may
have disastrous results for the entire world if they
are permitted to continue unchecked." It was suggested that the forthcoming League Council meeting,
next Tuesday, may be able to agree upon a convention containing more far-reaching provisions for thecontrol of arms traffic than those in the 1925 con% ention. Some suitable international organization
must and will take action, Mr. Roosevelt stated, as.
"the peoples of many countries are being taxed to,
the point of poverty and starvation in order to enable Governments to engage in a mad race in armaments which, if permitted to continue, may well result in war."
3492
Financial Chronicle
At the request of the Administration there was
introduced in Congress at the same time a joint
resolution empowering the President to prohibit the
sale of arms and munitions to Bolivia and Paraguay,
specifically. This resolution provides that "if the
President finds that the prohibition of the sale of
arms and munitions of war in the United States to
those countries now engaged in armed conflict in
the Chaco may contribute to the re-establishment of
peace 'between those countries, and if after consultation with the Governments of other American republics and with their co-operation, as well as that
of such other Governments as he may deem necessary, he makes proclamation to that effect, it shall
be unlawful to sell, except under such limitations
and exceptions as the President prescribes, any arms
or munitions of war in any place in the United
States to the countries now engaged in that armed
conflict, or to any persons, companies, or association acting in the interest of either country, until
otherwise ordered by the President." Statements
and messages supporting these endeavors were delivered also by Secretary of State Cordell Hull and
early acceptance of the recommendations is held assured in all circles. The House of Representatives
adopted the resolution Wednesday without a dissenting vote, while similar action was taken Thursday by the Senate.
Preparations for placing the embargo in effect
were hastened at Geneva, when reports were received
there of the steps taken toward American adherence. A resolution was adopted by the League Council last Saturday providing for consultations with
31 countries whose adherence is considered necessary. An extraordinary session of the Council was
called for next Wednesday in order to take further
steps. Some replies already were on hand early this
week, and it was noted that they were conditional
in some instances. The impression thus was gained
that the embargo can be made genuinely effective
only if countries like Great Britain and the United
States place sufficient restrictions on their own arms
exporters. Juridical difficulties are foreseen and
these also may operate to hamper the effectiveness
of any embargo. Germany and Japan, moreover,
are no longer active members of the League. Bolivian diplomatic offiCials in a number of countries
are protesting against the proposed restrictions on
the ground that their landlocked country may find
the embargo more effective than Paraguay, -which
has access to the ocean through an international
river. Paraguay, it was also remarked, has a munitions factory, whereas Bolivia is entirely dependent
on outside supplies. Hasty application of the embargo thus might give Paraguay an advantage, it
was stated. All these matters are due for an airing
at the League Copncil sessions next week. Bolivian
forces, meanwhile, appear to be pushing back the
Paraguayans in the Chaco, who are advanced far
into nominally Boliviadterritory.
Disarmament Problem
TOPES for some sort of international agreement
on disarmament and peace have been stimulated to a very slight degree by the movement at
Geneva for an embargo on arms shipments to the
nations engaged in the Chaco war, and the regular
session of the League of Nations Council terminated
last Saturday, for this reason, in a much brighter
atmosphere than it began. An unexpected visit to
H
May 26 1934
Geneva on May18 by the Russian Foreign Commissar,
Maxim Litvinoff, gave point to recent rumors that
the Soviet Government is preparing to join the
League, and this also was held a promising development. Because of the British proposal for an arms
embargo against Bolivia and Paraguay, the Council
session was, indeed, far more productive than had
been anticipated. In other respects, however, the
outlook for peace and disarmament remains most
obscure. The real problem is not that of controlling
arms shipments to small countries, but of controlling
the arms race in which all the large Powers now
are actively engaged. The Bureau of the General
Disarmament Conference will meet again at Geneva
next Tuesday, and Norman H. Davis, the so-called
American Ambassador-at-Large, will attend the session. Mr. Davis sailed from New York last Saturday, in what was reported to be "not quite his usual
optimistic mood." No progress, whatever, is reported
toward that armaments understanding between
France and Germany which is indispensable for the
progress of the Conference. The German special
armaments commissioner, General Joachim von Ribbentrop, conferred with Italian officials in Rome
early this week, and it was rumored that new German proposals might be made.
In the meanwhile, however, the naval aspect of
the armaments problem is becoming ever more pressing, owing to the Japanese intention of seeking a
higher ratio than the 60% of the British and American fleets granted in existing treaties. It was reported authoritatively in Washington, Thursday,
that preliminary conversations are in progress between the United States, Great Britain and Japan
concerning the feasibility of naval discussions prior
to the next naval conference. Unofficial reports
from London indicate a British determination to
prevent Japanese naval supremacy in Asiatic waters.
In Washington it was hinted broadly that the United
States will "consider" the improvement and extension of naval bases in the Pacific if Japan persists
in the reported intention of exceeding the 5-5-3 naval
ratio.
British Foreign Policy
ANY aspects of British foreign policy were clarified in statements made before the House of
Commons last week by Stanley Baldwin, Lord
President of the Council, and Sir John Simon, Foreign Secretary in the National Cabinet. The addresses by the two leading Ministers of the British
Government were especially illuminating, since they
dealt with such matters as armaments, sanctions
and the Nine-Power treaty. Mr. Baldwin assured
the House that preparations already had been started
for the defense of Great Britain in the event of
another war. He repeated assertions previously
made that Great Britain would acquire an air force
second to none in the event the General Disarmament
Conference fails completely, and he added that the
preliminary work of building such a force is already
under way. Sir John Simon ranged over the whole
field of European and Asiatic affairs, but his most
interesting declarations con,cern the Nine-Power,
treaty. The British Government, he remarked, believes firmly in maintaining friendship with Japan,
and Ile added that Great Britain had bound herself
by the Nine-Power treaty to respect the integrity
of China, but not to defend it. While these significant statements were being made,Prime Minister
M
Volume 138
Financial Chronicle
Ramsay MacDonald journeyed to Scotland for a holiday, indicating once again that the present Cabinet
is Conservative in all but name.
Complexities of the armaments problem were surveyed by Mr. Baldwin, who declared that failure of
the General Disarmament Conference need occasion
no despair, as a new.effort for arms limitation would
have to start the day after the failure. The limitation desired by Great Britain concerns chiefly air
forces, he added. "If we are going to have limitation," he said,"that means sanctions against the violator of limitations, and if we are going to give
Europe collective sanctions or guarantees we must
be much stronger than we are to-day. We must be
ready for war, otherwise we will be dishonest trustees of this nation." The threat of war seemed, indeed, to be faced with some definiteness by Mr. Baldwin, who said the people must be kept informed of
the country's dangers,so that if war came they would
know it was a just war and would support their Government in carrying it on. It was no more surprising, he suggested, that the world has not renounced
war after a few years of discussion than it was that
Christianity did not rule the world after 2,000 years.
Limitation is the only practicable form of air disarmament, but if there is limitation, then sanctions
follow as a corollary, it was pointed out. "The
moment we are up against sanctions, we are up
against war," Mr. Baldwin continued. "One of the
conclusions to which I have been driven as a result
of my close study of these questions is that there is
no such thing as a sanction which will work which
does not mean war."
Sir John Simon, who preceded Mr. Baldwin,
pointed out to the House that it is idle to consider
the economic sanctions against Japan demanded by
some M. P.'s, owing to the lack of assurances that
the United States would take a full part in economic
sanctions against an aggressor. The recent British
note to Japan on the Nine-Power treaty was a
friendly communication, he said, and added: "I believe in friendship with Japan." In reply to the
comments that Great Britain should have employed
economic sanctions against Japan, the Foreign Secretary stated that neither the Lytton report nor the
League resolution on Manchuria ever proposed that
such sanctions should be used. The recommendation
in both cases was that method. of conciliation and
agreement were preferable. "Anyone who heard the
criticism of this Government's policy would have
supposed the Nine-Power treaty contained some
clauses whereby this country undertook to preserve
the integrity of Chinese territory," he continued'. "It
contains no such clause. I regret as much as anybody that there has not been a greater measure of
agreement between China and Japan, but it is a complete confusion of ideas to suppose that in abstaining
from seeking to apply sanctions anyone is departing
from the Lytton report or the recommendations of
the League of Nations itself. It is not true that we
have ever signed or anyone else has ever signed a
treaty with China in which we have pledged ourselves
to use all our forces to preserve the integrity and
political independence of China."
Suggestions that the League Covenant should be
revised and. that various European boundaries ought
-to be rectified were dismissed by the Foreign Secretary, who said that such attempts at this time would
'further complicate the armaments negotiations and
make the situation ever more hopeless. Reform of
3493
the League must not be undertaken until Germany
again is a member, he contended. The British Government, Sir John added, will do all in its power
to avert a complete breakdown of the Disarmament
Conference, but for the time being the British negotiators will play the part of listeners. Reverting to
the subject of economic pressure, he remarked that
European countries could not make the system
effective without the co-operation of the United
States. Sir John acknowledged in gracious terms
the contributions made by the United States toward
the improvement of international affairs. But the
United States is not a member of the League and
only recently made clear its position on the question
of collaboration with other countries, he said. The
declaration made at Geneva by Norman H. Davis,
as the emissary of the United States Government,
was quoted in this connection. "It is absurd to pretend that that declaration solemnly made with the
authority of the American Government at Geneva
encourages us to believe America will take a full part
in economic sanctions," Sir John Simon declared.
Fascism Spreads in Europe
PARLIAMENTARY
GOVERNMENT in Europe
has sustained further blows in recent days as
a result of coups d'etat in Bulgaria and Latvia,
where outright dictatorships have replaced the sadly
hampered and ineffectual regimes of late years. Reports from Sofia and Riga, the respective capitals,
indicate that the dictatorships established in the
two countries have Fascist leanings, since the movements apparently are due in large part to the increase of socialistic sentiment and a desire on the
part of the authorities to check that tendency. It is
the fashion nowadays to label as Fascist any movement toward the Right, which also involves the suppression of Parliamentary rule, and to a certain degree the appellation is doubtless appropriate. All
recent movements of this kind, moreover, are profoundly influenced by the Italian and German examples. But conditions in the countries subject to
such overturns vary widely, and in all instances
forms and methods are evolved which appear suitable in the circumstances. The Bulgarian and Latvian developments are running true to form in this
regard, as the new sets of Government officials are
insisting upon the need of action appropriate to the
requirements. The changes in both cases were
effected without disorder. The lack of active public
interest appears to be indicative of the waning confidence of all peoples in the ability of their Governments to solve the problems of the depression.
The Bulgarian coup d'etat was engineered last
Saturday, with the approval of King Boris and the
aid of the armed forces of the State. Nicolas Muschanoff had resigned as Premier some days before,
as a result of party disputes, and his efforts to form
another regime were unsuccessful. In a Sofia report of last Saturday to the New York "Times" it is
remarked that agitation for the establishment of a
dictatorship in the form of a non-party National
Government and a corporative Parliament had been
afoot for some months, with former Premier Alexander Tsankoff the leader of the movement. The
consent of the King was gained, and the change
effected quietly and expeditiously. Martial law was
proclaimed and large groups of armed forces circulated throughout the capital, while machine guns
were placed at strategic points. Parliament was
3494
Financial
dissolved and a new "authoritarian" Government
proclaimed, with Kimon Gueorguieff as Premier.
A manifesto was issued, stating that the King had
appointed the new Cabinet head to give the country
a strong, stable Government, intended to solve Bulgaria's difficult political and economic problems.
"The previous system of party government paralyzed
efficient administration and by eternal party quarrels had created an atmosphere of general distrust
and uneasiness," the manifesto added. "We mean
to do our best for Bulgaria and for Bulgaria only."
About SOO persons of radical sympathies were
arrested in Sofia, while others were taken into custody in other cities. Premier Gueorguieff declared
last Sunday that his foreign policy will be exactly
similar to that of his predecessor. There were
rumors that the Macedonians might not find the new
Government acceptable, but all press correspondents
agreed the country was calm and the change was
viewed by the people with the utmost apathy.
In Latvia martial law was declared on May 16,
and all parliamentary activities were suspended as
a consequence of the establishment of a dictatorship
by leading members of the Farmers' Union party,
said to represent the wealthy landowners of the
country. President Albert Kviesis, who is a member of the party, was reported to have taken an active
part in the coup d'etat. Fascist elements participated in the movement. Here also the armed forces
of the nation were employed to effect the change, and
all public buildings were occupied by the troops.
The headquarters of the Socialist party was surrounded and some of the leaders of that party arrested. There was no disorder anywhere in the
country. A new Cabinet was named May 17, with
Charles Ulmanis as Premier and Foreign Minister.
This regime is described as Nationalistic, as a number of leaders of conservative groups are participating.
Leticia Settlement
EPRESENTATIVES of Colombia and Peru
affixed their signatures at Rio de Janeiro,
Thursday, to an agreement whereunder, it is hoped,
the Leticia dispute finally will be adjusted to the
satisfaction of both parties and an end put to the
possibility of armed strife. This matter was under
debate for a year, and in the interval both nations
engaged in war preparation on a substantial scale.
The dispute concerns a bit of nominally Colombian
territory on the far reaches of the upper Amazon,
which was seized by Peruvian citizens two years ago.
After some months of warfare, undignified by a
formal declaration of war, the two countries agreed
to administration of the area for a year by League
of Nations officials. Just as the year of neutral
rule was ending, and therefore none too soon, arrangements for the amicable adjustment of the conflict have been made. Dr. Afranio de Mello Franco,
former Foreign Minister of Brazil, acted as mediator
and he deserves great praise for the skillful handling
of the problems involved. The formula for the
settlement, drafted by Dr. Mello Franco, provides
for diplomatic discussions of most phases of the
dispute. It pledges both nations to observe existing treaties and calls for arbitration of points that
cannot be settled otherwise. Diplomatic relations
between the disputants were promptly resumed, and
messages of congratulation were sent from all corners of the world.
Chronicle
Manchukuo
FFICIAL announcements were made both in
Tokio and San Salvador, Monday,that the Japanese puppet-State of Manchukuo had been recognized
by the Republic of El Salvador, in Central America.
This is the first recognition accorded Manchukuo by
any country other than Japan, and there have been
no indications that recognition will be extended by
other countries. Reports from San Salvador indicate that Japanese trade and diplomatic officials
exerted pressure to obtain the recognition. In a
recent visit of a Japanese mission to Central America it was suggested that Japan might prove a good
market for Salvadorean coffee, dispatches state.
Much was made of this incident in Tokio, but it was
regarded as of no particular moment elsewhere.
Officials of the League of Nations pointed out that
El Salvador, although a member of the League, appears to have violated the League Assembly resolution of non-recognition. The important juridical
question thus is introduced as to how far El Salvador is bound to observe the resolution. It is suggested as one possible result of this incident that
El Salvador might be expelled from the League.
Much resentment was occasioned in San Salvador by
the suggestions that punitive action might be taken
by the League of Nations. Foreign Minister Araujo
issued an official statement, Thursday, in which he
declared no grounds existed for expulsion of the
country from the League because of the recognition
of Manchukuo. El Salvador acted, he said, as "a
free, sovereign and independent nation, which does
not need any lessons in conduct except from its own
laws and international obligations."
Q
Discount Rates of Foreign Central Banks
HERE have been no changes the present week in
the discount rates of any of the foreign central
banks. Present rates at the leading centers are
shown in the table which follows:
T
R
May 26 1934
DISCOUNT RATES OF FOREIGN CENTRAL BANKS.
Country.
Austria-Belgium__
Bulgaria—
Chile
Colombia __
Czechosloyams
Danzig
Denmark
England._
Estonia
Finland
France
Germany
Greece
ttnilend
Rate in
Date
Effect
May25 Established.
Previola
Rate.
5
3
7
414
4
Mar.23 1933
Apr. 25 1934
Jan. 3 1934
Aug. 23 1932
July 18 1933
8
334
8
534
5
314
4
214
2
534
414
3
4
7
214
Jan. 25 1033
July 12 1932
Nov. 29 1933
June 30 1932
Jan. 29 1932
Dec. 20 1933
Feb. 8 1934
Sept. 30 1932
Oct. 13 1933
Sent. IR 1933
414
5
3
234
634
5
214
5
714
3
Country.
Rate in
Effect
Date
Maz25 Established.
PreMous
Rate.
Hungary_ 4% Oct. 17
1032 5
India
334 Feb. 18 1933 4
Ireland.. _ 3
June 30 1932 334
Italy
3
Dec. 11 1033 314
Japan
3.65 July 3 1933 4.38
Java
434 Aug. 16 1933 5
Lithuania.- 6
Jan. 2 1934 7
Norway
334 May 23 1933 4
Poland_
5
Oct. 25 1933 8
Portugal - 514 Dec. g 1933 6
Rumania 6
Apr. 7 1933 6
SouthAhica 4
Feb. 21 1933 7
Spain
6
Oct. 22 1932 53.
Sweden__ 234 Dec. 11938 3
Switzerland 2
Jan. 22 1931
34
•
Foreign Money Rates
IN LONDON open market discounts for short bills
on Friday were 7A%, as against 4
7 @l5-16% on
Friday of last week and 7A@15-16% for three months'
bills, as against 7A@15-16% on Friday of last week.
Money on call in London yesterday was 4
3 1%.
At Paris the open market rate remains at 2%%,and
in Switzerland at 13/2%.
Bank of England Statement
HE Bank of England statement for the week
ended May 23 shows a gain of £83,876 in gold
holdings but as this was attended by an expension of
£1,199,000 in circulation, reserves fell off £1,115,000.
The Bank now holds £192,130,046 of gold as compared with £187,008,683 a year ago. Public deposits
rose £2,150,000 and other deposits decreased £1.-
T
Financial Chronicle
Volume 138
3495
748,620. The latter consists of bankers' accounts bringing the total of the iteedown to 3,363,494,000
which fell off £1,758,024 and other accounts which marks. Circulation a year ago stood at 3,245,594,-.
increased £9,404. The proportion of reserve to lia- 000 marks and the year before at 3,739,275,000
bilities is 49.30% in comparison with 50.19 last week marks. Bills of exchange and checks and other
and 50.69% a year ago. Loans on Government securi- assets register decreases of 81,828,000 marks and
ties increased £1,137,000 and those on other securi- 4,109,000 marks respectively. The proportion of
ties £400,076. The latter includes discounts and ad- gold and foreign currency to note circulation stands
vances which fell off £63,682 and securities which now as low as 4.6%, in comparison with 14.1% last
rose £463,758. No change was made in the discount year and 26.5% the previous year. A comparison
rate which remains at 2%. Below are listed the dif- of the various items for three years appears below:
ferent items with comparisons for previous years:
REICHSBANK'S COMPARATIVE STATEMENT.
BANE OF ENGLAND'S COMPARATIVE STATEMENT.
Changes
for Week.
May 23
1934.
May 24
1933.
May 25
1932.
May 27
1931.
May 28
1930.
£
£
£
£
£
Circulation
379,641,000 369,873,754 354,221,189 354,859,723 356,131,548
Public deposits
13.364,000 15,707,046 23.606,213 17,448,616 13,241,450
Other deposits
133,662,234 136,456,764 110,492,483 88,581,183 84,870,578
Bankers' accounts_ 98,170,466 99,204,834 77,544.132 54.760,689 48,963,730
Other accounts
35.491,768 37,251,930 32,948,351 33,820,494 35,906,848
Govt. securities
76,549,635 70,001,127 69,374,656 31,214,684 45,577,629
15,768,444 22,810,605 35 960,003 35,378,170 18,321,267
Other securities
Disct. & advances- 5,256.906 11,573,631 12,171,642 6,825,096 6,805,493
Securities
10,511,538 11,236,974 23,788,361 28,553.074 11,515,774
Reserve notes & coin 72,489,000 77,134,929 46,539.917 57,218,304 61 985,151
Coin and bullion..,.__ 192,130,046 187,008,683 125,761,106 152,078.027 158,116,695
Proportion of reserve
50.69%
57.33%
to liabilities
49.30%
34.70%
53.96%
Bank rate
2%
214%
3%
2%
254%
ifay 23 1934. May 23 1933. May 23 1932.
Assets—
Reichsmarks, Reichsmarks. Reichstnarks. Reichsmark:.
Gold and bullion
—13,943,000 146,951,000 372,348,000 856.284,000
Of which depos. abr'd
No change
23,868,000
16,872.000
98,795,000
Reserve In forn'n curr
+2,298,000
7,526,000
86,544,000 134,630,000
Bills of exch. & checks_
—81,828,000 3,005,687,000 2,869,260,000 2,798,891,000
Silver and other coin
+45,719,000 307,407,000 332,462,000 333,443,000
Notes on other Ger.bks.
+2,190,000
14,486,000
13,975,000
11,036.000
Advances
+11,762,000
95,150,000
74,458,000
63.568.000
Investments
+3,067,000 645,495,000 317,089,000 361,561,000
Other assets
—4,109,000 568,939,000 332,644,000 783,391,000
Liabilities—
Notes in circulation_ __ _
—97,197,000 3,363,494,000 3,245,594,000 3,739,275,000
0th. daily matur. oblig.
+44,788,000 521,868,000 371,351,000 364.566.000
Other liabilities
+17,565,000 162,790,000 147,794,000 703,119,000
Propor.of gold &foreign
95507_
curr. to note eircurn_
—0.2%
46'
141%
New York Money Market
EALINGS in the New York money market were
quiet this week, with the tendency of rates
still toward lower levels, despite the exceedingly low
levels already in evidence. Commercial paper rates
reflected the eager demand for prime bank investments and the rate for prime name,short-dated paper
was reduced Thursday to 4
3 % from 1%. Treasury
discount bill financing showed a further march
toward the figure of no yield whatever, which is not
far away. An issue of $50,000,000 of 91-day bills
was awarded Monday at an average discount of
only 0.06%, while $50,000,000 of 182-day bills were
awarded the same day at an average of 0.13%. Call
loans on the New York Stock Exchange were again
1% for all transactions of the week, whether renewals
or new loans, but transactions were reported every
day in the unofficial street market at Yi%. Time
loans were unchanged at the range of %@1%.
Brokers' loans against stock and bond collateral decreased $37,000,000 in the week to Wednesday night,
according to the usual report of the Federal Reserve
Bank of New York.
BANK OF FRANCE'S COMPARATIVE STATEMENT.
New York Money Rates
Changes
May 18 1934. May 19 1933 May 20 1932.
EALING in detail with call loan rates on the
for Week.
Stock Exchange from day to day,1% remained
Francs.
Francs.
Francs.
Francs.
Gold holdings
+478,228,636 77,086,190,795 80,979,323,900 78,906,967.186
the ruling quotation all through the week for both
Credit bats. abr'd
12,554,466 2,461,996,790 4,585,238,988
—1,000,000
a French commercial
bills discounted
new loans and renewals. There has been no change
+54,000,000 4,662,801,566 3,109,556,612 3,450,549,071
b Bills bought abed.
1,082,517,123 1,418,969,764 5,433,959,805
No change
Adv, eget. securs....
—42,000,000 3,019.695,980 2,629,317,046 2,719,186.593
in
the market for time money this week, no transNote circulation_ _._ —696,000.000 80,390,825,055 83,367.098,935 81,247,175,515
Cred. curr. accts
+793,000,000 17,596,816,491 20,182.858.104 27,352,583,325
actions having been reported. Rates are nominal
Proportion of gold
on hand to sight
at %@1% for two to five months, and 1@13',1% for
liabilities
78.15%
78.67%
+0.41%
72.66%
six
months. The market for prime commercial paper
a Includes bills purchased in France. b Includes bills discounted abroad.
has been fairly active this week, though there is a
Bank of Germany Statement
shortage of the best class of paper. Rates are 4
3 %
HE Bank of Germany, in its statement for the for extra choice names running from four to six
third quarter of May shows a further decrease months and 1@14% for names less known.
in gold and bullion, the current loss amounting to
Bankers' Acceptances
13,943,000 marks. The Bank's gold now aggregates
HE demand for prime bankers' acceptances has
only 146,951,000 marks, compared with 372,348,000
been excellent this week, but the supply of
marks a year ago and 856,284,000 marks two years
ago. An increase is recorded in reserve in foreign bills has been very light and business has been recurrency of 2,298,000 marks, in silver and other stricted on that account. Rates are unchanged.
coin of 45,719,000 marks, in notes and other German Quotations of the American Acceptance Council
banks of 2,190,000 marks, in advances of 11,762,000 for bills up to and including 90 days are Yi% bid
marks, in investments of 3,067,000 marks, in other and 3-16% asked;for four months,%% bid and Vi.%
1
bid and %%
daily maturing obligations of 44,788,000 marks and asked; for five and six months, /%
in other liabilities of 17,565,000 marks. Notes in asked. The bill buying rate of the New York Refor bills running from 1 to 90
circulation reveal a contraction of 97,197,000 marks, serve Bank is
Bank of France Statement
HE Bank of France statement for the week
ended May 18, reveals a further increase in
gold holdings, the current advance being 478,228,636 francs. The total of gold holdings is now
77,086,190,795 francs, in comparison with 80,929,323,900 francs a year ago and 78,906,967,186 francs
two years ago. Credit balances abroad and advances against securities record decreases of 1,000,000 francs and 42,000,000 francs, while French
commercial bills discounted and creditor current accounts register increases of 54,000,000 francs and
793,000,000 francs respectively. The proportion of
gold on hand to sight liabilities stands now at
78.67%, as compared with 78.15% last year and
72:66% the previous year.
Notes in circulation
show a contraction of 696,000,000 francs, bringing
the total of notes outstanding down to 80,390,825,055
francs. Circulation a year ago aggregated 83,367,098,935 francs and the year before 81,247,175,515
francs. Below we furnish a comparison of the various items for three years:
T
D
D
T
T
Financial Chronicle
3496
days, and proportionately higher for longer maturities. The Federal Reserve banks' holdings of acceptances decreased during the week from $5,501,000
to $5,263,000. Their holdings of acceptances for
foreign correspondents also decreased from $3,622,000
to $3,268,000. Open market rates for acceptances
are nominal in so far as the dealers are concerned, as
they continue to fix their own rates. The nominal
rates for open market acceptances are as follows:
Prime eligible bills
SPOT DELIVERY.
—180 Days— —150 Days— —120 Days—
Asked.
Bid.
Asked. Bid.
Bid.
Asked.
34
34
34
34
54
34
Prime eligible bills
—90 Days—
Bid.
Asked.
'16
3d
—60 Days—
Bid.
Asked.
M
'Is
—30 Days-Bid. Asked.
h
'Is
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
Eligible non-member banks
%
%
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.
Federal Reserve Bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Rate in
Effect on
May 25.
Dade
Established.
2
13-4
234
2
3
3
234
234
3
3
3
2
Feb. 8 1934
Feb. 2 1934
Nov. 18 1933
Feb. 3 1934
Feb. 9 1934
Feb. 10 1934
Oct. 21 1933
Feb. 8 1934
Mar. 16 1934
Feb. 9 1934
Feb. 8 1934
Feb. 16 1934
Previous
Rate.
234
2
3'
234
33-4
334
3
3
334
334
334
23-4
Course of Sterling Exchange
TERLING exchange is exceptionally quiet, ruling
lower than last week. Fluctuations have been
narrow. Pressure against• the pound at present,
as during the past few weeks, is due to operations
originating in the European markets rather than to
events arising here. The inactivity of the foreign
exchange market was accentuated by reason of the
Whitsuntide holidays, and on Monday, Whit Monday, London and all the chief European centers were
closed, so that New York quotations for the day were
largely nominal. Sterling eased off further in terms
of French francs with the result that the British
Exchange Equalization Fund and the Bank of France
both were compelled to operate in the market in
order to steady the sterling-franc rate. The range
this week has been between $5.083A and $5.113/ for
bankers' sight bills, compared with a range of between $5.103 and $5.12 last week. The range for
cable transfers has been between $5.083/ and $5.1114,
compared with a range of between $5.109/ and
$5.123/g a week ago.
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.
77.22 I Wednesday, May 23
78.97
Saturday, May 19
Holiday Thursday, May 24
77.00
Monday, May 21
May 25
77.20 Friday,
77.06
Tuesday, May 22
LONDON OPEN MARKET GOLD PRICE.
1325. 234d. Wednesday, May 23...136s. 634d.
Saturday, May 19
Holiday Thursday, May 24_ _ _136s. 9d.
Monday, May 21
Friday,
May 25___136s. 830.
1368. 3d.
Tuesday, May 22
PRICE PAID FOR GOLD BY THE UNITED STATES (FEDERAL
RESERVE BANK).
35.00
35.00 I Wednesday, May 23
Saturday, May 19
35.00
35.00 Thursday, May 24
Monday, May 21
25
May
Friday,
35.00
35.00
Tuesday, May 22
The pressure against sterling at present, as during
the past three weeks, arises primarily from the return
May 26 1934
of confidence in the French franc and the European
gold bloc units, so that a large wave of repatriation
of Continental funds from London has been in
process. Aside from the French funds, other European funds repatriated are drawn from London by
way of Paris. Thus there has been heavy selling
of sterling in Europe and heavy buying of francs,
with the result that the London check rate on Paris
moved down as low as 76.90 francs to the pound in
Wednesday's trading, whereas last week after the
rate had fallen from around 77.50 the British Exchange Equalization Account made an attempt to
steady it around 77.32. There is no cause for alarm
in the situation of sterling. The outward movement
of funds to France and the Continent has long been
expected in London, where the great volume of
nervous money on deposit has come to be considered
as "nuisance money" ever since the heavy withdrawals of 1931 which compelled Great Britain to
suspend gold payments. The President's silver
message delivered on Tuesday had practically no
effect on the basic situation of sterling or the other
foreign exchanges, although there can be no doubt
that some selling of sterling occurred on Tuesday
and Wednesday as American holders of sterling resumed the repatriation of balances which had been
interrupted some weeks ago. However, this movement was of little importance in comparison with
the heavy drift of funds from London to the Continent. On the contrary, there seems to be considerable hesitancy in the American movement of funds.
When the London check rate broke to around 77.00,
the Bank of France entered the market and began
selling francs and buying sterling. The entrance
of the Bank of France in such a manner is generally
regarded as evidence that the British exchange control is active.
Because of the firmness of francs in terms of dollars
the London bullion market in setting the gold price
ignored the dollar rate throughout the week and
fixed the metal price on the sterling-franc rate. It
has been the policy of the bullion market to set the
price of gold according to whichever gold standard
currency is strongest in terms of sterling. There is
no means of knowing whether or not the United
States Treasury is operating to steady the sterlingdollar rate. The market is frequently filled with
rumors that such is the case. It was reported that
early in the week francs were being offered on a large
scale for American account by an institution which
is generally identified with United States official
operations, but there can be no confirmation or
denial of such reports. Foreign exchange operators
say that the AmeriCan stabilization fund is acquiring
foreign currencies for exchange purposes by earmarking gold in the United States for the account of
foreign central banks. This cannot be confirmed.
Such earmarking would not appear in the daily
statement of gold movements published by the
Federal Reserve Bank of New York, as the operations
would be hidden in the fund. It would, however,
be reflected in the total monetary stock of the United
States, which recently has been declining despite
receipts of gold from abroad. ,
The weakness of sterling in terms of gold is reflected in the sharp rise in the London gold price,
which rose on Thursday to 136s. 9d., the highest
since early in March. At the time of fixing the gold
price on Thursday, the dollar equivalent in London
was $34.78. On Monday and Tuesday, however,
Volume 138
Financial Chronicle
when gold was from 136s. 3d. to 136s. 6d., the
dollar equivalent was 34.82, owing to the fact that
the franc was then closer to new dollar parity of 6.63.
Throughout the greater part of April the London
gold price ranged between 134s. 4d. in the early part
of the month to 135s. 11d, toward its close. Fundamentally the underlying position of sterling is strong
in the estimation of most bankers both here and
abroad. With the natural cessation of European withdrawals it is believed that sterling and the European
gold bloc currencies also will move ahead, regardless
of anything which may take place here. European
bankers feel that the dollar is already suffering an
extraordinary degree of inflation. Whatever may
result from new silver policies here is largely discounted and is almost without effect on the immediate
market. Many foreign exchange operators both here
and abroad feel that if further aggravation of inflation occurs here as a result of future currency action,
the pound may easily go well above $5.50. However, opinion is by no means unanimous on the
subject.
The President's silver message is regarded as a
political document for home consumption and devoid
of economic significance. European bankers point
out that no real measures can have been taken to
bring about an international conference for silver
monetization with any earnest expectation of success. The attitude of the Bank for International
Settlements fully and unqualifiedly endorsing the
gold standard, as is pointed out, may be taken as
the absolute and correct official attitude of all the
major countries in Europe respecting the gold standard, as the directorate of the bank is comprised of
the governors of all the leading European central
banks. On the board of directors are Montagu Norman, Governor of the Bank of England, C. Moret,
Governor of the Bank of France, Dr. V. Azzolini,
Governor of the Bank of Italy, Dr. L. J. A. Trip,
President of the Bank of The Netherlands, Professor
G. Bachmann, President of the National Bank of
Switzerland, M. Louis Franck, Governor of the National Bank of Belgium. The report of the Bank
for International Settlements was given in detail in
last week's issue.. Mr. Leon Fraser, President and
Chairman of the bank, pointed out in emphatic
language the necessity of the gold standard. The
report stated that "prevailing public and governmental opinion preponderantly support the conclusion
that the gold standard constitutes the best available
monetary mechanism." And further, "there can
be no doubt about a general return to gold as the
basis for the monetary system." Bankers generally
feel that there can be no possibility of inducing any
responsible foreign country even to consider bimetallism.
The heavy withdrawals of foreign funds from London has not in any way affected the great ease in
money rates resulting from the superabundance of
funds. Lombard Street remains unchanged, as it
has for many months. Call money against bills
is in supply at 4
3 % and is often available at
7
Two-months' bills are•/%,
three-months' bills 4%
7
to 15-16%, four-months' bills 15-16% to 1%, and
six-months' bills 1 1-16%. All the gold available in
the London open market this :week seems to have
been taken for shipment to France. On Whit Monday there was no market. On Saturday £316,000,
on Tuesday £128,000, on Wednesday £560,000, on
Thursday £432,000 were taken for French account
3497
but on Friday £140,000 were taken for an unknown
destination. The Bank of England statement for the
week ended May 23 shows an increase in gold holdings
of £83,876, the total standing at £192,130,046, which
compares with £187,008,683 a year ago, and with the
minimum of £150,000,000 recommended by the Cunliffe committee. At the Port of New York the gold
movement for the week ended May 23, as reported by
the Federal Reserve Bank of New York, consisted of
imports of $8,650,000, of which $3,370,000 came
from Canada, $2,902,000 from India, $2,363,000
from England, and $15,000 from Guatemala. There
were no gold exports. The Reserve Bank reported
a decrease of $685,000 in gold earmarked for foreign
account. In tabular form the gold movement at the
Port of New York for the week ended May 23, as
reported by the Federal Reserve Bank of New York,
was as follows:
GOLD MOVEMENT AT NEW YORK, MAY 17—MAY 23, INCL.
Imports.
Exports.
$3,370,000 from Canada
2,902,000 from India
None.
2,363,000 from England
15,000 from Guatemala
$8,650,000 total
Net Change in Gold Earmarked for Foreign Account.
Decrease: $685,000.
We have been notified that approximately $666,000 of gold was received
from China at San Francisco.
The above figures are for the week ended Wednesday evening. On Thursday $99,800 of gold was received from Ecuador; there were no exports of gold
or change in gold held earmarked for foreign account.
On Friday there were no imports or exports of gold
or change in gold held earmarked for foreign account.
Canadian exchange is firm and exceptionally steady,
ruling at a slight premium. On Saturday last
Montreal funds were at a premium of 3-16 to %%;
on Monday at 3-16 to 7-32%; on Tuesday at 3-16 to
to %%; on Thursday
7-32%; on Wednesday at
1 1%.
at 3-16 to Yi.%, and on Friday at A to /
Referring to day to day rates, sterling exchange on
Saturday last was dull but steady. Bankers' sight
4@$5.11;cable transfers $5.10%@$5.11%.
was $5.103
On Monday activity in New York was curtailed as
London and the Continent observed Whit Monday
holiday. The range in New York was $5.103A@
$5.11N for bankers' sight and $5.1034@$5.113 for
cable transfers. On Tuesday the pound softened in
dull trading. Bankers' sight was $5.103@$5.11;
cable transfers $5.103
/@$5.11%. On Wednesday
sterling was off sharply. The range was $5.083/
2@
$5.093
4 for bankers' sight and $5.08%@$5.093/ for
cable transfers. On Thursday sterling was steady
in limited trading. The range was $5.08N@$5.09%
for bankers' sight and $5.083/
2@$5.09% for cable
transfers. On Friday Sterling was steady, the
range was $5.09N@$5.093/
2 for bankers' sight and
$5.09Y1.@$5.095A or cable transfers. Closing quotations on Friday were $5.0934. for demand and
$5.09% for cable transfers. Commercial sight bills
finished at $5.09; 60-day bills at $5.083; 90-day bills
at $5.0734; documents for payment (60 days) at
$5.0834, and seven-day grain bills at $5.09 7-16.
Cotton and grain for payment closed at $5.09.
Continental and Other Foreign Exchanges
CHANGE on the Continental Countries preX sents no new features of importance from those
of the past few weeks. French francs have been
ruling firmer both in terms of dollars and sterling,
and while on Tuesday of last week all the gold available in the London open market was taken for
E
3498
Financial Chronicle
American account, thereafter and throughout most of
this week all the open market gold available was
taken for French account. The French position is
now exceptionally strong and is completely restored
to the position the franc occupied prior to February,
when the excessive gold drain against Paris set in.
Funds are now in such abundance in Paris that it is
thought probable that the Bank of France may •
immediately reduce its rediscount rate from 3% to
23/2%. The rate has been at 3% since Feb. 8 1934
when, upon the threatening gold drain, it was increased from 23/2%. The firmness of the franc has
had an important influence in firming up all the gold
bloc currencies, chiefly the neutral Swiss franc and
the Holland guilder.
The following table shows the relation of the leading currencies still on gold to the United States
dollar:
France (franc)
Belgium (belga)
Italy (lira)
Germany (mark)
Switzerland (franc)
Holland (guilder)
Old Dollar New Dollar
Parity.
Parity.
3.92
6.63
23.54
13.90
5.26
8.91
23.82
40.33
19.30
32.67
40.20
68.06
Range
This Week.
6.603 to 6.63
23.41 to 23.49
8.51 to 8.54
39.35 to 39.63
32.55 to 32.65
67.84 to 68.11
The firmness of the French franc in respect to the
pound has been discussed above in the review of
sterling exchange. Since April 27 France has withdrawn approximately £8,173,000 of gold from
London. In addition, native French hoarders of gold
have been turning their funds in to the Bank of
France. The Bank of France statement for the week
ended May 18 shows an increase in gold holdings of
478,228,636 francs, representing the eleventh successive increase in gold holdings of that institution,
an aggregate increase of approximately 3,157,991,349 francs. The last statement of the bank just
before America and London began to drain gold
from France was as of Jan. 26, when total holdings
of 77,054,987,969 francs were reported. The present
statement shows gold holdings of 77,086,190,795 francs so that the bank now has approximately
32,000,000 francs more than it had before the drain
began. Present holdings compare with 80,929,323,900 francs a year ago and with 28,935,000,000
francs when the unit was stabilized in June 1928.
The bank's ratio stands at the high level of 78.67%,
which compares with 77.32% on March 2 and with
78.15% a year ago, and with legal requirement of
35%.
There are no new developments of importance in
mark exchange. As pointed out here last week, the
German situation appears to be approaching a crisis.
The import surplus of 82,000,000 marks in April
raises the unfavorable German trade balance thus
far this year to 136,000,000 marks.
The London check rate on Paris closed on Friday
at 77.15, against 77.24 on Friday of last week. In
New York sight bills on the French center finished
on Friday at 6.60%, against 6.61 on Friday of last
2, and
week; cable transfers at 6.61, against 6.613/
commercial sight bills at 6.58, against 6.583/2. Antwerp belgas finished at 23.42 for bankers' sight bills
and at 23.43 for cable transfers, against 23.43 and
23.44. Final quotations for Berlin marks were 39.37
for bankers' sight bills and 39.38 for cable transfers,
in comparison with 39.50 and 39.51. Italian lire
closed at 8.50 for bankers' sight bills and at 8.51
for cable transfers, against 8.51 and 8.52. Austrian
schillings closed at 19.00, against 19.00;exchange on
Czechoslovakia at 4.173/2, against 4.18; on Bucha2, against 1.013/2; on Poland at 18.94,
rest at 1.013/
May 26 1934
against 18.96, and on Finland at 2.253/2, against 2.26.
Greek exchange closed at 0.94% for bankers' sight
bills and at 0.94% for cable transfers, against 0.943/2
and 0.95.
XCHANGE on the Countries neutral during the
E
war reflects the movements of the major
currencies, sterling and French
francs. The gold
block units, Swiss francs and Holland guilders are
firm in sympathy with the stronger position of the
French franc while the Scandinavian§ reflect the
easier tone of sterling exchange. Both the Swiss
and Dutch positions are strengthening against Paris
and as funds of these countries are steadily leaving
London, generally by way of Paris, the market is
inclined to believe that France must shortly ship
gold to Zurich and Amsterdam. In terms of new
dollar parity (32.67) the Swiss franc went as high as
32.65 in New York this week while the guilder rose
on Tuesday to 68.10, parity being 68.06. The
Spanish peseta, while not stabilized in terms of gold,
is firm in sympathy with the French franc to which
the Bank of Spain endeavors to keep the peseta
aligned.
Bankers'sight on Amsterdam finished on Friday at
67.87, against 67.92 on Friday of last week; cable
transfers at 67.88, against 67.93, and commercial
sight bills at 67.85, against 67.90. Swiss francs
closed at 32.56 for checks and at 32.57 for cable
transfers, against 32.58 and 32.59. Copenhagen
checks finished at 22.75 and cable transfers at 22.76,
against 22.82 and 22.83. Checks on Sweden closed
at 26.26 and cable transfers at 26.27, against 26.34
and 26.35; while checks on Norway finished at 25.57
and cable transfers at 25.58, against 25.67 and 25.68.
Spanish pesetas closed at 13.693/2 for bankers' sight
bills and at 13.703/2 for cable transfers, against 13.70
and 13.71.
XCHANGE on the South American Countries
continues to be hampered by the general demoralization of all foreign exchange relationships as
well as by impediments imposed by the South
American national exchange control boards which,
as from the beginning, are working far from satisfactorily. However, conditions are gradually mending. The exchange, foreign trade and financial
problems of these countries can never be fully
resolved until Great Britain reestablishes sterling
on gold, as London is the world's first market and
banker. The Brazilian Government has taken
steps to legalize the "unofficial" or "bootleg" market
in milreis. This course simply follows the action
taken some months ago by Argentina and Uruguay.
Under the new regulations the Banco do Brazil will
continue to acquire all the foreign exchange acquired
from exports which will then be devoted to debt
service, Federal, State and municipal and payment
for the restricted legitimate imports. The Bank will
determine official rates for these transactions. Other
exchange requirements will be permitted in the open
free market where price will be determined by supply
and demand. The amount of exchange available in
the "free market" for any South American currency
is very limited and quite generally it is next to impossible to transact business. The Argentine paper
peso continues to be .officially quoted around 34 but
the range in the free market this week was from
23.30 to 23.60.
Argentine paper pesos closed on Friday nominally
at 33% for bankers' sight bills, against 34 on Friday
E
3499
Financial Chronicle
Volume 138
8.
/
of last week; cable transfers at 34, against 341
Brazilian milreis are nominally quoted 8 for bankers' sight bills and 81 for cable transfers, against VA
and 8.52. Chilean exchange is nominally quoted
1. Peru is nominal at 23.25,
/
103.1., against 101
against 22.10.
XCHANGE on the Far Eastern countries follows
pretty much the same trends which have marked
the course of these units since the demoralization of
all foreign exchange markets with the abandonment
of gold by Great Britain in September 1931. Presently
the Japanese yen is fractionally easier in sympathy
with sterling exchange. The Chinese units move up
and down with the price of world silver. The Indian
rupee which is legally affixed to sterling moves with
its variations. Closing quotations for yen checks
yesterday were 30.22, against 30.35 on Friday of
/@36 15-16,
last week. Hong Kong closed at 367
at
against 36.80@36 15-16; Shanghai
333'@33 3-16,
against 33N; Manila at 503,against 503/s; Singapore
2
at 60, against 603/
8, Bombay at 38.30, against 383/
and Calcutta at 38.30, against 383/2.
E
Foreign Exchange Rates as Reported by Federal
Reserve Bank of New York.
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 19 1934 TO MAY 25 1934, INCLUSIVE.
Noon Buying Rate for Cable Transfers in New York.
Value in United States Money.
country and Monet
unit.
May 19. May 21. I May 22. May 23. May 24. May 25.
EUROPE$
8
8
Austria, schilling
.189600* .189560. .189900* .189660* .189440* .189500*
Belgium, belga
.234072 .233975 .234423 .234107 .234046 .234053
Bulgaria, ley
.013125* .013125. .013250* .013125* .013125* .013125*
Czechoslovakia, krone .041757 .041754 .041803 .041762 .041737 .041725
Denmark, krone
.228030 .228090 .228150 .227233 .227036 .227375
England, pound
sterling
5 108303 5.107321 .5.108416 5.090250 5.086166 5.093250
Finland, markka
022535 .022545 .022550 .022520 .022470 .022450
France, franc
.066083 .066103 .066235 .068111 .066071 .066063
Germany, relchsmark .394863 .395815 .395084 .394214 .393785 .393435
.009453 .009453
Greece. drachma
.009462 .009465
Holland, guilder
.679230 .679076 .680392 .679071 .678353 .678492
Hungary. Pengo
.297333* .298000* .298500* .298166* .298000* .298000*
Italy, bra
.085088 .085067 .085325 .085143 .085073 .085095
Norway, krone
.256555 .256570 .256600 .255650 .255416 .255775
Poland, zloty
.189386 .189300 .189633 .189433 .189100 .189233
Portugal, escudo
.046695 .046645 .046705 .048520 .046512 .046577
Rumania,leu
.010041 .010037 .010037 .010031 .010050 .010050
Spain, peseta
.137026 .137011 .1372130 .137039 .136992 .136978
Sweden,krona
.263310 .263290 .263409 .262358 .262120 .262491
Switzerland, franc_
.325525 .325623 .326215 .325496 .325417 .325557
Yugoslavia. dinar__
.022733 .022716 .022783 .022783 .022718 .022725
ASIAChinaChefoo (yuan) dol' .330000 .330000 .331666 .329166 .327916 .328750
Hankow(yuan) dol' .330000 .330000 .331666 .329166 .327918 .328750
Bhanghla(yuan)dorr .329687 .329375 .331093 .328750 .327658 .328281
Tientsin(y uan)dol'r .330000 .330000 .331666 .329166 .327916 .328750
Hongkong, dollar.. .366582 .366582 .368125 .365625 .364376 .365000
India, rupee
383675 .382750 .382300 .381800 .381937 .382390
Japan. yen
302825 .302840 .302410 .301790 .301500 .301650
Singapore (S. S.) dol' .598750 .598125 .598750 .597500 .595625 .598875
AUSTRALASIAAustralia. pound
4.075312*4.073125'4.072968*4.057187'4.054887 4.058750*
New Zealand, pound_ 4.090625*4.084062'4.084062*4.068750'4.068406*4.070000*
AFRICASouth Africa. pound 5.049000*5.049000'5.050375'5.031875*5.028000 5.044000*
NORTH AMER.Canada, dollar
1.001789 1.001718 1.002239 1.001119 1.001119 1.001686
999200 .999150 .999150 .999150 .999550 .999150
Peso
/dello°, peso (silver). .277500 .277500 .277500 .277500 .277500 .277500
Newfoundland, dollar .999375 .999312 .999875 .998687 .998828 .999187
SOUTH AMER..340566* .340466. .340500* .339366 .339066* .339533*
Argentina, peso
Brazil, milreis
.086200* .086212 .088212* .085215 .085975* .086025*
.102725* .012725 .012725* .012825 .012375* .102625*
peso
.805366* .807000• .806268* 805533* .804500. .804833*
.610700*
.609800 .815400 .617300* .611600* .
Colombia, peso
Cuba.
chne, peso
trruguay.
• Nominal rates: firm rates not available.
Gold Bullion in European Banks.
HE following table indicates the amount of gold
bullion in the principal European banks as of
May 24 1934, together with comparisons as of the
corresponding dates in the previous four years:
T
1934.
Banks ofEngland_ _ _
France a_ _ _
Germany b_
Spain
Italy
Netherlands
Nat. Belg
Switzerland
Sweden_
Denmark_ _
Norway_ _ _
1933.
1932.
1930.
1931.
E
E
E
E
E
192,130,046 187,008,683 125,761,106 152,078,027 158,116,699
616,689,526 647,434,591 631,255,737 445,061,202 3.50.419.309
38,356,400 108,139,100 121.803,550
17,681,700
6,154.150
98.803,000
96.933,000
90,108,000
90,373,000
90,502,000
58.279,000
57,479,000
60,885,000
69,478,000
73,962,000
35.993,000
37.498.000
76,976,000
69,842,000
66,900,000
34.179,000
41,320,000
72,183,000
78,456,000
77,251,000
23.153,000
25,711,000
74.297.000
73.388,000
61,117,000
13.515,000
13,309,000
11.442,000
12,031,000
15,022,000
9.567,000
9,552,000
8,032,000
7,397,000
7,397,000
8,144,000
8,133,000
6,561,000
8,380,000
6,577,000
Total week_ 1,213,701,722 1,259.469,974 1,195,857,243
Prey. week_ 1.209.329.817 1.264.270.416 1.187.407.289
995.213,329
994.291.819
905,051,812
904,918.967
a These are the gold holdings of the Bank of France as reported in the new form
of statement. b Gold holdings of the Bank of Germany are exclusive of gold held
abroad, the amount of which the present year is £1,193,400.
National Recovery Gets a Jolt
The controversy which has been going on at Washington over the Darrow report on the National Recovery Administration is not a spectacle of which
either the participants or the American public can
be proud. There are proprieties of debate which
even the most pronounced differences of opinion
cannot afford to ignore, but neither in procedure
nor in language have the ordinary amenities of controversy been much honored save in the breach. The
Darrow report was withheld from the public for
seventeen days after it was submitted, and then released with the attack and refutation which General
Johnson and the general counsel of the National Recovery Administration, Donald R. Richberg, had
been given time to prepare. If the delay meant anything else than a deliberate intention on the part
of the Administration to break the force of the report and, as far as possible, destroy its influence
with the public, no such meaning is apparent. The
report itself, upon examination, turns out to have
been made after a very incomplete investigation of
the questions upon which the opinion of the committee was asked, while its supplementary portion
contains an uncalled-for plea for what in substance
amounts to a socialist economic order. The integrity of the report is further weakened by the refusal of one of the members of the committee, John
F. Sinclair, to sign it and the submission of a minority report which emphasizes his dissent. The criticisms of General Johnson and Mr. Richberg, on the
other hand, particularly the latter, strain the resources of language in denunciation and personal
villification, while in this deplorable exhibition Mr.
Darrow, in his reply to General Johnson, is not far
behind. To complete the performance, it is announced that the committee will shortly go out of
existence, and its work, accordingly, will be left
hanging in the air.
No amount of superficiality or dogmatism on the
one side, however, or of personal abuse and arrogant
"high-hatting" on the other, can dispose of the
essential findings of the. report, or prevent them
from affecting profoundly the course of public
opinion. The Executive order of March 7 creating
the National Recovery Review Board directed the
Board "to ascertain and report to the President
whether any code or codes of fair competition approved under the authority of Title I of the National
Industrial Recovery Act are designed to promote
monopolies or to eliminate or oppress small enterprises or operate to discriminate against them, or
will permit monopolies or monopolistic practices,
and if it finds in the affirmative to specify in its reports wherein such results follow from the adoption
and operation of any such code or codes." The
Board was further directed "to recommend to the
3500
Financial Chronicle
President such changes in any approved code or
codes as in the opinion of the Board will rectify or
eliminate such results."
It was well known that Mr. Darrow, who was
designated as chairman of the Board, while admittedly one of the foremost criminal lawyers in
the country, had also been for years one of the idols
of American political and economic radicals, and
that capitalism and the profit system were to him
an anathema. For any socialistic pronouncements
which the Board in its report might make the Administration, accordingly,should have been prepared,
and by so much as it was prepared the pronouncements were fairly to be regarded as discounted in advance. The time for criticizing Mr. Darrow for
advocating socialism was before he was made chairman of the Board, not after he had proclaimed his
advocacy in the Board's report.
The majority of the Board found that the Cade
Authority of the steel code, namely, the directors
of the Iron and Steel Institute, is "perfectly equipped
to exercise monopolistic control" and "endowed
with powers incompatible with the ideals heretofore entertained in a free country." The so-called
"phantom" freight rates resulting from the basing
point system of rate making were condemned as depriving the public of the advantages of price competition and hastening the extinction of the small
producer. The "monopolistic practices" under the
motion picture code were declared to be "bold and
aggressive," with small enterprises "cruelly oppressed," control of production and distribution being largely in the hands of the companies known as
the "Big Eight" and the Code Authority itself being
self-perpetuating. Monopolistic conditions were also
found in the electrical manufacturing industry, but
they were held to result not from the code but "from
the control of patents and other long-standing
factors." "The price fixing arrangements made by
the Divisional Authority," the report stated, "are
likely to put the small enterprise out of business."
The code was further held responsible for monopolistic practices in the bituminous coal industry, the
code having been made "and its operation directed
by agencies connected with the larger coal companies to their advantage and the disadvantage of
the small enterprises." The immediate dismissal of
"the entire Subdivisional Code Authority now in
control of the Northern West Virginia and Western
Pennsylvania regions" for malfeasance in office was
urged. The National Retail Coal Dealers Association,the dominating power in that industry, afforded
no "due representation" of non-member dealers. No
monopolistic practices were found in the Cleaning
and Dyeing code, but small enterprises in the ice
industry appeared to be threatened with a competition of "menacing possibilities" from the large companies.
In a supplementary report made public on May 20,
Mr. Darrow and W. 0. Thompson pointed out that
"one of the central results of the whole operation of
industry under the control of the large producers"
was the raising of prices, through monopolistic practices, of raw materials, and that this was one of the
reasons for complaints by small businesses of inability to pay the minimum wages fixed by the codes.
Moreover, the same industrial combinations largely
control the fact-finding without which the extent of
monopoly cannot be fully determined. In the face
of control by combinations which can "take their
may
26 1934
profits at any point along the line from raw materials to final sales" the small business man,the two
members of the Board declared, "must either be
swallowed up in the combination or perish." The
only remedy which they saw was the socialistic one
of a planned economy with socialized ownership and
control, and production for use rather than for
profit.
Mr. Richberg, who replied at great length for the
National Recovery Administration, had no difficulty
in convicting the Board of what, on the face of his
rejoinder, appear to have been many inaccuracies in
details and lack of acquaintance with the administration of the codes. The charge of hostile bias was, of
course, greatly strengthened by the socialistic pronouncement of the supplementary report. The
Labor Advisory Board of the National Recovery Administration, in a resolution adopted on Wednesday,.
complained that the Darrow Board had failed to
consult with "the representatives of the organized
workers of the country," declared that the report had
"rendered a disservice to the nation and its citizens"
and had "pandered to the worst elements in our
political and economic life," and that "if its members are not conscious of these facts they are victims of arch stupidity." They recommended that
its "unhappy existence" be "promptly terminated"
by the President.
Neither Mr. Richberg nor the other defenders of
the National Recovery Administration, however,
have had much success in meeting the fundamental
criticism which Mr. Darrow and his associates have
levelled at the National Recovery Administration,
namely, that the codes of a number of leading industries or businesses, if not of all, are controlled by
representatives of the larger industries, that such
control not only favors monopoly but has produced it
in fact, and that small industries or businesses are
being driven to the wall. By suspending the operation of the antitrust laws in order to permit the imposition of codes, the National Industrial Recovery
Act not only wiped out the only legal restraint upon
monopol3 which the Government possessed, but
legalized and fostered the very combinations which
had hitherto been under a ban. Instead of continuing to the people the protection of the antitrust laws,
the Federal Government now encourages monopoly
by enforcing its codes of so-called "fair" competition, each of which has for the time-being the force
of law. Senator Borah, in a letter to General Johnson of December 26 last which was made public on
Monday, pointed out that the Supreme Court "has
definitely declared that the restraint of trade and
commerce prohibited by the antitrust laws is not
the restraint which merely regulates, and perhaps
thereby promotes, competition, but the restraint
which suppresses and destroys competition." The
Darrow Board finds that it is this suppressing and
destroying competition which the National Industrial Recovery Act has fastened upon the industry
and business of the country, to the imminent peril of
small enterprises wherever the codes apply.
There can be no doubt that the Darrow report,
whatever its inaccuracies or extravagances, has
sharply exposed a fatal weakness of the code system
and of the whole plan of"recovery" which the system
embodies. That exposure, no matter what efforts
may be made to obscure or discredit it, the country
is not likely to forget. It would be a happy outcome
of the episode if the whole code business were al-
Financial Chronicle
Volume 138
lowed to drop, and industry and trade permitted to
pursue recovery in sound economic ways. Unfortunately, there is little reason to hope that the
Administration will stay its hand notwithstanding
the impressive volume of criticism and protest that
is being rolled up. The Presidential order of May 15
exempting employers in retail or local service trades
who operate not more than three establishments and
are located in places of less than 2500 population
"not in the immediate trade area of a city or town
of larger population," from code requirements relating to hours, wages and prices, while it will afford
some mitigation to small enterprises, appears to be
only a step toward clearing the way for the concentration upon the revision and enforcement of a
selected number of important codes which has already been forecast. Announcements of a four to
twelve weeks' curtailment of cotton textile production by 25%, the appropriation of $16,000 by the
Public Works Administration to finance an inquiry
into prices, including code price fixing, by the National Recovery Administration, and reported plans
for rearranging and consolidating various National
Recovery Administration advisory units, indicate no
surrender or material modification of the Administration program. The revised Wagner labor bill, too,
is being pressed for action in Congress by Mr. Roosevelt as a means of coping with the strikes which are
multiplying throughout the country. The grand
scheme of further recovery by wholesale which was
to be outlined to Congress before adjournment is
now, it is reported, to be delayed, but the National
Recovery Administration theories and practices are
still, apparently, to be applied. Thanks to Mr.
Darrow and his associates, however, a big hole has
been made in the National Recovery Administration
defenses and one of the most serious mischiefs of
the system clearly exposed. The Democrats in Congress will find their work cut out for them when
they undertake to defend before the voters a recovery program which encourages monopoly with
one hand and writes the death warrant of small businesses with the other.
Congress Can Help
There has been much crimination and recrimination concerning the responsibility of the recent
depression. As a matter of fact, the blame can be
shared by everybody—merchants, manufacturers,
bankers,investors, laborers and farmers. For almost
five years previous to 1929 the nation was drunk
with prosperity and the hope of quick and easy
profits. A great many persons indulged in speculation. Comparatively few were willing to achieve
success by hard work. Now everybody is blaming
everyone but himself.
There has been much misrepresentation concerning
large incomes. Should the yearly income of any
one of our outstanding millionaires to-day be a
million dollars or more, does he get it? No. He
gets less than one-third of it. The rest goes for
taxes. The same principle applies to all incomes;
the larger the income the smaller the percentage a
man retains for his own use, unless he invests it in
tax-free bonds and is resigned to a very low rate of
return. Honest misconception, no less than deliberate misrepresentation, ignorance, prejudice and
envy, causes discontentment among the thriftless
and unfortunate.
3501
One of the chief essentials of a business revival is
that more capital be put into circulation. There
are three main sources of capital—the savings of
labor, the savings of business and the savings of
investors. It is a generally accepted fact that so
far as labor is concerned we are not a nation of
savers; hence, from the savings of labor we cannot
hope to accumulate more than a small part of the
capital we need. Although labor will not save, it
will spend; as it pays a very small rate of income tax
its spending capacity is large, thus turning over to
the business man and investor, to augment the old
capital, that which itself cannot accumulate. For
some time to come we cannot hope for foreign capital,
which has helped us considerably in the past. This
necessitates financing the business enterprises of the
country, for the present at least, by the savings of
our own business and American investors. When
the Government; through heavy taxes, takes too
much of this, it confiscates the capital which the
country needs to save it from widespread bankruptcy.
Moderate taxes encourage business, which adds
to the wealth of the nation by production, and furnishes employment for labor. High taxes drive out
of business men who have accumulated capital,
make them idle non-producers and non-employers,
drive their investments into tax-free bonds and
discourage fresh capital. Without the hope of
substantial gain men will not risk their capital.
The present heavy taxation destroys such hope.
Taxes on Goods Is Merely an Added Cost.
Whatever scientific theorists may call it, a tax on
goods is nothing but an increase in cost. If goods
are badly needed the buyer must pay the full price.
When the buyer is unwilling or unable to pay the
full price, including such tax, then, as a temporary
expedient, the seller must absorb all or part of that
tax in order to maintain his business in lieu of a
worthwhile future; this, however, is only made
possible by an adequate margin of profit. When
business slackens to such an extent that the hope of
future profitable business fails, when current profit
disappears, when the buyer cannot affoit to pay
the price of the goods with the tax added and the
seller cannot afford to absorb the tax, business must
stop. Taxation that does not spread its burdens
proportionately over all lines of business and over
all classes will "kill the goose that lays the golden
egg." Unfortunately, the culmination of such conditions is felt in times of depression, aggravating the
depression and postponing business revival.
Without systematic economy this country cannot
have permanent prosperity. Had we, as a nation,
saved during our recent period of plenty we would
be richer to-day. Therefore, the question arises,
shall our present bitter experience, and its sad
lesson, be ignored by Congress?
The statements of our high financial authorities
must not be misunderstood when they insist that
present conditions are the result of fear and lack of
public confidence. Easy money, alone, at this time
is not a sign of genuine improvement. Business
men understand this thoroughly. Danger lies in
the fact that some of our legislators are not primarily
business men, but more inclined toward the political
trend of mind. Some may be honestly misled, but
others are deliberately indifferent because they have
the feeling that to go contrary to President Roosevelt
at this time will work to their political detriment
3502
Financial Chronicle
this November. There must be a stop to the wild
orgy of governmental spending and reduction of
taxation; and unless Congress takes measures before
adjournment to make this an accomplished fact there
is grave danger that when the day of reckoning comes
the country may face conditions as bad as those of
the past three years, with more hopelessness than
ever. This is one time when every Congressman
should put his country before all else.
A Securities Act Mystery
[From the New York "Tim" of May 23 1934.]
There is not much doubt that the Securities Act will take
its place as an unpleasant legislative landmark in the history
of this Congress. Introduced along with a Presidential message framed in the most general language,laying down postulates which, as a declaration of purpose, nobody could dispute, the measure was hurried through in the legislative
hurly-burly of a year ago. Nobody knew who was directly
responsible for its actual provisions. 'Warnings that its
restrictions, the extreme penalties imposed by it for what
might have been inadvertent or unavaidable inaccuracies or
omissions in prospectuses, would result in stifling the flow
of new capital into industry, received no attention. It was
only when the visible effects of the enacted bill could not
be overlooked-when actual issues of new corporate securities during the rest of 1933 decreased-more than 75% from
those of the seven preceding months-that Washington as
well as the business world woke up to realize that the law's
provisions were defeating industrial recovery.
The upshot was that even the Congressional framers of
the Act began to take alarm. Modification of its more impossible sections was demanded, especially in the Senate,
where, nearly a month ago, the Chairman of the Banking
Committee proposed, in the form of amendments to the Stock
Exchange bill, a series of alterations in some of the worst
extravagances in the Securities Act. It was taken for
granted that his action foreshadowed correction of the most
serious mistakes in that unlucky measure.
Now it turns out that the amendment, as subsequently submitted by Senator Fletcher, adopted by the Senate and sent
with the Stock Exchange bill to the conference committee,
did not contain two of the most vitally important modifications which the Senator himself had previously suggested.
It had so far changed the language of a third as apparently
to rob it of its usefulness. When a weary and confused Senate was approaching the time for voting on the measure,
Senator Fletcher informed his colleagues that the amendment which he was formally offering "is the same as that"
previously printed, "except that I have made one slight
change."
We do not profess to understand what the Senator could
have meant, but the result speaks for itself; and it is hardly
conceivable that the occurrence should not have excited, in
the Senate itself, a sense of indignation. Coming on top of
the Banking Committee Chairman's deliberate exclusion from
the conference committee of Senator Glass and Senator Wagner, both of whom were entitled to appointment by seniority
and experience, but each of whom was able to understand
the possible dangers of the controverted sections, it cast a
shadow on the entire episode, and strengthens the suspicion
of meddlesome intrigue outside the legislative body.
How it will affect the action of the conference committee
itself, or the attitude of the Senate in case it is asked to
endorse action of that committee to perpetuate the blunders
already made, it would be premature to guess. But if the
Security Act and the Stock Exchange restriction measure
were to have restrictive effect on business recovery it is not
difficult to imagine what will be the feeling of intelligent
voters.
Henry Ford Talks.
[Editorial in "Nonpareil" of Council Bluffs, Iowa, May 20 1934.1
Henry Ford, who put America on pneumatic tires, expressed the opinion recently in Chicago that "everything the
Government is trying to do eventually would work itself out
without the use of Government funds."
With examples of recovery just across the north of us, in
England, France, Japan and other old world countries, where
the battle against depression is being waged successfully
May 26 1934
without such tremendous Government expenditures as in the
United States, who can dispute Mr. Ford?
Through more than two decades Henry has proved his own
business acumen and ability. Probably there is no more outstanding business success in America to-day than Mr. Ford.
If we, as individuals, had a particular and peculiar disease,
we would seek the best doctor available for a diagnosis and
prescription. If we had an engineering project of size and
importance, we would turn to the best engineers to be found.
If we were to build a great building, we would want the foremost architects and builders to do our work for us. Their
advice, their conclusions we would accept as the best.
Therefore, when Mr. Ford says that "everything the Goverkment is trying to do eventually would work itself out without the use of Government funds," we probably will find
ourselves either agreeing entirely with Henry or wondering
If, after all, he isn't nearer right than wrong.
The Government has spent huge sums in every sort of
alphabetic endeavor, and has taken additional huge sums
from business in attempts to regiment it. It has sought to
turn industry over to union labor. It has regulated working
hours and wages. It has set up processing taxes on food
products in an effort to increase prices. It actually has increased costs of production without increasing wages correspondingly. It has stifled credit, on the one hand, and extended it on the other. It has pursued such a monetary policy
as to frighten bankers so that long-time loans cannot or are
not being made, and then enters the loaning field itself and
leaves the banker no investments except Government bonds.
It's a topsy-turvy situation, with business just as hesitant
about commitments as ever, with individuals in much the
same boat, and all of us wondering just where we are going
and when we're going to get there.
So that in the last analysis, if we are to agree, even only
partly, with the conclusions of a man whose ability in the
field of business has become almost a by-word in America,
we can't help but ask ourselves if all the billions spent thus
far and all the additional billions which will be spent in the
near.future by the Federal Government are, after all, just
wasted.
Thc Course of the Bond Market.
The performance of the bond market this week resembled
that of several preceding weeks. High-grade issues have
remained firm while second grades were moderately lower.
Speculative bonds have moved with the stock market, which
eased off early in the week and rallied mildly thereafter.
Basic factors back of the high grade bond market remain
unchanged, reserve balances of member banks with the Federal Reserve continuing to grow, partly as a result of supporting Treasury operations. U. S. Government bonds,
being most directly affected, have risen further. The
possibility of a large-scale Treasury refunding operation,
aimed at funding of part of the floating debt into longer term
frarics7lias been rumored. On the other hand, factors
affecting lower-grade bonds have tended to grow less favorable as a general recession in business has been more plainly
indicated.
High-grade and medium-grade railroad bonds have continued strong during the past week, with some issues reaching
new high ground. Atchison gen. 4s, 1995, closed at 1023/s,
up N since last Friday; Chesapeake & Ohio 432s, 1995, at
103 were up 1; and New York Central cony. 6s, 1944, closed
at 1164, up %
3 since last week. Sagging prices were general
throughout the second and lower grade rail list, with losses
of as much as two or three points being recorded. St. Paul
mtge. 5s, 1975, were off 1/
3 I points from last week, closing
at 443
%; Denver & Rio Grande Western gen. 5s, 1955, closed
at 21/, up %
3 from a week ago; New York Chicago & St.
Louis deb. 6s, 1935, at 73 were off 2; Missouri Pacific gen.
4s, 1975 ended the week at 133/2, for a loss of 1%.
The most noticeable feature of a quiet trading week in
utility bonds was the further advance of the best investment
issues. Cincinnati Gas & Electric 4s, 1968, New England
Tel. & Tel. 5s, 1952, Pacific Gas & Electric 5s, 1942, and
Syracuse Lighting 5s, 1951, were among those that reached
new highs for the year. Lower grades were erratic and dull
and for the most part showed no marked trend. Central
States Power and Light 53%s, 1953, ended the week at 50,
unchanged since last Friday; Interstate Power 5s, 1957
were at 55, down 234, and Pacific Power and Light 5s, 1955,
at 45, were off 1.
Trading was slower and net changes small in the industrial
group, reflecting somewhat the stagnant state of the stock
markets. Tire bonds were irregular, Goodrich 6s, 1945,
losing 2% to 83%, while Goodyear 5s, 1957, were up % at
993.. In the oil classification Texas Corp. 5s, 1944, were
% and Standard Oil of N. J. 5s, 1946,
% higher at 1025
dropped % to 106. Steels were steady with Youngstown
Sheet and Tube 5s, 1978, declining % to 824 and National
at 1023
4. The various Paramount issues
5s, 1956, up
were relatively active, recovering from their recent dip, as
rumors of a definite reorganization plan were heard.
An KR
000000000000000
67.77
nil
oODWgkaso.b;o.62Obbbb5:.4:4
81.78
.,00n
000000
000000000000000000000000
93.11
co ea
an,'
bb.4,g
84.97 103.82
eta.66C0
004.o
o.
ce
o.-woomww,-cobow
79.68
80.60
78.88
78.66
79.68
80.37
78.88
78.99
75.50
74.36
70.52
66.55
83.72
66.38
77.66
53.16
Ca
94.43
95.18
94.14
93.11
93.26
93.26
92.10
91.81
89.31
87.96
84.85
82.02
97.31
81.78
89.31
71.87
92.53
92.39
91.67
90.27
89.17
89.86
88.50
87.96
88.36
88.36
87.43
87.64
83.97
82.38
78.44
74.25
92.82
74.25
89.31
70.05
80.72
AA 12
g
83.48
83.60
82.74
81.18
0000 00000po.000000 031.-
97.31
97.31
96.70
95.78
91.67
91.81
91.96
91.96
92.10
92.39
92.39
92.10
91.81
91.53
91.25
91.96
91.96
92.10
92.53
92.39
92.39
92.68
92.53
92 53
92.53
92.39
0
98.88 112.50 105.89
98.88 112.31 105.89
98.25 111.92 105.54
97.16 111.16 104.68
xchang e Closed.
95.93 110.42 103.48
96.70 111.16 104.16
95.63 110.79 103.15
94.88 110.23 101.81
95.18 110.23 101.97
95,33 109.86 101.47
93.99 109.12 100.00
93.85 108.75 99.68
91.63 107.67 98.41
90.55 107.67 97.16
87.69 106.25 95.48
84.85 105.37 93.26
98.88 113.86 106.96
84.85 105.37 93.11
92.39 108.03 100.33
74.15 97.47 82.99
P. U. /Mug.
RR.
00 0
81.07
81.30
81.54
81.66
81.78
81.90
82.02
81.90
81.30
80.95
80.72
81.30
81.66
82.02
82.62
82.38
82.62
81.90
81.78
82.87
83.11
83.11
000
OR AK
96.23
96.39
96.39
96.54
96.54
96.70
96.70
96.54
96.39
96.39
96.23
96.70
96.85
96.70
97.16
96.85
97.16
97.16
97.00
97.00
97.00
97.00
113.86
113.46
113.46
113.26
113.26
113.26
113.26
112.88
112.88
112.88
112.88
112.69
112.88
112.69
112.69
112.69
112.50
112.69
112.50
112.31
112.31
112.50
74:V1 rq'411.11;VIVASM188R433
.
3444W474.12=A
rARMS.S1:
00gs 44.ie4 .N.0QQ.VaieiWOOtZ,4SO;ei
v..6.05544viggrpgsgs44
Mv 2A•29
106.78
106.78
106.78
106.96
106.78
106.60
106.60
106.25
106.60
106.42
106.25
106.25
106.42
106.42
106.25
108.25
106.25
106.25
106.42
106.07
105.89
105.89
98.25
98.25
98.41
98.41
98.41
98.57
98.57
98.25
98.09
97.94
97.78
98.09
98.41
98.41
98.73
98.57
98.57
98.88
98.73
98.57
98.57
98.73
120 Domestic
Corporate* by Groups.
oompomoomoomoomo 00§§
U.S.
120
120 Domestic Corporate*
by Ratings.
1934
Gov. DomesDaily
Bonds.
M.
Baa.
A.
Averages.
**
Aa.
Corp.* Aaa.
The foreign bond market was not particularly active and
was quite irregular. Some recovery was noticeable in Colombian issues and in the Panama 5s. German bonds were
distinctly irregular and somewhat lower. A sharp decline
after the recent rise occurred in Rhine-Main-Danube 7s.
Scandanavian and Finnish were fairly steady. Polish 7s
were strong.
Moody's computed bond prices and bond yield averages
are given in the tables below.
MOODY'S BOND YIELD AVERAGESA
(Based on Individual Closing Prices.)
MOODY'S BOND PRICES.
(Based on Average Yields.)
May 25_ 105.13
24.. 105.11
23_ 104.97
22._ 104.89
21._ 104.92
19_ 105.04
18_ 105.05
17_ 104.98
16_ 105.04
15_ 105.02
14__ 105.03
12_ 105.16
11- 105.11
10_ 105.25
9_ 105.00
8_ 105.00
7._ 104.91
5_ 104.78
4_ 104.75
3_ 104.68
2._ 104.61
1__ 104.41
Weekly
Apr. 27__ 104.21
20._ 103.65
13._ 104.35
6_ 104.03
Mar.30.... Stook E
23__ 103.32
16_ 103.52
9_ 103.06
2_ 101.88
Feb. 23._ 102.34
16_ 102.21
9_ 101.69
2_ 101.77
Jan. 26._ 100.41
19_ 100.36
12._ 99.71
5_ 100.42
High 1934 105.25
Low 1934 99.06
High 1933 108.82
Low 1933 98.20
Yr.A goMy.25'33 102.92
2 Yrs.Ago
3503
Financial Chronicle
Volume 138
120 Domestic Corporate
AU
by Ratings.
1934
120
Daily
DomesBaa.
A.
Aa.
Aaa.
tic.
Averages
3.98
May 25__ 4.86
3.99
24... 4.86
3.99
23_ 4.85
4.00
22_ 4.85
4.00
21_ 4.85
4.00
19__ 4.84
4.00
18_ 4.84
4.02
17_ 4.86
4.02
16_ 4.87
4.02
15- 4.88
4.02
IC_ 4.89
4.03
12_ 4.87
4.02
11__ 4.85
4.03
10-- 4.85
4.03
9-- 4.83
4.03
8._ 4.84
4.04
7._ 4.84
4.03
5.... 4.82
4.04
C. 4.83
4.05
3_ 4.84
4.05
2__ 4.84
4.04
1__ 4.83
Weekly
4.04
Apr. 27__ 4.82
4.05
20_. 4.82
4.07
13__ 4.86
4.11
6__ 4.93
3Jar.30_ Stock E xchang e
4.15
23._ 5.01
4.11
16-- 4.96
4.13
9.- 5.03
4.16
2._ 5.08
4.16
Feb. 23._ 5.06
4.18
16.- 5.05
4.22
9__ 5.14
4.24
2._ 5.15
4.30
Jan. 26- 5.31
4.30
19._ 5.38
4.38
12-- 5.59
4.43
5_ 5.81
3.98
Low 1934 4.82
4.43
High 1934 5.81
4.11
Low 1933 4.96
High 1933 6.75
4.91
Yr. Ago4.52
My.25'33 5.80
2 Yrs.Ago
5.54
M v.25'32 8.29
ft
30
ForP. U. /advs. elm.
120 Domestic
Corporate by Groups.
RR.
4.99
4.98
4.98
4.97
4.97
4.96
4.96
4.97
4.98
4.98
4.99
4.96
4.95
4.96
4.93
4.95
4.93
4.93
4.94
4.94
4.94
4.94
6.12
6.10
6.08
6.07
6.06
6.05
6.04
6.05
6.10
6.13
6.15
6.10
6.07
6.04
5.99
6.01
5.99
5..95
5.96
5.97
5.95
5.95
4.83
4.83
4.82
4.81
4.81
4.81
4.81
4.81
4.84
4.85
4.87
4.85
4.82
4.82
4.80
4.81
4.79
4.76
4.77
4.78
4.78
4.78
5.30
5.29
5.28
5.28
5.27
5.25
5.25
5.27
5.29
5.31
5.33
5.28
5.28
5.27
5.24
5.25
5.25
5.23
5.24
5.24
5.24
5.25
4.46
4.45
4.44
4.45
4.46
4.47
4.47
4.48
4.47
4.47
4.47
4.47
4.46
4.46
4.47
448
4.48
4.48
4.47
4.48
4.48
4.47
7.25
7.25
7.25
7.24
7.21
7.19
7.20
7.19
7.21
7.21
7.16
7.13
7.14
7.16
7.17
7.16
7.17
7.15
7.16
7.21
7.24
7.24
4.92
4.40
4.92
4.40
496
4.42
4.47
5.02
Closed.
5.11
4.54
5.06
4.50
5.13
4.56
5.20
4.64
5.19
4.63
5.19
4.66
5.27
4.75
5.29
4.77
5.47
4.85
5.57
4.93
5.81
5.04
6.04
5.19
4.92
4.34
6.06
5.20
5.04
4.49
6.98
5.96
5.92
5.91
5.98
6.11
4.75
4.73
4.76
4.81
5.24
5.25
5.30
5.40
4.48
4.49
4.53
4.58
7.28
7.21
7.20
7.22
6.24
6.16
6.31
6.33
6.24
6.18
6.31
6.30
6.62
6.73
7.12
7.56
5.90
758
6.16
9.44
4.91
4.85
4.91
4.97
4.93
4.92
5.05
5.05
5.23
5.32
5.54
5.74
4.73
5.75
4.83
7.22
5.48
5.43
5.53
5.57
5.54
5.54
5.61
5.64
5.88
6.01
6.35
6.74
5.22
6.74
543
7.17
4.64
4.60
4.66
4.72
4.70
4.70
4.75
4.77
4.82
4.83
4.87
4.94
4.44
4.97
4.60
6.35
7.84
7.23
7.25
7.38
7.49
7.52
7.57
7.55
7.97
8.05
8.33
8.55
7.13
8.65
7.23
11.19
4.35
4.35
4.35
4.34
4.35
4.36
4.36
4.38
4.36
4.37
4.38
4.38
4.37
4.37
4.38
4.38
4.38
4.38
4.37
4.39
4.40
4.40
5.20
6.06
7.42
5.85
6.15
540
9.71
6.62
8.80
12.18
9.79
7.27
7.80
15.22
•These prices are computed from average yields on the basis of one "Ideal" bond (4)4% coupon, maturing in 31 years) and do not purport to show either the average
movement of
level or the average movement of actual price quotations. They merely serve to Illustrate In a more comprehensive way the relative levels and the relative
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.
10 1934.
Feb.
of
Issue
the
In
published
•• Actual average price of 8 long-term Treasury issues. t The latest complete Ilst of bonds used In computing these indexes was
Page 920. tt Average of 30 foreign bonds but adjusted to a comparable basis with previous averages of 40 foreign bonds.
Indications of Business Activity
THE STATE OF TRADE-COMMERCIAL EPITOME. the carryover. Sugar was dull, with the trade awaiting the
announcement of import quotas. Hides were also quiet and
Friday Night, May 25 1934.
Trade was better both at wholesale and retail, and the weaker. Wool was inactive and easier. Silver was rather
heavy industries made a good showing despite reduced opera- active early in the week, and prices advanced on buying in
tions in steel, motors and bituminous coal. Yet steel opera- anticipation of favorable news from Washington, but there
tions were still higher than a month ago, and automobile was much disappointment after the President delivered his
production was lowered only slightly. Carloadings were message, and a sharp decline followed and trading quieted
larger than in the preceding week, and lumber output was down. The non-ferrous metals were quiet and generally
again on a par with the year's peak, reached in mid-April. weaker. Coffee also was lower, with the volume of busiElectric output showed a gain of 0.4% over the preceding ness very small. Spot coffee was dull. The weather here
week. At retail, summer furniture, rugs, household elec- was generally warmer, with frequent heavy rains. There
trical appliances, curtains, garden equipment and tools was a severe electrical storm on the night of the 19th inst.
were in the best demand. The National Cotton Week was which did considerable damage. The mercury climbed to 88
a success, and had a tendency to stimulate the demand for degrees, and gave New York the hottest May 21 in the
cotton goods. Retailers reported the best business in cloth- history of the Weather Bureau. One prostration was reing in some weeks. Wholesale buying increased, being ported. It became cooler later in the week, but rain fell
partly influenced by better weather conditions and the almost daily. Except for showers here and there, the week
proximity of the Memorial Day holiday, as well as by the was generally favorable for cotton. The grain belts received
announcement of curtailment plans by many manufacturers. little relief from the drouthy conditions which have prevailed for some time. To-day it was raining here, with
The demand was the best seen in several weeks for printed
silks, cotton and rayon piece goods. Hardware was moving temperatures ranging from 52 to 56 degrees. The forecast
in a fairly steady volume. Orders for groceries were also was for fair to-night and fair and warmer Saturday, and
larger, owing to the advancing tendency of commodity probably Sunday. Overnight at Boston it was 50 to 70 deprices. Cotton was only fairly active, at best, and prices grees; Baltimore, 54 to 76; Pittsburgh, 44 to 62; Portland,
declined 9 to 12 points for the week, owing to disappoint- Me., 46 to 66; Chicago, 46 to 52; Cincinnati, 42 to 66; Clevement over the President's message on silver and very favor- land, 46 to 56; Detroit, 36 to 60; Charleston, 70 to 76; Milable weather and crop reports. Grain, on the other hand, waukee, 42 to 54; Dallas, 64 to 74; Savannah, 68 to 88;
was pretty active at times, and prices are higher because of Kansas City, 48 to 72; Springfield, Mo., 46 to 76; St. Louis,
continued dry weather and very bullish crop reports. Pros- 46 to 70; Oklahoma City, 54 to 82; Denver, 46 to 66; Salt
pects point to a total wheat yield of about the same amount Lake City, 58 to 88; Los Angeles, 60 to 74; San Francisco,
as domestic consumption, but continued drouth may reduce 54 to 68; Seattle, 54 to 66; Montreal, 40 to 60, and Winnithe crop sufficiently to necessitate another reduction in peg, 44 to 68.
3504
Financial Chronicle
Less Surplus Freight Cars in Good Repair.
Class I railroads on April 30 had 368,364 surplus freight
cars in good repair and immediately available for service,
the American Railway Association announced on May 24.
This was a reduction of 10,736 cars compared with April 14
at which time there were 379,100 surplus freight cars.
Surplus coal cars on April 30 totaled 105,516, a decrease of
10,417 cars below the previous period, while surplus box cars
totaled 211,115, an increase of 739 cars compared with
April 14.
The Association added that reports also showed 25,820
surplus stock cars, a decrease of 1,364 cars compared with
April 14, while surplus refrigerator ears totaled 11,434, an
increase of 935 for the same period.
Orders for New Freight Cars Show Gain Over Two
Preceding Years.
According to reports just received by the American Railway
Association and announced on May 25, Class I railroads of
the United States on May 1 1934 had 15,964 new freight
cars on order as compared with 1,561 on the same day in
1933 and 2,812 on order two years ago. The announcement
added:
The railroads on May 1 this year also had 21 new steam locomotives on
order and 107 electric locomotives. New steam locomotives on order
on May 11933. totaled three and on the same date in 1932, there were 31
on order. No figures are available to show the number of new electric
locomotives on order in previous years.
In the first four months of 1934, the railroads installed 1,091 new freight
cars. In the same period last year. 893 new cars were placed in service and
for the same period two years ago, the total number installed was 1,341.
While no new steam locomotives were placed in service in the first four
monthsof1934,reports showed that six new electriclocomotives wereinstalled.
The railroads in the first four months of 1933 installed one new steam
locomotive and eight in the corresponding period in 1932.
Freight cars or locomotives leased or otherwise acquired are not included
In the above figures.
Moody's Daily Index of Staple Commodity Prices
Continues in Sagging Trend.
Primary commission markets have continued in the sagging
trend which has prevailed with few interruptions since early
in February. Moody's Daily Index of Staple Commodity
Prices declined 0.9 points to 133.3, and the decline would
have been much more pronounced if forecasts of excessive
heat and continued drouth had not caused sizeable advances
in grains on Friday.
Nine of the fifteen commodities contained in the Index
registered declines during the week, three showed losses,
and three were unchanged. The declines were fairly evenly
distributed, with hides, rubber, steel scrap, hogs, cotton,
sugar, silk, wool tops and cocoa contributing to the lowering
of the Index number in the order named. Wheat gained
4 cents a bushel and corn 33/i cents during the week. The
only other gain, in coffee, was fractional. Silver, copper
and lead were unchanged.
The movement of the Index number during the week,
with comparisons, is as follows:
Fri., May 18Sat.. May 19
Mon.. May 21
Tues., May 22
Wed., May 23Thurs.,May 24
Fri., May 25
134.2
134.6
134.2
133.4
132.7
132.2
133.3
2 Weeks Ago, May 11
Month Ago, Apr. 25
Year Ago.
May 25
1933 High, July 18
Low,
Feb. 4
1934 High, Feb. 16
Low,
Jan. 2
135.7
132.4
115.4
148.9
78.7
140.4
126.0
factors. In particular, the silver agitation seems to have lost its stimulating potency, the President's "ultimate" silver message of Tuesday to
Congress being taken as definitely disappointing for those who still hoped
for something being "done" for silver.
Whether that matter is really settled remains to be seen, in view of the
apparently unnecessary readiness of the President to compromise on the
issue. The silver agitation has throughout been distinguished by an
almost unbelievable degree of hypocrisy and dishonesty, which under
the guise of concern for the public welfare has concealed the most discreditable self-seeking of private individuals who stand personally to gain
by "something done for silver," and the equally irresponsible catchword
demagogery of politicians furthering their sectional interests regardless
of the cost to the Nation. If the issue could really be regarded as settled.
the bill might perhaps be acceptable on the assumption that its provisions
would never be put into effect by the President. Unfortunately, is by
no means certain that such an assumption is warranted, even itthough
the President is apparently less disposed to currency experimentation
than a year ago. More serious, however, is the danger, in view of the
notorious persistence of the silver clique, that the failure to make the
bill effective at some earlier date than the "ultimately" of the President's
message will simply spur the silverites on to making the provisions mandatory, and that the President, weakened by compromise, will then be
enable to prevent that disastrous result.
Revenue Freight Car Loadings in Latest Week 14.1%
in Excess of Corresponding Period in 1933.
Loading of revenue freight for the week ended May 19
1934 totaled 611,142 cars, an increase of 9,403 cars, or 1.6%
over the preceding week and was 75,423 cars, or 14.1%
higher than in the corresponding period last year. It was also
a gain of 95,514 cars, or 18.5% over the comparable week in
1932. Total loading for the week ended May 12 1934 exceeded
the same period in 1933 by 12.5% and the corresponding
week in 1932 by 16.3%. In the week ended May 5 1934
increases over the like periods in 1933 and 1932 amounted to
14.6% and 13.2%, respectively.
The first 16 major railroads to report for the week ended
May 19 1934 loaded a total of 263,851 cars of revenue freight
on their own lines, compared with 259,985 cars in the preceding week and 236,848 cars in the seven days ended
May 20 1933. During the week ended May 13 1933 these
same roads loaded 237,891 cars. With the exception of the
International-Great Northern RR., all of the carriers in the
following table showed gains over the comparable period
last year:
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS.
(Number of Cars.)
Loaded on Own Lines. Rec'd from Connections.
May 19 ifay 12 May 20 May 19 May 12 May 20
1934. 1934. 1933. 1934. 1934. 1933.
Atch. Topeka & Sante Fe Ry---- 18,652 18,659 17,741 4,022 4,142 3,819
Chesapeake & Ohio Ry
20,510 20,413 17,411 8,982 8,896 7,622
Chicago Burlington dc Quincy RR 13,737 13,318 13.085 5,484 5,582 5,334
Chic, Milw, St. P.& Pao. Ay--.- 17,100 16,638 15,885 5,683 (1,798 5,798
Chicago & North Western lip-... 15,667 14,769 13,114 8,043 8,175 7,375
2,933 2,901 2,568 1,337 1,314
Gulf Coast Lines
904
Inter.-Great Northern RR
2,708 2,378 4,379 1,967 2,288 1,764
Missouri-Kansas-Texas Lines
4.284 4.164 4,210 2.676 2,534 1,930
12,567 12,976 11,736 7,644 7,805 6,912
Missouri Pacific RR
43.098 42,808 38,854 55,450 54,041 46.754
New York Central Lines
N. Y. Chicago & St. Louis Ry -- 4,779 4,306 4,121 7,464 7,523 6,986
17,931 18,592 14,675 3,364 3,621 3,290
Norfolk dr Western Ity
Pennsylvania RR
56,552 55,861 51,010 34,921 34,925 32,321
5,111 5,001 4,755 4,357 4,345 3,558
Pere Marquette Ry
Southern Pacific Lines
22,916 22.100 18.781
Wabash Ry
5,306 5.101 4,723 7,846 7,284 6,171
Weeks Ended.
Total
263.851 259,985 236,848 159,220 158,273 140,518
x Not reported.
TOTAL LOADINGS AND RECEIPTS FROM CONNECTIONS,
(Number of Cars.)
IVeeks Ended,
of 0.9 Point Noted in "Annalist" Weekly
Index of Wholesale Commodity Prices for Week
of May 22-Index at Highest Level Since February
1931.
Advancing 0.9 point during the week, the "Annalist"
weekly index of wholesale commodity prices stood at 111.5
on May 22, the highest since February 1931. The rise, the
"Annalist" said, reflected gains in a relatively few commodities-wheat and the grains, steers, lambs and beef,
and gasoline. The "Annalist" added:
Increase
The farm and food products indices, reflecting the gains in moat of the
foregoing, rose to the highest levels since 1931 with the exception of the
peak weeks of last summer's boom, when slightly higher points were
touched.
,THE "ANNALIST" WEEKLYZINDEX OF WHOLESALE COMMODITY
PRICES.
Unadjusted for Seasonal Variation. 1913=100.
May 22 1934. May 15 1934. May 23 1933.
93.9
109.9
*114.1
163.7
112.1
114.1
99.6
89.7
111.5
as n
a92.7
8108.9
a114.1
161.7
112.3
114.2
a99.6
89.8
• 110.6
MR
MQW0000t...ON
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
All commodities
•Preliminary. a Revised. b Based on exchange quotations for France.
Switzerland, Holland and Belgium.
The individual gains, contrary to two weeks ago, reflected conditions
within the particular commodities rather than general conomic and political
May 26 1934
Chicago Rock Island & Pacific Ry
Illinois Central System
St. Louis-San Francisco Ry
Total
May 19
1934,
May 12
1934,
Map 20
1933.
20.474
25.059
12,059
19,628
24,008
11,647
19,829
23,329
11,053
57.592
55,183
54,011
The American Railway Association, in reviewing the week
ended May 12, reports as follows:
Loading of revenue freight for the week ended May 12 totaled 601,739
cars, a decrease of 2,466 cars below the preceding week, but 66.933 cars
above the corresponding week in 1933 and 84,479 cars above the corresponding week in 1932.
Miscellaneous freight loading for the week of May 12 totaled 239,984
cars, a decrease of 959 cars below the Preceding week. but 39.407 cars
above the corresponding week in 1933, and 47,783 cars above the corresponding week in 1932.
Loading of merchandise less than carload lot freight totaled 165,013 cars,
a decrease of 1,413 cars below the preceding week this year but 332 cars
above the corresponding week in 1933. It was, however, a decrease of
16.549 cars below the same week in 1932.
Grain and grain products loading for the week totaled 28.457 cars, an
increase of 1,373 cars above the preceding week but decreases of 10,616
cars below the corresponding week in 1933. and 69 cars below the same
week in 1932. In the Western districts alone, grain and grain products
loading for the week ended May 12 totaled 18.133 cars, a decrease of 8,341
cars below the same week in 1933.
Forest products loading totaled 24,836 cars, a decrease of 106 cars below
the preceding week, but 4,603 cars above the same week In 1933, and 6,053
cars above the same week in 1932.
Ore loading amounted to 18,182 cars, an increase of8,331 care above the
preceding week. 11.456 cars above the corresponding week in 1933 and
15,589 cars above the corresponding week in 1932.
Coal loading amounted to 102,872 cars, a decrease of 8,484 cars below
the preceding week, but 20,517 cars above the corresponding week in
1933 and 29,344 cars above the same week in 1932.
Financial Chronicle
Volume 138
Coke loading amounted to 6,690 cars, a decrease of 163 cars below the
Preceding week but 2,929 cars above the same week in 1933 and 3,674 cars
above the same week in 1932.
Live stock loading amounted to 15,705 cars, a decrease of 1,045 cars
below the preceding week, 1,755 cars below the same week in 1933, and
1,346 cars below the same week in 1932. In the Western districts alone,
loading of live stock for the week ended May 12 totaled 12,720 cars, a
decrease of 1.114 Cars below the same week in 1933.
All districts except the Southwestern reported increases for the week of
May 12 compared with the corresponding week in 1933. All districts,
however, reported increases compared with the corresponding week in 1932.
Loading of revenue freight in 1934 compared with the two previous years
follows:
3505
In the following table we undertake to show also the loadings for the separate roads and systems for the week ended
May 12 1934.
During this period 48 roads showed decreases
as compared with the corresponding week last year, when
the bank holiday was in effect.
Among the larger carriers
which continued to show increases as compared with the
same week in 1933 were the Pennsylvania System, the
Baltimore & Ohio RR., the Chesapeake & Ohio RR., the
New York Central RR., the Southern Ry. System, the
1934.
1933.
1932.
2,177,562
2,308,869
3.059,217
2,334,831
604,205
601,739
1.924,208
1,970,566
2.354,521
2,025,564
527,118
534,806
2,266.771
2,243,221
2.825,798
2,229,173
533,951
517,260
11 AAA 419.
1
A RRR 783
10.616.174
Four weeks in January
Four weeks in February
Five weeks in March
Four weeks in April
Week ended May 5
Week ended May 12
Total
Norfolk & Western Ry., the Atchison Topeka & Santa Fe
Ry. System, the Louisville & Nashville RR., the Illinois
Central System, the Southern Pacific Co. (Pacific Lines),
the Chicago & North Western Ry., the Chicago Burlington
& Quincy RR., the Missouri Pacific RR., the Reading Co.,
and the Erie RR.
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER OF CARS)-WEEK ENDED MAY 12.
1934.
Eastern District.
Group
Bangor & Aroostook
Boston & Albany
Boston dr Maine
Central Vermont
Maine Central
N. Y. N. H. ez Hartford
Rutland
Total
Total Loads Received
from Connections.
Total Revenue
Freight Loaded.
Railroads,
1933.
1932.
1934.
1933.
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
1,892
2,920
7,825
674
2,661
10,467
647
451
4,548
10.5.5
2,629
2,786
11,718
994
305
4,292
9,222
2,491
2,325
10,497
935
27,690
25,565
27,086
33,661
30,067
Group BDelaware & Hudson
Delaware Lackey:sane & West..
Erie
Lehigh & Hudson River
Lehigh Sz New England
Lehigh Valley
Montour
New York Central
New York Ontario dc Western.
PittsburghSz Shawmut
Pitts. Sbawmut & Northern...
Total
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
7,081
1,429
17,543
1,733
341
303
4,963
7,963
10,406
201
1,342
6,442
1,235
16,826
2,143
410
371
6,675
6,216
12,750
1,867
1,125
7,090
34
27,375
2,103
45
205
5,690
4,996
11,964
1,652
882
6,250
37
22,488
1,729
45
146
62,306
51,252
52,302
85,485
55,879
Group C-Ana Arbor
Chicago Ind. & Louisville
C. C. C.& St. Louis
Central Indiana
Detroit & Mackinac
Detroit & Toledo Shore Line_ Detroit Toledo & Ironton
Grand Trunk Western
Michigan Central
Monongahela
New York Chicago & St. Louis.
PereMarquette
Pittsburgh & Lake Erie
Pittsburgh & West Virginia...Wabash
Wheeling de Lake Erie
566
1,204
6,438
19
301
272
2,362
3,859
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
554
1,145
7,132
31
234
164
1,739
2,735
5,882
3,511
3,965
3,883
3,211
570
5,183
1,899
913
1,993
9,519
70
92
1,969
1,169
6,036
7,684
247
7,523
4,345
4,709
959
7,284
3,179
821
1,480
8,721
46
87
1,684
716
4,876
6,871
147
7,137
3,528
3,892
647
6,131
2,126
51,396
44,187
41,818
57,691
48,910
Grand total Eastern District-141,392
121,004
121,206
156,837
134,856
498
28,220
2,751
237
5,583
670
176
84
784
1,114
55,861
12,940
8,940
75
3,342
440
22,672
1,563
203
4.843
578
174
52
984
869
50,664
10,377
3,145
35
2,345
a
23,545
939
146
5,596
41
181
66
1,116
52,580
12,244
3,233
as
2,572
630
12,677
1,697
5
9.816
64
22
15
2,763
1,029
34,925
14,058
2,509
1
5,139
507
11,487
777
5
8,711
45
12
8
2,422
944
31,546
13,338
962
1
3,259
121,275
98,944
102,297
83,350
74,024
20,413
18,592
1,284
2,932
17,310
14,034
785
2,653
15,581
11,257
1.077
2,549
8,896
3,621
1,290
713
7,694
3,604
1,002
531
43,421
34,782
30,464
14,520
12,831
8,717
1,132
351
132
42
1,097
434
357
7,480
18,461
130
8,260
808
419
148
49
1,559
544
284
6,990
17,859
149
7,816
835
363
132
58
1,411
453
292
6,664
17,595
181
4,129
1,494
866
391
82
1,086
878
3,482
3,350
11,073
624
3,946
1,186
862
251
101
876
728
3,741
2,891
10,772
824
Total
Allegheny DistrictAkron Canton & Youngstown._
Baltimore & Ohio
Bessemer de Lake Erie
Buffalo Creek & GanleY
Central RR. of New
Jersey.-- Cornwall
Cumberland & Pennsylvanla__.
Ligonier Valley
Long Island
b Penn -Read. Seashore Lines
Pennsylvania System
Reading Co
Union (Pittsburgh)
West Virginia Northern
Western Maryland
Total
Pocahontas District.....
Chesapeake & Ohio
Norfolk & Western
Norfolk & Portsmouth Belt Line
Virginian
Total
Southern DistrictGroup AAtlantic, Coast Line
Clinchfield
Charleston & Western Carolina
Durham & Southern
Gainesville Midland
Norfolk Southern
Piedmont & Northern
Richmond Fred. & Potomac.-Seaboard Air Line
Southern System
Winston-Salem Southbound- - -
Group BAlabama Tenn. & Northern__
Atlanta Birmingham dr Coast..
Atl.& W.P.-West. RR.of Ala
Central of Georgia
Columbus & Greenville
Florida East Coast
Georgia
Georgia dc Florida
Gulf Mobile & Northern
Illinois Central System
Louisville & Nashville
Macon Dublin & Savannah..
Mississippi Central
Mobile & Ohio
Nashville Chatt. & St. Louis....
Tennessee Central
Total Loads Received
from Connections.
Total Revenue
Freight Loaded.
Railroads.
1934.
1933.
1932.
162
648
594
3,237
182
1,294
701
322
1,312
16,413
16,262
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
245
622
540
3,188
199
942
871
284
1,136
16,146
13,132
107
103
1.820
2,805
420
1934.
193
583
986
2,241
2G1
689
1,159
388
679
8,045
3,677
401
247
1.446
1,923
526
1933.
149
635
998
2,164
132
473
1,203
287
635
7.971
3,730
368
218
1.358
2,145
413
46,354
44,957
42,560
23,384
22,879
Grand total Southern District__
84,687
82.026
78,360
50,841
48,857
Northwestern DistrictBelt Ry. of Chicago
Chicago & North Western
Chicago Great Western
Chic. Milw. St. Paul & Pacific_
Chic. St. Paul Minn. & Omaha
Duluth Missabe & Northern_ _ _
Duluth South Shore & Atlantic
Elgin Joliet & Eastern
Ft. Dodge Des M. dr Southern_
Great Northern
Green Bay & Western
Lake Superior & Ishpeming....
Minneapolis & St. Louis
Minn. St. Paul & S. S. Marie
Northern Pacific
Spokane International
Spokane Portland & Seattle-
956
15,291
2,316
16,638
3,290
6,104
439
3,706
269
10,902
511
1,607
1,755
5,160
7,999
120
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
7,898
100
957
1,355
12,989
2,266
15.150
3,165
508
301
2,907
281
6,675
544
a
1.737
3,823
7,261
a
1,271
1,573
8,175
2,118
5,798
2,644
95
328
4,246
100
2.311
318
78
1,248
2,152
2.028
151
916
1,905
7,494
1,918
5.732
2,341
39
289
3,616
131
1,900
278
57
1,230
1,831
1,800
111
804
80,430
67.348
60.233
34,279
31.476
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
18,746
2,935
150
14,036
a
11,566
1,875
712
1,581
164
1,042
a
546
153
14,639
262
265
10,704
193
1,389
4,142
1.792
35
5,582
555
5,727
1,913
831
1,839
7
885
984
292
22
3,380
284
957
6,660
3
1,362
4.011
1,540
33
5,171
553
4,833
1,715
707
1,754
7
817
833
225
73
2.840
269
851
6.214
9
1,387
83,747
80,291
80.958
37,252
33,842
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
129
109
116
2,621
5,440
97
1,506
1,197
147
163
412
89
4,192
11.806
52
107
7,015
2,539
5,800
4,914
1,934
26
145
104
147
2,491
1.571
117
1,522
1.187
a
104
467
46
4,066
12,116
35
73
7,194
1,994
5,448
3,188
1.713
14
3,651
220
162
1,314
2,288
683
1,249
743
302
856
193
211
2,534
7.805
8
121
3,001
2,151
1,970
3.595
1,788
38
2.805
294
122
867
1,722
706
1,218
913
215
636
195
251
1,830
7,085
17
82
2,882
1,455
2,248
3,199
1,947
43
Total
Total
Central Western District
AVM. 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 dr Salt Lake
Fort Worth & Denver City....
IllinoisTerminal
Northwestern Pacific
Peoria & Pekin Union
Southern Pacific (Pacific)
St. Joseph & Grand Island...
Toledo Peoria & Western
Union Pacific System
Utah
Western Pacific
Total
Southwestern DistrictAlton & Southern
Burlington-Rock Island
Fort Smith dc Western
Gulf Coast Lines
International-Great Northern_
Kansas Oklahoma dc Gulf
Kansas City Southern
Louisiana & Arkansas
Louisiana Arkansas & Texas...
Litchfield & Madison
Midland Valley
Missouri & North Arkansas....
Missouri-Kansas-Texas Lines..
Missouri Pacific
Natchez & Southern
Quanah Acme & Pacific
St. Louis San Francisco
St. Louts Southwestern
Texas dr New Orleans
Texas & Pacific
TermlnalRR.Assn.of8t.Louis
Weatherford M. W.& Northw_
Anna,
KO All
42719
/ARIZ/
20729
Total
27,457
25,978
Total
35.800
37,089
38,333
a Not available. b Pennsylvania-Reading Seashore Lines include the new consolidated lines of the West Jersey & Seashore RR., formerly part of Pennsylvania
RR.. and Atlantic City RR.. formerly part of Reading Co.: 1932 figures included in Pennsylvania System and Reading Co.
April Chain Store Sales Show a Moderate Slackening
of Activity-Trend Is Mixed.
April trade in the chain stores presented a state of mixed
business trends, and, viewed as a whole, a moderate slackening of activity, according to the current review by "Chain
Store Age."
The review continues:
Substantial extra-seasonal gains were reported by the apparel group.
General merchandise and shoe chains also displayed a quickened sales
tempo.
On the other hand, business of grocery chains, which normally increases
at this time, experienced an unexpected decline. A similar contra seasonal
showing was made by the drug group.
The state of trade in the chain store field for April, as measured by the
"Chain Store Age" index, dropped to 86.0 of the 1929-1931 average for
the month as 100, from 88.3 in March.
3506
Financial Chronicle
Total average daily sales of 19 leading chains used in computing the
index, amounted to $7.167,000 in April, compared with $7,375,000 In
March and with $6,753,000 in April 1933. April this year excluded while
March this year and April 1933 included the effect of Easter buying.
The sales index for a group of3 apparel chains in April was 103.3, marking
a new high, compared with 100 In March and 84.0 In April 1933. The
index for the group of 6 five-and-ten general merchandise chains rose in
April to 101.0 from 98.0 in March. In April 1933 the index was 85.4.
The index of sales of two shoe chains advanced to 100.0 from 95.0 in
March. The figure for April 1933 was 76.0.
The sales index for six grocery chains declined sharply in April to 78.2
from 81.2 in March. Ordinarily a moderate gain is made in April over
March. Drug store sales showed an index decline to 100.0 in April from
109.2 in March.
Though in no sense apprehensive of the immediate future, chain store
executives are watching current returns very closely. So far as could
be learned there has been no important revisions of previously planned
sales budgets; at the same time officials are watching for signs as to whether
trade during the summer months follows a seasonal course or displays any
significant variation
National Fertilizer Association Reports Slight Increase
in Wholesale Commodity Prices Week of May 19.
Wholesale commodity prices advanced during the week
ended May 19 according to the index of the National Fertilizer Association. This index advanced two points during
the latest week moving up from 71.5 to 71.7. A month ago
the index stood at 70.7 and a year ago at 60.1. (The three
year average 1926-1928 equals 100.) During the preceding
week the index advanced three points and two weeks ago it
advanced four points. Under date of May 21 the Association further said:
Ten of the 14 groups in the index were affected by price changes during
the latest week. Eight groups advanced and two declined. Foods, fuel,
Including petroleum and its products, grains, feeds and livestock, textiles,
house-furnishing goods, chemicals and drugs, fertilizer materials and mixed
fertilizers advanced. Fats and oils and miscellaneous commodities declined. None of the groups showed large changes during the week.
The prices for 34 commodities advanced during the latest week while the
prices for 26 declined. During the preceding week there were 26 advances
and 25 declines. Two weeks ago there were 23 advances and 34 declines.
Cotton advanced about one-fifth of one cent per pound; wheat at Kansas
City advanced more than three cents a bushel while the gains in the prices
for wheat at other markets were smaller. Other farm products that advanced during the latest week were corn, oats, most feedstuffs, heavy
weight hogs, eggs and apples. The advancing list of commodities included
lard, cottonseed oil, silk, cheese, ham, flour, silver, and gasoline. The
declining commodities included butter, tallow, calfskin, rubber, potatoes,
lightweight hogs, sheep, heavy melting steel and burlap.
WEEKLY WHOLESALE PRICE INDEX-BASED ON 476 COMMODITY
PRICES (1926-1928=100).
Group.
Latest
Week
Matt 19
1934.
Preceding
Week.
Month
Ago.
Year
Apo.
Foods
Fuel
Grains, feeds and livestock._
Textiles
Miscellaneous commodities
Automobiles
Building materials
Metals
House-furnishing goods
Fats and oils
Chemicals and drugs
Fertilizer materials
Mixed fertilizers
Agricultural Implements
t.r.ol.ciolqvm,ror-ma,
i
.O.ticZo.•.4, 444lic,
t,..omr.000moovomr.=
71.5
69.5
54.8
68.8
70.7
91.3
81.0
84.4
85.6
49.6
93.0
64.3
76.1
92.4
70.4
68.9
52.1
70.6
70.2
91.3
81.0
79.7
85.6
49.0
93.0
87.1
76.1
92.4
61.1
48.1
50.0
51.4
60.4
84.4
71.6
70.6
75.2
52.6
87.2
64.0
65.9
90.2
71 7
715
707
an.t
Per Cent
Each Group
Bears to the
Total Index.
23.2
16.0
12.8
10.1
8.5
6.7
6.6
6.2
4.0 .
3.8
1.0
.4
.4
.3
ma 11
A II .svAtyna Ant/Thin/ad
Index of Wholesale Commodity Prices of United States
of 1% During
Department of Labor Increased by
Week of May 12.
The weekly index number of wholesale commodity prices
of the Bureau of Labor Statistics, United States Department
of 1% during the week ended May 12,
of Labor, advanced
according to an announcement made May 17 by Commissioner
Lubin of the Bureau. In his announcement, Mr. Lubin said:
The advance placed the index for the week at 73.8% of the 1926 average,
and equaled the level reached on March 10, which was the highest since
April 1931, when the index stood at 74.8%. The rise was due largely to
higher prices for farm products, foods and miscellaneous commodities.
As compared with the index of 62.3 for the corresponding week of last
year, present prices are up by 18 1,452. They are nearly 14% above the
level for the same week of two years ago, when the index was 64.9. The
average wholesale price level now stands more than 4% above that of the
first week in January. It is approximately 24% above the low point of last
year (March 4), when the index was 59.6, and nearly 3% above the high
point of last year (Nov. 18), when the index was 71.7.
Advances in grains, cotton, rye and wheat flour, hominy grits, corn meal,
fresh meats, coffee, raw sugar, cattle feed, rubber, bituminous coal, petroleum
products, paint and paint materials, silk and rayon, and cotton [teed oil,
were largely responsible for the rise in the index. Important price decreases
were reported for cows, hogs, seeds, tobacco, lard, edible tallow, lumber,
clothing, cotton goods, and hides and skins.
Mr. Lubin's announcement had the following to say regarding the Bureau's Index:
The largest increase, amounting to 214%, was recorded by the farm products group. A decided strengthening in the price of grains, and other farm
products, including cotton, eggs, lemons, oranges and sweet potatoes, accounted for it. After three weeks of weakening prices, the index of farm
products reverted to the level reached on April 14, when the index was 60.5.
Advancing prices for fruits and vegetables, cereal products, meats, and
other foods, including cocoa beans, coffee, raw sugar and cottonseed oil,
caused the index for the food group to move upward by 1.1%. The index for
May 26 1934
fresh meats, which now stands at 61.3, is the highest reached in the current year.
The miscellaneous commodity group advanced 0.7 of 1%. The fuel and
lighting materials group moved upward by 0.4 of 1%. Minor fluctuations in
the metals and metal products group resulted in a 0.1 of 1% increase for
the group. The group of all commodities other than farm products and
foods showed a fractional increase.
The chemicals and drugs group remained unchanged, and maintained. the
prevailing level of the last three weeks. The building materials group showed
no change in average prices, remaining at the high point of the year, which
was reached the previous week.
Advancing prices of the silk and rayon subgroup were more than offset by
declining prices of clothing, cotton goods, and woolen and worsted materials,
causing the textile products group to drop 0.8 of 1%. This group has shown
a continuous recession in the past seven weeks. The hides and leather products
group moved downward 0.2 of 1%, due to weakening prices of hides and
skins. A fractional decline of 0.1 of 1% was recorded for the housefurnishing
goods group.
The index number of the Bureau of Labor Statistics is composed of 784
separate price series, weighted according to their relative importance in
the country's markets, and is based on average prices for the year 1926 as
100.0. The accompanying statement shows the index numbers of the major
groups of commodities for the past two weeks, for the weeks of May 13 1933,
May 14 1932, Nov. 18 1933 (high for year), and March 4 1933 (low for
year), and the average for the year 1929:
INDEX NUMBERS OF WHOLESALE PRICES FOR WEEKS OF MAY 12
1934, MAY 5 1934, MAY 13 1933. MAY 14 1932, NOV. 18 1933. MAR. 4
1933, AND YEAR 1929.
(1926=100)
Week EndedMap May May May Nov. Mar,
5
13
12
14
18
4
Year
1934. 1934. 1933. 1932, 1933. 1933. 1929.
Farm products
60.5
Foods
67.3
Hides and leather products
89.3
Textile products
73.5
Fuel and lighting materials
73.0
Metals and metal products
88.8
Building materials
87.4
Chemicals and drugs
75.3
Housefurnishing goods
83.0
Miscellaneous
70.1
All commodities other than farm
products and foods
79.1
All commodities
73.8
59.1
66.6
89.5
74.1
72.7
88.7
87.4
75.3
83.1
69.6
49.0
59.1
75.8
54.0
61.3
77.9
70.8
72.6
71.8
59.0
79.0
66.5
73.4
62.3
47.8
59.9
73.3
58.1
71.6
80.1
71.7
73.7
75.9
64.6
58.7
65.4
88.5
75.8
74.5
83.5
84.7
73.5
82.1
65.4
40.6
53.4
67.6
50.6
64.4
77.4
70.1
71.3
72.7
59.6
70.7
77.5
66.2
91.6
84.9
71.7
59.6
95.3
104.9
99.9
109.1
90.4
83.0
100.5
95.4
94.2
94.3
82.6
Decrease of 0.5 of 1% in Wholesale Commodity Prices
During April Reported by United States Department of Labor.
According to the Bureau of Labor Statistics of the United
States Department of Labor, the Bureau's index number of
wholesale commodity prices declined by 0.5 of 1% in April
and receded to 73.3% of the 1926 average as compared with
73.7% for March. The Bureau said that the downward
movement in wholesale prices was not general. Of the 10
major groups of commodities covered by the Bureau,
4 showed a decrease and 6 recorded increases. Under date
of May 19 the Bureau continued:
Declining prices were reported for 195, or 25% of the 784 articles covered.
One hundred and twenty, or 62% of the total items showing declines are In
the farm products and foods groups. One hundred and fifty-one, or 19%
of the total number of items included in the index, showed higher prices
and 438 items, or 56% remained unchanged.
Raw materials including basic farm products, raw silk, crude rubber,
and other primary commodities continued downward and showed a decrease
of IX %. Lower prices are also reported for the semi-manufactured
articles group, which includes such Items as leather, rayon, Iron and steelbars, woodpulp, and similar commodities. The net decrease for the group
was
of 1%. Finished products among which are included more than
500 manufactured articles showed a fractional decline of only 0.1 of 1%•
The combined index for all commodities, exclusive of farm products and
processed foods showed an increase of 0.1 of 1% between March and April.
The average for the non-agricultural commodities group which includes all
commodities except farm products remained at the level of the month before.
The index as a whole showed the first decrease that has occurred in the
monthly average since Dec. 1933. The present index is approximately
22% above March 1933 and 21;4% higher than April 1933, when the
Index registered 60.2 and 60.4 respectively. The advance over the low
point of 1933 (February) is approximately 23%. As compared with April
1932, when the index was 65.5, prices last month were up by approximately
12%. As compared with April 1931, when the index had declined to
74.8% of the 1926 average. present prices are 2% lower.
The farm products group recorded the largest decrease and declined by
nearly 3%. The index for the group as a whole is up by 34% above April
1933, when the index number registered 44.5% of the 1926 average.
Wholesale prices of foods showed a decline of slightly more than 13,5%•
Present prices are 18% above those of a year ago, and 23% above the low
point reached in Feb. 1933, when the index was 53.7.
Declining prices for clothing, cotton goods, knit goods, silk and rayon
and woolen and worsted goods caused the index number for the textile
products group to drop a little more than 1 3 % from the March level.
Present prices, however, are more than 45% higher than April last year.
Thechemicals and drugs group showed a slight recession caused mainly by
lower prices for chemicals and fertilizer materials.
Price advances in the iron and steel, non-ferrous metals and plumbing
and heating subgroups caused the index for the metals and metal products
group to move upward by approximately 1%. The sub groups of agricultural implements and motor vehicles showed no change in average prices.
The Index for this group now stands 14% above April 1933.
The fuel and lighting materials group rose by slightly less than 3i of 1%.
caused mainly by higher prices for bituminous coal, coke and petroleum
products. Present prices are 1634% over one year ago. Rising prices
for brick and tile, lumber, paint and paint materials and other building
materials offset minor price declines and caused an Increase of 0.3 of 1%
in the building materials group. The present Index is 14% over April 1933.
The miscellaneous commodities group showed a slight advance and placed
present prices 20% over a year ago. The housefurnishing goods group
showed a fractional increase and is 14% higher than last April. The hides
and leather products group also advanced slightly to a point 28% above
the average for April 1933.
INDEX NUMBERS OF WHOLESALE PR CES BY GROUPS AND SUB
GROUPS OF COMMODITIES.
(1926=100.0)
Groups and Subgroups.
Farm products
Grains
Livestock and poultry _
Other farm products
Foods
Butter. cheese and milk _ _ _
Cereal products
Fruits and vegetables
Meats
Other foods
Hides and leather products
Boots and shoes
Hides and skins
Leather
Other leather products__ _ _
Textile products
Clothing
Cotton goods
Knit goods
Silk and rayon
Woolen and worsted goods
Other textile products
Fuel and lighting materials
Anthracite coal
Bituminous coal
Coke
Electricity
Gas
Petroleum products
Metals and metal products
Agricultural implements
Iron and steel
Motor vehicles
Non-ferrous metals
Plumbing and heating__ _ _
Building materials
Brick and tile
Cement
Lumber
Paint and paint materials.
Plumbing and heating_ _ _ _
Structural steel
Other building materials
Chemicals and drugs
Chemicals
Drugs and pharmaceuticals
Fertilizer materials
Mixed fertilizers
Housefurnishing goods
Furnishings
Furniture
Miscellaneous
Automobile tires and tubes
Cattle feed
Paper and pulp
Rubber, crude
Other miscellaneous
Raw materials
Semi-manufactured articles
Finished products
Non-agricultural commodities
All commodities other than
farm products and foods
All commodities
*Data not yet available.
April
1934.
March
1934.
April
1933.
March
1933.
Sept.
1933.
April
1932.
59.6
58.8
49.2
65.7
66.2
66.5
84.8
67.9
57.3
62.1
88.9
98.5
76.6
78.4
86.7
75.3
85.7
88.2
64.2
28.4
82.0
78.9
71.7
78.1
93.7
84.3
•
•
49.4
87.9
85.2
87.3
97.8
68.0
76.2
86.7
90.7
89.7
87.2
79.8
76.2
86.8
90.4
75.5
78.6
72.2
68.7
72.7
81.6
83.5
79.9
69.5
44.6
76.1
83.6
24.6
83.2
65.1
73.9
77.1
76.2
61.3
62.3
49.5
67.7
67.3
68.9
85.3
71.6
56.5
63.5
88.7
98.5
73.4
79.7
86.7
76.5
87.2
89.1
65.6
29.4
84.0
78.5
71.4
81.2
91.1
83.4
88.5
89.4
48.7
87.1
85.2
86.3
97.8
66.3
72.7
86.4
88.5
93.9
86.4
79.7
.72.7
86.8
89.9
75.7
79.0
71.9
69.5
72.6
81.4
83.2
79.8
69.3
44.6
79.6
82.7
22.8
83.2
65.9
74.3
77.2
76.2
44.5
44.8
41.0
46.7
56.1
53.1
65.9
57.8
50.3
56.6
69.4
83.2
45.8
57.2
77.2
51.8
61.4
50.7
47.2
26.3
53.3
67.5
61.5
81.4
78.1
75.2
98.3
97.5
32.5
76.9
83.1
75.7
90.4
49.2
59.4
70.2
75.0
81.8
57.9
68.9
59.4
81.7
77.9
71.4
79.5
54.6
62.9
60.0
71.5
71.7
71.5
57.8
37.4
49.5
70.6
7.4
72.7
50.0
57.3
65.7
63.7
42.8
36.0
43.0
45.3
54.6
50.9
62.7
54.3
50.5
55.8
68.1
83.2
41.4
55.6
77.9
51.3
61.3
50.0
47.1
25.5
53.2
66.7
62.9
88.3
79.3
75.2
100.5
96.6
33.1
77.2
83.1
76.4
90.9
47.9
59.4
70.3
74.9
81.8
57.8
68.4
59.4
81.7
78.4
71.2
79.3
54.8
61.9
60.1
72.2
72.9
71.8
58.9
41.3
47.3
72.2
6.3
72.6
49.4
56.9
65.7
63.8
57.0
63.9
46.7
61.2
64.9
65.8
84.7
66.8
51.5
64.5
92.3
98.9
84.1
85.4
84.6
76.9
81.1
91.3
74.8
34.5
82.7
76.5
70.4
82.0
84.7
79.7
90.4
101.5
49.6
82.1
83.2
80.3
90.4
68.5
74.7
82.7
82.6
90.8
82.0
77.3
74.7
, 82.4
85.9
72.7
78.8
56.8
66.6
67.8
79.3
80.5
78.4
65.1
43.2
64.2
82.2
14.9
78.1
61.7
72.9
74.8
73.7
49.2
44.5
49.2
51.2
61.0
61.6
68.2
62.3
59.8
55.8
75.0
88.4
40.8
67.2
98.0
56.1
64.9
55.1
51.9
31.3
59.7
68.2
70.2
85.7
82.7
79.8
103.5
99.1
45.5
80.3
85.0
80.1
93.8
49.3
64.4
72.5
78.4
75.0
60.0
74.7
64.4
81.7
80.2
74.4
79.7
58.9
70.1
71.1
76.3
75.4
77.4
64.7
39.2
53.4
76.8
6.6
84.5
55.5
59.6
71.1
68.9
78.6
78.5
65.3
65.8
76.1
70.9
73.3
73.7
60.4
60.2
70.8
65.5
average at 108.2% of the 1913 average as compared with
107.3% on April 10, and 108.0% on March 27. In issuing
the announcement Mr. Lubin said:
As compared with the index of 93.7 for the corresponding period of a
year ago present prices are up by 15%%. They are nearly 7% over the
level of May 15 1932, when the index was 101.3.
The advance in prices of 26 of the 42 commodities in the retail price
index accounted for the increase in the combined index for the 51 cities
covered by the Bureau. Thirteen articles showed no change in price,
while only 3 items, pure lard, cheese and eggs, showed declines.
The indexes for the individual cities showed advances for 35 of the 51
municipalities covered by the Bureau. In 14 cities price decreases occurred.
There was no change in Mobile and Richmond.
The largest advance occurred in the meat group where prices rose by 2%.
The index for this group was 114.9% of the 1913 average or nearly 15%
above the average prices of May of last year. As compared with May of
two years ago, the index is down by 0.3 of 1%. Dairy products with an
index of 99.9 showed an increase of approximately 1% over the level of
2 weeks ago and slightly more than 8% above that for May of a year ago
and nearly 6% over May 1932. The smallest increase occurred in the
cereals group where an advance of 0.1 of 1%, placed the index at 144.2%
of the 1913 average. This level is 24%% above that of a year ago and
174% above that for 2 years ago.
United States Life Insurance Sales During Year Ended
April 30 Increased Over Previous Year for First
Time According to Life Insurance Sales Research
Bureau.
Life insurance sales in the United States for the year
ending April 30 1934 were 101% of those for the year ending
April 30 1933, according to figures released May 19 by the
Life Insurance Sales Research Bureau, of Hartford, Conn.
While monthly totals have for some time been ahead of the
corresponding months a year before, an announcement issued
by the Research Bureau said that this is the first time since
October 1930, that sales for the 12 months just ended have
been in excess of those for the 12 months' period ending a
year ago. The announcement continued:
Thus, if the present rate of increase is no more than maintained, the
insurance business as a whole can say at the end of the year that 1934
sales were greater than those for the previous year, a favorable comparison
which has been denied most businesses for a number of years.
Continuing the upward trend noted since the beginning of the year.
April sales throughout the United States were 29% ahead of those
for April 1933. The Bureau's State-by-State analysis shows that without
exception each State reported greater sales for the past month than for the
same period a year ago.
The present study is based on figures reported by 53 companies having in
force 90% of the ordinary life insurance business in the United States.
Sales for the first four months of 1934 were 114% of those for the same
period in 1933. Of the companies reporting 85% stated that they had made
gains over April 1933 in their April 1934 business.
The East North Central section of the country, comprising Ohio, Indiana,
Illinois, Michigan, and Wisconsin showed the greatest percentage increase
for last April, the Bureau report shows, with sales ahead of last year by 43%.
In the individual classification Wyoming led all the States with April
1934 business 243% of that for a year ago. Arkansas and Utah showed the
smallest increases, with 3% and 5% respectively.
Retail Food Prices Increased 0.8 of 1% During Two
Weeks Ended May 8 According to United States
Department of Labor.
The index number of retail food prices of the Bureau of
Labor Statistics, United States Department of Labor,
advanced 0.8 of 1% for the 2 weeks ending May 8, according
to an announcement made May 22 by Commissioner Lubin
of the Bureau of Labor Statistics, of the U. S. Department
of Labor. The Bureau's index showed a rise following a
6 weeks'recession in retail food prices and placed the current
3507
Financial Chronicle
Volume 138
Mr. Lubin's announcement continued:
Prices used in constructing the weighted index numbers of the Bureau
are based upon reports from all types of retail food dealers in 51 cities, and
cover quotations on 42 important items. Indexes are based on the average
price of 1913 as 100.0. Comparisons of the current index, with the indexes
for April 24, April 10, March 27, and March 13 1934, May 15 1933 and
May 15 1932 are shown in the following table:
INDEX NUMBERS OF RETAIL PRICES OF FOOD.
(1913= 100.0)
1934.
1933. 1932.
May 8 Apr. 24 Apr. 10 Mar.27 Mar.13 May 15 May 15
108.2
144.2
114.9
99.9
All foods
Cereals
Meats
Dairy products
107.3
144.0
112.6
99.0
107.4
144.7
110.5
99.7
108.0
144.7
109.7
101.1
108.5
143.4
109.1
102.3
93.7
115.8
100.1
92.2
101.3
122.6
115.3
94.3
The largest advance occurred in Birmingham where the increase was
2.6%. Other cities registering price advances of 1% or more were Baltimore, Manchester. Memphis, New Haven, Norfolk, Philadelphia, Portland
(Me.), and San Francisco. Food prices in Washington, D. C., advanced
0.9 of 1%.
The largest decrease occurred in Butte where prices dropped by 1.2%.
Of the 14 cities showing decreases, 5 declined by less than 3i of 1%, and
with the exception of Butte, no city decreased more than 1%.
As compared with May 15 of last year all of the 51 cities covered showed
material advances. Detroit, where food prices have increased 22%,
showed the largest advance. The 5% increase that has occurred in Butte
Is the smallest reported for any city during the past 12 months. In Washington, D. C., the increase was nearly 16%.
Compared with the corresponding period of 2 years ago, 47 of the 51
cities have shown an advance in prices with Portland (Ore.), Los Angeles.
Butte and Chicago showing a decrease in the general average. In the 2-year
period, food prices in Washington, D. C., have advanced nearly 7%.
The following table shows the percent change which has taken place in
each city and in the individual food items between April 24 1934, May 15
1933. May 15 1932, and May 8 1934:
CHANGES IN RETAIL FOOD PRICES (BY CITIES).
Per Cent Change on
May 8 1934
Compared with
Per Cent Change on
May 8 1934
Compared with
City.
C.
May 15 May 15 Apr. 24
1932, 1933. 1934.
May 15 May 15 Apr. 24
1932. 1933. 1934.
Atlanta
Baltimore
Birmingham_ _
Boston
Bridgeport
Buffalo
Butte
Charleston-Chicago
Cincinnati
Cleveland
Columbus
Dallas
Denver
Detroit
Fall River
Houston
Indianapolis --Jacksonville _
Kansas City _ -Little Rock
Los Angeles_ _
Louisville
Manchester___
Memphis
Milwaukee _
+5.2
+11.9
+5.9
+7.6
+6.4
+4.9
+0.5
-0.2
+9.2
+9.5
+10.2
+5.7
+5.5
+18.3
+5.6
+11.8
+8.7
+6.0
+8.7
+8.4
-0.1
+11.4
+7.5
+5.2
+5.2
+17.1
+17.7
+15.0
+16.0
+16.9
+15.7
+4.9
+15.2
+9.0
+16.5
t20.1
18.0
14.1
+9.8
+22.
+17.6
+15.3
+20.
+14.
+14.4
+18.3
+7.
+17.
+17.
+18.
+12.4
BY
Minneapolis
Mobile
Newark
New Haven....
New Orleans___
New York
Norfolk
Omaha
+0.6 Peoria
+0.1 Philadelphia_ _ _
+0.7 Pittsburgh
+0.3 Portland, Me_
+0.9 Portland, Ore_ _
+0.7 Providence
+0.8 Richmond
+0.5 Rochester
-0.6 St. Louis
+0.9 St. Paul
+0.5 Salt Lake City_
+0.5 San Francisco..
-0.6 Savannah
Scranton
+0.7 Seattle
+1.0 Springfield, Ill.
+1.0 Wash'ton,D.C.
-0.2 United States__
COMMODITIES.
+0.8
+1.0
+2.6
+0.9
+0.7
-0.7
-1.2
Anzac.
May 15 May 15 Apr. 24
1932. 1933. 1934.
Sirloin steak...
Round steak...
Plate beet
Chuck roast.._
Rib roast
Ham.sliced_...
Pork chops_ --Bacon, sliced..
Lamb, leg of
Hens
Salmon. red...
Lard,pure
Veg, lard sub_
Eggs, fresh
Butter
Milk, fresh-Milk,evapor'd_
Cheese
Flour. wheat_ _
Corn meal
Rolled oats_ _ -Corn flakes__ __
+23.0 +0.5
+13.4
0.0
+20.9 +2.0
+16.9 +1.1
+16.8 -0.3
+15.5 +0.6
+20.1 +1.5
+17.5 +0.2
+12.7 -0.6
+23.9 +1.6
+18.6 +0.4
+10.8 +1.0
+7.8
+12.5 +0.4
0.0
+19.0
+20.8
+14.3 +0.3
+22.0 +0.8
+11.1 +0.1
+7.2
+18.9 -0.7
+16.0 +1.5
+6.2 -0.8
+13.2 +0.7
+15.8 +0.9
+15.4 +0.8
Per Cent Change on
May 8 1934
Compared with
Per Cent Change on
May 8 1934
Compared with
Article.
+10.9
+5.2
+6.3
+4.4
+8.0
+6.7
+3.8
+8.8
+7.3
+12.6
+11.7
+1.6
--1.8
+3.9
+10.4
+9.5
+7.2
+8.8
+3.6
+1.5
+8.5
+6.0
+0.1
+6.4
+9.2
+6.8
May 15 May 15 Apr.24
1932. 1933. 1934.
--5.5 +9.9 +3.0 Wheat cereal__. +7.6
+17.9
--4.2 +10.6 +2.6 Wee
+1.3
+5.0 +2.9 Macaroni
-5.3 +6.6 +1.9 Bread, white-. +15.9
-3.0
+5.8 +2.3 Bananas
-10.0
-4.0 +14.5 +1.5 Oranges
+22.1 +35.0 +0.8 Potatoes, white +50.0
-43.9
0.0 Cabbage
+8.4 +21.6
-32.8
+10.4 +29.0 +4.5 Onions
-16.5
-1.2 +18.1 +2.4 Raisins
+21.3
-20.5 +15.1 +0.5 Prunes
+21.7 +13.5 -1.9 Tomatoes.can'd +11.6
-7.7 +3.2 +0.5 Corn, canned__ +4.6
Peas,canned.,__ +28.7
+16.5 +14.8
+17.9 +5.0 +2.8 Pork and beans. -9.5
0.0 Beans. navy__ +11.8
+2.8 +11.0
-6.9 +4.6 +1.5 Oleomargarine - -14.6
+10.2
+3.6 +4.5 -1.3 Sugar
-8.3
0.0 Coffee
+48.9 +38.2
--2.9
0.0 Tea
+10.3 +22.9
__-0.0 Peaches, canned
-11.8 +19.6
__-+5.8 +11.0 +1.1 Pears, canned
+8.5
+36.2
+8.3
+23.1
+0.4
+14.2
+58.8
-28.8
+15.4
+5.5
+26.7
+21.8
+15.3
+30.7
+4.7
+11.8
-1.6
+1.9
+1.9
+8.5
0.0
+1.3
+0.6
0.0
+0.4
+7.2
0.0
+5.7
0.0
+1.1
+0.9
0.0
0.0
+0.6
+1.5
0.0
+0.8
0.0
+0.4
+1.5
+1.1
+1.0
3508
Financial Chronicle
PER CENT INCREASES (1934 OVER 1933.)
Major Geographic
Divisions.
Week Ended
Week Ended
Week Ended
Week Ended
May 19 1934. May 12 1934. May 5 1934. Aprfl 28 1934.
New England
Middle Atlantic
Central Industrial_.._
Southern States
Pacific Coast
West Central
Rocky Mountain
8.5
8.6
14.6
5.0
16.5
8.8
21.8
9.1
7.7
15.5
7.6
16.0
8.7
25.5
13.0
10.2
16.3
11.5
15.3
6.5
26.8
16.7
12.3
22.6
17.2
12.5
10.6
25.2
Total United States-
11.2
11.9
13.7
16.8
Arranged in tabluar form,the output in kilowatt hours of
the light and power companies of recent weeks and by
months since and including January 1931 is as follows:
Week ofJan. 8
Jan. 13
Jan. 20
Jan. 27
Feb. 3
Feb. 10
Feb. 17
Feb. 24
Mar. 3
Mar. 10
Mar. 17
Mar. 24
Mar. 31
Apr. 7
Apr. 14
Apr. 21
Apr. 28
May 5
May 12
May 19
May 26
June 2
June 9
1934.
1,563.678,000
1,846,271,000
1,624,846,000
1,610,542,000
1,636,275,000
1,651.535.000
1,640,951,000
1,646.465,000
1,658,040,000
1,647.024,000
1,650,013,000
1,658,389,000
1,665,650,000
1.616,945,000
1,642.187,000
1,672,765.000
1,668,564,000
1,632,766,000
1,643,433.000
1.649,770,000
Week ofJan. 7
Jan. 14
Jan. 21
Jan. 28
Feb. 4
Feb. 10
Feb. 18
Feb. 25
Mar. 4
Mar. 11
Mar. 18
Mar.25
Apr. 1
Apr. 8
Apr. 15
Apr. 22
Apr. 29
May 6
May 13
May 20
May 27
June 3
June 10
1933.
Week of-
x1,425.639.000
1,495,116,000
1,484,089,000
1,469,636,000
1,454,913,000
1,482,509,000
1,469,732,000
1,425,511,000
1,422.875,000
1,390.607,000
1,375.207.000
1,409.655,000
1,402,142,000
1,399,367,000
1,409,603,000
1,431.095,000
1,427,960.000
1,435,707,000
1,468.035,000
1,483,090,000
1,493,923,000
1,461,488,000
1.541,713,000
Jan. 9
Jan. 16
Jan. 23
Jan. 30
Feb. 6
Feb. 13
Feb. 20
Feb. 27
Mar. 5
Mar. 12
Mar. 19
Mar. 26
Apr. 2
Apr. 9
Apr. 16
Apr. 23
Apr. 30
May 7
May 14
May 21
May 28
June 4
June 11
1932.
1,619,265,000
1,602,482,000
1.598,201,000
1,588,967,000
1,588,853.000
1,578,817,000
1,545,469,000
1,512.158,000
1,519,679,000
1,538,452.000
1,537.747,000
1.514.553.000
1,480.208,000
1,465,076,000
1,480,738,000
1,469,810,000
1,454,505,000
1,429,032,000
1,436.928,000
1,435,731,000
1,425,151.000
1,381.452.000
1.435,471,000
1934
Over
1933.
9.7%
10.1%
9.5%
96%
12.5%
11.4%
11.6%
15.5%
18.5%
18.4%
20.0%
17.6%
18.8%
15.5%
16.5%
16.9%
16.8%
13.7%
11.9%
11.2%
x Revised figure.
DATA FOR RECENT MONTHS.
Month of-
1934.
1933.
1932.
1931.
1934
Orer
1933.
January_ __ _ 7,131,158,000 6,480.897.000 7,011.736,000 7,435,782.000 10.0%
February ___ 6,608,356.000 5,835,263.000 6,494,091,000 6.678.915,000 13.2%
March
7.198,232,000 6,182,281,000 6,771,684,000 7,370,687,000 16.4%
April
6,024,855,000 6,294,302,000 7,184.514,000
May
6,532,686,000 6,219,554,000 7,180,210,000
___
June
6,809,440,000 6.130,077,000 7,070,729,000
____
July
7.058.600,000 6,112,175.000 7,286,576,000
7,218,678,000 6,310,667,000 7.166.086,000
____
August
September _
6,931,652,000 6,317,733,000 7,099,421.000
October
7,094.412,000 6,633,865,000 7,331,380,000
____
November _
6,831,573,000 6,507.804,000 6,971,644,000
December_
7,009,164,000 6,638,424,000 7,288,025.000
80,009,501,000 77,442,112,000 8,
1,063.969.000
__
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%.
Total
First Decline Since May 1933 Noted in Fairchild Retail
Price Index for May 1.
For the first time since the present upturn began, retail
prices have tended lower during one month as compared with
the previous month, according to the Fairchild Retail PriceIndex. The Index on May 1, at 89.4 (January 1931 equals
100), shows the first decrease since last May. Prices during
the month averaged 0.7 of 1% lower than during the previous
month, though still showing an increase of 28.8% above the
corresponding period a year ago, which was also the low
point in the depression. Under date of May 14, it was further
announced:
While the current index shows the first decline, the movement of prices
since the beginning of the year has been within a restricted area, which was
in contrast with the sharp gain recorded late in the summer and early fall
of 1933. Despite the marked gain in prices from the low point, quotations
still average 10.6% below January 1931, and 25% below November 1929.
The trend of prices among the various groups was somewhat confused during the month, with piece goods and women's apparel quotations averaging
fractionally higher, while men's and infants' wear and home furnishings
showed declines. As compared with a year ago, piece goods prices showed the
greatest gain, despite the fact that the silk fabric price advance has lagged.
An analysis of individual items comprising the index shows that fur prices
recorded the greatest gain during the month, with men's clothing prices
showing the greatest decline. The changes among the items comprising the
index was not very marked. In fact, most items showed smaller changes than
during any month in some time. From the latest trend in quotations, it
would seem that the Administration's desire to prevent a further mark-up in
retail prices at this time will be realized.
May 26 1934
THE FAIRCHILD RETAIL PRICE INDEX-JANUARY 1931=100.
Copyright 1933, Fairchild News Service.
1932.
.
Composite index
Piece goods
Men's apparel
Women's apparel
Infants' wear
Home furnishings
Piece goods:
Silks
Woolens
Cotton wash goods
Domestics:
Sheets
Blankets& comfortables.
Women's apparel:
Hosiery
Aprons & house dresses_
^srsets and brassieres
Furs
Underwear
Shoes
Men's apparel:
Hosiery
Underwear
Shirts and neckwear
Hats and caps
Clothing,incl. overalls
Shoes
Infants' wear:
Socks
Underwear
Shoes
Furniture
Floor coverings
guslcal instruments
Luggage
flee. household appliances.
"Mina and glicisware
Jan. 2. May 1.
83.5
78.9
86.1
84.9
88.7
82.6
78.2
75.2
80.2
78.7
84.1
78.2
78.0
81.5
77.3
73.7
75.6
76.4
79.6
82.6
74.9
79.3
82.1
87.7
92.1
79.8
81.2
86.6
74.9
81.8
88.6
69.9
75.4
81.5
82.4
82.0
87.2
85.7
87.6
91.9
77.9
74.9
82.5
78.1
83.0
85.0
87.1
87.8
91.4
84.8
83.7
65.2
75.9
90.2
92.0
82.8
82.3
87.1
78.1
82.5
61.1
69.0
83.2
88.2
1933.
1934.
Jan. 2. May 1. Ayr. 1. May 1.
0q0C!..0 MOls
NM
vt.m...rqm 4ommo-,1 OMOOMNN
.60,4ric,i 460; oi4
nopc.r.t-n
mt..1, cc- mnoor-nr.. mnnt-4-.
ntsoongo.o.onao
Weekly Production of Electricity Exceeds Same Period
Last Year 11.2%.
According to the Edison Electric Institute, the production
of electricity by the electric light and power industry of the
United States for the week ended May 19 1934 was 1,649,770,000 kwh., an increase of 11.2% over the corresponding
week in 1933 when output totaled 1,483,090,000 kwh.
This was the smallest percentage gain over the 1933 period
registered since the week of Jan. 27. Production for the
week ended May 12 1934 amounted to 1,643,433,000 kwh.,
compared with 1,468,035,000 kwh. for the week ended May
13 1933, an increase of 11.9%. The Institute's statement
follows:
69.4
65.1
70.7
71.8
76.4
70.2
90.0
85.8
89.0
91.4
94.0
88.6
89.4
85.9
88.6
91.8
93.3
88.5
57.4
69.2
68.6
70.9
79.7
106.9
69.9
81.0
106.9
65.0
72.9
97.9
98.1
96.3
97.4
59.2
75.5
83.6
66.8
69.2
76.5
79.6
103.7
96.5
93.4
90.0
85.0
78.8
104.0
95.9
98.5
89.6
84.2
64.9
69.6
74.3
69.7
70.1
76.3
87.2
94.4
92.0
81.4
89.1
89.9
87.5
94.0
91.6
81.2
86.3
90.8
74.0
74.3
80.9
69.4
79.9
50.6
80.1
72.5
81.5_
96.7
94.9
90.5
96.3
98.4
60.7
80.5
77.7
91.7
94.6
94.6
90.8
96.2
98.3
61.0
80.0
78.1
92.0
Summary of Business Conditions in United States by
Federal Reserve Board-Increase Noted in Manufacturing Production During April-Employment
and Payrolls Also Higher.
The Federal Reserve Board, in its following summary of
general business and financial conditions in the United
States, based upon statistics for the months of April and
May, said that the "volume of manufacturing production
increased during April, while the output of mines declined.
Employment and payrolls continued to increase," the
Board said, adding that "the general level of commodity
prices remained substantially unchanged during April and
the first three weeks of May, although prices of individual
commodities showed considerable changes." In its summary, issued May 24, the Board also had the following
to say:
Production and Employment.
Production of manufactures, which had increased continuously since
last November. showed a further advance in April, according to the
Board's seasonally adjusted index, while output of mines was smaller in
April than in March. The Board's combined index of industrial
production remained practically unchanged at 85% of the 1923-1925 average.
The growth in manufacturing reflected increases in iron and steel, automobiles, and meat packing. Lumber production declined in April, and
activity at wool and silk mills was considerably reduced, while cotton
consumption by mills showed little change. Crude petroleum output
continued to increase, but there was a more than seasonal decline at
the
beginning of April in the mining of both anthracite and bituminous
coal.
During the first two weeks of May steel operations increased further, but
declined somewhat in the third week. Output of automobiles
decreased
considerably in May.
Volume of employment and wage payments continued to increase
in
April, and employment in factories, according to the new
index of the
Bureau of Labor Statsitics, was larger than at any time since the end of
1930. There was a substantial seasonal increase in the number of workers
employed in private construction as well as in those engaged in projects
financed by the Public Works Administration. Employment on
railroads, in metal mining and quarrying, and in various service activities
also
increased further, while in coal mining there was a considerable
decrease.
Construction contracts awarded during April, as reported by the F. W.
Dodge Corp., were smaller in value than during March. Theca was a
substantial decline in public-works contracts, while contracts
for privately
financed projects showed a slight increase in April.
Following extended drought in important grain areas, the
Department
of Agriculture forecast of the winter wheat crop was reduced
from 492,000,000 bushels on April 1 to 481,000,000 bushels on May 1, This compares with a five-year average for 1927-1931 of 832.000,000 bushels.
The
condition of rye, hay, and pastures has also been adversely
affected by the
drought.
Distribution.
Railroad freight-car loadings declined in April as compared
with March,
and in the•first half of May there was a smaller than
seasonal increase
in total loadings. The April decline was largely the result of substantial
a
decrease in coal shipments from the relatively large volume
of March.
Department store sales showed little change from March
to April, after
allowance is made for differences in the number of business
days, for usual
seasonal changes, and for changes in the date of Easter. Sales continued
larger than a year ago.
Wholesale Commodity Prices.
The general level of wholesale commodity prices, as measured by the
Bureau of Labor Statistics index, has shown little change
during the past
three months. Prices of grains, cotton, silk, and silver,
which declined
sharply in April, rose during the first three weeks of May.
Rubber prices
advanced sharply until early in May but subsequently declined somewhat,
and prices of textile products declined during recent weeks. Steel scrap
has declined since March, while finished steel products, automobiles, nonferrous metals, and building materials advanced. Cattle and beef prices
rose during April and the early part of May, while prices of hogs declined.
Bank Credit.
Excess reserves of member banks remained at a level of about ;1,800.000,000 between the middle of April and the middle of May. There were
Financial Chronicle
Volume I3P
no considerable changes in monetary gold stock or in money in circulation
The total volume of reserve bank credit also showed little change.
At reporting member banks in leading cities in the five weeks ended
May 16 there were decreases of about $240,000,000 in loans and of 880.000,000 in investments, the latter reflecting a decrease in holdings of securities other than those of the United States Government. Net demand
and time deposits increased by nearly $200,000,000, while United States
Government deposits were reduced by about 8300,000,000.
Short-term money rates in the open market continued at low levels
during May and yields on United States Treasury bonds declined further
to the lowest levels of the post-war period.
Monthly Indexes of Federal Reserve Board-Industrial
Production Unchanged from March to April.
Under date of May 24 the Federal Reserve Board issued as
follows its monthly indexes of industrial production, factory
employment, &e
BUSINESS INDEXES.
(Index numbers of the Federal Reserve Board, 1923-1925=100)a
Adjusted for
Seasonal Variation.
1934.
General Indexes.
Industrial production, total
Manufactures
Minerals
Construction contracts, value bTotal
Residential
All other
Factory employments
Factory Payrolls*
Freight-car loadings
Department store sales
Produaion Indexes by Groups and
Industries.
ManufacturesIron and steel
Textiles
Food products
Paper and printing
Lumber cut
Automobiles
Leather and shoes
1933.
Apr.
Mar.
Apr.
p85
885
p91
85
82
100
66
66
72
p32
pll
p48
33
11
51
14
10
17
62
977
66
77
53
67
77
p90
93
p100
83
87
67
p94
84
p100
38
80
p104
58
143
35
85
101
p85
24
44
93
35
140
65
116
Without
Seasonal Adjustment.
1934.
1933.
Mar.
Apr.
p88
p89
p82
87
86
91
67
68
65
p36
p13
p54
82.3
67.3
60
p73
33
12
50
80.8
64.8
63
73
16
11
19
59.9
38.8
51
68
Apr.
85
p93
87
p104
35
111
53
__
__
118
75
p96
82
p102
39
97
p107
42
143
_
113
39
88
94
888
26
57
91
34
140
76
107
Cement
55
Petroleum refining
Rubber tires
Tobacco manufactures
119
128
Minerals-Bituminous coal
p72
84
84
46
55
P61
Anthracite coal
45
89
p76
44
109
P73
Petroleum
108
121
108 8125
122
p125
Zinc
47
72
67
45
68
64
Silver
36
52
__
38
47
Lead
45
58
__
45
57
P Preliminary. a Indexes of production, car loadings, and department store sale
based on daily averages. 8 Based on 3-month moving averages, centered at 2d
month. * Indexes of factory employment and payrolls as recently revised by the
Bureau of Labor Statistics. Seasonally adjusted indexes of factory employment will
he included as 80011as calculation of these Indexes has been completed by the Board.
Review of Building Situation in Illinois During April
and First Four Months of 1934 by Illinois Department of Labor-Estimated Cost and Number of
Projects Authorized Increased Over March.
"During April 1934, 1,237 building projects, estimated to
cost $2,036,490, were authorized by building and public officials in the 65 cities reporting such data to the Illinois Department of Labor," stated Paul R. Kerschbaum, Acting Chief
of the Division of Statistics and Research of the Labor Department, in his review of the building situation in Illinois.
He said that "compared to March 1934 these figures represent increases of 80.3% in the number of projects authorized
and 40.0% in the total estimated cost. The increase in estimated expenditures in April was more pronounced than the
average March-April increase disclosed during the last 13
years," Mr. Kerschbaum added. In his review,issued May 14.
he further noted:
The total estimated cost of permit projects in April 1934 was 126.3% above
the total of $900,018 authorized in April 1933.
New non-residential building was responsible for the gain in estimated
expenditure in April. During the month permits were issued for 282 such
structures, estimated to cost $1,034,738, or 165.3% more than the total of
$390,014 represented by March permits. Estimated expenditure for new residential building declined from $306,690 in March to $261,670 in April, or
14.7%, and that for additions, alterations, repairs and installations decreased
from $757,887 to $740,082, or 2.3%.
Although the total cost of proposed residential structures declined, 53
families were planned for by such buildings, compared to a total of 27 families
provided for by residences for which permits were issued in March. Of the
53 one-family dwellings authorized in April, 22 were to be erected in
Chicago, 11 in the 34 Chicago suburban cities, and. 20 in the 30 reporting
cities outside the Chicago metropolitan area.
The gain in the total estimated expenditure in April was contributed by
Chicago and the reporting cities outside the Chicago metropolitan area. In
Chicago, April permit expenditures amounting to $960,312 were 86.5% above
the total of $514,900 authorized in March. In the 30 cities outside the
Chicago metropolitan area the estimated cost increased from $497,044 in
March to $785,831 in April, or 58.1%. Chicago suburban building, however,
dropped rather sharply from $442,647 in March to $290,347 in April,
or 34.4%.
Comparisons with April 1933 indicate that building operations are at a
much higher level. Chicago permit expenditures in April 1934 were 153.0%
above those of a year ago; Chicago suburban expenditures were 24.1% above
April 1933, and the estimated coat of permit buildings in the reporting cities
outside the Chicago metropolitan area was 174.4% above that for April 1933.
The April increase in Chicago was the second consecutive monthly increase
reported. It was also the second successive increase in excess of seasonal
3509
expectations.* The increase in new building was responsible for the gain
reported for Chicago in April. Residential building increased from $31,700
to $113,050, or 256.6%, and non-residential advanced from $129,175 to
$580,220, or 349.2%. The estimated cost of addition, alteration, repair and
installation projects, however, declined from $354,025 to $267,042, or 24.6%
Two large non-residential structures, a factory estimated to coat $150,000,
and a store to cost $300,000, were largely responsible for the gains reported
In the new non-residential building classification. The indexes of Chicago
building expenditures in April were 5.4 for all building, 1.5 for new residential building, 6.2 for new non-residential building, and 81.1 for additions,
alterations, repairs and installations (monthly average, 1929 equals 100).
The decline in total estimated expenditure for the gruop of 34 Chicago
suburban cities in April was caused by reductions in the new building classification. The estimated cost of residential building declined from $245,490
in March to $99,100 in April, or 59.6%, and non-residential declined from
$66,535 to $39,602, or 40.5%. The estimated cost of addition, alteration,
repair and installation projects advanced from $130,622 to $151,645, or
16.1%. Nineteen of the 34 cities in this area reported increases over March
1934, and 20 showed increases over April 1933.
In the 30 reporting cities outside the Chicago metropolitan area, the estimated expenditure for April in each of the three major building classifications
Increased over the total reported for March. New residential building advanced from $29,500 to $49,520, or 67.9%; new non-residential building increased from $194,304 to $414,916, or 113.5%, and additions, alterations,
repairs and installations increased from $273,240 to $321,395, or 17.6%. A
school building estimated to cost $250,000, for which a permit was issued in
Champaign, was very largely responsible for the April gain in non-residential
expenditure. Nineteen of the 30 cities in this group showed an increase in
total estimated expenditures over March 1934, and 17 reported gains over
April 1933.
Of the total estimated expenditure authorized by permits in April 1934, in
the 65 cities reporting to the Illinois Department of Labor, 47.2% was to
be expended on Chicago projects, 14.3% on Chicago suburban structures, and
38.6% on buildings in the reporting cities outside the Chicago metropolitan
area. The proportion of total estimated expenditure for April for new residential building was 12.8%; for new non-residential building it was 50.8%,
and for additions, alterations, repairs and installations, 36.3%.
During the first four months of 1934, a cumulative total of 2,687 building
projects, estimated to cost $5,825,465, was authorized by permits issued in
the 65 reporting cities of the State. This total estimated expenditure was
112.2% above the total of $2,745,075 authorized during the first four menthe
of 1933. In Chicago, estimated expenditures increased from $1,088,833 for
the first four months of 1933 to $3,085,872 during the first four months of
1934, or 183.4%. During the same periods permit expenditures in the 34
reporting cities in the Chicago metropolitan area advanced from $643,153 to
$1,105,141, or 71.8%, and in the Chicago suburban cities such expenditures
increased from $1,013,089 to $1,634,452, or 61.3%. An analysis by building
classification disclosed that the total estimated expenditure for new residential building increased from $399,491 during the first four months of 1933
to $773,810 during the first four months of 1934, or 93.7%; new non-residential building increased from $960,797 to $2,426,492, or 152.5%, and additions, alterations, repairs and installations advanced from $1,384,787 to
82,625,163, or 89.6%. Thirty-seven of the 65 reporting cities outside of
Chicago-19 in the Chicago metropolitan area, and 18 among the reporting
cities outside the Chicago metropolitan area-reported a higher estimated
total expenditure for the first four months of 1934 than for the same period
last year.
* The index of seasonal variation for total Chicago building for April is
139.8, and for March, 118.8.
Industrial Situation in Illinois During April Reviewed
by Industry by Illinois Department of LaborBoth Employment and Payrolls Increased for Third
Consecutive Month.
In his review of the industrial situation in Illinois, by industry, issued May 21, Paul R. Kerschbaum, Acting Chief of
the Division of Statistics and Research of the Illinois Department of Labor, stated that "conditions continued to improve
In April, according to reports from 3,192 manufacturing and
non-manufacturing establishments within the State. Increases of 1.8% in employment and 2.3% in payrolls, reported
for all industries combined," Mr. Kerschbaum said,"were the
third consecutive monthly increases reported. These reporting establishments employed 379,464 persons in April and
paid out a total of $8,182,341 weekly in wages." Continuing,
Mr. Kerschbaum noted:
The increases reported for all industries combined were contrary to the
downward movement usually experienced during April. Records of the Illinois
Department of Labor, based on an 11-year period, show average decreases
of 1.1% in employment and 0.8 of 1% in payrolls for the March-April period.
According the the indexes, employment in all industries combined was, in
April, 26.3% above the level of April 1933 and 14.7% above the level established in April 1932. Payrolls, likewise, were relatively greater. Indexes
disclose that payrolls for all industries combined were 42.2% above those
for April 1933, and 11.4% higher than they were for the same month in
1932. It should, however, be noted that although payroll gains have been
relatively greater during the past year, comparison with the monthly average for the 1925-27 period shows that payrolls are still lower than employment.
Manufacturing industries in Illinois continued to show sharper increases
than the non-manufacturing industries. In April, 1,465 manufacturing plants
reported increases over March of 1.9% in employment and 3.6% in payrolls.
The employment gain was the third and the payrolls advance
the fifth consecutive monthly increase reported by this group of industries. Employment
and payrolls in the reporting manufacturing establishments were,
respectively,
36.2% and 66.0% higher than they were in April 1933, and 19.7% and
26.8%, respectively, above the levels established in April 1932.
Seventeen hundred and twenty-seven non-manufacturing concerns in the
trade, services, public utilities, coal mining, building and contracting, and
miscellaneous non-manufacturing industry groups reported increases of 1.6%
in employment, and 0.5 of 1% in payrolls from March to April. These increases brought employment to a point 11.6% above the level of a year
ago, and 6.5% above April 1932; payrolls were 14.8% above April
1933,
but 6.9% below the level reported in April 1932.
3510
Financial Chronicle
The total actual man-hours worked by 247,857 employees, covered by reports from 2,372 establishments, increased 2.3% over March 1934; 1,147
manufacturing establishments reporting man-hours data showed an increase
of 3.4% in actual hours worked, and 1,225 non-manufacturing concerns
increased man-hours 0.6 of 1%. Man-hours worked by males in all industries combined increased 3.3%, and those worked by females advanced 3.6%.
The average hours worked per employee per week in all reporting industries
Increased 0.5 of 1% over March and those worked in the manufacturing
industries increased 0.8 of 1%. The average hours worked per employee per
week in the non-manufacturing industries did not differ from those reported
for March.
For the second successive month male workers were more affected by
Improved industrial conditions than were female wage earners, according to
the 3,022 establishments which reported data by sex. In these firms the
employment of males increased 2.6% in all industries combined, while that
for females advanced only 0.6 of 1%. The total wage payments in April
for males increased 3.2%, while that for females decreased 0.7 of 1% from
the amount paid in March 1934.
Of the nine main manufacturing groups, five, namely, stone, clay and
glass, metals, machinery and conveyances, chemicals, oils and paints, printing
and paper goods, and textiles, reported April increases in both employment
and payrolls, and three, furs and leather goods, clothing and millinery, and
food, beverages and tobacco reported declines in both employment and payrolls. The wood products groups of industries reduced the number of persons employed, but added to total payrolls.
Gains in April of 10.7% in employment and 14.8% in payrolls were
reported by establishments in the stone, clay and glass group. Each of the
four industries included in the group reported advances in both employment
and payrolls.
With the exception of sharp employment and payroll losses in the brass,
copper and zinc, more moderate reductions in auto and accessories, and a
payroll decrease in tools and cutlery, every industry in the metals, machinery
and conveyances group contributed to April gains of 4.4% in employment
and 8.2% in payrolls. Employment and payroll increases were particularly
sharp in the iron and steel, agricultural implements, sheet metal work and
hardware, cooking and heating apparatus, and electrical apparatus industries.
April increases in the chemicals, oils and paints industry group of 1.4%
In employment and 2.7% in payrolls were caused by gains in paints, dyes
and colors, mineral and vegetable oils, and miscellaneous chemicals industries.
Drugs and chemicals establishments reported moderate employment and payrolls declines.
The printing and paper goods group, contrary to the usual seasonal declines experienced in April, reported gains of 4.6% in employment and 6.8%
In payrolls. Every reporting industry contributed to the payrolls advance,
and all except edition book binding, which reported a sharp reduction in
employment, shared in the employment increase. The improvement in job
printing establishments was particularly marked.
The textiles group of industries reported April increases of 1.1% in employment and 6.5% in payrolls. Cotton and woolen geode, and thread and twine
establishments increased both the number of workers employed and total
wage payments. Knit goods establishments increased employment but reduced payrolls, while miscellaneous textiles firms decreased employment
slightly but increased payrolls.
In April, the wood products group disclosed a gain of 5.6% in payrolls,
and a loss of 5.7% in employment. Sharp employment and payroll increases
were reported by saw and planing mills, and miscellaneous wood products
industries. Pianos and musical instruments established reduced employment
and total wage payments. The furniture and cabinet work industries reduced
employment sharply, but increased payrolls.
The leather industries, including boots and shoes, were responsible for the
losses of 5.6% in employment and 9.5% in payrolls, recorded for the furs
and leather goods group. Although losses in this group are usually expected
in April, the declines reported exceeded the usual seasonal recessions. The
furs and fur goods group increased employment and payrolls over March by
approximately one-third.
April reductions of 2.0% in employment and 18.3% in payrolls were disclosed by reporting firms in the clothing and millinery groups. Losses in
men's clothing and furnishings and millinery industries were largely responsible for these reductions, which are usually reported for this group at
this season. The April declines, however, were smaller than the losses ordinarily shown in April. Overalls and work clothes industries reported sharp
increases in both employment and payrolls.
The food, beverages and tobacco group of industries reported declines from
March to April of 1.8% in employment and 1.3% in payrolls. Declines in
both items were recorded for flour, feed and cereals, slaughtering and meat
packing, confectionery, and cigar and tobacco industries. Canning, beverages,
and ice cream industries reported important gains.
Of the five main non-manufacturing groups, three, wholesale and retail
trade, services, and building and contracting groups reported increases from
March to April in employment and total wage payments. Public utilities
Industries increased employment, but reduced payrolls, and reporting coal
mines decreased both the number of persons employed and the amount paid
to them in wages.
Department and chain stores, miscellaneous retail establishments, and
wholesale hardware and metal jobbing shops were mainly responsible for the
gains of 0.8 of 1% in employment and 0.4 of 1% in payrolls disclosed for
the wholesale and retail trade group. Mail order houses and milk distributing companies reduced both employment and payrolls.
The services group of industries, composed of hotels, restaurants, laundries
and dry cleaning industries, increased employment 2.8% and advanced payrolls 5.7%. All industries represented in the group contributed to these
gains.
During April, increases of 44.4% in employment and 64.9% in payrolls
were reported by building and contracting firms. These gains, which were
sharply above the increases usually expected in April, were favorably affected
by propitious weather conditions. Improvement in the road construction
industry, which more than tripled its activity, was particularly marked.
Public utilities increased employment 0.8 of 1%, but reduced payrolls
0.5 of 1% in April. Every industry in the group except the telephone
shared in the employment gain; payroll advances were restricted to water,
gas, light and power plants, and railway car repair shops. The payroll loss
in the telephone industry was particularly sharp.
Thirty-two Illinois coal mines reduced employment 9.0% and decreased
payrolls 25.7% from March to April.
During April, reports of 188 wage rate increases, affecting 24,774 persons,
or 6.5% of the total number of persons reported employed during the month
In the 3,192 establishments, were received by the Division of Statistics and
Research. In only two months since May 1933, the month in which recent
wage rate Increases were first reported, has the proportion of workers receiving pay rate increases exceeded that for April 1934. In August 1933, 21.2%
May 26 1934
of the workers reported received increases, and in September 1933, 9.0%
were affected by rate increases. Increases reported in April 1934 ranged
from 1% to 100%. Most of those receiving pay rate increases, however, had
their rates advanced 10%. Decreases in pay rates in April 1934 were received
by 60 wage earners in eight establishments.
Weekly earnings for April 1934, for both sexes combined, averaged $21.66
for all industries; $23.46 for males and $14.34 for females. In the manufacturing industries, weekly earnings averaged $20.47; $22.44 for males and
$13.24 for females. Average weekly earnings in the non-manufacturing
industries, for both sexes combined, were $23.31; $25.70 for males and $15.66
for females.
Increase in Production and Trade Lessened in April
and First Half of May According to Conference of
Statisticians in Industry-Decreases Noted in
Some Basic Fields of Activity.
The "Conference Board Business Survey," prepared by
the Conference of Statisticians in Industry under the auspices
of the National Industrial Conference Board, says that
"slackening in the rate of advance in production and trade
was registered in April and the first half of May with some
basic fields of activity showing declines. Commodity
prices," the survey said,"weakened in April but strengthened
in the first half of May, while security prices advanced
irregularly in April but declined in the first two weeks of
May." We also quote the following from the survey, dated
May 20:
Productive activity in general showed a net gain but declines of a more
than seasonal nature in some lines became evident. Automobile production
continued to increase in April; and there is some indication that output in
May will equal the April total. Building and engineering construction
contract awards fell offsharply after a steep rise during the preceding month.
Steel and iron production continued to expand contrary to the seasonal
trend. Electric power production declined seasonally in April. Bituminous
coal production underwent a serious set-back, much larger than is seasonally
usual in April. Textile apparel output also was measurably decreased.
Privately financed construction awards increased in April, and were
$56,252,900 as compared with $52.405,600 in March, an increase of 7%.
Private awards in April were 45% more than in April 1933, and showed a
larger total than any recorded for any other month since August 1933.
Publicly financed construction awards totaled $75,158,900 in April and
recorded a decrease of 40% from the March total of $125,940,700, but were
326% over the total for April 1933.
General distribution and trade declined more than seasonally in April
as compared with March in both dollar value and physical vc lume of turnover. Department store and chain store sales as well as primary shipments
by rail declined during the month.
Department store sales declined this month in dollar value, 1.4%. while
prices of department store items rose 0.4%. The net result was a decline
of 1.7% in the physical volume of turnover from March to April. The
relatively poor showing in April was due largely to the early Easter which
caused the bulk of the holiday buying to be done in March.
Five and ten cent store sales declined 16.4% in dollar value in April as
compared with March but were 1.3% larger than a year ago. The value of
sales in March was 34.5% over the February total and 41.7% over that of
March 1933. The advance in March and the unseasonal decline in April
were due to the fact that Easter came early this year.
Prices of commodities at wholesale declined in April. Increases in the
prices of hides and leather products, fuel and lighting materials, metals and
metal products, building materials, and housefurnishing goods were not
enough to carry the composite index of wholesale prices upward. The decreases in farm products, foods, te.tile products and chemicals were sufficient to outweigh the increases. Comparison of the April index with a
year ago shows an advance of 21%. An upturn in prices was recorded in the
first half of May.
Prices received by farmers fell off roughly 1% in April as compared with
March while prices paid by them showed a slight advance. The not result
was a virtually unchanged ratio of prices received to
prices paid. The
advance in prices received by farmers since mid-April
1933. was 38%;
In prices paid. 19%. The ratio of prices as a result
increased 17% since
April 1933.
Food prices at retail were 0.5% lower at the end of April
than they were
at the end of March.
The cost of living index declined 0.1% in April and was
78.4 as compared
with 78.5 in March. Declines in food and coal prices
than
slightly
offset advances in rents, clothing, and sundries. Compared more
with a year
ago, the cost of living was 9.7% higher.
Commercial failures declined seasonally in April as compared with
March, both in number and in the dollar amount of liabilities. There were
1,052 failures in Apirl with liabilities of $25,787,000. The decrease between
the last two months was 4.5% in number of failures and 5.3%
in liabilities.
The March-to-April seasonal declines in recent years were
5.0% and 6.8%
respectively. Comparisons with April 1933, show a decline of 45.2%
in
the number of failures and 49.5% in dollar amount of liabilities involved.
Automobile Production in April Shows Large Gain
Over Year Ago.
April factory sales of automobiles manufactured in the
United States (including foreign assemblies from parts
made in the United States and reported as complete units
or vehicles), based on data reported to the Bureau of the
Census, consisted of 360,620 vehicles, of which 292,811 were
passenger cars, 67,808 trucks and 1 taxicab, as compared
with 336,013 vehicles in March, 180,713 vehicles in April
1933, and 148,326 vehicles in April 1932.
The table below is based on data received from 119 manufacturers in the United States, 32 making passenger cars
and 87 making trucks (10 of the 32 passenger car manufacturers also making trucks). Figures for taxicabs include
only those built specifically for that purpose; figures for
trucks include ambulances, funeral cars, fire apparatus,
street sweepers, and buses. Canadian figures are supplied
by the Dominion Bureau of Statistics.
Financial Chronicle
Volume 138
771,000). Orders on hand at the end of the week at 597 mills were 423.238,000 feet. The 184 identical mills reported a gain in production of 2%,
and in new business a loss of41% as compared with the same week a year ago.
NUMBER OF VEHICLES.
Canada.
United States.
Year and
Month.
TanPassenger
Trucks. cabs.0
Cars.
Total.
1934January
February
March
April
PassenTotal. ger Cars. Trucks.
116,032 44,733
190,253 45,104
*278,149 *57,848
292,811 67,808
321
27
16
1
6,904
8,571
14.180
18,363
4.946
7.101
12,272
15,451
1,958
1,470
1,908
2,912
Total(4 mos.) 1,093,103
1933January
130,087
February
106,888
March
118,002
April
180,713
877,245 215,493
365
48,018
39,770
8,248
108,321
91,340
99,225
152,939
21,761
15,396
18,117
27,363
5
152
660
411
3,358
3,298
6,632
8,255
2,921
3,025
5.927
6,957
437
273
705
1,298
451,825
184,644
211,448
195,019
195,076
160,891
108,010
42,818
52,601
82,637
33,649
41,904
38,118
41.412
35,243
30,469
19,558
30,252
1,228
54
35
4
68
9
63
1,611
1,299
21,543
9,396
7,323
6,540
6,079
5,808
3,682
2,291
3,262
18,830
8,024
6,005
5,322
4,919
4,358
2,723
1,503
2,171
2,713
1,372
1,318
1,218
1,160
1,450
959
788
1,091
Total (year)_ 1,959,945 1,602,332 353,242
1932January
119,344
98,706 20,541
February
117,418
94,085 23,308
March
118,959
99,325 19,560
120,906 27,389
April
148,326
4,371
65,924
53,855 12,069
97
25
74
31
3,731
5,477
8,318
6,810
3,112
4,494
6.604
5,660
619
983
1,714
1.150
227
73
235
27
9
13
5
239
291
24,336
8,221
7,112
7,472
4,067
2,342
2,923
2,204
2,139
19,870
7,269
6,308
6,773
3.166
1,741
2,361
1,669
1,561
4,466
952
804
699
901
601
562
535
578
Total(4 mos.)
May
June
July
August
September
October
November
December
1.1.. b b.0 Mt0D1
00 0,CO CO C4 03*0 ..CO
IP CU 00 00 0C4 CU OD C.t.
.
CO CO p-00,-,G,Ca CO
CA CO ...
Cn a JO IP to
,
I.0 0
b2 ,
I N 03 0* .
161,086
*235,384
335,993
360,620
Total(4 mos.)
May
June
July
August
September
October
November
December
504,047
184,295
183,106
109,143
90,325
84,150
48,702
59,557
107,353
413,022
157,683
160.103
94,678
75,898
64,735
35,102
47,293
85,858
90,798
26,539
22,768
14,438
14,418
19,402
13,595
12,025
21,204
Total fvear)_ 1.370.678 1.134.372 235.187 1.119 60,816 50.718 10,098
x Includes only factory-built taxicabs, and not private passenger cars converted
Into vehicles for hire. * Revised.
Unfilled Orders at Lumber Mills Below Last Year.
On May 19 1934, for the first time this year, unfilled
orders at lumber mills reporting for both this year and
last, fell below those of corresponding date of 1933, according
to telegraphic reports to the National Lumber Manufacturers
Association from regional associations covering the operations
of 1,486 leading hardwood and softwood mills. Production
during the week ended May 19 was less than recent weeks,
shipments were lower than for any week since the middle
of February and new orders, while above those of the week
before, were below the record of the preceding three weeks.
Production of these 1,486 mills was 205,646,000 feet; shipments, 168,676,000 feet; orders received, 212,939,000 feet.
Revised figures for 1,524 mills for the week ended May 12
were: Production 220,553,000 feet; shipments, 193,207,000
feet; orders, 209,763,000 feet. The National Lumber Manufacturers Association, in reviewing lumber operations for
the week ended May 19, further stated:
Softwood groups reported orders above production except West Coast,
Northern Pine, Northern Hemlock, and California Redwood. Total
softwood orders were 5% above production. All hardwood regions reported orders below output, total hardwood orders showing loss of 8%.
For the fourth consecutive week orders fell below those of corresponding
week of 1933, all regions but Western Pine reporting declines. All but
Southern Pine reported production greater than a year ago. Total softwood orders were 21% below those of similar week of 1933; hardwood
orders were 38% below those of last year. Production was 21% above
that of the same week of 1933; shipments were 20% below their last year's
record.
Unfilled orders on May 19 1934 were the equivalent of 27.1 days' average
production of reporting mills, compared with 27.2 days' a year ago.
Forest products carloadings during the week ended May 12 were 24,836
cars, a decrease of 106 cars from the preceding week, but 4,603 cars above
the same week in 1933 and 6,053 cars above similar week of 1932.
Lumber orders reported for the week ended May 19 1934, by 1,004
softwood mills, totaled 188,528,000 feet, or 5% above the production
of the same mills. Shipments as reported for the same week were 144,736,000 feet, or 19% below production. Production was 179,059,000 feet.
Reports from 525 hardwood mills give new business as 24,411,000 feet,
or 8% below production. Shipments as reported for the same week were
23,940,000 feet, or 10% below production. Production was 26.587,000
feet.
Unfilled Orders and Stocks.
Reports from 1,744 mills on May 19 1934 give unfilled orders of 947.614,000 feet and gross stocks of 5,458,016,000 feet. The 521 identical
mills report unfilled orders as 633.336,000 feet on May 19 1934, or the
equivalent of 27 days' average production, as compared with 635,743,000
feet, or the equivalent of 27 days' average production, on similar date a
year ago.
Identical Mill Reports.
Last week's production of 419 identical softwood mills was 157,217,000
feet, and a year ago it was 132,860,000 feet; shipments were respectively
130,605,000 feet and 158,170,000, and orders received 168,753,000 feet
and 212.639,000 feet. In the case of hardwoods, 195 identical mills reported production last week and a year ago 15,667,000 feet and 10,605,000;
shipments, 14.446,000 feet and 22,786,000 and orders 15,327,000 feet and
24.651.000 feet.
SOFTWOOD REPORTS.
West Coast.
The West Coast Lumbermen's Association reported from Seattle that
for 597 mills in Washington and Oregon, shipments were 28% below
production and orders 12% below production and 23% above shipments.
New, business taken during the week amounted to 74,905,000 feet (previous week, 91,610,000 at 594 mills); shipments, 61,043,000 feet (previous
week 78.106,000), and production, 84,916,000 feet (previous week. 96,-
3511
Southern Pine.
The Southern Pine Association reported from New Orleans that for
174 mills reporting, shipments were 1% above production and orders 18%
above production and 17% above shipments. New business taken during
the week amounted to 30,831,000 feet (previous week 28,357,000 at 199
mills); shipments, 26,343.000 feet (previous week 29,262,000), and production 26,022,000 feet (previous week, 32,270,000). Orders on hand at
the end of the week at 174 mills were 95,594.000 feet. The 90 identical
mills reported a loss in production of 13% and in new business a decrease
of 26% as compared with the same week a year ago.
Western Pine.
The Western Pine Association reported from Portland. Ore., that for
129 mills reporting, shipments were 17% below production and orders
28% above production and 55% above shipments. New business taken
during the week amounted to 71,244,000 feet (previous week. 52,643,000
at 132 mills); shipments, 46,030,000 feet (previous week, 46,412,000).
and production, 55.775,000 feet (previous week, 53,850,000). Orders on
hand at the end of the week at 129 mills were 154.573.000 feet. The 123
Identical mills reported a gain in production of 63% and in new business
an increase of 25% as compared with the same week a year ago.
Northern Pine.
The Northern Pine Manufacturers of Minneapolis. Minnesota, reported production from 18 American mills as 1,988,000 feet, shipments
1,380,000 feet and new business 1,929,000 feet. Orders on hand at the
end of the week were 7,551.000 feet.
California Redwood.,
The California Redwood Association of San Francisco reported production from 18 mills as 7,066,000 feet, shipments 5,210,000 feet and new
business 4,507,000 feet. Orders on hand at the end of the week were
32,357.000 feet. Eleven identical mills reported production 232% greater
and new business 40% less than for the same week last year.
Southern Cypress.
The Southern Cypress Manufacturers Association of Jacksonville. Fla..
reported production from 25 mills as 1,130,000 feet, shipments 2,517,000
feet and new business 2,209,000 feet. Orders on hand at these mills at
the end of the week were 5,578,000 feet.
Northern Hemlock.
The Northern Hemlock & Hardwood Manufacturers Association of
Oshkosh, Wis., reported softwood production from 16 mills as 1,168,000
feet, shipments 967,000 and orders 1,125,000 feet. Week-end orders on
hand at 10 mills were 4,161,000 feet. The 11 identical mills reported a gain
of 121% in production and a loss of 23% in new business, compared with the
same week a year ago.
Northeastern Softwoods.
The Northeastern Lumber Manufacturers Association of New York
reported softwood production from 27 mills as 994,000 feet, shipments
1,246.000 and orders 1,778.000 feet. Orders on hand at the end of the
week were 10,220,000 feet.
HARDWOOD REPORTS.
The Hardwood Manufacturers Institute of Memphis, Tenn., reported
production from 342 mills as 22,112,000 feet, shipments 20,284.000 and
new business 21.542,000. Orders on hand at the end of the week at 601
mills were 190,513.000 feet. The 184 identical mills reported production
46% greater, and new business 36% less than for the same week last year.
The Northern Hemlock & Hardwood Manufacturers Association of
Oshkosh, Wis., reported hardwood production from 16 mills as 1,423,000
feet, shipments 1,320.000 and orders 1,081,000 feet. Orders on hand at
the end of the week at 15 mills were 8,075,000 feet. The 11 identical mills
reported a gain of 82% in production and a loss of 65% in orders, compared with the same week last year.
The Northeastern Lumber Manufacturers Association of New York
reported hardwood production from 27 mills as 1,471.000 feet. shipments
790,000 and orders 672,000 feet. Week-end orders on hand were 5,883,000
feet.
The North Central Hardwood Association of Indianapolis reported
Production of 140 mills as 1,581.000 feet; shipments, 1,546,000 feet; orders,
1,116,000 feet; unfilled orders, 9,871,000 feet.
Raw and Refined Sugar Shipments to United States
from Puerto Rico Lowered During Week of May 19
as Compared with Same Week Year Ago.
Shipments of raw and refined sugar from Puerto Rico
to the United States during the week ended May 19 amounted
to 20,785 short tons against 35,707 in the same week last
year, according to cables to the New York Coffee and Sugar
Exchange. Raw sugar shipments from Jan. 1 to May 19
totaled 424,428 short tons, the Exchange announced May 21,
an increase of 4.9% when compared with shipments of
404,528 during a similar period last year. Refined .shipments during the period this year amounted to 56,550, a
31.4% increase over the 43,051 ton total for the 1933 period.
The Exchange said that about 60% of the expected quota
for the United States under the Costigan-Jones Sugar Bill
has been shipped to date.
Gain Noted in Canadian Newsprint Output During
April-Increased 46.5% Over April 1933-Production in United States Up 12.2%.
During April, Canadian mills produced 216,507 tons of
newsprint, according to a report made by the News Print
Service Bureau. In giving the report, the Montreal "Gazette"
of May 15 said that the output for April contrasts with
147,759 tons produced in April of last year, representing a
gain of 46.5% and the highest monthly output achieved
by the mills in the Dominion since July 1930. Production
by the Canadian mills amounted to 210,129 tons in March
3512
of this year.
follows:
Financial Chronicle
We further quote from the "Gazette" as
Production of newsprint paper by the mills in the United States totaled
83,652 tons during April, as compared 74,507 tons in April of last year,
indicating an increase of 12.2%, with the total slightly below the 84,993
tons produced in the preceding month. Combined production of Canadian
and United States mills in April at 300.159 tons, compared with 222,266
tons in the same month of last year, an increase of 35%.
For the first four months of this year Canadian newsprint production
amounted to 789,457 tons, as compared with 551,292 tons in the corresponding period of 1933, representing a gain of 43.2%. Four-month output
of the United States mills at 325,241 tons, compared with production of
292,602 tons by the United States mills in the first four months of last year,
an increase of 10%. Combined production for the two countries for the fourmonth period showed a gain of 32% when compared with the same period
of 1933.
The following table shows monthly production figures for Canada and the
United States for each month back to the beginning of 1933.
U. S.
Canada.
Canada. U. S.
Tons.
Tons.
19341933Tons.
Tons.
84,521
194,262
April
83,652 August
216,507
79,482
180,387
March
210,129
84,993 July
171,419
84,384
February
174,447
72,402 June
79,516
171,776
January
84,194 May
188,374
74,507
147,759
1933
April
76,566
December
137.078
80,895 March
175,304
67,085
125,916
November
87,567 February
193,718
74,444
140.539
October
191,452
82,052 Januar".
September
72,907
191,416
83,937 Long Tons of Raw and Refined Sugar Shipped
from Philippines to United States During First
Half of May, Against 74,402 Tons During Similar
Period Last Year.
Raw sugar shipments from the Philippines to the United
States from Nov. 1 1933 to May 15 1934 amounted to
979,503 long tons, against 786,387 during the similar period
in 1932-33, an increase of 24.7%, according to cables to
the New York Coffee & Sugar Exchange. Refined shipments in the same period were 56,630 tons, against 37,301
in 1932-33, a gain of 51.8%, the Exchange said. Shipments for the first half of May, raw and refined together,
totaled 83,937, against 74,402 during the similar period
in 1933. Under date of May 22 the Exchange announced:
The total shipments since Nov. 1 are equivalent to 1,164,908 short tons
raw value. According to trade estimates, shipments so far exceed by
at least 100,000 tons the expected quota, under the Costigan-Jones sugar
bill, even when allowances are made for sugar which arrived prior to
Jan. 1 1934.
May 26 1934
in the rayon weaving branch of the cotton textile industry for a period 00
eight weeks for synthetic yarn staples and four weeks for dress goods.
The reduction by the Viscose Company brings the 150-denier 24-40.
filament style down to 55 cents for first-quality skeins, 53 cents for secondquality skeins and 55 cents for first-quality cones.
In making the new price lists public, the company said.
Owing to the apparent present uncertainty of rayon yarn values which seems to
be In the minds of yarn and cloth buyers, the Viscose Company announces a revision
of its present price list. We are prepared to accept orders at these list prices for
June and July shipments only: but owing to the curtailed production we have experienced, we can only offer what production we will have available over the above
two months on a pro rata basis to our customers.
Labor trouble in several of the Viscose units was responsible for cutting
down the production of the company.
The new price list is as follows.
Denier dt Filament. 1st Qualith Skeins.
2d Quality Skeins,
1st Quality Cones.
51.10
31.15
50/14
11.20
75/30
.90
.87
.95
.76
.72
100/40
.80
.77
100/60
.80
.85
125/36
.62
.60
.65
.53
150/24-40
.55
.55
150/60
.60
.58
.60
.49
.51
200/30
.51
.54
200/75
.56
.56
.43
300/44 and heavier...
.45
.45
Dulesco and bright yarns the same price. Chalkelle yams, 5 cents extra. Extra
filament yarns quoted on request.
The du Pont Rayon Co. on May 24 announced that it
had reduced its viscose yarn prices, bringing them in line
with those put into effect the previous day by the Viscose
company. At the same time the Celanese Corp. of America
announced reductions varying from 3 cents to 10 cents in
its acetate yarn prices. The new prices follow:
Denier45
as
65
75
100
BRIGHT AND DULL-CONES AND SPOOLS.
DenierFilament.
Filament.
40
13
$1.20 120
40
1.15 150
13
1.10 170
40
20
52
20
1.00 200
80
40
.90 330
.80
.75
.75
.75
.75
Activity in the Cotton-Spinning Industry for April.
Persons interested in this report will find it in our Cotton
Department.
Gas Revenues Increased 7% in March.
Revenues of the manufactured and natural gas industry
aggregated $68,565,400 in March 1934, as compared with
$63,926,700 in March 1933, an increase of 7.3%, according
to a report of Paul Ryan, Chief Statistician of the American
Gas Association, which further went on to say:
Production of Sugar in Cuba Reported at 2,034,357
The manufactured gas industry reported revenues of $34,480,700 for the
Tons Up to May 15-630,076 Tons Exported, of month,
of 4.3% over the corresponding month a year ago, while
Which 414,384 Tons Were Shipped to United revenuesanofincrease
the natural gas industry totaled $34,084,700, or 10.5% more
States.
than for March 1933.
Sales of manufactured gas reported for March amounted to 33,841,300.000
Cuban production to May 15 amounted to 2,034,357
cubic
feet, an increase of 12.7%. Natural gas sales for the month were
tons, while exports from Jan. 1 to May 15 amounted to 92,177,000,000
cubic feet, an increase of 20.4%.
630,076 tons, according to advices to the New York Coffee
Sales of manufactured gas for domestic uses were practically unchanged
& Sugar Exchange from the Cuban Export Corp., the in March from the preceding year. Sales to industrial commercial users
however registered a distinct upturn, manufactured gas companies reportExchange announced May 23. Stocks on the entire Island ing
an increase of more than 32% in this class of business, while for the
on May 15 totaled 2,444,600 tons, which compares with natural gas companies the gain was over 27%.
2,883,501 at that date last year. The Exchange further' Even larger gains were reported by the manufactured gas companies in
sales of gas for house-heating purposes, which increased more than 55%
announced:
from the March 1933 figure.
Of the exports 414,384, or 65.7%, were destined for the United States,
and 215,692 for other countries. 47,157 tons of the amount destined for
other countries was from the segregated stocks. Approximately 88%
of the decreed crop, 2,315,000 tons, has been made so far.
For the three months ending March 31 manufactured and natural gas
revenues aggregated $207.556,000, an increase of 3% over the first quarter
of 1933. Revenues from domestic customers were unchanged for the first
quarter. Revenues from industrial and commercial users however increased nearly 14% over the first three months of 1933.
27,281,000 Bags of Coffee Destroyed in Brazil from
June 1931 to Mid-May 1934-Destruction During
First Half of May Higher.
Coffee destruction in Brazil from June 1931 to May 15
1934 amounted to 27,281,000 bags, according to advices
to the New York Coffee & Sugar Exchange, Inc. The
Exchange announced May 23 that destruction has been
accelerated after a sharp decrease in rate during the first
four months of the year. 471,000 bags have been burned
during the first half of May, which compared with 411,000
during the whole of April and only 557,000 from Jan. 1
through March, the Exchange said.
Petroleum and Its Products-President Roosevelt
Asks Enactment of New Federal Oil LegislationGovernment Wins Important Court DecisionIndustry's Leaders Praise Petroleum Code.
Following a formal request from President Roosevelt
Wednesday asking that the new Federal oil legislation` be
enacted this session, the Senate Committee on Mines and
Mining announced through Chairman Logan on the following
day that it had reached virtual agreement on the Administration's bill for Federal regulation of the petroluem industry and permanent estbalishment of an oil board. A
formal report on the measure was deferred temporarily,
Rayon Prices Reduced 10 Cents a Pound by Viscose however, members of the committee explaining that there
Company-Changes Also Announced by Other were some amendments to the bill which they wished to
Companies.
discuss with Secretary Ickes before taking final action.
Announcement was made on May 23 by the Viscose.
Fear of continued growth in production of hot oil with a
Company, largest producer of the viscose type rayon in possibility of collapse of the entire petroluem
structure was
the United States, of a 10-cent-a-pound reduction on all voiced by President Roosevelt in his letter, sent to Senator
styles. The company said that it had revised its lists M.M. Logan, Chairman of the Senate Committee on Mines
because of the apparent uncertainty of rayon yarn values and Mining and to Representative Sam Roxburn, Chairman
which seemed to be in the minds of yarn and cloth buyers. of the House Committee on Inter-State and Foreign ComThe New York "Times" of May 24, from which the fore- merce, asking immediate enactment of the new control
going is quoted, said:
measure.
The cut brings the company's quotations into line with those established
The current session of Congress has two bills, both of
a month ago by the Industrial Rayon Co.
which
are backed by the Administration, seeking to correct
decline
in demand were given
At that time the low price of silk and the
the conditions complained of by President Roosevelt in
as the main reason for the reduction. It was not received favorably by
other manufacturers, who held their weaving prices unchanged and quoted
his message. In the Senate, a bill was introduced by
their knitting styles on request. Since that time, however, the situation
Senator Thomas while the House is currently considering a
has not improved in any way, sales continuing very slow. The Viscose
measure introduced by Representative Disney.
reduction follows announcement yesterday of a curtailment of operations
A
Volume 138
Financial Chronicle
The President's letter:
"I have received a disturbing letter from the Adminstrator
for the petroleum industry, Hon. Harold L. Ickes, informing
me of the continued daily production of oil in excess of the
maximum amount determined on by the Administrator
pursuant to authority under the petroleum code.
"The Administrator states that the records of the Bureau
of Mines during the first three months of this year show a
daily average production of 'illegal oil' of 149,000 barrels.
Technically speaking, this may not all have been 'hot' oil,
but in a real sense it is, since it is oil produced in excess of the
allowable.
"While the final figures of the Bureau of Mines are not
available for April and May, it is unquestionably true that
there is growing disregard for production orders issued under
the petroluem code and that the trend of hot oil produced is
upward.
"For example, it is stated on reliable authority that the
daily excess production in the East Texas field alone is
running at 60,000 to 75,000 barrels daily. Other estimates
say.that this figure should be much higher. The 'Oil and
Gas Journal' recently estimated that there was illegal
production in the country as a whole of 198,475 barrels a
day during the week ended May 12.
"If the principle of prorating production under a code is
to be maintained, it seems necessary that the existing law
should be strengthened by the passage of the bill which has
been introduced in the Senate by Senator Thomas and in the
House by Congressman Disney and supported by the Oil
Administrator.
"It is a simple fact that as a result of the work of the Oil
Administrator, definite progress has been made both in
eliminating unfair practices and in raising the price of crude
petroluem to a reasonable level, which has brought about
added employment and more fair wages for those engaged in
oil production.
"I am frankly fearful that if the law is not strenghtened,
illegal production will continue and grow in volume and result
in a collapse of the whole structure. This will mean a
return to the wretched conditions which prevailed in the
spring of 1933.
"I hope, therefore, that the proposed legislation can be
enacted. I do not want to see this important American
industry reduced to the condition under which it was operating before the Oil Administration started its work."
Earlier in the week Secretary Ickes, testifying before the
Senate Committee on Mines and Mining, told the Committee that unless the proposed legislation was enacted
during the current session the oil industry will witness a
return to the chaotic conditions witnessed before the Oil
Administration took over control of the industry.
Opposition to the proposed measures was voiced by
Jack Blalock, representing the Independent Petroleum
Association of Texas; J. Edward Jones, holder of royalties
in Texas, Oklahoma and other oil producing States, and
Elwood Fouts, independent producer of Fort Worth, Tex.
Mr. Blalock held that should the measure be enacted it
would be found unconstitutional, holding that the Federal
Government had no authority to enforce the provisions of
the new bills. In support of this claim he cited an opinion
of Chief Justice Hughes of the United States Supreme
Court when the latter was a practicing attorney before the
Federal Oil Conservation Board in May 1926. At that
time, Mr. Blalock stated, Mr. Hughes said that under the
power to regulate commerce Congress had no constitutional
authority to control the mere production of oil on lands,
other than Indian lands, within a Territory or State.
Mr. Fouts also contended that the proposed measure was
unconstitutional and voiced the fear that it would lead
to nationalization of the industry. "Sentiment in the oil
industry is against this bill," he continued. "We are opposed
to a dictator and we seriously object to being termed by
the Secretary of the Interior as hot oil runners and thieves."
Mr. Blalock also voiced resentment at being included in
the terms "hot oil runners, thieves and pirates."
The legislation has the full support of the Planning and
Co-ordination Committee, A mos L. Beaty stated, with
the exception of the clause in the Disney bill limiting control
to a two-year period. This, he contended, was entirely
too short a period.
Dismissal of injunctions granted in the Eastern Texas
District Court restraining Federal officials from enforcing
certain sections of the National Industrial Recovery Act
and the petroleum code was ordered in an opinion handed
3513
down by the Federal Fifth Circuit Court of Appeals at
New Orleans Tuesday upholding the constitutionality of ,
the oil code:
While the Court described the petroleum code as a "novelty
in legislation," it held that there was no reason "to upset
laws and regulations generally useful and necessary to
public business." The court action followed a fight against
the petroleum code by two groups of Texas independent
oil units which resulted in the granting of injunctions restraining Federal officers from going on their property to
obtain production information and from instituting civil
action or criminal prosecution against them for violation of
Federal oil regulations. The injunctions won in the lower
court, however, were voided by the action of the Circuit
Court Tuesday.
• "The decision of the Federal Circuit Court of Appeals in
New Orleans, upholding the constitutionality of the oil
code, is an event of the foremost importance," Secretary
Ickes said in commenting on the decision. "The decision
of the Federal District Court of Texas, which denied the
constitutionality of the code left it virtually unenforceable.
"The entire oil industry was faced with a return to the
cut-throat competition which would have resulted in a short
time in a return to the conditions of chaos which existed a
year ago when crude oil was selling for as low as 10 cents
a barrel. This would have meant quick death to the small
operator and refiner. Only the major companies, with
their huge capital structures, could have weathered the
storm.
"As I see the decision, it leaves me free as Oil Administrator to continue the work of so directing the oil industry
as a whole, that this great natural resource will not be
squandered as a few selfish oil men would have it, regardless
of the effect of overproduction on the industry as a whole."
The opinion handed down by the Court said in part:
"The provision of the NRA under discussion is not unconstitutional, because it operates and was intended to operate
so as to make more effective a valid State action with reference to oil production. Nor is it unconstitutional because
its effect is temporarily to restrict the volume of inter-State
and foreign commerce in oil. No doubt in general there
should be free trade among the States, but that is not to
say that 'laissez-faire' must have full scope. The power
to regulate inter-State commerce is given to Congree in
identical terms with the power to regulate foreign commerce.
The object of the reports and the inspection of books is to
ascertain the existence and the disposition of excess oil in
order that inter-State and foreign transportation may be
stopped."
An after effect of the decision was the sending of Louis R.
Glavis, chief of the division of investigations, to assume
charge of Federal activities in the East Texas fields by
Administrator Ickes. Mr. Glavis left Washington Friday
morning in an army airplane and was expected to confer
with his field force in Dallas Saturday (to-day).
Speaking at the fourth mid-year meeting of the American
Petroleum Institute in Pittsburgh Thursday, Axtell J.
Byles, President, charged that the Planning and Co-ordination Committee "may be spending more of its efforts in
administering the oil business than in administering the
code." Mr. Byles emphasized that this statement reflected
only his personal views and not necessarily those of the
Institute.
"I conceive the responsibility of this Comnatee, as such,
to be solely that of administering the code," he said.
"Memory need not be long to recall the chaos in the industry at the time the Committee was appointed. It was
fairly deluged with requests for relief from an intolerable
situation.
"It is therefore quite understandable that it may have
fallen into the error of attempting as a measure of relief, to
spend more effort in administering the oil business than
in administering the code." Mr. Byles urged the A. P. I.
members to support the Disney bill.
Baird Markham, Chairman of the American Petroleum
Industries Committee, attacked excessive taxation of the
oil industry, whose tax bill now exceeds $1,000,000,000 a
year, or 8% of the $12,000,000,000 capital investment of the
industry. He cited the average tax on 24 gallons of gasoline extracted from a barrel of crude oil at $1.29, or more
than the market price of the oil itself in support of his contention of over-taxation.
Members of the Institute were urged by C. E. Arnott,
President of Socony-Vacuum Corp., to have confidence in
and comply with the petroleum code.
3514
Financial Chronicle
"Though there are some things about it we do not like,"
he said, "its good points are overwhelming. Should the
industry fail in its administration of the code, it would then
revert to Government control and we would lose many advantages that we now enjoy."
"The oil industry, under the code, has made definite,
unmistakeable progress in the past year," J. E. Dyer, of the
Sinclair Consolidated Oil Corp. stated in urging strict enforcement of production and proper balance of supply and
demand.
"We must have a road to travel and no one has found a
better one," he said. "Let's stand by the code. Let us
demand that the code be enforced to the end that the legitimate industry may have stability in its markets and may
make a living wage for its vital services."
Designed to meet the normal seasonal increase in demand
for crude oil, the national allowable crude oil total was lifted
to 2,528,300 barrels daily by Administrator Ickes, effective
June 1. The June allowable is 162,100 barrels above the
April and May allowables.
A public hearing will be held by the Texas Railroad Commission on Monday (May 28) to consider new allowables
for the various oil fields in the State. However, should the
new Federal legislation be enacted before June 1, the Commission's proration orders would be inoperative.
While daily average crude oil production throughout the
United States declined 8,900 barrels from the previous week
to 2,514,050 barrels daily, it still was considerably above the
May Federal allowable of 2,366,200 barrels daily.
Oklahoma, Texas and California all exceeded their Federal
allowables, the latter two also showing increases in daily
average production from the previous week. Oklahoma
cut its daily average output more than 17,000 barrels below
the preceding week.
Prospects of a world petroleum parley to discuss proration
of oil production between nations should the Ickes control
bills now pending in Congress be enacted in law was held
forth at the International Oil Exposition and Congress in
session in Tulsa, Okla., during the week.
The proposal, sponsored by Nic. N. Srefanescue,
Rumanian delegate to the Congress, was welcomed by delegates from Russia, Venezuela, Colombia and Mexico.
Stocks of domestic and foreign crude oil dipped 325,000
barrels for the week ended May 19 to 341,394,000 barrels,
compared with 341,719,000 at the close of the preceding
week, the oil administration announced.
There were no price changes.
REFINED PRODUCTS-PACIFIC COAST GAS PRICES ADVANCED
-FURTHER IMPROVEMENT NOTED IN RETAIL MOTOR
FUEL MARKETS IN EAST-MID-WEST BULK GAS MARKET
GAINS-GASOLINE STOCKS DIP.
May 26 1934
The new prices of branded gasoline are 7.40 cents at Providence, 7.45 cents at Boston and 7.80 cents at Portland.
The local gasoline market continued to move along in
good shape, rising consumption stimulating activity on the
part of jobbers. Further price strength is expected in the
market, especially so if the pending Federal oil legislation is
enacted during the present session of Congress.
Price schedules on heating and industrial oil were released
during the week as forward demand gained. An average list
posts range oil at 8% cents with a top of 10N cents; No. 1
oil, the same as range oil; No.2 oil, 7 cents with a top of 8%
cents; Nos.3 and 4, the same as No.2; No.5 at 5 cents with a
top of 6 cents; No.6 oil spot market price with a top of $1.60
plus 50 cents.
Kerosene is being well held at 53' cents a agallon for 41-43
water white, tank car lots, refinery. Motor lubricants have
firmed in keeping with the increased use of gasoline and are
strongly held.
Retail kerosene prices strengthened somewhat throughout
the New England marketing territory and in some sections
of New York State. Tank-wagon advances ranging from
1-4 to 1-2 cents a gallon were instituted in several sections.
Despite a continuation of the rising trend in refine/7
operations, gasoline storage was substantially reduced during
the week ended May 19, figures reported to the American
Petroleum Institute disclosed.
Stocks of finished gasoline were off 932,000 barrels last
week. This, despite a gain of 122,000 barrels in runs of
crude oil to refinery stills to a daily average of 2,430,000
barrels for reporting plants, indicating an operating rate of
72% of capacity. This spurt in activity was attributed to
the apparent desire of refiners to build up their gasoline
stocks as high as possible prior to introduction of the curb
on refinery operations, scheduled for June 1 under the code.
Price changes follow:
April 22.-The Atlantic Refining Co. advanced tank-wagon and servicestation prices of gasoline34-cent a gallon throughout Pennsylvania and
Delaware. Gulf Refining Co. met the advance.
April 23.-The Standard Oil Co. of California advanced the retail prices
of all grades of gasoline 2 cents a gallon throughout
the California and
Nevada territory.
April 23.-The Gulf Refining Co. advanced tank-car prices of branded
and unbranded gasoline 34-cent a gallon at Portland,
Me.; Boston and
Providence. and 45 points at some other parts of its New York and New
England territory.
Gasoline, Service Station, Tax Included.
$.175
Detroit
$.19
New Orleans
3.19
.22
Houston
18
Philadelphia
z 135
.165 Jacksonville
.22
San Franc:Moo:
.185 Los Angeles:
Third grade
16
.158
Third grade
.135
Above 65 octane_ .1734
Standard
.19
.15
Premium
1935
Premium
19
.17
St. Louis
.145
Minneapolis
.17
174
z Less taxes.
Kerosene, 41,43 Water White, Tank Car, F. 0. B. Refinery.
New York:
North Texas
5.0334New Orleans, ex..8.0414-05
(Bayonne)
5.0534 Los Ang., ex
.0434-.05 (Tulsa
.0334-.0334
Fuel Oil, F. 0. B. Refinery or Terminal.
N. Y.(Bayonne):
California 27 plus D
Gulf Coast C
$1.15
Bunker C
31.30
51.00-1.10 Phila. bunker C
1.30
Diesel 28-30 D -_ 1.95INew Orleans C
1.15
Gas 011, F. 0. B. Refinery or Terminal.
N. Y.(Bayonne):
iChicago:
Tulsa
5.0234-.0234
28 plus GO $.0451-.04341 32-36 GO $.0234-.02
3-4
U. S. Gasoline, Motor (Above 65 Octane), Tank Car Lots, F.
0. B. Refinery.
N. Y.(Bayonne):
N. Y. (Bayonne):
Chicago
$ 0434-.0434
Standard 011 N. J.:
Shell Eastern Pet-3.0634 New Orleans__ .0534
Motor, U. S.___$.07 New York:
Los Ang., ex.-- .05-.06
62-63 octane___ .0634
Colonial-Beacon... .0634 Gulf ports
.05 yi-.06
Stand. 011 N. Y...07
z Texas
.063I Tulsa
.04%-.04/1
*Tide Water 011 Co .0634
Gulf
06/1 Pennsylavina - .0634-.0634
zItichfield Oil (Cal.) .07
Republic Oil
.0634
Warner-Quin. Co_ .0634 Sinclair Refining- . 34
06
x Richfield "Golden." z "Fire Chief," E0.07.
* Tydol, $0.07. y "Good
Gulf," $0.7.
Prices of Typical Crudes per Barrel at Wells.
(All gravities where A. P. I. degrees are not shown.)
Bradford, Pa
$2.55 Eldorado, Ark., 40
$1.00
Corning. Fa
1.32 Rusk, Tex.. 40 and over
1.08
Illinois
1.13 Darst Creek
.87
Western Kentucky
1.13 Midland District,
.90
Mid-Cont., Okla., 40 and above__ 1.08 Sunburst, Mont Mich
1.35
Hutchinson, Tex., 40 and over__ 1.03 Santa Fe Springs,
Calif., 40 and over 1.30
Spindietop, Tex..40 and over
1.03 Huntington, Calif., 26
1.04
Winkler, Tex
.75 Petrolia. Canada
2.10
Smackover, Ark., 24 and over
.70
New York
Atlanta
Boston
Buffalo
Chicago
Cincinnati
Cleveland
Denver
Standard Oil of California advanced retail prices of all
grades of gasoline 2 cents a gallon throughout its California
and Nevada territory, the first general advance in gasoline
prices on the Pacific Coast this year, as the controversy
over the West Coast marketing agreement was amicably
settled Tuesday.
The new schedule lists service station prices in Los Angeles
at 133/i cents a gallon for third grade, 15 cents for regular and
17 cents for premium. Further advances are in prospect
to restore price levels to their former position, West Coast
oil circles reported.
In the East, the Atlantic Refining Co. marked up tankwagon and service-station prices of gasoline 3/
2-cent a gallon
throughout Pennsylvania and Delaware, bringing prices in
line with the higher levels established along the Atlantic
Seaboard in the last week or so.
In Philadelphia, tank-wagon prices moved up to 11% cents
a gallon with the service-station prices of gasoline advancing
to 133/i cents a gallon under the higher price schedule.
Gulf Oil will meet the advance.
Daily Crude Oil Production Off 8,900 Barrels During
Reflecting improved conditions in Chicago where continued
Week Ended May 19 1934, but Still Exceeds Federal
low-octane
gasoline by major companies
Quota-Inventories Decline.
heavy pruchases of
moved prices from 4% to 43 cents a gallon early in the week
The American Petroleum Institute estimates that the
to 43j to 4M1 cents a gallon at the close in the spot market, daily average gross crude oil production for the week ended
tank-wagon and service-station prices throughout the May 19 1934 was 2,514,050 barrels, a decrease of 8,900
Middle West are moving back into normal levels. Pur- barrels from the preceding week. The current figure exchases of other grades of gasoline by major companies are ceeded the Federal allowable figure, which became effective
April 1 1934, by 147,850 barrels and also compares with a
moving along in good style while jobbers have also re-entered
daily average production of 2,479,200 barrels during the
the market on a fairly heavy scale.
The Gulf Refining Co. posted an advance of % cent a four weeks ended May 19 and with an average daily output
gallon in tank-car prices of branded and unbranded gasoline of 2,705,350 barrels during the week ended May 20 1933.
Further details, as reported by the American Petroleum
at Portland, Me., Boston and Providence, and 45 points in
some other parts of New York and New England territory. Institute, follow:
Financial Chronicle
Volume 138
Imports of crude and refined oil at Atlantic and Gulf ports totaled
1,131.000 barrels for the week ended May 19, a daily average of 161,571
barrels, compared with a daily rate of 77,571 barrels in the preceding week
and a daily average of 143,893 barrels over the last four weeks.
Receipts of California oil at Atlantic and Gulf ports totaled 605,000
barrels for the week, a daily average of 86,429 barrels, against a daily rate
of 112,571 barrels in the preceding week and a daily average of 78,357
barrels over the last four weeks.
Reports received for the week ended May 19 1934 from refining companies owning 89.7% of the 3,760.000 barrel estimated daily potential
refining capacity of the United States, indicate that 2,430,000 barrels of
crude oil daily were run to the stills operated by those companies and that
they had in storage at refineries at the end of the week, 35,705,000 barrels
of finished gasoline; 7,913,000 barrels of unfinished gasoline and 102.896,000 barrels of gas and fuel oil. Gasoline at Bulk Terminals, in Transit
and in Pipe Lines amounted to 18,656,000 barrels. Cracked gasoline production by companies owning 95.1% of the potential charging capacity of
all cracking units, averaged 451,000 barrels daily during the week.
DAILY AVERAGE CRUDE OIL PRODUCTION.
(Figures in Barrels)
Federal
Actual Production.
Average
4 Weeks
Agency
Allowable Week End. Week End. Ended
Effective
May 19
May 12
May 19
Apr. 1.
1934.
1934.
1934.
Oklahoma
Kansas
476,400
122.100
Panhandle Texas
North Texas
West Central Texas
West Texas
East Central Texas
East Texas
Conroe
Southwest Texas
Coastal Texas (not including Conroe)
Total Texas
Week
Ended
May 20
1933.
528,550
128,700
546,350
129,650
522,150
129,750
461,250
110,400
59,050
56,100
27.050
143,550
50,150
473,000
52,450
48,050
55,700
57,000
27,100
143,44)0
49,700
470,350
52,950
46,750
57,850
56,200
26,750
142,250
49,500
467,600
51,900
48,200
43,100
48.850
20,200
159,750
58,450
805,050
71,400
52,250
119,250
119,400
117,500
112,900
980,700 1,028,650 1,022,350 1,017,750 1,371,950
North Louisiana
Coastal Louisiana
26,350
56,950
25,550
57,350
25,850
54,100
26,200
41,450
72,400
83,300
82,900
79,950
67,650
Arkansas
Eastern (not incl. Mich.)_
Michigan
Wyoming
Montana
Colorado
32,300
99,600
31,300
32,400
7,700
3,000
30,650
99,750
32,750
31,350
7.100
3,000
30,650
99,350
30,700
31,700
7,100
3,200
30,600
99,100
30,400
31,050
7,100
2,900
29,900
89,150
16,050
29.400
5,750
2,5.50
Total Rocky Mtn.States
43,100
41,450
42,000
41,050
37,700
45,800
462,500
45,850
494,400
46,200
492,800
45,900
482,550
36,100
485,200
Total Louisiana
New Mexico
California
Total United States__ 2.366,200 2,514,050 2.522,950 2,479,200 2,705,350
Note.-The figures indicated above do not include any esUmate of any oil which
might have been surreptitiously produced.
CRUDE RUNS TO STILLS,FINISHED AND UNFINISHED GASOLINE AND
GAS AND FUEL OIL STOCKS-WEEK ENDED MAY 19 1934.
(Figures in Thousands of Barrels of 42 Gallons Each.)
Daily Refining
Capacity of Plants.
582
150
446
Ot..W
W$k.W1
WwW;
East Coast_ Appalachian.
Ind., III., Ky
Okla., Kan.,
Missouri__
Inland Texas
Texas Gulf__
La. Gulf ____
No. La.-Ark.
Rocky Mtn.
California.--
Petenfiat
Rate.
Stocks a Stocks
Stocks
of
of
b Stocks
of
FinUnof
Gas
Daily P. C. ished finished Other
and
Repor fag
Aver' Oper- Gaso- Gass- Motor Fuel
line. Fuel.
Total. P. C. age. add, tine.
Oil.
100.0
93.3
94.6
461
351
566
168
92
96
848
.W..4WWWW
Was,WW-4=
District.
83.7
47.6
97.5
96.4
83.7
66.7
96.9
Crude Runs
to Stills,
478 82.1 17,051
105 75.0 1,637
340 80.6 8,841
1,222
312
1,235
253
100
488
113
49
31
473
801
320
2,679
224
62
163
895
65.5 5,509
59.9 1,379
88.4 4,663
69.8 1,210
63.6
269
48.4 1,270
57.5 12,532
191
157
48
7,003
824
2,783
566 3,076
313 1,761
170 5.350
_.__ 1,049
30
473
43
692
2,832 79,885
Totals week:
May 19 1934 3,760 3,374 89.7 2,430 72.0 d54,361 7,913 4.350 102.896
May 12 1934 3.760 3.374 89.7 2.308 68.4 c55.293 8.296 4.350 103.176
a Amount of unfin shed gasoline contained in naphtha distillates. b Estimated.
Includes unblended natural gasoline at refineries and plants, also blended motor fuel
at plants. c Includes 36,318,000 barrels at refineries and 18.975,000 barrels at bulk
terminals, in transit and pipe lines. d Includes 35,705,000 barrels at refineries
and 18,656,000 barrels at bulk terminals, in transit and pipe line.
President Roosevelt Urges Congressional Approval of
Administration's Oil Control Bill-Declares Illegal
Output May Ruin Proration Program-Senate
and House Committee Hearings on Measure.
President Roosevelt, in a letter on May 22 to Senator
Logan and Representative Rayburn, respective Chairman
of the Senate Committee on Mines and Mining and the
House Committee on Inter-State and Foreign Commerce,
asked the present Congress to enact legislation designed to
strengthen the present laws governing control of petroleum
production. The President quoted Secretary of the Interior
Ickes as having stated that at present the production of
"illegal" or "hot" oil averages 149,000 barrels daily.
"I am frankly fearful," the President wrote, "that if the law is not
strengthened, illegal production will continue and grow in volume and
result in a collapse of the whole structure. This will mean a return to the
wretched conditions which existed in the spring of 1933."
The Administration's oil control bill was introduced in the
House on May 17 by Representative Disney and was introduced in the Senate on the same day by Senator Thomas.
The bill establishes Federal control of petroleum production
through the power to prohibit shipments of illegally produced
oil in inter-State commerce. It materially broadens the
authority of Secretary Ickes, as Oil Administrator. The
SenateiMines and Mining Committee on May 22 con-
3515
eluded hearings on the bill. Representative Rayburn announced that the House Inter-State and Foreign Commerce
Committee would conduct hearings on the measure next
week. While opponents of the bill declare that it is unconstitutional, most of the larger producing companies in the
industry were reported to desire its approval by Congress.
The text of the President's letter, as made public May 23,
follows:
May 22 1934.
My Dear Mr. Chairman:
I have received a disturbing letter from the Administrator for the Petroleum Industry, Hon. Harold L. Ickes, informing me of the continued daily
production of oil in excess of the maximum amount determined on by the
Administrator pursuant to authority under the Petroleum Code.
The Administrator states that the records of the Bureau of Mines during
the first three months of this year show a daily average production of
"Illegal" oil of 149,000 barrels. Technically speaking, this may not all have
been "hot" oil, but in a real sense it is, since it is oil produced in excess of
the allowable.
While the final figures of the Bureau of Mines are not available for the
months of April and May, it is unquestionably true that there is growing
disregard for production orders issued under the Petroleum Code and that
the trend of hot oil produced is upward.
For example,it is stated on realiable authority that the excess production
In the East Texas field alone is running at 60,000 to 75,000 barrels per day.
Other estimators say that this figure should be much higher. The "Oil and
Gas Journal" recently estimated that there was illegal production in the
country as a whole of 198,475 barrels per day during the week ending
May 12.
If the principle of prorating production under a code Is to be maintained,
It seems necessary that the existing law should be strengthened by the
passage of the bill which has been introduced in the Senate by Senator
Thomas and in the House by Congressman Disney and supported by the
Oil Administrator.
It is a simple fact that as a result of the work of the Oil Administrator
definite progress has been made both in eliminating unfair practices and in
raising the price of crude petroleum to a reasonable level, which has brought
added employment and more fair wages to those engaged in oil production.
I am frankly fearful that if the law is not strengthened,illegal production
will continue and grow in volume and result in a collapse of the whole structure. This will mean a return to the wretched conditions which existed in
the spring of 1933.
I hope therefore that the proposed legislation can be enacted. I do not
want to see this important American industry reduced to the condition
under which it was operating before the oil administration started its work.
Very sincerely yours,
FRANKLIN D. ROOSEVELT.
A Washington dispatch of May 22 to the New York
"Journal of Commerce" described the final hearing on the
bill before a sub-committee of the Senate Mines and Mining
Committee as follows:
Leading the opposition against the bill, Jack Blalock, representing the
Independent Petroleum Association of Texas, declared that the legislation
was an attempt to set up a "dictator" over the oil industry and predicted
that Texas would not ask the Secretary of Interior or anyone else whether
It could drill an oil well on its own land.
Jones Attack Recalled.
Previously a detailed attack had been leveled against the bill by J.
Edward Jones of New York, holder of royalties in Texas. Oklahoma and
other producing States, and Elwood Fouts, independent producer of
Houston, Tex.
Mr. Jones charged that there was one individual member of the Planning
and Co-ordination Committee of the oil industry who was a "hot" oil
producer and declared that It was "dangerous for Secretary of Interior
Ickes to take his advice under such circumstances. He did not name the
Individual,
Mr. Blalock denied that he belonged to that class characterized by
Secretary Ickes as "hot oil runners, thieves and pirates" or that he had
participated in any oil produced in violation of the proration orders of the
Texas Railroad Commission.
"But Americans abhor the idea of a dictator," he declared. "There is no
necessity for this bill. The people behind it have failed in their efforts before
the State Legislatures during the last three years and they now come to
Congress to repair that failure. The oil people are prosperous. They are
able to ride airplanes to Washington to obtain passage of this bill so they
can make more money."
He explained that hot oil represents the difference between allowed production and the market demand but declared that the hot oil was but 5%
In excess of the allowable, whereas imports controlled entirely by the Secretary of Interior showed an excess of 6% of the import allowable.
"Let's talk less about hot oil," he said, "and more about hot imports.
The State Railroad Commission has 48,000 wells to watch, the Secretary
had but three ships to watch."
Mr.Blalock quoted from an opinion of Chief Justice Hughes of the United
States Supreme Court when the latter was a practicing attorney before the
Federal 011 Conservation Board in May 1926. At that time, he said, Mr.
Blalock asserted, that under the power to regulate commerce, Congress has
no Constitutional authority to control the mere production of oil on lands,
other than Indian lands, within the territory or a State.
Mr. Blalock added that the Ickes bill would be declared unconstitutional
and he urged the Committee not to build the "hope of recovery of the oil
Industry upon a foundation of sand."
Concluding his testimony against the bill which he began during the
hearing yesterday, Mr. Fouts advocated a continuance of the State regulation with Federal co-operation.
He doubted that the Ickes bill would be held Constitutional and expressed
fear that once the policy of the measure became law, it would lead to
nationalization of the industry.
"Sentiment in the oil industry is against this bill," Mr. Fouts said.
"We are opposed to a dictator and we seriously object to being termed by
the Secretary of Interior as hot oil runners and thieves."
Portland Cement Shipments Again Higher in AprilProduction Also Up-Inventories Show Little
Change.
•
According to the United States Bureau of Mines, the
Portland cement industry in April 1934, produced 6,544,000
barrels, shipped 6,498,000 barrels from the mills, and had
3516
Financial Chronicle
in stock at the end of the month 21,468,000 barrels. Production of Portland cement in April 1934, showed an increase
of 56.4% and shipments an increase of 31.3%, as compared
with April 1933. Portland cement stocks at mills were
4.5% higher than a year ago.
In the following statement of relation of production to
capacity the total output of finished cement is compared
with the estimated capacity of 163 plants at the close of
April 1934, and of 164 plants at the close of April 1933.
RATIO OF PRODUCTION TO CAPACITY.
April 1933. April 1934. Mar. 1934. Feb. 1934. Jan. 1934.
The month
The 12 months ended_ _ _
18.9%
26.2%
29.6%
25.9%
23.0%
26.0%
20.2%
24.4%
18.6%
23.9%
PRODUCTION, SHIPMENTS, AND STOCKS OF FINISHED PORTLAND
CEMENT, BY DISTRICTS, IN APRIL 1933 AND 1934 (IN THOUSANDS OF BARRELS).
1933.
Eastern Pa., N. J. & Md
New York & Maine
Ohlo, western Pa. & W. Va
Michigan
Wis., Ill., Ind. & Ky
Va., Tenn., Ala., Ga., Fla.& La_
Eastern Mo.,Ia., Minn.& S.Dak
W.Mo., Neb.,Kan., Okla. dr Ark
Texas
Colo.. Mont.,lJtah, Wyo.& Ida_
California
Oregon & Washington
Total
1934.
1,027
195
218
161
276
493
389
386
372
114
500
52
1,117
247
681
296
767
838
503
581
354
203
851
106
4 153
R MA
Stocks at End
of Month.
Shipments.
1933.
.4„:1
Production.
District.
1934.
4 040
1,286
374
544
254
638
643
646
606
316
218
815
158
1933.
3,612
1,514
2,676
1,602
2,635
1,571
2,888
1,432
666
352
1.142
452
1934.
3,946
1,548
2,733
1,613
2,798
1,712
3,035
1,572
617
358
1,066
470
R 405 90 549 91 see
PRODUCTION, SHIPMENTS, AND STOCKS OF FINISHED PORTLAND
CEMENT,BY MONTHS,IN 1933 AND 1934(IN THOUS.OF BARRELS).
Production.
Month.
1933.
January
February
March
April
May
June
July
August
September
October
November
December
2,958
2,777
3,684
4,183
6,262
7,804
8,609
8,223
5,638
5,037
4,672
3,526
1934.
3,779
4,168
5,257
6,544
Shipments.
1933.
2,502
2,278
3,510
4,949
6,709
7,979
8,697
5,994
6,517
6,750
4,463
3,738
1934.
3,778
2,952
4.618
6,498
Stocks at End of Mo.
1933.
1934.
20,824
21,125
21,298
20,542
20,117
19,936
19,848
22,078
21,216
19,502
19,709
19,541
19,547
20,762
a21,422
21,468
Total
63.373
64.086
a Revised.
Note.-The statistics above presented are compiled from reports for April
received by the Bureau of Mines from all manufacturing plants except two, for
which estimates have been Included In lieu of actual returns.
Major Non-Ferrous Metals Continue Quiet-Large
Lead Sales at Reduction in Price-Silver Easier.
"Metal and Mineral Markets," in its issue of May 24
stated that except for a fairly active buying movement in
lead that followed an unexpected reduction in the price,
major non-ferrous metals passed through a quiet week.
Buying of copper in the domestic market continues restricted,
and no change is looked for in the conservative attitude of
buyers until all Code problems have been settled. The
foreign price of copper declined. Zinc was unsettled on news
that some busineEs was booked during the week at slight concessions. Tin was dull. The developments in Washington
in reference to silver disappointed traders, and the market
eased on May 23 in spite of "special" buying that was
generally understood to be for Government account. Business news was mixed in character. Steel operations for the
week were estimated by the American Iron dr Steel Institute,
at 54.2% of capacity, against 56.6% a week ago. "Metal
and Mineral Markets" added:
Copper Buying Moderate,
On May 22 the Copper Code Authority announced that the period during
which "non-blue Eagle" copper will not be sold by the industry has been
extended from May 22 to June 15.
Domestic buying of copper has not been sufficient in volume to bring
about the much-talked-of rise in prices. The Code Authority's quotation
remained at 8.50c., Valley, throughout the week. The "book" for the first
three months has not yet been absorbed, but producers see enough business
ahead to take care of the 30,000-ton monthly sales quota. What disturbs
some operators is the decline in new business in copper products, which
Points to a slow summer for the metal. Unless general business improves,
it is said, the problem of selling the "book" over the third quarter may not
be an easy matter. Statisticians claim that more than 50,000 tons of
copper products were shipped by the mills during April. an excellent showing.
The question that this figure raises is "how much of this business represented
buying in anticipation of an early advance in prices?" Sales of "Blue
Eagle" copper during the last week amounted to about 3.700 tons.
Foreign buying of copper was inactive, owing partly to the Whitsuntide
holidays. The price weakened on less favorable business news and increased
pressure to sell. On May 23 the bulk of the business reported to this
publication was closed at 8.10c., c.i.f., though it was reported that bids
were lowered toward the close to 8®8.05c., c.i.f.
W. A. Janssen, deputy administrator of National Recovery Administration, has been put in charge of the Copper Code, replacing H. 0. Ring,
who will devote his time Mother codes. Mr. Janssen continues in charge of
both the lead and zinc codes.
Canada produced 30,832,982 lb. of copper during March of this year,
a new high monthly record, according to the Dominion Bureau of Statistics. Production in Canada during the first quarter of 1934 amounted to
May 26 1934
81,863,027 lb., against 61,824,736 lb. in the same period last year and
65,971,043 lb. in the January-March period in 1932. The upward trend in
nickel production (Canada produced 10,436,852 lb. of nickel in March)
has been largely responsible for the gain in copper output in that country.
Lead Price Reduced.
Total sales of lead last week exceeded 11,000 tons; such was the effect
of the May,17-18 downward revision of prices. The first decrease in price,
that of May 17 to 4.15c., New York, and 4c., St. Louis, had little influence
on demand, but the next day, when the American Smelting & Refining
Co. reduced its Contract settling basis to 4c., New York, and the Principal
seller in the West quoted 3.85c., St. Louis, an "old-time" buying wave was
created, with more than 5,000 tons being booked on that one day. With
the exception of the tin-foil group, which had previously purchased freely,
the buying of the week was well distributed among the various consuming
interests. Producers of sheet lead and pip,e were probably the heaviest
buyers, with battery manufacturers a close second.
Statistics circulating in the industry indicate that sales for May shipment
will exceed those for any recent month; already they are well above the
total for April.
Zinc Barely Steady.
Buying of zinc fell short of expectations, and a little competition for
business resulted in some uncertainty over the price structure. Most
operators showed no desire to cut under 4.35c., St. Louis, but it develops
that business was put through on May 21 at 4.30c. On May 23 the price
settled at 4.35c., but the quotation was little more than norminal, owing
to the lack of buying interest. The demand for galvanized products from
the rural districts has not yet opened up, which tends to restrict operations
In this important division of the market.
Tin Continues Quiet.
The domestic tin market was particularly quiet last week. A few small
lots changed hands early in the seven-day period, but in the last few days
trading was in the doldrums. Prices fluctuated narrowly, the principal
movement occurring over the past two days in sympathy with the action
of the London market. No announcement has been made by the International Tin Committee relative to the deliberations of the committee at its
meeting of May 16.
Chinese 99% tin was nominally as follows: May 17, 52.725c.: 18th,
52.250c.; 19th, 52.250c.; 21st, 52.250c.; 22d, 52.400c.; 23d., 51.975c.
Senate Committee Approves Bill Authorizing Appropriation of $200,000,000 to Buy Copper, Lead and
Zinc.
Approval by the Senate Mining Committee of the Ashurst
bill to authorize an appropriation of $200,000,000 for the
purchase by the RFC of surplus copper, lead and zinc was
announced in Associated Press advices from Washington
on May 24. The bill was referred to in our issue of March
31, page 2157.
Steel Production Has First Real Setback of YearScrap Prices Continue to Drop.
The negative influences that made their appearance in the
iron and steel industry a fortnight ago are multiplying, and
Ingot output has suffered its first important setback of the
year, falling three points to 58% of capacity, stated the "Iron
Age," on May 24, in its weekly summary of iron and steel
conditions throughout the country.
Formal submission of demands on the mills by the Amalgamated Association of Iron, Steel and Tin Workers, further recession in motor car production, continuance of drouth in the Central West, accumulating uncertainty
as to Administration policies, and growing concern over the strike fever pervading labor in all branches of industry are among the formidable array of
factors that have undermined business confidence.
Scrap, the most sensitive barometer of the steel trade, has undergone further price declines in virtually all centers. The "Iron Age" scrap composite,
which has receded from $11.67 to $11.17 a gross ton, now stands at the
lowest level of the year to date.
Scrap first began to weaken in the middle of March, when the iron and
steel trade made its initial moves to advance prices. The assumption then
was that buyers would accumulate so much steel and pig iron during the
second quarter at pre-advance prices that production would suffer a severe
reduction in the third quarter. While there has been some stocking of pig
iron and staple forms of finished steel, speculative accumulations have fallen
below expectations. Except for certain producers of sheets and strips, no
mills are apprehensive of experiencing difficulty in filling their commitments
for the current quarter unless the strike threat of the Amalgamated Association provides a new stimulus to specifications.
While tin plate releases seem to have been given a fresh impetus because
of the danger of labor disturbances at the mills, shipping orders in general
are showing less and less response to any considerations outside of actual
current requirements. Much of the steel contracted for by the automobile
industry for this quarter is expected to be canceled. Some motor car companies will accept only enough steel to cover their July requirements. One
reason for their increasing conservatism is the growing likelihood of a
summer shutdown of several weeks' duration. Part of the recession in car
sales is ascribed to the unwillingness of labor to risk purchases in the face
of enforced unemployment during existing or expmted strikes.
Steel releases from the farm equipment industry are declining as seasonal
influences and drouth conditions force retrenchment in manufacturing
operations.
Producers of iron and steel will open books for the third quarter June 1,
but little contracting is looked for, since few price changes are likely.
Among the probable exceptions are cold-finished steel bare, which are slated
for a $3 a ton advance, and sheet steel piling, which will be restored to the
prices that recently failed to hold. A general revision of steel boiler tube
discounts, probably averaging 2% points lower than those on the present
cards, is also expected.
Iron ore prices have been established for the season at unchanged prices
by four open market sales involving several thousand tons.
Standardization of various tool steels, according to chemical analysis, is
one of the latest accomplishments under the steel code. Heretofore tool
steel has been sold solely on a brand basis, and it had long been held that
standardization was impossible because methods of manufacture count for so
much more than chemical content.
Continuation of the steel code is now regarded as a certainty. While the
changes that will be made as a result of conferences with NRA officials have
THE "IRON AGE" COMPOSITE PRICES.
Finished Steel.
Based on steel bars, beams, tank plates,
May 22 1934, 2.222c. a Lb.
wire, rails, black pipe and sheets.
2.222c.
One week ago
2.2220. These products make 85% of the
One month ago
States output.
United
One year ago
1 8920.
Low.
High.
2.0280. Jan. 2
2.222c. Apr. 24
1934
1.867c. Apr. 18
2.036c, Oct. 3
1933
1.926c. Feb. 2
1.9770. Oct. 4
1932
1.945c. Dec. 29
1931
2 0370. Jan. 13
2.0180. Dec. 9
2.2730. Jan. 7
1930
2.2730. Oct. 29
2.317e. Apr. 2
1929
2.217c. July 17
2 286c. Dec. 11
1928
2.212e, Nov. 1
2 4020. Jan. 4
1927
Pig Iron.
Based on average of basic iron at Valley
May 22 1934. $17.90 a Gross Ton.
One week ago
$17.90 furnace foundry irons at Chicago.
Philadelphia, Buffalo, Valley, and BirOne month ago
17.57
mlngham.
One year ago
14.56
Low.
High.
$16.90 Jan. 2
$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
July 24
17.04
18.59 Nov. 27
1928
17.54 Nov. 1
19.71 Jan. 4
1927
Steel Scrap.
May 22 1934, 811.17 a Cross Ton. (Based on No. 1 heavy melting steel
111.671 quotations at Pittsburgh, Philadelphia
One week ago
12.424 and Chicago.
One month ago
9.671
One year ago
Low.
Huh.
$11.17 May 22
$13.00 Mar. 13
1934
6.75 Jan. 3
12.25 Aug. 8
1933
6.42 July 5
8.50 Jan. 12
1932
8.50 Dec. 29
11.33 Jan. 6
1931
Dec. 9
11.25
18
Feb.
15.00
1930
14.08 Dec. 3
17.58 Jan. 29
1929
13.08 July 2
16.50 Dec. 31
1928
13.08 Nov.22
15.25 Jan. 11
1927
The American Iron and Steel Institute on May 21 announced that telegraphic reports which it had received indicated that the operating rate of steel companies having 98.1%
of the steel capacity of the industry would be 54.2% of the
capacity for the current week,compared with 56.0% last week
and 54.0% one month ago. This represents a decrease of 2.4
points, or 4.2% from the estimate for the week of May 14.
Weekly indicated rates of steel operations since Oct. 23 1933
follow:
31.6%
26.1%
25.2%
27.1%
26.9%
28.8%
28.3%
31.5%
1933Dec. 18
Dec. 25
1931Jan. 1
Jan. 8
Jan. 15
Jan. 22
Jan. 29
193434.2% Feb. 5
31.6% Feb. 12
Feb. 19
29.3% Feb. 26
30.7% Mar. 5
34.2% Mar. 12
32.5% Mar. 19
34.4% Mar. 26
1934Apr. 2
Apr. 9
Apr. 16
Apr. 23
Apr. 30
May 7
46.8% May 14
45.7% May 21
37.5%
39.9%
43.6%
45.7%
47.7%
48.2%
43.3%
47.4%
50.3%
54.0%
55.7%
56.9%
Steel ingot production for the week ended May 21 is placed
at about 59%,the same as in the previous week, according to
the"Wall Street Journal" of May 22. Two weeks ago the rate
was a little under 57%. The "Journal" further reported as
follows:
U. S. Steel is estimated at 46%, against 45% in the week before, and a
fraction over 43% two weeks ago. Independents are credited with a rate of
69%, compared with a little under 70% in the preceding week and a shade
below 68% two weeks ago.
The following table gives the percentage of production for the nearest
corresponding week of previous years, together with the approximate changes
from the week immediately preceding:
lads.
JadeIndustry. U.S. Steel.
334+4
1933...394+4
1932s.
49 -2
1931...44 -2
80
1930...75 -1
Not available.
penitents.
93-1
78-2
74+1
ESTIMATED UNITED STATES PRODUCTION OF COAL AND BEEHIVE
COKE (NET TONS).
Calendar Year to Date.
Week EndedMay 5
I934.d
May 12
1934.c
54.2%
Slackening in steel specifications, with some suspensions of material recently released by the automobile industry, and actual cancellations of orders
for automobile parts by one of the leading manufacturers, resulted last week
in a three-point decline in steelworks operations to 59%.
Neither the increase in demand from railroads and some miscellaneous
manufacturing lines nor the incentive to manufacture for stock against the
possibility of a general strike in the iron and steel industry proved sufficient
to offset the reduction in automobile production and the lack of large-scale
structural steelwork.
Finishing mill operations, especially in sheets and strip, have become disarranged, with some producers unable to accept any more specifications for
delivery before June 30, and others with considerably more tonnage released
for shipment in June than over the remainder of this month. The drop in
specifications has not been disconcerting to many producers, who admittedly
would have been unable to manufacture all the material they had contracted
for, and who expected some cancellations.
May 21 is the date set by the Amalgamated Association of Iron, Steel and
Tin Workers for presenting demands for recognition, giving the industry
three weeks in which to comply. While less than 10% of all iron and steel
wage earners are enrolled in trade unions, as calculated by steelmakers, the
threat is disturbing, owing to the demonstrated ability of small minorities
to impose their will by picketing and intimidation.
Striking at the foundation of the industry, labor organizers are threatening trouble in the Lake Superior iron ore district. This industry has been
operating under the general steel code, and a hearing on an individual code
is scheduled in Washington, April 22. With more than 36,000,000 tons of
iron ore in stock in upper and lower Lake districts, and monthly consumption now around 2,500,000 tons, no difficulty is expected immediately from
this source.
The uncertainties of the general iron and, steel situation are reflected in
further decline in prices of scrap in practically all centers, "Steel's" iron
and steel scrap composite this week off 37c. to $11.21, a net reduction of
$1.20 from the recent peak.
Current steel prices, incorporating recent advances, are likely to be extended into the third quarter on the majority of products when books are
opened June 1, as under the steel code new prices to be effective that date
would have to be filed May 21, and there has been no movement in that direction. An increase of $3 a ton in cold-finished steel bars is expected in June.
Extension of the steel code itself from its expiration date, May 31, is assured,
pendents.
Industry. U.S. Steel.
45+44 1929...96 -14 100 -4
1928...82 -24 88)4-24
43-2
1927_8111+14 89 +2
70-2
Bituminous Coal and Anthracite Off in Week Ended
May 12 1934, But Continues Higher than a Year
Previous.
According to the United States Bureau of Mines, Dep..rtment of the Interior, the total production of soft coal was
estimated at 6,237,000 net tons for the week ended May 12
1934, as compared with 6,310,000 tons in the preceding
week and 5,080,000 tons in the corresponding period last
year. Anthracite output totaled 1,088,000 tons as against
1,361,000 tons in the week ended May 5 1934 and 724,000
tons in the week ended May 13 1933.
The total production of soft coal during the present year
to May 12 1934 amounted to 139,458,000 net tons, as compared with 107,292,000 tons in the same period last year,
a gain of approximately 30%. Anthracite output was estimated at 25,525,000 net tons as against 16,880,000 tons in
the calendar year to May 13 1933, an increase of about
51%. The Bureau's statement follows:
56.6%
"Steel," of C eveland, in its summary of the iron and steel
markets, on May 21 stated:
with prospects for the establishment of some additional basing points and
recognition of water eilipments.
Railroad purchases in the week included 35,000 tons of rails by the Chesapeake & Ohio and 200 70-ton hopper cars by the Central of Georgia; Chicago
Milwaukee St. Paul & Pacific is to build 50 streamlined passenger and 25
baggage cars in its own shops. Twelve hundred freight cars still are pending.
Structural shape awards for the week, 18,178 tons, show little change from
the preceding week. The steel industry does not expect to benefit from the
$940,900,000 additional appropriation proposed by the President for public
work until late in the year. The Great Lakes Pipe Line Co., Kansas City,
Mo., has awarded 11,000 tons of 8%-inch steel pipe for a 189-mile line to
the A. 0. Smith Corp., Milwaukee.
Steelworks operations last week were up 1 point to 78%, Cleveland; 4 to
2%,Birmingham. They were down 5 to 74%,
/
84%, New England; 11,4 to 531
Wheeling; % point to 64%, Chicago; 5 to 62%, Youngstown, and were
unchanged at 100%, Detroit; 51%, Pittsburgh; 45%, eastern Pennsylvania;
66%, Buffalo. Tin plate operations increased 5 points to 75% at Pittsburgh.
"Steel's" iron and steel price composite holds at $34.77, and the finished
steel index, $54.80.
May 13
1933.
1934.
1933.
1929.
Bitumin. coal-a
Weekly total 6,237,000 6,310,000 5,080.000 139,458,000 107,292,000 194,854,000
950,000 1,724,000
Daily aver_ _ 1,040.000 1,052,000 847,000 1,242,000
Penna.anthra-b
Weekly total 1,088,000 1,361,000 724,000 25,525,000 16,880.000 26,918,000
241,400
151.400
228,900
Daily aver_ _ 181,300 226,800 120,700
Beehive coke328,900 2,302,500
446,900
11,200
12,300
11,400
Weekly total
20,197
2,885
3.920
1,867
2.050
Daily aver__
1,900
a Includes lignite, coal made into coke, local sales and colliery fuel. b Includes
Sullivan County. washery and dredge coal, local sales and colliery fuel. c Subject
to revision. d Revised.
ESTIMATED WEEKLY PRODUCTION OF COAL BY STATES(NET TONS).a
•
Week Ended-
Stale.
May 5
1934,
April 28
1934.
May 6
1933.
May 7
1932.
140,000
139,000
108,000
206,000
Alabama
10,000
11,000
Arkansas and Oklahoma.9,000
7,000
49,000
Colorado
63,000
59,000
55,000
134,000
Illinois
467,000
625,000
575,000
160,000
Indiana
176,000
220,000
216,000
Iowa, Kansas and Missouri
118,000
112,000
120,000
96,000
384,000
Kentucky-Eastern
382,000
602,000
578,000
152,000
Western
89,000
100,000
67,000
23,000
Maryland
20,000
22,000
21.000
7,000
Michigan
1,000
5.000
6.000
27,000
Montana
28,000
27.000
24,000
New Mexico
20,000
20,000
22,000
21.000
15,000
North Dakota
14,000
20,000
17.000
Ohio
313,000
04,000
322,000
273,000
d
1,360,000
Pennsylvania (bItuiminous) 1,757,000 1,760,000
Tennessee
56,000
53,000
70,000
71,000
Texas
7,000
13,000
12,000
12,000
Utah
28,000
31,000
26,000
21,000
123,000
194,000
Virginia
129.000
194,000
24,000
Washington
20,000
21,000
20,000
West Virginia-Southern b 1,468,000 1,474,000 1,026,000 1,083,000
457,000
d
464,000
495,000
Northern c
61,000
62,000
53,000
64,000
Wyoming
Other States
2,000
1,000
6.000
7,000
Total bituminous coal
Pennsylvania anthracite
May 1923
Average.e
p!,
P.0r0e,
.rr.r.0err:4p:Dpe-r0F
I§§§§§§§§§§§§§§§§§§§§§§§§
not been announced, it is believed that they will be of a minor character.
Several new basing points and arbitrary allowances on water deliveries of
steel are regarded as reasonably sure. Latest reports, however, indicate
that the 10-day waiting period after the filing of prices may be retained.
Steel output is off one point to 49% at Pittsburgh, 1% points to 6234%
at Chicago, one point to 45% in the Philadelphia district, five points to 60%
in the Valleys, two points to 65% at Cleveland, five points to 57% at
Buffalo, and five points to 74% in the Wheeling district. The Detroit rate
is unchanged at 100%.
The "Iron Age" composites for pig iron and finished steel remain at $17.90
a ton and 2.222c. a pound, respectively.
1933Oct. 23
Oct. 30
Nov. 6
Nov. 13
Nov.20
Nov. 27
Dec. 4
Dec. 11
3517
Financial Chronicle
Volume 138
6,310,000 8,340,000 4,810,000 4,534,000 10,878,000
978,000 1,932,000
1,361,000 1,485,000
664,000
7571 non 7 R9A win 5471 nnn A 519 fillfi 19 inn (Win
Figures for 1923 and 1932 only are final. b Includes operations on the N.& W.:
Total nnst
C.& O.; Virginian: K.& M.,and B. C.& G. c Rest of State, including Panhandle.
Grant, Mineral and Tucker Counties. d Original estimates in error. Figures
being revised. e Average weekly rate for entire month.
3518
Financial Chronicle
May 26 1934
Current Events and Discussions
The Week With the Federal Reserve Banks.
The daily average volume of Federal Reserve bank credit
outstanding during the week ended May 23, as reported by
the Federal Reserve banks, was $2,475,000,000, a decrease
of $7,000,000 compared with the preceding week and an
increase of $232,000,000 compared with the corresponding
week in 1933. After noting these facts, the Federal Reserve
Board proceeds as follows:
On May 23 total Reserve bank credit amounted to $2,469,000,000, a
decrease of $4,000.000 for the week. This decrease corresponds with
decreases of $28,000,000 in money in circulation, $30,000,000 in Treasury
cash and deposits with Federal Reserve banks and $10,000,000 in nonmember deposits and other Federal Reserve accounts, and an increase
of $13,000,000 in monetary gold stock, offset in part by an increase of
$73,000,000 in member bank reserve balances and a decrease of 95,000,000
in Treasury and National bank currency.
The System's holdings of bills discounted and of United States bonds
were practically unchanged from last week. Holdings of bills bought in
open market declined $1,000,000 and of United States Treasury notes
$17,000,000. while holdings of Treasury certificates and bills increased
$17,000,000.
The statement in full for the week ended May 23 in
comparison with the preceding week and with the correspondid date last year will be found on pages 3565 and 3566.
Changes in the amount of Reserve bank credit outstanding
and in related items during the week and the year ended
May 23 1934 were as follows:
Bills discounted
Bills bought
U. S. Government securities
Other Reserve bank credit
Increase 1+) or Decrease (—)
Since
May 23 1934. May 16 1934. May 24 1933.
$
$
$
34,000,000
—278,000,000
5,000,000 —1,000,000
—38,000,000
2,430,000,000
+ses.000,coo
—1.000,000 —4,000.000
—4,000,000
TOTAL RES'VE BANK CREDIT. 2,469,000,000
Monetary gold stock
7,766,000,000
Treasury and National Bank currency2,375,000,000
—4.000.000 +250,000,000
+13.000,000 +3,739,000,000
—5,000,000
+76,000,000
Money in circulation
5,316,000,000
Member bank reserve balances
3,767,000,000
Treasury cash and deposits with Federal Reserve banks
3 052,000,000
Non-member deposits and other Federal Reserve accounts
475,000,000
—28,000,000 —192,000,000
+73,000,000 +1.573,000.000
Returns of
--30,000,000 4-2,723,000.000
4-10,000,000
--39.000,000
Member Banks in New York
Chicago—Brokers' Loans.
City and
Below is the statement of the Federal Reserve Board for
the New York City member banks and that for the Chicago
member banks for the current week, issued in advance of
the full statement of the member banks, which latter will not
be available until 'the coming Monday. The New York
City statement also includes the brokers' loans of reporting
member banks, which for the present week shows a decrease
of $37,000,000, the total of these loans on May 23 1934
standing at $905,000,000, as compared with $331,000,000
on July 27 1932, the low.record since these loans have been
first compiled in 1917. Loans "for own account" decreased
from $771,000,000 to $735,000,000, while loans "for account
of out-of-town banks" remained even at $163,000,000 and
loans "for account of others" decreased from $8,000,000
to $7,000,000.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York.
May 23 1934. May 16 1934. May 24 1933.
$
$
7,001,000,000 7,022,000,000 8.786,000,000
Loans and Investments—total
Loans—total
3,192,000,000 3,232,000,000 3.287,000,000
On securities
All other
1,644,000,000 1.663,000,000 1,663,000,000
1,548,000,000 1,569,000,000 1,624.000.000
3,809,000,000 3,790,000,000 3,499,000,000
Investments—total
2 752,000,000 2,738,000,000 2,384,000,000
1,057,000,000 1,052,000,000 1,115,000,000
U. S. Government securities
Other securities
Reserve with Federal Reserve Bank_
Cash In vault
_1.335,000,000 1,264,000,000
37,000.000
38,000,000
913,000,000
37,000,000
Net demand deposits
Time deposits
Government deposits
6,028,000,000 5,969,000,000 5,601,000,000
674,000,000 675,000.000 685,000,000
551,000,000 561,000,000 105,000,000
Due from banks
Due to banks
76,000,000
78,000,000
75,000,000
1,600,000,000 1,594,000,000 1,300,000,000
Borrowings from Federal Reserve Bank_
Loans on secur. to brokers & dealers:
735,000,000
For own account
163,000.000
For account of out-of-town banks_ _
7,000.000
For account of others
771,000,000
163,000,000
8,000,000
539,000,000
17,000,000
7.000,000
Total
905,000,000
942,000,000
563,000,000
On demand
On time
618.000.000
287.000,000
671.000,000
271,000,000
413,000,000
150,000,000
Chicago.
May 23 1934. May 16 1934. May 24 1933.
Loans and investments—total
1,435,000,000 1,432,000,000 1,186,000,000
Loans—total
On securities
All other
Investments—total
U. S. Government securities
Other securities
Reserve with Federal Reserve Bank
Cash In vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
593,000,000
595,000,000
635,000,000
279.000,000
314,000,000
283,000,000
312,000,000
333,000,000
302,000,000
842,000,000
837,000,000
551,000,000
552,000,000
290,000,000
547,000,000
290,000,000
343,000,000
208,000,000
403,000,000
41,000,000
405,000.000
40,000,000
166,000,000
37,000,000
1,306.000,000 1,294,000,000
351,000,000 365,000,000
27,000,000
28,000,000
872,000,000
351,000,000
8,000,000
186,000,000
391.000,000
187,000,000
401,000,000
225,000,000
258,000,000
Borrowings from Federal Reserve Bank _
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week.
As explained above, the statements of the New York and
Chicago member banks are now given out on Thursdays
simultaneously with the figures for the Reserve banks
themselves and covering the same week, instead of being
held until the following Monday, before which time the
statistics covering the entire body of reporting member banks
in 91 cities cannot be got ready.
In the following will be found the comments of the Federal
Reserve Board respecting the returns of the entire body of
reporting member banks of the Federal Reserve System for
the week ended with the close of business on May 16:
The Federal Reserve Board's condition statement of weekly reporting
member banks In 91 leading cities on May 16 shows Increases for the week
of $69,000,000 in net demand deposits, $7,000,000 in time deposits, $13,000,000 in investments, and $39,000,000 in reserve balances with Federal
Federal Reserve banks, and a decrease of 853,000,000 in loans.
Loans on securities declined $52,000,000 at reporting member banks in
the New York district, $6,000,000 in the Chicago district and $49,000,000
at all reporting member banks, and increased $9,000,000 in the Boston district. "All other" loans show a net decline of $1,000,000 for the week.
Holdings of United States Government securities increased $12,000,000
its the New York district, $7,000,000 In the San Francisco district and
$6.000.000 in the Cleveland district, and declined 811.000,000 In the Boston
district, all reporting member banks showing a net increase of $5,000,000.
Holdings of other securities increased $9.000,000 in the New York district
and $8,000,000 at all reporting banks.
Licensed member banks formerly included In the condition statement of
member banks in 101 leading cities, but not now included in the weekly
statement, had total loans and investments of 81.019.000,000 and net
demand, time and Government deposits of 81,144,000.000 on May 16,
compared with 81,004,000,000 and $1,141,000,000. respectively, on May 9.
A summary of the principal assets and liabilities of the reporting member
banks, in 91 leading cities, that are now included in the statement, together
with changes for the week and the year ended May 16 1934, follows:
May 16 1934.
$
Loans and Investments—total.... 17,288,000,000
Loans—total
On securities
All other
Investments—total
U. S. Government securities
Other securities
AuservewithF.R.banks
Cash in vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from F. R. banks
Increase (+) or Decrease (—)
Since
May 9 1934.
May 17 1933.
$
—40,000,000 +942,000,000
8.068,000,000
—53,000,000
—353,000,000
3,505,000,000
4,563,000,000
—49,000,000
—4,000,000
—219,000,000
—134,000,000
9,220,000,000
+13.000.000 +1,295,000.000
6,254,000,000
2,966,000,000
+5,000,000 +1,320,000,000
+8.000,000
—25,000,000
2,732,000,000
235,000,000
+39,000,000 +1,175,000,000
—9,000,000
+36.000.000
+69,000,000 +1,596,000,000
+7,000,000 +206,000,000
—30,000,000 +781,000,000
12,277,000,000
4,477,000.000
999.000,000
1,599,000,000
3,682,000,000
+35,000,000
+7,000,000
+271,000,000
+920,000,000
5.000,000
—1,000,000
—80,000,000
Nations of World Consider Proposal for Arms Embargo
Against Bolivia and Paraguay—League of Nations
Proposes Plan in Effort to Force End of Chaco
Conflict.
The League of Nation Chaco Committee will meet in
extraordinary session May 30 to consider the possibility for
a joint arms embargo against Bolivia and Paraguay. Messages were sent by the League, May 19, to 31 Governments,
asking them to state their position on the proposed embargo,
which wold-be imposed in an effort to end hositlities in the
Chaco in the manner suggested by the Chaco Commission's
report published May 12. The Argentine Government was
said this week to be willing to discuss an arms embargo
proposal, but will not act as "a policeman" for other Nations.
Foreign Minister Miguel Cruchaga Tocornal of Chile said
May 18 that Chile will be glad to co-operate in an embargo.
Volume 138
Financial Chronicle
The League was officially advised on May 19 that an
Administration resolution had been introduced in the
United States Congress to give President Roosevelt power to
institute such an embargo.
The proposal for an embargo was made on May 17 on
behalf of Great Britain by Capitain Anthony Eden, who
spoke at a session of the League Council.
The League of Nations Chaco Commission, in its report
made public at Geneva on May 12, asked the Nations of the
world to end the war between Paraguay and Bolivia by
refusing to sell either country arms and war materials. The
Commission referred to its peace proposals originally made
last February and called upon public opinion, particularly
in the Western Hemisphere, to give "real support" to these
proposals and to "such resolutions as the Council may now
pass." The hostilities between Bolivia and Paraguay were
described as inhuman and criminal. "Fears may continue
to be entertained," the report said, "lest, despite the precautions of neighboring States, the war itself spreads." A
Geneva dispatch May 12 to the New York "Herald Tribune"
summarized other portions of the report as follows:
The report says the Paraguayans charge that Bolivian troops have
simple."
infringed the status quo, but adds, "the status quo was far from
Paraguay, moreover. the Commission holds, must bear considerable blame
for continuance of the war.
The Commission prefers to drop the question of responsibility for the opening or continuance of the conflict, however, and Instead to press for imunmediate peace. Toward this end it recommends the draft presented
armistice, demobilizasuccessfully in February, in which it called for an
tion of troops and arbitration.
represents
'The replies of the two governments have shown that this draft
an equitable proposal.'the report observes. Such action calls, however.
veiled
for united pressure,the Commission asserts, making at this juncture
powers.
references to Argentina. the United States and European
airplanes,
material,
up-to-date
"The armies engaged," it says,"are using
••
armored cars, plane projectors, quick-firing guns and automatic cifica• •but
The arms and material of every kind used are not manufactured locally,
countries."
are supplied to the belligerents by American and European
Commission's
Concluding, the report says: "It would seem that the
peace and
formula ought to enjoy the support of all nations that desire
justice to prevail, and especially of the American nations."
Monteat
It makes mention of Secretary of State Cordell Hull's speech
video and the presence of Argentina in the League Council, and concludes
that "this senseless war" represents a veritable catastrophe to the advance
of civilization in South America.
League Commission Blames American Nations for
Failure to Conclude Peace Between Bolivia and
Paraguay—Statement Says Force Must Be Used
to End War in Chaco Region.
Peace between Bolivia and Paraguay will be possible only
If the nations of the Western Hemisphere employ sanctions
to enforce the declaration signed at Washington on Aug. 3
1932, declaring that no nation would recognize any change
of territory achieved by force, according to a statement
Issued Mar. 14 by Alvarez del Vayo, Chairman of the League
of Nations Chaco Commission. Senor del Vayo made public
his statement before sailing from Montevideo for Veneva,
where he is returning to report to the League the failure of
the Commission to induce Bolivia and Paraguay to conclude
a peaceful settlement of their dispute. The abandonment
of conciliation efforts by the Commission was noted in our
Issue of Mar. 17, page 1831.
Further details of Senor del Vayo's statement are given
below, as contained in a dispatch of Mar. 15 from Buenos
Aires to the New York "Times":
"The Commission hopes that within a short time, before the meeting of
the League Council, the peace sentiments of the American peoples will group
them in a united front against one of the most senseless wars humanity has
ever known," said Senor del Vayo's statement. "The moment has arrived
for everyone to define his position, not by declarations, but by unmistakable
actions. The Chaco question is really of secondary importance. The important thing is to know if America is going to be a continent of violence
or a continent of law; whether the declaration of the American republics
of Aug. 3 1932 is a collection of words or an action. Whether America
is going to consent that, despite all facts, violence and force are to
triumph over law..
The seventh Pan-American Conference opened last December with peace
in the Chaco its outstanding objective. Secretary Hull and President Terra
of Uruguay worked closely together in organizing a united front, which
persuaded Bolivia and Paraguay to accept a truce. It seemed probable that
a definite cessation of hostilities could soon be achieved, pending an arbitration agreement to be drawn up under the auspices of the Pan-American
Conference.
The Steering Committee of the Conference drew up a strong resolution
demanding that the belligerents lay down their arms and pledging a united
America in support of the League of Nations in applying League sanctions
if the two nations failed to heed the call to peace.
The League Commission returned to Montevideo from the Chaco two days
before Christmas and immediately visited Dr. Terra. The Pan-American
Conference announced the same day it had turned over the Chaco peace
negotiations to the League Commission.
Although no official announcement has ever been given out, certain
delegates and well-informed members of the diplomatic corps assert the
League Commission had claimed jurisdiction and insisted upon taking the
negotiations away from the Conference. The move was widely criticized
by many delegates, who felt the League Commission was preventing the
otherwise certain success of the Conference's peace efforts.
3519
Stock Curb Planned in Canada—Securities Bill Similar
to One Here Has Second Reading in House of
Commons—Modeled on English Law.
A new Dominion Companies Act, which is said to be as
strict as or stricter than the United States Securities Act,and
has been nicknamed the "tell-the-truth" securities bill, has
received second reading in the Canadian House of Commons
and been sent to committee, said Ottawa advices, May 19, to
the New York "Times," from which we also take the following:
The changes which it contains have been modeled principally on the English
Companies Act, which is also said to have inspired the United States securities measure.
Among the most important clauses in the bill are 10 censoring prospectuses. The bill extends the definition of prospectuses to include notices,
circulars, advertisements, letters and other graphic communications offering
to the public any shares, debentures or obligations of a company, except that
letters are not deemed prospectuses when they follow a prospectus already
delivered or contain a bona fide statement that a prospectus will be furnished
promptly on request and contain no statement either of fact or opinion relating to assets, earnings or business carried on.
Rule for Filing Prospectuses.
A company must not accept applications for securities offered by it or on
its behalf to the public unless the prospectus has been filed with the Secretary of State within a week from its date of issue and a copy has been delivered to the applicant at least 24 hours before the acceptance of his application. Where applications are made to the company through an underwriter,
the company should have from the underwriter a statutory declaration that
copies of the prospectus have been mailed or delivered to all persons making
the applications. Any application received by the company shall then be
deemed conclusively to have been made on the faith of such prospectus.
If these sections are not complied with, the applicant or any one to whom
he has sold such securities is entitled to have the application for such securities rescinded if written notice of the exercise of such rights of rescission
shall have been served on the company within a month of the date of receipt
of notice of allotment or of issue of securities or within 30 days of the date
of delivery or mailing to such applicant of a copy of the prospectus filed
with the Secretary of State in respect of the securities, whichever shall be
the longer period.
Contravention of the provisions of this subsection by the company, or by
any director, officer or person knowingly, means liability on summary conviction to a fine not exceeding $1,000.
Requirements for Prospectus.
Every prospectus must show the date of incorporation of the company,
address of the head office, names, descriptions and addresses of the directors
and proposed directors and chief executive officers and auditors, if any,
and the general nature of the business actually transacted or to be transacted
by the company must be shown along with particulars of its share capital
authorized, issued and paid up, the number and classes of shares and par
value thereof where there is par value; a description of the respective voting rights, preferences, conversion and exchange rights, right to dividends,
profits or capital of each class, including rediamption rights and rights on
liquidation or distribution of capital assets.
The prospectus must also give particulars of the securities covered by
options outstanding or proposed, the number of securities of each class
offered by the prospectus, the issue price and amount payable on the application for the allotment of the securities, and, in the case of a second or subsequent offer, the amount offered for subscription on each previous offer within
the two preceding years and the amount actually allotted and the amount
pair up. It must contain also the following information:
The aggregate remuneration paid by the company in its last financial year and
paid or payable in the current year to directors and officers who get more than
$10,000 a year.
The estimated net proceeds of the securities offered on the basis of the same
being fully taken up and paid for.
Names and addresses of the vendors of any property and the amount paid or
payable in cash or securities of the company to the vendors for the property.
Where debentures are offered, particulars of the security which has been or will
be created for those debentures.
Particulars of any services rendered to the company which are to be paid for by
the company wholly or partly out of the proceeds of the issue.
The amount paid within the two preceding years or intended to be paid to any
promoter, with his name and address and consideration for such payment.
Full particulars of the nature and extent of the interests of every director in the
promotion of any property acquired by the company within the two preceding years.
Names and addresses of the persons who are in a position to cause to be elected a
majority of the directors of the company.
Other Provisions Listed.
Other provisions require auditors to speak out if they consider inadequate
reserve has been made for depreciation or bad or doubtful accounts in the
case of purchase of a business by the proceeds of securities, or unless inventories are conservatively valued.
Every director, promoter or person who authorizes the issue of a prospectus will be liable to pay compensation to all persons who subscribe for
any securities of the company on the faith of the prospectus for the loss or
damage they may have sustained by reason of any untrue statement, unless
it is proven that he withdrew his consent to become a director before the
issue of such prospectus, that it was lamed without his authority or consent
or knowledge, that on becoming aware of its issue he forthwith gave reasonable
public notice of the withdrawal and his reason.
A section adopted from the British Act forbids offering securities from
door to door, and includes telephone calls, although a salesman may sell in a
business office or to close personal friends, business associates or customers
with whom he has been in the habit of doing regular business.
No dividend must be declared when a company is insolvent or which renders a company insolvent. No director of a company is permitted to vote
in respect of any contract or proposed contract in which he is interested and
must declare his interest promptly.
External Trade of Canada Higher in April According
to Bank of Montreal—Imports Increased 70%
During Month and Exports 57.5%.
Asserting that the trend toward recovery in Canada has
continued without interruption, the Bank of Montreal in
its current business summary points out that external trade
of the Dominion made a striking increase in April when imports rose $14,358,000, or 70% over the corresponding month
3520
Financial Chronicle
ast year, and domestic exports increased $11,571,000, or
57.5%. Issued on May 23 the summary said:
These are remarkable figures. They reveal the largest volume of commerce in April since 1931, attributable in the case of exports largely to the
Empire Preferential Tariff Agreements, and in the case of imports to the
rising tide of business activity within Canada.
Among industrial production records commented on by
the Bank, newsprint again stood high with an output of
206,500 tons,compared with 210,129 tons in March and 174,000 tons in February. Iron and steel production was firmly
maintained. Automobiles contributed one of the notable
records of the month,in a rise from 14,180 produced in March
to 18,363 in April, compared with 8,255 in April 1933.
Increase of $584,990 During April Reported in Brokers'
Loans on Montreal Stock Exchange—Total Borrowings on Securities April 30, $20,796,804.
According to a report issued May 9, borrowings on securities by Montreal Stock Exchange member firms totaled $20,796,804 on April 30, an increase of $584,990 over the March
31 total of $20,211,814. The March 31 figure represented
an increase of $1,328,351 over the Feb. 28 total of $18,883,463. In reporting the foregoing, the Montreal "Gazette"
of May 10, said:
The current level of collateral loans of local exchange members compares
with approximately 12,500,000 a year ago.
Loan figures for each month back to the beginning of October 1931.
when the record was first made public, follow.
1931—Oct. 3
$54,991,145 1933—Apr. 6
$12,864,298
1932—Mar. 4
25,673.685
May 4
12,501,411
Apr. 7
22,758.561
June 1
12,921,733
May 5
July 6
18,922,577
14,788,135
June 2
July 31
15,139,386
16,192,585
July 7
13,865,523
16,627,421
Aug. 31
Aug. 4
13,020,454
Sept.30
17,585,330
Sept. 1
13,774,017
Oct. 31
17,247,065
Oct. 6
Nov.30
14,115,852
17.227,466
Nov. 3
Dec. 30
13.993.031
18,062,938
Dec. 1
13,817.709 1934—Jan. 31
18,073,812
1933—Jan. 5
Feb. 28
13,796,061
18,883,463
Feb. 2
Mar.31
13.606,351
20,211,814
Mar. 2
13,431,614
Apr. 30
20,796,804
The foregoing figures do not include loans on foreign securities but
only borrowings of members of the Montreal Stock Exchange on Canadian
securities and not those of other exchanges in Canada. Nor do they
include the borrowing of bond houses or bond affiliates of Stock Exchange
members.
1834 Survey of Canadian Corporate Securities.
The "Financial Post" of Canada announces that the new
1934 Survey of Corporate Securities will be ready for delivery May 31. In its announcement it says:
This book covers over 1,500 corporations whose securities are in the
hands of the public. including those listed on Canadian Stock and Curb
Exchanges and many unlisted securities.
Among the various companies reviewed are: Public utilities, banking,
rubber, iron and steel, construction, pulp and paper, textile, real estate,
oil refining, beverage, investment trusts, milling, foodstuffs, merchandising,
transportation. This year, over 80 trust and loan companies will be
covered in the statistical review.
It is also stated that there is contained in the book the
following:
History of each company's organization and development.
Names of officers and directors.
Balance sheet and income and surplus account for three years.
Price range of stock for past four years.
Dividend rate, when and where payable.
Capital structure and funded debt.
Funds in which bond interest is payable.
Payment of June 1 Coupons on Two French Government Bond Issues.
Notice was issued in New York City on May 26 by Jean
Appert, Financial Attache to the French Embassy, to the
effect the Government of the French Republic announces
that coupons maturing June 1 1934, of the French Republic
20-year External Gold Loan 7M% Bonds payable June 1
1941, and the French Republic External Loan of 1924,
25-year Sinking Fund 7% Gold Bonds, due Dec. 1 1949,
payable at the office of J. P. Morgan & Co., 23 Wall Street,
New York City, may until further notice also be paid at
the option of the holder:
(a) Upon presentation and surrender on and after June 1 1934, at the
office of Messrs. J. P. Morgan & Co., 23 Wall Street, New York City,
in United States currency at the dollar equivalent of French francs. 25.52
per dollar of face value of coupon, upon the basis of their buying rate for
exchange on Paris at time of presentation.
(b) Upon presentation and surrender on and after June 1, 1934. at
the office of Messrs. Morgan & Cie., 14 Place Vendome, Paris, France,
in French francs at the rate of French francs, 25.52 per dollar of face value
of coupon.
France Reduces Interest on Sinking Fund Bonds.
A copyright cablegram (May 20) from Paris to the New
York 'Herald-Tribune" said:
The lowering of money rates on the open market has been such since
the return of confidence in France that the Caisee Autonome for National
Defense Bonds has decided to reduce the interest on these bonds.
Two-year bonds paying 4% will now pay 35,6. This cut will be followed
by a lowering of interest on Treasury bonds. They now pay 2% on one
May 26 1934
month maturities, 3% on three-month maturities and 3;6
, % on one year
maturities.
This step has been made possible by the decline of the rate of National
Defense Bonds, the most characteristic rate in the local money market.
Three-month transactions have fallen from 4,Si% to 3X %—almost 1%
in six weeks. The open market discount rate declined more slowly—it
was 27-8% for the first quarter and it now is 2%%•
No Apparent Progress in Berlin Negotiations Between
Germany's Foreign Creditors and Reichsbank.
No progress was reported this week from Berlin in the
discussions between representatives of Germany's foreign
creditors and the Reichsbank, which have been in progress
for about four weeks without an agreement having been
reached. Dr. Schacht, President of the Reichsbank, on
May 23, submitted to the conference a memorandum containing a number of new suggestions. These were not made
public, but on May 24 they were declined by the delegates.
A Berlin dispatch of May 24 to the New York "Times" said
that efforts were being made to modify the plan sponsored
by the American delegates so that it would be satisfactory
to all. This plan provides for postponement of all debt payments for not more than six months, after which Germany
would agree to redeem payments in cash at a figure still to
be decided upon. The "Times" dispatch mentioned above
added:
The Americans demanded more than the present 76.9% that Germany
pays on her long-term debts in cash and scrip.
Germany, however, is said to be willing to go no further than 50% on all
her debt payments, including those on the Dawes and the Young loans and
the short-term credits, which would save her almost 300,000,000 marks a
year.
Austria, Italy and Hungary Conclude Pact Fixing
Reciprocal Export Prices for Wheat, Lumber and
Other Products.
A three-power economic agreement between Italy, Austria
and Hungary was concluded by representatives who met at
Rome on May 9; the pact was signed on May 14. One of
its provisions includes the sale by Hungary to Italy and
Austria of 15,742,000 bushels of wheat at a price above
current export quotations. The same principle will be
applied to Austrian lumber and wood pulp exported to
Italy and Hungary. The pact also specifies reciprocal and
preferential duties and agreements to purchase fixed quantities of certain products. Associated Press advices from
Rome, May 9, summarized its chief provisions as follows:
The minimum export price accord, by which Austria and Italy will buy
Hungarian wheat at about 92.6 cents a bushel, and Italy and Hungary will
purchase Austrian lumber above the present internal price in Austria.
Austria and Hungary agree to lower their tariffs 10% on the products
of any country which go through Trieste and Fiume. This is an effort
to build up these ports at the expense of North German ports, particularly
Hamburg.
Industrial products of Italy and Austria receive preferential treatment
by Hungary.
Rolf Christensen Appointed Norwegian Consul General
in New York City.
Rolf Christensen was appointed (May 18) as Norwegian
Consul General in New York City, where he served as Vice
Consul until last February, when he was named Consul
General to Rotterdam. The New York "Times" of May 19
commented on the appointment in part as follows:
Mr. Christensen came to this country as Vice Consul in New York
1925 and remained in that capacity until last February, when he was
transferred to Rotterdam. He was attached to the legation in Washington
for a few months in 1927 and 1928.
As Consul General in New York he will succeed Wilhelm Thorleif von
Munthe af Morgenstierne, who has been designated Norwegian Minister
to the United States. Mr. Morgenstierne said yesterday he planned to
assume that post in Washington at the end of the month. Mr. Christensen
is not expected here until June.
In
China Revives Exchange Bank—Joint Enterprise With
Japanese Will Resume Operations.
From Shanghai, May 22, a cablegram to the New York
"Times" said:
Definite plans for the recreation of the old Exchange Bank of China,
the medium of the Japanese Nishihara loans during the World War, were
announced in telegrams to-day from Tientsin.
The reports name no date for the reopening, but say Wang ye-tang,
a Peiping Political Council member, who has been in Tokyo negotiating
the Bank's revival, was elected its President.
The Bank is expected to be an instrument of intensified Japanese financial
activity in China, particularly in the North China railways. It is a joint
Chino-Japanese institution with prominent Japanese bankers and ProJapanese Chinese directors.
Earlier advices from Shanghai (May 19) to the "Times"
said in part:
The Bank was formed during the World War days with private Chinese
and Japanese capital and was used for advancing many of the Nishihara
loans to the Chinese Anfu clique. These admittedly political loans were
denounced and not repaid by the Chinese Nationalist Government, and the
Bank was forced to liquidate.
Negotiations Reported.
The plan now is to recreate the Bank in Tientsin and have China contribute toward the resuscitation by repaying the Nishihara loans. Chinese
Volume 138
Financial Chronicle
inner circles declare that Wang Ye-tang, Huang Fu's Peiping adviser and
a former Anfu official, now in Tokyo ostensibly attending a Buddhistrevival
meeting, is in fact negotiating for the reopening of the Exchange Bank.
It is pointed out that "repayment" of the loans by China might well
take a form agreeable to Japan of conceding far-flung concessions of the
type mentioned in the Twenty-one Demands. China has persistently
refused to recognize the Nishihara loans, but the recent agreement to
refund to Japan the defaulted 5,200,000-yen credit granted to the Anfu
group by the extension of the Peiping-Suiyuan Railway indicates a possible
change in views.
Finance Minister Rung has repeatedly denied loan discussions with
Japanese despite frequent Chinese and Japanese reports to the contrary.
Well-informed persons say the Japanese contemplate widespread investments in Chinese railways,airlines and other projects by means of Exchange
Bank.
This would be consistent with the Japanese policy of providing the kind
of assistance to China that is now furnished by the League of Nations and
the United States, the Japanese aim being to implement their "hands off
China"attitude and enable China to dispense with non-Japanese foreign aid.
3521
rights and interests, we were quite satisfied. Japan was, in point of fact,
showing a very conciliatory attitude in her dealings with Manchuria.
When the war lord ruling that country arrogantly foiled our rights and
interests under his feet and even menaced the lives and property of the
Japanese residents, we had to take action. For economic, historical and sentimental reasons the whole Japanese nation knew that the loss of our rights
and interests in Manchuria would spell disaster to our own national life and
wholeheartedly backed the action of our military in Manchuria. That was
not aggression, but self-defense.
In the recent exchange of notes between the Secretary of State and our
Foreign Minister, it was clearly stated that there were no questions between
our two countries that were not capable of diplomatic solution. When we
have no questions that are insoluble there is no reason why we should build
mares' nests and continue to live in an atmosphere of uncertainty.
It is our foreordained destiny and beholden duty that we of the United
States and Japan, situated as we are on the eastern and western shores of
the Pacific, should co-operate and exert our best endeavors in the peaceful
development of the vast region bordering on the great ocean, as our due contribution to the peace and civilization of all mankind.
Soviet Russia Industry Loan Subscribed.
Brazil Modifies Exchange Rules.
United Press advices from Moscow (May 22) to the New
York "Journal of Commerce" stated:
The issuance of a decree by the Brazilian Government
permitting exchange derived from sources other than export
bills to be sold freely, was made known in information received by the Department of Commerce at Washington
from Commercial Attache Ralph H. Ackerman, Rio de
Janeiro. In making public these advices on May 23, the
Department said:
The Government to-day announced full subscription of a 3,500,000,000
ruble (nominally $1,750,000,000 at par) State loan, partly to finance
the second five-year plan for industrialization of Soviet Russia.
The program primarily was designed to enlarge and improve Soviet
light industry and increase the supply of goods, thus theoretically making
life easier and happier for Russia's millions.
Methods to sell bonds in the present drive recalled those in the United
States during the Liberty Loan campaigns in the war. Each factory
union had a quota which had to be raised, while public spirit was stimulated
by speeches, posters and movies.
Hundreds of the most successful sellers were awarded prizes of cash,
bicycles, cameras and other useful things.
An item with reference to the loan appeared
of April 21, page 2661.
in Our issue
Cuba Calls in Gold to Debase Coinage—Export of
Metal Forbidden in Move to Reduce Content from
98.73 to 88.86%—Amusement and Luxury Taxes
Rescinded.
A decree prohibiting the exportation of gold and ordering
the Treasury Department to call in all Cuban gold coinage
to reduce its gold content was approved by the Cuban
Cabinet on May 22 it was stated in advices from Havana
to the New York "Times" which likewise said:
Cuban gold coinage consists of $25, $10, $5 and $2 pieces. The Government will pay for these in silver at the rate of $35 a troy ounce. The
present gold content of coins is 97.73%, which it is proposed to reduce to
88.86%.
Currency legislation in 1914 provided for gold coinage of $20,000.000.
During the Machado regime, a large quantity was withdrawn from circulation, melted into bars and used to pay off foreign indebtedness. A considerable quantity is reported to have been shipped out of the country during the Gran San Martin administration. Estimates of the present circulation vary from $10,000,000 to $12,000,000.
The cabinet also voted to rescind the amusement and luxury taxes. It
approved the extradition treaty with Colombia, signed July 2 1932.
Japan Anxious to Maintain Peace with United States—
Ambassador Saito Says Japan's Motives in Far
East Are Similar to Those of this Country in
Western Hemisphere—Defends Manchurian Policy.
Japan seeks only peace with the United States, and has no
desire to acquire the Philippines or any other territory which
would lead to war, Hiroshi Saito, Japanese Ambassador to
Washington, asserted in ispeech at the Army and Navy Club,
In Chicago, on May 21. He added that the traditional aim
of his country was universal peace. Japan's motives in the
Far East were pictured as "not different from the motives
of the United States in this hemisphere." The Ambassador
said that the Manchurian policy was"not aggression, but selfdefense." Japan, he declared, "is determined to fulfil her
responsibilities fully and successfully as the principal stabilizing influence in eastern Asia." With regard to China,
he said that Japan had no desire to interfere,"but when other
Powers interfere in those affairs in a way that may lead to
a disturbance of international peace, we, as the principal
Power responsible for the peace of eastern Asia, naturally
object."
We quote further from his address, as given, in part, in a
Chicago dispatch of May 21 to the New York "Times":
On the part of the United States, suspicions are entertained and frequently
expressed that Japan harbors aggressive designs on the Asiatic mainland,
and even is courting trouble with the United States; that the militarists are
in reality at the helm of the Ship of State.
On the part of Japan, again, resentment is felt that the United States is
placing impedimenta in Japan's way of progress and advancement; that the
United States does not understand Japan's real aim in eastern Asia; that the
United States will not see the realities of the Far Eastern situation and often
tries to encourage China to take a defiant attitude against Japan.
Holds Action in Manchuria Forced.
On neither side are these opinions borne out by facts at all. Japan's
genuine aim in eastern Asia is the establishment of peace and order in that
part of the•world. We have no idea whatever of aggression or expansion.
Then, why the Manchurian affair? you may ask. In Manchuria, Japan
hns vital interests. We often have called that country the life-line of Japan.
So long as Manchuria was friendly to us and respected our important treaty
Exchange derived from export bills, however, it is pointed out, will
continue to be used for Government requirements and to pay for imports.
The gray exchange market will also be continued.
From Rio de Janeiro, May 22, a cablegram to the New
York "Times" had the following to say:
The Government's decree,issued yesterday, granting permission to banks,
corporations, firms and individuals freely to operate in foreign exchange,
except export bills, also releases milreis in blocked accounts,it was announced
to-day. The decree thus permits the resumption of remittances abroad.
Explaining the modified regulations, Souza Dantas, exchange director
of the Bank of Brazil, said the decree referred to private payments here
and remittances abroad for various purposes, including insurance on incoming and outgoing funds and credit liquidations; in fact any item not
relating to imports and exports, control of which remains exclusively with
the Bank of Brazil at the official rate.
It is believed that the decree will bring out foreign Moneys sufficiently to
raise the exchange premium beyond the official Bank of Brazil rate.
Drought Relief Said to Have Cost Brazilians $22,000,000
—Storage Dams Built to Save Farms by Irrigation.
Brazil has spent more than $22,000,000 for drought
relief in northeastern States since the Provincial Government
took power in October 1930, Jose Americo De Almeida,
Minister of Communications, reported according to Associated Press advices from Rio de Janeiro on May 19 to the
New York "Herald Tribune" which further said:
The affected area, including most of the State of Ceara and large parts
of Pernambuco, Rio Grande and Parahyba, has good crop Prospects for the
first time in four years as a result of rains which filled newly built dams.
At the height of the drought, about 2,000,000 persons were fighting with
adversity.
Principal work done was construction of dams to increase the storage
capacity from about 800,000,000 cubic yards to more than 2.000,000,000;
construction of 270 miles of railways; building, in co-operation with the
States, of 1.200 miles of new roads, and rebuilding of 2,000 miles.
Many miles of irrigation ditches leading from water storage works have
been dug.
Chile Pays $6,400,000 on National City's Loan—$16,000,000 Balance on 1930-31 Debt Extended Five
Years.
From Santiago, Chile, May 23 United Press advices to
the New York "Herald Tribune" said:
The Chilean Government and the National City Bank of New York
concluded an agreement to-day in connection with the Bank's short-term
credits extended in 1930-31, the'lliaited Press learned exclusively.
The Government paid the equivalent of $6,400.000 of the total debt of
$22,400,000 in 7% internal debt bonds, payable in currency, at the artificial rate of6,458 pesos to the dollar. Finance Minister Igustavo Rosssaid.
The Bank liquidated this in the local market at 89% par value. The
balance of approximately $16,000,000 is extended for five years, at 1%
Interest, and 2M % amortization.
The same proposition has been made to other creditors, but no reply
has been received. The others include the Guaranty Trust. $4,200,000;
Angelo French Banking interests, $263,000; Rothschild, $2,293,000, and
Anglo French. £790,782.
Chile Plans to Limit Oil Grants to Natives—Bill Would
Permit Concessions for Thirty Years, Properties
Then Reverting to the State.
In a cablegram from Santiago, Chile, May 23, to the New
York "Times," it was stated that a bill providing that oil
Concessions shall be granted in the future only to Chileans
will soon be introduced in Congress, with the Government's
support. The cablegram added:
Foreign concessionaires will be permitted to continue to operate their
present holdings, and Chilean operators will be permitted to seek foreign
aid on showing they are unable to finance their projects without it.
In contrast with past legislative proposals, the bill would recognize
private ownership with certain reservations in favor of the State. The
President would be empowered to grant or refuse concessions.
The concessions would be for a period of 30 years, after which all land
and machinery would automatically become the property of the State.
The Government reserves would consist of approximately 25,000 acres
Financial Chronicle
3522
of each existing concession, a total of nearly 300,000 acres, and of 50% of
any future concessions.
Concessionaires would be required to pay the Government a 10% royalty
on all oil produced.
El Salvador Recognizes Empire of Manchukuo—First
Nation Besides Japan to Grant Formal Recognition.
The Republic of El Salvador has recognized the Empire of
Manchukuo, it was officially announced in San Salvador,
May 21. Formal recognition was accorded as of March 3.
Japan, which sponsored the new State, is the only other foreign nation whicih has recognized it. A Tokio wireless dispatch of May 21 to the New York "Times" had the following
to say regarding the notification of the recognition of Manchukuo as follows:
Describing the step as "the first such action taken by a State of the American continent toward promoting peace in the Far East," Consul-General Leon
Siguenza notified the Manchukuo legation to-day that El Salvador recognized
the new Empire.
In a memoranda handed to the Manchukuo Minister, Senor Siguenza said
El Salvador's Constitution prohibited entry of Mongolians and Chinese, but
subjects of Manchukuo would be free to enter the Republic. The newspapers
emphasize the importance of the event. The "Asahi" says it shows the
League of Nations' principle of non-recognition has crumbled and predicts
more South and Central American States will follow El Salvador's example.
The "Chugai Shogyo" says that heretofore Latin America has been influenced in policy by the United States, hut El Salvador has suddenly recognized
a Government that Washington has refused to recognize. The action is
viewed as a setback to American traditional policy.
A dispatch from Berlin to the "Nichi Nichi" predicts that Germany will
recognize Manchukuo soon to improve trade relations.
Action of Conferees on Bill Providing for Federal
Regulation of Stock Exchanges—Move Toward
Changes in Rider Carrying Amendments to Securities Act.
The task of adjusting the differences between the House
and Senate bills providing for Federal regulation of Stock
Exchanges has, this week, occupied the attention of the
conferees, who, as indicated in our May 19 issue, page 3360,
were named on May 14,following the passage of the Fletcher
bill by the Senate on May 12; the Rayburn bill passed the
House on May 4. It was stated on May 24 that the conferees expect to place their report before Congress next week.
From Washington (May 24) the New York "Times" reported that it appears fairly certain that the measure will
include the House's administrative and margins provisions
on Stock Exchange regulations, and all the amendments to
the Securities Act of 1933, with the exception of those
pertaining to the activities of "protective committees."
The proposed amendments to the Securities Act are carried
in a rider to the bill as passed by the Senate on May 12.
Stating in its May 24 dispatch that the conferees on that
date eliminated one major point of controversy, the amendments to the Securities Act of 1933 relating to the activities
of bondholders' protective committees, the "Times" account
continued in part:
The "Protective committee" amendments, written by Chairman Fletcher
of the Senate Committee on Banking and Currency, have been subjected
to steady fire from real estate organizations and corporations who complained that they would work a grave harkship rather than ease the situation.
More Liberal Changes Forcast.
The conferees debated the protective committee amendments more than
two hours to-day and then voted to eliminate them. There was some talk
that Senator Fletcher might seek to restore them in a modified form, but
this is thought unlikely.
One conferee stated that there was "considerable sympathy" for a more
liberal amending of the Securities Act, and that a majority of the conference
indicated the belief that the problem of making the Securities Act more
workable could not be adequately dealt with in the pending bill.
This was interpreted to mean that further amendatory action probably
would be taken at the next session of Congress.
The amendments on "protective committees" would have brought such
groups under stricter control of the administration commission. The commission would have had power to call for monthly reports by such comittees
and make the members subject to the penalty provisions of the statute.
The action of the Senate in attaching to the Fletcher bill
the rider amending the Securities Act was noted in our
item of a week ago, page 3360. As pertinent thereto we
quote the following from the "Times" of May 18:
A "Sleeper."
Some consternation was caused in the financial community yesterday
when it was learned that the amendments to the Securities Act which were
attached to the Stock Exchange Bill contained a last-minute addition by
Senator Fletcher which may have the effect of reducing substantially the
benefits which were believed to have been gained along the lines of issuers'
liabilities. It was thought the bill as amended had limited recovery under
Section 11 to persons who acquire securities through reliance on ms-statements or oznisssions in the registration statement. The addition, however,
is believed to have altered this change by making every issuer liable for
theifirst full year after the issuance of a security, and longer if a twelvemonth statement of earnings has not been published in the meantime.
The'addition also states that no proof that the complainant has read the registration statement is required. Wall Street is waiting to make a further
study of this addition, but is not certain that it will be included in the final
draft of the amendments.
May 26 1934
On May 24 the conferees accorded a hearing to James M.
Landis, Federal Trade Commissioner, to explain, it is stated,
amendments to the Securities Act.
With reference to the action of the conferees on May 18
on the Stock Exchange Control Bill the advices that day
to the New York "Journal of Commerce" said:
Agreement was reached to-day for acceptance by the Senate of the House
definitions of the term "bank" which includes trust companies.
Approval was given the Senate language of Section 8(c) dealing with the
hypothication of securities carried for the account of customers under
circumstances that would permit the comingling of his securities with
those of another customer.
Section 8(A)(1) of the House text was accepted by the Senate conferees
regarding manipulation of security prices making it unlawful for a person
to effect any transaction involving no change in the ownership of securities
or to purchase securities with the knowledge that sales will be made in the
same amounts at the same price by another person.
Accord on Pool Ban.
The Senate conferees also accepted the House language of Section 8 (A)
(2) of the bill with the following substitution making it unlawful for any
Person "to effect, either alone or with one or more persons, a series of transactions in any security registered on a national securities exchange creating
actual or apparent active trading in such security or raising or depressing
the prices of such securities for the purpose of inducing the purchase
sale of such securities by others."
The effect of this is to broaden the prohibition of such practices as carried in the House and Senate bills.
Sections 8 (A) (4) and (5) of the House bill relating to statements as to
future prices of securities or other material facts of brokers or dealers
which will tend to cause prices to rise or fall or which he knows to be false
were accepted by the Senate conferees.
The House conferees accepted the Senate language of Sections (9 A)(6)
prohibition the pegging of prices and Section 10 (B) making it unlawful
to use any manipulative or deceptive device in connection with the purchase or sale of securities which may be considered detrimental by the
administrative commission.
The conferees on May 21 in considering the question as to
how much power the Stock Exchange Regulating Commission should possess to require financial reports and statements from corporations, the securities of which are listed.
They accepted a Senate provision giving the Commission
authority to require whatever information it might deem
necessary for the protection of investors when a new issue
was to be listed. Associated Press advices on that date
from Washington added:
For the period after listing, however, they approved the language of the
House bill limiting the frequency of financial reports to quarterly, leaving
unchanged a clause requiring the corporations to keep the oringinal information reasonably up to date.
Again the conferees postponed action on such controversial matters as
whether the Federal Trade Commission or a specially created board should
be given the task of administering the bill.
The House bill calls for the former and the Senate bill contains an amendment by Senator Glass of Virginia specifying the latter.
The conferees plan to approve all non-controversial sections and then turn
to the disputed clauses. The Senate managers have agreed not to recede
on the Glass amendments without obtaining fresh instructions from the
Senate. President Roosevelt favors the House provision.
In addition to their action on corporate reports, the conferees to-day
accepted the House provisions on the removal of a stock from listing.
They would give the regulating commission authority to prescribe rules
of procedure.
The Senate bill, on this point, called for thirty days' notice and gave
the commission authority to poll stockholedrs on the question.
According to advices to the "Journal of Commerce" the
conferees on May 22 came to an agreement on Senate provisions aimed at preventing officials, directors and others
from benefitting in securities transactions through the possession of "inside" information concerning the corporations
with which they are connected. The advices in part added:
Liable to Action.
As adopted by the conference committee, every person who is directly
or indirectly the beneficial owner of more than 10% of any class of any
equity security who may realize a profit from dealing in the stock of his
corporation by reason of "inside" information is liable by an action to be
brought by the corporation before the extent of those profits.
The House Committee on Inter-state and Foreign Commerce, in the
consideration of the pending legislation, zeframed from incorporating such
a section because of the fear that some innocent transactions would adversely be affected. It had been pointed out to the committee that there
Is a provision in the bill to exempt transactions that do not come within its
purpose of preventing the unfair use of "inside" information.
There are a number of cases where the section would not apply, it was
explained to-night. For instance, where an underwriter might acquire more
than 10% of the security issue of a corporation for distribution, obviously
such transaction would not come within the purview of the section. Further
more, a person holding an option for a long period of time, who exercised
the option one day and sold the next day would not come under the ban.
Suits for recovery would have to be entered within two years.
Rails to File Two Reports.
Railroads, subject to the jurisdiction of the Inter-State Commerce Commission, are to be permitted to file with the stock market commission
duplicate reports to satisfy the requirements of the proposed law. Railroad executives were afraid they might have to prepare a mulitplicity of
reports.
The conferees to-day ratified their action of yesterday in deleting from
the bill the proviso that "nothing in this title shall be construed as authorizing the Commission to interfere with the management of affairs of
an issuer." The thought was expressed that retention of this clause might
lead to innumerable lawsuits contesting the action of the Commission.
With a few amendments, described as minor clarifications, the over-thecounter provisions of the Senate bill were approved. This was also true of
the section dealing with "liability for misleading statements." It was
provided, further, that no action shall be maintained to enforce such
liability unless brought within one year after the discovery of the facts
constituting the cause of action, nor unless brought within three years after
such cause of action accrued. It has been proposed that the latter period
be fixed at five years.
It is stated that the changes agreed on by the Senate on
May 23 were mainly of a minor or clarifying nature.
New
York Stock Exchange Adopts New
for Bonds.
Abbreviations
A new set of standardized abbreviations for over 200
bond issues have been adopted by the Committee on Bonds
of the New York Stock Exchange, it was made known in
an announcement issued May 22 by Ashbel Green, Secretary of the Exchange. The bonds, it was said, previously
had no set abbreviations. In part, the announcement
stated:
There are at present somewhat over 200 bonds for which there are no
standardized contractions or abbreviations. To correct this difficulty the
Committee on Bonds has approved standard abbreviations therefor, which
will be put into effect a few at a time. The Committee proposes to issue
a circular each week giving a list of the abbreviations which will become
effective on Monday of the following week, until the entire list of new
abbreviations is put into effect. Thereafter it is proposed to issue a separate bond abbreviation book, containing a complete list of all abbreviations,
a copy of which will be sent to all members.
The May 22 announcement contained a list of 44 "words
and phrases," nine of which hall been revised, and a list
of designations for bonds from A to C.
New York Stock Exchange Makes Available Information Received from Oil Companies on Accounting
Methods in Response to Questionnaire.
The New York Stock Exchange made public on May 24
a letter sent by its Committee on Stock List to Presidents of
listed oil companies, as well as a memorandum summarizing
the information received from 30 companies in response to
the questionnaire of the Exchange asking for data on accounting methods. This questionnaire was referred to in our issue
of Feb. 17, page 1149. The latter addressed to the Presidents of the oil companies on May 23 bearing on the replies
received follows:
May 23 1934.
On Feb. 5 1034, the Committee on Stock List addressed a circular letter
to the Presidents of all listed oil companies, asking for information as to
their accounting and reporting policies with respect to certain enumerated
points.
Detailed replies have already been received from 30 companies, and the
Information contained therein has been summarized in the enclosed
memorandum.
Although, with respect to several points, many of the replies appear to
require further clarification, the Committee on Stock List feels it is advisable to Provide you with the information obtained in its present form,
pending further study.
At the request of the Committee on Uniform Methods of Oil Accounting
of the American Petroleum Institute, the information contained in this
memorandum is being submitted to-day at the meeting of the Institute for
consideration and comment.
We wish to take this opportunity to thank you for the co-operation
evidenced in your reply to our letter of Feb. 5 1934.
The memorandum which accompanied the above, in
giving the list of the 30 oil companies which had responded to
the letter of Feb. 5 stated that six have not been heard from.
The following are the 30 companies:
Barnsdall Corp.
Continental Oil Co.
Pacific Western 011 Co.
Pan American Petroleum & Trans-port Corp.
Panhandle Producing & Refining Co.
Plymouth 011 Co.
Pure Oil Co.
Shell Union Oil Co.
Simms Petroleum Co,
Skelly Oil Co.
Standard 011 Co. of Kansas
Sun Oil Co.
Superior Oil Co.
Texas Pacific Coal & Oil Co.
Tide Water Associated Oil Co.
H. F. Wilcox Oil & Gas Co.
Colon Oil Corp.
Maracaibo Oil Exploration Co.
Texas Corp.
California Petroleum Corp.
Indian Refining Co.
Standard Oil Co. of New Jersey
Warner-Quinlan Co.
Standard Oil Co. of California
Atlantic Refining Co.
Seaboard Oil Co. of Delaware
Louisiana 011 Refining Corp.
Amerada Corp.
Socony Vacuum Corp.
Ohio 011 Co.
The memorandum says:
It appears from the letters examined considerable correspondence may
be necessary on certain points, particularly 4, 5 and 6 in order to determine
definitely that the procedure followed by certain companies is the same and
what is meant by the terms "cost," &c.
This memorandum, summarizing the information received
embodies 17 questions and numerous subquestions. With
regard thereto the New York "Herald Tribune" of May 24,
said:
The first question dealt with the method of accounting for intangible
drilling costs, while the second inquiry dealt with the method of determining
the amount of depletion, whether upon the basis of each well, lease, or
field, with a brief general description of the method. Eighteen companies
answered that they determined depletion upon the "lease" method. Under
subquestion (b) of the same inquiry the "unit basis" proved popular.
Question four, dealing with the method of valuation of inventories of
crude oil, disclosed that 11 companies replied that the valuation method of
"cost or market, whichever is lower," was used. Eight companies replied
that they favored the method of "produced at market to refinery at cost,
Plus pipeage or transportation."
3523
Financial Chronicle
Volume 138
Land Mortgage Bank of Warsaw (Poland) to Retire
$53,000 of Outstanding Bonds on June 22.
William B. Nichols & Co., Inc., advises that $53,000
of the Land Mortgage Bank of Warsaw 8% dollar bonds,
due in 1941, guaranteed by the Polish Government, will be
retired by the sinking fund on June 22 1934. Numbers of
such bonds previously drawn, but not yet presented, can
be had on application. An announcement issued in the
matter further said:
The Land Mortgage Bank of Warsaw points out that only 31.75%
of the whole series, being the bonds with Government guarantee, will
henceforth continue to bear interest at the rate of 8% per annum and be
eligible for the sinking fund at the old redemption date, namely. Dec. 22
1941, the remaining 68.25% being the bonds sold internally and not bearing
Government guarantee, will henceforth only carry interest at the rate of
434% per annum and be repayable within 55 years from date of issue.
There is thus a distinction made between bonds placed internally and
bonds sold externally, a matter of interest to American holders.
Offer by Speyer & Co. to Purchase July 1 1932 Coupons
of Hungarian Consolidated Municipal Loan—
Rulings by New York Stock Exchange.
Speyer & Co. are notifying the holders of Hungarian Consolidated Municipal 20-year 7% Secured Sinking Fund Gold
Bonds External Loan of 1926. that they will purchase at their
face amount in dollars coupons due July 1 1932 (other than
coupons attached to part paid drawn bonds) detached from
these bonds. Holders of said coupons who desire to accept
this offer should present their coupons at the office of Speyer
& Co. not later than June 9 1934. Coupons must be accompanied by a signed form letter indicating acceptance of the
offer. Forms of this letter may be obtained from Speyer
& Co. An announcement issued May 23 further said:
Coupons so purchased by Speyer & Co. will be shipped by them to
Hungary where they are collectible in Pongees. After collection the coupons will be canceled.
It is hoped that similar arrangements may be made in the near future for
coupons due Jan. 1 1933 of bonds of this Loan and of Hungarian Consolidated Municipal 20-year ni% Secured Sinking Fund Gold Bonds External
Loan of 1925.
Ashbel Green, Secretary of the New York Stock Exchange,
made public on May 23 as follows, rulings on the bonds
adopted by the Committee on Securities of the Exchange:
NEW YORK STOCK EXCHANGE.
Committee on Securities.
May 23 1934.
Referring to the ruling of the Committee on Securities dated Dec. 28 1933,
in the matter of Hungarian Consolidated Municipal Loan 20-year 7%
Secured Sinking Fund Gold Bonds, External Loan of 1926, due 1946, dealt
In (a) "with July 1 1932, and subsequent coupons attached"; (b) "with all
unmatured coupons (1. e., coupons, the due dates of which have not been
reached) attached";
Referring also the offer of Speyer & Co., expiring June 9 1934, to purchase at face value, the July 1 1932, coupon;
The Committee on Securities further rules that beginning May 24 1934,
the bonds may be dealt in as follows.
(a) "with Jan. 1 1933, and subsequent coupons attached";
(b) "with all unmatured coupons (J. e., coupons, the due dates of which
have not been reached) attached";
That bids and offers shall be considered as being for bonds under option
(a) above unless otherwise specified at the time of transaction; and
That the bonds shall continue to be dealt in "flat."
ASHBEL GREEN, Secretary.
New York Stock Exchange Adopts Additional Ruling
on Several Bond Issues of Uruguay.
Rulings on several bond issues of Uruguay adopted by the
Committee on Securities of the New York Stock Exchange
were made public as follows, on May 17 by Ashbel Green,
Secretary of the Exchange:
NEW YORK STOCK EXCHANGE.
Committee on Securitie3.
May 17 1934.
Referring to the ruling of the Committee on Securities, dated April 26
1934, in the matter of Republic of Uruguay, 6% External Sinking Fund
Gold Bonds, Public Works Loan, due 1964.
The Committee on Securities further rules that transactions made on and
after June 1 1934, shall be settled by delivery of bonds bearing only the
Nov. 1 1934, and subsequent coupons, unless otherwise agreed at the time
of the transactions; and
That the bonds shall continue to be dealt in "flat."
Accordingly, the previous ruling, providing two methods of trading in
the said bonds, namely (a) with Nov. 1 1933, and subsequent coupons
attached, and (b) with Nov. 1 1934, and subsequent coupons attached,
will be of no effect beginning June 1 1934.
Referring to the ruling of the Committee on Securities. dated Feb. 1
1934, in the matter of Republic of Uruguay, 25-year 8% Sinking Fund
External Loan Gold Bonds, due 1946.
The Committee on Securities further rules that transactions made on and
after June 1 1934, shall be settled by delivery of bonds bearing only the
Aug. 1 1934 and subsequent coupons, unless otherwise agreed at the time
of the transaction; and
That the bonds shall continue to be dealt in "flat."
Accordingly, the previous ruling, providing two methods of trading in the
said bonds, namely (a) with Aug. 1 1933, and subsequent coupons attached,
and (b) with Aug. 1 1934, and subsequent coupons attached, will be of no
effect beginning June 1 1934.
Referring to the ruling of the Committee on Securities, dated April 26
1934, in the matter of Republic of Uruguay 6% External Sinking Fund
Gold Bonds, due 1960.
The Committe on Securities further rules that transactions made on and
after June 1 1934, shall be settled by delivery of bonds bearing only the
3524
Financial Chronicle
Nov. 1 1934, and subsequent coupons, unless otherwise agreed at the time
of the transaction; and
That the bonds shall continue to be deist in "flat."
Accordingly, the previous ruling, providing two methods of trading in
the said bonds, namely (a) with Nov. 1 1933. and subsequent coupons
attached, and (b) with Nov. 1 1934, and subsequent coupons attached,
will be of no effect beginning June 1 1934.
New Rulings on Two Issues of 6% External Sinking
Gold Bonds of Colombia Made by New York Stock
Exchange.
Through its Secretary, Ashbel Green, the New York Stock
Exchange issued the following announcements on May 17:
therefore accounts for practically all of the $72,000,000 reduction reported.
The totals for the remaining three classifications, imports, domestic shipment and dollar exchange, remained practically unchanged.
The total outstanding volume of bills, at $613,129,137, is now $83,684,220
less thin the volume outstanding at the end of April 1933.
The discount market operations since the last report of the Council have
been very light, with no announced changes in rates but with a continuing
downward tendency. At the end of April, accepting banks were holding
$236,166,613 of their own bills and $299,387,606 of others' bills, a total
of $535,554,219, of which $427,800,000 were held by New York Oity banks
and bankers.
Mr. Bean's detailed statistics follow:
TOTAL OF BANKERS' DOLLAR ACCEPTANCES OUTSTANDING FOR
ENTIRE COUNTRY BY FEDERAL RESERVE DISTRICTS.
NEW YORK STOCK EXCHANGE.
Committee on Securities.
May 17 1934.
Referring to the ruling of the Committee on Securities, dated Dec. 21
1933, in the matter of Republic of Colombia 6% external sinking fund gold
bonds. due 1961 (J. & J.).
The Committee on Securities further rules that transactions made on and
after June 1 1934, shall be settled by delivery of bonds bearing only the
July 1 1934, and subsequent coupons, unless otherwise agreed at the time
of the transactions;
That the scrip received in partial payment of previous coupons shall not
be delivered with the bonds; and
That the bonds shall continue to be dealt in "flat."
Accordingly, the previous ruling, providing two methods of trading in the
said bonds. namely (a) with July 11933. and subsequent coupons attached,
and (b) with July 1 1934, and subsequent coupons attached, will be of no
effect beginning June 1 1934.
Referring to the ruling of the Committee on Securities, dated March 22
1934, in the matter of Republic of Colombia 6% external sinking fund
gold bonds of 1928, due Oct. 1 196i:
The Committee on Securities further rules that transactions made on and
after June 1 1934, shall be settled by delivery of bonds bearing only the
Oct. 1 1934, and subsequent coupons, unless otherwise agreed at the time
of the transaction;
That the scrip received in payment of previous coupons shall not be
delivered with the bonds; and
That the bonds shall continue to be dealt in "flat."
Accordingly, the previous ruling, providing two methods of trading in the
said bonds, namely (a) with Oct. 1,1933, and subsequent coupons attached,
and (b) with Oct. 1 1934, and subsequent coupons attached, will be of
no effect beginning June 1 1934.
ASHBEL GREEN ,Secretary.
Gov. Lehman of New York Signs Bill to Aid Minority
Stockholders.
Gov. Lehman of New York approved on May 23 a bill
designed to provide greater protection for dissenting minority
stockholders in relation to the appraisal and disposal of their
stock. From an Albany dispatch on that date New York
"Times" we quote:
The bill, sponsored by Senator William T. Byrne, provides that when
it is proposed to issue stock to employees or to sell the franchise and property of a corporation, or where a consolidation is proposed, dissenting
minority stockholders are authorized to demand that their holdings be
purchased by the majority.
In order to obtain a fair appraisal of his stock, a minority member may
apply to the Supreme Court for the appointment of three persons to appraise the value of the stock.
The bill provides that the Court may, at the time of appointing the
appraisers, or at any subsequent time, direct the stockholder who made
the application to submit his stock certificates to the clerk of the Court.
If he fails to comply the Court may, on motion of the corporation, dismiss
the proceedings.
Under the measure, the fees and expenses of the appraisers would be
fixed by the Court and paid by the corporation. It also provides that
either the stockholder or the corporation may apply to the Court upon five
days' notice for an order confirming, modifying or rejecting the appraisal.
It is provided, however, that if the Court confirms or modifies the appraisal it shall award interest on the value of the stock, as determined by
the appraisal, from the time the action was started, and shall direct the
manner in which the payment shall be made to the stockholder. Before
receiving payment, however, the stockholders will have to surrender to
the corporation his certificate of stock.
Further Decline in Volume of Outstanding Bankers'
Acceptances Brings Total Down to $613,129,137 on
April 30—Reduction in Month $72,025,018.
To the influence of excessive bank reserves and low money
rates is attributed the reduced volume of bankers' acceptances for the month of April. The survey of the American
Acceptance Council as of April 30 shows the outstanding
volume of bankers' acceptances to be off $72,025,018, making
a total reduction of $157,000,000 since the end of January,
when, because of rate conditions, the shift from acceptance
credits to cash loans became noticeable. Of the reduction of
$72,000,000 for the month of April, $59,000,000 was reported
by New York City banking institutions, says Robert H. Bean,
Executive Secretary of the American Acceptance Council,
who, in his survey made available May 19, added:
More than 50% of the currently reported decline in bill volume was in
the type of acceptances employed to finance the storage of goods in domestic
warehouses. These commodity credit acceptances went off $39,653,597 during the month. To some extent this reduction is due to the movement of
goods out of warehouses as a seasonal operation and the retirement of the
credits, but in a very large measure the reduction is caused by the shifting
of credits from acceptances to over-the-counter loans.
The next important reduction was in the volume of bankers' acceptances
used to finance exports, which declined $22,147,548.
The volume of bills based on goods stored in or shipped between foreign
countries went off $9,815,831. The drop in these three types of acceptances
May 26 1934
Federal Reserve District.
Apr. 30 1934.
1
2
3
4
5
6
7
8
9
10
11
12
Grand total
Decrease for month
Decrease for year
Afar. 311934. Apr. 29 1933.
840,254,051
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
843,155,106
544,473,744
15,793,020
2.231,155
640,859
8,272,696
36,774,398
2,283,295
2,986,619
1,300,000
1.790,931
25,452,332
843,016.249
575.444,756
9,925,501
1,410.481
373,222
3,548,571
37.096,792
1.082,982
2,868,357
1,350,000
1,229,652
19,466,794
8613,129,137
72,025,018
$685,154,155
$696,813,357
83.684,220
CLASSIFIED ACCORDING TO NATURE OF CREDIT,
Apr. 30 1934.
Imports
Exports
Domestic shipments
Domestic warehouse credits
Dollar exchange
Based on goods stored in or shipped
between foreign countries
Mar. 31 1934. Apr, 29 1933.
8102,649,562
163,740,147
10,586,317
175,214,320
2.686.437
$102,520,216
185,887,695
10,673,327
214,867,917
3,136,815
877,838,604
176,499.160
10,273,846
188,822.403
9,872,333
158.252,354
168,068,185
234.007.011
CURRENT MARKET QUOTATIONS ON PRIME BANKERS'ACCEPTANCES
MAY 17 1934.
Days—
Dealers'
Dealers'
Buying Rate. Selling Refe.
so
si
60
Si
so
M
3-16
3-16
3-16
Days-120
150
180
Dealers'
Dealers'
Buying Rate. Selling Rate,
%
Si
Ji
Si
Representative Steagall Introduces Bill to Clarify Provisions of Banking Act of 1933—Would Permit
National Banks to Act for Customers in Purchase
and Sale of Stocks.
National banks would be permitted to buy and sell corporate stocks for the account of customers under the terms of
a bill introduced by Chairman Steagall of the House Banking
and Currency Committee, which said Washington advices
May 23 to the New York "Times," seeks to clear up this
controversial point and clarify other provisions of the Banking Act of 1933. Regarding the bill, we quote further as
follows from the same advices:
The Federal Reserve Board has already ruled that it found nothing in
the Federal statutes that prohibited State banks, members of the Federal
Reserve System,from giving such service to their customers, and the Comptroller of the Currency, it has been indicated, believes that to be the intent
of Congress in regard to national banks, although the provisions of Section
18 of the Banking Act of 1933 as written might be otherwise interpreted.
The present law contains a sentence which states that "the business of
dealing in investment securities by the association (bank) shall be limited
to purchasing and selling such securities without recourse, solely upon the
order and for the account of customers, and in no case for its own account."
No direct mention is made of stocks and a definition of "investment
securities" appeared to exclude them from the category of investment
securities.
Seeks to Remove Doubt.
The Steagall bill seeks to remove all doubt as to the
meaning of Congress
by striking out at the beginning of the sentence the words
"the business of
dealing in investment securities" and substituting "the
business of dealing
in stocks, bonds or securities."
Another important provision on the Steagall bill deals with a paragraph
of the Banking Act of 1933, which provides among other things that "no
executive officer of any member bank shall borrow from
or otherwise become indebted to any member bank of which he is an
executive officer,"&c.
The term "executive officer" caused some confusion,
and the Steagall
bill provides a definition and makes other clarifying
changes. It says:
"The term 'executive officer' shall include the chairman
of the board
of directors and those officers actively functioning as
president, vice-president, cashier or assistant cashier."
In the Banking Act of 1933 member banks were forbidden
to pay any time
deposit before its maturity and the Steagall bill would
change this to read
that "no member bank shall pay any time deposit before maturity except
in its discretion upon waiver of accrued interest on the
amount so paid," &c.
Stock Ownership Changed,
The Steagall bill continues the provision in the Banking Act of 1933
that the board of directors of any national bank or other bank member of
the Federal Reserve System shall consist of not fewer than five nor more
than twenty-five members. It places the aggregate
par value of shares
which such director must possess "unpledged and unhypothecated" at
$1.,000.
The present act does not contain the word "unhypothecated" and fixes
at $2,500 the aggregate par value of the shares to be held.
The Steagall bill also contains a provision by which stockholders of a
bank in liquidation may by a majority vote of the entire stock of the bank
remove the liquidating agent or committee in charge and appoint one or
more others in place thereof, and specifies that a special meeting may be
called at any time for that purpose.
Volume
138
Financial Chronicle
3525
stock of the FDIC and the Treasury Department would
be authorized to buy or sell debentures and other bonds
Under authority of the Federal Home Loan Bank Board, and securities to furnish the fund. The bill in substantially
announced May 24, Federal Home Loan Banks are per- this form was favorably reported on May 21 by the House
mitted to make advances to their 2,484 member financial Banking and Currency Committee. It would guarantee
institutions at a rate as low as 4%. The maximum is 5%, deposits up to $5,000 for one year after July 1, as compared
and this has been the rate up to this time on all advances, with only $2,500 under the Banking Act of 1933, and the
it was noted in a Washington dispatch (May 24) to the same amount in the bill passed by the Senate on March 12.
New York "Times," in which it was also stated:
Reference to the Senate bill was made in these columns
While directors of each regional bank are vested with discretionary
March 24, page 1999. In pointing out the main differences
power, the Federal Home Loan Bank Board said to-day it was "likely
between the two bills, Associated Press advices from Washthat most of the banks from now on will make long-term loans between
ington May 24 said:
4 and 4;4% and short-term loans between 4M and 5%."
Federal Home Loan Banks Authorized to Reduce Rate
to Minimum of 4%.
"Member institutions, particularly in the East," said Chairman Fahey.
"were not inclined to borrow at 5% from the regional Home Loan Banks,
in spite of the convenient long-term loans thus obtainable, because they
were able to borrow elsewhere at lower rates, although only on short-term
credit.
• "By reducing the minimum bank rate to 4% it is expected that marked
stimulus will be given to long-term lending activity by the Federal Home
Loan Banks. These banks do not loan to individuals but only to home
financing institutions which have become members of such banks."
Mr. Fahey expects that by reducing the rate on bank advances member
institutions will be able to expand not only their lendable resources, but
in many sections to lower the mortgage interest rates charged to their
home-owner borrowers.
Simultaneously, the Home Owners Loan Corp. stated that $728,651,191
of the corporation's bonds and cash had been advanced on 246,335 homes
situated in every section of the country.
New 3% Bonds of Home Owners' Loan Corporation
Listed on New York Stock Exchange.
The new 3% bonds of the Home Owners' Loan Corporation were listed on the New York Stock Exchange on May
23for the first time after having been dealt in over the counter
and on the Produce Exchange as "when issued." The New
York "Post," noting this, said:
The amount of them issued is not known, but probably is not large.
It will be increased as home owners accept them and offer them for sale.
The first sale price was 100 14-32, compared with 100 1632 bid and
100 20-32 asked over the counter yesterday and 100% to ;4 on the Produce
Exchange.
Senator Cutting to Introduce Bill Calling for Creation
of National Bank Which Would Have Sole Authority to Issue Credit.
Introduction of a bill providing for the creation of a National bank which would have a monopoly of the issuance of
credit is planned by Senator Bronson Cutting, of New Mexico,
insurgent Republican. Senator Cutting,in making known his
intention in a speech delivered before the Cosmos Club, in
Washington, on May 19, under the auspices of the People's
Lobby,said:
For a year or more we have been engaged in currency manipulation. We
have juggled with the currency and we shall no doubt continue to do so.
The results have been small. The depression is still with us, and it is
doubtful if we can cope with it by any such methods.
The reason is that only a small part of our monetary system consists of
currency.
Muth the greater part is made out of bank credit. Until the Government
takes control of this most vital part of our financial system it is not going
to break loose from the burden of debt which is weighing down the Government as well as the private citizen of the nation.
Most people think of banking as a terribly complicated subject which they
cannot even attempt to understand. It is complicated in its details, but it
has been a part of the bankers' conspiracy to confuse the public by a discussion of details so that they may lose sight of the main outlines. Those
outlines are very simple and they virtually concern the life and happiness
of every human being.
Since 95% of our money is made up of bank deposits, it is important to
understand just what these bank deposits are. Of course, part of them, the
smaller part, comes from the bank's customers, who deposit cash or check
for safe-keeping with the banks. But by far the greater part of these deposits
are not deposits at all, in the real sense of the word. They come from the
right given to a bank to lend 10 times, or 20 times, as the case may be, the
amount of its reserves.
In the main, the interest of the banker is opposed to that of the general
community. He is lavish with credit in good times, when it is not needed,
and he withholds it in bad times when it is a necessity. Furthermore, the
bankers of the United States, even if we grant them the best intentions in
the world, are not in a position to work in co-operation in support of any
definite policy. They have the power to issue vastly more credit than is ever
actually necessary. Sometimes they do this. At other times they issue so
little that the economic system cannot be carried on. Then we get starvation in the midst of plenty, such as we are enjoying at the present day.
House Approves One-Year Extension of Bank Deposit
Guarantee, Increasing Amount to $5,000—Includes
Provision for "Permissive" Acquisition of Assets
of Banks Closed Since Dec. 31 1929 by FDIC, at
Cost Up to $1,000,000,000.
The House of Representatives late on May 24 passed,
by a vote of 175 to 0, a revised bank deposit guarantee
bill, to which was added a rider authorizing the Federal
Deposit Insurance Corporation to take over the assets
of banks closed since Dec. 31 1929, at a cost of not more
than $1,000,000,000. This provision was known to have
the opposition of President Roosevelt. Funds for financing
this program would be provided by expanding the capital
The Senate voted to continue the present deposit insurance plan, guaranteeing 100% deposits up to $2,500. The House raised the guaranty to
$5,000. Both measures postpone until July 1 1935 inauguration of the
permanent plan guaranteeing 100% deposits to $10,000, 75% to $50,000
and 50% over $50,000.
The Senate agreed to let the FDIC expand its present $450,000,000
capital three times. The House voted for an expansion of five times.
and decreed that half of the total might be used by the FDIC to buy or
lend on assets in banks which closed between Dec.31 1929 and Jan. 1 1934,
The House bill removed the stipulation in present law that State banks
must be members of the Federal Reserve System by July 1 1936 to have
their deposits insured by the Insurance Corporation. The Senate approved no such provision.
In its consideration of the bill the House swiftly steam-rollered advocates of the McLeod bill, which would direct the Reconstruction Finance
Corporation to buy up assets in closed banks at 100% value and pay
off their depositors.
Representative Clarence F. McLeod (Rep.), of Michigan, made a futile
attempt to change the language in the bill so the Insurance Corporation
would be "directed" instead of "empowered" to buy closed banks' assets.
The Democratic machine rolled him under, 127 to 60.
A Washington dispatch May 22 to the New York "Journal
of Commerce" described the principal provisions of the
bill as reported to the House as follows:
Possibly the most important provision of the bill as reported to the
House is the repeal of the requirement of the Banking Act of 1933 that
State banks must join the Federal Reserve System by 1936 to be eligible
for participation in the deposit insurance fund.
It is recalled that this same proposal threatened enactment of the Glass
banking reform bill last year and the issue was only settled when Senator
Glass, through the aid of the White House, succeeded in having Chairman
Steagall back down from his position and require the- banks to become
members of the Reserve System in order to participate.
Aid to Confidence Seen.
In its formal report filed with the House to-day, the Banking Committee made no mention of this feature of the bill, but declared that insurance of bank deposits has become a "reality" and the temporary plan
which has been in operation for almost a year has tended to "restore confidence in the banking structure of the country."
"There is no better index of this than the reports from practically every
section of the country," the report said, "which show a marked increase
in bank deposits since Jan. 1 1934 when the insurance went into effect.
"Inasmuch as 55% of the banks that are now members of the temporary funds became members through their voluntary application, and
not by reason of being required to join the Corporation, and inasmuch as
their ultimately becoming Class A stockholders likewise depends upon
their voluntary application it is the judgment of the Committee that an
additional period within which they may participate in the benefits incident to the insurance of their deposits will better enable them to decide
upon entering into the permanent insurance plan.
"While this work of preparation for the more complete protection of
depositors, which is provided in the plan for permanent insurance, is under
way, there is every reason to believe that the present feeling of confidence
in the banking structure of the country will not only remain, but will
improve as the work of rehabilitation, which was inaugurated with the
passage of the Banking Act of 1933, will be carried out to complete fruition."
Questionnaire Reported Sent to Bank Directors Who
Are Also Directors of Investment Trusts—Not
Issued Through It, Says Federal Reserve Board.
Directors of banks who are also directors of investment
trusts were reported this week to have received a questionnaire from the Federal Reserve Board, seeking to determine
the character of each investment trust in order to judge
whether the holding of the two positions would violate the
provisions of the Securities Act of 1933. At the Federal
Reserve Board in Washington it was stated on May 24 that
the Board had sent no such questionnaire, but that it was
possible that Federal Reserve agents in the various districts
might have requested supplemental information in connection with applications of bank directors who desire to continue in their investment trust posts.
The New York "Times" of May 24 described the questionnaire in part as follows:
The questionnaire has been sent also to banks which have directors
serving on trust boards. It seeks to determine the relationship between the
bank and the trust, and asks questions as to what extent the trust trades in
the market to what extent it buys securities from or sells them to the banks,
and whether or not it offers securities to the public as a general practice.
For some time the financial community has been in doubt as to the interpretation of Section 32 of the act as related to the trusts. Many have held
that a trust is "primarily engaged in the business of purchasing. selling and
negotiating securities" as outlined in that section. Others have held.
however, that an investment trust is no more subject to ban because of its
functions than an individual whose principal activities are performing these
functions for his own private account. It is contended that there is a wide
difference between this business and the brokerage or investment banking
business.
3526
Financial Chronicle
Action of New York State Bank Superintendent
Broderick to Enforce Liability of Rhode Island
Stockholders in Bank of United States Receives
Setback—Judge Churchill Sustains Demurrer.
Action brought by Joseph A. Broderick, New York State
Superintendent of Banks, against Rhode Island stockholders
in the defunct bank of the United States, seeking to enforce
liability in collecting $40,000 in this State to assist in the
liquidating of more than $30,000,000 of the bank's liabilities,
has met its first setback, said the Providence "Journal" of
May 19, which further reported:
Judge Alexander L. Churahill, in a rescript filed in Superior Court, yesterday, sustained the demurrer of one of the stockholders. It is likely the
Supreme Court eventually will be asked to determine questions involved.
"The question, therefore, narrows itself to this: Will this State, on grounds
of cornity, enforce the statutory provisions of New York as pleaded in the
declaration?" says the rescript.
No Similar Legislation.
The Court's answer is: "One of the tests commonly applied is that of similarity of legislation. There is no similar legislation here. In 1908 the liability of stockholders in State banks was abolished."
There are approximately 75 persons in this State holding stock in the
defunct bank, and more than a score of the suits against Rhode Island stockholders were brought in various District Courts of the State because the
claims were for less than $1,000.
While 16 grounds of demurrer were set forth in the suits of Superior Court
jurisdiction, the point most stressed in arguments by Francis B. Keeney, who,
with Dana M. Swan, of Swan, Keeney & Smith, represented the defence, was
that the action could not be maintained "since it is based on provisions of the
laws of New York which are contrary to the laws of this State and contrary
to its public policy, and hence unenforceable in this jurisdiction."
Against Public Policy.
"Well nigh the whole case of the plaintiff here is made to turn on the
ex parte findings of an administrative officer embodied in a certificate which
binds the defendant," Judge Churchill concludes. "Such a method of establishing liability is contrary to our legal traditions and settled practice, and
hence against our public policy, and would obviously result in injustice to
the defendant."
"No authorities have been cited, and none have been found which establish
the doctrine that the so-called implied contract of the stockholder embraces
all the remedial legislation in aid of enforcement of the liability of a stockholder of a foreign jurisdiction, to the degree that such legislation can be
transported to the domicile of the stockholder and there enforced as a matter
of right," says the rescript. "The cases where proceedings in a foreign jurisdiction have already ripened into a judgment or decree stand on a different
basis."
Gov. Lehman Signs Bill Creating Nine Branch Banking
Districts in New York State.
On May 16, Gov. Lehman of New York signed the
Stephens bill dividing the State into nine banking districts,
and permitting a bank to engage in branch banking within
its own district. Before affixing his signature to the bill,
Gov. Lehman held an open hearing on the measure at
Albany on May 10, and as was noted in our issue of May 12,
page 3193, one of those who expressed opposition thereto was
George V. McLaughlin, President of the.New York State
Bankers Association. At the hearing it was noted in Albany
advices to the New York "Herald Tribune" Gov. Lehman
expressed "considerable concern" less the new legislation
might revive the "serious menace" of branch banking
competition. In a memorandum issued with the signing of
the bill, the Governor stated that the measure "does not
call for State-wide branch banking," he added,"it limits
branches within defined districts comprised of three or more
counties, each district constituting a natural commercial and
trade area." He further stated that the bill provides that
"in no event shall a branch be opened and occupied in a city
or village in which are already located one or more banks,
trust companies or National banking associations, except
for the purpose of acquiring by merger, sale or otherwise the
business and property thereof."
The Governor also stated that "in addition to other safeguards, there will be the protection arising from the necessity
of procuring in advance the approval of both the Superintendent and of the Banking Board by a two-thirds vote of
all its members."
The passage of the bill by the Senate and Assembly was
noted in our issue of April 28, page 2839.
Although the bill was signed by the Governor on May 16,
announcement of his approval of it was not made until
May 20. The Governor's memorandum follows:
This bill divides the State into nine banking districts and permits a bank
to engage in branch banking within its own district.
Under existing law any bank or trust company in a city which has a
population of more than 50,000 may open branch offices within the city
upon approval of the Superintendent of Banks. The bill before me retains
that provision but implements it with the additional safeguard that no
branch can be opened without the approval of the Banking Board by a
two-thirds vote of all of its members.
The main feature of the bill authorizes a bank or trust company to open a
branch office in any city or village located in the banking district in which
It has its principal office, provided, however, that in no event shall a branch
be opened and occupied in a city or village in which are already located
one or more banks, trust companies or National banking associations,
May 26 1934
except for the purpose of acquiring by merger, sale or otherwise the business
and property thereof.
Again the bill provides that before any branch office can be established
the approval of both the Superintendent and of the Banking Board by a
two-thirds vote of all its members must be obtained.
The bill does not call for State-wide branch banking; it limits branches
within defined districts comprised of three or more counties, each district
constituting a natural commercial and trade area.
It contains strong, solid safeguards. In the first place, the banks in
Manhattan are given no power, additional to that which they possess, to
open branch banks. Those banks will continue to be restricted to branches
within the City of New York. In the up-State counties the indiscriminate
establishment of banks will be absolutely impossible because the bill explicitly provides that a branch can be opened only in a city or village which
now has no banking facilities, or if in a city or village already having banking
facilities, only by the purchase of a bank or trust company already doing
business therein. In other words, this bill will neither permit the unjustified
establishment of numerous branches nor a resort to unnecessary competition
to set up branches.
In addition to all these safeguards, there will be the protection arising
from the necessity of procuring in advance the approval of both the Superintendent and of the Banking Board by a two-thirds vote of all of its
members.
In this State there are 182 communities without any banking facilities;
half of this number previously enjoyed such facilities but in recent years
their banks have been closed because of their unsound condition. This bill
is the only means open to the people and commercial and business interests
of those communities to obtain banking facilities. Many of them are in dire
need of banking facilities. The lack of them has not only inconvenienced the
people but has handicapped the tradesmen and business men of the comnumities. In large measure all the activities of those communities have been
seriously curtailed.
Under the Banking Act of 1933 it is expressly provided that the National
banking associations will be bound by the same restrictions that this bill
imposes upon State banking institutions. This construction of the Banking
Act of 1933 has been confirmed by the Comptroller of the Currency of the
United States.
This bill should in no way injure the sound unit banks in this State, nor
will the bill reduce the amount of local credit available to residents of small
communities.
Impartial and disinterested experts in banking are largely in agreement
that the banking structure of this country would be materially strengthened
by a properly regulated and restricted system of branch banking. The
purpose of this bill is in accordance with those views. I am confident that
the bill not only will permit the extension of banking facilities to the communities now without them but will also greatly aid the banking structure
of the State of New York.
The bill is approved.
From Albany advices, May 20, to the "Herald Tribune"
we quote:
Executive approval of the bill is a victory for Joseph A. Broderick, State
Superintendent of Banks, who was back of it and in the face of strong
opposition at the Governor's hearing firmly asserted the urgency and soundness of the legislation. He contended that it eliminated the dangers of
competition and that it was needed to aid communities that were bereft
of necessary banking facilities and also that it would be the salvation of
certain banks now facing danger.
Except that it embraces Nassau and Suffolk Counties in the same banking
district (the first) with Kings and Queens, the bill does not otherwise
extend the branch area of New York City banks, New York, the Bronx and
Richmond being in the second district, a point brought out by the Governor
in his memorandum.
The nine banking districts provided under the new Act
are as follows:
The first banking district shall consist of the counties of Kings, Queens,
Nassau and Suffolk;
The second banking district shall consist of the counties of Richmond.
New York and Bronx;
The third banking district shall consist of the counties of Westchester.
Rockland, Putnam, Dutchess. Orange, Ulster and Sullivan;
The fourth banking district shall consist of the counties of Columbia.
Rensselaer, Washington, Greene, Albany, Schenectady, Saratoga, Warren,
Essex, Schoharle, Montgomery, Fulton, Hamilton, Otsego and Clinton;
The fifth banking district shall consist of the counties of Jefferson,
Lewis, Saint Lawrence and Franklin;
The sixth banking district shall consist of the counties of Herkimer,
Madison, Oneida, Onondaga, Oswego. Cayuga and Seneca;
The seventh banking district shall consist of the counties of Chemung,
Schuyler. Tioga, Tompkins, Broome, Delaware, Cortland and Chenango;
The eighth banking district shall consist of the counties of Monroe.
Wayne, Livingston, Ontario, Yates and Steuben;
The ninth banking district shall consist of the counties of Chautauqua,
Cattaraugus, Allegany, Erie, Niagara, Wyoming, Genessee and Orleans.
$4,000,000 of Government Securities Purchased During
Week of May 19 by Treasury Department.
During the week of May 19 the Treasury purchased
$4,000,000 of Government securities in the open market,
it is shown in a statement issued May 21 by the Treasury
Department. This compares with 8500,000 purchased
during the previous week ended May 12. Since the inception of the Treasury's support to the Government bond market last November, reference to which was made in our issue
of Nov. 25, page 3679, the weekly purchases have been as
follows:
Nov. 25 1933
$8,748,000 Feb. 24 1934
$1,861,000
Dec. 2 1933
2,545,000 Mar. 3 1934
10,208,100
Dec. 9 1933
7,079,000 Mar. 10 1934
6,900,000
Dee. 16 1933
16,600,000 Mar. 17 1934
7,909,000
Dec. 23 1933
16,510,000 Mat. 24 1934
37,744,000
Dec. 30 1933
11,950,000 Mar. 311034
23,600,000
Jan, 6 1934
44,713,000 April 7 1934
42,369,400
Jan. 13 1934
33,868,000 April 14 1934
20,580,000
Jan. 20 1934
17,032,000 Apr1121 1934
30,500,000
Jan. 27 1934
2,800,000 Apr1128 1934
4,885,000
Feb. 5 1934
7,900,000 May 5 1934
5,001,500
Feb. 13 1934
*22,528.000 May 12 1934
500,000
7,089,000 May 19 1934
Feb. 17 1934
4,000,000
•In addition to this amount. $638,400 of bonds held by the Treasury as collateral
security for postal savings deposits purchased Feb. 9 by FDIC.
Financial Chronicle
Volume 138
Treasury Purchases of Silver Totaled 503,308.80 Fine
Ounces During Week of May 18.
According to figures issued May 21 by the Treasury Department, 503,308.80 fine ounces of silver was received by
the various United States mints during the week ended
May 18 from purchases made by the Treasury in accordance
with the President's proclamation of Dec. 21 1933. The
proclamation, which was referred to in our issue of Dec. 23,
page 4440, authorized the Department to buy at least
24,000,000 ounces of silver annually. Of the amount purchased during the week of May 18, 501,992.80 fine ounces
were received at the San Francisco Mint and 1,316 fine
ounces at the Denver Mint. During the previous week,
ended May 11, the Treasury purchased 600,631.10 fine
ounces. The total weekly receipts since the issuance of
the proclamation are as follows (we omit the fractional
part of the ounce):
Week Ended—
Jan. 5
Jan. 12
Jan. 19
Jan. 26
Feb. 2
Feb. 9
Feb. 16
Feb. 23
Mar. 2
Mar. 9
Ounces.
Week Ended—
1,157 Mar. 16
547 Mar.23
477 Mar.30
94,921 April 6
117,554 April 13
375,995 April 20
232,630 Aprl127
322,627 May 4
271,800 May 11
126,604 May 18
--40.--.
Ounces.
832,808
369,844
354.711
569,274
10,032
753,938
436,043
647,224
600.631
503.309
Receipts of Hoarded Gold During Week of May 16
$1,096,390—$122,130 Coin and $974,260 Certificates.
Figures issued by the Treasury Department on May 21
indicate that gold coin and certificates amounting to $1,096,389.86 was received during the week of May 16 by the
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 16, amount to 6,033,071. The figures show
that of the amount received during the week ended May 16,
$122,129.86 was gold coin and $974,260 gold certificates.
The total receipts are shown as follows:
Received Si, Federal Banks—
Week ended May 16
Reoeived previously
Total to May 16
Received by Treasurer's
Office—
Weak ended May 16
Received previously
Gold Coin.
$122,129.86
27,649.077.14
Gold Certificates.
$970,860.00
55.521.510.00
827,771,207.00
$56,492.370.00
8245.994.00
$3.400.00
1,520,100.00
Total to May 16
91.523.500.00
9245,994.00
Nate.—Gold bare depoeited with the New York Assay Office to the amount of
$200,572.69, previously reported.
$355,254,000 in Tenders Received to Offering of $100,000,000 or Thereabouts of Two Series of Treasury
Bills Dated May 23—Total Accepted $100,597,000—
$50,457,000 Accepted for 91-Day Bills at Low
Average Rate of 0.06%, and $50,140,000 for 182Day Bills at Average Rate of 0.13%.
Tenders aggregating $355,254,000 were received at the Federal Reserve banks and the branches thereof, up to 2 p. m.,
Eastern Standard Time, May 21, to the offering of $100,000,000, or thereabouts, of two series of 91-day and 182-day
Treasury bills, dated May 23, Henry Morgenthau Jr., Secretary of the Treasury, announced May 21. Of the tenders received, the Secretary said, bids amounting to $100,597,000
were accepted—$50,457,000 for the 91-day bills and $50,140,000 for the 182-day bills. Both issues of the bills were
offered in amount of $50,000,000, or thereabouts, and the
tenders received to the 91-day series totaled $190,788,000,
while those for the 182-day series amounted to $164,466,000.
The bids for the 91-day bills, which mature on Aug. 22, were
accepted at an average rate of about 0.06% per annum, on a
bank discount basis, and for the 182-day issue, maturing
Nov. 21, at an average rate of about 0.13% per annum. The
0.00% rate equals the all-time low at which Treasury bills
have ever sold—established by a previous offering of 91-day
bills dated May 16. An issue of 182-day bills, bearing the
same date, sold at an average rate of 0.14% per annum. The
offering of bills dated May 23 was announced on May
17
by Secretary Morgenthau, and was referred to in our issue
of May 19, page 3366. Details of the result of the offering
follow:
91-Day Treasury Dills, Maturing Aug. 22 1934.
For this series, which was for $50,000,000, or thereabouts, the
total amount
applied for was $190,788,000, of which $60,457,000 was
accepted. The
accepted bids ranged in price from par to 99.983,
the latter price being
equivalent to a rate of about 0.07% 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 99.985, and
the average
rate is about 0.06% per annum on a bank discount basis.
182-Day Treasury Bills, Maturing Nov. 21 1934.
For this series, which was for $50,000,000, or thereabouts, the total
amount
applied for was $164,466,000, of which $50,140,000 was accepted.
The
accepted bids ranged in price from 99.949, equivalent to a rate of
about
3527
0.10% per annum, to 99.931, equivalent to a rate of about 0.14% per annum,
on a bank discount basis. Only part of the amount bid for at the latter
price was accepted. The average prim of Treasury bills of this series to be
issued is 99.936, and the average rate is about 0.13% per annum, on a bank
discount basis.
No Offering of Treasury Bills Announced by Treasury
Department This Week—Next Maturity June 20
When $100,110,000 Becomes Due.
The Treasury Department, for the first time in a long
period, omitted this week the usual weekly offering of
Treasury bills, which have been put out to meet maturity
bills, and in some instances to provide additional funds.
The decision to omit an offering this week was reached for
two reasons, said advices from Washington, May 24, to
the New York "Times" of May 25, which gave the reasons
as follows:
Because there is no maturity of Treasury bills to be retired
until June 20.
when $100,110,000 falls due, and because funds on hand
were more than
ample to handle any possible demand that might be made
on the Treasury
for current expenditures.
New Rules Relating to Procedure Under Federal
Securities Act Issued by Federal Trade
Commission—New Form for Registration.
The Federal Trade Commission made public on May
18
three rules and a form for registration under the Securitie
s
Act of 1933, adopted and effective as of May
16, the
purpose of which was indicated as follows by the
Commission:
One of the rules relates to procedure to be followed in
obtaining an order
from the Commission which will permit the non
-disclosure of portions of
certain contracts. As provided in the Act, if the
Commission determines
that disclosure of the provisions of any portion of a
material contract in
the registration statement would impair the value
of the contract and is
not necessary for the protection of investors, the
Commission may permit
such provisions to remain undisclosed.
A second rule adopts the new registration statement
form, and rescinds
approval of the previous form D-2, though
statements on the latter form
will be accepted if filed before July 16 1934.
The third rule lists items of information which
may be omitted from a
prospectus based upon the new form, but
requires as a condition to such
omission that the prospectus indicate what
omissions have been made.
It also requires the sending of a supplemental
prospectus at or before the
time of delivery of securities registered on the new
form, designed to bring
up to date certain of the items of information
asked for in the form.
The new form, designated as Form E-1, is
accompanied by rules which
indicate the circumstances under which registratio
n should be effected on
it. Generally speaking, the form is for securities
issued in reorganizations,
but the term "reorganization" is broadly defined
to include readJustments,
exchanges, mergers and consolidations. The
time when the statement
must be effective is also prescribed.
It was observed in a dispatch May 18 from
to the New York "Times" that officials said Washington
that the new
rules did not represent any important relaxati
on of provisions. The text of the three rules and of the
rules as to the
use of the form follows. Copies of the form
itself may be
had upon application to the Commission.
Non-Disclosure of Contract Provisions
.
(1) Disclosure of the provisions
of any portion of a material
contract shall
not be required in any registration statement
if, after application by the
registrant. the Commission determines by
appropriate order that such
disclosure would impair the value of the
contract and is not necessary for
the protection of investors. In such case, the
made public need not divulge the fact of the registration statement as
existence of such portion of
a contract.
(2) In order to secure such an order, the
registrant shall—
(a) omit from the registration statement as
originally filed any reference
to or statement, summary or copy of the
portion of any material contract
which it desires to keep undisclosed.
(b) file with the registration statement,
but not bound as part thereof,
three copies of such contract, clearly marked
(c) file with such contract an application to"confidential"; and
the Commission for such an
order, identifying the portion of the contract
which it desires to keep undisclosed, and stating the facts upon which it
relies for the obtaining of
such order.
(3) Pending the granting or denial by
the Commission of any application
flied in accordance with paragraph (2),
the terms and existence of the
portion of the contract in question will be
kept undisclosed.
(4) If the Commission is not convinced
that any such application should
be granted the Commission will give notice
of that fact by personal service
on or by the sending of a confirmed
telegraphic notice to the agent named
in the statement to receive notice, and
an opportunity for hearing thereon
(at a time fixed by the Commission)
within ten days after such notice.
(5) If the Commission determine
s by appropriate order that the
application be denied, the agent named in
the statement to receive notice
shall
be given notice thereof in the manner
provided
above
and
an
to withdraw within three days after
opportunity
the giving of such notice all
papers
previously filed as a registration statement
.
Adoption of Form E-1.
(1) The Commission hereby rescinds its
to the provision, however, that registratioapproval of Form D-2, subject
n statements on said form
be accepted until July 16 1934.
will
(2) The Commission hereby adopts the
attached
Form
E-1. to be used
and prepared in accordance with the
rules as to the use of such form
with the instructions as to its preparatio
n attached thereto, subject and
to the
Provision, however, that registration
statement
Feb. 16 1935 may omit Exhibit V as required s on this form filed before
by Item 50.
(3) Registration of securities to which Form
E-1 is applicable must be
effected, though such securities are to be
held by voting trustees and
to be represented by voting trust
are
certificates, if such voting trust
certificates
are issued or sold to the public (including
in such term any substantia
l class
of security holders or their representatives).
Financial Chronicle
3528
Prospectuses for Securities Registered on Form E-1.
The second paragraph of Article 16 of the rules and regulations effective
July 6 1933 is hereby amended by inserting, after sub-paragraph (6)
thereof, new paragraphs so as to read as follows (omitting sub-paragraphs
(1) to (6), inclusive, which remain unamended):
"Subject to the foregoing provisions, there may be omitted from a prospectus the following items of information contained in the registration
statement:
"(7) If the registration Form E-1 is filed as to any issuer or security:
4, 11, 16, 17, 22, 26, 27,..39, 40, 41. 43, Exhibits A to K. inclusive, the
supplementary, earlier balance sheets required under Exhibits L, N, P,
T and W;Exhibits M.0,Q, U and X,including all statements of predecessors who are such under the definition in the Form No. 19 (2) (except
the most recent profit and loss statement of the predecessor most recently
owner of each item or group of property), but excepting the most recent
profit and loss statements of the registrant, all guarantors, and all predecessors who are such under the definition in the Form No. 19 (1); the unconsolidated financial statements of the registrant and the financial statements
of subsidiaries required under Exhibit V; all supplemental schedules; any
schedule or statement submitted in lieu of any of the balance sheets or
profit and loss statements which may be omitted from the prospectus
under this rule.
"Provided, however, that if the information contained in the registration
statement under any ofsuch items or exhibits is omitted from the prospectus
in accordance with the provisions of this rule, the prospectus must contain
a statement in the following form in type or print as legible as that employed
generally throughout the prospectus:
"'As permitted by Article 16 of the rules and regulations of the Federal
Trade Commission under the Securities Act of.1933, the information contained under the following items in the registration statement for these
securities, on flle with the Commission, has been omitted. Copies of the
pages of the registration statement containing the information as to any
such items may be obtained from the Federal Trade Commission upon payment of the Commission's charge for copying. The numbers of the items
and their subject-matter are as follows:(Insert here only such of the following as to which information, given in the registration statement, is
omitted from the prospectus.)
"'4. Name and address of registrant's authorized representative in
the United States.
"'ii, Summary of provisions of instruments with reference to the rights
and liabilities of the security holders of the registrant and other issuers
before the plan.
"'16. The (insert here the number of those listed in the statement)
largest security holders of the registrant from the standpoint of voting power.
"'17. The investment of (directors, officers, partners, trustees—Insert
whichever is applicable) in securities of the registrant as of a recent date,
and as of approximately one year prior thereto.
"'22. Names and addresses of legal counsel acting for the registrant In
connection with the registered securities.
"'26. Identification of property acquired under the plan by the registrant
or acquired within the last two years by the registrant or a predecessor
from persons standing in special relationships thereto.
"'27. Comparison of cost of property to the registrant or its predecessor
and to a person standing in special relationship thereto from whom it
was acquired.
"'39, Summaries of material contracts and patents.
"'40. Brief statement of legal proceedings which might affect the value
of the registered securities.
"'41. Grounds for denials by governmental bodies of the right to sell
securities issued by the registrant.
'43. Nature of any interest or contingent fee, or office received or
held by any person named as an expert in the statement.
"'Exhibit A. Articles of incorporation (substitute appropriate description for any documents filed in lieu thereof).
"'Exhibit B. Latest annual report.
"'Exhibit C. Orders of governmental bodies denying the right to sell
rwistrant's securities.
"Exhibit D. Underlying indentures.
"'Exhibit E. Underwriting contracts.
"'Exhibit F. Opinion of counsel with reference to issue's legality.
"'Exhibit G. Copy or specimen of registrant's securities.
"'Exhibit H. Material contracts or patents.
"'Exhibit I. Deposit agreement and plan.
"'Exhibit J. Prospectus to be used.
"'Exhibits K (and K-1). Schedule of collateral security for issues or
registrant or others involved in the plan.
"Exhibits L. N, P. R, T, W. Balance sheet of (insert name of persons) as of (insert date).
"'Exhibits M,0, Q, U, X. Profit and loss statement(s) of (insert name
of person) for (insert dates of commencement and termination of period).
"'Exhibit V. Unconsolidated financial statements of (insert name of
registrant) for (insert dates). Financial statements of (insert names of
subsidiaries) for (insert dates).'
When any schedule or statement is submitted in lieu of any of the balance
sheets or profit and loss statements, the wording of the required insertion
in the prospectus should be changed from that specified above to indicate
the nature of the exhibit on file.
"Notwithstanding any of the foregoing provisions before or at the time
of the delivery of securities registered on Form E-1, there shall be delivered
to the persons intended to receive such securities a prospectus containing
such information as would have been required in the registration statement
under the following items, if the statement had originally been filed so as
to become effective not more than twenty clays prior to the date of the
commencement of the delivery: 8. 10, 13-15. 18, 19, 21, 23. 24, 28(a).
29(a), 30-37, 44(a)-(o). Such information need be included in this prospectus, however, only in so far as it differs from that given in a previous
prospectus used in connection with the registration on this form. It may
be expressed in a condensed or summarized form subject to the conditions
provided in the first paragraph of this article. Five copies of any prospectus purporting to comply with this paragraph must be filed as an amendment to the registration statement."
Rules as to the Use of Form E-1.
1. Form E-1 is to be used to register securities (including contracts of
guaranty but excepting voting trust certificates, certificates of deposit and
certificates of interest or shares in unincorporated investment trusts of the
fixed or restricted management type not having a board of directors or a
board of persons performing similar functions, but having a depositor or
sponsor) issued, sold or modified in the course of a reorganization, as hereinbelow defined.
(If, however, in the course of reorganization there are no "sales" of the
issuer's securities to security holders as such which require registration,
the issuer may register on the form which is appropriate for the type of
securities involved when issued or sold for cash.)
2. A separate registration statement shall be filed by each separate
issuer, whether it be a primary issuer or a guarantor.
on
3. A registration statement for securities requiring registration
Form E-1 shall be effective before their "sale" by the issuer thereof or an
underwriter or dealer.
thereof is involved in the subA "sale" of such securities by the issuer
mission of a plan or agreement for reorganization.
to or to dissent or withdraw from a
(a) when an opportunity to assent is
given on such terms that a person
Plan or agreement for reorganization
withdraw within a limited time will be
so assenting or failing to dissent or
May 26 1934
bound,so far as he personally is concerned, to accept such securities, unless
at the same time he retains or is given a right subsequently to withdraw
which is conditioned, if at all, only upon his payment of not more than his
proportionate part of the expenses of reorganization. and
(b) if the plan or agreement referred to is submitted by, or with the
authority of, the issuer of such securities.
A registration statement for such securities shall, therefore, be effective
before such "sale" is made.
If the condition stated under (b) in the preceding paragraph is absent,
either because the proposed issuer is not in existence or for any other reason,
no registration of such securities is then necessary, in view of the provisions
of the first clause of Section 4 (1) of the Act. A registration statement
for such securities shall be in effect in any event, however, before their
"sale" (including their issue or modification) by their issuer or an underwriter or dealer.
4. Since the "sale" of securities registered on this form may be made
under circumstances different from those subsequently existing at the date
of commencement of their delivery to the ultimate holders thereof, it is
required, as a condition to the continued effectiveness of a statement on
this form after the latter date, that:
(1) Any document which is required as an exhibit and which becomes
effective or which is put into final form subsequent to the effective date
of the registration statement and prior to the commencement of the delivery of the securities to the ultimate holders thereof, and
(2) Any amendment to a document which is required under Exhibits A
or D and which becomes effective in such period, shall be filed as an amendment to the registration statement.
5. As used in these rules and the accompanying instructions:
(1) The term "reorganization" includes any transaction involving:
(a) The acquisition of assets of a person, directly or indirectly, partly or
wholly,in consideration of securities distributed or to be distributed as part
of the same transaction, directly or indirectly, to holders of securities issued
by such person or secured by assets of such person, whether as a liquidating
dividend or otherwise.
(b) A readjustment by modification of the terms of securities by agreement; or
(c) A readjustment by the exchange of securities by the testier thereof
for others of its securities; or
(d) The exchange of securities by the issuer thereof for securities of
another issuer; or
(e) A statutory merger or consolidation.
(2) The term "sale" has the meaning given in Section 2 (3) of the Act;
"Any contract or sale or disposition of, attempt or offer to dispose of, or
solicitation of an offer to buy."
certificate
(3) The term "security holder" includes a person holding aor not he is
issued against the deposit of the security referred to, whether
entitled to return of the security upon surrender of the certificate.
Federal Trade Commission Rules that Treasury Stock
of Corporations Issued Before Effective Date of
Securities Act Must Be Registered Before It May
Be Sold.
A ruling to the effect that treasury stock of corporations,
originally issued before the effective date of the Securities
Act of 1933, must be registered under the Act before it may
be sold, was made known by the Commission under date of
Mar. 13. Incident to the announcement, it is said to have
been explained that if a corporation re-acquired'some of its
own stock and then ordered its broker to sell, the stock
would have to be registered as if it were an original issue.
The Commission's announcement of Mar. 13 follows:
The Federal Trade Commission to-day made public an extract from a
letter in response to an inquiry concerning the application of Section 4 (2)
of the Securities Act. This release supplements Release No. 97, published
Dec. 28 1933, containing extracts from other letters discussing the application of the Act to various situations.
16. Section 4 (2). Certain corporations having unissued stock and
others having treasury stock which was originally issued before the effective
date of the Securities Act proposed to sell such stock through brokers on
the Stock Exchange. The question was raised whether Section 4 (2) of the
Securities Act made it unnecessary for the issuing corporations to register
such stock before ordering its sale. The following is the comment contained
in the letter:
"Apparently the exemption provided by Section 4 (2) of the Securities
Act applies to the broker's part of a broker's transaction. It does not
extend to the customer. Whether the customer is excused from complying
with the requirements of Section 5 depends upon his own status or upon
the character of the transaction in which he himself is engaged. In other
words, therefore, an issuer selling through a broker on the Stock Exchange
would be subject to Section 5 of the Act. This would be true whether the
securities sold by the issuer were unissued or treasury stock.
"The House Report on the Securities Act (H. R. No. 85, Seventy-third
Congress, First Session), at page 16, contains comment on this section of
the Act which involves the interpretation which I have outlined above.
Under this exemption it is stated, 'Purchasers, provided they are not
dealers, may thus in the event that a stop order has been entered, cut their
losses Immediately, if there are losses, by disposing of the securities. On
the other hand, the entry of a stop order prevents any further distribution
of the security.' This statement indicates that dealers (in the period of
one year after date of public offering) would be unable to sell through
brokers securities for which no registration statement was in effect in
accordance with the provisions of Section 5 (a). The same restriction
must, of course, apply to issuers and underwriters. Obviously, the Committee did not conceive that the exemption extended to the broker's
customer."
Under this ruling treasury stock originally issued before the effective
date of the Securities Act of 1933 must be registered under that Act
before it may be sold.
An earlier item, bearing on the above, was given in our
Issue of Mar. 3, page 1475.
Federal Trade Commission Adopts New Form to Be
Used in Registering Voting Trust Certificates
Under Securities Act,
The Federal Trade Commission announced on Mar. 15 that
It has adopted a new form, known as Form P-1, to be used
in registering voting trust certificates under the Securities
Act of 1933. Incident thereto the Commission adopted certain rules as to the use of the form, and instructions as to
Volume 138
Financial Chronicle
its preparation. It also adopted an amendment to Article 16
of the rules and regulations, setting forth what items of a
registration statement on Form F-1 may be omitted from a
prospectus covering such certificates. The Commission indicated the changes embodied in its rulings as follows:
The rules as to the use of Form F-1, as contained in the rules and instructions accompanying Form F-1, are given below:
1. Form F-1 is to be used to register voting trust certificates issued
either in the course of a reorganization or otherwise.
2. A registration statement for voting trust certificates shall be effective
before their "sale" by the issuer thereof (the voting trust) or an underwriter or dealer.
A "sale" of voting trust certificates by the issuer thereof is involved in
the submission of a plan or agreement for reorganization:
(a) when anTopportunity to assent to or to dissent or withdraw from a plan or
agreement for reorganization is given on such terms that a person so assenting
Wailing to dissent or withdraw within a limited time will be bound, so far as he is
Personally concerned, to accept the voting trust certificates, unless at the same time
be retains or is given a right subsequently to withdraw which is conditioned, if at
all, only upon his payment of his proportionate part of the expenses of reorganization,
(b) if the plan or agreement referred to Is submitted by, or with the authority
of, the issuer of the voting trust certificates.
A registration statement for the voting trust certificates shall, therefore,
be effective before such "sale" is made.
If the condition stated under (b) in the preceding paragraph is absent,
either because the voting trust is not in existence or for any other reason,
no registration of the voting trust certificates is then necessary, in view
of the provisions of the first clause of Section 4 (1) of the Act. A registration statement for the voting trust certificates shall be effective in any
event, however, before their "sale" (including their issue, modification or
readjustment) by their issuer or an underwriter or dealer.
3. Since the "sale" of the voting trust certificates registered on this
fcrm may be made under circumstances different from those existing at the
date of commencement of their delivery to the ultimate holders thereof,
it is required as a condition to the continued effectiveness of a statement
on this form after the latter date that the registration statemen be amended
so far as is answers to items 2 and 8 to 12, inclusive, would have been
defective if it had been originally filed within 20 days prior to the date
of the commencement of the delivery of the certificates to the ultimate
holders thereof.
4. As used in this rule:
(a) The term "voting trust certificate" means any security evidencing a participation in a voting trust or other agreement for the holding of securities for
voting purposes.
(b) The term "sale" has the meaning given in Section 2 (3) of the Act: "Any
contract of sale or disposition of, attempt or offer to dispose of, or solicitation of
an offer to buy," and includes, specifically, a modification of, or offer to modify.
the terms of a security by agreement or otherwise.
Article 16 of the rules and regulations contains the following paragraph:
"Subject to the foregoing provisions, there may be omitted from a prospectus
the following items of Information contained in the registration statement?'
The Commission's amendment supplies the following language to be
placed as paragraph (6) under the above paragraph, as follows:
"(6) If the registration form F-1 is flied as to any issuer or security: 3, 26, 27,
and all exhibits."
The foregoing rules are effective as of Mar. 14 1934,
Federal Trade Commission Held by United States
Supreme Court to Be Without Power to Order
Dissolution of Corporation Merged by Vote of Its
Stockholders—Dissenting Views of Justice Stone—
Decision in Case of Arrow-Hart & Hegeman
An order of the Federal Trade Commission directing the
dissolution of the Arrow-Hart & Hegeman Electric Co., of
Hartford, Conn., was set aside on Mar. 12 by the United
States Supreme Court, which in a 5 to 4 decision ruled that
the Commission was without authority to order dissolution
of corporations merged by vote of their directors. The High
Court held that if the merger violated any law the remedy
lay in the courts and not with the Commission. The ruling
was given in the case of the Arrow Electric and the Hart &
Hegeman manufacturing companies, of Hartford, Conn.,
which claimed they had merged to meet active competition
and denied the consolidation promoted monopoly. Associated Press accounts from Washington, in the account of the
decision, also had the following to say:
A minority of the court argued that the decision opened a door by which
corporations could evade the Clayton Act and the Federal Trade Commission
Act and merge by erecting a "screen of corporate dummies."
Justice Roberts, who had sided with the majority in recent industrial
recovery cases, lined up to-day with Justices Vandevanter,
McReynolds,
Sutherland and Butler to uphold the merger of the two companies.
The companies had a total capitalization of approximately
$4,500,000 and
were engaged in the manufacture of electrical equipment.
Claiming they were merging to meet active competition and denying
the consolidation involved monopoly, the two companies
asserted that if
forced to operate separately many persons would be thrown out
of employment. The merger was accomplished over an order issued
to the Trade
Commission in July 1932. The action of the Commission Was
approved by
the lower Federal courts.
Through Justice Roberts the majority of the Supreme Court
declared
that
"if the merger of the two manufacturing corporations
and the combination
of their assets was in any respect a violation of any
anti-trust law, as to
which we express no opinion, it was necessarily a violation
of statutory
prohibitions other than those found in the Clayton Act. And
if any remedy
for such a violation is afforded, a court and not the
Federal Trade Commission is the appropriate forum."
The Trade Commission "may order a practice to
be discontinued and
shares held in violation of the Act to be disposed of,"
the
"but, that accomplished, has not the additional powers of a opinion said,
court of equity
to grant other and further relief by ordering property of a
different sort
3529
to be conveyed or distributed, on the theory that this is necessary to render
effective the prescribed statutory remedy."
Dissenting Opinion of Justice Stone.
In his dissenting opinion Justice Stone said the Clayton Act had been
nullified in part by the majority ruling, and that a way had been opened
by which corpomtors could effect mergers the law was intended to prohibit.,
"The Commission made its finding, abundantly supported by evidence,"
Justice Stone added, "that the course of action taken was 'an artifice and
subterfuge designed in an attempt to evade the Clayton Act, to perpetuate
the elimination of competition.'"
The following further extracts from the majority and dissenting opinions are from a Washington dispatch, Mar. 12,
to the New York "Times":
Holds Public Not Injured.
Justice Roberts declared that the "record is said to disclose that competition was not in fact diminished but preserved." He also said that the
stock of the two companies was no longer owned by the holding company—
"which had been dissolved"—when the Commission issued its order.
"Not only is there a total absence of proof of injury to the public," he
added, "but much affirmative evidence that consumers were benefited by
reduction of prices consequent upon manufacturing efficiency made possible
by unified control." . . .
Expressing a different view, Justice Stone said:
"That the merged corporation is different from the original offender
should lead to no different conclusion. It is but the creature, an alter ego,
of the offender, created by the offender's exercise of power over the illegally
acquired stock for the very purpose of perpetuating the suppression of competition, which the Commission from the start had power to forbid. To
declare that an offender, whose cause is pending before the Commission, can
effect through its creatures and agents what it may not itself do, nullifies
the statute."
These considerations, he concluded, "demand our rejection of the contention that an offender against the Clayton Act, properly brought before the
Commission and subject to its order, can evade its authority and defeat
the statute by taking refuge behind a cleverly erected screen of corporate
dummies."
A summary of the case was contained, as follows, in
Washington advices (Associated Press), Mar. 12, to the
Hartford "Courant":
The Arrow Electric Co. and the Hart & Hegeman Manufacturing Co. consolidated into the Arrow-Hart & Hegeman Electric Co. Before consolidation they had a total capitalization of approximately $4,560,000, the Arrow
company having been known in the trade for its socket line, and the Hart &
Hegeman company for its switch line.
The consolidation was first attempted through a holding company, which
was dissolved when the Federal Trade Commission, in March 1928, issued a
complaint against it. The two companies then decided to merge, but the
Commission, in July 1932, ordered the dissolution, holding the consolidation was in violation of the Clayton Act.
Denied Monopoly Claim.
Asserting the public had suffered no injury through the consolidation and
Insisting it had benefited through manufacturing economies, resulting in
lower prices, improved quality and continued operation of the plants, the
company contended it was meeting active competition in its field from
other concerns and that the consolidation did not involve monopoly.
It asserted the enforcement of the Commission's order would work good
to no one; that it would annihilate or greatly weaken one of their companies if forced to separate and would result in throwing many persons
out of employment at a time when the Federal Government was attempting
to promote industrial recovery and increase employment.
The decision of the United States Supreme Court reversed
the Second Circuit Court of Appeals, which had sustained
the Commission.
List of Companies Filing Registration Statements with
Federal Trade Commission Under Securities Act.
In an announcement made available 3Ihy 21, the Federal
Trade Commission stated that 10 new registration statements covering proposed issues amounting to more than
$6,600,000 had been filed with the Commission under the
Securities Act. More than $5,360,000 represents industrial
and commercial issues, while certificates of deposit in refinancing matters amount to $792,000; the sum of $136,200
is for reorganization projects and $310,200 for investment
companies. Companies or committees filing statements
have headquarters or operate in Chicago, Cleveland, Los
Angeles, San Francisco, Cincinnati, New Orleans, Rochester,
N. Y.; Atascadero, Calif.; Moodus,Conn., and Webb City, Mo.
The registration statements (880-889) were listed as follows:
Haddon Distillers Corp. (2-800, Form A-1), Moak*, Conn., a Delaware
corporation organized Aug. 31 1933, to manufacture liquors, proposes to
issue class A non-voting stock at a minimum aggregate price of $218,750.
The maximum price is undetermined, according to the company. The underwriters, Christianson, MacKinnon & Co., 49 Pearl St.., Hartford, Conn., are
expected to purchase 30,000 shares at a minimum of $5 each, "or 80% of
selling price if same exceeds $6.25 per share, and subject to increased selling
price by mutual consent depending upon progress and earnings of company."
The first 7,000 shares are expected to be offered at $6.25 each, while the
public offering price of the next 23,000 shares will be "increased by mutual
consent of company and brokers, depending upon progress and earnings of
company." Among officers are: Albert A. Finkelstein, President, New
York City; David L. Nair, Treasurer, and William F. Service, Secretary,
both of New Britain, Conn.
Naybob Gold Mines, Ltd. (2-881, Form A-1), 808 Genesee Valley Trust
Bldg., Rochester, N. Y., a Canadian corporation organized Jan. 8 1934, to
mine gold on claims located in Cochrane District, Ontario, and proposing
to issue 600,000 shares of common stock, the first 100,000 at 25c. each
and the balance at 40c. each, or an aggregate of $225,000, the proceeds
to be used for organization purposes. While no underwriters are listed,
it
Is expected a commission of 15% or 20% will be paid directly to
broker
3530
Financial Chronicle
or agents. Among officers are: Robert J. Naylor, President, and Harvey J.
Haddleton, Secretary-Treasurer, both of Rochester. Mr. Haddleton is also
United States agent.
Pacific Investors, Inc. (2-882, Form A-1), Los Angeles, a Delaware corporation organized May 1 1934 to engage in the security investment business.
The company expects to issue 141,000 shares of common stock at an aggregate price of $310,200, the proceeds to be used for organization and investment purposes. The stock will be offered at $2.20 a share. The underwriter is American Capital Corp., 711 Bank of America Building, Los Angeles
Among officers are: Henry S. McKee, Presie,ent, and E. A. Orwig, SecretaryTreasurer, both of Los Angeles.
Republic Distillers, Inc. (2-883, Form A-1), 803 Schmidt Building, Cincinnati, a Delaware corporation organized Dec. 5 1933 as a holding company
for the stocks of distillery and rectifying corporations and the stock of a
distributing company and a cooperage company, the entire organization being
intended to manufacture and sell liquor and manufacture the necessary cooperage. It expects to issue 1,838,518 shares of common stock at $2.50 a share,
or an aggregate price of $4,596,295, the proceeds to be used for organization
and working capital. Andrew Scott & Co., 50 Broadway, New York City,
the underwriter, is to receive the difference between $2 a share and the
price paid by the public for the stock. Among officers of the company are:
William A. Thomson Sr., Louisville, Ky., President; Robert L. Kittredge,
Cincinnati, Secretary, and Jeffrey A. Stone, Elkins Park, Pa., Treasurer.
Canal & Royal Realty Corp. (2-884, Form D-2), 827 Hibernia Bank
Building, New Orleans, a Louisiana corporation organized Jan. 16 1934, and
owning property at Canal and Royal Streets, New Orleans. The company
expects, under a reorganization or readjustment plan, to issue 10-year 5%
income bonds amounting to $136,200 and 2,270 shares of capital stock.
The only stock to be issued will be in exchange for certificates of deposit
for John D. Nix Jr., first mortgage 6% serial gold bonds, dated March 1
1927. The basis for exchange will be one share of stock for each $100 principal amount of bonds. The only 10-year 5% income bonds to be issued
will be in exchange for the certificates of deposit representing the Nix first
mortgage gold bonds, the basis for the exchange to be $60 principal amount
of 10-year 5% income bonds for each $100 principal amount of John D.
Nix Jr. bonds. Among officers of the company are: C. E. Meriwether, President, and A. P. Smith Jr., Secretary-Treasurer, both of New Orleans. The
bonds covered by this registration statement will be subordinated to an
authorized issue of $40,000 of first mortgage bonds.
Sam Tavalin and Others (2-885, Form D-1), 33 North LaSalle Street,
Chicago, a committee for the protection of holders of securities underwritten
or sold by or through the Logan Square State 44 Savings Bank and/or the
Logan Investment Co. In this instance, the Committee is calling for deposits of $125,000 first mortgage real estate bonds secured by first mortgage
trust deed on real estate of Charles Rollins Holt and Mae K. Holt, namely,
the Beacon Arms Apartments, 4726-34 Beacon Street, Chicago. The $125,000
principal amount of first mortgage bonds were for a period of seven years,
payable in instalments Because of a default in the principal payment, due
April 18 1932, the entire principal amount of bonds outstanding and unpaid, together with accrued interest, were declared to be immediately due
and payable. For the protection of bondholders, the bonds were called for
deposit July 29 1932. A foreclosure suit is pending in the Circuit Court of
Cook County, Ill. Under a reorganization plan, it is expected the Beacon
Arms Apartments Liquidation Trust will be organized. Members of the
Committee are: Sam Tavalin, Emil Jenisch, Waldemar J. Roehler and
John T. Dempsey, all of Chicago.
Atascaclero Mining Co. (2-886, Form A-1), Atascad,ero, Calif., organized
March 28 1934, to engage in mining in California, and proposing to issue
200,000 shares of common stock at $1 a share, or $200,000. The proceeds
will be used for equipping and operating gold mining properties, particularly
the Vanderbilt mines now held by this company under lease. Oscar L. Willett, 823 W. M. Garland Building, Los Angeles, is the underwriter "in the
same sense that as a licensed stock broker he will handle the stock sales to
the public on a brokerage commission of 20%. He is not underwriting any
part of the issue for resale." Among officers are: Ted Bishop, President;
W. E. Hanson, Secretary-Treasurer, and G. Earl Henderson, Vice-President,
all of Atascadero, Calif.
Ozark Shoe Co. (2-887, Form A-1), Webb City, Mo., a Missouri corporation organized Dec. 20 1933, to manufacture women's popular priced ehoes.
The company expects to issue 12,500 shares of no par preferred stock at $10 a
share, or $125,000. Proceeds of a $25,000 bond issue will be used for construction of the shoe factory, while proceeds of the sale of preferred stock
will be used for working capital. No underwriters are listed. Among officers
are: W. A. Corl, Webb City, Missouri, President; J. R. Hickman, Springfield, Mo., Secretary-Treasurer.
W. W. Whitecotton Realty Corp. Bonkhold,ers" Committee (2-888, Form
D-1, Part II), 111 Sutter Street, San Francisco, Calif., having called for
deposits of $632,500 first mortgage 63'% serial gold bonds (face value,
$640,000; market value, as of May 7 1934, $268,800) on a hotel property
of the above company in Berkeley, Calif., announces a plan of reorganization.
the Committee expects to cause the mortgaged property to be conveyed to a
new company in exchange for (a) $632,500 mortgage income bonds, which
amount is equal to the amount of the old first mortgage bonds now on deposit,
and (b) 1,265 shares of common capital stock of the new company (2,500
shares authorized only 1,265 to be presently outstanding). The committee
proposes that it shall then deposit all shares of stock of the new company in a
voting trust, receiving in return voting trust certificates. The trustees are
to be as follows: H. S. Boone, Edwin L. Witter, Edward Hohfeld, George
Knox and Dr. Harley H. Gill, who are likewise members of the bondholders'
committee. The bonds were solicited for deposit prior to passage of the
Securities Act and consequently were not filed for registration. The deposit
is closed and the plan is now being submitted to the bondholders.
Superior-Boulevard Apartments First Mortgage Bondholders' Committee
(2-889, Form D-1), 310 South Michigan Avenue, Chicago, calling for deposit $35,300 principal amount (market value, as of Jan. 28 1934, $1,941.50)
out of an original issue of $400,000 (reduced to $321,000) of 61
/
2% first
mortgage gold bonds dated Aug. 1 1922, and due serially on or prior to
Aug. 1 1937. The Committee had on deposit, as of May 7 1934, a total of
$285,700.
Funds were not deposited to meet interest and principal payments due
Aug. 1 1931, on bonds of the above issue, which are secured by a first
mortgage on a three-story store and apartment building in Cleveland.
Pursuant to deposit agreement of July 23 1931, the Committee has adopted
a reorganization plan contemplating formation of a new company, with an
authorized capital of 4,280 shares of common stock of no par value. All
stock will be deposited under a voting trust agreement and voting trust
certificates issued therefor. Members of the Protective Committee are:
Robert C. Lee and Salmon P. Halle, Cleveland, and Sidney II. Kahn, Chicago.
The Committee has designated Mr. Halle, Mr. Kahn and Jacob P. Stotter, the
latter of Cleveland, as the voting trustees.
May 26 1934
(Registration Statements 890-899.)
New issues filed for registration under the Securities Act,
totaling more than $6,000,000, were announced May 24 by the
Federal Trade Commission. They are grouped as follows:
Certificates of deposit
Industrial and commercial
Reorganization
Voting trusteeship
$4,025,000
2,043,735
250,000
23,540
The industrial and commercial group includes a $270,000
investment company issue, while the amount listed for reorganization includes a real estate investment company. Issues
include a Cleveland apartment house project; Tulsa, Okla.,
co-operative oil pools; a St. Louis adding machine company;
Canadian and Colorado mines, and other issues coming from
San Francisco, Atlanta, Detroit, Toronto and Portland, Ore.
These registration statements (890-800) are listed as follows:
Salmon P. Halle and Others (2-890, Form F-1), 924 Hanna Building,
Cleveland, voting trustees in a reorganization involving Superior-Boulevard
Co., operator of an apartment house in Cleveland. The voting trust agreement concerns an issue of 4,280 shares of common stock of the company of
an aggregate market value of $23,540 based on the last sale made, Jan. 28
1934, of one of the bonds called for deposit. The bondholders' committee
adopted a reorganization plan contemplating formation of a new company
with an authorized capital of 4,280 shares of common stock of no par value.
This is to be deposited under the voting trust agreement and voting trust
certificates issued therefor. The voting trustees are: Salmon P. Halle and
Sidney H. Kahn of Chicago, and Jacob P. Statter, Cleveland.
Landowners' Oil Association (2-891, Form A-1), Tulsa, Okla., a Delaware
corporation, organized Feb. 24 1927, and now proposing to organize and
manage co-operative pools of oil, gas and other minerals. The company
reports that since 1930 it has been "relatively dormant," but it is planned
to resume active operations soon. "It is not the purpose of this statement
to qualify the Association to issue common or preferred or other type of
certificate or security commonly known as 'stock,'" according to the Association. "Its object is to enable the Association to enter into management
or profit-sharing, or pooling contracts or conveyances with landowners. . . .
The company has two pools . . . The Association desires authority to
add 200,000 acres to the existing pools and to re-negotiate old contracts, to
the amount of 50,000 acres." The 250,000 acres are valued at $750,000,
according to the registration statement. Allen M. James, of Chicago, is
President of the enterprise; Oampell Osborn of Tulsa, Okla., General Manager, and Milton Scheib,.Chicago, Treasurer.
Bill-O-Type Corp. (2-892, Form A-1), St. Louis, a Missouri corporation
organized Nov. 8 1933, to manufacture and deal in adding machines, billing
machines and other machines, issuing 50,000 shares of preference stock of $5
par value and 100,000 shares of coamnon stock of $1 par value at an aggregate amount not to exceed $350,000. Estimated proceeds of $280,000 are to
be used for organization purposes and working capital. Units are to be sold
by investment dealers and salesmen, who will receive 20% commission.
Among officers are: Erwin von Genuningen, President, and Ferd. J. Tillman,
Secretary, both of St. Louis.
Bondholders' Protective Committee of Stockton Medico-Dental Building
61,4% First Mortgage Gold Bonds (2-893, Form D-1), 1110 Crocker Building,
San Francisco, calling for deposit of the above-named bonds amounting to
$351,000 now outstanding of an original issue of $400,000. The building
owners executed and delivered a deed of trust-a first lien on the building
and land-as security for a bond issue of $400,000. By June 15 1933, $49,000
par value had been paid. The owners defaulted on that date in payment of
$11,407.50 interest due on the remaining bonds and in payment of $6,000
due on the principal. Members of the Committee are: T. 0. Tilden, William
H. McCarthy, Edward Hohfeld, all of San Francisco; E. B. Fuld, Jesse J.
Inman and Dr. Dewey R. Powell, all of Stockton, Calif. A reorganization
plan is proposed.
Contract & Investment Co. (2-894, Form D.2), 309 West Fort Street,
Detroit, a Michigan corporation organized April 13 1934, and proposing,
under a reorganization plan, to issue $250,000 worth of $10 par value common stock in exchange for stock of the predecessor company, the Title &
Trust Co., on the basis of one share of new company stock for each 10 shares
of $10 par value preferred stock of the old company, or one share of new
company stock for each 100 shares of no par value stock of the old company.
The company expects to do business in real estate investments and "more
especially the sale on land contracts of dwelling houses in and about the
City of Detroit." Among officers are: George IL Vawter, President and
Treasurer, and S. D. Den Uyl, Secretary, both of Detroit.
Protective Committee for Holders of Hebrew Benevolent Congregation
First Lien and Collateral Trust 6% Serial Gold Bonds (2-895. Form D-1),
813 Union Building, New Orleans, calling for deposit of the above bonds of
a face value of $174,000 now outstanding of an original issue of $250,000.
This religious organization is in Atlanta. The bonds issue was to
raise
funds for a new plant and equipment. Beginning April 1 1933, the congregation failed to meet interest payments on the bonds and maturing
instalments.
A readjustment plan is contemplated. Members of the
Committee are: .
Robert Moore Jr., C. E. Merriwether, A. Palmer Smith Jr., Joseph
M. Jones
and Wilfred G. Gehr, all of New Orleans.
Bondholders' Protective Committee for First Mortgage 61
/
4% Sinking
Fund Gold Bonds, Due March 1 1951, of Canadian Rail & Harbour
Terminals,
Ltd. (2-896, Form D-1), 347 Bay Street, Toronto, calling for
deposit of the
above bonds in the face amount of $3,500,000 (market value,
$923,125).
The rail and harbor terminals operate a general warehousing
and cold storage
business in Toronto. The United States agent is United
States Corporation
Co., 150 Broadway, New York City. An action has
been brought in the
Supreme Court of Ontario by Toronto General Trusts Corp. as
trustee for the
holders of the above bonds to enforce the trusts of the
indenture securing the
bonds. The court has appointed a receiver and
manager. Members of the
Committee are: Rt. Hon. Arthur Meighen, Sir IIenry
Drayton and It. V.
LeSuer, all of Toronto.
Pacific Northwest Co., Inc. (2-897, Form A-1), Portland,
Ore., an Oregon
corporation organized Nov. 28 1933, to deal in first mortgages,
first trust
deeds and other securities, proposing to issue $270,000
preferred and common
stock, the proceeds to be used for corporation purposes. Among
officers are:
Albert Bernhert, Willamette, Ore., President, and C. C.
McFarland, Portland,
Secretary.
Poundmaker Gold Mines, Ltd. (2-898, Form A-1), Ottawa, Canada, a
Canadian corporation exploring, developing, mining and refining
gold and other
mineral-bearing ores, and proposing to issue 500,000 shares of
no par value
Financial Chronicle
Volume 138
common stock totaling $500,000. From the sale of 1,500,000 shares at 20c.
a share to the underwriters, Burry Securitiese, Ltd., Ottawa, the company
expects to receive $300,000, which will be used for construction and working
capital. E. C. Strong & Co., Inc., 40 Exchange Place, New York, is expected
to purchase 750,000 shares from Burry Securities at 33c. a share and to offer
500,000 shares to the United States public at $1 a share. Among officers
are: Senator Gerald V. White, Pembroke, Ont., President, and J. Parker
Kerby, Port Washington, N. Y., Secretary-Treasurer.
Mancos Gold Mining Co. (2-899, Form A-1), Denver, a Colorado corporation, organized Jan. 18 1934, to carry on a general mining business, it having
leaseholds and option interests on certain mining properties in Colorado.
The firm expects to issue 3,474,700 shares at par-5c. each, or an aggregate
of $173,735, the estimated net proceeds of $112,927.75, to be used for organization purposes. The company expects its stock to net $.0325 a share.
Among officers are: Herbert L. Whipple, Mancos, Colo., President, and 0. C.
Brunsvold, Denver, Secretary-Treasurer.
In making public the above, the Commission said:
In no case does the act of filing with the Commission give to any security
Its approval or indicate that the Commission has passed on the merits of the
Issue or that the registration statement itself is correct.
The last previous list of registration statements appeared
In our May 19 issue, page 3367.
Gold Mining Industry Opposed to NRA Code—Federal
Loans for Mining Projects Sought.
After denouncing the suggestion that an NRA code be
drawn for the gold mining industry, delegates to the two-day
meeting of the Gold Mining Association of America referred
the matter of a code to a committee and adjourned, it was
stated in a Denver despatch May 21 to the New York
"Journal of Commerce," in which it was also stated:
It was expected that the committee, composed of Charles S. Segerstrom
for California, L. Page for Arizona, Harry S. Joseph for Utah, Herbert L.
Williams for Washington, P. C. Stoess of Seattle for Alaska, Judge James
Owen for Colorado and Carl J. Trauerman for Montana, would delay its
findings for several months.
Aside from the matter of an NRA code the meeting was principally concerned with outlining plans to obtain Federal loans for rninnig projects.
It is expected that the Government will be asked by members of the industry for approximately $100,000,000 to be used approximately as follows.
$40.500,000 for new equipment, $50,100,000 for pay rolls during development periods, 83,900,000 miscellaneous mining supplies and $5,000,000
building and construction supplies. Such expenditures would, according
to Harry Sears of San Francisco, president of the California mining association, increase gold production to more than $275,000,000 annually and
would give employment to 54,000 persons drawing a pay roll of $78,000,000
annually.
Silver Plan Means
Nothing, According
Silver Men.
to Western
In a Denver dispatch May 22 relative to the views of
Western silver men, the New York "Herald Tribune" said in
part:
Silver experts said it virtually would be impossible to acquire the approximately 1,300,000,000 ounces of silver needed to bring the silver monetary stocks to a 25-75% ratio with the existing gold stock. Floating
stocks of the white metal through the world have been estimated at only
600,000,000 ounces at an outside figure.
Experts See Confiscation.
The proposal to limit the price on the silver to be acquired to 50 cents
an ounce, silver experts said, would be virtual confiscation of accumulations of silver in the United States.
Under the law of supply and demand $1 an ounce silver had been expected. The silver community did not take kindly to the request for
power to take over present surpluses in the United States if necessary.
Lastly the President's plan to put a 50% tax on profits accruing from
silver speculation was disliked. Many speculators have acquired silver at
lower prices, just as others bought stocks and bonds and butter, eggs,
rubber and other commodities. They pointed out that there WRS no such
radical penalty on profits placed on other speculation.
It also was pointed out that the present price of bar silver in the open
market, on a purely supply and demand situation, is 45% cents an ounce,
only 4% cents below the price at which the Government proposes to acquire more than the floating supply of silver in the world, if necessary.
Newly mined silver is not affected by the new proposals. It will continue
to be purchased direct from producers at 641,4 cents an ounce.
No Enthusiasm Found.
A survey of the silver camps showed no enthusiasm for the President's proposal on first reading. The general feeling was that the huge purchasing
proposed never would be undertaken. Silver experts pointed out that silver
Is a world's market. The quotation of 45 cents an ounce to-day is no higher
relatively, than when this country was on a gold basis, and silver was 30
cents an ounce.
Little or no profit has been made by any one in silver, experts pointed
out. The buyers merely got protection on the break on the dollar.
For instance, when this country was on the gold standard the pound sterling was around $3.25 and silver was around a29 cents an ounce. Therefore,
If an Englishman sold 1,000 ounces he would receive $290, which could be
exchanged into about E88.
To
-day with silver at 45 cents an ounce and the pound sterling at $5.11,
the same seller of 1,000 ounces would receive $450, which could be exchanged for only £.88.
Canada Is Silent on United States Silver Plan—Premier
Bennett Said to Have Received an Inquiry from
Washington on Attitude.
Advices to the effect that the Canadian Government is
understood to have received from Washington an inquiry
whether it is willing to follow President Roosevelt's proposal
to establish silver as a 25% currency basis were contained
in a dispatch May 22 from Ottawa to the New York "Times,"
which also stated in part:
3531
to a
Premier Bennett refused to-day to give any indication in answer
question in Parliament as to what his Cabinet's decision would be, but
he is known to be giving the proposal "anxious consideration."
American representations were not needed to convince the Canadian Government of the danger that its currency might go to a considerable premium
basis,
over the American dollar when the latter was put on one-quarter silver
according to officials here. This would halt the Dominion's recently growing export trade to the United Stales and make American wheat and other
competing products cheaper in export markets. It would not necessarily
enlarge United States exports to Canada, since the Dominion would promptly apply its special duties for countries with depreciated currency.
So far the Canadian Government has remained faithful to the ideal of
an all-gold standard. But Canada is a party with the United States to the
silver-stabilization agreement made in London in July and is one of the
world's largest silver producers
H. H. Stevens, Premier Bennett's Trade Minister, has long urged monetization of silver and there would be considerable support in the Canadian
West for such a policy.
London Press Apathetic Toward President Roosevelt's
Silver Proposals—Sees No World Move.
From the New York "Herald Tribune" we quote the following copyright cablegram from London May 23:
President Roosevelt's message to Congress on the subject of silver has
created only a moderate amount of interest here, and such editorial comment as appears in London newspapers this morning suggests neither enthusiasm nor hostility, but merely scepticism. The message's proposals for
rehabilitation of silver are regarded in London as being of purely political
importance and as unlikely to produce any serious economic results, in spite
of the inflationary appearance of the proposed legislation.
-day that, in view of the
The "Morning Post," for example, pointed out to
Federal Reserve system's huge excess of gold holdings, the basis for a vast
expansion of credit exists in the United States without bringing silver into
the picture. The President's intention of negotiating with other countries
to obtain an agreement for wider monetary use of silver is considered by the
newspapers as unlikely to succeed.
"Even," the "Morning Post" said, "if that is meant seriously (which it
probably is not), the chances of securing such an agreement can be regarded
as negligible. There are few competent authorities who attribute any part
of our troubles to an actual shortage of gold. The existing stocks of gold
would be ample for the world's monetary needs, if only they were properly
distributed, and there is no evidence that the distribution of monetary metal
can be rendered any more rational by merely piling silver onto gold."
• In the "Daily Telegraph," it was suggested that President Roosevelt has
yielded reluctantly to the pressure from the silver bloc and that any powers
he is now requesting will be exercised with as much caution as political
circumstances permit.
"It remains to be seen," according to this newspaper, "what is the relative importance of the 'mandatory' and 'permissive' clauses in the new
silver bill. Upon that depends whether yesterday's nressage is epoch-making
or whether it is no more than a minor concession to political pressure and
inflationist sentiment."
Great Britain Will Call in Coins Having High Silver
Content—To Be Melted Down.
In a London cablegram May 19 to the New York "Times"
It was stated that all British silver coins of 1920 or earlier,
that is to say, all coins having a silver content nearly double
that of those minted since, are to be called in by banks and
returned to the Government for melting down. From the account we also quote:
One report to-night was that the silver thus obtained would be sold to
the United States or applied toward meeting war debt payments.
The Sunday "Times," however, asserts that responsible financial houses
here discredit the idea silver will be accepted on the war debts, as was
the case in the last British token payment, because President Roosevelt no
longer has authority to accept payment in silver.
A more feasible suggestion, it is said, is the likelihood of silver being
made a new standard metal.
While there would be no profit in melting coins merely to extract the
silver, which can be purchased more cheaply in the open market, it would
pay the Government to make two new coins out of one old one.
Silver Proposals Criticized in Paris—French Press
Sees Little Benefit Here or Abroad from President
Roosevelt's Program.
The French press, the Bourse and exchange market all
gave evidence to-day that President Roosevelt's silver remonetization move had left them indifferent or critical, said a
wireless message May 23from Paris to the New York "Times"
from which we also quote in part as follows:
The opinion everywhere was expressed that while it may result in improving the price of silver as a commodity, its effect on international exchanges, world trade and internal prices in the United States will be very
small if anything.
Nowhere can one find the slightest indication that the French desire to
follow America along the road of remonetization, or even to discuss the
possibility of an international conference on silver. In fact, the impression
was given in high financial circles to-day that nothing could be further
from the French financial policies than the idea of tinkering with silver in
any way.
France has nothing whatever to gain along that line, it was stated, even
Indo-China being outruled since the Parliamentary Commission, which has
been investigating the possibility of that colony returning to a silver standard, turned down the proposition categorically.
The exchange market showed what it thought when the dollar actually
Improved to 15.10, as against 15.085 yesterday. The Bourse remained completely indifferent, according to the financial editors of "Le Temps," "Journal des Debate" and "L'Information." These newspapers and others comment on President Roosevelt's move to-night, and to-morrow the "Agence
Econotnique et Financiere" will devote a leading editorial written by
Frederic Jenny to the subject.
M. Jenny sees the move as a concession to the bimetallista and inflationists, but one "as prudent as could be, considering its object." Dia-
3532
Financial Chronicle
cussing Mr. Roosevelt's statement on the international action necessary,
M. Jenny says:
"It is not necessary to point out that the attitude of 23 central banks,
which have just again unanimously pronounced in favor of a return as soon
as possible to the internatitnal gold standard, renders such an accord problematical to say the least. Thus, Mr. Roosevelt's program appears for the
most part to be theoretical, and the effects its execution will produce,
whether on the value of the dollar, on the price of silver or on American
economy as a whole seem destined to be very limited."
Chinese Favor President Roosevelt's Silver Plan—
Manager of Bank of China Says Program Points
Way to Stability.
From the New York "Times" we take the following from
Shanghai May 24:
Generally favorable reaction greeted President Roosevelt's silver message
and subsequent legislative proposals in Chinese banking circles. Pei Tsuyee,
manager of the Bank of China, expressed the tenor of the reaction by saying
that the message was welcomed because of the "possibility of a sharp change
in the silver price. The consequent disturbing effect on China's economic
life has been greatly lessened."
Mr. Pei believes that the message points the way to stability and will discourage speculation, both of which results are wanted in China. Mr. Pei
praises President Roosevelt for his consideration of other interests than
American.
J. H. Rogers Extends Study of Silver in China.
James Harvey Rogers will spend at least another month observing the silver situation in China in the capacity of special
United States Treasury representative, be indicated on May
15. it was made known in Shanghai advices on that date to
the New York "Times" from which we also quote:
He declined to comment on the Chinese attitude, but Chinese inner circles
say he is in substantial agreement with the majority Chinese view that any
considerable increase in silver values would be detrimental to China.
Reported Ban by Bombay on Silver Imports into India.
The "Wall Street Journal" of May 21 in advices from Bombay said:
Import of silver into India through the Baluchistan border, which is without customs guards, has been banned and has caused a good advance in
silver quotations in Bombay. It is believed that this step, combined with
the recent better demand, will reduce stocks in Bombay and in time lead to
their replenishment from London and from New York.
Smuggling of silver into India through the Baluchistan border to avoid
payment of the government's import duty has been one of the main features
of the Indian silver situation in the past years and has made exact calculation regarding the Indian consumption of silver from abroad difficult.
A duty of 4 arms per ounce (there are 16 annas to the rupee) was imposed first in 1930. On March 1 1931, the duty was raised to 6 annas, and
later in the year, following England's suspension of the gold standard, to
7% annas. At that time, the duty was, roughly, equivalent to 44% of the
value of the silver. At the end of February of this year the duty was
dropped to 5 annas per ounce.
Silver Demand Up Sensationally.
Although officials figures on Indian imports show a material reduction in
purchases of foreign silver in recent years, dropping to 5,325,653 ounces in
1933 as compared' with 102,501,976 in 1930, an undeterminate amount has
been smuggled into the country. Reports have been received by the local
silver market that large shipments have been sent only recently overland
into India.
In the latter half of April, a shipment of 700 bars was received in India
from London which is believed to have paid no import duty. The metal was
sent by vessel from London through the Mediterranean Sea and unloaded at
Beirut in Syria. From there it is believed to have been shipped overland
through Persia and over the Baluchistan border. This is believed to be the
route taken by most of the smuggled silver.
At the same time, domestic demand for silver in India has enjoyed a sensational increase. Advices received on Monday from Bombay indicate that
the offtake from Bombay bazaars has jumped to 150 bars a day (a bar runs
about 1,000 ounces). This is almost what some years ago was considered
a normal offtake. A month ago it was running between 55 to 65 bars a day
and in 1932 it had dropped at one time to as low as only 10 bars.
Bombay's Silver Stocks.
Latest advices indicate that stocks of silver in Bombay are running at
about 10,000,000 ounces. Immediate reaction of some local silver authorities
to the week-end developments in India was that there would be no immediate sharp increase in Indian demand for silver from abroad, but that
domestic consumption for the time being would be satisfied through the
Bombay stocks. At current quotations for the rupee, the silver duty is approximately 10% cents, which compares with current quotations in New
York of about 45 cents.
If the duty is still high enough to make imports of silver undesirable, it
was pointed out locally, it is possible that the Indian Government's program
for silver sales might be facilitated in order to meet the domestic demand.
Under the terms of the London agreement, the Indian Government sales are
limited to 140,000,000 ounces over a four year period (in other words, 35,
000,000 annually) with a maximum of 50,000,000 ounces in any one year.
Wall Street Cold to President Roosevelt's Silver Program—Puzzled Over Provisions.
The outstanding feature of the Administration's silver
program,according to Wall Street opinion, was the revelation
by the President that the Government had entered into
conferences with foreign governments on the silver question,
said the New York "Times"of May 23, which added that the
financial district was by and large critical of the remainder
of the program, and all commentators expressed themselves
as puzzled over the meaning of many of the provisions
outlined in Mr. Roosevelt's message. In part the "Times"
also said:
May 26 1934
The opinion was expressed in financial circles that the only chance for
even a moderately successful bi-metallic system would be its adoption in
all the principal countries of the world. Further, it was asserted, the
apparent market lack of interest in silver evinced by most European powers
presents an important barrier to the eventual conclusion of such an
agreement.
Wall Street observers are inclined to the belief that the silver producers
can hardly be satisfied by the proposed legislation outlined by the President.
The fact that the Treasury has agreed to buy at 64% cents an ounce all
the newly mined silver produced by domestic mines during the next four
years, it is thought here, should have amply satisfied the producers of the
metal in the United States.
The President's message on silver aroused only a mild interest in Wall
Street in its general provisions, although these were found to diverge
widely in important particulars from the program described after the
negotiations between the silver Senators and the Treasury Department
last week.
Stocks React Bearishly.
The interpretation of the first reading was bearish, however, inasmuch
as silver mine stock declined 1 to 4 points on the securities markets and silver
futures lost between % and % cent in value as a result of heavy selling.
The silver market rallied slightly at the end when a bid for 2,500,000 ounces
of July silver was placed on the Commodity Exchange for an undisclosed
principal at 45.19 cents an ounce. . . .
The most distressing feature of the program, according to silver dealers,
is the possibility that the Government may at any time, under its permissive
section, decree the nationalization of silver, take over all private stocks,
and assume control of exports an imports. This would effectively arrest
all trading in silver futures, they fear, and they view the prospect with
gravest concern.
These fears were held responsible for most of the selling of silver futures
yesterday, even though apparently it would be possible to buy the metal
freely at 45 cents and a fraction and sell it to the Treasury at 50 cents,
paying a tax on the profit after the expenses of making the trade.
There is also the prospect that the legislation may not be enacted at
this session of Congress, however, and dealers took the position that the
best way out of the dilemma was to reduce long positions and take such
profits as were available on metal actually in hand.
All of the more important silver interests yesterday expressed the desire
to study the situation at greater length before making any direct comment
on the matter.
It was reiterated that there is not enough available silver here or on other
markets to provide the Treasury with the 1,312.700,000 ounces of silver
required for establishing a 25-75 ratio in metallic reserve between silver
and gold, under the mandatory section of the proposals.
The only part of the world where such a supply could be had, and then
only over a protracted period, is In the Orient, it was asserted here.
In addition to the program under which the Treasury is buying newly
mined gold, the silver interests in the United States have been successful in
obtaining the silver agreement reached at the World Economic Conference
of last summer, since ratified by the powers concerned, and in securing
passage of sections of the Gold Reserve Act of last January which gave the
President additional discretionary powers to issue silver certificates rather
than silver dollars for the metal purchased.
Bankers who discussed the program merely pointed out their belief that
mandatory monetization of silver would involve an increase in the volume
of money without relation to business requirements, and that there is
already in the Treasury over 62,000.000,000 of unmonetized gold and about
81,670.00000 of excess member bank reserves in the Federal Reserve
System which could support a tremendous credit expansion if business had
any considerable legitimate demand for credit.
Declines occurred in all principal silver mining stocks on the New York
Stock Exchange and New York Curb Exchange yesterday, weakness having
started hours before the President's silver message appeared on news
tickers soon after 1 p. m. The following table shows transactions in such
stocks during the day.
Stocks—
Low.
Last.
High.
Decline.
Sales.
Amer. Metals
23
22%
24
1%
1,300
Amer. Slt. & Ref
39
42%
38
33i
18,900
48%
Howe Sound
497
53
13,300
McIntyre Pore
43
44
45%
2,400
Newmont Min
47
47
48%
200
Park Utah
4%
531
15,000
U. S. Sit. & Ref
114%
118
121
4%
7.200
House Committee Favorably Reports Bill to Reduce Tobacco Taxes by 40%—Full Amount of Cut Would
Be Passed Along to Consumer, According to Proponents of Measure.
The House Ways and Means Committee on May 25
favorably reported a bill which would reduce by 40% taxes
now paid on all tobacco products. All of the major tobacco
companies favor the bill, and have agreed to pass along the
reduction in tax to the consumer, so that a package of
cigarettes now selling for 15 cents would retail for 10 cents.
The measure was the subject of a recent White House conference, but it was said in Washington that President Roosevelt has not yet signified his approval of the bill. Chairman
Doughton of the Ways and Means Committee said on May
24 that practically all of the $75,000,000 in taxes which would
be saved under the bill w'ould be passed along to the consumer.
United Press Washington advices May 24 commented
further on the measure as follows:
Experts were quick to point out this bill would reverse the customary
policy of the Department of Agriculture and the Agricultural Adjustment
Administration. Their campaign has been directed toward taking agricultural land out of production.
The tobacco bill. it was said, would cause increased consumption of cigars
and cigarettes and thus lead to planting of additional land instead of
acreage reduction. Fred M. Vinson, chairman of the subcommittee that
drafted the bill, said it might lead to ultimate scrapping of the entire tobacco
acreage reduction program. Increased consumption, he said, probably
would bring tobacco prices up to parity. It also was believed that continued
heavy advertising in newspapers would contribute to increased consumption.
Any loss in revenue to the Government, Houghton said, probably will
be made up through Increased consumption.
Volume 138
Financial Chronicle
"The subcommittee," Houghton said, "heard representatives of all
major cigarette producing corporations promise that if the tax reduction is
enacted the entire benefit will accrue to the consumer, with no additional
profit to the producer. We believe that these firms realize the seriousness
of the situation and will carry out their promises in order to benefit tobacco
growers."
Under the bill, the cigarette tax is reduced from $3 to $1.80 a thousand.
Levies on cigars, chewing and smoking tobacco and snuff are reduced 40%.
—
Resolution Empowering President to Embargo Arms
Shipments to Bolivia and Paraguay Approved
by House and Senate.
An Administration resolution to empower President
Roosevelt to forbid the sale in the United States of arms or
munitions to either Bolivia or Paraguay, designed to end
the Chaco warfare by cutting off supplies of war materials
to the belligerent countries, was approved by the House on
May 23, without a record vote and with little debate. The
Senate Foreign Relations Committee unanimously approved
the resolution on the same day. The Senate by unanimous
consent approved the resolution on May 24 and sent it
to the White House for President Roosevelt's signature.
A dispatch from Washington on May 23 to the New
York "Times" said, in part:
House passage of the Chaco resolution required no record vote, and it was
not accompanied by any discussion except a speech by Representative Fish
of New York who, while "100%" for the resolution, criticized last year's
original proposal to let the President determine the aggressor before declaring an arms embargo.
Warns of Possible Results.
Mr. Fish said it would be a great mistake for Norman H. Davis, Ambassador-at-Large, to go to the Geneva Conference and assert that Congress
was ready to give the President power to determine the aggressor in a
controversy. . .
A report on the resolution, presented by Chairman McReynolds of the
House Foreign Affairs Committee, contained the letter Secretary Hull
wrote to the Chairman yesterday, and also asserted that the Administration was "very anxious" to have the resolution adopted as reported by the
Committee.
Added to the report was a table showing that more than $750,000 worth
of arms and ammunition had been exported from this country to Bolivia
and Paraguay during 1933 and the first three months of 1934. Bolivia
received munitions totaling $661,868, and Paraguay $98,729. . . .
Consultations Being Held.
The resolution provides that President Roosevelt may prohibit sales of
arms "after consultation with the governments of other American republics
and with their co-operation." The consultation called for is already under
way. Mr. Welles, in charge of Latin-American affairs for the State Department, has been conferring for several days with the diplomats of
Argentina, Brazil, Peru and Chile.
Obtaining their co-operation, however, may prove more difficult, from
early indications. Formal replies have not been received from the governments consulted, but the informal consensus seems to be that the embargo
problem is one for the arms-producing countries to tackle at the source.
All of the neighboring nations have treaties with both belligerents guaranteeing free transit of goods, without specific prohibition of arms and
munitions. Under the circumstances, they would prefer that the armsexporting countries agree not to export, so that the problem of transit
would not arise.
Speedy Congressional action on the resolution was
prompted by a letter sent by Secretary of State Hull on May
22 to Representative McReynolds and Senator Pittman,
Chairmen of the House and Senate Foreign Affairs Committees. The text of Mr. Hull's letter follows:
May 22 1934.
My Detti Mr. McReynolds:
lam directed by the President to inform you that H. J. Res. 347, authorizing the President under certain conditions to prohibit the sale of arms and
munitions of war to the countries now engaged in armed conflict in the
Chaco, meets with his entire approval and that he hopes that you may
find it possible to secure favorable action on this resolution by the Committee on Foreign Affairs and by the House of Representatives.
This conflict has been proceeding intermittently since December 1928,
and continuously since June 1932. It has involved the loss of thousands
of lives and,if it is permitted to continue unchecked, the destruction of life
is likely to assume appalling proportions.
War in any part of the world is a matter of concern to this Government.
But war between two American republics is of special and vital concern,
which neither our humanitarian sentiment noi our feeling of American
solidarity will permit us to ignore.
The efforts which this Government has put forth in co-operation with
the governments of other American republics, and the similar efforts of
the League of Nations to bring about an honorable peace between Bolivia
and Paraguay have thus far failed to achieve the desired result.
Efforts at Conciliation Fruitless.
The governments of Bolivia and Paraguay have refused to accept the
carefully considered proposals for the restoration of peace which have been
presented for their consideration. Their attitude has forced us to the conclusion that, in the existing circumstances, further efforts at conciliation,
unaccompanied by more direct measures, would be fruitless.
The United States should be willing to join other nations in assuming
moral leadership to the end that their citizens may no longer, for the sake
of profits, supply the belligerent nations with arms and munitions to carry
on their useless and sanguinary conflict.
This Government has already consulted with the governments of several
American republics asking them for information as to the accuracy of
reports to the effect that conversations have been in progress among them
with a view to the taking of practical measures to bring about a cessation
of the conflict.
We have asked for suggestions as to how this Government might most
usefully and most efficiently co-operate in this task, and we have made it
clear that, pending the receipt of their suggestions, we are recommending
legislation which will place this Government in a position to co-operate in
putting an end to the traffic in arms and munitions from other countries
to those at war.
3533
We have not as yet received definite replies from all of the governments
of the American republics which we have consulted, but the replies we have
received lead me to believe that this Government will secure assurances of
the co-operation which we desire.
The Council of the League of Nations has appointed a committee to
consult with the principal governments of the world and to ascertain
whether they are prepared to participate in measures designed to prevent
the sale of arms and munitions of war to Bolivia and Paraguay.
I am in receipt of a telegram dated May 20 from the Chairman of that
Committee. I am replying to this telegram that this Government is not
at present in a position to take the measures proposed by the League,
but that if legislation is secured conferring the necessary authority upon
the President, this Government will be prepared to co-operate to the
fullest extent.
The Chairman of the Committee has sent similar telegrams, requesting
a statement of this position, to the other governments of which the cooperation would be necessary to prevent the sale and shipment of arms
and ammunition to the warring countries.
The nature of the replies which have been made are not as yet known
to this Government. I have reason to believe, however, that the armsproducing nations of the world will find it possible to join in this movement and that the selfish interests of manufacturers and merchants of
arms and munitions will not be permitted to stand in the way of concerted
action sponsored by the enlightened opinion of the world.
I hope that you may find it possible to press for favorable action on
this resolution at the earliest opportunity in order that the American
Government and people may participate in this movement to restore
peace between two American republics.
Sincerely yours,
CORDELL HULL.
President Roosevelt's Message to Congress Recommending Legislation to Broaden Authority for
Further Acquisition and Monetary Use of Silver.
In more detail we are referring elsewhere in our issue today to the recommendation made by President Roosevelt
in a message addressed to Congress on May 22,for legislation
whereby it would be declared "to be the policy of the United
States to increase the amount of silver in our monetary stocks
with the ultimate objective of having and maintaining onefourth of their monetary value in silver and three-fourths
in gold." We give herewith the President's message:
To the Congress of the United States.
On Jan. 11 1934 I recommended to the Congress legislation which was
promptly enacted under the title, "The Gold Reserve Act of 1934." This
Act vested in the United States Government the custody and control of
our stocks of gold as a reserve for our paper currency and as a medium
of settling international balances. It set up a stabilization fund for the
control of foreign exchange in the interests of our people, and certain
amendments were added to facilitate the acquisition of silver.
As stated in my message to the Congress, this legislation was recommended as a step in improving our financial and monetary system. Its
enactment has laid a foundation on which we are organizing a currency
system that will be both sound and adequate. It is a long step forward,
but only a step.
As a part of the larger objective, some things have been clear. One is
that we should move forward as rapidly as conditions permit in broadening the metallic base of our monetary system and in stabilizing the
purchasing and debt-paying power of our money on a more equitable
level. Another is that we should not neglect the value of an increased use
of silver in improving our monetary system. Since 1929 that has been
obvious.
Some measures for making a greater use of silver in the public interest
are appropriate for independent action by us. On others international
co-operation should be sought.
Of the former class is that of increasing the proportion of silver in the
abundant metallic reserves back of our paper currency. This policy
was initiated by the proclamation of Dec. 21 1933, bringing our current
domestic production of silver into the Treasury, as well as placing this
Nation among the first to carry out the agreement on silver which we
sought and secured at the London Conference. We have since acquired
other silver in the interest of stabilization of foreign exchange and the
development of a broader metallic base for our currency. We seek to
remedy a maladjustment of our currency.
In further aid of this policy, it would be helpful to have legislation
broadening the authority for the further acquisition and monetary use
of silver.
I therefore recommend legislation at the present session declaring
it to be the policy of the United States to increase the amount of silver in
our monetary stocks with the ultimate objective of having and maintaining
one-fourth of their monetary value in silver and three-fourths in gold.
The executive authority should be authorized and directed to make the
purchases of silver necessary to attain this ultimate objective.
The authority to purchase present accumulations of silver in this country
should be limited to purchase at not in excess of 50 cents per ounce.
The executive authority should be enabled, should circumstances require,
to take over present surpluses of silver in this country not required for
industrial uses on payment of just compensation, and to regulate imports,
exports, and other dealings in monetary silver.
in There
e should be a tax of at least .50% on the profits accruing from dealing
silver.
We can proceed with this program of increasing our store of silver for
use as a part of the metallic reserves for our paper currency without seriously
disturbing adjustments in world trade. However, because of the great
world supply of silver and its use in varying forms by the world's population, concerted action by all nations, or at least a large group of nations.
is necessary if a permanent measure of value, including both gold and
silver, is eventually to be made a world standard. To arrive at that point
we must seek every possibility for world agreement, although it may
turn out that this nation will ultimately have to take such independent
action on this phase of the matter as its interests require.
The success of the London Conference in consummating an international
agreement on silver, which has now been ratified by all the Governments
concerned, makes such further agreement worth seeking. The ebb and
flow of values In almost all parts of the world have created many points
of pressure for readjustments of internal and international standards.
At no time since the efforts of this nation to secure international agreement on silver began in 1878 have conditions been more favorable for
making progress along this line.
Accordingly I have begun to confer with some of our neighbors in regard
to the use of both silver and gold, preferably on a co-ordinated basis. as
3534
Financial Chronicle
a standard of monetary value. Such an agreement would constitute an
important step forward toward a monetary unit of value more equitable
and stable in its purchasing and debt-paying power.
The White House, May 22 1934.
FRANKLIN D. ROOSEVELT.
J. L. Amberg of Harriman & Co. Sees No Necessity for
Employment or Gold and Silver as World Monetary
Base—Doubts Foreign Governments Will Look
With Favor on Plan.
J. L. Amberg, Economist of Harriman & Co., made the
following comment on President Roosevelt's silver statement
as to the possibility of concerted action by a large group of
nations to employ gold and silver as a world monetary base:
It is difficult to visualize how other nations will be interested in changing
their metallic base from either gold or the present managed currency to
one comprising Perhaps 75% gold and 25% silver. While it is true that
this might be of service in expanding the base for issuance of current's,
,
as far as we discover, no such necessity at present arises. Gold countries,
to the best of our knowledge, still have ample reserves, with the exception
of two or three of the smaller ones, where they are only technically on a
gold standard. England and her satellites are working along quite well,
as the world recognizes, without anything but the present paper standard.
The real "sine qua non" of any monetary issuance in normal times is
a free exchange of metal for governmentally-issued currency. In other
words, the only reason that gold has been feasible as a standard was because normally nations were both willing and able to purchase all gold
offered in exchange for the national money or. in the same token, were
willing without question, on demand, to offer gold—whether In coin or
bullion—in return for printed currency of the realm.
Silver, in our estimation, does not meet this requirement. It has not
the scarcity value; it can be mined, as we think we can show, in.large
quantities if the price is sufficiently high; it is really a commodity; and there
Is and has been enormous fluctuation. We therefore take the liberty of
suggesting that even though it be helpful, it is very doubtful that foreign
governments will look with favor upon uprooting the gold standard which
has obtained for about 60 years, in favor of a bi-metallic symmetallic. or
any other combination standard.
President Roosevelt Asks Congress for Legislation
Authorizing Increase of Silver in Monetary Base—
Would Permit Government Purchase of Metal at
Not More than 50 Cents an Ounce—Bill to Effect
Administration's Program Introduced in Senate—
Advocates Concerted Action by All Nations on
Bimetallic Base.
President Roosevelt on May 22 sent to Congress a message
in which he recommended legislation designed "ultimately"
to provide for an increase in the Government's monetary
stocks so that silver would represent one-fourth of the value
of our monetary reserves. Immediately following the receipt of his message a bill which had been drafted by the
Treasury was introduced by Senator Pittman in the Senate,
where it was said it would receive consideration as soon as
the Senate completed action on the reciprocal tariff bill.
The "permissive" silver legislation suggested by the President contained the following proposals:
1. A declaration that it is the policy of the United States to increase
the amount of silver in our monetary stocks with the ultimate objective
of having and maintaining one-fourth of their value in silver and threefourths in gold.
2. The Executive authority is authorized and directed to make the
purchases of silver necessary to attain this objective.
3. The President is authorized to purchase present accumulations of
silver in this country, paying the holders not more than 50 cents per ounce.
4. The President is given permissive authority to nationalize surpluses
of silver not required for industrial uses "on payment of just compensation.
and to regulate imports, exports and other dealings in monetary silver."
5. A tax of 50% is imposed on profits accruing from dealing in silver.
The bill designed to accomplish the above purposes—to be
known as the "Silver Purchase Act of 1934," as introduced
in the Senate omitted the taxing provision, in order that
it might not be classified as a measure to raise revenue, which
would have to be fust introduced in the House. It was
reported from Washington, however, that if the bill passes
the Senate the tax provision will be inserted when it comes
before the House.
In his message the President said "some measures for
making a greater use of silver in the public interest are
appropriate for independent action by us. On others international co-operation should be sought." He further said
"the Executive authority should be enabled, should circumstances require, to take over present surpluses of silver in
this country not required for industrial uses on payment of
just compensation, and to regulate imports, exports and
other dealings in monetary silver." Advocating a tax of at
least 50% on the profits accruing from dealing in silver, he
went on to say:
We can proceed with this program of increasing our store of silver for
use as a part of the metallic reserves for our paper currency without seriously
disturbing adjustments in world trade.
However, because of the great world supply of silver and its use in
varying forms by the world's population, concerted action by all nations,
or at least a large group of nations, is necessary if a permanent measure
of value, including both gold and silver, is eventually to be made a world
standard. . . .
At no time since the efforts of this nation to secure international agreement on silver began in 1878 have conditions been more favorable for
making progress along this line.
May 26 1934
Accordingly, I have begun to confer with some of our neighbors in
regard to the use of both silver and gold, preferably on a co-ordinated
basis, as a standard of monetary value. Such an agreement would constitute an important step forward toward a monetary unit of value more
equitable and stable in its purchasing and debt-paying power.
Secretary of the Treasury Morgenthau,testifying yesterday
(May 25) before the House Ways and Means Committee,
said that the Administration is "very anxious" to retain the
50% tax on speculative silver profits in the bill. He said
that the tax proposed is "very modest," and added that it
was "just a profit tax on those who bought and sold silver
after May 15 1934." Herman Oliphant, Treasury expert
who helped draft the measure,told the Committee that enactment of the bill ultimately will raise the price of silver.
In a Washington dispatch May 22 to the New York
"Herald Tribune" it was stated that "the elusive left-wingers
of the Senate silver bloc bolted from their temporary position
of harmony with the Administration and were in open
opposition to the Treasury's silver bill that night. The
dispatch added:
At the instigation of the silverites Senate Key Pittman, Democrat of
Nevada, while hailing the Administration measure as "a great victory,"
was already introducing amendments. These failed to satisfy a renewed
demand for unlimited remonetization or mandatory silver purchases.
Although the Administration bill was in the same form which brought
unanimous praise from silver bloc conferees at a brief private showing
in the White House last Wednesday, Senator Elmer Thomas, Democrat
of Oklahoma, attacked the measure on the floor of the Senate, charging it
would not bring about real currency expansion. Senator Pat McCarran,
Democrat of Nevada, declared the bill failed to "meet the views
of the
silver group," and Senators Burton K. Wheeler, Democrat of Montana
and William E. Borah, insurgent Republican of Idaho, also characterized
it as inadequate.
From the Washington account May 22 to the New York
"Journal of Commerce" we take the following:
Treasury Estimate Given.
Treasury officials estimated that it would be necessary to acquire silver
having a book value of $2,100,000,000 to bring about the ratio requirements. Silver holdings in the Treasury as of May 19. the latest date with
respect to which information is available, was given as about $544,502,000.
About $300,000,000. it was said, is outstanding.
The present program for the acquisition of newly mined silver at
64;6
cents per ounce will be continued with purchases of domestic stocks to be
acquired at 50 cents, it being considered that there are about 200,000,000
ounces available for the purpose. The so-called floating stocks of silver
throughout the world, from which, of course, is excluded monetary stocks,
were represented to be about 800,000,000 ounces.
Treasury officials commented to-day that if the holders of silver stocks
in the United States failed to come forward with the white metal it would
be possible to invoke the right of eminent domain to induce its presentation.
Newly mined silver purchased at 64;6 cents per ounce will not be carried
on the Treasury's statement of assets, but will be held like any other
Government property. . . .
The suggestion was made that the silver bill should be introduced in the
Senate by the Democratic floor leader, Senator Joseph T. Robinson,
Arkansas, to give it all the weight of an Administration measure. He
declined, saying that it should be sponsored by one who has been active
in the campaign for silver legislation, and so it went to Senator Pittman,
President pro tempore of the Senate.
It is expected that the bill will be offered as a substitute for the Dies
bill, which long since has lost favor in the Senate. This will make unnecessary reference of the measure to a committee, the possible holding
of public hearings, &c.
In the House the bill was referred to the House Ways and Means Committee, which is expected to restore the tax and appropriation provisions
which were deleted from the Pittman bill.
Senator Robinson announced to-night that consideration of the bill
would follow the disposition of the tariff measure. He does not
anticipate
lengthy debate, possibly not considering that the demand of the belligerents
among the Senators will lead to any serious situation.
We also quote below, in part, from a Washington dispatch
of May 22 to the New York "Times" describing the introduction of the silver bill:
The President's action followed his conferences with Senators representing the silver-producing and farm States.
Senator Pittman, Democrat of Nevada, after the reading of the message,
introduced the Administration's bill to put into effect the program outlined. It represented, he said. in essential detail the agreement accepted
by the silver Senators in final conference with the President and Secretary
Morgenthau. . . .
Disagree Over Metal's Status.
The views of Senator Pittman that silver, under the terms of this bill
and previous Acts, would become legal tender and would therefore be
considered as primary money were not accepted by Senator Thomas of
Oklahoma, who followed him in Senate debate.
Senator Thomas held that the measure merely increased the use of
silver and that the metal remained in its old status of "token money." . . •
"The bill does not restore silver as primary money," Mr. Borah said.
"It still leaves it as token money."
During the Senate debate Mr. Pittman called the silver bill a compromise in which the President accepted the mandatory clause and the
silver bloc left to him the method of handling actual operations.
The President. the Senator held, had answered the requirements of
the silver bloc "despite the opposition of almost every official in the
Treasury."
Thomas Objects to Measure.
Senator Thomas complained that silver was "not made money" under
the bill, and added that "silver legislation is hopeless during the closing
session of Congress."
He declared the bill was in reality a taxing measure, and should originate
in the House.
"The measure on silver simply provides for a wider use of silver in our
monetary stocks," he said. "Silver is not to be changed in any particular.
The status of silver as money, under the message and under the bill, is
not changed in any particular. We do propose, under the measure, to
acquire some more silver, somewhere, at some time, somehow.
Volume 138
Financial Chronicle
"The first section defines the bill as the Silver Purchase Act of 1934.
The second section limits the amount of silver to be purchased, and that
s an amount of silver in terms of money which is $1.29 for each ounce of
silver.
"Silver is not made money by this bill any more than greenbacks are
made money, or any more than nickel is made money. Silver does not
Interest me in the least unless we use it as a money base, to expand currency and raise commodity prices."
Advices from Washington May 23 to the "Times" said
in part:
Tax May Be Dropped.
The 50% tax on silver profits eliminated from the bill by Senator Pittman
In order to give the bill status in the Senate may not be restored in the
House. some silver Senators say. That section of the bill was taken out
yesterday to overcome the constitutional prohibition that taxation matters
should originate in the House. His plan was to have the House restore
the tax, but all the silver adherents are opposed to the tax, which was
demanded by Secretary Morgenthau.
ComRepresentative Doughton, Chairman of the Ways and Means
mittee, called upon the President to-day and promised prompt consideration
of the measure by his Committee. There is a move by hostile members
to get the bill referred to the Banking and Currency Committee, but
since it contains the 50% taxation feature it would logically be referred
to the Ways and Means Committee, Speaker Rainey said to-day that he
would so refer it, having been assured that the Committee would act
Promptly.
The President's message is given under a separate head
in this issue.
Executive Order Forbids Dismissal of Employees for
Reporting Alleged Code Violations.
President Roosevelt on May 15 issued an Executive Order
prohibiting the dismissal of employees for reporting alleged
violations of industrial codes of fair competition, and pointing out that employers who violate the order are subject to
a fine of $500 or six months' imprisonment under the terms
of Section 10(a) of the National Industrial Recovery Act.
A statement by the NRA on May 21 said that in numerous
cases before the National Labor Board, employees have
charged that their employers have demoted or otherwise
penalized them for making complaints or giving testimony
regarding alleged code violations.
The text of the Executive Order follows:
EXECUTIVE ORDER
Prescribing a Regulation Prohibiting Dismissal of Employees for Reporting
Alleged Violations of Codes of Fair Competition.
By virtue of and pursuant to the authority vested in me under Title I of
the National Industrial Recovery Act of June 16 1933 (ch. 90, 48 Stat. 195),
and in order to effectuate the purposes of said Title, I hereby prescribe the
following rule and regulation:
No employer subject to a code of fair competition approved under said
Title shall dismiss or demote any employee for making a complaint or giving
evidence with respect to an alleged violation of the provisions of any code
of fair competition approved under said Title.
All persons are hereby informed that Section 10(a) of the National Industrial Recovery Act prescribes a fine not to exceed five hundred dollars ($500)
or imprisonment not to exceed six (6) months, or both, for the violation of
any rule or regulation prescribed under the authority of said Section 10(a).
(Signed) FRANKLIN D. ROOSEVELT,
The White House, May 15 1934.
President Roosevelt, in Executive Order, Ends Exemption from Child Labor and Fair Practice Provisions
by Employers in Small Towns.
President Roosevelt, in an Executive Order issued May 15,
and made public May 20, directed that employers with not
more than three establishments in towns of 2,500 population
or less which are not in industrial areas, must comply with
child labor and fair practice provisions of the NIRA. This
modified an earlier Executive Order, which had exempted
such employers from compliance with the President's Reemployment Agreement or with codes. Such employers are
still exempt, however, from wage and hour, minimum price,
and assessment provisions. The Executive Order said:
This exemption is intended to relieve small enterprises in small towns
from fixed obligations which might impose exceptional hardship, but all such
enterprises are expected to conform to the fullest extent possible with the
requirements which otherwise would be obligatory upon them.
The text of the May 15 order follows:
EXECUTIVE ORDER.
Amendment of Executive Order No. 6354 of Oct. 23 1933, Prescribing Rules
and Regulations Under the National Industrial Recovery Act.
•
By virtue of and pursuant to the authority vested in me under Title I of
the National Industrial Recovery Act of June 16 1933 (c. 90, 48 Stat. 195),
and in order to effectuate the purposes of said Title, Executive Order No. 6354
of Oct. 23 1933, prescribing rules and regulations under the National Industrial Recovery Act, is hereby amended by striking out the paragraph numbered 1 thereof and inserting in its stead the following paragraph:
"Employers engaged only locally in retail trade or local service trades or
Industries who operate not more than three establishments and whose place
or places of business is or are located in a town or towns each of less than
2,500 population, and not in the immediate trade area of a city or town of
larger population, as determined by the Administrator, are exempted from
those provisions of the President's Re-employment Agreement and those provisions of approved codes of fair competition which relate to hours of employment, rates of pay, the minimum prices at which merchandise may be sold'
or services performed, add the collection of assessments, except in so far as
any such employer shall after the effective date of this order signify to
•
3535
the Administrator his intention to be bound by such proviaions. This exempfrom
tion is intended to relieve small business enterprises in small towns
fixed obligations which might impose exceptional hardship; but all such
the
with
possible
enterprises are expected to conform to the fullest extent
requirements which otherwise would be obligatory upon them."
The Administrator for Industrial Recovery is hereby authorized to prescribe such rules and regulations as he may deem necessary to carry out the
provisions of said paragraph numbered 1 of Executive Order No. 6345, as.
amended by this order.
(Signed) FRANKLIN D. ROOSEVELT.
The White House, May 15 1934.
Text of Johnson Bill Passed by Congress and Signed by
President Roosevelt Limiting Utility Rate Contests
to State Courts.
We are giving herewith the text of the bill passed by Congress, and signed by President Roosevelt on May 14, to prevent public utilities from taking rate orders of State Commissions into Federal District Courts. The utilities may,
however, as we noted in our issue of May 19, page 3369, appeal the final decisions of State Courts to the United States
Supreme Court. While it had been reported that the President had affixed his signature to the bill on May 15, the
actual date of its signing was May 14. Besides the item in
our May 19 issue, the bill was also referred to in these columns May 12, page 3196. The text of the bill as enacted into
law follows:
[S. 752.]
AN ACT
To amend Section 24 of the Judicial Code, as amended, with respect to the
jurisdiction of the District Courts of the United States over suits relating to orders of State Administrative Boards.
Be it enacted by the Senate and House of Representatives of the United
States of America in Congress assembled, That the first paragraph of Section 24 of the Judicial Code, as amended, is amended by adding at the end
thereof the following: "Notwithstanding the foregoing provisions of this
paragraph, no District Court shall have jurisdiction of any suit to enjoin,
suspend, or restrain the enforcement, operation, or execution of any order of
an Administrative Board or Commission of a State, or any rate-making body
of any political subdivision thereof, or to enjoin, suspend, or restrain any
action in compliance with any such order, where jurisdiction is based solely
upon the ground of diversity of citizenship, or the repugnance of such order
to the Constitution of the United States, where such order (1) affects rates
chargeable by a public utility, (2) does not interfere with inter-State commerce, and (3) has been made after reasonable notice and hearing, and where
a plain, speedy, and efficient remedy may be had at law or in equity in the
courts of such State."
Section 2. The provisions of this Act shall not affect suits commenced
In the District Courts, either originally or by removal, prior to its passage;
and all such suits shall be continued', proceedings therein had, appeals
therein taken, and judgments therein rendered, in the same manner and with
the same effect as if this Act had not been passed.
Approved May 14 1934.
President Roosevelt Signs Municipal Bankruptcy
Relief Bill.
It was announced on May 24 that President Roosevelt
has signed the so-called municipal bankruptcy relief bill, the
Congressional on which has already been referred to in these
columns, May 5, page 3026 and May 19, page 3366. The
bill would permit debt-ridden cities and taxing districts
to compromise their debts by petitioning a Federal Court
—rth a plan of refinancing having the endorsement of holders
w
of 51% of the amounts of the claims. Associated Press
advices further noted:
After the Court acted it would require the consent of holders of 66 2-3
of the amounts of claims in each class and 75% of the aggregate to confirm
the agreement.
Equal Nationality Bill Re-enacted by Congress After
Insertion of Amendment Proposed by President.
Following a request by President Roosevelt, the Senate and
House on May 22, by concurrent resolution, recalled, amended
and re-enacted the Equal Rights Nationality bill. Original
passage of the bill by the Senate and House was noted in our
issue of May 19, page 3369. At a White House conference,
this week, the sponsors of the measure agreed that it should
be amended so as not to penalize American parents in order
to benefit the children of American mothers married to foreign citizens. After Congressional approval of the amended
measure, the bill was sent to the White House for the President's signature.
A Washington dispatch, May 22, to.. the New York "Times"
noted the change made in the measure, in part, as follows:
The change resulted from a detailed study of the bill by the State Department, which revealed that while it would extend citizenship to the children
of American women married to foreign citizens, it would restrict privileges
already enjoyed' by the children of American citizens whose careers force
them to live abroad permanently.
President Roosevelt did not promise definitely to sign the bill when it is
amended, but those at the conference gained the impression that he would
do so, especially as it will be, when amended, exactly in line with a treaty
drawn up at the Pan-American Conference at Montevideo in December.
Those participating in to-day's conference, in addition to the President,
were Wilbur Carr, Assistant Secretary of State; Attorney-General Cummings
and Senator Copeland and Representative Dickstein of New York, co-authors
3536
Financial Chronicle
of the bill. The two Congressmen piloted the bill through their respective
houses of Congress without encountering an adverse vote.
Senator Copeland told newspaper correspondents that the President's criticism was a valid one, and that only a small change involving four words
would be necessary to perfect the bill.
Not for years has a bill been recalled in this manner, according to White
House officials. The ordinary procedure would be for the President to veto
a measure and return it for suggested changes of portions that he disapproved.
Norris Amendment to Eliminate Electoral College is
Twice Defeated in Senate by Margin of Two Votes.
A proposed Constitutional Amendment, sponsored by Senator Norris, to abolish the Electoral College and choose the
President and Vice-President by popular vote, was defeated
in the Senate on two successive days this week, the resolution
on each occasion failing by two votes to obtain the necessary
two-thirds majority. The original vote on May 21 would have
been 43 to 23 in favor of the amendment, but Senator Norris
changed his vote at the last moment in order to move for
reconsideration. The vote was thereupon recorded as 42
to 24. On May 22, when the resolution was again considered,
the vote was 52 for and 29 against. Associated Press Washington advices of May 21 described the purpose of the amendment as follows:
The amendment would eliminate the Electoral College from the nation's
election machinery and would permit direct voting for President and VicePresident.
Mr. Norris and proponents of the measure contended that it would not only
eliminate unnecessary election machinery, but would make it possible for
independent candidates to run for President without facing prohibitive expense. Opponents contended It would bring "bloc" government, as in some
European countries.
President Roosevelt Signs Six Bills Designed to Aid
Federal Government in Fight on Organized Crime—
Calls Upon Citizens to Co-operate.
President Roosevelt on May 18 signed six bills designed
to enlarge the authority of the Department of Justice in
combating organized crime. The President at the same
time issued a statement in which he said that the laws
constitute "a renewed challenge on the part of the Federal
Government to inter-State crime." He said that the new
legislation would provide additional equipment for the Department of Justice to aid local authorities, and expressed
his confidence that the Department will make still greater
inroads upon organized crime. He pledged the Government
to be unrelenting in its fight, and he called upon citizens,
"individually and as organized groups, to recognize the
facts and meet them with courage and determination."
Attorney-General Cummings, commenting upon the signing by the President of the six bills, said that they would
close "many loopholes through which criminals have evaded
Federal capture and punishment." He added that his Department will continue "without abatement its warfare on
the underworld."
The President's statement follows:
These laws are a renewed challenge on the part of the Federal Government to Inter-State crime. They are also complementary to the broader
program designed to curb the evil-doer of whatever class.
In enacting them the Congress has provided additional equipment for
the Department of Justice to aid local authorities. Lacking these new
weapons, the Department already has tracked down many major outlaws
and its vigilance has spread fear in the underworld. With additional
resources I am confident that it will made still greater inroads upon organized crime.
I regard this action to-day as an event of the first importance. So far
as the Federal Government is concerned, there will be no relenting.
But there is one thing more. Law enforcement and gangster extermination cannot be made completely effective so long as a substantial part of
the public looks with tolerance upon known criminals, permits public officers
to be corrupted or intimidated by them or applauds efforts to romanticize
crime.
Federal men are constantly facing machine-gun fire in the pursuit of
gangsters. I ask citizens, individually and as organized groups, to recognize
the facts and meet them with courage and determination.
I stand squarely behind the efforts of the Department of Justice to bring
to book every law breaker, big and little.
Attorney-General Cummings's statement follows:
The Congress has co-operated splendidly by enacting the greater part
of the "12-point program" of the Department of Justice. There is every
reason to believe that the remaining laws suggested by the Department
will shortly receive favorable consideration.
The enactment of these laws, closing many of the loopholes through
which criminals have evaded Federal capture and punishment, comes at a
crucial moment. Kidnappers, killers and racketeers are a serious menace to
life and property, as well as to the supremacy of the law.
The Department of Justice, co-operating with local authorities, has
already brought to bear its present facilities in such fashion that scores
of desperadoes have been rounded up, shot down or convicted.
It will continue without abatement its warefare on the underworld and
upon those who aid or connive in harboring or hiding wanted-gangsters
and gunmen.
With added facilities and the elimination of certain legal handicaps,
the Department will be able to prosecute even more vigorously its drive
upon organized crime, as well as its wider program of vigorous and impartial enforcement of the law in all of its phases.
May 26 1934
We quote fromra, Washington dispatch of May 18 to the
New York "Times," summarizing the principal features of
the six new laws:
The bills signed make it a Federal offense, punishable with heavy fines
or imprisonment, to assault a Federal agent or officer on duty, to rob a
Federal bank, to incite or participate in a riot at a Federal prison and to
send kidnapping or ransom notes in any form across a State line.
Another bill strengthens the so-called "Lindbergh kidnapping law" by
giving a jury power to authorize a death sentence where the victim has not
been returned unharmed. It makes it a Federal crime to carry a kidnapped
person across a State line and makes a seven-day disappearance presumptive
evidence that a kidnapping victim has been so transported.
It is also declared a Federal offense to transport across a State line stolen
goods, including bonds and money in excess of $5,000.
_
Items regarding the Congressional action on these bills
appeared in our issues of May 12, pages 3199, 3200, and
May 19, page 3375.
Developments in Prince & Whitely Failure.
Donald B. Adams, President of the P. & W. Creditors
Corp., which is liquidating the estate of Prince & Whitely
under an order of the United States District Court, has
advised holders of certificates of participation that all
assets held by the corporation are to be offered at auction
at 18 Vesey Street on May 31 at 12:30 p. m. The above
information is obtained from the New York "Times" of
May 17, which further said:
The directors of the corporation say they do not feel that any useful
purpose would be served by extending the certificates of deposit which
will mature on May 22. They add that the corporation will apply the
proceeds of the auction to discharge its current expenses and the balance
against the "balance due on deferred claims."
"It will appear highly improbable that any dividend, either on the
certificates or on account of the guarantee, can be paid," the statement adds.
The failure of the New York Stock Exchange firm of
Prince & Whitely on Oct.9 1930 was noted in the "Chronicle"
of Oct. 11 of that year, page 2317.
New York Appellate Division Ho'ds State Law Forbidding Red Flag Is Unconstitutional.
The New York Appellate Division on May 18, by a vote
of three to two, held that the State law of 1919, making it
a misdemeanor to display a red flag as a symbol of an organization, was unconstitutional. The op nion of the majority
of the Court resulted in the dismissal of charges against two
Socialists who were found guilty of waving a red flag on
Sept. 10 1933. The majority of the Court based its ruling
on the opinion of Chief Justice Hughes of the Supreme Court,
which had been handed down on an appeal from the affirmance of a California statute under which arrests were made
in that State. The United States SupremeCourt had held
the California law invalid as violating the Fourteenth Amendment to the Constitution.
The New York "Times" of May 19 noted the Appellate
decision as follows:
The New York law provides that "to display or expose to view the
red flag in any public assembly or parade as a symbol or emblem of any
organization or association, or in furtherance of any political, social or
economic principle, or propaganda," makes the offender guilty of a misdemeanor.
At about the same time similar laws were passed in many other States.
although one enacted in Massachusetts was repealed later because a red
banner is a symbol of Harvard College. The California law, described as
much more explicit in its terms than the Now York statute, made it a
felony "to display a red flag, banner or badge as an emblem in opposition
to organized government, or an invitation or stimulus to anarchistic action
and to seditious propaganda."
After the highest Court in California had upheld the Act, although
expressing some doubt as to its constitutionality, the case was taken to the
Supreme Court. The opinion of Chief Justice Hughes said.
"The maintenance of opportunity for free political discussion to the end
that government may be responsive to the will of t e people, and that
changes may be obtained by lawful means, an opportunity essential to the
security of the Republic, is a fundamental principle of any constitutional
system.
"A statute which upon its face, and as authoritatively construed, is so
vague and indefinite as to permit the punishment of the fair use of this
opportunity is repugnant to the guarantee of liberty contained in the
Fourteenth Amendment."
Counsel for the defendants argued that the New York law was an "even
more flagrant" violation of constitutional rights, and made criminal the
display of the red flag as the symbol of any organization.
Charles M. Schwab Resigns as Chairman of American
Iron and Steel Institute.
Charles M. Schwab, Chairman of the Bethlehem Steel
Corp., resigned his post as Chairman of the Board of the
American Iron and Steel Institute at the 26th annual meeting of that organization in New York City on May 24. He
said that his health and his inability to take an active part
in the affairs of the Institute prompted his resignation. His
withdrawal was accepted with regret by the Institute's
directors, who adopted a resolution praising his work. No
action was taken on the question of a successor. In his letter
of resignation Mr. Schwab said:
Volume 138
Financial Chronicle
It is with the greatest regret that I find it necessary to write to ask you
to relieve me from the Chairmanship of our Institute. My state of health,
my age, my inability to take any active part, and the good of the Institute.
make me feel that this step is imperative. Needless for me to say how much
I shall miss the intimate association with my friends and the directorate of
the Institute, with whom I have happily spent so many years, and while I
shall be officially disassociated with you, from a sentimental and appreciative view, I will always be one of you.
I want you all to know how deeply I appreciate your ever kindly and
friendly attitude and help to me as President and Chairman of the Institute,
and my love, esteem, and admiration for all the members of the Institute
will always remain a bright spot of my life.
The resolution of acceptance of the resignation expressed
regret and the realization that, in fairness to Mr. Schwab,
he should be permitted to vacate the post, "which he has
filled with such honor and distinction."
H. G. Brock of Guaranty Trust Co. Elected President
of Mexican Chamber of Commerce of United States.
Herman G. Brock, Vice-President of the Guaranty Trust
Co. of New York, in charge of Latin American business, was
elected President of the Mexican Chamber of Commerce of
the United States for the ensuing year at the annual meeting
of the Chamber, on May 18. Honorary Presidents elected at
the same meeting were Enrique D. Ruiz, Consul-General of
Mexico, and Charles B. Williams, Underwood-Elliott Fisher
Co. Mr. Brock has long been active in Latin American business relationships, and is a member of the Council of the PanAmerican Society; Vice-Chairman of the Inter-American
Commercial Arbitration Council, and a director of the Colombian-American Chamber of Commerce. He has just returned
from a visit to Mexico, where he addressed the third annual
convention of the Mexican Bankers Association in Guadalajara, on the subject of the "Banking Crisis of March 1933 in
the United States."
Other officers of the Mexican Chamber of Commerce elected at the meeting
were:
Vice-Presidents, James S. Carson, Vice-President American & Foreign Co.;
Jerome S. Hess, of Hardin, Hess & Eder, attorneys; F. P. de Hoyos, General
Agent of the National Railways of Mexico; Rodiolfo Ogarrio, Vice-President
the Texas Co.; Jose Patron, General Agent of Henequeneros de Yucatan.
Treasurer, John B. Glenn, New York Manager Banco Nacional de Mexico.
Secretary, G. Cordova.
Treasury Rejects Bids of 14 Companies, Holding Prices
Quoted for Office Equipment Are Excessive as
Compared with Former Years.
The Treasury Department on May 18 rejected bids for
office equipment to be used by various Government agencies,
• submitted by 14 manufacturers for the first half of the 1935
fiscal year, holding that the prices quoted were 'excessive
as compared with former years. New bids will be called for,
it was said at the Treasury. A Washington dispatch of
May 18 to the New York "Times" discussed the Treasury's
action as follows:
Fourteen concerns, all operating under th National Recovery Administration, made identical bids on this equipment. Th prices, in some cases
above those of the boom year of 1929, were studied by Admiral C.J. Peoples,
chief of the Procurement Divis:on of the Treasury, before being thrown
out.
New bids will be asked immediately.
The equipment in question included steel letter files, card actions and
desks. Bids were submitted by concerns operating under the NRA.
On cap-size letter files the 1929 figure was $23.15, that of th 1934 fiscal
year $10.73, and the new bids $30.62. Letter-size files were $21.50 in
1929. $9.97 in 1934 and $64.80 on the 1935 quotation, and flat-top 60-inch
desks $40.50. $19.70 and $50.
Chicago Stockyards Fire Causes $7,000,000 Damage,
Destroying 12 Important Buildings—Reconstruction Work Begun—Government Livestock Records
Saved.
Fire which caused an estimated damage of $7,000,000 to
property in the stockyards district of Chicago on May 19
swept over an area of 80 acres in the greatest conflagration
the city has known since 1871. Approximately 1,500 persons
were injured and a dozen major buildings were destroyed.
The origin of the fire was still undetermined this week. Reconstruction of the devastated section was begun immediately, and business activities were carried on as usual at
the stockyards after the blaze had finally been brought under
control. The largest loss was sustained by the Union Stock
Yards & Transit Co. of Chicago, where it was estimated that
three-fourths of the property was consumed. Only negligible
damage was done to the properties of the so-called "Big
Four" packing companies.
In a Chicago dispatch, May 19, to the New York "Times"
it was stated that the fire burned over an area of eight blocks,
about 80 acres, in five hours; 25 persons, including 11 firemen, were seriously injured, it is stated, and it was estimated
that about 1,200 were rendered homeless.
3537
The Chicago "Journal of Commerce," on May 21, listed
the following buildings as having been seriously damaged or
destroyed:
The Drovers' National Bank;
The Livestock National Bank;
Exchange Building (new);
Exchange Building (old);
International Amphitheater;
The Stockyards Inn;
Saddle and Sirloin Club;
P. Brennan Packing Co.;
Drovers' Garage;
Root Hotel;
Harry McNair Stables;
Sears, Roebuck farm equipment office;
Montgomery Ward farm equipment office;
Stock Yards Garage;
L. Livingston Grain and Feed Depot;
The Percheron Society;
Chicago Junction Railroad Station;
Record Building;
4-H Boys' and Girls' Club;
United States American Agricultural Administration offices:
The Daily Drovers' Journal, and
Radio Station WAAF.
An announcement by the Department of Agriculture on
May 21 said that the Chicago building that housed the livestock market news service of the Bureau of Agricultural
Economics was untouched, despite the fact that it was
surrounded by the fire. There Was no interruption of the
Government's livestock market news service at that point,
according to J. S. Campbell, in charge of the Chicago office.
Invaluable Government records of livestock marketing are
intact. Mr.Campbell telegraphed the Bureau at Washington
as follows on May 21:
Telephone service and the leased wire service reinstated last night. Trading to be carried on as usual with limited facilities. About 25% of cattle
pens, with all of sheep and hog pens practically undisturbed by fire. Commission firms doubling up on such space as is available in our building and
yard company is erecting numerous temporary structures on vacant spaces
adjacent to exchange. . . . View from our south windows show practically nothing in area between us and 45th St. viaduct except few charred
posts, water troughs and demolished scale houses. Our service necessarily
handicapped but estimate was released on time through courtesy of telephone company allowing us desk and office room in yard's exchange.
Winthrop W. Aldrich Elected Head of New York State
Charities Aid Association—Chairman of Chase
National Bank Calls Immediate Help for Needy
Urgent.
Winthrop W. Aldrich, Chairman of the Board of the
Chase National Bank of New York City, was elected May
17, President of the New York State Charities Aid Association to succeed the late George F. Canfield. Mr. Aldrich,
in a speech after the election, said that an organization such
as the Association "was never more urgently needed than
to-day. It will be needed even more in the near future
than it is at present," he added, stating that it must solve
many problems of reduction of unemployment and destitution. The New York "Times" of May 18 noted the election
of Mr. Aldrich and of his successor as Vice-President of the
Association, as follows:
Mr. Aldrich is a son of the late Senator Nelson W. Aldrich of Rhode
Island, is a graduate of Harvard College and Harvard Law School and
was admitted to the New York bar in 1912. He is a member of the
boards of directors of various philanthropic agencies and of Barnard
College and Riverside Church. He was been a member of the Board of
Managers of the Charities Aid Association since 1926 and a Vice-President
since 1930.
John C. Traphagen, President of the Bank of New York & Trust Co.
and a trustee of the National Child Labor Committee and of Stevens
Institute of Technology, succeeds Mr. Aldrich as a Vice-President. He
has been a member of the board of managers of the association since 1931.
Mr. Aldrich who also holds the post of Treasurer of the
Welfare Council of New York, stated on May 22, in a
Welfare Council interview broadcast over station WABC
and the Columbia Broadcasting System network, that it
is a good thing that Federal, State, and city governments
have assumed complete responsibility for meeting the relief
needs of the people but the burden of this need should not
be passed on to the future generations by borrowing.
Answering questions asked by Louis Resnick, Director of
Public Information and Education of the Welfare Council,
on the subject "Financing of Social Work," Mr. Aldrich said:
For several years our Federal, State, and municipal governments justified the borrowing of money for relief purposes on the theory that the
depression was a temporary matter, but I believe that there is a growing
realization of the fact that we can no longer depend upon this theory and
it becomes essential, therefore, to meet current relief needs out of current
taxation so that the budgets of our various governmental instrumentalities
may be balanced and financial chaos avoided.
In answer to a question by Mr. Resnick whether relief should continue
to be the function of Government rather than of private philanthropy.
Mr. Aldrich said he believed the Government should continue to carry
on "the functions of unemployment relief" and that "private agencies,
which include relief among their other functions, should not altogether
drop out of the relief situation." "These private agencies are needed
as a check on the operation of the governmental agencies and to supplement the work of the governmental agencies in those phases of the situation
where the governmental agencies for any reason do not reach."
3538
Financial Chronicle
R. G. Tugwell Asks Social Workers to Seek Permanent
Rehabilitation—Assistant Secretary of Agriculture
Advocates Greater Share of Industrial Profit for
Employees.
Rexford G. Tugwell, Assistant Secretary of Agriculture, in
a speech May 21 before the National Conference of Social
Workers at Kansas City, asked his hearers to co-operate
with the Administration at Washington in effecting permanent social and economic rehabilitation rather than temporary relief. Mr. Tugwell declared that distress caused by
the adoption of new machines and methods which displaced
workers could have been avoided if the workers had not
been forced to bear the cost while the profits went to industry.
Savings accomplished through more efficient operating
methods should in part be diverted to the workers as a
means of preventing permanent unemployment, he added.
Asserting that ills are not confined to industry, Mr. Tugwell
said that "rural life needs reconstruction along with industrial life."
A Kansas City dispatch May 21 to the New York "Journal
of Commerce" quoted further from his speech as follows:
Urging concerted effort to relieve thedistress he said,"we shall have to be
pioneers if we are to rise above the vicious circle," the assumption that "if
the wheels of commerce and industry, as now organized, can be set going
full tilt, all our worries will be over."
Dr. Tugwell said that "in spite of all the difficulties its workers have
labored under,the Federal Emergency.Relief Administration stands out in
He said that
my mind as the foremost of all the recovery agencies."
through it the Administration has been able to liquidate some of the worst
depression.
years
of
the
hard
results of neglect in
Referring to the National Recovery Administration, Dr. Tugwell said
that efforts are not being made to alter the life of the people, but that the
people were calling for a redirecting of the management of the institutions
and organizations through which they feel should be able to obtain a portion
of the good things that they see lying around everywhere. He said what is
demanded is the making over of the institutions controlled by and operated
for the benefit of the few, so that regardless of their control they shall be
operated for the benefit of the many.
Government Operation of Public Utilities Criticized
at Convention of National Association of Mutual
Savings Banks—Policy to Which Tennessee Valley
Authority Is Committed.
Governmental construction and operation of utilities was
questioned here on May 17 before the annual convention of
the National Association of Mutual Savings Banks, by E. K.
Woodworth, President of the New Hampshire Savings Bank,
Concord, N. H., and a member of the Association's committee
appointed to study utilities in general. He said that it was
bad enough to have the Government engaged in such a field,
competing against the capital of private investors, and doubly
bad when the Government built unnecessary or parallel plants
and facilities.
In the report of the Association's committee, presented at
the convention, on May 17, governmental construction of
utility plants which duplicate those already in existence and
privately owned was opposed. The report said:
By far the gravest problem which confronts not only this organization but
every large investor in public utility bonds, is the serious situation brought
about by the attitude of governmental officials who favor the use of vast
sums of public money in developing plants which duplicate existing properties and jeopardize the safety of securities.
No attempt will be made here to itemize the projects brought before the
various lending corporations in Washington, which would more or less duplicate already existing public utility facilities throughout the country, but
the list is impressive and the amounts of money involved run into gigantic
sums.
An example of justifiable apprehension is the posibility of duplication at
public expense of adequate facilities already existing in a city in Tennessee.
We understand that negotiations are in progress which may save the bondholders from loss. The threat of such loss has, however, been real. If it
occurs it will be the result of combined local and Federal action, and will
have every appearance of confiscation without compensation.
It is not our function as savings bankers to oppose governmental development leading toward public ownership of public utilities. It is, however,
our right and our duty to insist that such action be accompanied by either
the purchase of existing facilities at a fair price or payment of just compensation for the resulting loss to bona fide investors.
Mr. Woodworth, in his address, had the following to say,
in part:
It has been said that the public utility investor is the forgotten man of the
New Deal, and it may became our duty to help remind the world of his
existence. Were we, as savings bank managers, justified in investing in the
senior obligations of the operating utilities? We believe were were. There
was every reason for confidence in a permanent and increasing demand for
electric current. The industry has shown extraordinary capacity for increased usefulness. Moreover, we had every confidence in the spirit as well
as the letter of our Federal and State constitutions, which provide that
private property shall not be taken for public use without just compensation.
The industry had been created and developed by private initiative and private
capital. Government had not inspired Edison, Bell, Steinmetz, Pupin or the
others who had given to mankind the blessings of their inventive genius;
nor did government compensate them for their toil or make their discoveries
of practical use in the homes of the people. Streams were harnessed, coal
mines opened, and generators and transmission lines built with private capital, in full confidence in the constitutional principle to which we have referred. In the upbuilding of this great and indispensable public service
under private initiative and with private capital the savings banks and their
depositors have played an important part.
May 26 1934
To revert to the demand for lower rates, in recent months a highly disturbing factor has been the announcement by Federal agencies of domestic rates
greatly below the charges which even the most enlightened of.private managements have believed necessary to meet operating expenses, taxes, and provide adequate reserves for depreciation and obsolescence, and a fair return
on the investment.
The idea has been planted in the public mind that these low rates are
intended to provide a yardstick for determining the fairness of domestic
rates everywhere. Another feature of the changed picture is the duplication
of existing facilities. When the Federal Government indicates its purpose
to spend or lend public funds to duplicate or reduce the field of operations of
properties in which millions of dollars have been honestly invested and from
which millions of people have derived the benefits of light, heat and power,
even the holders of only triple A bonds well may join their less fortunate
brethren in considering what should be done about it. The spectacle of the
great State of New York authorizing municipal ownership without first requiring the purchase of existing facilities at a fair valuation is far from
reassuring even to the most conservative of investors. When the city of
Knoxville goes municipal under the spell of the Tennessee Valley Authority,
we need not be amazed; but when the Public Works Authority offers to lend
even an inadequate sum to a city with an indebtedness which already has
outrun its credit, to build a distribution system where one quite adequate
already exists, at least we must sit up and take notice.
-day to hear at first hand about the colossal
It is to be our great privilege to
undertaking in the Tennessee Valley. The privilege of introducing Mr. Lilienthal is not mine, but you doubtless know that he is one of the three directors
of the Tennessee Valley Authority. . . .
It may not be the business of our National Association to question the
wisdom of the purpose behind this project, which is stated to be "the economic and social development of a great region under the guidance of the
Federal Government." As no doubt Mr. Lilienthal will tell us, it involves
many far-reaching plans aside from the development of electric power upon a
gigantic scale. It is our business, however—indeed, it is our solemn duty—
to try to understand and estimate as accurately as we can the effect upon
the future of privately-owned utilities because of this invasion of the field
upon a scale so great as to be only possible when backed by the power and
resources of the Federal Government.
In addressing the convention, Mr. Lilienthal asserted that
the Tennessee Valley Authority is committed to a policy of
protection and fair play for the investor. He remarked that
"the almost insatiable need for new capital in the great business of electricity has been supplied in major part by the
savings banks, the insurance companies, the trust funds," and
in part continued:
The fate of your billions of conservative capital has been put into the
hands of a managerial minority. Have they justified your trust and confidence? We all know that some have, and their record is a matter of pride
to business men everywhere. But these bright spots are not typical.
The electric industry has grown at a rapid rate, and is destined to continue to grow. Further growth will require fresh capital. Fresh capital
will be forthcoming from the public only to the extent that it is convinced
the industry is managed in accordance with high standards. If the private
utilities are unable or unwilling to clean the slate, they will find it very
difficult to convince investors to risk further capital in this essential business. In the National Government's attempt to curb holding company
abuses, to assure honesty of accounting, to simplify corporate structures, and
to achieve security in fact for investors, the Government is working in the
long-range interest of all.
The President and Congress, in setting up the Tennessee Valley Authority,
were merely responding to an overwhelming public sentiment. The public,
investors and consumers alike demanded an experiment on a broad scale, of
public electric operation. This development was designed to serve as one
means of seeking to prevent a continuation of financial and operating practices which had brought discredit on the entire industry, sound and unsound
managements alike.
The Authority is under duty to acquire a market for its power. It is
authorized to compete with existing utilities, and for this purpose is expressly empowered to erect duplicate facilities. But no competing facilities
have been constructed, and I am authorized to say that under its present
Board none will be constructed until every reasonable alternative has been
exhausted.
To avoid duplication of facilities, to avoid territorial competition, to buy
property at fair prices, are cardinal policies of the Tennessee Valley Authority.
Our adherence to these policies should reassure you of the Authority's determination to respect prudent investment in useful property.
But more important still to you as institutional investors in this great
Industry is the program under way to increase the use of electricity for
domestic, rural and industrial purposes. This project of the Authority, created by otder of the President of the United States, and backed by $1,000,000
of capital and $10,000,000 of credit, is being launched next week throughout
the Valley. This undertaking holds great promise for the stabilization of
earnings for this whole industry.
By direction of the President, the Authority has established an agency
known as the Electric Home and Farm Authority. This corporation will
make possible the sale of low-cost appliances to a large portion of the population which hitherto could not afford complete electric service in the home.
These appliances, of course, are made by leading manufacturers and sold
through the regular dealers' outlets. The Authority is interested not merely
In the expansion of its own electric sales; it is interested in increasing the
consumption of electricity throughout the South, in disregard of public or
private ownership.
J. B. Eastman, Federal Rail Co-ordinator At Conven-tion of National Association of Mutual Savings
Banks Asserts Main Obstacle in Solution of Rail
Problem is Attitude of Rail Managements and
Labor—Views on Public Ownership.
Joseph B. Eastman, Federal Co-ordinator of Transportation, in addressing the National Association of Mutual Savings Banks, in annual conference in New York, on May 16,
spoke at length to the savings bankers, who hold large rail
Investments, and attempted to outline the future of the
carriers.
Volume
138
Financial Chronicle
He expressed a hope for lower rail and passenger rates
brought about by the installation of modern equipment, the
unification of terminals, and reduction of unnecessary costs.
Mr. Eastman said that all traffic in a 75-mile zone might be
handled by trucks. At some length he sketched the proposed
steps to bring about reductions in the cost of operation, but
admitted that "economies in railroad operation are bound, in
large part, to be labor-saving economies." He made known
that the Government is studying "retirement annuities for
superannuated employees, unemployment benefits, and dismissal wages."
The Federal Co-ordinator said that one of the two principal
obstacles to progress in solving the national rail problem is
'the attitude of rail managements; the second is labor. On
this point he said:
I ought to tell You of the two main obstacles to these future possibilities.
One is the attitude of the individual railroad managements. They have
been brought up in the hard school of competition, with each company out
for itself and the devil take the hindermost. Their immediate duty, as
they see it, is to look after the interests of their own particular stockholders,
without much regard for the interests of the industry as a whole. Take
terminal unification as an example. A survey may show that in a large
traffic center it is easily possible, physically, to co-ordinate operations without injury to the service and save many thousands of dollars annually. One
railroad serving that traffic center, however, may believe that it has a
atrategie advantage over other railroads under existing conditions, and for
that reason it may refuse to go along with the new promm. This is a
kind of difficulty which is likely to be encountered all along the line in
efforts at co-ordination. It remains to be seen whether it can be surmounted. Perhaps you investors in their securities can help them to make a
wise choice.
The other obstacles will be supplied by labor, and it is a very serious one.
Economies in railroad operation are bound, in large part, to be labor-savings
economies. The present Emergency Act contains a provision which goes far
to prevent such economies from co-ordination, but that Act expires on
June 16 1936. No one who knows the facts can avoid sympathy with railroad labor. Since 1920 the number of employees on the payroll has been
cut in half, and those who remain have suffered severely in the depression
from furloughs, demotions and part-time employment. The labor-protection provisions in the present Act have not been put to the test in the
courts. Whether they would survive such a test I do not know. Assuming,
however, that they could be made a valid part of the permanent law in their
present form. I am hopeful that this will not be done.
This hope rests on two things. In the first place, the changes in methods
of operation and service toward which we aim are not mere ways of shaving
expense. The main purpose is to regain and develop business.
It is cruel and inhuman to discard faithful employees like worn-out crossties. The shocks of sudden economic changes at least can be cushioned. The
savings can be shared between capital and labor. Our study is going deeply
into the subjects of retirement annuities for superannuated employees, unemployment benefits, and dismissal wages. We hope to work out a program
which will afford reasonable protection to labor without stifling progress.
Regarding other transportation agencies, Mr. Eastman
said:
I turn now from the railroads to the other transportation agencies. I have
no authority over them beyond the duty to recommend to the President and
Congress further legislation for the improvement of transportation conditions
generally. I am sure that you have heard much about the subsidies which
are supposed to be given, directly or indirectly, to the water carriers and
the motor carriers and the air carriers, through the waterways or the highways which are provided for their use out of the public treasury, or in other
ways. Of course there were such things as land grants to the railroads in
the old days. We are trying to get to the bottom of this subsidy question,
and are finding it no easy job. I expect to be able to report on this
matter at a comparatively early date, to give the facts as nearly as we can
ascertain them, and to recommend what, if anything, should be done about
them.
I have, however, already submitted a report in which I have
recommended
that motor and water carriers, along with the railroad's, be
subjected to
Federal regulation by the Inter-State Commerce Commission.
From Mr. Eastman's address we also take the following
extract:
In one of my reports I have discussed the possibility of public ownership
and operation of the railroads frankly and in no unfriendly spirit. I
have
no desire to assume the role of propagandist for public ownership
and operation, or to have such a policy adopted until the people of the United
States
either want it or believe it to be necessary. I have believed that they
should
be thinking about it, for it may prove to be necessary, and
in that event
it is highly desirable that the country should be prepared to
undertake it in
the best possible way, and with all possible safeguards.
Personally, I have
been a rather close observer of private operation under
public regulation for
almost 30 years, and I started with a definite disbelief in
public ownership
and operation. I ant not of that mind now, for reasons which
I have undertaken to give on other occasions.
Recently I have heard or read at least three separate discussions
in each
of which it was urged that the Federal Government should by
formal Act or
Resolution a Congress declare its opposition
to public ownership or operation
of the railroada and its commdtment to the policy of private
ownership and
operation. It is urged that this be done for the
reassurance and protection
of investors in railroad securities. This is a fair sample
of the fatuous
if not disingenuous character of much of the ordinary
discussion of this
subject. There are distinct dangers in public ownership
and operation against
which safeguards ought to be provided, but the fact is
that nobody has less
to fear than the holders of railroad securities. Experience, in
this country
and all over the world, clearly shows that when the
Government takes over
private property, it invariably pays a fair price and
usually more than the
property is worth. In fact, that is one of the reasons
why I am not now
urging acquisition of the railroad properties under the
financial conditions
by which our Federal Government is now faced.
Coupled with this plea for a statement of governmental
policy on the
subject of public ownership and operation, the suggestion has
been offered
that the legislation should contain something in the nature of a
guaranty that
rates will be maintained at a level which will assure a fair
return on the
investment in the railroad properties. Let me point out
there can be no
3539
guaranty that any business can be made to earn such a return, and any
attempt at such a guaranty is pernicious in at least two respects. In the
first place, it engenders keen public resentment against the industry in
question, and in the second place it diverts the attention of the owners of
the property from the proper management of the business. They look to
Washington when they ought to be looking to themselves.
House Passes Bill Authorizing $440,000,000 in Direct
Loans to Industry Through RFC and Federal
Reserve Banks--Measure Goes to Senate, Where
Similar Bill, Alloting $530,000,000 Has Already
Been Approved.
The House of Representatives on May 23 by a vote of
178 to 6 passed and sent to the Senate the bill providing
$440,000,000 in direct loans to industry, designed to extend
financial assistance to small businesses. The Senate on May
14 had approved the Glass-Barkley bill, providing approximately $530,000,000 for direct loans to industry by the
Federal Reserve banks and the Reconstruction Finance
Corporation, as noted in our issue of May 19, page 3378.
The House bill is a substitute for the Senate measure, but
Congressionalleaders indicated late this week that agreement
would be reached in conference. The House bill authorizes
the RFC to lend $300,000,000 to small industries, including
$75,000,000 to public school systems upon "adequate
security." The Federal Reserve banks are empowered by the
bill to lend to small industries an amount not to exceed the
surplus of the Reserve banks as of July 1 1934. This has been
estimated at $140,000,000.
A Washington dispatch May 23 to the New York "Journal
of Commerce" outlined the principal provisions of the measure passed by the House as follows:
The measure was turned into an omnibus relief measure by the Committee through the inclusion of amendments(=easing the amounts available from the RFC for loans to drainage districts, self-liquidating projects.
farm co-operatives, mineral rights pools, to purchase the capital notes of
Insurance companies and to facilitate the organization of import-export
banks.
Provisions of the bill were further broadened on the floor of the House
to-day to provide loans up to $75,000,000 for school districts with which to
pay salaries of teachers and to provide aid for the fishing, canning and
packing industry.
The House at the same time approved another amendment to the bill
which would provide closer Congressional supervision over the operations
of Government-owned corporations, such as export-import banks, the
Tennessee Valley Authority and others by requiring them to make annual
reports to Congress including a statement of their financial condition.
Shortly after the amendments were approved the House served notice on
the Senate by a standing vote of 166 to 0 that it would insist upon retaining
the amendments in the bill when it is sent to conference by the Senate.
$300,000,000 From RFC.
As passed by the House, the bill makes $300,000,000 of RFC funds available for loans to industries and $140.000,000 available through Federal
Reserve banks. Industries are to be allowed to borrow from Reserve banks
when they cannot obtain the required financial assistance on a reasonable
basis from usual sources.
In extending credit to corporations Reserve banks are empowered to
discount, purchase or make loans on obligations with maturities not exceeding five years, executed by established industrial or commercial business,to
obtain capital funds from banks, mortgage companies, credit corporations,
or other financial institutions in its district.
The financing institutions must agree to bear not less than 20% of any
loss which may be sustained upon any such obligation, or in lieu of such
agreement to bear part of any loss, it may advance not less than 20% of the
capital funds advanced on the obligation. The aggregate amount of credit
extended under this section of the bill is limited to the combined surpluses
of Federal Reserve banks as of July 1 1934, an estimated $140,000,000.
Extensions of credit are subject to the approval of industrial advisory
committees to be appointed by Federal Reserve banks in each district.
New 3% Bonds of Federal Farm Mortgage Corporation
to Replace 314% Issue in Continuing Program of
Refinancing Farm Indebtedness.
W. I. Myers, Governor of thelFCA, announced on May
21 that bonds of the Federal Farm Mortgage Corporation,
bearing 3% interest per annum, dated May 15 1934, callable
in 10 years and maturing in 15 years, would be used beginning
that day, in place of 3WI% bonds callable in 10 years and
maturing in 30 years, in continuing the program of refinancing of farm indebtedness. In other respects, said the
announcement, these bonds are identical to the 3Vi% bonds,
being unconditionally guaranteed by the United States
Government as to principal and interest.
Governor Myers pointed out that the 3X% bonds have
been selling substantially above par and that it is the purpose of the FCA to fix an interest rate on these bonds as
issued, which will insure the bonds selling at approximately
par. He pointed to the 3% bonds of the United States
Treasury, maturing in 17 years and callable in 20, as selling
above par, being quoted May 19 at 100 23-32. The FCA
of May 21 added:
The bonds of the Federal Farm Mortgage Corporation are being accepted
readily both by farmers and their creditors in the settlement of debts.
A recent survey made throughout the United States shows that almost
without exception the bonds are accepted Instead of cash.
The value of refinancing being done by the Federal Land Bank and the
Land Bank Commissioner, according to the Governor's statement, has
3540
Financial Chronicle
reached approximately the same amounts daily as were recorded for several
weeks prior to the shift from cash to bonds in the closing of loans. Last
week loans closed each day amounted to $5,000,000 to 66,000,000, representing 2,000 to approximately 2,400 loans daily.
$857,466,304 of Farm Mortgage Loans Made During
Six Months Ended April—Federal Land Banks
Advanced $600,574,439.
The total number of farm mortgages recorded in the United
States during the six months ended April 1934 was 353,748
for $857,466,304,and of this amount 242,882 loans amounting
to $600,574,439 were made by the Federal Land Banks, it
was said in an announcement issued May 24 by the Farm
Credit Administration. Thus it is noted these banks have
done about 70% 'of the farm mortgage business in this six
months' period. The remaining 30% is distributed among
individuals, Joint Stock Land Banks, commercial and savings banks and trust companies, insurance companies and
receivers and conservators for banks, in the order named,
the Administration's announcement said. It added:
The great increase in the number of Federal Land Bank and the Land
Dank Commissioner loans is a dominant factor in the new farm mortgage
business written during the last several months. The total number of farm
mortgages written by all lenders throughout the United States has Increased
month by month. The number of such loans made in October 1933 was
27,989 for $66,658,546; whereas by March, of this year, the number had
Increased to 86,876 loans for $210,502,882.
The greatest number of all farm mortgages recorded in the six months
prior to April this year, according to the estimates of the FCA, were in the
7th FCA District comprising Michigan, Wisconsin. Minnesota and North
Dakota, followed by the 4th District, embracing Ohio, Indiana, Kentucky
and Tennessee; the 8th District, including Iowa, South Dakota, Nebraska
and Wyoming;the 6th District comprised of Illinois, Missouri and Arkansas.
Senate Agriculture Committee Favorably Reports
Series of Amendments to AAA Broadening Powers
of Secretary of Agriculture—Passage at Present
Session Called Doubtful.
The Senate Agriculture Committee on May 21, by a vote
of 9 to 3, favorably reported Administration sponsored
amendments to the Agricultural Adjustment Act. Several
committee members reserved the right to oppose on the
floor of the Senate the amendment which would grant the
Secretary of Agriculture power to tell a farmer who subscribes to a voluntary production control program what
crops he may plant on his land. Committee members said
on May 21 that it appeared doubtful if the measure could
be enacted during the current session of Congress. Associated Press advices from Washington on May 21 summarized
the chief features of the proposed amendments to the AAA
as follows:
Changes which strengthen or clarify the Secretary's power to license
Industries handling farm commodities are also slated for thorough discussion.
Mr. McGill said he voted against the measure because of the clause
extending the Secretary's power to tell the grower what he may or may
not produce for sale.
At present, the Secretary may dictate the use of the land rented or
leased by the Government, but any attempt to allot production on his
entire acreage, Mr. McGill said, would be contrary to the spirit of the
present law.
The amendments approved to-day would limit the Secretary's power
to fix quotas affecting the producer of rice, milk and its products, peanuts,
flax, dry edible beans, vegetables. fruits, nuts and naval stores.
The quotas provisions may not be applied unless two-thirds of the
producers desire them.
Another amendment would allow the Secretary of Agriculture to take
into account increased costs of farm labor, interest payments on debts
and taxes in determining the parity price for farm products.
Committee members said that it was doubtful whether the bill would
get through before adjournment. They said strong pressure would be
needed from the White House for passage.
The Senate Committee to-day also approved a measure carrying an
appropriation of $100.000,000 to allow the Secretary to take over cotton
on which 10-cent loans have been made by private banks and other financial
agencies.
Cattle and Sheep Producers Giving More Business to
Co-operatives According to View of Livestock Men
of Co-operative Division of FCA.
Gains made by the livestock co-operatives in the volume of
cattle and sheep handled indicate that the larger cattle and
sheep producers and feeders are giving more of their business
to the co-operatives than they did a few years ago. This is
the view taken by the livestock men of the Co-operative
Division, Farm Credit Administration, said an announcement issued by the Administration of May 18. The announcement further said:
The increased business in cattle and sheep now coming to the terminal
agencies, is taken to indicate that the livestock co-operatives have demonstrated their ability to sell these animals as well as hogs to the satisfaction
of the large shipper. The bigger volume in these departments not only
comes from the mid-west and eastern territory but also from the range
sections of the west and southwest.
On the basis of reports of cattle and sheep marketed through the 24member sales agencies of the National Livestock Marketing Association,
there was an increase of 42% in cattle and 34% in sheep for the year 1933
three-year period, the number of
over the year 1930. During this same
26%.
hogs handled showed an increase of approximately
and sheep, the gain in
While less than the percentage increase in cattle
the rapid development of the
hogs, It Is pointed out, occurred In spite of
May 26 1934
"direct to packer" movement that has sharply reduced total supplies corning
to all terminal markets where these co-operative agencies operate.
A comparison of the actual numbers of livestock marketed by the member
agencies of the National Livestock Marketing Association during the years
1930 to 1933 are given in the following table. These Hewes indicate a
steady substantial growth during this period.
NUMBER OF HEAD OF LIVESTOCK HANDLED BY MEMBER AGENCIES
NATIONAL LIVESTOCK MARKETING ASSOCIATION.
Year—
1930
1931
1932
1933
Total
•Does not Include calves.
•Caltle.
Hoes.
Sheep.
681,313
814,303
854,843
969,500
3,882,134
4,137,753
3,911,986
4,913,553
2,125,458
2,757,293
2.850,968
2,845,647
3.319.959
16.845.425
in 5711 ass
Resolution Adopted By Senate Authorizing Loans to
Fruit Growers.
On May 10 the following resolution authorizing loans to
fruit growers'for rehabilitation of orchards during 1934 was
passed by the Senate:
Resolved, etc., That the Governor of the Farm Credit Administration is
authorized to make loans to fruit growers for necessary expenses to rehabilitate their orchards during the calendar year 1934, in the same manner
and under the same terms and conditions (including penalties) as in the
case of loans under the Act entitled "An Act to provide for loans to farmers
for crop production and narvesting during the year 1934, and for other purposes," approved Feb. 23 1934; except that (1) a first lien on all crops
grown or harvested during the years 1934 to 1938, both inclusive, shall be
required as security for any such loans to a fruit grower, and (2) no such
loan shall be made for a period of more than five years or in an amount
in excess of $5,000 to any one borrower. To carry out the provisions of
this resolution there is nereby authorized to be appropriated, out of any
money lathe Treasury not otherwise appropriated, the sum of $10,000,000.
or so much thereof as may be necessary.
Report of Clarence Darrow of National Recovery
Review Board, Finds NRA Leading Toward
Monopoly—Codes Critized as Harmful to Small
Business and to Consumer—Reply by Dr. Richberg
of NRA Declares Report Inadequate—Memorandum of General Johnson—Minority Report of J.
F. Sinclair Disagrees with Board's Findings.
Condemnation of the operation of National Recovery Administration codes of fair competition is contamed in tne
majority report of the National Recovery Review Board,
headed by Clarence Darrow, which was made public on
May 20. -There was simultaneously published a minority
report by John F. Sinclair, who said that the report of the
Board was made on the basis of unfair and one-sided hearings. He declared that the majority had not approached the
investigation into the NRA from the viewpoint of careful
resuarch and analysis, and that their conclusion "must
necessarily be inconclusive, incomplete and at times misleading and unreliable." Also on May 20 there was made
public a long statement by General Hugh S. Johnson, Recovery Administrator; Ronald R. Richberg, NRA General
Counsel and a number of NRA Divisional Administrators,
who criticized the Darrow report and replied to the various
criticisms contained therein.
The majority members of the Board, in addition to Mr
Darrow, included Fred P. Mann Sr., W. W. Neal, Samuel C.
Henry and William 0. Thompson. The report discussed in
detail eight NRA codes, and was based on evidence regarding the operations of those codes elicited at hearings held
by tile Board. In a supplementary report, signed by Mr.
Darrow and Mr. Thompson, it was recommended that the
NRA be abolished and the country's resources be socialized.
"The NRA," this supplemental report said, "is at present in
the stage of conflict of interests; but in proportion as the
authority of Government sanctions regulation by industrial combination, the inevitable tendency is toward monopoly, with elimination of the small business."
The chief complaints against the operation of the codes,
as voiced in the majority report, are that they tend to foster
monopoly, to harm the small business man while benefiting
his larger competitor, and that they are injurious to the
consumer. Particular attention was devoted to the steel
code. One of the criticisms made with regard thereto is that
the Code Authority, comprising directors of the American
Iron and Steel Institute, is made up of men who are financially interested in questions they are called upon to decide,
and that they administer the code for the benefit of the
largest companies in the industry. The report also attacked
the system of computing railroad freight charges with relation to certain "basing points." It cited the case of a Duluth
manufacturer who was required to pay $6.60 a ton freight
on steel bars which were made in Duluth. This charge was
made because Chicago is the "basing point" for the area in
which Duluth is located, although the bars had never been
in Chicago.
Volume 138
A section of the report dealing with the motion picture
industry included the recommendation that Sol A. Rosenblatt, NRA Administrator in charge of the motion picture
code, be removed. The report said that monopolistic practices are common in the industry, and that independent distributors, producers and exhibitors are unfairly discriminated against.
Another industry where, it is claimed, the small business
is unjustly handicapped by a code was reported by the
Board in its discussion of the code for the bituminous coal
industry. The report charged the Subdivisional Authority
for northern West Virginia and western Pennsylvania with
"malfeasance in office," and reconimended that they be replaced with persons having "a higher conception of social
obligations than an impulse to seize every opportunity for
personal aggrandizement."
Other codes reported upon by the Board included those
for cleaning and dyeing, retail solid fuel, ice, electrical
manufacturing and the rubber industry. In each of these
industries the Board found that the codes tended to promote monopoly and was injurious to the small enterprise.
In the electrical manufacturing industry, however, the report said that "monopolistic conditions" do not arise from
the code "but from the control of patents and other longstanding factors." With regard to the footwear division of
the rubber industry, the report said that small enterprises
are oppressed "in ways that will result in a monopoly, if
one be not already created." Again, in discussing the ice
Industry, the report said that monopolistic practices exist
and small enterprises are oppressed, "apparently because
the code was made by representatives of the large companies, in whose Interest it seems to be administered."
The principal sections of the majority report are given
below:
To the President,
The White House, Washington, D. C.
Dear Mr. President: The National Recovery Review Board, created by
your Executive Order of March 7 1934, begs leave to report herewith its
findings to date.
The duties and functions of this Board were described in your Order as
follows:
"(1) To ascertain and report to the President whether any code or codes
Of fair competition approved under the authority of Title 1 of the National
Recovery Act are designed to promote monopolies or to eliminate or
oppress small enterprises or operate to discriminate against them, or will
Permit monopolies or monopolistic practices, and if it finds in the affirmative to specify in its report wherein such results follow from the adoption
and operation of any such code or codes.
"(2) To recommend to the President such changes in any approved code
or codes as in the opinion of the Board will rectify or eliminate such results."
Pursuant to the Executive Order, the Board assembled on March 7, began
at once to receive complaints, and held its first hearing on March 15.
The Board now has 304 complainants awaiting hearings. Their complaints
concern 104 codes. One hundred and thirteen complaints have already been
heard, against 18 codes. Of these which have been heard reports are included herein concerning the following: Electrical manufacturing, footwear division, rubber manufacturing, motion pictures, retail solid fuel,
steel, ice, cleaning and dyeing, bituminous coal.
The hearings on the following codes have been held, but drafting of the
recommendations has not been completed: Petroleum, lumber and lumber
products, wood case lead pencil, asbestos, motor vehicle retailing, saw and
steel products.
At the hearings every opportunity was afforded for the presenting of
every phase of the subject under inquiry, the interests involved were notified
through the Code Authority, many witnesses were heard, counsel was allowed
to present arguments. Only one industry, that of motion pictures, declined
to avail itself of these facilities until after the hearing had been concluded.
The Board respectfully begs leave to submit the following synopsis of
reports in connection with codes indicated:
•
Electrical Manufacturing.
The monopolistic conditions existing in this industry do not result from
the code, but from the control of patents and other long-standing factors.
Ninety-three per cent, of the incandescent lamp division of the business is,
apd long has been, in the hands of one corporation. No evidence was presented that would justify the Board in formulating any decision in regard
to the possible oppression of small enterprises. It is, however, true that
the Code Authority, or what corresponds thereto, is composed of members
of the National Electrical Manufacturers' Association; and no provision is
made for the representation of manufacturers that are not nrembers of that
Association. We deem this to be wrong, and recommend that it be corrected.
Footwear Division, Rubber Manufacturing.
Small enterprises in this industry are oppressed under the code in ways
that will result in a monopoly, if one be not already created.
The industry is composed of 12 companies, of which two, with their
affiliates, represent 65% of the total production.
This code was made by the large companies for their benefit and for their
benefit it is administered. As a result, the smaller enterprises have refused
to assent to the arrangement.
The Divisional Authority, which has direct supervision over this branch
of the rubber industry, is composed of three men that represent and have
interests in the large companies.
The powers vested in the divisional authority include the power to classify
goods, determine discounts and fix prices.
The divisional authority has used the compliance provisions of the code
as a threat to coerce the small manufacturer into submission to code requirement injurious to the small enterprise. The price-fixing arrangements
made by the Divisional Authority are likely to put the small enterprise
out of business. These arrangements include discounts on large purchases
3541
Financial Chronicle
tilat small manufacturers cannot give; discount practices that the small
enterprise cannot meet, and other disadvantages.
We recommend that the present Divisional Authority be displaced and a
new Authority be created fairly representative of the small enterprise as
of the large; that each member of the division shall be allowed to compute
his cost pursuant to the system provided in Article VII-A, Chapter I, report
such cost to an impartial agency selected by the Divisional Authority, and
shall not thereafter sell any product other than factory damaged or obsolete
goods for less than cost.
Motion Pictures.
Monopolistic practices in this industry are bold and aggressive and its
small enterprise is cruelly oppressed.
The industry includes the making, the distributing and the exhibiting
in theaters of film pictures. The producing and distributing is chiefly in
the hands of eight powerful companies, commonly known in the business as
the "Big Eight." There are in the country 18,321 theaters, of which 4,800
are designated as circuit or chain theaters. Of these circuit theaters, 1,954
are affiliated with the Big Eight companies and 2,846 are not so affiliated.
There are left 13,571 theaters that are classified as independent.
It appears that the code for this industry was made by representatives of
the large producing companies. It contained, with other unusual and unjust
features, provisions that named the members of the Code Authority to
administer the code and other provisions to make the authority so constituted self-perpetuating. In case of the retirement of any member he is to
designate his successor, subject to the approval of the rest of the Authority,
or failing to do so, the Authority is to name the successor. The Authority
consists of 10 members, of whom eight are shown to be directly or indirectly
connected with the eight large companies.
These companies are distributors of pictures as well as producers. They
are also interested in certain theaters that are in competition with independent theaters.
At the hearing before this Board, March 26, 29, April 3 and 4, representatives of the independent theaters presented definite complaints of the
operation of the code under the Authority thus constituted. The Deputy
Administrator of the code was present at the first hearing and was invited
to testify, but refused to do so. Subsequently, seven of the eight companies
implicated by the testimony of independent theater owners, filed a brief
attempting to discredit. the testimony given against them. This brief,
because of its unsubstantiated nature and the preponderance of testimony
against it, the Board deems to be of small moment in this issue.
The chief complaints of maladministration under the code for the benefit
of the large producers and distributors and against the smaller enterprises
are as follows:
1. That they, although constituting numerically much the greater part
of the industry, were not allowed to share in the making of the code.
2. Unfair practices, in that the large producers and distributors insist
independent exhibitors shall buy also a certain number of what are called
"short subjects" (meaning short reels), and of news reels in order to obtain
the great and vital feature pictures from which profits are mostly derived.
It was averred that some of these independent theaters have in this way
been forced to buy and store away more "short subjects" and news reels
than they could show in a year. They must pay for them, nevertheless,
whether they exhibit them or not. By this practice also small producers
that produce only "short subjects" and news reels are put at a disadvantage.
3. The large producers require a large percentage of the gross receipts,
sometimes 35% or more, for the use of popular pictures, and then dictate
the days upon which they are to be shown. In the business, generally,
Saturday, Sunday and holidays are the best days, but it was pointed out
that this arrangement deprives the independent theater of any control over
its pictures, as the large producer dictates the day the picture is to be
shown, whereas it may not be suitable for certain localities upon such days.
4. The theater owner is deprived, of any choice in the presentation of
pictures, since he must show what is allotted to him. This works in practice to shut from the theaters the pictures of other than the large producers,
since they can choose all the best days for themselves.
5. The code gives to the distributors (generally the Big Eight) the right
to fix admission prices through the provision that allows them to insist
upon a minimum admission price for their own pictures. It was brought
out that such a control might cause to a theater the loss of a large part
of its clientele through resentment against what would be deemed an unjustifiable advance in prices while the theater owner would be powerless
to meet such an attack.
6. That the large distributors are allowed to insert into their contracts
with the theaters, provisions that are not authorized by the code, and are
detrimental to the independent theaters. These extra-legal provisions, it
was set forth, were often in the shape of an agreement against the showing
of two features on the same program. The courts have held this stipulation
to be unfair. In practice, it deprives the independent theater of one means
to meet the competition of the affiliated theaters, which are the theaters
affiliated with or controlled by the Big Eight.
7. The code set up boards to classify theaters in the order in which they
can have the use of popular and desirable pictures, and these boards, it is
averred, are controlled by or in the interest of the large producers and
distributors. The result is that in many instances independent theaters
cannot get the popular pictures until their competitors have largely exhausted the drawing power therein.
.
Findings: It is the opinion of this Board that the code adopted for
this industry should be amended in accordance with the attached brief.
Retail Solid Fuel.
The dominating power in this industry is the National Retail Coal Dealers' Association. The code was made and the Code Authority chosen by
members of this Association without due representation of coal dealers that
were not members. The operation of the code thus made and administered
tends to oppress ihe small enterprise. The code requires certain confidential business information to be disclosed, which constitutes a perilous
practice and one liable to abuse. Power is given to Divisional Code Authorities to prohibit the marketing of "blends," a prohibition that seems unnecessary and is the occasion for complaint. It is in these particulars that
the small enterprise seems most oppressed. The evil can and should be
remedied by amending the code and by giving fair representation to the
dealers not members of the Association.
Steel.
Monopolistic conditions have long existed in this industry, due to its
absolute control by the larger companies. This control is assured through
the American Iron and Steel Institute, supposed to represent both large and
small enterprises, but wherein, as a matter of fact, the voting arrange.
3542
ments really leave the small enterprise at the mercy of the large. Each
member has one vote for each $500,000 of invoiced product for the year.
The total number of votes is reported to be approximately 15,000, of which
the five largest companies have 7,668.
By this system of voting the Board of Directors of the Iron and Steel
Institute is chosen. Since this same Board of Directors was constituted the
Code Authority for the steel industry, and this Authority made the code
control
and now administers it in the interest of the larger companies in
of the Iron and Steel Institute it is obvious that we have here a body not
only perfectly equipped to exercise monopolistic control, but is endowed
enterwith extraordinary powers incompatible with the ideals heretofore
-tamed in a free country.
and bitOne of these powers, exercised in a way that has produced many
prices
ter complaints from small enterprises, is that of arbitrarily fixing
forbids
for the advantage of the large companies. Another is a rule that
the enlarging of the producing capacity of any unit in the industry.
oppressive,
Both of these conditions seem to us harmful, monopolistic and
and in both respects the code has operated to augment the evils previously
existing.
the
The Federal Trade Commission recently made an exhaustive study of
monoposteel industry and presented a report that held it to be essentially
this Board,
listic and unfairly conducted. At the outset of the hearing by
industry
April 4, this report of the Federal Trade Commission on the steel
was offered in evidence and admitted.
long
the
on
called
On April 17 the chief counsel of this Board was
.distance telephone from New York by the chief counsel of the Code Authority
(directorate of the Iron and Steel Institute) who protested against the incluground
sion in our evidence of the-Federal Trade Commission report on the
appear
that it was "a tissue of falsehoods," and demanded opportunity to
before this Board and demonstrate the falsity of the Commission's findings.
the
for
This was accorded, and the Board held hearings on April 19 and 20
purpose of allowing counsel for the Code Authority (directorate of the Iron
and Steel Institute) to disclose wherein the Commission's findings were
unfounded.
The first day was consumed by counsel in readings from the code, a copy
of which lay before each member of the Board, in explications of the obvious
and in dissertations upon the insignificant. No witness was examined nor
evidence presented. At the second day's hearings, this course being pursued
through an apparently endless maze of verbiage, counsel for the Board
objected and asked that some facts be presented. The Chairman ruled that
every opportunity be given to counsel for the Code Authority (directorate
of the Iron and Steel Institute) to present the case for the industry, but that
at the rate of progress so far achieved years would be consumed in apparently fruitless discussion. Counsel for the Code Authority protested at
each step, but finally called a witness that he questioned. The nature of
the questions and their long-drawn-out and dilatory answerings strengthened
the impression that the Code Authority was merely seeking to consume time.
When the hearing adjourned at 5 p. m., the only witness summoned by the
counsel for the Authority was still on the stand and his cross-examination
by the counsel for the Board was hardly begun.
Says Federal Trade Commission's Charges Unanswered.
It was agreed that the hearing should proceed on Tuesday, April 24, but
-on April 23 the counsel for the Board received a letter from the chief
-counsel for the Authority (directorate of the Iron and Steel Institute) saying that as the Board was manifestly unwilling to grant to the Authority
sufficient time to make a proper presentation of its cause, his clients had
Instructed him to withdraw from the case.
No further hearings have been held in this industry. The Board requested
the counsel for the Authority to allow the cross-examination interrupted on
April 20 to be resumed and continued, but this request was not complied
with. It also sent a representative to the office of the Authority in New
York with a request that this representative be allowed to examine the
minutes and records of the Authority, but this effort again was unsuccessful.
No conclusion was left to the Board except that the industry (which is
.controlled by the Iron and Steel Institute, the directorate of which in turn
-constitutes the Code Authority) did not answer the charges of the Federal
Trade Commission because no answer was possible and the dilatory proceedings before this Board were but play-acting for the purpose of creating the
Impression that the Board was unjust.
At the hearings held by the Board it was impossible to escape the conclusion from the testimony offered that the misfortunes of the small enterprise in this industry were multiplied by the grotesque absurdities of what
is called the "basing point" system or phantom freight rates. The origin
of this huge evil was the insane practice of the railroads in wrenching
freight rates out of their normal relations to obtain competitive shipments
or favor competitive enterprises, but the present extent of the disease is
far beyond railroad medication. It plagues many industries, and from the
testimony before us we conclude that the people of the country must be
paying annually many millions of dollars for pretended freight rates that
are purely fictitious.
Illustration: The case of Otto Swanstrom, of Duluth, Minn.. we cite
here as pertinent and instructive.
Complainant was a blacksmith that had invented an improvement in
horseshoes. He founded a small company and a factory to put his invention upon the market, and until the automobile came into common use, he
seems to have prospered steadily. When the automobile had replaced the
horse, Mr. Swanstrom turned to the making of tools and particularly of tools
used in automobile repairing. This necessitated considerable purchase of
steel, which he obtained at first in Chicago, but upon which he paid the
freight from Pittsburgh to Duluth. which was twice the freight from
Chicago to Duluth.
In 1918 he conferred with high officers of the United States Steel Corporation and obtained from them a concession of $5 a ton in these so-called
freight charges, which in reality were not freight rates at all but an
additional tax levied by the steel company. By this time a steel mill had
been established in Duluth, a mile and a half from the Swanstrom factory,
and was supplying him with all the steel he consumed. Nevertheless, the
freight charge had continued to be exacted.
In 1924, after the final decision in the famous "Pittsburgh plus" case,
Chicago was made, in the steel trade, what is known as a "basing point,"
and in consequence the myth that Swanstrom's steel had been shipped from
Pittsburgh was exchanger) for the myth that it was shipped from Chicago.
This shift in fictions resulted in a still further reduction of his ghostly
freight charges, and under this stimulus his business further expanded. The
original investment had been $3,000. In 1918, the amount invested had
become $165,000; in 1933, a code designed and made by and for the great
companies, the beneficence whereby the Swanstrom factory had been charged
-only $1 for fictional transportation was abolished and the company was
notified that thereafter it must pay the full "basing point" rate from
May 26 1934
Financial Chronicle
Chicago on steel moved only a mile and a half. The order increased the
cost of his steel by $6.60 a ton.
Freight Charge Unduly Raised Costs.
Mr. Swanstrom testified that as a result his factory, since Oct. 1 1933,
had been operated at a loss, and unless the fictional charge could be removed
the factory must soon close.
The steel upon which this charge is levied is made in Duluth from iron
ore mined only 60 miles away. The actual charge for transporting Mr.
Swanstrom's steel is 50c. a ton for switching. It never saw Chicago nor
anything near Chicago. Yet the factory must pay $6.60 freight charges
upon it, which is the rate from Chicago to Duluth.
It was further alleged that the discrimination complained of was exacted only in regard to steel bars and billets; that if the same steel were
transformed at the same mill into wire, the phantom freight rates were not
exacted upon this. No attempt was made to controvert this charge nor to
explain it.
An attempt was made to cause it to appear that the Minnesota Steel Co.,
a subsidiary of the United States Steel Corp., being the concern that collects
the fictional $6.60, has full authority under the code to make the price of
steel what it pleases so long as it does not undersell the market. A hearing
of Mr. Swanstrom's case before the Federal Trade Commission produced
evidence that seemed to dispose of this allegation and to show that the
'Minnesota Steel Co. was obliged to charge whatever rates were prescribed
for it by the Steel Institute.
Mr. Swanstrom was asked if his factory could continue upon a satisfactory basis if the $6.60 a ton of tribute now levied upon his raw material
should be removed. He said that he would need nothing more. He was then
asked what would be the effect of a rational system of railroad ratemaking that would be based upon the cost of the service plus a reasonable
profit thereon—in other words, a rate made up of the line haul and the
terminal charges. He answered that this would be perfectly satisfactory.
It is part of the evil wrought by the "basing point" madness that it has
produced hothouse industries in localities where they have no natural right
to exist, and that any attempt to return now to the methods of sanity
would be greeted with an outcry from the vested interests thus artificially
planted and nourished. Yet is it equally true that so long as these conditions exist they will work hardship, bulwark monopoly and crush the
small man as here indicated.
At one of the hearings upon this industry, recourse was had by the steel
Interests to the familiar defense of this great evil that it is necessary as a
means to promote competition and prevent local monopoly. The manifestation by a great corporation of a tender solicitude concerning monopolies
is not without a certain suggestion of humor to those well acquainted with
American economic history, but the defense of the citizenry against monopolistic menace is the business of the State, not of private agencies; and in
this case the menace seems chielflY imagined for propaganda purposes.
There can be no more just reason to pervert the normal laws of exchange
than those of physics, and as clearly demonstrated before us, the practical
working of this anomalous and preposterous device is once more to hasten
the exit of the small enterprise and foster the always-growing autocracy of
the greater.
Findings: It is the opinion of this Board that the code adopted for this
Industry should be amended in accordance with the attached brief.
lee.
Monopolistic practices obtain in this industry, and small enterprise is
oppressed, apparently because the code was made by representatives of the
larger companies, in whose interest it seems to be administerd.
The manufacturers of block ice comprise all but a small fraction of the
business, but seem now to be threatened with a competition, at present of
little bulk, but it appears of menacing possibilities. To frustrate this competition at the outset seems to have been the purpose of the larger manufacturers, who made the code. One of the small competitors made application to the Code Authority, and then to the Administrator, for permission
to enlarge its plant facilities in accordance with an increased demand for
its product. The application was referred to a committee of five of the
larger manufacturers, who negatived it, not hesitating to say in their finding that "any increase in production of flake ice would be further used in
attempted competition with the product of existing ice plants," which is,
on the whole, the most candid statement of the attitude of the large enterprises we have yet encountered.
Article XI of the Ice Code provides that there shall be no establishing of
additional "ice production, storage or tonnage" unless the Administrator
shall be satisfied that public necessity and convenience require such extension. It is to be noted that In the State of Oklahoma the Legislature enacted
a similar provision, and the United States District Court, United States
Court of Appeals, and United States Supreme Court successively held the
provision to be unconstitutional.
It is clearly monopolistic, oppressive, and should be eliminated from the
code. An interesting commentary upon it seems to lie in the fact that after
the hearing by this Board, the application before referred to as having been
rejected by the Code Authority was later granted by the same Authority.
Another phase of the business was revealed in what is called cash and
carry. It appeared that in Chicago the situation had been complicated by
the actions of certain unscrupulous dealers that took advantage of the code
to further their own Interests. When a small dealer or peddler signed the
code (without which signature he could not obtain ice) a placard was
handed him that he must affix in plain sight in his wagon, announcing
his prices, which had been fixed at 60c. a hundred pounds. It was testified
to that if he sold ice for less than this price he was unable to purchase it
thereafter.
The Icemen's Union of Chicago and many small dealers and peddlers of
Ice there, complained that the large ice producers had established the cashand-carry system by which they furnished ice at 40c. a hundred pounds to
customers that would themselves carry it away from the platforms, whereas
the peddlers and those that delivered It at residences and stores =1St
charge 60c. a hundred pounds for It
The representative of the Clods
Authority denied that this differential had been instituted by the code. It
appeared to have been made under the Commission of Arbitration and
Appeals, a body similar to the institute in other industries by which the
industry is virtually controlled. This Commission seemed to consist of
eight members, of whom eight were large producers of ice. The Icemen's
Union and the small dealers and peddlers were not represented upon it.
Findings: It is the opinion of this Board that the code adopted for this
industry should be amended in accordance with the attached brief.
Cleaning and Dyeing.
Findings: It is the opinion of this Board that the code adopted for this
Industry should be amended in accordance with the findings and recom•
menations set forth in the attached brief.
Volume
138
Financial Chronicle
Bituminous Coal.
code was
Monopolistic practices are marked in this industry because the
the larger coal
made and its operation directed by agencies connected with
enterprises.
companies to their advantage and the disadvantage of the small
fixed for
Testimony was presented to show that the same price had been
that concoal
for
and
coal that contained a large percentage of sulphur
the practical
tained but a small percentage of this same substance; whereas
of sulphur.
value of the coal was diminished in proportion to the presence
or large
Before the adoption of the code, coal containing a considerable
the better
percentage of sulphur had sold at from 25c. a ton less than
promines
whose
qualities of coal. It was represented that small operators
fixed under
duced sulphured coal were unable to sell their coal at the prices
the code.
or unIt appeared also that small enterprises generally produced raw
and unwashed coal; that the difference in price allowed between washed
and
coal,
unwashed coal was much below the actual cost of washing the
this arrangement was an added advantage to the large producer.
that
A further allegation, which was not controverted, was to the effect
with
before the code was adopted, railroad companies had been supplied
was now
coal at 15c. a ton under the prevailing prices; that this price
made 20c. under the prevailing prices; that the larger coal companies,
whose representatives on the Code Authority made this reduction, obtained
from it a large increase in orders from the railroad companies, which seemed
to be a business that the small enterprises did not share.
We urge that no time be lost in dismissing for malfeasance in office the
entire Subdivisional Code Authority now in control of the northern West
Virginia and western Pennsylvania regions, and replacing of them with
persons that have a higher conception of social obligations than an impulse
to seize every opportunity for personal aggrandizement.
We further recommend that the code be amended so that due allowance
and
small be made in determining prices for difference in quality of coal
as to
for the cost of processing it. Also, that the code be amended so
if a
prevent price changes without at least three days' notice, and that
be held
member protest the price change to the Divisional Authority it shall
In abeyance pending the determination of the appeal.
power to
In conclusion, it is evident that when monopoly utilizes its
increases.
increase prices, it is the consumer alone who must pay for the
not risen
While under the codes the cost of living increases, wages have
should have as
accordingly. The prices charged for some articles the poor
much as the rich have been in some instances prohibitory.
taking the averAccording to the bulletins of the Department of Labor,
was 90, and in
age cost of all foods in 1913 as 100, their cost in April 1933
an advance in
April 1934 it was 107. Fifty-one cities showed in this year
furnishings and
food prices of from 10% to 27%. Rent, fuel, light, house
begun to
other items showed at the end of the year, after the codes had
operate, a marked upward tendency.
enbusiness
The fact is generally overlooked or obscured, but the small
since it
terprise has often a social importance out of proportion to its size,
is often the consumer's sole barrier against complete grasping and irresponsible monopoly. What is called a "chiseler" likewise may not always
be the public enemy he has been represented Instances arise where he is
seen to be struggling to prevent the total absorption of an industry or interest into a monopolistic organization or chain against which the public
has no other protection.
The opinion, therefore, Is forced upon us from what we have heard so far
that "fair competition" is merely a resounding and illusory phrase. There
Is, in fact, no such significance of general acceptance, and under existing
conditions there can be none. What the powerful producer calla fair, his
weaker rival fiercely denounces as most unfair; and there is no way to
reconcile the difference. All competition is savage, wolfish and relentless,
and can be nothing else. One may as well dream of making war ladylike
as of snaking competition fair.
Big business begins by making it impossible for the small man to survive; and after he is eliminated it turns upon the weakest of the common
aggressors.
We are reminded of some remarks made by Senator Vance, of North Cara
lina, many years ago, who said that: "At one time the question was up
in the State Legislature as to what sort of fish should stock their streams.
One enthusiastic member suggested the carp, for the reason that they drove
out all other fish, and ended up by eating each other."
3543
consumer. The
articles, and often forcing up the price to the ultimate
line of the ecosmall business man, who controls only a part of this long
prices forced
nomic process, is often driven into bankruptcy by the low
producers and
upon him by the powerful combinations which are at once
consumers.
combinaThe NRA has given the sanction of government to self-gaverning
by the
tions in the different industries. Inevitably this means control
largest producers. . . .
gain
To go back to unregulated competition in which the small man can
factor,
his share of the market by some special advantage of skill or other
a
is not possible in a situation where technological advance has produced
prices
surplus so that unregulated competition demoralizes both wages and
Only
and brings on recurrent and increasingly severe industrial depression.
living
by the fullest use of productive capacity for the raising of standards of
an
of individuals and the community can a steady balance be achieved in
age of abundance. This, however, is possible only when industry produces
for use and not for profit, since it is essential that enough wealth should
be distributed through the return to the workers to set them, as consumers,
free to use industry's plentiful output.
The choice is between monopoly sustained by Government, which is clearly
the trend in the NRA, and a planned economy, which demands socialized ownership and control, since only by collective ownership can be the inevitable
conflict of separately owned units for the market be eliminated in favor of
planned production. There is no hope for the small business man or for
complete recovery in America in enforced restriction upon production for the
purpose of maintaining higher prices. The hope for the American people,
including the small business man, not to be overwhelmed by their own abundance, lies in the planned use of America's resources following socialization.
To give the sanction of Government to sustain profits is not a planned economy, but a regimented organization for exploitation. The NRA is at present
in the stage of conflict of interests; but in proportion as the authority of
Government sanctions regulation by industrial combination, the inevitable
tendency is toward monopoly, with elimination of the small business.
The minority report of Mr. Sinclair is given elsewhere in
this issue, and we also give, under separate headings, the
replies of Mr. Richberg and General Johnson.
Replies of NRA by D. R. Richberg and General Johnson
to Report of Clarence Darrow of National Recovery
Review Board.
Detailed reference is given in another item in this issue
of our paper to the report of the National Recovery Review
Board, headed by Clarence Darrow, criticizing the operation
of the National Recovery Administration Codes of Fair Competition. The general reply of the NRA to the majority
report of the Review Board was contained in a memorandum
prepared by D. R. Richberg, General Counsel for the NRA.
After assailing the report as ill-informed and inadequate,
Mr. Richberg declared that the explanation of "the contradictory nature of the Board's conclusions may be found in
its selection of a noted Socialist, who advocates complete
Government control of business, to write a report for philosophic anarchists who apparently oppose any Government
control of anybody, including criminals. The result is a
report which on one page recommends a return to the law
of the jungle and on the next page recommends that business
be subjected to a more detailed Government control."
The NRA memorandum charged that the investigation
conducted by the Review Board had been slipshod and that
many of the Board's findings were untrue. General Johnson,in a letter to President Roosevelt, said of the report: "A
more superficial, intemperate and inaccurate document than
The majority report then discusses in detail the findings the report I have never seen." The NRA memorandum also
listed in the general discussion reprinted above.
said that the Board "has made itself an agency to furnish
The text of the special and supplementary report, signed ammunition for the malicious sniping of political partisans,
by Mr. Darrow and Mr. Thompson, is given below in part:
for the coverti scheming of monopolists and for the mean
The dangers of monopoly which are inherent in the National Industrial
attacks of chiselers who seek private profit out of continuing
Recovery Act cannot even be revealed to the people of the United States, if
that 'savage, wolfish' competition which the Review Board
fact-finding and enforcement are thus controlled by industrial combinations. To permit the NRA to carry these obligations is to expect violators
would perpetuate in its contempt or pessimistic despair of
of law to sit in judgment upon and to condemn themselves.
the processes of civilization."
During the whole period since the war, when the power of monopoly has
General Johnson made public a memorandum on May 20
been growing in this country, the Federal Trade Commission has been
increasingly weakened, and it is doubtful whether that Commission or any
in which he replied to the supplemental report by Mr.
power of government can protect the small man. Nevertheless, the fact
Darrow and Mr. Thompson. General Johnson quoted from
remains that in the immediate present the Federal Trade Commission is far
this
supplemental report which he said means that "the
To
transfer
agency.
superior to the NRA as an enforcing and fact-finding
th.se powers from the NRA to the Federal Trade Commission as a next step
choice of the American people is between Fascism and
would help to inform the public as to the inherent difficulties which arise
Communism, neither of which can be espoused by anyone
frmn the position of the mall man in the present stage of industrial develwho believes in our democratic institutions of self-governopment and capital structure in the United States.
ment; nor can any public official who has taken an oath
Conflict Among Businesses.
to defend the Constitution of the United States adopt or
Briefly, this may be described as follows, on the basis of evidence before
officially advocate such a program." He added that this
the Board:
ry report "demonstrates completely the prosupplementa
All business, large and small, has one common problem, namely, to find a
priety of my recommendation that the Review Board should
market at a profitable price. But the effort to solve that common problem
be abolished."
gives rise to conflict of interest between large and small businesses, in
which the small man is the loser, and no power under the NRA is showing
We quote in part from Mr. Richberg's memorandum,
to
able
protect
him.
itself
as given in a Washington dispatch May 20 to the New York
In an age of plenty, like the present stage of American industry, shun.
dant production creates intense struggle for markets. Unregulated com- "Herald Tribune":
petition forces down prices, wages and salaries. This pressure is felt seriously in the basic industries, in raw materials and in agriculture—that is,
in the natural resources. Regulated competition, on the other hand, through
combination, naturally has for its purpose the self-interest of those who
are able to control the combination. The strongest of these combinations
can take their profits at any point along the line from raw materials to
final sales, thus controlling the price for raw materials and for semi-finished
The general observations and detailed recommendations of the Review
Board, following a haphazard, one-sided investigation, would be incomprehensible without an understanding that the Board was simply seeking to justify a preconceived opposition to the fundamental theories and
Purposes of the National Industrial Recovery Act. This is plainly revealed
in two statements of the Board, which are in hopeless conflict with each
other.
3544
Financial Chronicle
On page 24(b), the Board proclaims:
All competition is savage, wolfish and relentless; and can be nothing else.
One may as well dream of making war ladylike as of making competition
fair."
On page 67 the Board proclaims:
A return to the anti-trust laws for the purpose of restoring competition
we believe to be one of the great needs of the times.
Thus the Board flatly advocates that a modern, civilized nation should
abandon any effort to promote fair business practices and should "return"
to a "savage, wolfish" struggle for individual survival.
Then the Board immediately repudiates its own expressed convictions
In the following utterly inconsistent recommendation:
We believe the competitive system is compatible with regulation as to
hours and wages. (Page 68.)
The Board does not explain how hours and wages—that is, labor costs
—can be regulated without thereby regulating competition. The Board
Ignores, or is ignorant of, the elementary economic fact that if it were
possible to regulate (and presumably to increase labor costs) while maintaining otherwise "savage, wolfish" competition, large enterprises, financially able to lower costs by increasing machine production and to undersell competitors in savage price wars regardless of cost, would drive all
"small enterprises" out of business and obtain monopolistic control of
production. The business records of the last 50 years show clearly what
would happen if the nonsensical program recommended by the Board
could be made effective. The Board also fails to suggest how hours and
wages can be regulated by valid Federal law except through codes of fair
competition.
The explanation of the contradictory nature of the Board's conclusions may be found in its selection of a noted Socialist, who advocates complete Government control of business, to write a report for philosophic
anarchists who apparently oppose any Government control of anybody, including criminals. The result is a report which on one page recommends
a return to the law of the jungle and on the next page recommends that
business be subjected to more detailed Government control.
A careful examination of the record of the hearings shows that in order
to arrive at its previously determined verdict, the Board took and reported
any testimony that would serve its prejudice, without regard to the competence or bias of the witness or the palpable falsity of his statements, and
declined to avail itself of abundant sources of accurate information which
were open to its investigation. The detailed analyses of the argumentative
conclusions and "briefs" filed by the Board, which are attached hereto,
Justify a sweeping condemnation of the methods and mental processes
whereby the Board arrived at its unsupported and insupportable conclusions.
A few examples of the manner in which the Board accumulated
misinformation in order to arrive at false findings of fact will be
presented.
Electrical Manufacturing.
The Board gave no notice to the NRA and made no request for
information, although every complaint presented had been covered during
months
of extensive work upon this code. After three days of fruitless hearings,
the Board was forced to its conclusions that any "monopolistic
conditions
In this industry do not result from the code but from the control of
patents
and other long-standing factors." The Board then recommended
additional members for the Code Authority—a matter brought up by
NRA
two months before the hearing and agreed to by the industry.
Footwear Division, Rubber Manufacturing,
The Board heard the complaint of four companies that were
opposed to
the code and found they were "small enterprises" which were being
"oppressed." One of these is the fourth largest in this division of the industry
and another is the Goodyear Rubber Co., which has a small volume
of
production in this particilar line but is a very large enterprise in the
field
of rubber manufacture. Another one of the four "small" companies employs
nearly 1,000 persons, pays low wage and sells most of its output to a mailorder house—thus underselling independent merchants. These "small"
concerns had all refused to sign the President's re-employment
agreement.
The Board reports that "the Divisional Authority is composed of
three
men representative of and having interests in the large companies"—which
simply is not true. The three members of the authority represent one
large,
one medium and one small company.
The further findings of the Board include a large number of similar
misstatements of fact, detailed in the attached review of this report,
which
merit the comment of the Deputy Administrator that the findings
show
"little comprehension of the problem, complete ignorance of the code
and
are either erroneous or irrelevant."
Motion Pictures.
The record of this hearing by the Review Board is a revelation of
its
methods. The Board reports that the Deputy Administrator "was invited
to
testify but refused to do so." The record, including a letter from the Deputy
Administrator, shows that he not only offered to testify, but to make
all his
records available to the Board.
The code was assented to in writing by 9,039 members of the industry.
Twenty-one complaining witnesses were heard by the Board. including
15 out of 7,500 theater operators. In contrast to 14 hours and 20 minutes
of "hearings" by the Board, NRA spent over 1,200 hours on the drafting
of the code, heard 206 witnesses and obtained a code acceptable, not only
to the industry, but approved by all the Advisory Boards of NRA representing industry, labor, consumers, economic research and law.
The Board acted solely on the basis of a disorderly mess of misworn
and
largely false testimony of a few malcontents (many of them discredited by
previously illegal practices), covering only eight out of 288 subdivisions
of
the code, and arrived at sweeping conclusions upon the entire code founded
on obvious ignorance of the code, of the industry and the law. The detailed
analysis of the Board's action shows conclusively that the investigation was
carried on with utter disregard for fair play and that the conclusions of the
Board are unworthy of the slightest consideration.
Any one adequately informed concerning the industry could learn
without difficulty, as is evident from the volume of support given the code
and the small volume of complaint, that the code is of incalculable benefit to the small enterprises of the inquiry and affords great relief from
the monopolistic effects of the copyright laws and other property rights
which give legal advantage of an oppressive character to large enterprises,
which they are required under the code to forego to a considerable extent.
A return to the "savage, wolfish" competition advocated by the Board
would mean simply an enlargement of monopolistic power sanctioned by law.
The refusal of the Board even to receive correct information is shown
In its rejection of the brief filed by seven producing-distributing companies. The Board specifically agreed to the presentation of testimony
through this brief—since all other testimony was unsworn—and then
disregarded it on the announced basis that since these major producersdistributors "could have appeared and testified" their brief should not be
given serious consideration. Thus by giving no attention to the vast files
of information of the NRA,or the principal testimony offered in support of
May 26 1934
the code, and by refusing to listen to the exceptionally well informed
Deputy Administrator, the Board was able to arrive at findings, contrary
to fact and conclusions contrary to any intelligent opinion.
Retail Solid Fuel.
In regard to this industry the Board received a protest in behalf of a
group of associations from Metropolitan New York not affiliated with the
National Retail Coal Merchants Association, who were sponsors of the
code. The protesting groups admitted they had representation; admitted
no unfair action had been taken to date, but they were protesting in fear
of what might happen. In the absence of any evidence of any oppression and in view of the effort of the NRA to set up a truly representative
code authority in an industry only partially organized, the driticism of
this code is trivial and captious.
Steel.
The repcirt of the Board is based largely upon a report made by the
Federal Trade Commission in partial compliance with Senate Resolution
166 concerning the operation or possible effects of a few provisions of
the steel code. The attached commentary on that report of the Federal
Trade Commission answers almost entirely the rehash of the views of the
Federal Trade Commission presented by the Review Board. In addition.
however, attention should be called to some of the typical mistakes of
the Board in its hasty review of a complicated code and a highly technical
industry, regarding which the members of the Board had no previous
knowledge and acquired no perceptible understanding.
At the outset the Board sought to prove a control of the code authority.
the Iron and Steel Institute, through voting arrangements, which, in the
language of the Board,"leave the small enterprise at the mercy of the
large."
The utter inaccuracy of the facts and conclusions of the Board concerning
this comparatively simple matter is shown by the calculation of the Board
that out of 15.000 votes 4,362 would be cast by United States Steel. As a
matter of fact, the total votes officially tabulated are 1.332, of which the
subsidiaries and affiliates of the United States Steel cast 335. On the basis
of the Review Board's calculation the invoiced value of the United States
Steel products would be over $2,000,000,000, whereas for 1933 they were
$167,500,000.
The Board complains that the board of directors of the Steel Institute
constituting the code authority "administers it In the interest of the larger
companies in control of the Iron & Steel Institute." The fact is that on
the board of directors the representation of United States Steel is 13%
(although it is entitled to 25% voting power). The representation of
Bethlehem is 7%,although entitled to 9% voting power, and
the remaining
80% of the membership is distributed among 21 companies.
The inaccuracy of the Board's report is indicated in its statement that
there are "many and bitter complaints from small enterprises . . . of
arbitrary fixing prices for the advantage of the large companies." The
fact is that there are 252 companies members of the code, including tho
great majority of all the small enterprises in the industry. and the Board
does not report a complaint from one of them. The Board may be able to
magnify a very small volume of consumer complaints against the code into
evidence of monopolistic oppression, but by no stretch of the imagination
can it produce evidence of "many and bitter complaints from small enterprises" within the industry that they are subject to monopolistic control.
As a matter of fact, the small enterprises within the industry have deluged
the NRA with protests against changing the code and with arguments
in favor of its continuing operation.
The NRA has been from the beginning critical of the price provisions in
the steel code, including the set-up of the basing point system, the inclusion of transportation charges in quoted prices, the waiting period of
10 days before prices are made effective and other provisions of the code
which have been criticed by the Federal Trade Commission, criticisms
which are rehashed and garbled in the report of the Review Board. The
Board adds nothing whatsoever to the information available to the NRA
and previously publicly discussed by the NRA concerning these provisions.
But the Board in its ignorance of the complicated operations of this industry has produced a certain amount of misinformation which will not
help in working out an intelligent revision of the steel code in the public
interest.
[The memorandum here cited Schedule E, Section 3 of the steel code
to prove the Review Board in error in saying that a code member had no
right to quote a competitor's price.i
The Board has only muddled the waters by superficial criticisms based
on a few days of casual study of a" complicated industrial situation and
upon an utter lack of adequate knowledge of the facts. The conclusions of
such a report are worse than worthless and when expressed in the rhetorical
language of the report are obvious appeals to passion and prejudice.
The NRA has been giving an extended trial to the provisions of the
steel code under close observation with continuing recommendations for their
Improvement, based upon accurate knowledge of the facts and expert
advice as to measures desirable to protect the public interest. The Review Board afforded no opportunity to NRA representatives who had been
working for months upon the steel code and who had participated in its
administration to furnish the Review Board with the vast amount of information available, which had been gathered by the NRA, which had
been expressly omitted from consideration by the Federal Trade Commission in its report, and to which the Review Board paid no attention
whatsoever. A government investigation and report of such a character
simply makes a mockery of public service.
The one recommendation made by the Board for the improvement of this
code is the elimination of Article XI, which limits additional ice plant construction to cases where the Administrator finds that public necessity and
convenience require such additional productive capacity. The Board
incorrectly suggests in its report that an application for permission to construct additional facilities must be made to an industrial committee, alleged
to be composed of representatives of large enterprises. In the first Place,
few small enterprises in this country have been willing to contribute to the
expense of maintaining the code authority, or to assume the burdens of
administration. In the second place, the code does not require the presentation of a petition to the industrial committee. The Committee does collect
evidence and make recommendations. Up to date the records of the
administration show the grant of permission to erect new facilities in 38
cases after code authority recommendations—in six cases over objection of
the code authority, with only seven petitions denied. Also, 20 exemptions
from the provisions of Article XII have been granted on account of hardship and there are 30 pending cases.
The Board presents a legal argument to the effect that the Supreme
Court, in the New State Ice Co. case (285 U. S. 262) held that the Oklahoma law requiring the approval of the Corporation Commission for a
license to engage in this business was unconstitutional. It is interesting to
note that the dissenting opinion in this case was written by Mr. Justice
Brandeis, whose lifelong opposition to monopolies and protection of the
rights of small enterprises is well known, and that the dissenting opinion
was based upon the authority of the Government to prevent unfair dostruc-
Volume 138
Financial Chronicle
Live competition by means reasonably adapted to that purpose, and that a
majority of the Supreme Court, in the recent Nobble case, sustained the
exercise of such governmental authority in upholding the New York law
regulating a mimimum price for milk. Under these circumstances, when the
ice industry has adopted and participated in the administration of the
present code since its approval Oct. 3 1933, and the Review Board, with its
zealous advocacy of the interests of small enterprises. cannot present
evidence of one existing substantial complaint against the code, the conclusion of the Board that monopolistic practices obtain and that small
enterprises are oppressed is wholly theoretical and at complete variance with
the facts. When any one is so injured by the operation of Article XI as
to seek legal redress, it will be possible to obtain a judicial decision as to
the legality of a provision which can certainly be supported under the recent
decisions of the Supreme Court.
Cleaning and Dyeing.
It is an interesting commentary upon the opinions of the Board that so
few objections and such limited findings and recommendations should be
made concerning this code, which has proved to be one of the most difficult
of administration by the NRA and the cause Of probably more justified
complaints than any other code. The code was designed to prevent
racketeering and cut-throat competition in an industry wherein these evils
had become a national scandal. It has proved to be very difficult to obtain
general agreement throughout the industry upon what constitutes fair
competition and to obtain an effective self-government. This far-spreading
business composed of thousands of small units is only partially organized for
self-regulation; and established standards of fair competition can be easily
broken down by a few chiselers, in each community. As a result, the
question of drastic revision of this code has been under consideration by the
NRA for many months. The hasty investigation and superficial conclusions of the Review Board offer no aid in the solution of this problem.
Bituminous Coal.
The findings of the Review Board based on trivial and unreliable testimony result in conclusions of pathetic triviality or sweeping inaccuracy.
Prior to the adoption of the code the processes of "savage, wolfish" competition was beautifully exemplified in this industry, wherein wages were
reduced to starvation levels, as prices were forced down below any reasonable cost of production through the savage competition of coal producers
to sell their coal in diminishing markets. In order to relieve these conditions
somewhat, marketing agencies have been formed by some producers, the
validity of which has been sustained by the Supreme Court on the ground
of economic necessity in the face of attacks upon their alleged monopolistic
character.
Under the provisions of the code, it was made possible to raise the wages
of 300.000 miners by an average approximating El a day, and to eliminate
in many regions the starvation wages which had prevailed, through wage
increases which in many instances exceeded 100%. The possibility of
paying these wages and stabilizing the industry depended wholly upon the
establishment of fair prices in different producing areas,leaving, however,
these areas highly competitive with other areas, thus assuring to the consumer Protection against exploitation. The immediate result of this improvement of prices was the financial rehabilitation of hundreds of small
producers and also the opening of actually thousands of small mines that
had been unable to sell coal under the previous cut-throat competition. In
the face of these actual results the petty complaints presented in the report
of the Board exhibit either complete ignorance of law and the important
facts, or a fixed determination to find monopolistic practices and the
oppression of small enterprises, without regard for the facts. The bituminous coal industry has been one of the perennially sick industries of the
United States. The bituminous coal code, with all its difficulties of adoption and administration, has improved the health of the entire industry to
a remarkable degree in the few months of operation.
The Review Board, on the basis of a trifling amount of ex parte testimony,
has undertaken to urge the dismissal of the Subdivisional Code Authorities
in northern West Virginia and western Pennsylvania. This recommendation is made upon the basis of misstatements and misunderstandings of fact
which are conclusively demonstrated in the detailed memorandum attached
to this commentary.
The Review Board criticizes a reduced price of coal for railroads without
the slightest knowledge of the basis upon which this reduced price was
reached at a joint meeting between representatives of the railroads, the
coal producers and the Government. The Board is evidently also ignorant
of the fact that the Federal Co-ordinator of Railroads has urged every Possible effort to protect the railroads against price increases necessary for the
payment of decent wages, but difficult for the railroads to bear in a time
when all-railroads are suffering from a heavily reduced traffic resulting
In the insolvency of a large number of railroad systems.
The criticisms by the Review Board of price increases under the coal
code furnish a perfect demonstration of the illogic of the Board's recommendation that hours and wages should be regulated by Government, but
that those paying the hours and wages shall be denied any opportunity to
protect themselves from cut-throat competition. Under regulated hours
and wages in the coal industry and "savage, wolfish" competition, the result
would be the survival only of highly mechanized, low-cost-production mines,
throwing out of employment thousands of miners, closing down every small
enterprise which is struggling to survive, and, in the eventual day when
only a few great coal producers survived, the practical monopolization of
coal production by these few powerful survivors.
In a great national emergency the NRA has, through the establishment
of codes of fair competition, made possible the re-employment of over
3,000.000 men, with increases in wages exceeding $3,000,000,000. This
accomplishment has been possible only through obtaining the voluntary
co-operation of great industrial enterprises in raising wages and shortening
hours, and this co-operation has only been possible because at the same
time these employers could be assured of the elimination of cut-throat
competition by those enterprises which profit out of the labor of underpaid
and overworked men, women and children. Under the codes of fair
competition in industry after industry, small enterprises, facing imminent
extinction under previous coditions, have been given a new lease of life and
saved from impending bankruptcy. If the Review Board had pursued
diligently the facts freely available for its consideration, it would have
been forced to find that in every major industry protections had been extended to small enterprises, and monopolistic practices had been curbed
to a degree hitherto unknown and to a degree utterly impossible under the
conditions prevailing before the adoption of the codes. The Board made
no adequate investigation of facts, but deliberately encouraged the presentation of incompetent, misleading, one-side testimony by those who join the
Board in its preconceived hostility to the purposes and program of the NRA.
Darrow Board Denounced.
The Board concluded its labors appropriately with a defense of the
"chiseler." sanctified by the pretense that the sweatshop operator, the
exploiter of child labor, the cut-throat competitor, was often a man "struggling to prevent the total absorption of an industry or interest into a
monopolistic organization or chain against which the public has no other
3545
Protection." There are independent small enterprises which carry on a
manful struggle against large enterprises which 'seek to monopolize production or distribution. To these small enterprises the administration
of the codes under Government supervision has afforded a new and valuable
protection. But, in the NRA, with its months of intensive investigation,
with its hundreds of expert advisers, it has been found easy to distinguish
between the legitimate complaint of small enterprises and the sophistical.
misleading arguments of chiselers, to whom the Review Board gave an
attentive ear and for whom the Review Board made itself a mouthpiece
for the launching of a petty, unfair attack upon another agency of Government. Disregarding the high purposes of the President and the intensive.
faithful efforts of the NRA to carry forward his program, abusing shamefully the confidence reposed in its membership, the Board has made itself
an agency to furnish ammunition for the malicious sniping of political
partisans, for tbe covert scheming of monopolists and for the mean attacksof chiselers who seek private profit out of continuing that "savage, wolfish"
competition which the Review Board would perpetuate in its contempt or
pessimistic despair of the processes of civilization.
(Signed) DONALD R. RICHBERG,
General Counsel.
[The remainder of the NRA answer to the Darrow Board's majority report is an elaboration of the foregoing, with a detailed defense of the Electrical Manufacturing Code by H. 0. King, Divisional Administrator; of
the Rubber Manufacturing Company Code (Rubber Footwear Division)
by A. L. Kress, Deputy Administrator; of the Motion Picture Code. by
Sol A. Rosenblatt, Divisional Administrator; of the Iron and Steel Code.
by R. W. Shannon, Assistant Deputy Administrator; of the Ice Industry
Code, by George L. Berry, Divisional Administrator; of the Cleaning and
Dyeing Industry Code, by Mr. Rosenblatt, as Divisional Administrator;
of the Bituminous Coal Code, by Wayne P. Ellis, Deputy Administrator,
and the comments of Mr. Richberg, General Counsel of the NRA, on
the Federal Trade Commission's report on the Steel Code.]
The text of General Johnson's memorandum, in which he
replied to the supplemental report of Mr. Darrow and Mr.
Thompson follows:
The supplementary report confirms the opening statement in Mr. Richberg's commentary that the Review Board in its original report "was
simply seeking to justify a preconceived opposition to the fundamental
theories and purposes of the National Industrial Recovery Act." In the
supplementary report the way suggested to destroy the Industrial Recovery program is to transfer the powers of fact finding and enforcing
"from the NRA to the Federal Trade Commission." The purpose of this
recommendation is not to bring about enforcement of the codes or of the
anti-trust laws, but, in the language of the supplementary report, "to
inform the public as to the inherent difficulties" of the present economic
order. Thus it is proposed to prove to the public that competition cannot
be made "fair" by regulation and that it is necessary to establish industrial
production "for use and not for profit." The supplementary report asserts:
"The choice is between monopoly sustained by government . . .
and a planned economy which demands socialized ownership and control,
since only by collective ownership can the inevitable conflict of separately
owned units for the market be eliminated in favor of a planned production"
. . ."The hope for the American people . . . lies in the planned
use of America's resources following socialization."
Stripped of shadowy verbiage, this means that the choice of the American
people is between fascism and communism, neither of which can be espoused
by any one who believes in our democratic institutions of self-government;
nor can any public official who has taken an oath to defend the Constitution
of the United States adopt or officially advocate such a program. The
supplementary report demonstrates completely the propriety of my recommendation that the Review Board should be abolished.
HUGH El. JOHNSON. Administrator.
National Recovery Review Board to End Activities
June 1, According to White House Announcement—Clarence Darrow and General Johnson Renew Controversy Over Board's Findings—Another
Report Promised Within 10 Days.
The National Recovery Review Board, headed by Clarence
Darrow, will cease to exist on June 1, it was announced at
the White House on May 21. The report of the majority of
the Board, charging that the National Recovery Administration codes tend to foster monopolies, is described elsewhere
in this issue, together with the replies to this criticism made
by General Hugh S. Johnson, Recovery Administrator, and
other NRA officials. Mr. Darrow issued a statement on
May 21 in which he said the NRA replies constituted "excited
ejaculations." He also said that within 10 days another report would be issued by the Board. Referring to Donald R.
Richberg, NBA General Counsel, Mr. Darrow said that "when
he comes to read the next report of this Board it is likely
that he will need more than 157 pages to steer around its
contents."
General Johnson issued a statement on May 21, in rebuttal
to Mr. Darrow, and said that the Board's report "simply
`finds' generalities." General Johnson admitted that perhaps there are some monopolistic abuses of the codes, but he
added that "there are no monopolistic codes." He denied that
the codes in general oppressed small enterprises, and said
that instead codes like those for the bituminous coal industry, the lumber industry and the textile industry actually
saved hundreds of small businesses.
Senator Borah, commenting on the National Recovery Review Board's report, May 21, said that it revealed the need
for restoration and enforcement of the anti-trust laws. Senator Nye, who was partly responsible for the formation of
the Board, said he thought its report sustained charges of
monopoly under the NRA.
The text of the statement issued May 21 by Mr. Darrow.
follows:
3546
Financial Chronicle
May 26 1934
it talks about monopolistic practices hurting the Little Fellow under the
The monopolists and profiteers that were uncovered by the Review Board's
codes.
report had their inning: to-day, and with their attorneys, paid and unpaid,
There are a few cases, a fraction of 1% of all employers affected, where
filled the air with their clamors. When they pause to take breath and reason
the legitimate business of a Little Fellow has been hurt by code provisions.
has a chance to be heard, it may be well to remind the public of certain basic
For them I hoped the Review Board would provide a forum, and, in my early
facts totally and no doubt intentionally disregarded in these infuriated
discussions with Mr. Darrow, we agreed on this.
clamors.
My hope was that he would discover them, and then that we would move
This Board was not created to analyze industries, to devise defences for
promptly under our authority from the President to relieve them in the
NRA, nor to weigh the intricacies of factory and corporation management.
shortest
way possible. The Board has not sent us a single legitimate case
It was created for two purposes, and two only. First, to discover if under
of this kind, and not one is specified in the report.
the codes monopolistic practices existed; second, to discover if under the
In short, the question is: "Are there monopolistic practices and opprescodes small enterprises were oppressed.
sions of the Little Fellow under the codes and, if so, where?"
In pursuit of these purposes it conducted its investigations and reaahed
That is what we wanted to know—that is what we wanted the Review
its conclusions: (1) That in certain industries monopolistic practices exBoard to tell us—that is precisely what it has not done—all it has done is
isted; (2) that in certain industries small enterprises were oppressed.
to
render a conjectural opinion on insufficient and itnproper evidence, to
Seventeen days later its report is made public, together with the excited
emit a sociological essay, and to conclude that the only hope of the country
ejaculations of General Johnson and Mr. Richberg, who, apparently under
is the socialism of Karl Marx and Soviet Russia.
the impression that the NRA is their personal property, break into shrieks
That may be right, but I am here sworn to execute a Constitution and a
of rage at the suggestion that operations are not perfect or are susceptible
specific statute of the United States, and I shall continue to try to do that.
of improvement.
But the fact should be emphasized that in their curious excitement they
A Washington dispatch, May 21, to the New Ys.rk "Times"
have forgotten their subject. In all of their outgivings there is nothing to
quoted the comments of a number of Senators on the Board's
indicate any rational conclusion as to the findings of the Board. Is it true
report as follows:
that monopolistic practices exist under the specified codes? Is it true that
small enterprises are oppressed?
Republicans.
So far as these "replies" that reply to nothing are concerned, the world
Hastings, Delaware.—The Darrow report demonstrates the danger of abanis still unenlightened, and until some competent authority is willing to
doning the Federal Constitution and the establishment of an autocracy to
question the conclusions of the Board on these points the personal resentments
control the business of the nation or any other important activity involving
of General Johnson and Mr. Richberg are not important.
the freedom of action that is not harmful to others.
Nevertheless, a few passing comments may be in order:
Nye, North Dakota.—Laying aside the superfluous, one thing stands out
1. It is too much to expect that in Mr. Richberg's state of turbulent emomost prominently. The findings of the majority and minority show conclution he should see the essential facts about anything, but to those still preservsively many of the codes are working destruction for small businesses and
ing an empire over their intellectual processes it will be perfectly plain at
entrenching monopoly. The thing that bewilders one at the moment is the
once that the chaotic competition condemned by this Board is the identical
absence of documents I expected would be released. The President subthing that NRA seeks to eliminate and that the suggestions made in our
mitted the Review Board report to the NRA, the Federal Trade Commission,
report are all to the good of that planned control he is hired to defend.
and the Department of Justice for study and report. Why has only the
2. It would be easy, if it were worth while, to go through Mr. Richbarg's
response
of NRA been given out?
excited periods and show that in every instance it is he that is "uninformed,"
Fees, Ohio.—The report bears out the general idea that monopoly is develhe that speaks of what he does not know, he that mistakes and he that
oped under the NRA.
stumbles. This Board at present has more serious business in hand, and
Dickinson, Iowa.—The report sustains the conclusions that the Recovery
business that will have a peculiar interest for Mr. Richbarg. It expects to
Act is impractical. The trouble is with the law itself. I don't agree with
deliver before the end of this week a second report reviewing additional industhe conclusions about socialism.
tries in which conditions are even worse than in those that have fevered Mr.
Borah, Idaho.--I am interested in seeing the anti-trust laws restored and
Richberg's vision.
do not want to be side-tracked in a debate between Darrow and Johnson.
Asks Prompt Publication of Next Report.
When his perturbed soul has regained its calm, if ever, we will venture two
Democrats.
suggestions to him. First, it is exceedingly unseemly for a man occupyRobinson, Arkansas.—The promulgation of hundreds of codes changing
ing a public position in this country to assume that the nation is his personal
long-established customs and practices constitutes a task very difficult of
property and any criticism of any national activity is a personal affront.
performance to the satisfaction of everyone concerned. The proponents of
There is nothing in a democracy that is above criticism, not even NRA, and
big business philosophy allege that the NRA is promoting a socialistic or comIf there could be, democracy would cease to exist.
munistic system through its curbs on industry with respect to fair comSecond, we should advise him to keep together and well in hand his staff
petition and the imposition of minimum wage and maximum hours of labor
of expert evasionists. When he comes to read the next report of this Board
provisions. The employers' organizations vehemently protest the collective
it is likely that he will need more than 157 pages to steer around its contents.
bargaining formula, while the American Federation of Labor chiefs assert
We hope also that in common fairness the next report will not be held 17
that the recognition of company unions constitutes a reprehensible blow to
days to give these young gentlemen a chance to read into it things that it
organized labor.
does not contain and to pervert its meaning by placing things out of their
Logan, Kentucky.—I do not agree with the Darrow remedy of socialism,
context. If that is to be done, we shall insist that at the same time opporbut I do feel that seine changes will have to be made.
tunity be given to us to answer Mr. Richberg's misstatements, correct his
errors and at least try to draw his attention to the realities of the issues
involved.
Minority Report of John F. Sinclair of National
Finally, one question: Does the Administration wish to be understood as
Recovery Review Board Covering Operations of
supporting monopolies?
The strange course pursued in regard to this report, as sonic of the exploNRA.
sions from the General and Mr. Richberg, might be deemed to justify such a
As
we indicate in another item in this issue, in addition
thought. And if the small enterprises, whose previous complaints by the
to the report of Clarence Darrow, Chairman of the National
thousands are in the files of this Board, cannot look to their Government for
relief, where shall they turn?
Recovery Review Board, taking issue with
operations
General Johnson's statement of rebuttal, also issued on
May 21, is given below:
I have little comment to make on Clarence Darrow's statement He is a
grand old man who has long had any admiration and affection. But I do have
to answer his questions.
He asks if it is true that monopolistic practices exist under the specified
codes.
If they do, his report does not specify what or where they are. It simply
"finds" generalities. It could have said all that without any hearings at all.
The report is simply dogma. Perhaps there are some monopolistic abuses
of the codes. If so, we want to know them ; but there are no monopolistic
codes. I collaborated in forming this Board because I thought they would
point out specific evils that we could correct. Mr. Darrow' assured me that
this was exactly his idea. If we had had only Clarence Darrow and the
original Board to deal with, we would have seen some real constructive action.
It was the camp followers who came in later that made the trouble.
He also asks whether small enterprises are oppressed.
As I have further said, some people who want to make profits by paying
less than subsistence wages, or to live off the labor of children, have suffered
some loss of ancient extortionate privilege. That loss accounts for something like 90% of the complaint of "oppression of small enterprise" which
fills the air with this political propaganda.
I think the law intended to secure subsistence wages. I think the American people want that. If such is not the intent, let's change the law; but
let's not blame NRA for carrying out a Congressional mandate.
Beyond this (which the Board does not mention) the truth about oppression of the Little Fellow is all the other way. The Bituminous Coal Code
not only saved thousands of small personally-owned mines, but it actually
brought more thousands of them back into operation. The Lumber Code and
all the Textile Codes saved hundreds of small mills.
The Retail Code interfered just in time to prevent great chains from
gobbling up what was left, under the Anti-Trust Acts, of the little retail
stores. The Rubber Tire Code arrested a wholesale slaughter of tens of
thousands of tire dealers.
It is monopolistic cut-throat price-cutting that destroys the Little Fellow
—and not provisions such as are in the codes against selling below cost.
The effect of nearly all the codes is to stop and turn back the slaughter of
the Little Fellow that has been going on under the Anti-Trust Acts for the
past 16 years.
Says Board Slanders NRA.
This is not just argument. It is cold, hard fact, and, to the extent that
this Board perverts that fact or ignores it entirely, it slanders NRA when
the
of the National Recovery Administration as affecting small
business enterprises, a minority report was filed by John F.
Sinclair. Mr. Sinclair (of Minneapolis) resigned from the
Review Board, it was stated in the Minneapolis "Journal"
of May 8, after a controversey with Mr. Darrow; it was
indicated at that time, however, that Mr. Sinclair would
issue a minority report. In part the "Journal" said:
Sinclair said he had sent his resignation to President Roosevelt April 28.
A couple of days later the President asked him to call and the Chief Executive tried to adjust differences between Darrow and Sinclair. At that
time, said Sinclair. Darrow told the President it probably would bo better
If Sinclair resigned.
The National Recovery Review Board announced at Washington that
his resignation has been accepted by President Roosevelt, and that W. W.
Neal has been chosen Vice-Chairman in his stead. Mr. Neal is a
hosiery
manufacturer of Marlon, N. C., and has been a member of tho Board.
Mr. Sinclair's minority report said that the Board had
conducted unfair and one-sided hearings and had attempted
to complete its work in too short a time. The result, he
said, is "incomplete and largely inconclusive." The Board
failed to secure experts in economic research, Mr. Sinclair
charged, adding that the majority of the Board "has not
seen fit to approach this investigation from the point of view
of careful research and analysis. Mr. Sinclair made the
following recommendations, as a result of his observations
during the five weeks covered by the regulation:
(1) That within the NRA series of review boards be sot up to tako care
of the numerous cases which raise no fundamental issue. but in which the
time factor is so vital; and
(2) That a Review Board of Appeal be established by executive order,
independent of the NRA, to pass upon those fundamental cases which are
appealed not only from the NRA Review Board, but also arise from original
complaints to the Board itself. We suggest that this Board bo a fulltime one, ably staffed, non-political, with power to pass finally upon all
such questions dealing with monopoly and monopolistic practice and
oppression of small enterprises as arise under Sections 1 and 2 of your
executive order of March 7 last, and to continue during the life of the
NRA
Volume
138
Financial Chronicle
Mr. Sinclair's report also, according to the "Herald
Tribune," had the following to say in part:
Dear Mr. President.—On March 7 1934, when you created the National
Recovery Review Board, you prescribed the duties and functions of the
Board as follows.
"1. To ascertain and report to the President whether any code or codes of fair
competition approved under the Authority of Title I of the National Recovery Act
are designed to promote monopolies or to eliminate or oppress small enterprises or
operate to discriminate against them, or will permit monopolies or monopolistic
practices, and it It finds in the affirmative to specify in its reports wherein such
results follow from the adoption and operation of any such code or codes.
"2. To recommend to the President such changes in any approved code or codes
as, in the opinion of the Board, will rectify or eliminate such results."
Since that time the Board has been engaged almost continuously in hearing complaints, general and specific, arising under certain sections of the
completed codes of the various industries.
During the last five weeks the Board has conducted hearings upon complaints arising from the following completed codes.
Petroleum
Bituminous coal
Retail solid fuel
Cleaning and dyeing
Rubber (footwear division)
Electrical
Ice
Rubber (Monarch Rubber Co.)
Steel
Lumber and timber products
Motion picture
Wood-cased lead pencils
In all. 146 witnesses havetbeen heard, whose testimony is covered in more
than 2,753 pages of records. We have conducted 12 hearings. The digest
of these will be forwarded to you shortly.
Obviously, in so short a time, it has not been possible for us to begin to
investigate all the complaints which we have received arising from these
various completed codes. Many codes which are now under severe attack
by "little business" men took months to complete—some are not finished
yet. Hence this report, which you requested to be in your hands by April
15, must necessarily be incomplete and largely inconclusive.
••••••••••••••..
Difficulties of the "Small Man."
A good deal of the testimony which was presented before the National
Recovery Review Board tended to show the difficulties under which the
small man is working since the various codes have been put into effect
The main objection seems to have been that in trying to work out the principle of "self-government in industry," the "little man"—the small lodependent business man—were largely ignored, both in the writing of the codes
and in filling the various committees set up to enforce the codes. Nearly
every complaining witness heard raised this issue,
Considerable testimony developed to show that many big business leaders
accepted appointment in the NRA and supervised the writing of the codes,
After the codes were accepted they resigned front the NRA and accepted
work as code authorities to administer and enforce them. The small Judependent business mon in industry were left, according to such testimony,
without any influence as to the control to be exercised under their own
businesses by the code authorities. . • •
Tendency Against Independent.
This Board has taken up in a critical way some of the most important
codes that have been approved. We have heard, largely, one side of the
controversy—that of the complainant. We had no power to subpoena
witnesses and thus all hearings have been largely ex parte—with no power
to command both sides to appear. Naturally, this has been a great disadvantage in bringing out all of the testimony that the Board should have
had in arriving at conclusions definite enough to report to you under Section 1 of the executive order of March 7 last.
Price fixing, limitation of production and other factors of monopolistic
control approved by the NRA lead us to believe that in some situations
they tend to strangle the independent business man in various ways. Of
course, approved codes can be amended or modified by administrative order.
The fatal weakness of our work up to this time—and this matter cannot
be emphasized too strongly—centers in not having secured, at the very
start of our investigation, a thoroughly competent professional staff of men
—experts on code law and economic research—to assist the review Board
In digesting a great mass of testimony that had been presented before
various NRA and Federal trade hearings, bearing upon the effect of the
various completed codes upon the small business man. Had this work
been seriously undertaken, our Board would have saved a great deal of time
and effort and it would have enabled the various members of our Board
to have had an intelligent grasp of the disputed questions involved in the
various codes before our open hearings began.
But the majority of the Board has not seen fit to approach this investigation from the point of view of careful research and analysis. As a result.
the conclusions of the Board, based as they are upon only a very limited
amount of direct testimony—and that very largely giving only one side of
the situation—must necessarily be inconclusive, incomplete and at times
misleading and unreliable,
Some Codes Hastily Drawn.
With regard to Section 2 of the executive order, we have this observation
to make.
A great many of the completed codes, now exceeding 390. embracing over
90% of the industrial payrolls of the nation, were hastily drawn and will
have to be amended sooner or later, in order to protect the little business
man from exploitation and monopoly.
We have received several thousand complaints coming from distressed
complainants in nearly every State in the Union. From small business men
who claim that they are being strangled under the various codes as administered. An analysis of these letters and complaints would indicate that a
large percentage of them, possibly 80 to 90%, could be classified as coming
from those who lack knowledge of the code and code procedure. Most of
the questions raised by the vast majority of complainants do not present a
fundamental question which concerns monopoly or monopolistic practice.
Such complaints in our opinion could and should be handled within the
NRA itself, giving a time limit of ten days to dispose of every complaint
advanced.
The balance of the complaints. the 10 to 20%. are distinctly fundamental
and important. They present cases that strike at the very foundation of
American business life, so far as the little man is concerned. These cases
should be handled outside the NRA, by an independent review board.
This is vitally ipportant, since many of these smaller men fear to tell their
real troubles to the code authorities upon the ground that these authorities
are the most powerful competitors of the small independents within their
own industry.
Restrictions on Credit.
We had no time to examine into the problem of credit for small business,
but considerable testimony was presented to show that credit for the independent business man has been very difficult to secure since the beginning
of the depression. The inability to secure credit has been the major cause
in many cases of extreme hardship. Ample and safe credit, easily available,
for the little man is necessary to give him equality with his larger competitor.
3547
Federal Judge Terms NIRA "Bold Usurpation" When
Applied to Local Affairs—Opinion Declares There
Is No Constitutional Justification for Invasion of
States Rights.
The National Industrial Recovery Act as app' ed to local
affairs was termed "the boldest kind of usurpation" in a
written opinion handed down May 19 by Judge Charles I.
Dawson of the Federal District Court in Louisville, Ky.
Judge Dawson recently g anted a temporary injunction to
restrain prosecution of 34 Western Kentucky coal operators
under the NIRA and as a result of that injunction these
operators are paying m:ners $4 for a seven-hour day instead
of the $4.60 prescribed by the National Recovery Adm:nistration code. Supporting his order, Judge Dawson's opinion of May 19 said that there is no constitutional justification for the attempted regulation of local affairs by the Federal Government. Extracts from the opinion a e given
below, as contained in Associated Press advices from Louisville May 19:
"It is the boldest kind of usurpation," the opinion stated. "dated by
the authorities and tolerated by the public only because of the bewilderment of the people in the present emergency. Every person at all familiar
with the Constitution and our scheme of government under it knows that
no such power exists, and its mere academic assertion would be amusing.
but its determined exercise is tragic."
Discussing the Recovery Act, the opinion said.
"Apparently none of the activities of man are acknowledged as beyond
its reach. If the existence of such a power in the National Government
be admitted, it means the end of constitutional government in this country.
under which individual effort and initiative have been fostered and encouraged and the people generally have enjoyed .a. degree of liberty of person
and security of property unknown to the rest of the world."
"I know of no higher duty of the National Courts," he continued, "the
Judges of which are sworn to support and defend the Constitution of the
United States, than to strike down such unwarranted invasion of the reserved powers of the States and the rights of the people."
Even conceding Congress the power to act, Judge Dawson said, the law
would be unconstitutional delegation of that power to the President, as it
sets up no standard to guide him in carrying out the legislative will and
Policy.
The opinion held that to hold the new Coal Code binding because the
operators had consented to the old code, "would be not unlike treating
the unresisting march of the condemned criminal to the gallows as his consent to his own execution."
Judge Dawson cited Supreme Court decisions which he said held that
mining coal was not commerce, and the fact that it was mined for use in the
operation of trains in inter-State commerce did not bring it under the cornmerce clause of the Constitution.
Quoting from one Supreme Court opinion, he said. "Coal mining is not
inter-State commerce and the power of Congress does not extend to its
regulations as such."'
Court Decision Holds Ford Dealer Cannot Submit
Bids on Federal Contracts Because Ford Motor
Co. Has Not Signed NRA Automobile Code.
A ruling by Comptroller-General MeCarl that bids offered
to the Government by a Ford dealer cannot be accepted,
•
because the Ford Motor Co. has failed to present a certificate
Of compliance with the National Industrial Recovery Act,
was challenged in court on May 19, when the Supreme Court
of the District of Columbia granted the request of the Northwest Motor Co., a Ford dealer, for a temporary restraining
order preventing the Departments of Agriculture and the
Interior from rejecting its bids on truck contracts. Comptroller-General McCarl's ruling, which was made public on
May 17 by Secretary of Commerce Roper, said that the
Government could not accept the bids despite the fact that
the dealer had signed the NRA code for automobile dealers.
The District of Columbia Supreme Court on May 24
upheld the right of the Government to deny Ford dealers
the opportunity to bid on Federal contracts because the Ford
Motor Co. has not complied with National Recovery Administration specifications. Attorneys for the Ford agent
said they would appeal to the Circuit Court of Appeals.
A Washington dispatch May 17 to the New York "Times"
described the Comptroller-General's ruling in part as follows:
The decision, It was said to-day, does not bar forever the use of Ford
vehicles in Government departments, but rather serves notice that'every
product furnished under Government contracts must be produced under
The Ford Motor Co. has never signed the autostrict code provisions.
mobile code.
In earlier days of the dispute Mr. McCarl held that the local dealers
An
would not have to certify to the compliance of the Ford Motor Co.
Executive Order since by President Roosevelt, however, made necessarY
affirmative adherence all around.
A suit by Mr. Sabine to compel Secretary Dern to accept bids for a
number of Ford cars is pending here. Some think Mr. McCarl's decision
will bring dismissal of the suit.
In the present case the Northwest Motor Co. bid on two trucks for use
in the Eleventh Lighthouse District in Detroit was $488.26. The next
low bid was by Chevrolet, $551.35.
The bid was accompanied by a letter which said:
"The bidder is a member of the NRA, has complied, is complying and
will continue to comply with all its lawful provisions. It can make no
representations respecting any of the various manufacturers who have any
part in the manufacture of materials or equipment offered in this bid, and
cannot bind itself that all of such manufacturers are complying.
"The bidder has no means of knowing whether or not they are, and
such a requirement would be unfair and unjust."
3548
Financial Chronicle
Mr. McCarl ruled that the dealer's pledge was not enough and forbade
delivery "of any articles, materials or supplies, in whole or in part, produced
or furnished by any person who shall not have certified that he is complying
with and will continue to comply with each code of fair competition which
relates to such articles, materials or supplies; or, if no code, then that he
has signed or complied with the President's Re-employment Agreement."
Henry Ford Sees Business on Up Grade—Depression
"Thing of the Past"—Completion of Building at
Century of Progress.
Visiting Chicago to inspect the building his company is
completing at the Century of Progress, Henry Ford on
May 15 expressed himself as confident that business is on
the up grade. To his mind, he said, the depression is
"definitely a thing of the past." Associated Press advices
from Chicago May 15 further indicated as follows the views
voiced by Mr. Ford and his son Edsel:
He[Mr. Ford] spoke freely about the general plans for the second season
of the Exposition, referring to it as evidence that people are seeking
knowledge.
"If there is anything wrong with the world," he said, "it is lack of knowledge, and education will take care of that. The next fifty years will see
much greater scientific progress than has been made in the last thousand
years."
Discussing competition as a factor in progress, the manufacturer said:
"We must live through price competition, but competitiod isn't a matter
of price alone; it is a matter, too, of quality. There is nothing at all wrong
with business; it continues to pick up."
Henry Ford's optimistic views were echoed by Edsel Ford, his son, who
agreed that industry still is going forward.
The younger Ford, however, declined to renew his prediction that the
automobile industry this year would produce 3,500,000 passenger cars and
trucks. He made that prediction earlier this year in saying he looked for
a 75% increase in automobile production over last year.
Although declaring that he was as optimistic as his father concerning
general business conditions, Edsel Ford said he would want to study the
industrial outlook carefully before venturing another prediction concerning
motor car output.
Other authorities have forecast a slight downward revision in original
estimates, placing the figure at 2,500,000 to 3.000,000 units.
United States Circuit Court of Appeals Upholds NRA
Oil Code—Secretary Ickes Praises Decision, Declaring That Production Can Now Be Balanced
With Demand,
The United States Circuit Court of Appeals in New
Orleans on May 22 ruled that Federal agents were exercising
constitutional authority when they applied to oil production
regulations promulgated by the National Recovery Administration. The Court reversed an earlier ruling against the
oil code by a Texas Federal Court, which had left the code
practically unenforceable in many of its principal provisions.
Secretary Ickes, Oil Administrator, said on May 23 that the
verdict was an event "of foremost importance." "The
decision," he added, "leaves me free to continue the work
of so directing the oil industry as a whole that its great
natural resource will not be squandered as a few selfish oil
men would have it." He continued:
It leaves me free to so direct the industry that consumption will be
balanced with demand, and all elements of the industry will receive a
fair price for their product, and at the same time pay a fair wage to all
oil workers.
It must be remembered that doubtless the decision will be appealed to
the Supreme Court, which will leave a further period of uncertainty in
administration of the oil code, which, taken into consideration with the
fact that the life of this and all other codes Is a short one, emphasizes the
urgent necessity for passage of the oil bill pending in Congress.
We quote below from Associated Press advices from New
Orleans on May 22 regarding the decision of the Circuit
Court of Appeals:
The Court threw out an injunction granted to the Amazon Petroleum
Corp. and other oil companies in the Eastern Texas District Court, restraining Federal authorities from enforcing provisions of the NRA code, and
remanded the case, with directions to dismiss the bill.
The companies attacked the code as a violation of the Constitution, in
that it was assertedly an attempt by Congress to delegate legislative powers
to the President and to vest in the Chief Executive the powers of a supreme
dictator, contrary "to our republican form of government." The petroleum
producers also alleged their rights were violated by the NRA provision
requiring the filing of oil-production reports.
Ruling there had been no unconstitutional delegation of legislative
powers by Congress, the Appellate Court said in its opinion. "While Congress cannot abdicate legislative power it may make a large delegation of
it, always retaining the right of control and of reassumption."
Governor Horner of Illinois Signs State NRA Act,
Effective July 1—Manufacturers' Association to
Challenge Constitutionality of New Law.
Governor Horner of Illinois on May 14 signed the State
National Recovery Administration bill, which will become
effective on July 1 next. The bill was sponsored by the
Governor himself, but was approved by the State Legislature only after a long period of debate, and after protests
had been made by industrial and business organizations.
Designed to supplement the Federal National Industrial
Recovery Act, it provides that all National NRA codes shall
automatically become State codes. The bill was passed by
the State House of Representatives on May 9 by a vote of
77 to 46, and was approved in the:State Senate on May 11
May 26. 1934
by a vote of 28 to 15. Attorneys for the Illinois Manufacturers' Association were reported to be planning a test case
to determine the constitutionality of the Act, which they
said amounted to a surrender of a portion of the State
sovereignty.
The chief provisions of the Act were summarized as follows
in United Press advices from Springfield, Ill., May 11 to the
Chicago "News":
Outstanding provisions of a proposed State NRA enforcement law, voted
on to-day in the senate of a special session of the Illinois general assembly.
are:
1. National NRA codes become State NRA codes.
2. The Governor is authorized to utilize State and local officers and
employees in "effectuating" the policies of the National Recovery Act.
3. Persons operating businesses or industries with NRA licenses are
liable to a fine of $500 per day, or jail for not more than six months, or
both, and each day of violation is considered a separate offense.
4. Offenders, however, cannot be prosecuted by both a Federal and a
State Court.
5. The Attorney-General of Illinois and the State Compliance Director
of the NRA must consent to prosecutions before they are begun.
State and municipal contracts will be let only to those firms and organizations operating under NRA codes.
The provisions of the act will be in effect from July 1 1934 to June 16 1935.
Persons complying with their respective codes can sue code violators in
any State Court.
We also quote the following from the Chicago "Journal of
Commerce" of May 16:
The new Act does not become effective until July 1 because the emergency
provision had to be omitted for lack of more than a bare majority which
was all the Governor could muster. It specifies that it shall be effective
until June 16 1935, or any date prior thereto in the event of the end of the
National NRA.
Governor Homer in signing the NRA law in the presence of newspaper
men. said it would aid the President and the Federal Government in giving
work to the unemployed.
One feature of the bill permits the Governor t) disregard all NRA code
requirements in making contracts or purchasing supplies for the State.
Prosecution for Violators.
Violators of the act may be prosecuted in the State as well rs Federal
courts. Prosecutions may be started upon approval of the Governor after
first obtaining the consent of Attorney-General Berner of Illinois and John
Cassidy, NRA compliance director for the State.
Penalties up to $500 an I imprisonment for six months may be imposed
under the act with each day regarded as a separate offense. All Federal
codes are made State codes by law except that no Federal code which conflicts with a State law may be enforced. The latter exception was inserted
in the administration bill by way of amendment.
Representative E. J. Schnackenberg, Republican house leader, viewed
the amendment as virtually nullifying the effectiveness of the act.
In the same paper it was stated that the Illinois Manufacturers' Association has fought the State NRA bill since
the Washington draft first was submitted to the Legislature,
holding it to be an invasion of the rights of the State and,
after enactment, to amount to a surrender of a portion of the
State sovereignty. James L. Donnelly, Executive VicePresident of the Association, was reported as saying:
The counsel of our organization are convinced that the new NRA law
is fundamentally a violation of the constitutional guaranties of the people
of Illinois. We have not swerved from our decision to attack the operation
of this unjust law. The only question now before us is how soon we can
start legal proceedings.
Major Industries, Like Railroads, Confronted with
Government Regulation, Says Samuel 0. Dunn—
Points to Need of Private Initiative and Private
Investment.
Speaking before the Executives' Club of Chicago on May
18, Samuel 0. Dunn, Chairman of the Simmons-Boardman
Publishing Co. and editor of the "Railway Age," stated that
"All the major industries of the country are now confronted,
as the railroads have been for many years, with Government regulation, and, consequently, with questions as to
how comprehensive and detailed Government supervision
of their operations and price-fixing shall be; to what extent
their financing and profits shall be controlled; to how much
direct and indirect Government competition they shall be
subjected; and to what degree their conditions of employment and the wages they pay shall be determined by labor
unions aided by Government." "Recent developments having made the railroad problem no longer unique," said Mr.
Dunn,"but merely one of numerous similar problems, there
seems promise of more sympathetic and understanding consideration of it by the numerous business men, large and
small, who have heretofore regarded it as concerning them
only because of their desire to have the power of Government over the railroads used for their especial benefit."
Mr. Dunn preceded the above remarks with the statement
that "because of developments during the depression, and
especially during the last year, there is more similarity and
a closer relationship between the problems of the railroads
and those of other industries than there ever was before since
the beginning of effective regulation of railroads." In
part he said:
There is a recurrence of talk to the effect that if certain things are not
done the railways cannot escape Government ownership. But they now
Volume 138
Financial Chronicle
face much the same conditions, problems and Government policies as other
Industries, and if they are forced into Government ownership the same infinances will also force so many other industries into it that we shall virtually or actually have State Socialism. . . .
Unless we are going completely to abandon an economic system which is
based mainly upon the private ownership and operation of property, we
must, if prosperity is to be restored, act in accordance with the principle
that capital, as well as labor, has rights which must be fully recognized.
To "scale down" the indebtedness and fixed charges of the railroads solely
to enable them to employ more men or pay higher wages would so violate
the rights of millions of persons who, directly and indirectly, own railroad
bonds as to drive prospective investors away from the railroad industry,
Recovery wM be hindered, not stimulated, by measures or threats of messurea that are ostensibly in the interest of labor or the public, but which
undermine the confidence necessary to cause the renewal of investment in
the railroads and other private industries that is essential to the welfare
of the public, including labor. Manifest abuses have occurred in private
business within the last decade which nobody can defend, but Government
interference should be for the purpose of remedying and preventing abuses
and not of punishing and hampering all business because of abuses for which
only a comparatively few have been responsible. The principal trouble
with railway regulation always has been that it has hampered and punished
railway managements and investors because of abuses committed by their
predecessors.
How much progress have we made out of the depression? Are we still
on the way out and how can we accomplish full economic recovery? These
are questions in which everybody is interested. Railroad freight business
Is a cross-section of all production and commerce. In the first quarter of
1934 freight car loadings were relatively 28% larger than in June, July and
August, 1932, when the real bottom of the depression was reached, and
21% larger than in the first quarter of 1933, when the banking crisis interrupted in this country the improvement in business which began throughout the world in the last one-third of 1932. As production is the source of
all wealth and income,and as these figures indicate the increases in actual
physical production and commerce that have occurred, they are a good
measure of the recovery that has occurred. In the summer of 1932 the
volume of total business done was less than one-half of what it averaged in
1925-1929, while in the first quarter of this year it was 62% of what it
averaged in the prosperous years, or relatively almost one-third greater than
at the bottom of the depression.
Measured by their gross and net earnings the railroads have made about
the same advance toward recovery as, on the average, has general business.
Their gross earnings in the first quarter of 1934 were 21% greater than in
the first quarter of 1933. Their net operating income, while only one-half
as great as it averaged in the first quarters of 1925-1929, was almost 33i
times as great as in the first quarter of 1933. They employed an average of
979,763 persons, an increase over the first quarter of 1933 of 44,000, and
the increase in March over March of last year was 78,932. Their purchases, which are of great importance to the durable goods industries, and
are closely determined by the amount of net operating 111C011113 they earn,
have been thus far this year the largest since 1930.
In addition to the effects of the depression, the railways have suffered
and are still suffering severely from the unfair competition of other carriers,
which has been stimulated by Government policies. These policies include
unequal regulation and subsidization of other carriers. Highway carriers
contend that regulation of railways should be reduced rather than that
regulation of other carriers should be increased, but at the same time are
appearing before the Inter-State Commerce Commission urging it to use
its power over the railways to prevent them from making freight and Passenger rates which will enable them to meet the competition of highway carriers. Obviously, if the Commission should determine how the railways
shall compete with other carriers, it should be given full power to determine
how other carriers shall compete with the railways.
The previous improvement of general business was followed by a recession last fall, and the improvement since last fall has been followed by another recession since March, which is reflected in railroad business. This
undoubtedly indicates, as did the recession last fall, that recovery is being
hindered, but not arrested. The present economic policies of the Government, whether some of them are or are not sound as measures of reform,
are new influences with which business men are not accustomed to dealing,
and therefore create uncertainties and undermine confidence. I refer
especially to measures which increase industrial production costs and prices,
increase the disparity between agricultural and industrial prices, hamper
the issuance of securities by private corporations and make investors doubtful of the future of private business.
Recovery from all past depressiosn in this country has been accomplished
by economic readjustments effected principally by the efforts of business
men and farmers in conducting their own affairs. The marked recovery
that began in the fall of 1932 and was renewed immediately following the
opening of the banks in 1933 was due principally to the exertions of private
Initiative and enterprise. Government can and should help to create the
conditions necessary to the restoration of prosperity, but the principal thing
needed to make possible full recovery is not to increase, but to reduce, the
trammels upon private initiative and enterprise, and give the greatest practicable encouragement and opportunity to the investment of capital and
the employment of labor in private business. We need many reforms—more of
them in our always inefficient and extravagant and often corrupt governments than in business; but, with production, which is the source of all
incomes, still about 40% less than in 1929, what we need most of all is a
renewal of private initiative and private investment, and a consequent
restoration of normal production and employment.
Report on Increase in Price of Gasoline Made by
Federal Trade Commission to Senate.
In response to a resolution adopted by the U. S. Senate,
the Federal Trade Commission on May 10 transmitted its
report to the Senate on gasoline prices throughout the
country. It is stated in the report that computed on the
basis of estimated consumption during 1933, consumers
wereipaying at an annual rate of about $160,000,000 more
for gasoline on Jan. 31 1934, than they were on July 1 1933.
According to the report increases in gasoline prices following
the approval of the code for the petroleum industry amounted
to approximately 2 cents, but subsequent declines resulted
in an average net increase of 1 cent per gallon.
The resolution under which the information was called
for was adopted by the Senate on Feb. 2, and was referred
to in our issue of Feb. 10, page 977. In the same resolution
the Commission was called upon to make an investigation of
3549
the Steel Code. That part of the resolution relating to
gasoline prices read:
Second. That said Federal Trade Commission report to the Senate the
increase in the price of gasoline during the last six months, and what the
increase of price means to the users of gasoline throughout the country in
the way of additional cost.
From a summary issued May 10 by the Commission regarding the report we quote in part as follows:
The report is based primarily on such information as the Commission had
available, supplemented by data secured from leading oil companies
engaged in refining and marketing gasoline, with respect to figures on
production and refinery prices, together with tank wagon and service
station prices at the principal points in the marketing territory of the
respective companies.
Detailed price reports were received from oil refining companies operating
150 refineries which produced over 6,098,000,000 gallons of gasoline of all
grades combined during the last six months of 1933. These companies
furnished in detail their f. o. b. tank car refinery prices for each grade of
gasoline in effect on July 1 1933, and each change with the date thereof in
such prices from July 1 1933, to Jan. 31 1934. Each company reporting also
furnished its tank wagon and service station prices as well as the rate of
municipal, State and Federal taxes paid at the principal markets in its
marketing territory for the same period. The price data covers 272 cities
throughout the United States.
Prices discussed in the report are for regular grade gasoline. Prices for
high-test or first-grade gasoline are usually 2 cents per gallon higher and
for third-grade gasoline 1% cents lower than for the regular grade.
The report says that from data available to the Commission, supplemented by a limited inquiry as to current prices of gasoline, it appears:
1. Increases in the price of gasoline were made following the approval of
the Code of Fair Competition for the Petroleum Industry on Aug. 19 1933,
and its effective date, Sept. 2 1933. of approximately 2 cents per gallon,
but there were subsequent declines which resulted in an average net increase in prices to the consumer from July 1 1933, to Jan. 31 1934, of only
about 1 cent per gallon.
2. Computed on the basis of estimated consumption during 1933. consumers were paying at an annual rate of about $160.000.000 more for
gasoline on Jan. 31 1934, than they were on July 1 1933.
3. The combined rate of State and Federal sales tax on gasoline, ranging
from three cents per gallon in some States to 8 cents in others amounts to
an average of about 5.14 cents per gallon and costs the consumers of gasoline
approximately $700,000,000 per year.
No attempt was made, because of the limited scope of the inquiry, to give
consideration to such factors and elements as supply and demand, transportation costs, and producing and selling costs, which normally have a
determining influence on the price of gasoline. Nor was there time or
opportunity to assemble facts showing to what extent artificial means have
been exerted to control the price to the consumer. The report does not
attempt to show what relation current consumer prices bear to f. o. b.
refinery prices of gasoline or to price of crude oil at the wells, as these matters
would require more complete investigation. The discussion in this section
relates only to service station prices to the consumer as found to exist
with a view to answering specifically the questions raised by the Senate
Resolution.
From the reports received from the refining and marketing companies, a
tabulation was made showing the location of the market, the service station
cash prices of regular grade gasoline to consumers at each market on July 1
1933, the highest price reached with the date thereof during the seven
months' period, and the price in effect on Jan. 31 1934, also the net increase
or decrease in the price per gallon from July 1 1933 to Jan. 31 1934. Although this report is primarily on cost to the consumer, this tabulation also
shows the total taxes paid in each market covered and the dealer's price of
gasoline excluding taxes on July 1 1933, and on Jan. 31 1934, with the net
increase in such price during the seven months' period. The net increase
cent more per gallon than the net increase in cost to
excluding taxes is
the consumer reflecting the automatic elimination of the emergency Federal
tax of 3 cent per gallon which was effective from July 1 to Dec. 31 1933.
The tabulation covers 272 cities throughout the United States and, it is
believed, fairly represents the gasoline price situation.
The report says it should be noted in any discussion of prices at this time
that "the gasoline market was demoralized during the spring and summer
of 1933, and also that, according to the average monthly prices in 50
cities, two in New York and one in each of the other States and the District
of Columbia, compiled by the American Petroleum Institute the average
dealer service station price excluding taxes was lower on July 1 1933, than
on July 1 of any other year since 1919."
Prices on July 11933.
The report shows wide range in prices for the 272 cities on July 1 1933.
The lowest price to the consumer was 13 cents per gallon in Fort Scott.
Han., while the highest price was 25% cents in Spokane, Wash. The dealer's
price excluding taxes was 83 cents in Fort Scott and 19 cents in Spokane
where the gasoline sales tax was 634 cents per gallon. . . .
A study of the price reports indicates that competition forced prices down
from the peak reached about the time of the approval and effective dates
of the Code in some of the local markets. Competition was reflected in
frequent changes in prices in several of the cities covered by this report.
The most frequent changes were noted in Washington, D. C.
Trial of Joseph W. Harriman and Albert M. Austin.
Testimony for the prosecution was continued this week in
the trial of Joseph W. Harriman, former President of the
closed Harriman National Bank and Trust Company of New
York and Albert M. Austin, former Executive Vice-President
of the bank, who are accused of manipulating the bank's accounts and misapplying funds. The opening of the trial was
recorded in our issue of May 19, pages 3375-76. Arnold
Colombo, Cashier of the bank until it closed a year ago, testified on May 18 that he had initialed $1,393,080 of admittedly
false entries in the accounts of depositors, and that he had
done so because Mr. Austin told him that Mr. Harriman
wanted the entries made. At the hearing on May 21 Constance Talmadge, an actress, said that neither she nor her
mother, in whose names accounts at the bank were maintained, had authorized the purchase of stock in the bank,
despite the fact that their accounts were charged for the
transfer of stock in the institution.
3550
Financial Chronicle
William A. Burke, former Comptroller of the bank, testified May 22 that he believed that the orders resulting in alleged false statements in the bank's books had come from
Mr. Harriman through Mr. Austin. Mr. Burke said Mr.
Austin had admitted receiving such instructions from Mr.
Harriman. Margaret Joyce, another actress who testified on
May 23, also denied that she had authorized the use of funds
allegedly withdrawn from an account she maintained at the
bank. Mr. Burke again took the witness stand on May 23
and declared that he was positive that orders for the purchase of the bank's stock had come direct from Mr. Harriman
and that the latter, in signing tickets covering the transfer
of funds, had told his junior officers that he assumed full
responsibility.
Copper Code Authority Announces Plan to Provide
for Liquidation of Stocks in United States—All
Sales in Month Above 30,000 Tons to Be from
Surplus Metal.
•
Plans designed to provide for the orderly liquidation of all
copper stocks in the United States were announced May 21
by the Copper Code Authority, which sent a letter to all
known holders of stocks of the metal,stating that after 30,000
tons of copper have been sold for any current month and the
two succeeding months by the primary and secondard producers from current production, any further sales in that current
month will be allocated to stocks. Holders of stocks were
asked to state whether they desired to participate in sales
under the plan and to give data showing the tonnage of the
metal on hand and held on April 30. Holders who participate
In the plan must conform to provisions of the copper code
and other "orders pertinent thereto." Copper sold and allocated to stocks must be Blue Eagle copper.
The New York "Journal of Commerce" of May 22, in
describing the announcement, said:
It was indicated in the wording of the announcement that not only companies already members of the code, but all others which hold copper, would
be given a chance to dispose of it through the Code Authority plan. Sales
allocations will only be made upon receipt of the information requested.
The letter of the Copper Code Authority follows:
"The copper code and order promulgated on April 21 1934, by Hugh S.
Johnson, Administrator of the NRA, and which became effective on April 26
1934, make provision for the liquidation of stocks of copper held in the
United States.
"For your convenience we enclose herewith a printed copy of that code
and order from which you will note that the general plan is to provide for
sales in the United States of current production to the extent of a 'book' of
30,000 tone per calendar- month to be distributed among primary and secondary producers. After such monthly 'book' has been sold for a current
month and the two succeeding months, any further sales during that current
month are to be allocated to stocks.
"Since this last provision will without doubt be of interest to you, we
set out an extract of the material part of Section 8 of the 'new Article VII,'
found in the order.
". . . After the sales quotas of the current month and next two months
have been sold, further sales during the current month shall be allocated to
and applied to copper stocks; provided, however, that prior to a general
allocation to copper stocks there shall first be set aside 50% of all sales
then to be allocated to copper stocks, which 50% shall be divided so that
two-fifths shall go to secondary producers in proportion to their respective
holdings of secondary copper accumulated since Oct. 1 1933, but limited in
any event to such accumulations, and three-fifths to by-product and other
primary stocks, and then the remaining 50% (or whatever larger amount
there may be available pursuant to the foregoing) all be allocated to copper
docks generally and not to sales quotas. The Code Authority shall propose
a plan for the handling of such allocations to stocks generally which shall be
effective when approved by the Administrator, and which shall provide for
the disposal of such accumulations by an orderly liquidation, and such sales
from stacks shall be Blue Eagle copper within the meaning- of this code.
"The Code Authority of the copper industry, at a meeting held on May S
1934, has prescribed that all holders (including fabricators) of stocks of
copper in the United States shall be entitled to participate in 'the remaining
50% (or whatever larger amount there may be available pursuant to the foregoing)' provided they conform to the provisions of the code and order pertinent thereto. Copper sold and allocated to stocks in accordance therewith
shall be 'Blue Eagle copper' within the meaning of that term under the
copper code and order.
"The Administrator has given his approval to the action of the Code
Authority as herein set forth in respect of stocks.
"The sales plan provided for cannot be fully carried out and no allocation
of sales to stocks can be made unless the sales clearing agent of the Copper
Code Authority shall be informed in regard to stocks of copper which the
individual holder thereof desires shall participate in sales allocation. For
this purpose 'stocks of copper' shall be understood to mean unsold stocks
held on April 30 1934 by the person who is the holder thereof at the time
when participation in the sale of stocks shall take place under the terms of
the code and order."
Accordingly, will you be good enough to advise R. R. Eckert, Sales
Clearing Agent, Copper Code Authority, 26 Broadway, New York City.
(a) Whether or not your desire to participate in sales of stocks pursuant
to the provisions of "New Article VII" Section S;
(b) If so, that you will abide by and conform with the pertinent provisions of the copper code and order;
(c) Furnish him with a statement showing the tonnage of your copper
stock now on hand and held by you on April 30 1934:
(d) Keep him advised promptly of any changes in those stocks.
Inasmuch as no definite allocation of sales from stocks can be made
without the formal notification from all holders of stock, you are requested
to notify the Sales Clearing Agent of your desire to participate in such
sales. Otherwise no sales allocation will be made to you.
May 26 1934
Details of the copper code were given in our issue of May 5,
page 3006.
Copper Code Authority Issues Ruling Bearing on Metal
Qualifying as Blue Eagle Copper.
A ruling, as follows, defining "Blue Eagle Copper" was
issued on May 24 by the Copper Code Authority.
That all copper sold by members of the industry prior to March 22 1934.
for delivery subsequent thereto, shall be qualified as Blue Eagle copper
if the purchaser is a fabricator or consumer complying with Article VII
of the code, or if such purchaser be not a fabricator or consumer, but is
complying with the code provisions. Said seller will certify to the buyer
that such copper is Blue Eagle copper, provided the buyer is in possession
of a certificate from the Code Authority entitling him to Blue Eagle copper.
That all copper sold by members of the industry on or subsequent to
March 22 1934, and subject to sales allocation under the sales plan of the
code, and thereby qualify as Blue Eagle copper shall lose its character of
Blue Eagle copper in the event that the purchaser, if a fabricator or consumer,fails to comply with Article VII of the code. Said seller will certify
to the buyer that such copper is Blue Eagle copper, provided the buyer is
In possession of a certificate from the Code Authority entitling him to
Blue Eagle copper.
That whenever any fabricator shall have entered into an approved
agreement pursuant to Article VII of the approved Code of Fair Competition for the copper industry, all copper owned by such fabricator including
returnable copper as defined in Article VII and all copper under contract
and undelivered as of the date of the contract herein mentioned, shall
be held to be Blue Eagle copper pursuant to the copper code.
One Code for Rosin Industry Opposed—Separate
Producers',Distributors'Agreement Urged—Savannah Office for Control Committee. • ••
Proposals to place producers of naval stores, known as
"factors" under an identical code with distributors of these
products has brought some opposition in the trade said
Savannah advices May 21 to the New York "Journal of
Commerce" which also said in part:
Distributors favor a separate code and a number of factors in the production of rosin and turpentine are of the same mind, it was brought out
here to-day.
The Sales Control Committee. appointed under the Agricultural Adjustment Administration marketing agreement, is also of the opinion it was
stated here, that the single code idea for producers and factors is impracticable. A final hearing on the naval stores code is to be held at Sea Island
Beach on June 10, next, when both sides to the controversy will be heard.
Scheduled also for hearing at that time are proposals to place daily
receipts of rosin and turpentine at the principal centers of Savannah and
Jacksonville on the open market for sale. Trading in naval stores is now
conducted as a department of the Board of Trade at Savannah.
General Johnson Approves NRAI Code for Spice
Grinding Industry.
National Recovery Administrator Johnson to-day approved
the code for the spice grinding industry, it was stated in advices, May 11, from Washington to the New York "Journal of
Commerce," from which we also quote:
The code is stayed for 10 days to consider any objections which may be
raised. The code does not include grinding of coffee, peanut butter, mustard,
mayonnaise, flavoring extracts, inc.
• The code sets a maximum work week of 40 hours. The industry has been
operating 46 to 55 hours per week. The industry is a small one, with only
600 to 700 unskilled employees, and an annual volume of $15,000,000.
Payrolls of about $2,000,000 a year will be increased 25%, it is estimated,
by the labor provisions of the code. Minimum wages under the code are 40c.
for males and 321
/
2c. for females, with a 5c. differential for the South in
each case. Office wcrkers would get minimum wages of $14 to $16, depending on the population of the city.
Open prices are specified in the code, and the Code Authority is empowered
to establish minimum prices whenever an emergency is found to exist.
Administration of the code is entrusted to a Code Authority of seven members, five to be elected by members of the American Spice Trade Association,
and two by non-members of that group.
NRA Approves 25% Reduction in Machinery Operating
Hours for Cotton Textile Industry-12-Week
Curtailment Period Begins June 4.
The cotton textile industry will limit the use of its productive machinery to 75% of the current maximum hours
worked for an emergency period of 12 weeks, beginning
June 4, it was announced by General Hugh S. Johnson,
Recovery Administrator, on May 22. This step was taken
at the request of the Code Authority of the Cotton Textile
Industry, and was designed to curtail production, which
has recently been running heavily in excess of sales. The
industry has been operating machinery 80 hours each week,
and under the new ruling will operate for only 60 hours.
Employees who have been working 40 hours each week will
have their time cut to 30 hours for the emergency period.
General Johnson, in his order, stated that the curtailment
"shall be made by reducing hours or days in each week,
and not by shut-down of one or more weeks." Exception
to the order were made for the rayon industry, which was
placed on an hour-loom basis, and the synthetic yarn
staples industry, which will curtail hours for only eight
weeks.
George F. Sloan, Chairman of the Cotton Textile Code
Authority, in a statement to the National Recovery Ad-
Volume 138
Financial Chronicle
ministration, cited the following data as reflecting the
need for curtailment in the industry:
It appears from the reports filed with the Cotton Textile Institute
under the code that unsold stocks of cotton cloth have steadily increased
each week from 250,330,000 yards on Feb. 24 to 332,362,000 yards on
April 28. the last date for which figures are available. During the same
period unfilled orders for cotton cloth have decreased from 1.138,384,000
yards on Feb. 24 to 756,037,000 yards on April 28.
This falling off in demand was particularly marked during the last
two weeks of April, sales during that period amounting to only about
47% of production. Notwithstanding this decreased demand, which
may be expected to continue during the summer season, the over-capacity
in the industry is such that the mills continued to produce during March
and April larger quantities of cloth than during any similar period since
the code went into effect.
A similar situation exists with the yarn mills of the industry. It is
estimated that present spindles available for the manufacture of carded
sales yarn are about 3,000,000 and that if these were fully operated under
the present 80-hour limitation, the production would be approximately
10,000,000 pounds a week, whereas the average total weekly shipments
for the eight weeks ended April 21, including the last week for which
figures are available, were about 7.300.000 pounds, and average weekly
sales for the same period were only about 5,500,000 pounds.
Shipments for the last week of this period were down to 6,341,000 pounds
and sales to only 4,560,000 pounds. Notwithstanding this lessened
demand, owing to the over-capacity in this branch of the industry, production was being maintained and unsold stocks are again approaching
the peak levels of last December and January.
The change, it was said at NRA headquarters, would further the public
interest by maintaining on the industry's payrolls the 145,000 new employees taken on during the last year.
Annual Field Day of Bond Club of New York.
A. Lucian Walker, Jr., of Young & Ottley, won the golfing
honors at the 14th annual field day of the Bond Club of
New York, which was held at the Sleepy Hollow Country
Club yesterday (May 25). Because of all day rain, most
of the other sports events, including baseball and tennis,
were cancelled, and the outing turned out to be largely an
indoor affair. John D. Harrison, President of the club,
presided at a dinner in the evening which concluded the
day's activities. Irving D. Fish was Chairman of the Field
Day Committee and was assisted by Prescott S. Bush,
Herbert F. Boynton and Francis T. Ward,as Vice-chairman.
Meeting of Board of Governors of Investment Bankers'
Association at White Sulphur Springs—E. F.
Dunstan Warns Against Use by Solvent Communities of Municipal Bankruptcy Relief Under
Newly Enacted Measure—President Christie Sees
New Code Benefitting Investors.
A warning that the municipal debt adjustment plan as
provided in the bill passed by Congress and signed by President Roosevelt cannot be used by solvent communities to
avoid or postpone payment of just debts was voiced by the
Municipal Securities Committee of the Investment Bankers
Association of America at the closing session, on May 23,
of the annual spring meeting of the Association's Board of
Governors, at White Sulphur Springs, W. Va. From a dispatch, May 23, to the New York "Times" we quote:
E. F. Dunstan, of the Bankers Trust Co., New York, Chairman of the
Committee, said that the purpose of the municipal debt adjustment plan
was to provide a means by which insolvent communities could work out
of their difficulties with the co-operation of their creditors or bondholders.
A few small and scattered solvent communities, he said, had evinced a
wish to use the debt adjustment plan to avoid or postpone payments they
were able to make. The plan, he added, provided that communities could
not make adjustments alone, but only with the co-operation of a majority
of bondholders of the securities affected and with the approval of a Federal
District Court.
Action in Unison Required.
The plan, he said, does not take away any rights of municipal bondholders
except that it provides that they must act in unison.
At the opening session of the meeting, on May 21, Robert
E. Christie Jr., President of the Association, in asserting
that the American investor and not Wall Street or any Washington Bureau is "master of the investment banking business" under the investment bankers' code, said that the
code is primarily concerned with safeguarding the investor.
"Our code," he said, "marks a great advance. It is a stabilizing force of immeasurable benefit to the public interest,
to our business, and to re-establishing the capital market."
President Christie also said:
On a parity with the code in your thoughts is the Securities Act of 1933,
a law that is admirable in its purpose, but which, unfortunately, has proved
itself to be not workable in several aspects. On that point, many of the
ablest, responsible minds in industry, in finance and in the Government are
agreed. Therefore, the Securities Act is now in the evolutionary process
of modification before a conference committee of Congress.
"New Washington" Described as Setting for American
Bankers Association Convention Next October—
Many Changes in National Capital Within Recent
Months.
.A "new Washington" awaits the delegates to the American
Bankers Association Convention which will be held in the
nation's capital from Oct. 22 to 25 next, according to an
3551
announcement issued on May 10 by the Greater National
Capital Committee. Describing the changes that have
occurred in the past few months,the statement said that the
wooden fences surrounding building construction for more
than a year have been torn down, "revealing the classic
beauty and simplicity of the Government's new headquarters
which began as a $200,000,000 building program."
The Federal triangle, newly completed, is likely to attract
greatest attention from visitors who have not been to Washington for several months, the announcement said, and
added:
Here, in an area on which the United States Government has held a
death's hand for nearly half a century, has arisen what architects feel is the
most imposing unified architectural composition in the world. On ten
blocks between Pennsylvania Ave. and the Mall has been erected a series
of co-ordinated buildings which form one gigantic conception of monumental
utility and beauty. Among the Federal activities housed in this area are
the National Archives, Department of Justice, Internal Revenue Bureau,
Post Office Department, Inter-State Commerce Commission, Department
of Labor. Department of Commerce and others. It is the greatest Governmental project ever conceived and erected in the history of the world.
Annual Meeting of Committee of Banking Institutions
on Taxation Held at Hotel Astor, New York,
May 10—Election of Officers.
The Committee of Banking Institutions on Taxation,
which consists of National and State banks, trust companies
and private blinking insiitutions,leicriti 16th annual meeting at the Hotel Astor in New York City on May 10.
The objects of this organization are to co-operate in
assisting in the administration of tax laws, to dissemninate
among its members information pertaining thereto and to
act as a clearing house for communications from Federal
and State tax authorities. It was announced on May 19
that officers were elected at the annual meeting as follows:
Stephen L. Jenkinson of the Chemical Bank & Trust Co. elected Chairman; Edward J. O'Connor of the Guaranty Trust Co. of New York, ViceChairman, and P. J. McGough of the Manufacturers Trust Co.. Secretary.
Edwin T. Ward of the Bank of Montreal, John L. Kuhn of the Bankers
Trust Co., Thomas L. Pryor of the Brooklyn Trust Co. and Franklin E.
Lott of the Fidelity Union Trust Co., Newark, N. J., elected members
of the Executive Committee.
Chicago Financial Advertisers Hold Annual Meeting—
Officers Elected.
The Chicago Financial Advertisers, a chapter of the
Financial Advertisers Association, at their annual meeting
May 9, elected J. K. Waibel, of the Continental] Illinois
National Bank & Trust Co., Chicago, President of their
organization, it was announecd May 14. Paul Pullen of
the Chicago Title & Trust Co. was elected Vice-President;
Ruth Gates of the State Bank & Trust Co. of Evanston,
Secretary, and Ray Bauder, of Bauder-Baker, Treasurer.
The following directors were elected:
J. M. Easton, the Northern Trust Co.; Charles Frye, Chicago Journal
of Commerce; Chester Price, City National Bank & Trust Co.; Guy W.
Cooke, First National Bank of Chicago, and Rufus Jeffris, Harris Trust &
Savings Bank.
New York State Bankers Association to Hold Annual
Convention at Upper Saranac, N. Y., June 10-12—
Leo T. Crowley, Chairman of FDIC, to Be Speaker.
Leo T. Crowley, Chairman of the Federal Deposit Insurance Corporation, will address the annual convention ocire
News Yorkl, State Bankers Association which will be hela
at:Saranac Inn, Upper Saranac, N. Y., June 10-12, it was
announced on May 22 by George V. McLaughlin, President
of the Association, who is President of the Brooklyn Trust
Co., Brooklyn, N. Y. The convention will bring together
bankers from all over the State for an exchange of ideas and
discussion of current banking matters. It will be initiated
on Sunday,June 10, with a reception to guests and a concert.
Business sessions will occupy Monday and Tuesday. Mr.
Crowley and Mr. McLaughlin will address the opening
session on Monday morning, June 11. A third speaker will
be Hugh Knowlton, member of the investment banking firm
of Kuhn, Loeb & Co. of New York. The second session
will be a smoker Monday evening, June 11, at which addresses will be given by Ronald Ransom, Chairman of the
National Code Committee, and Paul G. Reilly, Counsel to
the Joint Committee on Banking of the New York State
Legislature. Mr. Ransom will report on the latest status
of the bankers' code, and Mr. Reilly is expected to discuss
the studies made of banking problems by the Joint Legislative Committee. The final session on Tuesday morning,
June 12, will be addressed by Floyd L. Carlisle, Chairman
of the board of the Niagara Hudson Power Corp., who will
speak on "The Regulation of Business by Governmental
Agencies." The convention will close with the annual
banquet Tuesday evening.
3552
Financial Chronicle
Officers of the Association are: President, George V. McLaughlin, Brooklyn; Vice-President, W.L. Gillespie, Albany;
Treasurer, Arthur B. Wellar, Ithaca; Executive Manager,
W. Gordon Brown, and Secretary, Clifford F. Post, both
of New York City.
Merchants' Association of New York Opposed to
Bill Requiring RFC to Pay Depositors in Closed
Member Banks of Federal Reserve System--Aiso
Opposed to House Committee's Action in Attaching
Rider to Deposit Insurance Measure to Take Over
Assets of Failed Banks.
The Merchants' Association of New York announced on
May 20 its opposition to the Thomas-McLeod bill pending in
ugress which would require the Reconstructive Finance
Corporation to pay in full the depositors in closed member
banks of the Federal Reserve System. Action in opposition
to the bill was taken by the Association's directors upon the
recommendation of its Committee on Banking and Currency,
of which Percy H. Johnston, President of the Chemical Bank
& Trust Co., is Chairman. The grounds for opposition are
set forth in the following report:
Your Committee on Banking and Currency has considered the bill (Senate
2949), the purpose of which is stated to be "to promote resumption of
industrial activity, increase employment and restore confidence by fulfilment
of the implied guaranty by the United States Government of deposit safety
in National banks." The essential provision of the bill and the McLeod bill
in the House of Representatives, which is the companion bill, is to require
the Reconstruction Finance Corporation to pay off in full the depositors in
closed member banks of the Federal Reserve System.
Your Committee recommends that the Association oppose this measure,
first, on the ground that there was no such guaranty, implied or otherwise,
on the part of the United States Government when the banks in question
failed, and second, that the cost of any such attempt on the part of the
Reconstruction Finance Corporation would not only result in losses to the
Treasury in excess of $1,350,000,000 at least, but also cause a vast amount
of litigation through interference with the established and customary procedure already in process for liquidating the assets of closed banks and distributing the proceeds of the liquidation among the various creditors, includL
ing the depositors.
The bill is not only unsound in principle, but very poorly worked out in
detail, and, far from accomplishing its ostensible purpose, it might well
result in further retardation of business recovery.
It would unquestionably be most unfair to the depositors in closed banks
whose affairs have already been liquidated and the distribution of the assets
completed.
The proposal contained in the rider attached to the Bank
Deposit Guarantee bill by the Committee on Banking and
Currency of the House of Representatives, to use public
funds to take over the assets of all banks which have failed
since Dec. 31 1929, and thus pay off the depositors would
be "a barefaced raid upon the Treasury," according to a
letter on May 23 by Louis K. Comstock, President of the
Merchants' Association, on behalf of the Association to the
leaders of Congress and to all of the members of the New
York delegation. The Association's letter calling for the
"summary and decisive defeat of this rider" read as follows:
The rider attached to the Bank Deposit Guarantee bill by the House
Committee on Banking and Currency is, in the opinion of the Merchants'
Association of New York, a most unjustifiable piece of legislation.
The Federal Government, by making large loans upon liberal appraisals
of the assets of closed banks, has already done more to relieve the hardships
ef taxpayers in such banks than has ever been done before by any American
Government.
With what has been done as an emergency measure the Association
concurs, but with what is now proposed the Association disagrees emphatically as contrary to sound public policy anti the principles of fairness and
Justice.
The use of public funds, as is now proposed, to take over the remaining
and obviously the least marketable assets of all banks which have failed
since Dec. 31 1920, regardless of whether they were even subject to inspection by the Federal Government and upon an appraisal which, by legislative
order, would be Inflated, would he a barefaced raid upon the Treasury,
Nothing, short of outright currency inflation, will do more to undermine
the confidence of business than such a profligate proposal. Nothing could
do more to promote the conviction that Congress is so desirous of currying
favor with special groups that it is willing to jeopardize the National
credit and add huge burdens to the already staggering load of debt which
must ultimately be liquidated by our taxpayers. The proposed rider
would also be grossly unfair to those depositors in banks which failed
after Dec. 31 1929, but whose affairs have been liquidated, often with
considerable loss to depositors since their assets were liquidated at panic
prices.
For these reasons we urge you to do all that lies within your power to
support the President and bring about the summary and decisive defeat
of this rider.
May
26 1934
MARYLAND.
Indicating the reopening on that day of the Parkville
Bank of Parkville (P. 0. Baltimore), Md., the Baltimore
.'Sun" of May 19 said:
The Parkville Bank, which has been operating on a restricted basis
since the banking holiday, has completed its reorganization, and is reopening this morning, according to a statement issued by State Bank Commissioner John J. Ghingher.
In the plan of reorganization, a liquidating corporation was created.
The capital stock of the bank has been reconstructed. All deposits appearing on the bank's books which have been received since the banking holiday,
will be paid in full. The old depositors will have immediately made available to them 55% of their respective balances, the remaining 45% to be
represented by certificates of beneficial interest in the liquidating corporation. The reorganized bank will have capital notes of $15,000, capital stock of $10,000, and surplus of $5,000, and immediately upon Its reopening will become a member of the Federal Depost Insurance Corp.
Dr. A. M. Bacon, of Parkville, is the newly elected President, and
William M. Bremer is the Cashier.
MICHIGAN.
A license to reopen, effective May 28, has been issued by
the Federal Reserve Bank of Chicago, Ill., to the Fruit
Growers State Bank of Saugatuck, Mich., according to
Chicago advices yesterday (May 25) to the "Wall Street
Journal."
MISSISSIPPI.
The Newhebron State Bank, New Hebron, Miss., on
May 14 opened a branch at Monticello, Miss. In indicating
this, Monticello advices on May 15, printed in the New
Orleans "Times-Picayune," said:
With the opening for business here Monday (May 14) of the Monticello
branch of the Newhebron State Bank, Monticello again has banking
facilities for the first time in more than three years. The Newhebron
State Bank, controlled by the Riley interests, with Jeff D. Riley of Newhebron as directing head, is operating a branch office here.
MISSOURI.
That the Farmers' & Merchants' Bank of Eureka (St.
Louis County), Mo., was to open without restrictions on
May 17, following authorization to that effect received from
the office of the State Bank Commissioner of Missouri, was
indicated in the St. Louis "Globe-Democrat" of May 17,
which said:
The bank has been operating for more than a year under restrictions.
J. W. Thee, Cashier of the institution, last night (May 16) said the State
had Insisted upon the bank obtaining insurance to secure the more than
$151,000 in deposits before an unqualified certificate was issued. This
request has been complied with, he said.
According to the last sworn statement, deposits aggregated $151,964
and the resources $182,510. The latter sum includes a trust fund of about
$15,000. Thee said.
NEBRAsicA.
Concerning the affairs of the Union State Bank of Omaha,
Neb. (which, it is understood, has been operating on a
restricted basis since the banking holiday last year), the
Omaha "Bee" of May 18 had the following to say in part:
R. W. Robb, State Bank Examiner, Thursday morning (May 17) took
over the Union State Bank at 19th and Farnam Streets, in what Merle
Foster, Assistant State Banking Superintendent at Lincoln, announced
was first step to close the bank for final liquidation.
Foster was quoted by the Associated Press as saying part of the bank
operating on an unrestricted basis will pay out in full, and that part operating on a restricted basis will be placed in receivership to complete liquidation.
The bank will continue to be operated by the Banking Department
until liquidation is completed, Robb said.
The bank has $166,000 in new accounts, opened since November 1931.
and all money in such accounts will be returned to depositors on demand,
Robb said.
In August 11131, the bunk was cloot,41 . . . anti was roupoilott thruo months
later,
.
F. C. Horacek. President of the bank since 1917, said the bank has
4.500 depositors, and that 78% has been paid out on the old accounts.
A number of old depositors, he said, have opened new accounts. The bank
is capitalized at $200,000.
NEW JERSEY.
That the First National Bank of Carteret, N. J., which
was closed in the banking holiday last year, would reopen
on an unrestricted basis on May 19, was indicated in a dispatch from that place on May 18 to the New York "Times."
Continuing, the dispatch said:
Officials of the Institution said $600,000 in deposits would be available
to about 4,000 depositors.
Edward J. Heil is President of the institution. I. M. Weiss is Vice.
President and Paul T. Wood, Cashier.
NORTH CAROLINA.
Reopening of Closed Banks for Business and Lifting
of Restrictions.
Since the publication in our issue of May 19 (page 3386),
with regard to the banking situation in the various States,
the following further action is recorded:
ILLINOIS.
A Chicago dispatch on May 19 to the "Wall Street
Journal" reported that the State Auditor of Illinois had
authorized the Chapin State Bank, Chapin, Ill., to reopen
on an unrestricted basis.
Advices from Winston-Salem, N. C., on May 15, published in the Raleigh "News & Observer," indicated that
the First National Bank of Winston-Salem, representing a
reorganization of the Farmers' National Bank & Trust Co.,
would open its doors for business on that day. We quote
in part from the dispatch as follows:
The new bank is a member of the Federal Reserve System and will
carry the Federal Depositors' Insurance as required by all National banks.
Charles M. Norf!eat is l'resident of the institution. Guy R. Dudley,
Vice-President; F. Gilmer Wolfe, Cashier; F. Frank Hanes, Chairman of
the board of directors, which includes 'I'. W. Blackwell, Henry S. stokes,
George C. Tudor, R. 0. Vaughn, Mr. Norfleet, Mr. Dudley and_Afr.
Wilfe; and T. S. Womble is Assistant Cashier.
Financial Chronicle
Volume 138
OHIO.
In regard to the affairs of the National Bank of Commerce
of Lorain, Ohio, Associated Press advices from Washington,
D. C., on May 18 contained the following:
Treasury officials to-day were working on legal details of a reorganization plan for the National Bank of Commerce of Lorain, Ohio.
Representative Harter, Democrat, Ohio, after talking with the Treasury, said there would be no announcement for a few days until all phases
of the plan have been reviewed.
Harry Nichol!, Conservator of the bank until last week, when it was
placed in receivership, has said the plan, submitted by himself and the
Board of Directors, would mean an initial dividend to depositors of at
least 50% or around $1,250,000.
3553
legal
The loans were approved contingent on the assets meeting the
and financial requirements of the RFC. Dr. Gordon emphasized.
WISCONSIN.
Three more State banks in Wisconsin were authorized by
the Banking Commission on May 15 to resume their deferred deposits, according to Associated Press advices from
Madison, Wis., on that date, which went on to say:
are:
The banks and the amount of deferred deposits held by each
of ReeseBank of Oconomowoc. Oconomowoc, $116,595; State Bank
Cumberland.
Cumberland.
of
vile, Reeseville, 8219,359; and State Bank
$140,835.
Licensed to Resume Operations in
The Munn Banking Co. of Portage, Ohio, was taken over Additional Banks
Second (New York) District.
by the State Banking Department for liquidation on May
The following announcement, showing additional banking
16, according to a Portage dispatch on May 17, appearing - institutions in the Second (New York) District which have
in the Toledo "Blade," which added:
been licensed to resume full banking operations, and supI. I. Freyman was conservator of the bank which was capitalized for
plementing the statement of May 9 (given in our issue of
$25.000.
Federal
The Sherwood Savings Bank of.Sherwood, Defiance May 12, page 3219), was issued on May 23 by the
York:
New
of
Bank
Reserve
County, Ohio, was closed for liquidation on May 18 by
FEDERAL RESERVE BANK OF NEW YORK.
Ira J. Fulton, State Superintendent of Banks for Ohio,
[Circular No. 1386, May 23 19341
in
appearing
Ohio,
from
Columbus,
advices
to
according
MEMBER BANKS—NEW JERSEY.
the Cincinnati "Enquirer."
Carteret. (Newly chartered to sucOREGON.
•
An additional release of 20% of all restricted deposits in
the savings department of the Bank of Beaverton, Beaverton,
Ore., and release of an additional 5% of all restricted deposits
in the Eastern Oregon Banking Co. at Shaniko, Ore., were
authorized in an order issued in Salem, Ore., on May 15
by A. A. Schramm, State Superintendent of Banks for
Oregon, according to Salem advices on that day to the
Portland "Oregonian." We also quote the advices as follows:
The release affecting the Bank of Beaverton will be made whenever
cash is available for that purpose. This will be determined by an examiner
from the State Banking Department. The release involving the Eastern
Oregon Banking Co. was effective to-day (May 15). The unrestricted
balance in this bank now totals 20%.
Extensions affecting banks operating on a restricted basis, were authorized
as follows:
Bank of Beaverton, to May 21, inclusive; Bank of Sellwood, Portland,
and Coolidge & McClaine bank, Silverton, to June 1, inclusive.
PENNSYLVANIA.
The American Banking & Trust Co. of Mahanoy City,
Pa., has reopened, after reorganization, under the title of
the American Bank, according to advices by the Associated
Press from Harrisburg, Pa., on May 22. The advices went
on to say:
William D. Gordon, Secretary of Banking, who announcepi the reopening
said the institution has $100,000 capital, $50,000 surplus. $7,400 undivided
profits and reserves, and $396,038 deposits.
The Sixth National Bank of Philadelphia, Pa., and the
Southwestern National Bank of that city, will be reorganized
as a merged institution to be known as the South Philadelphia National Bank, it was announced on May 21.
Both banks have been operating on a restricted basis since
the banking holiday in March 1933. Philadelphia adyices,
May 21, to the New York "Herald Tribune," authority for
the above, furthermore said:
The new bank will open about June 1 with a capital of $600,000. Half
of this amount has been subscribed by the Reconstruction Finance Corporation and half by the stockholders of the two banks.
The Comptroller of Currency at Washington has approved of the plans,
it was announced. The approval, it was said, followed an appeal made
conference
by John B. Kelly. Philadelphia Democratic leader. at
Washington on Friday (May is).
Depositors of the Sixth National Hank will be able to withdraw 20%
of their approximately S3.500.000 deposits, according to the reorganization
plans. Depositors of the Southwestern National Bank will be allowed to
withdraw 35% of their deposits totaling 51,000.000.
Norman U. !vett, President of the Sixth National, will be President of
the new bank. Eugene Walter, President of the Southwestern National,
will ho Viee-Prmident.
The reorganization of the two institutions is being effected under the
so-called "Spokane plan," under which the new bank will purchase a
portion of their assets.
Associated Press advices from Johnstown, Pa., on May
19 stated that Charles M.Schwab, Chairman of the Bethlehem Steel Corp. and a native of Cambria County, Pa.,
has offered financial aid in a plan to reopen the First National Bank of Patton, Pa., which has been closed since
March 1933. The dispatch added:
Schwab, who has aided a number of banks in this vicinity to reopen
offers to underwrite any stock Patton residents fail to subscribe for, in
a drive to got pledges of $100,000 in capital. Half of the total capitalization is to be contributed by the RFC.
Dr. William D. Gordon, State Secretary of Banking for
Pennsylvania, announced on May 18 that the RFC had
approved loans to two closed banks in the Philadelphia, Pa.,
area, namely the Drexel Hill Title & Trust Co. and the
Lansdowne Bank & Trust Co. The Philadelphia "Inquirer," in reporting the above, also said:
The Lansdowne institution, whose depositors already have received 15%
dividends, will get a loan of $285.000, equivalent to another 13%. The
Drexel Hill bank, which has paid 224i %, will get $105.400, amounting
to 21% more.
Carteret—First National Bank in
ceed the First National Bank of Carteret.)
to
Secaucus—Peoples National Bank of Secaucus. (Newly chartered
succeed the First National Bank of Secaucus.)
GEORGE L. HARRISON, Governor.
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
The proposed Transfer of two New York Stock Exchange
memberships are as follows: Leo J. Filer to Jefferson H.
Marcus, at 8105,000, on May 22, and Chauncey B. Spears to
J. Carson Moore, at 96,000, on May 24. The previous transaction was at 8100,000, on May 11.
—•
The Bank of New York dr Trust-Co., New York City,
announced this week the appointment of Charles M. Bliss
as an Assistant Secretary and Edward C. Bench as an
Assistant Treasurer.
The Irving Trust Co. of New York announcer the resignation of James Heckscher, Vice-President in charge of its
foreign business since 1918. Mr. Heckscher intends taking
a vacation in Europe and upon his return will announce his
future plans.
On May 23 the Fifth Avenue Bank, New York City,elected
George Blumenthal a director. Mr. Blumenthal is also a
director of the Commercial National Bank & Trust Co.,
the Continental Insurance Co., the Niagara Fire Insurance
Co. and the Delaware, Lackawanna & Western Coal Co.
The Central Hanover Bank & Trust Co., New York City,
filed an application on May 18 with the New York State
Banking Department for permission to open a branch office
at 608 Fifth Avenue. The opening of the branch would be
conditioned on the discontinuance of the branch office heretofore maintained at 224 West 47th Street.
The New York State Banking Department on May 16
approved the proposal of the Pennsylvania *Exchange Dank.
New York City, to reduce its capital stock from s526,oeo
to $330,000; to lower the par value of shares from $25 to $10,
and to reduce the number of shares of stock from 33,040
to 33,000.
The Bowery Savings Bank, New York City, will celebrate
its 100th anniversary on June 2. In the course of the
century, it is stated, 2,000,000 persons have saved at the
Bowery. To-day, 400,000 persons ,have more than half a
billion dollars savings on deposit at the bank. People from
all parts of the world, it is noted, send their deposits to the
institution by mail. Incident to its anniversary the bank
has prepared a book entitled "The Miracle of Mutual
Savings." On June 2, on its 100th anniversary, the bank
will unfurl centennial flags at each of its three offices.
Frederick W. Bruchhauser, Vice-President of Manufacturers Trust Co. in charge of its Brooklyn and Queens
offices, has been elected a director of the Brooklyn Chamber
of Commerce.
Albert Lawrence Smith, senior partner of the banking
firm of Edward B. Smith & Co., members of the New York
Stock Exchange, died May 20 at the Columbia Presbyterian
Medical Centre, New York City. Mr. Smith, who was
44 years old, became a partner i._ 1914 of the banking firm
which was formed in 1892 by his father, the late Edward B.
Smith. The younger[ Mr. Smith attended Harvard Uni-
3554
Financial Chronicle
versity and after receiving preliminary training in banking
with the Franklin Bank of Philadelphia, he joined his
father's banking house. At the time of his death Mr.
Smith was a director of several corporations, including the
Buffalo & Susquehanna, RR. Corp., Buffalo & Susquehanna,
Coal & Coke Co., Industrial Acceptance Corp., McKesson &
Robbins, Tobacco & Allied, Inc., and Roosevelt Field, Inc.
on May 23 by Joseph A. BrodAnnouncement was made
erick, Superintendent of Banks of New York State, that an
additional 10% dividend has been declared payable to
depositors and creditors of the Bank of Europe Trust Co.,
New York City. The announcement follows:
An additional dividend of 10% has been declared to the depositors
and creditors of the Bank of Europe Trust Co. Dividends of 60% have
already been paid and with the payment of this dividend, depositors and
creditors will have received a re-payment of 70% of their funds.
This dividend has been made possible at this time through the assistance
of a loan made on the remaining assets of this institution by the RFC.
Fred H. Buss, President of the First National Bank of
Merrick, L. I., died of a heart attack in his office at the
bank on May 23. Mr. Buss, whose home was in Baldwin,
L. I., had been President of the institution since January
last. Prior to that time he was Cashier for several years
and for nearly 19 years had been with the Central Hanover
Bank & Trust Co. of New York. He was 45 years of age.
Effective May 12, the Cone- wango Valley National Bank,
Conewango Valley, N. Y., went into voluntary liquidation.
The institution, which had a capital of $25,000, is succeeded
by the Cherry Creek National Bank, Cherry Creek, N. Y.
On May 18 the First Nati-onal Bank in Revere, Revere
(Boston), Mass., was Chartered by the Comptroller of the
Currency. It succeeds the First National Bank of Revere
and has a capital of $100,000, made up of $50,000 preferred
stock and $50,000 common stock. William T. Halliday heads
the new bank and Fred H. Hansen is Cashier.
The Comptroller of the Cur- rency at Washington, D. C.,
has approved the organization of a new bank in Belmont,
Mass., to be know as the First National Bank of Belmont,
according to the Boston "Herald" of May 18. Amos L.
Taylor, former Chairman of the Republican State Committee, one of the signers of the application, was reported
as saying that tentative plans had been made with the
Bank Commissioner to take over the equipment of the
Waverly office of the Belmont Trust Co. which closed a
year ago last March. The "Herald" continued:
The capital stock of the new bank is $100.000, with a surplus of $20,000.
Among the applicants for the new bank besides Mr. Taylor are: Wilbert
A. Ross, member of the Belmont Board of Selectmen: Prof. George B.
Waterhouse, Edwin E. Farnham, Owen D. McLellan, Archibald F. Young,
Norman B. Nesbett and Ivan M. Moulton.
The Comptroller of the Currency granted a charter, on
May 17,to the People's National Bank of Secaucus, Secaucus,
N. J. It replaces the First National Bank of Secaucus, and
is capitalized at $100,000. Sebastian Meisch and Thomas
Seyler are President and Cashier, respectively, of the new
bank.
The National Bank of Ocean City, Ocean City, N. J., was
chartered by the Comptroller of the Currency on May 12. It
succeeds the Ocean City National Bank, and has a capital of
$50,000. Alfred W. Powell is President and George S. Groff,
Cashier, of the new institution.
The First National Bank & Trust Co. of Greensburg, Pa.,
capitalized at $480,000, was placed in voluntary liquidation
on May 9. It is succeeded by the First National Bank in
Greensburg.
The National Bank of Ford City, Ford City, Pa., with capital of $100,000, was chartered by the Comptroller of the Currency on May 18. It replaces the First National Bank & Trust
Co. of Ford City. H. A. Reynolds is President and Ralph W.
Utley, Cashier, of the new institution.
Authority to borrow $420,000 from the Reconstruction Finance Corporation in order to pay a dividend to depositors in
the closed Pittsburgh-American Bank & Trust Co. of Pittsburgh, Pa., was granted to Dr. William D. Gordon, State Secretary of Banking for Pennsylvania, on May 18 by Judge
Thomas M. Marshall, according to the Pittsburgh "Post-Gazette" of May 19, in which it was also noted:
Dr. Gordon's petition, presented by Deputy Attorney-General David Glick,
said the loan would make possible an immediate payment of 23% to depositors, bringing the total so far to 43%.
May 26 1934
The RFO has already approved an application for $373,289 of the loan,
Mr. Glick stated. "Frozen" assets of the closed bank will be pledged as
security for the loan.
An application for the payment of a 25% dividend, on
June 5 next, to the 2,000 depositors of the defunct American
Bank of Toledo, Ohio, was filed in the Court of Common Pleas
on May 15, by Newman R. Thurston, the agent in charge of
the liquidation of the institution. Hearings on the application are set for May 25. The above information is obtained
from the Toledo "Blade" of May 15, from which we also
quote:
The dividend, involving the distribution of about $176,000, will be the
bank's fourth since its closing in 1931. Two 10% dividends and one 6%
dividend. have been paid previously, the last dividend being Dec. 6 1933.
Mr. Thurston reported to-day that payment of this latest and largest dividend had been expedited by the co-operation of the members and officers of
the American Flint Glass Workers' Union in paying double liability assessments upon their stock hordings. The union group held about 80% of the
stock. Operations in BOLO bond transactions also have assisted the liquidators, Mr. Thurston said.
The Union has agreed to waive temporarily 10% or the coming dividend
on its deposit of $235,000. The waiver made possible the expansion of the
dividend rate from a lower figure than had been contemplated originally.
When the dividend is paid, the American will have met 50% of its deposit
liabilities, and its dividend performance will be second only to the Commerce-Guardian Trust & Savings Bank, which has met 55% of its deposit
obligations.
The following, in regard to the closed Shelbyville Trust Co.
of Shelbyville, Ind., was contained in advices from that place
on May 16 to the Indianapolis "News":
Payment of another dividend by Joseph H. Baseman, special representative of the Indiana Department of Financial Institutions, in the liquidation
of the Shelbyville Trust Co., has been ordered by the Shelby Circuit Court
following the filing of a petition by Mr. Haseman.
Depositors will receive cheeks for 15% of deposits at the trust company's
office, Saturday (May 19). Including this dividend, 65% has been paid to
depositors.
According to Chicago advices yesterday, May 25, to the
"Wall Street Journal," Joseph E. Otis has resigned as
President of Central Republic Trust Co., now engaged in
liquidation of its assets in an effort to pay off RFC loan
balance which on March 5 last, amounted to about $61,000,000.
The Drovers National Bank and the Drovers Trust &
Savings Bank of Chicago, Ill., opened for business on
Monday of this week, May 21, in the bank building at the
northeast corner of Ashland Ave. and 47th St., where
emporary quarters have been established.
The Harris Trust & Savings Bank of Chicago, Ill., on
May 18 announced a plan for the winding up of the affairs
of its investment affiliate, the N. W. Harris Co. The plan
provides for the distribution of $25 a share in cash to the
bank's shareholders about July 1. At the same time,
Albert W. Harris, Chairman of the Board of the trust
company, announced that the present dividend rate on the
bank's stock of $12 annually will probably be reduced to
$6 yearly so that the policy of turning back part of the
earnings into the business may be continued. The foregoing information is obtained from the Chicago "Tribune"
of May 19, which continued:
The stock of the investment company is trusteed for the benefit of the
bank's stockholders and under the terms of the Banking Act of 1933 the
affiliate must be segregated from the bank.
The $25 a share distribution will be made from $1,500,000 cash which
the company has on hand. In addition, the company holds securities
with an estimated value between $200.000 and $400.000 which will probably
be distributed at a later date.
The proposed action announced yesterday (May 18) marks the second
distribution of the affiliates assets. In January 8900.000 was transferred
to the bank's surplus account and $600,000, or $10 a share, was paid
to the bank's stockholders.
The proposed distribution is subject to the approval of the bank's stockholders and is contingent upon there being no change in the Banking Act
before June 16, the date on which the clause requiring the change goes
into effect. The bank's management does not believe that such a change
is likely. The distribution will be made to shareholders of record June 16.
Proxies authorizing the trustees of the company to carry out the plans
were sent to holders of the bank's stock. This includes authority to
change the bank's stock certificates which now carry the legend of the
stock's beneficial interest in the company.
In explaining the proposed cut in the regular dividend
rate, Mr. Harris was quoted in the paper as saying:
For many years it was our custom to pay out in dividends only about
half of our earnings, the other half of which was used to increase the capital,
surplus and reserves of the bank.
Of our present capital, surplus and undivided profits totaling over
$14.300.000, our stockholders have paid in 83,900.000, and the remaining
$10.400,000 has been accumulated from earnings loft in the business
While we now have ample capital, surplus and reserves, the officers
feel that this is a good time to go back to our former practice of paying
out only on half of our earnings. It is too early to determine what our
earnings will be for this year, but after making all tho necessary charges
our earnings for the last two years have not been much more than the
current 12% dividend, so that we shall probably pay at the rate of 134%
a quarter for the time being.
Volume 138
Financial Chronicle
Mr. Harris added (we quote again from the "Tribune")
that the guaranty of deposits and Government strengthening
of the banks has restored confidence in the banking system.
"As a result," he said, "large amounts of money have returned to the
banks by way of deposits which have placed the banks in a position to
take care of the anticipated increase in business and have provided a basis
for more satisfactory earnings." •
At the regular monthly meeting of the directors of the
Security-First National Bank of Los Angeles, Los Angeles,
Calif., on May 15, H. F. Iverson was promoted from the
post of an Assistant Vice-President to a Vice-Presidency.
At the same time the board confirmed the appointments of
T. A. Yung and T. E. Brass as Assistant Managers, respectively, of the Oxnard and Santa Maria branches of the
bank. The Los Angeles "Times" of May 16, from which
the foregoing is learned, had the following to say regarding
Mr. Iverson's career:
The new Vice-President is located at the head office In the banks and
bankers' department, which handles relations with correspondent banks.
He entered the Security-First National in 1927 as a credit investigator
and was made an officer in 1931. Prior to coming to Loa Angeles he
was affiliated for nine years with the Deseret National Bank of Salt Lake
and the Portland and Salt Lake branches of the Federal Reserve Bank
of San Francisco.
Directors of the Halsted Exchange National Bank of
Chicago, Ill., have announced the appointment of K. E.
Wehrly as a Vice-President of the institution, according to
the Chicago "News" of May 15, which also said:
Mr. Wehrly has been heading the business co-operation division of the bank,
the purpose of which is to aid business in securing financial assistance through
various channels when the ordinary banking credit is not permissible.
The Comptroller of the Currency on May 12 granted a charter to the First National Bank in Howell, Howell, Mich. The
new institution succeeds the First National Bank of Howell,
and is capitalized at $50,000, consisting of $25,000 preferred
stock and $25,000 common stock. W. B. Reader heads the
new bank and Joseph R. D'Anjou is Cashier.
Indicating that a second 5% dividend would be distributed
to creditors of the closed St. Francis State Bank of Milwaukee, Wis., on May 22, the Wilwaukee "Sentinel" of May 12
said:
Circuit Judge John J. Gregory signed an order yesterday authorizing the
State Bank Department to pay the dividend, which amounts to approximately
$15,000.
On May 11 the First National Bank in What Cheer, What
Cheer, Iowa, was chartered by the Comptroller of the Currency. The new bank, which succeeds the First National
Bank of the same place, is capitalized at $50,000, consisting
of $25,000 preferred and $25,000 common stock. John T.
Baylor and Harry W. Enger are President and Cashier, respectively, of the new bank.
The Southern National Bank of Wynnewood, Okla., capitalized at $50,000, was placed in voluntary liquidation on
Jan. 8 1934. The institution was absorbed by the First National Bank of the same place.
The First National Bank of Winston-Salem, WinstonSalem, N. C., was chartered by the Comptroller of the Currency, on May 14, with capital of $200,000, half of which is
preferred stock and half common stock. The new bank replaces the Farmers' National Bank & Trust Co. of the same
place. C. M. Norfleet is President and F. G. Wolfe, Cashier,
of the new institution.
That depositors in the defunct Farmers'& Merchants' Bank
of Kinston, N. C., were receiving a 5% dividend was reported
In a dispatch from that place on May 11, appearing in the
Raleigh "News and Observer," which added:
The payment is the second, 5% having been paid some months ago. The
bank was one of three here closed in April 1931. A run on it following
closing of the other two caused its collapse.
A 15% dividend was to be paid on May 15 to the depositors
of the closed People's Savings Bank of Thomasville, Ga., by
order of R. E. Gormley, State Superintendent of Banks of
Georgia, through W. C. Patterson, the local liquidating agent,
according to a dispatch from Thomasville on that date, appearing in the Florida "Times-Union," which continued:
The dividend amounts to $25,701, and follows one for 10% in the sum of
$17,136 paid March 24 this year.
The total paid to date is $148,137, inclusive of secured deposits. Payments
to unsecured depositors amount to $102,987, and there is yet due the depositors about $76,000. At the time the bank closed, Jan. 28 1983, deposits
were $229,800 with setoffs, the net amount of unsecured deposits being
$175,080. Dividend payments to date total 60%, with the one now payable.
A majority of the loans of this bank having been in city and farm proper-
3555
by
Mona, liquidation is being facilitated in great measure by funds secured
individual borrowers from the Federal Land and Home Loan agencies.
With reference to the affair- s of the defunct City National
Bank of Miami, Fla., which closed Dec. 22 1930, Associated
Press advices from Miami on May 15 had the following to
say:
More than $200,000 has been paid within the past week to depositors of the
2%,
/
suspended City National Bank here as a third dividend amounting to 71
C. L Bancroft, receiver, said to-day (May 15).
Funds for the dividend include $135,000 borrowed from the Reconstruction
Finance Corporation, with bank property as security, the remainder of
$350,000 to be distributed coming from collections by the receiver.
The bank closed several years ago.
On May 18 the Farmers National Bank of Newcastle, Newcastle, Tex., was chartered by the Comptroller of the Currency. It succeeds the First State Bank of that place, and
Is capitalized at $50,000, consisting of $25,000 preferred and
$25,000 common stock. J. J. Perkins is President and E. Joe
Vanvetterman, Cashier, of the new bank.
A charter was issued on May 16 by the Comptroller of the
Currency to the Haskell National Bank, Haskell, Tex.- The
institution replaces the Haskell National Bank of that place,
and is capitalized at $50,000, half of which is preferred and
half common stock. Mrs. M. S. Pierson is President and
A. C. Pierson, Cashier, of the new organization.
Effective May 8, the First National Bank of Tucumcari,
N. M., went into voluntary liquidation. The institution,
which was capitalized at $100,000, is succeeded by the FirstAmerican National Bank in Tucumcari, Tucumcari.
On May 12 the Comptroller o- f the Currency issued a charter
to the First National Bank in Fort Collins, Fort Collins, Colo.
The new organization replaces the First National Bank of
Fort Collins, and is capitalized at $100,000, half of which is
preferred and half common stock. N. C. Warren and L. B.
McBride are President and Cashier, respectively, of the new
bank.
A charter was issued on May 15 by the Comptroller of the
Currency to the Trinidad National Bank, Trinidad, Colo.
The new bank succeeds the Trinidad National Bank, and has
a capital of $100,000, consisting of $50,000 preferred and
$50,000 common stock. George Hausman is President and
F. B. Stone, Cashier, of the new institution.
Merger of the Security Savings & Trust Co. of Portland,
Ore., with the First National Bank of Portland, of that
city, of which it was an affiliate, was completed on May 17
at a meeting of the shareholders of both institutions. The
consolidation, some time ago approved by the Comptroller
of the Currency and A. A. Schramm, State Superintendent
of Banks for Oregon, was to become effective May 19. In
reporting the matter, the Portland "Oregonian" of May 18,
authority for the foregoing, went on to say:
Under the merger the capital structure of First National Bank will be
strengthened and will total $4,750,000. Its capital will remain at $2,500.000; its surplus will total $2.000,000 and its undivided profits $250,000.
The action taken yesterday(May 17) was made mandatory by provisions
of the Securities Act of 1933, which provides that, after June 16 1934, no
certificate of stock of any national banking association shall represent the
stock of any other corporation, and that the ownership, sale or transfer of
any certificate representing the stock of a national banking association shall
not be conditioned in any manner whatsoever upon the ownershp, sale or
transfer of a certificate representing the stock of any other corporation.
Under the arrangements agreed to by the shareholders yesterday, assets
of the trust company will be added to and become a part of the surplus of
the bank. The assets are not changed in any way, the entire transaction
being merely the combining of two departments and reduction in cost of
their operation.
We learn from the Portland
- "Oregonian" of May 12 that
the Spokane Savings Bank, Spokane, Wash., which failed
June 16 1932, filed a mortgage on May 11 in the Federal
Court for $6,500,000 in favor of the Reconstruction Finance
Corporation. The bank is borrowing a large sum from the
Government agency with which to pay its depositors a dividend, it was said.
Norman G. Hart, Manager of the Paris, France, branch of
the Royal Bank of Canada (head office Montreal) has been
appointed Manager of the Toronto main office of the institution and will assume his new duties on Aug. 1, according to
the Toronto "Globe" of May 19, which went on to say:
Previous to his appointment in the French capital, in 1928, Mr. Hart was
Manager of the bank's office in Barcelona. Spain, for seven years. He has
had an international banking experience extending over many years, having
been stationed also in London, England, and New York. Mr. Hart commenced
his banking career with the Royal Bank of Canada in 1905. He was on the
inspection staff in Toronto in 1918.
3556
Financial Chronicle
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
For the review of the New York stock market,see editorial
pages.
May 26 1934
sale. Public utilities showed moderate gains on a comparatively small turnover, the best advances being registered
by Electric Bond & Share, American Gas & Electric and a
few others. Declines were recorded by American Superpower and Cities Service. Mining and metal issues were
steady at slightly higher levels, Wright Hargreaves and
THE CURB EXCHANGE.
Desultory trading and irregular downward price MOV3- Pioneer Gold showing small gains, while Newmont Mining
improved nearly a point. Greyhound Bus and Technicolor
ments were the outstanding characteristics of the dealings
were moderately active.
on the Curb Exchange during most of the present week.
Curb prices were easier on Friday as the volume of trading
Changes were generally within a narrow range, and while continued to dwindle. There were occasional advances
there was some activity among the specialties that carried a apparent, but most of these were unimportant and made
number of the more popular of the speculative favorites.to little change in the trend of th market. International
Petroleum showed fractional gains and Sherwin-Williams
slightly higher levels, the transactions were small and not closed with a gain of
23/8 points on the day. Oil shares were
especially noteworthy.
unchanged and mining and metal stocks were neglected.
On Saturday most of the changes were toward lower The latter was true also of the alcohol issues. Specialties
levels, though the losses were generally restricted to minor were irregular and so were the public utilities. As comfractions. Small losses were recorded by such market pared with Friday of last week, many of the leading issues
were lower, Aluminum Co. of America closing on Friday at
leaders as American Cyanamid "B", American Superpower, 63 against 68 on Friday of last
week; American Gas &
Electric Bond & Share, Niagara Hudson and Cities Service. Electric at 23, against 243/
2; American Superpower at 2%,
Mining shares moved quietly along without noteworthy against 23%; Associated Gas & Electric A at %, against %;
change and oil stocks were fairly steady with a moderate Atlas Corp. at 10%, against 103/8; Cities Service at
4; Cord Corp.(K25c.) at 5, against 53; Electric
undertone. Public utilities, as a group, were slightly easier. against 23
Bond & Share at 14%,against 14%; Gulf Oil of Pennsylvania
Small and irregular price changes marked the dealings at 59, against 61; Hudson Bay
Mining & Smelting at 123/
8,
on Monday. Trading was limited to a comparatively small against 13%; Niagara Hudson Power at 532, against 53%;
exceptions
were
occasional
there
list of stocks, and while
Pennroad Corp. at 23
4, against 23/8; Swift & Co. (%) at
to the general trend, the movements were without special 15%, against 15%; United Gas Corp. at 23
4, against 2%.
%, against 3.
•
significance. Mining and metal shares were quiet, and and United Light & Power A at 23
A
record of Curb Exchange transactions for the
Pioneer Gold and Newmont Mining were fairly steady but weekcomplete
will be found on page 3586.
made little progress. Alcohol issues sold off on the day,
DAILY
TRANSACTIONS AT THE NEW YORK CURB EXCHANGE.
Hiram
Walker.
Oil
stocks
and
Seagram
especially Distillers
were almost at a standstill with Standard Oil of Indiana
Stocks
Bonds (Par Value).
Week Ended
(Number
and Gulf Oil of Pennsylvania showing the best movements.
May 25 1934.
of
Foreign
Foreign
American Gas & Electric and Electric Bond & Share were
Shares).
Total.
Domestic. Government. Corporate.
higher by small fractions, but there was little change in Saturday
66,180 $1,509,000
$22,000 $1,552,000
$21,000
Monday
118,920 2.232,000
26,000 2,346,000
88,000
other parts of the list. Swift & Co. and Consolidated Gas Tuesday
144.665 2,866,000
106,000
90.000 3,062,000
151,580 2,806,000
of Baltimore showed only small variations and most of the Wednesday
62,000
34,000 2,902,000
Thursday
115,105 2,618,000
66,000
39,000 2,723,000
mining stocks and oil shares were dull and without apparent Friday
101.585 2,648,000
89.000
45,000 2,782,000
trend.
Total
698,035 314,679.000
$432,000
$256,000 315,367,000
Public utility issues showed a slight pickup on Tuesday,
Sales at
Week Ended May 25.
Jan
1 to May 25
irregular
and
list
were
general
the trading
but prices in the
New York Curb
Eschange.
1934.
1933.
1934.
1933.
dull, though the volume was slightly heavier than on the
698,035
2.512.556
previous day. Some of the industrials improved for a brief Stocks-No. of shares_
24,474,031
34,415,350
Bonds.
period, but the gains were not maintained as the day pro- Domestic
$14,679,000 $21,420,000
8356,444,000
$489,990,000
Foreign government
432.000
779,000
17.789,000
14,492,000
gressed. Metal stocks were soft and without noteworthy Foreign
corporate
•
256,000
685,000
18,428.000
14,829,000
change despite the fact that President Roosevelt was exTotal
315,367,000 322.884,000
5522,608.000
3389,364,000
pected to transmit recommendations concerning silver to
during
the
day.
time
The
one
exception
Congress some
COURSE OF BANK CLEARINGS.
was Bunker Hill-Sullivan which showed a slight gain during
Bank clearings this week continue to show an increase as
the early trading. Public utilities were weak, Northern
States Power A slipping back a point, followed by Electric compared with a year ago. Preliminary figures compiled
Bond & Share, American Gas & Electric, Cities Service and by us, based upon telegraphic advices from the chief cities
American Superpower, all of which were down on the day. of the country, indicate that for the week ended to-day
Greyhound Bus extended its gain a point and Pittsburgh (Saturday, May 26) bank exchanges for all cities of the
Plate Glass was fractionally higher. Alcohol stocks were United States from which it is possible to obtain weekly
quiet and oil issues like Standard Oil of Indiana and Inter- returns will be 2.9% above those for the corresponding
national Petroleum were practically unchanged. Techni- week last year. Our preliminary total stands at $4,304,color was slightly firmer, but such active speculative favorites 106,955, against $4,183,475,985 for the same week in 1933.
as American Cyanamid "B," Fisk Rubber and a few of the At this center there is a loss for the five days ended Friday
of 4.8%. Our comparative summary for the week follows:
miscellaneous specialties lost ground.
There was little speculative enthusiasm apparent on the
Clearings-Returns by Telegraph.
Per
Week Ended May 26.
1934.
1933.
Cent.
Curb Exchange on Wednesday. Prices continued to drop,
32,164,543.968 32,274,094,107
and while some of the specialties showed moderate improve- New York
-4.8
Chicago
169,357,557
151,235,945 +12.0
ment, the general list yielded from fractions to more than Philadelphia
221.000,000
208,000,000
+6.3
baton
143,000.000
+0.7
142,000,000
a point all along the line, despite the fact that the dealings Kansas City
55,083,927
42,556.019 +29.4
St. Louis
56,300,000
were usually small. Oil issues, alcohol stocks, and mis- San
45,200,000 +24.6
Francisco
76,305,000
65,391,000 +16.7
cellaneous itidustrials declined moderately, especially shares Pittsburgh
79,145,676
51,784,663 +52.8
Detroit
60,686.275
like American Cyanamid "B," Pennroad Corp., Pittsburgh Cleveland
5,761,096 +953.4
46,627,025
32,980.919 +41.4
Plate Glass and Swift & Co. Metal stocks, the majority Baltimore
40,362,651
26,110,477 +54.6
20,268,000
of which turned easy at the end of Tuesday's session follow- New Orleans
+69.5
11,956,261
ing the publication of the Predidential message to Congress
Twelve cities, five days
33,132,680,079 83,057,070,487
+2.5
dealing with silver, were somewhat lower, Wright Hargreaves Other cities, flve days
437,409,050
389,084,845 +12.4
and Pioneer Gold showing modest losses, though a fractional
Total all cities, five days
$3,570,089,129 33,446,155.332
+8.6
gain was apparent during the early trading in Lake Shore All cities,one day
734,017,826
-0.4
737,320,653
Mines. Among the miscellaneous industrial issues, AlumiTotal all cities for week
34.304,106,955 $4,183,475.985
+2.9
num Co. of America, Mead Johnson and Sherwin Williams
Complete and exact details for the week covered by the
declined a point or more. Public utilities again extended
their losses, though some resistance to pressure was in evi- foregoing will appear in our issue of next week. We cannot
dence before the close. As the session ended American Gas furnish them to-day, inasmuch as the week ends to-day
& Electric was down % point and Cities Service and Niagara (Saturday) and the Saturday figures will
not be available
Hudson were slightly lower. Greyhound Bus, on the other
hand, held fairly steady throughout the day and Pan Ameri- until noon to-day. Accordingly, in the above the last day
of the week has to be in all cases estimated.
can Airways showed a modest gain.
Trading continued dull and little interest was apparent
In the elaborate detailed statement, however, which we
throughout the session on Thursday, though there was a present further below, we are able to give final and complete
slightly improved demand for the oil shares and the utilities results for the week previous-the week ended May 19. For
were mildly active. Among the miscellaneous specialties, that week there is an increase
of 13.4%, the aggregate of
a few small gains were recorded, the active stocks including
American Cyanamid B,Swift & Co., Cord Corp. and Parker clearings for the whole country being $5,041,992,150, against
Rust Proof, the latter jumping about 3 points on a single $4,447,376,653 in the same week in 1933.
Outside of this city there is an increase of 29.9%, the bank
clearings at this centre having recorded a gain of 4.9%. 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 an increase of 5%, in the Boston Reserve District of
18.7% and in the Philadelphia Reserve District of 23.4%.
The Cleveland Reserve District enjoys a gain of 38.9%, in
the Richmond Reserve District of 44.7% and in the Atlanta
Reserve District of 44.6%. In the Chicago Reserve District
the totals show an expansion of 51.7%, in the St. Louis
Reserve District of 28.3% and in the Minneapolis Reserve
District of 14%. The Kansas City Reserve District has
enlarged its total by 34.7%, the Dallas Reserve District by
29% and the San Francisco Reserve District by 16.4%.
In the following we furnish a summary of Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
1Veek Ended May19 1934.
Inc.or
Dec.
1933.
1934,
1932.
1931.
$
$
%
412,684,505
229,672,412
+18.7
+5.0 2,946,200.041 6050,484,899
449,886,977
259,859,624
+23.4
310,220,275
195,621,583
+38.9
137,818,605
102,376,339
+44.7
121,331,745
87,019,000
+44.6
720,270,249
352,159,205
+51.7
129,037,669
90,976,015
+269
87,987,015
66,939.323
+14.0
139,061,521
100,172,749
+34,7
53,297,377
37,070,686
+29.0
269,472,538
176,328,622
+16.4
Federal Reserve fists.
1st Boston_ _._12 cities
2nd New York _ _12 3rd Philadelpla 9 "
4th Cleveland__ 5 "
5th Richmond _ 6 '•
6th Atlanta_ _._10 '•
7th Chicago _ _ _19 "
8th St. Louts_ __ 4 "
9th IXIInneapolls 7 "
10th Kansas City10 "
11th Dallas
5 "
12th San Fran_ _13 "
$
244,284,283
3,168,8 t6.402
313,783,740
211,098,647
104,342,338
107,052,816
361,057,128
113,453,703
77,571,290
107,919,664
46,230,838
186,351,301
$
205,721,412
3,018,745.761
254,332,252
151,931,424
72,101,342
74,030,888
238,045,874
88,398,133
68,063,559
80,126,758
35,842,710
160,036,540
112 cities
Total
Outside N. Y. City
5,041,992,150
1,964,634,095
4,447,376,653 +13.4
1,513,103,151 +29.9
4,651,395,599
1,797,607,677
8,880,553,375
2,964,045,788
2').1•1.4
len 07,el0,1
060556 001 -1-N1 '7
0111 511 976
410 145 081
,,,...1..
,
‘
We now add our detailed statement, showing last week's
figures for each city separately for the four years:
Week Ended May 19.
Clearings at1934.
1933.
Inc. or
Dec.
1932.
1931.
3
3
7.
$
First Federal Reserve Dist riot-Boston393,831 +19.8
471,817
_
Me.-Bangor
829,497 +91.9
1,591,454
Portland
Mass.-Boston. _ 212,630,420 181,439,354 +17.2
675,853 -6.3
633,280
Fall River_ .._
318,329 -0.7
315.996
Lowell
537,563 +33.9
719,855
New Bedford.
2,200,507 +29.6
2,851,045
Springfield _ _ _
091,967 +26.3
1,252,699
Worcester
7,605.142 +36.8
10,406,296
Conn.- Hartford
2,759,150 +9.9
3,032,748
New Haven_ _ _
7.489,600 +32.7
10.1.-Providence
9,939,600
480,619 -8.6
439,073
N.H.-Manche:3'
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
568,533
2,932,885
371,092.561
1,016,613
516,215
760,577
3,932,173
2,714.826
10,466.328
7,558,746
10,675,100
449,948
205,721.412 +18.7
229.672,412
412,684,505
Total(12 cities)
244,284,283
3
Second Feder al Reserve D 'strict-New
5,601,628
N. Y.-Albany _ _
6.965,984
771,288
Binghamton_
884,828
25,151,128
Buffalo
28,250,236
Elmira
557,538
655,265
294,817
Jamestown._ _
495,884
New York _ 3.077,308,055 2,934,273,502
7.053,387
5,829.261
Rochester
•
3,582,825
Syracuse
3,762,562
Conn.-Stamford
2,752,256
3,257,697
449,198
N. J.-Montcial
462,912
Newark
16,612,146
•
14,794,874
Northern N. J
23,463,320
24,361,572
York5,055,657
4,290.966
+24.4
1,105,021
708.145
+14.7
38,908,162
25,627,383
+12.3
1,106,902
645.682
+17.5
794,246
546,984
+68.2
+4.9 2,858,787,922 5,916,507,587
10,729.313
5,510,655
-17.4
5,393,633
3,903,721
+5.0
3.362,809
2,448,607
+18.4
703,044
544,732
+3.1
28,619,754
20,530,189
+12.3
24,655,055
+3.8
38,198,771
Total(12 cities 3.168,846,402 3,018,745,761
+5.0 2,946,200,041 6,050,484,899
Third Federa I Reserve Dls tact-PhIla delphi aPa.-Altoona _
268,337 +29.6
464,343
347,801
Bethlehem_
•
b
bb
Chester
430.147
250,194
6.5
213,955 +1
Lancaster
1,312.839
775,275
595.461 +30.2
Philadelphia _ . 304,000,000 246,000,000 +23.6 258,000,000
Reading
1.9
1,038.259
2,171,858
1.018,602
.
Scranton
2,342,473
2,389,128
1,787,183 -33.7
Wilkes-Barre .
1.435,012 -4.7
1,666,604
1,368,024
York
860,945 +21.3
1,143.860
1,044,716
N.J.-Trenton_ .
2,327.500
2,590,000
2,133,100 +21.4
Total(9 cities).
254,332,252 +23.4
626,270
b
902.756
2,289,069
431,000.000
3.074,285
3,945,677
3,168,531
1.619,389
3,261,000
269,859,624
449.886.977
Fourth Fede r at Reserve D strict-Clev eland c
____
c
Ohio-Akron._ _
c
Canton
C
cc
_.
42,955.176
Cincinnati
24:1
.
45,083,592
36,330,442 +65,999,432
Cleveland_ _ _ _. 63,776,098
44,275,460 +44.0
Columbus_ _ _ 7,811,600
6,019,100 +64.1
9,875,000
Mansfield_ _ _ _.
1.082,937
898,558 +59.8
1.435.666
b
Youngstown _.
b
.. _._
b
77,772,438
+41.2
64,407,86
Pa.-Pittsburgh 90,928,291
c
c
58,324,459
104,856,912
14,578,100
1.531.939
b
130,928,865
313,783,740
Total(5 cities). 211,098,647
151.931.424 +38.9
195,621,583
310.220.275
Fifth Federal Reserve Dist rict-Richm ondW.Va.-IIunt'to 1
120.206 +38.2
166,155
Va.-Norfolk _ _
2,189,000 +7.4
2,350,000
Richmond _ _ _. 28,584,846
24.756.559 +15.5
714,317 +6.8
763,052
S. C.-Charksto n
Md.-Baltimore _
35,491.167 +63.5
58,016,442
p.c.-Washing'n
8.830,093 +63.8
14,461.843
425.659
2,510,605
25.911,338
753,333
53,995,504
18,780,000
684,708
3,799,817
32,415,573
1,647,186
75.873,797
23,397,524
Total(6 cities). 104,342,338
72.101,342 +44.7
102.376,339
137.818.605
Sixth FederalI Reserve Dist rIct-Atlant aTenn.-Kno xvil e
2,779,739
1,823,206 +52.5
Nashville_ _ _ _
9,663,306 +26.0
12,171,951
Ga.-Atlanta_ _
30,800,000 +34.4
41,400,000
Augusta
879,617 +4.0
914,803
Macon
427,268 +17.5
501,942
Fla.-Jack'nvill
8,146,471 +61.8
12,367,000
Ala.-Iiirin'hain 10,099,138 +45.4
14,688,138
_
Mobile
911.318 +22.3
1,114,336
__ _..
b
b
Miss -Jackson._
85,375 +3.3
Vicksburg. _ _
88,179
11.195,189 +87.8
La.-New Orlea is
21,026.728
2,700,529
10.429.916
29,800,000
769,403
372,458
9.271.947
8,974,185
849,424
b
92.798
23,758,340
2,000,000
12,581,312
38,566.829
1.312,714
719.735
13,110,066
14,731.286
1,432,567
b
122,199
36,755,037
74.030,888 +44.6
87,019,000
121.331,745
Total(10 MU. 1)
3557
Financial Chronicle
Volume 138
107,052,816
Week Ended May 19.
Clearings at1934.
1933.
Inc. or
Dec.
1931.
1932.
s
$
Seventh Feder at Reserve D 'strict-Chi cagoMich.-Adrian _
Ann Arbor__ _ _
Detroit
Grand Rapids.
Lansing
Ind.-Ft. Wayne
Indianapolis_ _ _
South Bend_
Terre Haute_ ....
Wis.-Milwaukee
Ia.-Ced. Rapids
Des Moines_ _
Sioux CUTWaterloo
Ill.-Bloomington
Chicago
Decatur
Peoria
Rockford
Springfield .... _ _
67,528
316,315
76,822,904
1,645,254
951,725
867,075
14,282,000
1,080,095
4,233,255
13,302.228
424,700
6,068,349
2,373,035
b
439,363
233,246,839
477,308
2,850,301
708,776
900,078
b
345,028
8,025,578 +857.2
814,040 +102.1
330,600 +187.9
408,092 +112.5
8,881,000 +60.8
533,432 +102.5
2,749,371 +54.0
10.497,752 +26.7
201,527 +110.7
3,643,588 +66.5
1,816,028 +30.7
b
300,000
195,449,170 + 19.3
458,153 +4.2
2,357,777 +20.9
488,795 +45.0
745,943 +20.7
115,220
463,090
71,663,984
2,486,184
2,196,000
1,565.630
14,283,000
1,688,986
3,124,456
14,702,485
773,326
5.555,417
2,252.041
207,308
620.774
153,432,373
4,393.366
2,555,344
2.630.226
16,559,000
2,449,925
3,982,722
20,648,812
2,567,727
6,465,003
4,008.828
1,047,681
225,095,632
577,053
2,396,316
676,027
1,496,677
1.615.011
488,078,937
811.722
3,894.523
3,111,864
2,236,784
Total(19 cities)
361.057,128
238,045,874 +51.7
352.159,205
720,270,249
Eighth Federa I Reserve Dis trict-St. Lo ulsInd.-Evansville _
60,200,000
76,100,000
Mo.-St. Louis_
17,208,988 +39.7
24,039,501
Ky.-Lottisville _
10,543,145 +22.4
12,909,202
Ill.- Jacksonville
446,000
405,000
Quincy
62,800,000
17.853,614
9,802,401
93,100,000
22,240,732
11,843,530
520,000
853,407
88,398,133 +28.3
90,976,015
128,037,669
apolis
+12.3
+12.0
+20.7
+17.4
+19.2
+33.6
-0.4
2,082,081
44.962,414
15,585,644
1.583,926
651.250
332,543
1.741,465
3,481,212
59.605,776
19,244.768
1.805,227
874,714
547,153
2,428,165
68,063,559 +14.0
66.939,323
87.987,015
Tenth Federal Reserve Dix trict-Kens as City
56,812
45,088 +26.0
Neb.-Fremont
65,351
Hastings
1,618,394 +W.E
2,079,301
Lincoln
19,989,776 +26.6
25,309,166
Omaha
1,379,109 +41.9
1,957,045
Kan.-Topeka _
1,739,409 +40.0
2,435,519
Wichita
62,094,498 +38.7
72,240,553
Mo.-Kan. City.
2,423,546 +15.0
2,787,889
St. Joseph_ _ _ _
400.791 +24.3
498,158
Colo.-Col. Spgs.
436.147 +12.3
489,870
Pueblo
182,616
210,596
2,163,089
23,770,192
1,660,200
3,659,257
64,561,298
2,627,450
626.506
702,545
223,935
250,000
2,663,294
36,174,313
2,541,258
4,701,616
86,476,545
4.015.858
924,679
1,090,023
80.126,758 +34.7
100,172,749
139.061,521
las+13.8
+35.8
+3.5
+42.9
-2.5
1,338,153
26,237,341
5,086,055
2,156,000
2.253,137
1,265,188
38.286,882
7,857,051
2,347,000
3,541,256
35.842,710 +29.0
37,070,686
53,297,377
Franci sco-22,680,707
+10.1
5,598.000
+71.9
424,611
+5.8
19,450,463
-9.0
8,964,568
+30.7
2.828,968
-11.2
3,290,836
+10.5
6,059,345
+12.8
+20.1 102,229,428
1,567,501
+28.6
1,112,407
+3.8
959,699
+113.4
1,162,089
+16.9
32.206,641
8,007,000
747,853
34,697,388
14.048,359
6,104.466
4.378,133
6,760,328
155,356,232
2,105,070
1,809,474
1,581,594
1,670,000
Total(4 cities) _
113.453,703
Ninth Federal Reserve Dist rict-Mine
2,046,315
2,297,123
Minn-Duluth _ _
45,577,997
51,052,524
Minneapolis_
16,282,373
19,649,553
St. Paul
1.614,603
1,374,706
N. D.-Fargo_
491,669
585,988
S. D.-Aberdeen_
261,978
350,128
Mont.-Billings_ _
2,028,521
2,021,371
Helena
Total(7 cities)
Total(10 cities)
77,571,290
107,919,664
Eleventh Fede rat Reserve District-Da
603,370
686,919
Ten -Austin.
26,358.098
35,804,646
Dallas
4,972,732
5,144,748
Fort Worth._.
1,728,000
2,469,000
Galveston
2,180,510
2,125,525
La -Shreveport.
Total(5 cities)_
46,230,838
Twelfth Feder al Reserve D Istrict-San
21,190,273
23,334.060
Wash.-Seattle _ _
4,499,000
7,736,000
Spokane
345.721
326,836
Yakima
21,563,926
19,618,309
Ore.-Portland_ _
8,676,540
11,343,487
Utah-S. L. City
2,805.704
2,491,901
Callf.-L. Beach_
2,376,542
2,627,244
Pasadena
3,046,981
3,435,889
Sacramento. _ _
91,572,194
San Francisco. 110,004,961
1,212,707
1,559.569
San Jose
920.064
954.801
Santa Barbara _
768.81,
1,640,656
Santa Monica.
1.076,954
1,258,703
Stockton
Total(13 cities) 186,351,301 160,036,540 +16.4 176,328,622 269.472,538
Grand total (112
5,041,992,150 4,447,376,653 +13.4 4,654,395,599 8,880,553,375
cities)
Outside NewYork 1,964.684,095 1,513,103,151
+29.9 1,797,607,677 2,964,045,788
1Veek Ended May 17.
Clearings at
1934.
1933.
Inc. or
Dec.
s
%
Canadas
81,613,475 +12.3
91,622,968
Montreal
120,215,585 106.667,443 +12.7
Toronto
46,559,075 +60.7
74,837,871
Winnipeg
12,607,646 +11.4
14,046,222
Vancouver
3,674,961 +14.9
4,220,944
Ottawa
3,676,195 +15.2
4,235,396
Quebec
+8.6
1,946,944
2,114,105
Halifax
3,246,027 +55.1
5,033,260
Hamilton
4,704.503 -4.8
4,480.726
Calgary
1,183,689 +40.4
1,662,073
St. John
-I 5.5
1,309,580
Victoria
1,381.457
2.129,027 +41.6
London.
3,014,482
3,042,63. + 18.8
3,614,968
Edmonton
3,245,505 +0.5
Regina
3,262,013
+2.7
267,059
274.182
Brandon
294,08 +21.0
355,871
Lethbridge
-1.3
1,134,56
1,119,521
Saskatoon
575,17 -29.8
403,939
Moose Jaw
+5.4
838,296
795,09'
Brantford
+2.0
535,23
*545,900
Fort William,. _ _ _
385,82 +29.3
New Westminster
498.940
150.32 +34.3
Medicine Hat. _.
201,949
496,35 +23.1
616.834
Peterborough_
694.813
551,99 +2533
Sherbrooke
1,021,640
802,70 +27.3
Kitchener
+0.2
2,678,02
2,683,848
Windsor
226,42
+15.9
262,507
Prince Albert_ _
470.05 +46.3
687,616
Moncton
431,393 +20.8
521,263
Kingston
376.774 +10.3
415,484
Chatham
300,000 +29.6
388.704
&Irina
478,034 +47.5
705,113
Sudbury
Total(32 cities)
345,972,490
286,555,833 +20.7
1932.
1931.
$
3
72,452,914 160,477.210
74,828,168 137,490,469
43,805,594
37.237,142
16.525,833
12,788.454
7,217,722
4,285,273
6,463.748
4,665,142
4.590,611
2,165,263
5,254,830
3,689,133
5,794,993
4,811,134
2,444,047
1,709,926
2043.356
1,316,339
2,887,567
2,285,737
4,657,68,0
3,677,785
3,816,720
2,826,514
384,623
392,752
403,515
311,682
1,697,551
1,449,178
827,685
513,801
1,107,707
718,947
741,083
606,627
581,492
459,681
237,813
159.476
751,372
584,318
922,122
609,406
1,024,328
813,868
3,415 495
2,473.337
409,052
348,333
793.656
724.693
672,556
695,460
429,740
443.687
594,407
262.565
669,557
478.490
240,631,276
419,148.081
b No clearings available. c Clearing house not functioning at present. 0 Estimated.
3558
Financial Chronicle
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
May 9 1934:
GOLD.
The Bank of England gold reserve against notes amounted to /191,233,190 on the 2d instant, as compared with £191,170,551 on the previous
Wednesday.
In the open market moderate amounts of gold have been offered, the
amount disposed of during the week being aboutl, £500,000. Purchases
were mostly for France and prices have been fixed at approximately parity.
Quotations during the week In London:
Equivalent Value
Per Fine
of £ Sterling.
Ounce.
May 3
12s. 5.9241.
136s.
May 4
125. 6.1041.
135s. 10d
May 5
128. 5.74d.
1368 2d.
May 7
136s. 2d.
128. 5.74d.
May 8
1368. 134(1.
12s. 5.78d.
May 9
1358. 113441.
12s. 5.97d.
Average
136s. 0.50d.
12s. 5.88d.
The following were the United Kingdom imports and exports of gold
registered from mid-day on the 30th ultimo to mid-day on the 7th instant:
Imports.
Exports.
Netherlands
£122,225 Netherlands
£26,445
Germany
3,716,716
10,954 Franco
France
191,666 Austria
5,450
Switzerland
7.130
42,407 United States of America..
Iraq _
12,326 Other countries
1,568
British South Africa
1,886,745
British West Africa_ ___
110,448
British India
522,825
British Malaya
16.283
Australia
40,473
Canada
11,936
Other countries
28.934
£3,000,222
£3,757,309
Gold shipments from Bombay last week amounted to about /1,435,000.
The SS. Viceroy of India has /885,000 consigned to London and £27,000
to Amsterdam and the SS. President Garfield has /523,000 consigned
to New York.
SILVER.
There has been a considerable advance in prices during the week, the
firmer tone being due to a revival of hopes that some steps for the improvement of the position of silver might be taken by the United States Government following President Roosevelt's conference with the silver group.
Sellers have been hesitant although there has been some profit taken at
the advance and New York has both bought and sold, whilst support has
been given by India and speculators. China has sent covering orders but
has not been inclined to press the market unduly.
To-day, markets being favorably impressed by the renewal of rumors
that President Roosevelt had reached an agreement in principle with the
silver group, a further sharp upward movement was seen, prices advancing
11-16d. for cash and Sid. for two months to 19 13-16d. for both deliveries.
Details available at the moment would appear to be somewhat vague
and the exact form in which proposals are submitted to Congress is awaited
with interest.
The following were the United Kingdom imports and exports of silver
registered from mid-day on the 30th ultimo to mid-day on tho 7th.instant:
Imports.
Exports.
Soviet Union (Russia) __ _
£42,830 Sweden
£2,750
Japan
14.287 France
1,817
United States of America_
34,842 Syria
49,442
British West Africa - 16.951 Persia _
103,700
Australia _
21.176 British India
30,002
Other countries
3,823 French possess'ns in India
4,900
Other countries
8,169
£133,909
Quotations during the week:
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:
Sat..
Mon..
Tues.,
Wed.,
Thurs.,
Fri.,
May 19. May 21. May 22. May 23, May 24. May 25.
Silver, per ea_ 193-16(1. 19 9-16(1. 199-16(1. 19 11-16d. 19 9-16d. 199-16d.
Gold, p.fine oz.1368.234d. 1368.234d. 1368.3d. 1363.634cl. 136s.9d. 136s.634d.
Consols,2%%.. Holiday
Holiday 78%
7834
7834
783e
British 334%
Holiday 10214'
War Loan__ Holiday
10234
10234
10238
British 4%
Holiday
Holiday 1334
1960-90
11331
11334
1131i
French Rentes
(In Paris)Cr Holiday
Holiday 77.90
77.60
3%
77.00
76.80
French War L'n
(In Paris)5%
Holiday
Holiday 113.75
113.80
112.50
1920 amort
112.60
The price of silver in New York on the same days has been:
4534
4534
PRICES ON PARIS BOURSE.
Quotations of representative stocks on the Paris Bourse
as received by cable each day of the past week have been
as follows:
May 19 May 21 May 22
1934. 1934. 1934.
Francs. Francs. Francs.
Bank of France
12,200
Banque de Paris et Pays Bas_ _
1,493
Banque d'Unlon Parislenne. _
180
Canadian Pacific
254
Canal de Suez
18.600
Cle Distr d'Electricitle
2.345
Cie Generale d'Electricitie
1,790
Cie Generale Transatlantique._ _
28
Citroen B
149
Comptoir4Nationale d'Eseompte
1.025
Coty SA
150
Courrleres
298
Credit Commercial de France.__
758
Credit Lyonnais
2,120
Eaux Lyonnais
HOLI- HOLI- 2,570
Energle Electrique du Nord
DAY DAY
690
Energle Electrique du Littoral
873
Kuhlmann
618
L'Air Llquide
770
Lyon (P L M)
1,021
Nord Ry
1,420
Orleans RY
914
Pathe Capital
72
Pechiney
1,120
Rentes, Perpetuel 3%
77.90
Rentes 4% 1917
85.75
Rentes 4%, 1918
85.00
Rentes 434% 1912 A
90.30
Rentes
%,1932 B
88.80
Rentes 5%, 1920
113.75
Royal Dutch
1,590
Saint Gobaln C & C
1,301
Schneider & Cle
1,647
Societe Francais° Ford
59
Societe Generale Fonciere
68
Societe Lyonnalse
2,570
Societe MarseMaise
529
Tubize Artificial Silk pref
139
Union d'Electricitie
73(1
Wagon-Lits
83
May 23
1934.
Francs.
12,200
1,495
181
250
18,700
2,340
1,790
30
140
1,024
140
296
753
2,120
2.560
680
862
616
760
1.012
1,424
914
72
1,116
77.60
85.80
81.00
92.80
87.50
113.80
1,580
1,303
1,638
59
64
2,570
529
140
738
79
May 24
1934.
Francs.
11,800
1,460
176
247
18.700
2,310
1,750
29
157
1,005
14()
290
737
2,080
2,550
660
862
596
740
L000
May 25
1934.
Francs.
11,900
248
18,600
1:7
765
29
140
2,68(71
2,560
760
1,390
910
"HO
71
1,085
_
77.00 76:80
84.60 84.30
83.80 83.50
88.80 88.30
87.30 87.00
112.50 112.60
1,590 1,590
1,280
1,625
59
58
62
2,545
529
136
725
77
THE BERLIN STOCK EXCHANGE.
Closing prices of representative stocks as received by
cable each day of the past week have been as follows:
May May May May May
19.
21. 22.
23.
24.
Per Cent of Par
Reichsbank (12%)
149
150 151
Berliner Handels-Gesellschaft (5%)
85
85
85
Commerz-und Privet Bank A G
47
48
49
Deutsche Bank und Disconto-Gesellschaft
53
53
53
Dresdner Bank
60
59
59
Deutsche Retchsbahn (Ger Rys)pref(7%)
109 109 109
Allgemeine Elektrizitaeta-Gesell(A E G).-.
25
25
25
Berliner Kraft u Licht (10%)
Dessauer Gas(7%)
Heil- Hell- 4
1 ,31
Gesfuerel(5%)
day day
Hamburg Eiektr-Werke (8%)
Siemens & Halske(7%)
132 132 432
1 a Farbenindustrie(7%)
133 134 134
Salzdetfurth (74%)
Braunkohle(12%)
Deutsche Erdoel(4%)
la
1 1g
41
Mannesmann Roehren
Hapag
Norddeutscher Lloyd
N
May
25,
151
85
50
53
59
109
24
131 131 133
171 173 112
95 1132
12
95
134
1 L tRheinsc ,IHO.,
13Ig
21 33
22
31
7
£200,780
IN LONDON.
IN NEW YORK.
Bar Silver per Oz. Std.
Per Ounce .999 Fine
Cash.
2 Mos.
May 3_ _ 18qd.
18 13-16d.
May 2
425
%c.
May 41834d.
18 11-16d.
May 3
4234c.
May 5____18%d.
18%41.
May 4
4234c.
May 7____19 1-16d.
1934d.
May 5
4334c.
May 8__1934d.
193-16(1.
May 7
43 15-16c
May 9____19 13-16c1. 19 13-16d.
May 8
4534c.
Average_ 19.021d.
19.083d.
- The highest rate of exchange on Now York recorded during the period
from the 3d instant to the 9th instant was $5.1331 and the lowestA5.10Si.
INDIAN CURRENCY RETURNS.
(In Lacs of Rupees)
April 30.
April 22.
April 15.
Notes in circulation v
17686
17675
17675
Silver coin and bullion in India
9734
9724
9749
Gold coin and bullion in India
4155
4155
4156
Securities (Indian Government)
29461
2936
2952
Securities (British Government)
851
844
834
. The stocks in Shanghai on the 5th instant consisted of about 128,600,000
ounces in sycee, 377.000,000 dollars and 21,600.000 ounces in bar silver
as compared with about 129,900,000 ounces in sycee, 375,000,000 dollars
Z7-23,900.000 ounces in bar silver on the 28th ultimo.
Silver in N. Y.,
per on. (eta.) 45
May 26 1934
4431
4434
4434
In the following we also give New York quotations for
German and other foreign unlisted dollar bonds as of Friday
May 25 1934:
Anhalt 75 to 1946
132
Argentine 5%, 1945. $100
pieces
88
Antioquia 8%. 1946
/2612
Austrian DefaultedCoupons /e5-110
Bank of Colombia, 7%,'47 120
Bank of Colombia, 7%.'48 /20
Bavaria 6 Ms to 1945
/4114
Bavarian Palatinate Cons.
Cit. 7% to 1945
/31
Bogota (Colombia) 634,'47 120
Bolivia 6%, 1940
16
Buenos Aires scrip
/26
Brandenburg Elec. 6e, 1953 144
Brazil funding 5%, '31-'51 5712
Brazil funding scrip
15712
entish Hungarian Bank
734s. 1962
/5712
Brown Coal Ind. Corp.
163
634s, 1953
Call (Colombia) 7%. 1947 /13
Callao (Peru) 734%, 1944 / 7
Ceara (Brazil) 8%. 1947- / 5
Columbia Reda issue of '33 138
issue of 1934
134
Costa Rica funding 5%,'51 46,2
City Savings Bank, Budapest. 78. 1953
113
Dortmund Mun Util 68,'48 /55
Duisburg 7% to 1945
/30
Duesseldorf 75 to l945.. _ /30
East Prussian Pr. 6s, 1953_ 15114
European Mortgage & Investment 735e. 1966/88
French Govt. 5358, 1037.. 163
French Nat. Mail SS.65.'52 15912
Frankfurt 78 to 1945
130
German Ati Cable 7e, 1945 /4812
German Building & Landbank 634%, 1948
/5012
German defaulted coupons. 165
German scrip
/1912
German called bonds
/35
Haiti 6% 1953
68
Hamb-Am Line 63.4s to '40 /8612
Hanover Harz Water Wks.
8%, 1957
/3512
Housing & Real Imp 75 '46 /4612
Hungarian Cent Mut 78.'37 /47
Hungarian Discount & Exchange Bank 7s, 1963 _
/42,2
Hungarian defaulted coupe 163-100
I Flat prices
Ala
34
Slid.
Hungarian nal Bk This,'32 18112 Alt.
Jugoslavia 58, 1956
31 12 -3-3-1-2
Jugoslavia coupons
/38
40
3212 Koholyt 8348, 1943
6512
Land Si 13k, Warsaw 8s.'41 /6312
70
73
Leips1g Oland Pr. 6345,'46
68
22 Leipzig Trade Fair 78, 1953 /66
5112
42,4 Luneberg Power, Light & /50
Water 7%,1948
60
34 Mannheim & Palat 78 1941 /58
15712 5912
21 Munich 75 to 1945
134
36
8 Munk Bk, Hessen. 7e to '45 /30
34
28 Municipal Gas & Elea Corp
46
Recklinghausen, 78, 1947 /52
54
5812 Nassau Landbartk 6345,
'38
5812 Natl. Bank Panama 634% /5812 60
1946-9
4312
5913 Nat Central Savings 13k of /42
Hungary 734e, 1962._ _ /56
58
68 National Hungarian & Ind.
1412
Mtge. 7%, 1948
84
9 Oberpfalz Elec. 7%, 1946. /6212
/35
39
10 Oldenburg-Free State 7%
.
to 1945
40
34
36 Porto Alegre 7%. l988_,. /32
48,2 Protestant Church (Ger- 11612 18
many). 75, 1946
4512
55 Prey 13k Westphalia 6e, '33 /44
59 Pray Bk Westphalia 6s, '36 /5212
-5-4 .34 Rhine Weetph Elea 7%,'36 /51
176
78
34 Rio de Janeiro 6%, 1933_ /23
26
5314 Rom Cath Church 6148,'41-1
6412
R C Church Welfare 7e '46 /6212
/4512
4712.
69 Saarbruecken M Bk es
'
'47 175
80
169 Salvador 7%, 1957
29is
16112 Salvador 7% elf of dep '57 /28
1231.?
25,2
34 Salvador scrip
/14
17
50 Santa Catharine (Brazil),
8%. 1947
2414
5212 Santander (Calera) 75. 1948 12314
11112 13
69 Sao Paulo (Brazil) 68. 1043 12134
2234
21 Saxon State Mtge, 88, 1047 /66
68
42 Serbian 55, 1958
3112 3312
Serbian coupons
(38
40
89 Slem & Halske deb 65, 2030 /340 355
State aftg ilk Juges'531956 30
34
coupons
3712
39
137
4913 Stettin Pub Utli 7s, 1946_ f48$4 49,
4
49 Tucuman City 78, 1951_ _ f3712 3912
Tucuman Prov, 75, 1950- _ 58
61
44 Fasten Elea Ry 78, 1947_ 117
21
Wurtemberg 71 to 1945_ _ 136
37,3
Volume 138
Financial Chronicle
NATIONAL BANKS.
The following information regarding National banks is
from the office of the Comptroller of the Currency, Treasury
Department:
CHARTERS ISSUED.
Ca
May 12.-First National Bank in Howell, Howell, Mich
Capital stock consists of $25,000 common stock and $25,000
preferred stock. President: W. B. Reader. Cashier: Joseph
D'Anjou. Will succeed No. 11586, The First National
Bank of Howell.
May 12-The National Bank of Ocean City, Ocean City, N.J_
50,000
President: Alfred W. Powell. Cashier: George S. Groff. Will
succeed No. 12521, The Ocean City National Bank.
May 12-The First Nat. Bank in Fort Collins, Fort Collins, Colo-- 100,000
Capital stock consists of $50,000 common stock and $50,000
preferred stock. President: N. C. Warren. Cashier: L. B.
McBride. Will succeed No. 2622, The First National Bank of
Fort Collins.
May 14-The First National Bank of Winston-Salem, WinstonWinston-Salem, N.0
200.000
Capital stock consists of $100.000 common stock and $100,000
preferred stock. President: O. M. Norfleet. Cashier: F. G.
Wolfe. Will succeed No. 12278, The Farmers National Bank
& Trust Co. of Winston-Salem.
May 15-Trinidad National Bank, Trinidad, Colo
100,000
Capital stock consists of $50,000 common stock and $50,000
preferred stock. President: George Hausman. Cashier: F. B.
Stone. Will succeed No. 3450, The Trinidad National Bank.
May 16-Haskell National Bank, Haskell, Tex
50,000
Capital stock consists of $25,000 common stock and $25,000
preferred stock. President: Mrs. M.S.Pierson. Cashier: A.C.
Pierson. Will succeed No. 4474, The Haskell National Bank.
May 17-First National Bank in Tigerton, Tigerton,
50,000
President: L.0. Buchsieb. Cashier:E.H. Westgor. Willsucceed
No. 5446, The First National Bank of Tigerton.
May 17-Peoples Nat. Bank of Secaucus, Secaucus, N.J
100,000
President: Sebastian Meisch. Cashier: Thomas SeYier• Will
succeed. No. 9380, The First Nat. Bank of Secaucus.
May 18-First National Bank in Revere, Revere, Mass
100.000
Capital stock consists of $50,000 common stock and $50,000
preferred stock. President: William T. Halliday. Cashier:
Fred 11. Hansen. Will succeed No. 13152, The First National
Bank of Revere.
May 18-First Nat. Bank in Carteret, Carteret, N.J
100.000
Capital stock consists of $80,000 common stock and $20,000
preferred stock. President: Edward J. Heil. Cashier: P. T.
Wood. Will succeed No. 8437, The First National Bank of
Carteret.
May 18-Farmers Nat. Bank of Newcastle, Newcastle, Tex
50.000
Capital stock consists of $25,000 common stock and $25.000
Preferred stock. President: J. J. Perkins. Cashier: E.Joe Vanvetterman. Will succeed First State Bank of Newcastle.
President: H.A. Reynolds, Cashier. Ralph W.Utley. Will succeed No. 5130, The First National Bank & Trust Co. of Ford
City.
VOLUNTARY LIQUIDATIONS.
May 12-The Southern National Bank of Wynnewood. Okla
50,000
Effective, Jan, 8 1934. Liq. committee: W. B. Crump, W. B.
Crump Jr., and W. E. Crump, all of Wynnewood, Okla.
Absorbed by The First National Bank of Wynnewood,Charter
No. 5126.
May I2-The Union Nat. Bank of McKeesport,Pa
150.000
Effective, May 9 1934. Liq. committee: C. Albert Ball, James
W.Mader and Frank S. Roderick,care of the liquidating bank.
Succeeded by"The Union Nat. Bank at McKeesport," Charter
No. 13967.
May 12-The First National Bank of Viroqua, Wis
50,000
Effective, May 8 1934. Liq. committee: F. P. McIntosh, A. T.
Fortun and V. It. Schaefer, care
Viroqua,.
of the liquidating bank.
Succeeded by "First Nat. Bank in
'Charter No.14058.
May 15-The First Nat. Bank & Trust Co.of Greensburg,Pa
480.000
Effective, May 9 1934. Liq. committee: Richard Coulter, 0.
Mn/C• Lynch and A. N.Pershing, care of the liquidating bank.
Succeeded by "First Nat. Bank in Greensburg," Charter No.
14055.
May 15-The First Nat. Bank of Tucumcarl, N. M
100,000
Effective, May 8 1934, Lig, Agent: H. B. Jones. Tucumcari,
N.M. Succeeded by "The First-American National Bank in
Tucumcari, Charter No. 14081.
May 15-Bridgeport National Bank,Bridgeport, Ohio
200.000
Effective, May11 1934. Liq. Agent: H. R. Jungling, care of the
liquidating bank. Succeeded by "The Bridgeport National
Bank," Bridgeport, Ohio, Charter No. 14050.
May 15-The First National Bank of Clear Lake, Iowa
60,000
Effective, May 10 1934. Liq. committee: George Knutson,
George Sheridan and R. D. Robbins, care of the liquidating
bank. Succeeded by "The First National Bank in Clear
Lake." Charter No. 14.085.
May 15-The Conewango Valley National Bank, Conewango
Valley, N. Y
25.000
Effective, May 12 1934. Liq. committee: Eugene Glover, H. E.
Robinson and Glenn Harris, care of the liquidating bank.
Succeeded by "Cherry Creek National Bank,- Cherry Creek,
N.Y. Charter No. 14078.
May
T 17-The First National Bank of Groveton, Tex
Effective, May 14 1934, Lig. Agent: L. P. Atmar, Groveton, 10▪ 0▪ .000
Tex. Succeeded by the "First National Bank in Groveton."
Charter No. 14104.
May 17-The Liberty National Bank of Guttenberg, N.J.
Effective, April 24 1934. Liq. committee: George Baker, George 100,000
J. Jobst and Daniel Herrmann, care of the
bank.
Succeeded by "Liberty National Bank liquidating
in Guttenberg."
Charter No, 14014.
BRANCH AL rt1ORIZE
May 15-The Seaboard Citizens Nat. Bank of Norfolk, Va. Location of branch: 111 W. Main St., Norfolk, Va. Certificate
NO. 986A.
AUCTION SALES.
Among other securities, the following, not actually dealt in
at the Stock Exchange, were sold at auction in New York,
Jersey City, Boston, Philadelphia, Buffalo and on Wednesday of this week:
By Adrian H. Muller & son, New York:
Shares. Stocks.
$ per Share.
556 Trent Process Corp. (Del.)
$3 lot
25 Central Motor Bus Co.(Mass.)
81 lot
25 Eastern Motor Bus Co. (Mass.)
Si lot
150 Plaza Shares Corp. (N. Y.)
$28 lot
Harrison-Rye
Realty Corp. (N. V.)
1
$52 lot
Certificate evidencing right to receive 10 she. Bowman-BUtmore Hotels
Corp.
(N. Y.) lot pref., after a reg. div. upon the pref. stock of Westchester Siltmore Corp. shall have been declared and paid; 10 Bowman-Blitmore Hotels
Corp. (N. Y.) common
$3 lot
26214 Walker Consolidated Petroleum Co. (Texas) common
$12 lot
108 Premier Motors Corp. of New York (N. Y.) common
$2 lot
200 Snax Stores. Inc. (Del.)
$4 lot
15 Silvers, Inc. (Del.) common; 15 preferred
$10 lot
WO Investors Capital Corp.(N. Y.) class A pref. and 500 class B common _.$251 lot
BondsPer Cent.
665 Westchester Country Club (N. Y.) 2nd mtge. participation ctfs
$15 lot
3559
By Adrian H. Muller & Son, Jersey City, N. J.:
Shares.
Stouts.
$ per Share.
189 Marmon Motor Car Co. (Ind.), corn., no par
$3 lot
Bonds.
$1,891.57 Marmon Motor Car Co. (Ind.) 5-yr. 5% deb, note, dated Feb. 29,
1932, due March 1 1937, registered
$102 lot
500 A. B. See Elevator Co., Inc. (Del.). lot prefd., par $100
$73 per sh.
By R. L. Day & Co., Boston:
Shares.
Stotts.
100 rights First Boston Corp. (when issued)
100 rights Chase Corp. (when issued)
3 Ware River Road, par $100
1 Boston Insurance, par 3100
5 Tennessee Eastern Electric Co. $7 pref
Bonds$4,000 Oxford Miami Paper Co. 1st mtge. 6s, Feb. 1947. series A
per Share.
1834e.
We.
36
451
45
Per Cent.
72 & int.
By Crockett & Co., Boston:
Shares.
Stocks.
2,458 Atlantic National Bank, par $10
50 National Shawmut Bank, Boston, par $25
400 rights First National Bank (w. 1)
500 rights First National Bank (w. 1.)
600 rights First National Bank (w. I.)
2 Androscoggin Mills. par $100
20 Garfield Land Co
7 Springfield Gas Light Co. undeposited. par $25
174 United Wire & Supply Corp., common, par $5
100 Odd Fellow Hall Association
$ per St.
20c
2314
19e
190
190
5l4
2114
2234
I
134
By Barnes & Lofland, Philadelphia:
Shares.
Stocks.
$ per Share.
3 John B. Stetson Co. common, no par
934
4 First National Bank, Media, Pa., par $100
69
4 Delaware County National Bank, Chester, Pa., par $10
15
21 Tioga National Bank & Trust Co.. par 325
s
5 Germantown Trust Co.. par 310
17
23 Integrity Trust Co., par $10
434
20 Haverford Land & Improvement Co.. Dar $50
as
400 Remington Arms Co., Inc., Par 31
4
200 Public Utilities Consolidated Corp., class B common, no par
$4 lot
BondsPer cm:.
$2,000 the Lake Shore Electric fly. Co.6% lot cons. mtge. due 1933(July 1932
and Jan. 1933 coupons attached)
$20 lot
$4,000 Nos. 824-626-628 Market St., Phila., Pa.,6% 181 mtge. bonds. Due
July 18 1932. In default. Registered
5 flat
$2,500 No. 712 Chestnut St.. Philadelphia, Pa.. 6% participation certificate
of Real Estate Mortgage Guaranty Co. in 1st mtge. Due Jan. 31 1933.
In default. Registered
5 flat
$500 No.4111 Walnut St., Phila.,6% lot mtge., series I. Due Oct. 1 1935_10 flat
By A. J. Wright & Co., Buffalo:
Stocks.
Shares.
Rustiess Iron & Steel common
CURRENT
$ Per Share.
2
NOTICES.
-James B. Madison and Tracy R. Engle have become associated with
G. M.-P. Murphy & Co., both having retired as officers and directors of
Madison & Co., Inc. They will establish a department specializing in
joint stock land bank bonds.
Mr. Madison organized and operated for 15 years the Virginia Joint
Stock Land Bank at Charleston, West Virginia, retiring when he was
appointed a member of the Federal Farm Loan Board, supervising body
for all Federal and joint stock land banks and intermediate credit banks.
Mr. Engle was associated with G. M.-P. Murphy & Co. for a number
of years prior to his recent connection with Madison & Co.
-The firm of Charles A. Hinsch & Co., Inc., has been formed with
offices in the Union Trust Building, Cincinnati, by a number of executives
of the Fifth Third Securities Co.. which is now in the process ofliquidation
In compliance with the Securities Act of 1933. Charles A. Hinsch will
be President of this new firm, George H. Kountz and Neil Ransick, VicePresidents; Emery Eyler. Treasurer and Charles A. Whiting, Secretary.
Formation of the Hinsch Company follows by a couple of weeks announcement of the incorporation of Ballinger & Co., also made up of former
officials and personnel of the Fifth Third Securities Co.
-E.P. Andrews & Co., Inc., with offices at 40 Wall Street, New York
has been formed to deal exclusively in United States Government bonds
and notes. Edward P. Andrews who has been associated with C. F. Childs
& Co., and more recently Manager of the Government bond department
of Johnson & Wood, will be President of the new company, and Maurice
M. Manasse, for many years a partner of F. J. Lisman & Co., will be
Vice-President and Treasurer.
-The formation of Malone & Co., with offices at 11 Broadway, New
York, to conduct a general brokerage business in stocks and bonds, is
announced by Thomas M. Malone, who will head the new firm. Mr.
Malone was formerly with Bancamerica-Blair Corp. and more recently
with Elliott & Co. The firm has membership on the New York Produce
Exchange.
-J. S. Bache & Co. have opened an additional uptown New York
office in Rockefeller Center at 30 Rockefeller Plaza. under the management of H. Denny Pierce and P. E. Morrell. The firm also has a branch
office in the Chrysler Building and in addition maintains offices in 37
cities outside of New York.
-F. R. Fenton & Co., Inc., specialists in United States Government
securities, have opened a Philadelphia office in the Fidelity-Philadelphia
Trust Building, under the management of Stuart H. MacIntire, formerly
associated with C. F. Childs & Co.
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.
Abbott Laboratories, Inc. (quar.)
Extra
Acadia Sugar Refining,6% pref
Acme Glove Works,6)4% pref
Adams Express Co., pref.(quar.)
Albany & Susquehanna Bit.(s.-a.)
Aluminum Co. of Amer., pref
Amalgamated Leather Cos., Inc.. pref
American Bank Note Co. pref. (quer.)
American Fork & Hoe,6% preferred
American Home Products Corp.(mo.)
American Hosiery Co.(quar.)
Quarterly
Per
When Holders I
Share. Payable. ofRecord.
50c
15c
hl5c
h8114c
$134
14%
37)4c
SOc
75c
14.3
20c
3734c
37xc
July 2 June 18
July 2 June 18
June 1 May 19
June 15 May 23
June 30 June 15
July 2 June 15
July 1 June 15
July 1 June 20
July 2 June 11
June I May 23
July 2 June 14
June I May 22
Sept. 1 Aug. 28
Financial Chronicle
3560
Name of Company.
When Holders
Per
Share. Payable. ofRecord.
734c July 2 June 10
American Investment Co.of Ill., B(quar.)
10c June 1 May 23
American Laundry Machinery Co.(guar.)
60c July 1 June 25
American Motorist Insurance Co.(quar.)
3735c July 2 June 1
American Power & Light Co.$6 preferred
31 Xc July 2 June 6
$5 preferred
"31 June 30 June 8
American Safety Razor Corp.(quar.)
25c June 15 June 1
American Sumatra Tobacco Co
134% July 2 June 9
American Tobacco Co. preferred (quar.)
American Water Works & Electric Co.—
16135 July 2 June 8
$6 first preferred (quar.)
$234 July 1 June 12
Atlanta Birmingham & Coast RR.(8.-a.)
2c May 1 Apr. 16
Atlantic Bancshares. Ltd. (quar.)
Avon, Geneseo & Mt. Morris RR.,3X % guar. $1.45 July 2 June 26
25c July 2 June 20
Babcock& Wilcox Co.(quarterly)
Baltimore & Cumberland Valley Ext. RR.(8.-a.) $134 July 2 June 30
June 15 May 31
Bayuk Cigars, Inc., common
$11% July 15 June 30
Preferred (quar.)
July 16 June 23
Bell Telephone of Can.(quar.)
1234c June 1 May 19
Beneficial Loan Society (quar.)
May 31 May 24
Sc
Bishop Oil
June 1 May 25
$1
Black-Clawson Co., pref. (guar.)
June 30 May 31
$2
Boston & Albany RR Co
$134 July 2 May 31
Boston Elevated (quarterly)
$2 July 10 June 30
Boston RR. Holding, pref. (s.-a.)
$134 June 15 May 31
Bright (T. G.) $6 pref. (guar.)
734c June 15 May 31
Common (quarterly)
10d June 30
British-Amer. Tobacco Co., ord. (interim)
British Columbia Telep., 6% pref. (euar.)___ _ $134 Jt ly 1 June 15
$134 Aug. 1 July 17
6% _2d pref. (quarterly)
Brooklyn & Queens Transit Corp. pref. (quar.) _ $1% July 2 June 15
45' Jtly 2 June 20
Bucyrus Monigna.n Co. class B .guar.)
60c J11110 30 June 4
Bulolo Gold Dredging Ltd _
May 31 May 15
$3%
Busy Bee Hosiery 7% pref. (s.-a.)
50c July 2 June 22
California Ink (qtarterly)
25c July 25 June 30
Canada Northern Power Corp., Ltd.,com.(qu.)
1 X % July 16 June 30
Preferred (quar.)
3734c June 1 May 15
Canadian Silk Prod. A (quar.)
Pow.
Canadian Western Natural Gas Lt. Ht &
$134 June 1 May 15
Preferred (quar.)
25c June 5 June 2
Castle (A. M.) Co., common (quar.)
75c July 1 June 15
Chicago Electric Service (quar.)
25c July 2 June 15
Chicago Junction Rys.& Union Stkyds.(qu.)
$134 July 2 June 15
Preferred (quarterly)
$13
, July 2 June 20
Christiana Securities, 7% prof. (quar.)
July 2 June 11
Clinton Trust Co.(quarterly)
$3 July 2 June 12
Coca-Cola International Corp., class A (s.-a.)—
$3 July 2 June 12
Common (quarterly)
25c July 2 June 15
Columbia Pictures Corp.common (quar.)
f2ha Aug. 2 June 15
Common (semi-annual)
June 11 May 26
Columbus & Xenia RR
30c June 30 June 1
Commercial Solvents Corp. common (semi-ann.)
May 31
El
Commonwealth Loan (Ind.)7% pref.(q11.)
$134 July 2June 8
Commonwealth St Southern Corp.$6 pf. (quar.)
17Xc July 1 June 20
Consolidated Paper, pref. (quar.)
$134 July 2 June 15
Continental Gin,6% pref. (quar.)
25c June 25 June 14
Crowell Publishing Co. common (quar.)
$1 July 1 June 13
Crown Williamette Paper Co., $7 1st pref
July 2 June 20
cum.
pref
14134
$7
Curtis Publishing Co..
50c July 2 June 15
Davenport Hosiery Mills, Inc., common
$1 July 3 June 15
Dayton & Michigan RR.,8% pref. (guar.)75' July 1 June 20
De Long Hook & Eye Co. (quarterly)
$1 July 16 June 30
Detroit Edison Co. capital stock (quar.)
$5 June 11 May 31
Co
Devonian Oil
15c June 1 May 24
Dominguez Oil Fields (monthly)
$1 X July 3 June 15
Dominion Glass. common (quar.)
July 3 June 15
I referred (ouarterly)
134 July 16 June 15
Duquesne Light Co.,5% 1st pref.(quar.)
June
20c
1 May 29
Razor
Co.
$4
preferred
Durham Duplex
65c June 15 May 31
E.L duPont de Nemours& Co.,corn.(quar.)
$IX July 25 July 10
Debenture stock (quarterly)
$134 July 17 July 7
East Penn RR.,6% gtd. (s.-a.)
25c July 2 June 20
Electric Controller St Mfg. Co.(quar.)
50c July 2 June 9
common
(quar.)
Battery
Co.
Electric Storage
50c July 2 June 9
Preferred (quar.)
$1.61 July 2 June 20
Elmira & Williamsport RR.,pref.(s.-a.)
$134 July 1 June 15
Empire Power Corp. $6 preferred
1234c July 1 June 15
Eureka Vacuum Cleaner Co. (quar.)
16c June 29 June 15
Fifth Avenue Bus Securities Corp.(quar.)
62Xc July 2 June 9
First National Stores, Inc.,common (quar.)
g July 2 June 9
Preferred (quar.)
Ii June 30 June 20
First State Pawners Society (quar.)
50c June 1 May 21
Florence Stove (quarterly)
$1 X June 1 May 21
7% preferred (quarterly)
15c July 25 June 29
General Electric Co., common (quar.)
15c July 25 June 29
$10 special stock
25c July 1 June 11
General Railway Signal Co., common (guar.)._
$134 July 1 J une .11
Preferred (quarterly)
25c June 29 June 4
Gillette Safety Razor Co., common (quar.)
$131 Aug. 1 July 2
Prefererence (quarterly)
$154 June 30 June 16
Gold Dust Corp. preferred (guar.)
25c July 2 June 11
Goldbiatt Bros.(quar.)
50c June 1 May 28
Goodall Security (quar.)
25c June 15 May 31
(quarterly)
Gordon Oil
25c June 1 May 19
Great Northern Paper (quar.)
60c July 2 June 15
Great Western Sugar Co.,common (quar.)
$151 July 2 June 15
Preferred (quarterly)
June 19 June 13
$3
Greene RR.(s.-a.)
h75c June 1 May 15
Green Mt. Power. preferred
7c May 30 May 15
Grouped Income Shares, A
Guarantee Co.of N. Amer.(Montreal) (quar.)_ $154 July 16 June 30
$234 July 16 June 30
Extra
10c June 15 June 4
Hall (C. M.) Lamp Co., common (quar.)
45c July 3 June 9
Halifax Fire Insurance Co
25c July 2 June 15
Rabid Co. (quarterly)
25c July 2 June 15
Extra
July 2 June 16
7% preferred (quarterly)
July 2 June 15
Hammermill Paper Co., 6% pref. (quar.)........
July 20 July 10
$2
Hannibal Bridge (quar.)
25c June 1 May 28
Heyden Chemical Corp. common (quar.)
15c June 11 May 31
Honolulu Plantations Co.(new stk.) (mthly.)
3c July 2 May 31
Howey Gold Mines, Ltd
25c July 1 June 1
Humble Oil & Refining Co.(quar.)
Illinois Bell Telephone, quar. div. omitted.
July 2 June 11
$2
Illinois Central RR.,leased lines (s.-a.)
8734c June 15 May 31
Indiana Hydro-Electric Power Co
42c July 1 June 18
Industrial Rayon Corp. (new stock) (initial)._ _
$3 July 2 June 4
Ingersoll-Rand Co., pref. (s.-a.)
International Business Machines Corp. (quar.)_ $134 July 10 June 22
r65c June 15 May 23
International Proprietories, Ltd.. A stock
July 2 June 15
$2
Intertype Corp.. 1st pre/. (quar.)
July 2 June 15
I.- 2d preferred (s-a)
Iowa Electric Light & Power&V Mc June 15 June 1
7 Preferred A
June If June 1
h81
634% preferred B
h75c June 15 June I
6 preferred 0
June 1 May 21
3
Kansas.. Okla.& Gulf By.Co..ser. A 6% pf.stk
June 1 May 21
3
Series B 6% non-cum. preferred
June
1 May 21
preferred
Series C 6% non-cum.
July 2 June 18
Kings County Ltg. Co.B 7% pref.(quar.)
$131 July 2 June 18
5% Preferred (quarterly)
July 2 June 18
$1
Common (quar.)
July 2 June 18
$1
6% preferred (quarterly)
July 2 June 10
$154
Kopper's Gas & Coke Co., pref. (quar.)
20c June 30 June 14
Kresge (S. S.) Co.,common
June
30 June 14
$1X
(quarterly)
Preferred
20 fr.
Kuhlmann (Paris)
10c June 15 June 9
Lessing's, Inc
$151 July 2 June 11
Liggett & Myers Tobacco Co.. pref.(quar.)$154 July 2 June 20
' LindejAir Products. 6% pref. (quar.)
June 25 June 9
1754c
Lindsay Light Co., pref. (quar.)
July 2 June 16
Lord & Taylor, common (quar.)
$3
Name of Company.
May 26 1934
When Holders
Per
Share. Payable. of Record.
Long Island Lighting Co., ser. A 7% pref. (qu.) 1A4
Series B 6% preferred (quar.)
154 c,
Loudon packing Co.(guar.)
3734c
Extra
l254c
30
Loudon Tin Corp., Am. dep. rec. 7X% pref
Amer. dep. rec. 7X% pref
830%
$134
Manischewitz (B.), pref. (quar.)
Mathieson Alkali Works, Inc., com. (guar.)... 3754c
$151
Preferred (quarterly)
McCohan (W. J.) Sugar Refining & Molasses
Co., 7% preferred (quarterly)
$134
Memphis Power & Light Co.,7% pref. (quar.).. $151
6% preferred (quarterly)
3154
Merchants Refrigerating Co. of N. Y.(guar.)._
25c
Mesta Machine Co., com. (quar.)
25c
Preferred (quarterly)
$154
Metal Package Corp., common (guar.)
$1
Meyer(H. H.) Packing,654% pref.(quar.)
$134
Mill Creek & Mine Hill Navigation & RR.(s-a)_ $1 X
Mississippi Valley Fuolic Service$14
7% preferred A (quar.)
6% preferred B (quar.)
$154
$134
Missouri Utilities, 7% pref. (quar.)
Mobile & Birmingham RR.,preferred (s.-a.)
$2
h$1
Monarch Knitting, 7% preferred
hill X
Montgomery Ward & Co. class A
Montreal Cottons. Ltd. pref. (quar.)
4134
Nassau & Suffolk Mg.,7% preferred (guar.)... $134
40c
National Breweries, common (quar.)
44c
Preferred (quarterly)
National Dairy Prod. Corp., common (guar.).—
30c
$1,
Class A & B preferred (quer.)
$131
National Lead Co.,common (quar.)
Class B preferred (quar.)
$1
15c
Natomas Co.(quarterly)
$1
Newark Telephone Co.(Ohio)(quar.)
$11
New York Steam Corp., 6% pref. (guar.)
7% preferred A (quarterly)
$1,
$1
New York Telephone, pref. (quar.)
50c
New York Transportation Co. (quar.)
75c
Niagara Wire Weaving, $3 pref. (quar.)
$3 preferred
85154
1234c
North American Co.,common
e c,
Common
(quar.)7c
Preferred
50c
Northern Ontario Power Co., corn. (guar.)._ __
lil 0
6% preferred (quarterly)
Northwest Utilities, 6% pref. (guar.)
$1
Ohio Edison Co.,$5 pref. (quar.)
$1.
$6 preferred (quarterly)
il
$1.65
$6.60 preferred (quarterly)
3134
$7 preferred (quarterly)
$1.80
$7.20 preferred. (quarterly)
$2
Ohio Finance Co., 8% Pref. (War.)
11
Class A (quar.)
2
Omnibus Corp., pref. (quar.)
50c
Oneida Community, Ltd.,7% preferred
o2c
Pacific Bancshares, Ltd. (quar.
$1
Pan American Southern Corp
50c
Paraffine Cos.. Inc. (quarterly)
$24
Pawtucket Gas of N. Y. pref. (s-a)
55c
Pennsylvania Power Co.,
S6.60 pref.(mo.)
'
55c
$6.60 preferred (monthly)
Mc
$6.60 preferred (monthly
$IX
$6 preferred (quarterly)
75c
Pennsylvania Water & Power Co. (quar.)
$134
Preferred (quarterly)
30c
Perfection Stove Co. (quarterly)
25c
Phelps Dodge Corp., special
$134
Philadelphia Co., $6 cum. pref. (quar.)
$IX
$5 cum. preferred (quer.)
Philadelphia Electric Power Co.50c
8%,$25 par, preferred (quar.)
50c
Photo Engraving & Electrotypers, Ltd
15c
Pioneer Gold Mines of British Columbis. Ltd- _
$134
Powell River Co., Ltd.. 7% pref. (guar.)
r3c
Premier Gold Mining Co , Ltd
Public Service Co. of Oklahoma$134
7 prior lien stock (quar.)
$134
6% prior lien stock (quar.)
$134
Publication Corp., 7% orig. pref. (quar.)
$134
7% 1st preferred (quar.)
Queensboro Gas & Electric, 6% pref. (guar.)._ 8134
10c
Rapid Electrotype Co
50c
Reading Co. 2a
241 preferred (quar.)
25c
Reeves (Daniel),-Inc., corn. (quar.)
$134
Preferred (quarterly)
Rolls Royce, Ltd., Amer. dep. rec. ord. reg...... 46.4c
25c
Ruberoid Co.(quarterly)
25c
Ruud Mfg. Co., corn. (quar.)
75c
Safeway Stores, Inc., common (quar.)
$1
6% preferred (quar.)
$1
7% preferred (quar.)
7c
San Francisco Rem. Loan Association (guar.)._
50c
Schiff Co., common (quar.)
$134
Preferred (quarterly)
25c
Scoville Mfg. Co. (quarterly)
Second International Securities Corp50c
6% 1st preferred (quar.)
ti
South Carolina Power Co., $6 pref. (quar.)
Southern Canada Power Co.,Ltd..6% Pf•(OW- 1
South Manchuria By
25C
Standard Brands, Inc., common (quar.)
siq
$7 cum. preferred (,guar.)
$2X
Standard Oil Exports orp., pref.(s.-a.)
30c
Steel Co. of Canada, com. (quer.)
4351c
Preferred (quarterly)
10c
common
Sutherland Paper
25c
Corp. (quar.)
Sylvania IndustrialCo.'
$151
Texas Utilities, 7% preferred (guar.)
$6
13th & 15th Streets Passenger Ry
25c
Thomson Electric Welding (wan)
1152
Tide Water Assoc. 011 Co., 6% pref
13X
Tuckett Tobacco Co., Ltd., pref. (quar.)
Tunnel RR.of St. Louis (8.-a.)
35c
Union Carbide & Carbon Corp
75c
United Corp., $3 preferred (quar.)
151%
United Gas & Electric Corp. pref. (guar.)
15c
United States Poll, class A Si li common (quar.)
$1
Preferred (quarterly)
Virginia Electric & Power Co.. $6 pref. (quer.). $
$1
Virginia Public Service, 7% prof. (guar.)
51
6% preferred (quarterly)
$1 4
Wagner Electric Co., preferred (quar.)
30c
Waialua Agriculture, Ltd
Ware River RR., guaranteed (s-a)
$334
30c
Westmoreland, Inc. (guar.)
Weston Electrical Instrument Co.—
50c
Class A (quarterly)
h50c
Class A
West Penn Electric Co., class A
$134
134
West Penn Power Co.,7% pref. (quar.)
6% preferred (qu_arterlY)
1
Weyenbug Shoe Mfg., preferred (quar.)
11
Preferred (quarterly)
I,
Preferred (quarterly)
$134
Whitman(Wm.) Co., Inc., preferred
Wisconsin Michigan Power, 6% pref. (quar.).. $I
3754c
Wisconsin Power & Light Co.,6% preferred
4334c
7% preferred
lSc
Yale & Towne Mfg. Co.(quar.)
July
July
July
July
June
June
July
July
July
I June
1 June
2 June
2 June
26 May
19 May
1 June
2 June
2 June
15
15
15
15
25
22
20
11
11
June
July
July
June
July
July
July
June
July
I May
2 June
2 June
30 June
2 June
2 June
2 June
1 May
12 June
23
16
16
23
16
16
15
20
30
June 1 May 22
July 1 June 21
June 1 May 21
July 2 June 1
July 3 June 15
July 2 June 19
June 15 May 31
July 1 June 15
July 2 June 15
July 2 June 15
July 2 June 4
July 2 June 4
June 30 June 15
Aug. 1 July 20
July 2 June 15
June 10 May 31
July 2 June 15
July 2 June 15
July 15 June 20
June 28 June 15
July 2 June 15
July 2 June 15
July 2 June 5
July 2 June 5
July 2 June 5
July 25 June 30
July 25 June 30
June
May 26
July 2 June 15
July 2 June 15
July 2 June 15
July 2 June 15
July 2 June 15
July 2 Tune 11
July 2 June 11
June 15 May 31
May 1 Apr. 16
June 15 May 21
June 27 June 18
June 1 May 24
July 2 June 20
Aug. 1 July 20
Sept. 1 Aug. 20
Sept. 1 Aug. 20
July 2 June 15
July 2 June 15
June 30 June 20
July 2 June 14
July 2 June 1
July 2 June 1
July
June
July
June
July
1 June
I
3 June
1 May
16 June
2
15
16
July 2 June
July 2 June
July 2 June
June 15 June
July 1 June
June 15 June
July 12 June
June 15 May
June 15 May
May 31 Apr.
June 15 June
June 15 June
July 1 June
July 1 June
July 1 June
June 30 June
June 15 May
June 15 May
July 2 June
20
20
20
5
15
1
21
31
31
11
1
5
19
19
19
15
31
31
15
9
July 2 June 15
July 2 June 15
July 16 June 20
July 2 June
July 2 June
June 30 June
Aug. 1 July
Aug. 1 July
July 2 June
June 15 June
June I May
May 28 May
June I May
June 30 June
July 14 June
July 2 June
July 2 June
July i 2 June
July 1 June
July 2 June
July 2 June
June 20 May
July 2 June
July 2 June
July 2 June
May 31 May
July 2 June
July 2 June
4
4
9
7
7
20
5
21
21
25
8
30
15
1
5
15
15
15
31
10
10
20
21
30
15
June 30 June 15
Aug. 1 July 5
Aug. I July 5
June 15 June 5
Sept. 15 Sept. 5
Dec. 15 Dec. 5
June 15 June 1
June 15 May 31
June 15 May 31
June 15 May 51
July 2 June 11
Volume 138
Financial Chronicle
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.
Abbott Dairies, Inc.,corn.(quar.)
25c June I May 15
1st an-I 2nd preferred (quar.)
$134 June 1 May 15
Abraham & Straus, Inc., corn. (guar.)
30c June 30 June 21
Extra
15c June 30 June 21
Affiliated Products, Inc., corn. monthly)
5c June 1 May 17
Agnew Surpass Shoe Store, Ltd.. pref.(quar.)
July 3 June 15
$134
Alabama Great Southern RR. Co., preferred
3% Aug. 15 July 14
Alabama Power Co.. $7 pref. (quar.)
$15.1 July 2 June 15
$6 preferred (guar.)
$134 July 2 June 15
$5 preferred (quar.)
$134 Aug. 1 July 16
Allegheny Steel, pref.(quar.)
51 34 June 1 May 15
Allen Industries $3 preferred
h75c June I May 31
Allied Laboratories preferred (quar.)
8734c July 1 June 26
Aluminum Mfg. (quar.)...
50c June 30 June 15
Quarterly
50c Sept.30 Sept. 15
Quarterly
50c Dec. 31 Dec. 15
7% preferred (guar.)
$134 June 30 June 15
7% preferred (quar.
$134 Sept.30 Sept. 15
7% preferred (guar.
$134 Dec. 30 Dec. 15
American Arch (quar.
25c June I May 21
American Business Shares (quar.)
2c June 1 May 15
American Capital Corp.,$3 pref
h75c June 4 May 19
$534 preferrel (guar.)
11134 June 1 May 15
American Chicle (quarterly)
75c July 2 June 12
American Cigar Co.. common (quar.)
$2 June 15 June 1
Preferred (quarterly)
$155 July 2 June 15
American Credit Indemnity of N. Y
e257 May 29 May 22
American Dock Co.,8% pref. (guar.)
$2 June I May 21
American Electrical Securities Corp.—
Participating preferred
734c June I May 19
American Enka Corp. (guar.)
25c July 2 June 15
American Envelope,7% pref. (guar.)
$134 June I May 25
7% preferred (quar.)
$134 Sept. 1 Aug. 25
7% preferred (guar.)
$PX Dec. 1 Nov. 25
American Factors. Ltd.(monthly)
10c June 9 May 31
American & General Securities class A common _
7.1ic June 1 May 15
$3 series cumulative preferred
7ac June 1 May 15
American Hardware Corp.(guar.)
25c July I
Quarterly
25c Oct. 1
Quarterly
Jan 1'35
American Home Products Corp.(monthly)
20c June 1 May 140
American Radiator & Standard Sanitary Corp.
Preferred (guar.)
$134 June 1 May 21
American Smelting & Refining, 7% 1st pref
14434 June 1 May 14
American Steel Foundries, 7% pref. (guar.).-50c June 30 June 15
American Stores Co.(quarterly)
50c July 2 June 15
American Sugar Refining Co., com. (quar.)
50c July 2 June 5
Preferred (quarterly)
$134 July 2 June 5
American Telephone & Telegraph (guar.)
$234 July 16 June 15
American Thread Co.. pref. (3.-a.)
1234c July 2 May 31
American Tobacco Co.corn. Ztr corn. B (quar.)
$134 June 1 May 10
Andian National Corp., Ltd.(coup. No.71)- -- - tail June 1 May 15
Archer-Daniels-Midland Co.. corn. (quar.)
25c June 1 May 21
Artloom Corp. cumulative preferred (quar.)__
h$134 June 1 May 15
Associates Investment, coin. (Guar.)
$1 June 30 June 20
Preferred (quarterly)
$134 June 30 June 20
Atlantic Refining Co. (quar.)
25c June 15 May 21
Atlas Corp.,$3ref. A (quar.)
75c June I May 19
$3 preferred quar.)
75e Sent. 1 Aug. 20
$3 eferred guar.)
75c Dec. 1 Nov. 20
Atlas l'owder Co.. corn.(quar.)
50c June 11 May 31
Automotive Gear Works,pref.(quar.)
41 Xc June 1 May 20
13amberger (L.) & Co.
% pref.(guar.)
5134 June 1 May 15
Bangor & Aroostook RR.Co.corn.(quar.)
62c July 2 May 31
Preferred (guar.)
$134 July 2 May 31
Bangor Hydro-Electric Co.,7% Pf.
$134 July 2 June 15
(qu.)
6% preferred (quarterly)
$134 July 2 June 15
Bankers Investors Trust of Amer.(5.-a.)
30c June 30 June 15
Barber(W. H.)& Co.,pref.(quar.)
$134 July 1 June 20
Preferred (quar.)
$151 Oct. 1 Sept.20
Preferred (quar.)
$134 Jan 1'35 Dec. 20
Baton Rouge Electric, pref. (guar.)
$134 June I May 15
Beech-Nut Packing Co., coin. (guar.)
75c July 2 June 12
Belding-Corticelli, Ltd., pref. (guar.)
$134 June 15 May 31
Bigelow-Sanford Carpet, prof
$2 June 31 May 10
Birmingham Electric, $7 preferred
May 1
h$3 X
$6 preferred
h$3
May 1
Birmingham Water Works,6% pref.(quar•)---- 3134 June 15 June 1
Blackstone Valley Gas & Elec. Co., pref. (s.-a.)$3 June 1 May 15
Block Bros. Tobacco (quar.)
3734c Aug. 15 Aug. 11
Quarterly
3734c Nov. 15 Nov. 11
Preferred (gnarl
June 30 June 25
$I
Preferred (guar.
$I
Sept.30 Sept.25
•
Preferred (guar.
$134 Dec. 31 Dec. 24
Blue Ridge Corp..$3 optional cony. pref.(guar.)
June 1 May 5
Bon And, class A (guar.)
$1 July 31 July 15
Class B (quar.)
50c July 1 June 19
Boots l'ure Drug,ord. register (extra)
5%
Borden's, common (guar.)
40c June 1 May 15
Boston & Providence
$2.125 July
R.R. Co.(quar.)
June 20
Quarterly
$2,125 Oct. 1 Sept. 1
Boston Wharf Co. (semi-annual)
$134 June 30 June I
Boston Woven Hose & Rubber Co. preferred$3 June 15 June 1
Bower Roller Bearing Co.,(guar.)
25c July 20 July 1
Brach (E. J.)& Sons,common
June I May 12
10c
(guar.)
Bridgeport Gas Light (quar.)
60c June 30 June 15
Bridgeport Machine Co., preferred
141 May 31 May 21
Brill° Mfg. Co.,Inc., corn.(guar.)
15c July 2 June 15
Class A (quar.)
50c July 2 June 15
Bristol Myers Co.common
50c June 1 May 10
(guar.)
Extra
10c June 1 May 10
Brooklyn Edison (quar.)
$2 June 1
Brooklyn Union Gas Co.(guar.)
$134 July 2 June 1
Buckeye Pipe Line Co. cait t
75c June 15 May 31
Quarterly
75c June 15 May 31
Brown Shoe Co.. common (guar.)
75c June 1 May 21
Buffalo Niagara & Eastern Power, pref. (guar.)
40c July 2 June 15
$5 1st preferred (quarterly)
$134 Aug. 1 July 14
Burmah Oil Co., Ltd..
corn.
zw15 o
Common, bonus
zw2 %
Common, bonus
e33 -3%
Burroughs Adding Machine Co.
10c June 5 May 5
(guar.)
Butler Watet% 7% pref.(quar.)
$134 June 15 June 1
Cables & Wireless, Ltd., preference
w2X% June 4 Apr. 20
Calamba Sugar Estates (quar.)
40c July 1 June 15
7% preferred (quar.)
35c July I June 15
California Packing Corp
3734c June 15 May 31
Canada Malting,-Ltd. (quarterly)
June 15 May 31
3734c
Canadian Canners, Ltd., 1st pref.(guar.)
r$134 July 3 June 15
2d preferred
r734c July 3 June 15
Canadian Cottons, Ltd., Corn. (guar.)
r$1 July 4 June 17
Preferred (quarterly)
r$1 X July 4 June 17
Canadian Hydro Electric Corp., 1st pref. (qu.)- r$134 June 1 May 1
Canadian 011 Co., Ltd., pref. (quar.)
$2 July 1 June 20
Canadian Vinegars Ltd.(quar.)
r40c June I May 15
Canfield Oil. 7% prof. (guar.)
$181 June 30 June 20
Carnation Co. preferred (quar.)
134 July 2
Preferred (quar.
134 Oct. 2
Preferred (quar.
134 Jan. 1
I
Carolina Tel.& TJ.(guar.)
$234 July 2 June 23
Carter (Wm.),6% preferred (guar.)
$134 June 15 June 9
Caterpillar Tractor Co
12 Mc May 31 May 15
Celanese Corp.of Amer.,7% 1st pref.(quar.)--hil June 1 May 18
Central Arkansas Pub. Service Corp., pref.(uu.) $134 June 1 May 15
Central Franklin Process, 1st & 2nd pref. (411.)- $1
July 2 June 30
Central Illinois Light Co.,6% Prof-(quar.)-- 134
July 2 June 15
7% preferred (quarterly)
July 2 June 15
134
Name of Company.
3561
Per
When Holders
Share. Payable. of Record.
Central Miss. Valley Elec. Prop., pref.(quar.)_ _ $134 June 1 May 15
Centrifugal Pipe Corp. (quar.)
10c Aug. 15 Aug. 5
Quarterly
10c Nov. 15 Nov. 5
Century Ribbon Mill, Inc.. preferred (quar.)
$134 June 1 May 19
Champion Coated Paper Co.
1st and special preferred
$134 July 1 June 20
Champion Fiber Co., pref. (quar.)
$13.4 July 2 June 20
Chartered Investors, $5 pref. (quar.)
$134 June 1 May 1
Chesapeake Corp. (quarterly)
63c July 2 June 8
Chesapeake & Ohio lty. Co., corn. (guar.)
70c July 1 June 8
Preferred (semi-annually)
$334 July 1 June 8
Chesebrough Mfg. Co. (quar.)
SI June 29 June 7
Extra
50c June 29 June 7
Chestnut 14111 RR.(quar.)
75e June 4 May 21
25c June 1 May 15
Chicago Corp., preferred (quar.)
25c June 30 June 20
Chicago Flexible Shaft Co., corn. (quar.)
Chicago Rivet & Mach
25c June 15 June I
25c June 1 May 21
Chicago Yellow Cab (quar.)
Chrysler Corp. corn. (quar.)
25c June 30 June 1
Common extra
25c June 30 June 1
Cincinnati New Orleans & Texas Pacific (s.-a.)
$4 June 26 June 4
$1 34 June I May 19
Preferred (guar.)
Cincinnati Union Terminal,4% pref.(quar.) _ $134 July 1 June 20
4% preferred (quar.)
$134 Oct. 1 Sept.20
4% preferred (guar.)
$13.4 Janl'35 Dec. 20
Citizens Gas of Indianapolis, pref.(guar.)
$134 June 1 May 19
City Ice & Fuel Co., corn. (quar.)
50c June 30 June 15
Preferred (quarterly)
$134 June 1 May 19
Clark Equipment Co., corn. (quar.)
20c June 15 May 29
8714c June 1 May 10
Cleveland & Pittsburgh, reg. gtd.(guar.)
Registered guaranteed (quar.)
8734c Sept. 1 Aug. 10
Registered guaranteed (quar.)
87 c Dec. 1 Nov. 10
Special guaranteed (guar.
June 1 May 10
5
Special guaranteed (quar.
50c Sept. 1 Aug. 10
Sepcial guaranteed (quar.)
50c Dec. 1 Nov. 10
Coast Counties Gas & Electric, 1st pref. (quar.) $136 June 15 May 25
Coca-Cola Co.. common (guar.)
$134 July 2 June 12
Class A (sem -annua')
$1 X July 2 June 12
Colgate-Palmolive-Peet Co., pref. (quar.)
$1 X July I June 9
Collins & Aikman,pref.(quar.)
$134 June 1 May 18
Colt's Patent Fire Arms (quar.)
25c June 30 June 9
Columbian Carbon Co.(quar.)
75c June 1 May 15
Columbia Pictures Co., preference(quar.)
75c June 1 May I7a
Commercial Investment Trust Corp., corn.(qu.)
50c July 1 June 5a
Convertible preference stock
July 1 June 5a
Compania-Hispania Americana de Electric—
Amer. dep. rec. series E bearer (s.-a.)
4s. fr
May 31
Compo Shoe Machinery Corp.. com.(guar.)-12 Xc June I May 21
Compressed Industrial Gases (quar.)
50c June 15 May 31
Confederation Life Association (guar.)
$1 June 30 June 25
Quarterly
$1 Sept.30 Sept.25
Quarterly
Dec. 31iDec. 25
Congoleum-Nairn. Inc., corn. (quar.)
323.5c June 15 June 1
Connecticut Light & Power,634% pref.(quar.)_ $134 June 1 May 15
% preferred (quar.)
$134 June 1 May 15
Connecticut Power Co.. corn. (guar.)
6234c June 1 May 15
Consolidated Cigar Corp., pref. (quar.)
$184 June 1 May 15
Consolidated Diversified Stand. Security—
Preferred (semi annual)
25c June 15 June 1
Consolidai eel Gas Co. of N. Y.common (quar.)_
50c June 15 May 11
Consolidated Gas, El. Lt. & Pow. Co. of Bait.—
Common (quarterly)
90c July 2 June-15
$134 July 2 June 15
Series A. 55 preferred (quarterly)
Series D,6% preferred (quarterly)
$134 July 2 June 15
Series E,5% preferred (quarterly)
$134 July 2 June 15
Consolidated Film Industries, pref
h50c July 2 June 8
Consolidated Gold of So. Africa, interim
xis 3d June 14
Consolidated Paper
15c June 1 May 21
$134 July 2 June 15
Consumers Power Co..$5 pref.(quar.)
6.6% preferred (guar.)
$1.65 July 2 June 15
7% preferred (quar.)
$134 July 2 June 15
6% preferrd(monthly)
50c June I May 15
6% preferred (monthly)
50c July 1 June 15
55c June 1 May 15
6.69 preferred (monthly)
6.6% preferred (monthly)
55c July 1 June 15
Conta,ner Seem' ties
25c June 1 May 15
Continental Casualty (Chicago, Ill.) (quar.)
The June 1 May 15
COMO MitiS Co.(quarterly)
25c June 1 May 21
Creameries of America, pref. (quar.)
8734c June 1 May 10
Crow's Nest Pass Coal (5.-a.)
$2 June 1 May 10
Crown Cork & Seal Co., Inc., pref. (quar.)_
68c June 15 May 310
Crown Zellerbach Corp.,$6 cl. A & B cum
h373.4c June 1 May 14
Crum & Forster Insuranceshares Corp.—
Class A & B (quarterly)
15c May 31 May 21
Class A & B (extra)
10c May 31 May 21
7% preferred (quarterly)
$134 May 31 May 21
8% preferred (quarterly)
$2 June 30 June 20
Cuneo Press. Inc., preferred (guar.)
$1 84 June 15 Tune 1
Cushman's Sons, Inc., corn. (guar.)
25c June 1 May 15
7% preferred (quar.)
$134 June 1 May 15
$8 preferred (guar.)
$2 June I May 15
Dayton Power & Light Co..6% pref.(monthly)
50c June 1 May 19
Deere & Co.. preferred
h5c June 1 May 15
Dennison Mfg. Co.,debenture stock
h2% May 28 May 18
Denver Union Stockyards (guar.)
50c July 1
Quarterly
50c Oct. 1
Quarterly
50c Jan. 1
7% preferred quar.)
$134 June I May 20
7% preferred guar.)
$134 Sept. 1 Aug. 20
7% preferred guar.)
$134 Dec. 1 Nov. 20
Deposited Bank Shares of N. Y.(s.-a.)
2 X% July 2 May 15
Detroit City Gas, pref. (quar.)
$134 June 1 May 25
Detroit Hillsdale & Southwestern (semi-ann.)—
$2 July 7 June 20
Diamond Match Co. common (quar.)
25e June 1 May 15
Dictaphone Corp., preferred (quar.)
$2 June I May 18
Doctor Pepper Co.(guar.)
15c June I May 15
Quarterly
15c Sept. 1 Aug. 15
Quarterly
15c Dec. 1 Nov. 15
Dome Mines, Ltd. (quar.)
50c July 20 June 30
Extra
$IX July 20 June 30
Dominion Textile Co., Ltd.,common (quar.)--- $134 July 3 June 15
Preferred (quarterly)
$PX July 16 June 30
Dow Chemical
e50% July 2 June 16
Driver-Harris Co.. 7% pref. (guar.)
$14 July 1 June 20
Dunlop Rubber Co.. Am.dep. rec, ord. reg- _ zta 8
June 2 May 15
Durham Hosiery Mills,6% pref
h5Oc June 1 May 15
East Mahanoy RR (s. a.)
$134 June 15 June 5
Eastern Gas & Fuel Associates, corn. (quar.)--150 June 1 May 15
Prior preferred (quarterly)
$1.125 July 1 June 15
$6 preferred (quarterly)
$134 July 1 June 15
Eastern Shore Public Service $654 prof.(guar.)-$134 June 1 May 10
36 preferred (guar.)
$134 June 1 May 10
Eastman Kodak, COM. (euar.)
$1 July 2 June 5
Preferred (quarterly)
3134 July 2 June 5
East St. Louis & Interurban Water7,preferred (quarterly)
$134 June 1 May 19
6% preferred (quarterly)
$134 June I May 19
El Dorado Oil Works (quarterly)
37Xc June 1 May 21
Elizabeth & Trenton (s-a)
SI Oct. 1 Sept. 20
5% preferred (s-a)
$134 Oct. 1 Sept. 20
El Paso Electric. pref. (guar.)
$134 July 16 June 29
Ely Walker Dry Goods Co., corn. (guar.)
25c June 1 May 21
Emerson's Bromo-Seltzer, 89 pref. (guar.)50c July 1 June 15
F.mpire&Bay8tateTeleg..4guar.(quar.)_ $1 June 1 May 22
4 guaranteed (guar.)
$1 Sept. 1 Aug. 22
I guaranteed (quar.)
Dec. 1 Nov.21
$1
Empire Capital, series A (guar.)
10c May
Empire Gas & Electric,6% pref.(guar.)
$134 June 31 Apr. 3
20
1
7 preferred C(guar.)
$IX June 1 Apr. 30
6 o preferred D (quar.)
$134 June 1 Apr. 30
Eopens. Smith (semi-annual)
$2 Aug. 1 July 25
Erie & Pittsburgh RR..7% guaranteed (quar.)_ 87 Xc dJune 9 May 31
Financial Chronicle
3562
Name of Company.
When Holders
Per
Share. Payable. of Record.
Escanawba Power & Traction,8% Pref.(quar.).. $1% Aug. 1 July 27
sl% Nov. 1 Oct. 26
6% preferred (guar.)
Essex Company (8.-a.)
$3 June 1 May 11
$4 June 1 May 19
Essex & Hudson Gas Co. (s.-a.)
25c June 1 May 15
Faber Coe & Gregg (quarterly)
25c Sept. 1 Aug. 15
Quarterly
25c Dec. 1 Nov. 15
Quarterly
25c 3-1-35 2-15-35
Quarterly
5c July 2 June 15
Falconbridge Nickel Mines
$2% July 1 June 10
Farmers & Traders Life Insurance Co.(quar.)
$2% Oct. 1 Sept. 10
Quarterly
$1% June 1 May 15a
Federal Light & Traction Co., pref.(guar.)
10c June 20 June 9
Ferro Enamel Corp., corn. (quar.)
Sc June 20 June 9
Common (extra)
$1% June 1 May 15
Firestone Tire & Rubber Co., pref.(guar.)
First Holding Corp. (Pasadena),6% pref. (qu.) 31% June 1 May 19
Fitz-Simon's & Connell Dredge & Dock—
12%c June 1 May 21
Common (quarterly)
87%c June 1 May 15
Florida Power Corp.. pref. (guar.)
50c June 15 June 10
Food Machinery, 6 % preferred (monthly)-50c July 15 July 10
% preferred (monthly)
50c Aug. 15 Aug. 10
% preferred (monthly)
50c Sept. 15 Sept. 10
65i% preferred (monthly)
r50c May 28 May 8
Ford Motor Co. of Canada. Ltd.. class A.& B-$1% June 1 May 17
Franklin Simon & Co., pref. (guar.)
50c June 1 May 15
Freeport Texas Co.(quarterly)
Aug. 1 July 12
$I
6% preferred (quar.)
June 15 June 5
$1
Gamewell Co., pref. (guar.)
June 1 May 16
Gates Rubber,7% pref.(guar.)
$1% June 1 May 23
General Cigar Co., Inc., preferred (guar.)
$1% Sept. 1 Aug. 23
Preferred (guar.)
$1% Dec. 1 Nov. 22
Preferred (guar.)
80 fr.
Generale d'Electricite
General Italian Edison Electric Amer. Shares...... $3.39
25c June 12 May 17
GeneralMotors Corp., corn. (guar.)
El% Aug. 1 July 9
$5 preferred (ruarterly)
July 2 June 15
$1
Georgia Power Co., $6 preferred (guar.)
July 2 June 15
$1
$5 preferred (quar.)
German National RR. Co.. 7% preferred-Coupon No. 16 of series IV and coupon
%
No. 12 of series V (s.-a.)
40c July 2 June 15
Glens Falls Ins. Co.(guar.)
$1% June 1 May 19
Globe Dem Publishing, pref. (guar.)
$1% June 1
Godman (H. C.). 1st preferred (quar.)
40c June 10 May 31
Golden Cycle Corp. (quay.)
$1 July 2 June 1
Goodyear Tire & Rubber Co.,7% pref. (quar.)_
$1% July 2 June 20
Gold & Stock Telegraph (guar.)
50c June 30 June 20
Gorton-Pew Fisheries (guar.)
July 2 June 20
Gottfried Baking Co., Inc., preferred (quar.)
Oct. 1 Sept.20
Preferred (guar.)
1%% Jan. 2 Dec. 20
Preferred (guar.)
$3 June 30 June 28
Grace(N. R.)6% first pref. (semi-annual)
Dec. 29 Dec. 27
6% first preferred (semi-annual)
June 20 June 9
Grand Rapids & Indiana Ry.(semi annual)
75c June 1 May 10
Grand Union Co., pref. (guar.)
Great Atlantic & Pacific Tea Co. of America—
$1% June 1 May 4
Common (quar.)
25c June 1 May 4
Extra
June 1 May 4
7% preferred (guar.)
25c June 1 May 19
Great Northern Paper Co. (guar.)
Gt. Western Electro Chem Co.,6% 1st pf.(qu.) $1% July 1 June 20
Green & Coats Street Phila. Passenger By., pref- $135 July 7 June 22
Oct. 6 Sept.22
Preferred
July 1 June 20
$1
Greenwich Water & Gas.6% pref. (guar.)
June 15 June 1
$1
Gulf States Utilities Co.. $6 pref. (guar.)
$1, June 15 June 1
$5% preferred (quarterly)
75c June 1 May 16
Hackensack Water Co.common (semi•ann.)._
43%c June 30 June 18
7% preferred class A (auar.)
15c June 1 May 15
Hale Bros. Stores.Inc.(guar.)
15c Sept. 1 Aug. 15
Quarterly
150 Dec. 1 Nov. 15
Quarterly
June 30 May 31
Hamilton United Theater. pref.(guar.)
July 2 June 15
Hammermill Paper Co.,6% pref. (guar.)
12%c June 1 May 21
Hanes (P. H.) Knitting Mills,corn. & corn. B
$1% July 2 June 20
7% preferred (guar.)
Aug. 1 July 21
Harbauer Co.. 7% preferred (guar.)
Oct. 1 Sept.21
7% preferred (guar.)
Jan l'35 Dec. 21
7% preferred (quar.
June
1 May 22
25c
common
Refractories
Harbison-Walker
July 20 July 10
Preferred (guar.)
June 1 vIay 15
Hardesty (R.) Mfg.,7% pref.(guar.)
Sept. 1 Aug. 15
7% preferred (quar.
1 Nov. 15
*13 Dec
7% preferred (guar.)
May 31 May 24
20c
(monthly)
Co.
Agricultural
Hawaiian
60c July 15 July 5
Hawaiian Sugar (guar.)
20c June 30
Hawaii Consolidated Ry., Ltd..7% pref. A
$2% June 15 June 1
Hazeltine Corp. (special distribution)
10c June 15 May 15
Hecla Mining Co
25c June 1 May 21
Helena Rubinstein, $3 pref. (guar.)
10e June 29 June 22
Hibbard. Spencer. Bartlett& Co.(guar-)
50c June 1 May 16
Hires (Chas. E.) Co., class Acorn. (guar.)
25c June 1 May 18
Hobart Manufacturing Co., corn. (guar.)
$1% Aug. 1 Jul) 15
Holly Sugar Corp., preferred
15c June 20 June 12
(monthly)
Honolulu Gas
25c June 9 May 31
Honolulu Plantation (monthly)
June 1 May 15
$1
Hooven & Allison Co. 77. preferred (quar.)
June 1 May 12
$1
Horn & Hardart Co. of N.Y.pref.(quar.)
$1.0
Household Finance,pref.(quar.)
75c
Quarterly
$4 June 1 May 19
Hudson County Gas Co.(semi-annual)
June 1 May 19
$1
Huntington Water,7% pref.(guar.)
June I May 19
$1
6% pteferred (quarterly)
10c June 5 May 31
Hutchinson Sugar Plantation (monthly)
k7%
I. G. Farbenindustrie (conpar No. 12)
$13i June 1 May 21
Illinois Water Service,6% pref.(guar.)
June 8
Imperial Chem.Ind. Amer.dep.rec.for ord.she.
June 1
Deferred shares
July 3
Imeriai Life Assurance (guar.)
Oct. 1
uarterly
Jan.1 15
Quarterly
r 250 June 1 May 15
Imperial Oil(s-a)
1 May 15
June
r15c
Extra
$1% June 1 May 1
Indiana Hydro Elec. let pref. (quar.)
Indianapolis Water Co.,57 pref. ser. A (guar.) $1% June 30 June ha
31% Aug. 1 July 27
Industrl CottonMills(R.H..S.0.).7%Pf.(qr.)
15c June 1 May 15
Industrial & Power Security Co.(guar.)
June 1 May 7
(guar.)
37T
Ingersoll-Rand Co.. corn.
July 16 June 20
International Harvester Co., common (guar.)._
June 1 May 5
$131
Preferred (guar.)
International Milling Co.
$1% June 1 May 19
1st preferred, original series (guar.)
$134 June 1 May 19
6% 1st preferred A stock (guar.)
10c June 30 May 31
International Nickel Co. of Canada. corn
July 2 June 30
(guar.)
$1
Telegraph
Ocean
International
r56c June 1 May 15
International Petroleum (s-a)
June
1 May 15
r44c
Extra
h$2 June 15 June I
International Power Security, $8 pref
60c June 1 May 22
International Safety Razor, A (guar.)
37%c July 2 June I5a
International Salt Co
July 2 June 15
International Teleg. Co.of Maine (semi-annual) $1.33
50c Aug. 15 Aug. 1
Hosiery
(guar.)
Mille
Interstate
50c Nov. 15 Nov. 1
Quarterly
50c June 15 June 1
Investment Corp. of Phila
200 June 1 May 10
Iron Fireman Mfg. Co.. corn. (guar.)
20e Sept. 1 Aug. 10
Common (guar.)
200 Dec. 1 Nov. 10
Common (guar.)
pref.(guar.) $131 June 1 May 15
Ironwood & Bessemer By. & Light,
June 1 May 25
$1
(guar.)
pref.
'7%
Mills,
Knitting
Jantzen
June 1 May 25
h$1
7% preferred
I5c June 30 June 20
Kalamazoo Vegetable Parchment Co.(quar.)-150 Sept.30 Sent. 20
ly
150 Dec. 31 Dec. 20
ly
I
$35(
2=
Name of Company.
May 26 1934
When Holders
Per
Share. Payable. of Record
Kansas City Power & Light. 1st pref. B (guar.). $1% July 1 June 14
50c June 15 May 31
Katz Drug Co., common (guar.)
$1% July 2 June 15
Preferred (quarterly)
$1% July 2 June 9
Kaufmann Dept. Stores, pref. (guar.)
$134 June 1 May 10a
Kendall Co., partic. pf.ser. A (guar.)
92c June 1 May 10a
Partic. preferred series A (partic. div.)
25c May 29 May 17
Kentucky Utilities, 7% junior preferred
$19.07
Keystone Custodian Funds. series 1.1 (lig.)_
50c June 15 June 5
Keystone Steel & Wire
$1% July 2 June 12
Kimberly-Clark Corp., pref. (guar.)
25c July 2 June 20
Klein (D. Emil) Co., common (guar.)
25c June 1 May 10
Kroger Grocery & Baking, common (quar.)_
July 2 June 20
Si
6% preferred (quarterly)
Aug. 1 July 20
$1
7% preferred (quarterly)
L'Air Liqulde, Am. dep. rec. ser. 0 bearer she., 19.596fr June 8 May 31
r50c June 15 June 1
Lake Shore Mines, Ltd.(quarterly)
r50c June 15 June 1
Extra
Lake Superior District Power Co.
$1% June 1 May 15
7% preferred (ruarterly)
$1% June 1 May 15
6% preferred (quarterly)
37%0 June 30
Landers. Frary & Clark.corn.(guar.)
37%c Sept. 30
Common (guar.)
3734c Dec. 31
Common (guar.)
$131 June 15 June 5
Landis Machine, pref. (guar.)
$1% Sept. 15 Sept. 5
Preferred (guar.)
31% Dec. 15 Dec. 5
Preferred (guar.)
31
May 31 May 21
Lanston Monotype Machine Co. (guar.)
75c June 1 May 15
Laura Secord Candy Shops, Ltd. (guar.)
250 May 31 Apr. 30
Lehigh Coal& Navigation
25c June I May 19
Lehigh Power Security Corp.(guar.)
50c June 1 May 15
Lehn & Fink Products,corn.,(guar.)
30c June 15 May 31
Libby-Owens Ford-Glass (guar.)
40c June 1 May 1
Life Savers Corp. (guar.)
$1 June I May 15
Liggett & Myers Tobacco Co.,corn (quar.)
$1 June 1 May 15
Common B (quarterly)
37%c June 15 June 1
Lily-Tulip Cup (quay.)
300 Aug. 1 July 26
Lincoln Nat. Life Ins.(Ft. Wayne)(guar.)
30c Nov. 1 Oct. 26
Quarterly
25c June 1 May 25
Lincoln Stores, Inc., corn. (guar.)
$1% June 1 May 25
Preferred (quarterly)
10c June I May 15
Link Belt Co., common (guar.)
$1% July 2 June 15
Preferred (quar.)
80c June 9 May 25
Little Miami RR.special guaranteed (quar.)_
June 9 May 25
$1.10
Original
Loblaw Groceterias Co., Ltd., class A & B (qu.) r25c June 1 May 14
r15c June 1 May 14
Class A and B (bonus)
lOs June 19
London Tin Corp., 731% part. pref
$1% July 1 June 18
pref. (quar.)
Loose-Wiles Biscuit
June 1 May 17
$134
preferred
Co.
(quar.)
Lord & Taylor
Louisville Gas & Electric Co.of Delaware—
37%c June 25 May 31
Class A & B,common (guar.)
$134 June 1 May 5
Ludlow Manufacturing Association (guar.)
$131 July 1 June 22
Lunkenheimer Co.• 631% Pref. (guar.)
31 Oct. 1 Sept.21
(quar.
1:)
,rirreerre3
5 Jan. 2 Dec. 22
631%
$3 July 2 June 15
& Abingdon Teleg. (semi-annua)
100 fr.
Lyonnais° des Eaux
$3 July 10 June 30
MacFadden Publications, inc., $6 pref
Aug. 15 Aug. 5
(guar.)
Co.,
preferred
Magnin (I.) &
Nov. 15 Nov. 5
Preferred (guar.)
150 June 1 May 15
Manhattan Shirt Co.,(MM.(guar.)
15c July 2
Mani Agriculture, Ltd. (guar.)
75c July 2 June 15
Mapes Consol Mfg.(guar.)
zw6%
Marconi's Wireless Teleg. Co., Ltd.. corn
40c June 1 May 15
May Department Stores, corn. (guar.)
$1% Juno 1 May 25
Mayer (O.) & Co., 1st pref. (guar.)
$2 June 1 May 25
2d preferred (guar.)
50c June 15 June 1
Mayflower Associates (guar.)
31 June 1 May 17
May Hosiery Mills, Inc., pref
43%c May 31 May 30
McClatchy Newspapers.7% pref.(guar.)
r20c June 15 May 15
McColl Frontenae Oil Co.. common (guar.)._ -25c June 1 May 22
McGraw Electric. corn.(special)
25c June 1 May 1
McIntyre Porcupine Mines (guar.)
25c June 1 May 1
Bonus and extra
25c June 1 May 18
McWilliams Dredging Co.. corn. (guar.)
50c June 1 May 21
Merrimac Hat Corp. (guar.)
Si June 1 May 21
Preferred (guar.)
81,c June 1 May 21
Metal Textile Corp., panic. pref. (guar.)
Metro-Goldwyn Pictures Corp., pref. (guar.).- 1 4% June 15 May 25
5c June 1 May 25
Middlnsex Water (quarterly)
h25c June 15 June 5
Midland Royalty. $2 preferred
33 July 1 June 20
Milland Grocery 6% preferred (semi ann.)
June 1 May 25
$1
Milwaukee Gas Light 7% pref. A (guar.)
June 1 May 25
$1
Minneapolis Gas Light 7% pref. (guar.)
June 1 May 25
Si
6% preferred (guar.)
July 2 June 1
32
Mobile & Birmingham
4% gtd (s-a)
Monroe Loan Society. pref.A
RR.. (quar.)
5131 Juno 1 May 21
250 June 15 May 25
Monsanto Chemical Works(qua?.)
Montreal Loan & Mtge. (quar.)
75c June 15 May 31
Moore Dry Goods Co. (1:11.181%)
July 1 July 1
Quarterly
Oct. 1 Oct. 1
Quarterly
194 Jan. 1 Jan. 1
Morrell (John),(guar.)
75c June 15 May 28
July I June 20
Morris 5 & 100. Stores. 7% pf.(guar.)
Si
7% preferred (guar.)
51% Oct. 1 Sept.20
Morris Finance, A. (guar.)
5134 June 30 June 20
Series B (guar.)
30c June 30 June 20
7% preferred (guar.)
June 30 June 20
Morris Plan Ins. Soc.(guar.)
June 1 May 26
Quarterly
1 Sept. 1 Aug. 25
Quarterly
1 Dec. 1 Nov.28
Motor Finance (quarterly)
20c June 1 May 24
Mt. Diablo Oil Mining & Development
June 1 May 24
Muncie Water Works,8% pref.(guar.)
2 June 15 June 1
400 June 1 May 22
Murphy (G. C.) Co.. corn.(guar.)
Muskogee Co.. common
25c June 15 June 5
6% cum. preferred (qua?.)
SI
June 1 May 19
Mutual Chem.of America, pref.(guar.)
June 28 June 21
Preferred (quar.
Sept.28 Sept.20
11
Preferred (guar.)
1
Dec. 28 Dec. 20
Mutual Telephone (Hawaii) (monthly)
8c June 20 June 9
25c June 30 June 15
Myers (F. C.) & Bros. (guar.)
Preferred (quay.)
June 30 June 15
Nashua Gummed & Coated Paper
June 12 June 11
Nashville & Decatur RR.. 731% guar.
- 93%c July 2 June 20
41% June 1 May 15
National Automotive Fibers 7 preferred
50c July 14 June 15
National Biscuit Co.. cam.(guar.)
Preferred (quar.)
$1% May 31 May 170
25c June 15 May 31
National Bond & Share Corp
50c June 1 May 10
National Container Corp. common Written50c June 1 May 15
Preferred (guar.)
h50c June 1 May 15
Preferred
50c Sept. 1 Aug. 15
Preferred (guar.)
h50c Sept. I Aug. 15
Preferred
50c Dec. 1 Nov. 15
Preferred (guar.)
/150c Dec. 1 Nov. 15
Preferred
50c June 30 June 4
National Enameling & Stamping Co
150 July 2 June 11
National Finance Corp.of Amer.(guar.)
15c July 2 June 11
6% preferred (quarterly
150 July 2 June 11
Extra
$1% June 15 June 1
National Lead Co., class A pref. (quar,)
National Life & Accident Ins. (Nash., Tenn.)—
50c June 1 May 20
Quarterly
20c June 1 May 7
National Power & Light
50c July 2 June I
National Sugar Refining Co. of N. J
40c Juno 15 May 25
National Transit Co.(semi annual)
$1% June 1 May 15
Nebraska Power.7% pref.(guar.)
$1% June 1 May 15
6% preferred (quarterly)
51% Juno 1 May 15
New Bedford Cordage,7% pref.(guar.)
25c July 1 June 16
Newberry (J. J.) Co.. corn. (guar.)
$1% June 1 May 16
Preferred (guar.)
$134 July 2 June 15
New Castle Water,6% pref.(guar.)
11
El
9,
Volume
Financial Chronicle
138
Name of Company.
When Holders
Per
Share. Payable. ofRecord.
$1% June 30 June 8
New England Telep. & Teleg. Co
31% June 1 May 20
New Rochelle Water. 7% pref. (quar.)
75c July 2 June 30
New York Mutual Teleg.(s.-a.)
New York Power & Light Corp.,7% pref.(qu.)- $1% July 2 June 15
$1.% July 2 June 15
$6 preferred (quar.)
$2 June 14 June I
New York & Queens Elec. Light & Power (quar.)
SIX June 1 May 18
$5 preferred (quarterly)
30c June 1 May 15
New York Steam Corp.common
June 30 June 8
$1
New York Telep. & Teleg. Co.(quar.)
50c Aug. 15 Aug. I
1900 Corporation, class A (guar.)
50c Nov. 15 Nov. I
Class A (quarterly)
$2 June 19 May 31
Norfolk & Western Ry. common (guar.)
75c June 1 May 15
Northam Warren Corp. cony. pref.(quar.)
$134 June 1 May 15
North American Edison Co., pref. (quar.)
North Central Texas Oil Co., pref.(guar.)
$1% July 2 June 11
25c July 2 June 15
Northern Pipe Line Co.(semi-ann.)
$1 June 1 May 21
Northern RR.of N. J.4% guaranteed (quar.)
$1 Sept. 1 Aug. 22
4% guaranteed (quar.)
$1 Dec. 1 Mar.21
4% guaranteed (quar.)
15c June 11 June 1
North River Insurance Co. (quar.)
Sc June 11 June 1
Extra
Northwestern Public Service CO7% cumulative preferred
87%c June 1 May 21
75c June 1 May 21
6% cumulative preferred
$134 July 2 June 15
Northwestern Teleg. Co.(11.-a.)
87%c July 2 June 22
Norwalk Tire & Rubber Co. pref. (guar.)
$1% July 2 June 20
Norwich Pharmacal Co. (quar.)
S13.( Oct. 1 Sept.20
Quarterly
$1M Jan 1'35 Dec. 20
Quarterly
June 1 May 16
Nova Scotia Light & Power.6% pref.(quar.) - $1
sig June 1 May 22
Ogilvie Flour Mills, pref.(quar.)
10C June 15 June 11
Oahu R.& Land (monthly)
10C June 15 June 6
Oahu Sugar Co., Ltd.(monthly)
$2% July 2 June 16
Ohio & Mississippi Teleg. Co
15c June 15 May 19
Ohio Oil Co., ommon
June 15 June 4
$1
Preferred er.)
June 1 May 7
Si
Ohio Power Co.,o 6% pref. (quar.)
Ohio Public Service Co., 7% pref. (monthly)_ 58,3c June 1 May 15
50e June 1 May 15
6% preferred (monthly)
41 2-3c June 1 May 15
5% preferred (monthly)
June 15 May 31
Oklahoma Gas & Electric Co.,6% pref. (qu.)
June 15 May 31
7% preferred (quar.)
20c June 20 June 10
Onomea Sugar (monthly)
June 1 May 1
Ontario & Quebec Ry.. deb. (s•-a.)
June 1 May 1
Semi-annual
50c June 1 May 21
Oshkosh Overall Co.. pref.(quar.)
June 30 May 31
10c
O'Sullivan Rubber
50c July 2 June 15
Pacific & Atlantic Teleg. Co. of U.S. (8.-a.) -10c June 1
Palmer & Co. (liquidating dividend)
2 Ac May 28 May 18
Pantheon Oil (quarterly)
50c June 27 June 18
Paraffine Companies, Inc.. corn. (quar.)
$2% June 1 May 19
Paterson & Passaic Gas & Elec.(1.-a.)
12%c June 1 May 15
Patterson-Sargent, common (guar.)
30 fr
Pechiney Chemicals Co
$1% June 1 May 12
Peerless Woolen Mills.6%% pref.(8.-a.)
8754c June 1 May 19
Ponder (David) Co., class A (quar.)
50c June 15 June 1
Penick & Ford Co., Ltd.(quar.)
Aug. 15 Aug. 6
Si
Peninsula Telephone Co., 7% pref. (quar.)_
June 1 May 20
Penn State Water. $7 pref. (quar.)
June
1 May 21
37%c
Pennsylvania Gas & Electric. A, common
$1% July 2 June 20
$7 and 7% preferred (quarterly)
55c June 1 May 21
Pennsylvania Power Co.,$6.60 pref.(monthly)$1% June 1 May 21
$6 preferred (quar.)
25c July 2 June 8
Peoples Drug Stores (quar.)
Si 94 June 15 June 1
Preferred (quar.)
$1% June 1 May 31
Peoples Telephone Corp.,7% pref.(quar.)
25c July 2 June 13
Pet Milk Co., corn. (quar.)
$1% July 2 June 13
Preferred (quar.)
12%c June 15 June 5
Petroleum Exploration (quar.)
Si 34 June 1 May 20
Pfaudler, preferred (quar.)
Philadelphia Germantown & Norristown RR.—
$1% June 4 May 21
Quarterly
Philadelphia Suburban Water Co. pref. (quar.) $134 June 1 May 12a
6%
Philips'Incandescent Lamps (interim
' div.)
50c July 10 July 1
Phoenix Finance, pref. (quar.)
b0c Oct. 10 Oct. 1
Preferred (quar.)
50c Jan. 10 Jn 1 '35
Preferred (quar.)
June 1 May 19
87%c
Phoenix Hosiery Co., 7% 1st pref. (quar.)
75c July 10 June 30
Piedmont & Northern (quarterly)
40c June I May 15
Pillsbury Flour Mills, Inc., corn. (quar.)
75c Oct. 1 Sept. 15
Pittsburgh Bessemer & Lake Erie R.R. 0:10-3% June 1 May 15
6% preferred (semi-annual)
July 3 June 11
$1%
Pittsburgh Fort Wayne & Chicago R.R.(quar.)SI% Oct. 2 Sept. 10
Quarterly
1-1-35 Doc. 10
$1
Quarterly
$14 July 3 June 11
7% preferred (quar.
$194 Oct. 2 Sept. 10
7% preferred (quar.
1-1-35 Dec. 10
5194
7 preferred (quar.
35c July 2 June 9
Pittsburgh Plate Glass Co.(guar.)
Pittsburgh Youngstown & Ashtabula R.R.$194 June 1 May 21
7 preferred (quar.
Sept. 1 Aug. 20
Si
7 preferred (quar.
7%
Dec. 1 Nov.20
$1
preferred
7
(guar.
15c June 1 May,15
Pleasant Valley Wine Co. (initial)
June 1
Si
Plimpton Mfg. Co. (quar.)
June 30 June 12
2
Plymouth 011 Co.(quar.)
$1% June 15
Pollock Paper & Box Co., pref. (quar.)
Si M Sept. 15
Preferred (quarterly)
$134 Dec. 15
Preferred (quarterly)
$1 y, July 2 June 15
Ponce Electric, 7% pref. (quar.)
50c May 31 May 21
Portland & Ogdensberg Ry. (quar.)
o% preferred (quar.)
June I May 12
$1
% preferred (quar.)
June I May 12
$1
June 1 May 12
6% preferred (quar.)
Si
June 1 May 12
Potomac Electric Power, 6% pref. (quar.)
51
June 1 May 12
5%% preferred (quarterly
Si
Powell River, 7% preferred
SIM June 1
7% preferred
51M Sept. 1
7% preferred
$1 M Dec 1
Prentice-Hall, Inc., corn.(quar.)35c June 1 May 21
Preferred (quar.)
75e June 1 May 21
Procter & Gamble Co.. 5% pref.(quar.)
5154 June 15 May 25
Public Electric Light.6% pref.(quar.)
5134 June 1 May 18
Public Service Co. of Colorado. 7% pref.(mo.)- 58 1-3c June 1 May 15
6 preferred (monthly)
50c June 1 May 15
5% preferred (monthly)
41 2-3c June 1 May 15
Pub lc Service Corp. of N. J., corn. (quar.)70c June 30 June 1
$8 preferred (quail
$2 June 30 June 1
S7 preferred (quar.
Si M June 30 June 1
$5 preferred (quar.
$13
'
, June 30 June 1
6% preferred (monthly)
50c May 31 May 1
6% preferred (monthly)
50c June 30 June 1
Public Service Electric & Gas Co., $5 pf. (qu.)June 30 June 1
7% preferred (quar.)
114 June 30 June 1
Purity Bakeries Corp., common (guar.)
25c June 1 May 15
Quaker Oats Co., common (quar.)
$1 July 16 July 2
6% preferred (quar.)
$134 May 31 May 1
6% preferred (quar.)
$1% Aug. 31 Aug. 1
25c June 15 May 31
Raybestos-Manhattan, Inc. (quar.)
Reading Co., 1st preferred (quar.)
50c June 14 May 24
Reeves(Daniel)(quar.)
25c June 15 May 31
6).% preferred (quar.)
5194 June 15 May 31
Reliance Grain,61 % pref.(quar.)
$1).' June 15 May 31
Reliance International Corp.,$3 pref
h50c June 1 May 21
Republic Insurance,Texas (guar.)
20c Aug. 10 July 31
Quarterly
20c Nov. 10 Oct. 31
Republic Supply Co. (quar.)
25c July 5 July 2
Quarterly
25c Oct. 5 Oct. 2
Reynolds Metals, common
e25% June 1 May 15
Reynolds Metals Co.(Del.)
m25c lune I May 15a
Rike-Kumler Co., COM.(semi-ann.)
50c June 11 MaY 28
7% preferred (guar.)
51% July 1 June 25
10°
2345
Name of Company.
3563
When Holders
Per
Share. Payable. of Record.
El% June 30 June 15
Rich's. Inc.. 634% preferred (quar.)
Rochester Gas & Electric Co
June 1 Apr. 27
Class B 707 preferred (quar.)
June 1 Apr. 27
Class C & D 6% preferred (quar.
June 1 May 15
(quer.
)
Rolland Paper 6% preferred
Rolls-Royce, Ltd.—
May 31 Apr. 11
American depositary receipts. ord. register..
Royal Dutch Petroleum Co.(annual)
May 31 May 18
Royalite Oil Co..Ltd
rw2M%
Rubber Plantations Invest. Trust common
52 July 2 June 15
Savannah Electric & Power 8% pref. A (quar.)
$17
4 July 2 June 15
734% preferred B (quar.)
July 2 June 15
51
7% preferred C (quar.)
July 2 June 15
51
634% preferred Id (quar.)
43% June 1 May 25
Savannah Gas,7% pref.(quar.)
July 1 June 15
St. Louis Bridge, 1st pref.(s.-a.)
Si M July 1 June 15
2nd preferred (quarterly)
June
15 May 31
50c
Schiff Co., common (quar.)
$1.% June 15 May 31
Preferred (quar.)
Sc June 30 May 31
Scottish Type Investors A & B (qu.)
37%c June 30 June 16
Scott Paper Co.. corn. (quar.)
15c June 15 June 1
Seaboard Oil of Del. (quarterly)
10c June 15 June 1
Extra
75c June 1 May 15
Second Investors $3 preferred (quar.)
75c June 1 May 15
Second Investors Corp.(R.I.). pref.(quer.)---20c June 5 May 31
Second Twin Bell Syndicate (monthly)
Shell Transport & TradinEf Co.,common (final)x w7
June I May 20
Si
Shenango \ alley Water. b% pref. (quar.)
Sept. 1 Aug. 26
Si
607 preferred (quar.)
$154 Dec. 1 Nov.20
8% preferred (quar.)
1 May 15
June
5134
Sherwin-Williams Co., pref. AA stock (quar.)
$135 June 1 May 20
Sierra Pacific Electric 6% preferred (quar.)_
May 11
to3 o
Singer Mfg., Am. dep. rec. ord. reg
Aug. 15 Aug. 14
SI
Sioux City Stockyards Co., pref.(guar.)
Nov. 15 Nov. 14
Si
Preferred (quar.)
3c June 30 June 15
Siscoe Gold Mines, Ltd. (quar.)
lc June 30 June 15
Extra
Si Aug. 1
Smith (S Morgan) Co.(guar.)
Si Nov. 1
Quarterly
15c June 15 May 11
Socony Vacuum Corp
$2 June 1 May 15
Somerset Union & Middlesex Ltg.(s.-a.)
10c May 29 May 18
South American Gold & Platinum Co-___
$4 July 1
Southeastern Cottons,Inc.
10c June 1 May 15
cl. A & B (initial)
$354 July 1
7% preferred
Edison
Co.
Southern California
15? June 15 May 19
7% series A preferred (quar.)
Q June 15 May 19
6% series B preferred (guar.)
.(qu.)_ _ $1 /1 May 31 Apr. 30
Southern Calif. Gas Corp..5634 cum.pf.
1% June 15 May 31
Southern Colorado Power Co.,7% pref.(quar.)_
$4 June I May 19
South Jersey Gas,Elec.& Traction (s.-a.)
30c June 30 June 15
Spencer Kellogg dr Sons. Inc., corn. (quar.)
12%c July 11June 20
Standard Coosa-Thatcher (quar.)
$13' July 15 July 15
7' preferred (quar.)
25c June 151 May 15
Standard Oil of California (quar.)
25c June 15 May 15
Standard Oil Co. of Indiana (quar.)
50c July 31 July 2
Standard Oil Co.of Kansas(quar.)
25c June 15'May 31
Standard Oil of Kentucky (quar.)
25c June 20 May 23
Standard Oil of Nebraska (quar.)
50c June 15 May 16
Standard Oil of New Jersey $25 par (s.-a.)
S2 June 15 May 16
$100 par (semi-annual)
95c June 1 May 154
Sterling Products, Inc. (quar.)
$1% June 1 May 16
Strawbridge & Clothier. pref. A (quar.)
June 1 May 14
1
Stromberg-Carlson Telep.,654% pref.(qu.)__ _ _ $1 %
25c June 15 May 25
Sun Oil Co., common (quar.)
June I May 10
Si
Preferred (quar.)
June 1 May 19
SI.
Susquehanna Utilities 6% pref. (quar.)
$1% June 30 June 12
Swedish Ball Bearing Co.. pref.(quar.)
June 30 May 26
Sc
Sylvanite Gold Mines
25c June 301June 10
Tacony-Palmyra Bridge, common (quar.)
25c June 30 June 10
Common class A (quarterly)
20c June 11May 20
Telephone Investment Corp.(monthly)
20c July 1 June 20
Monthly
July 2,June 15
$1%
pref.
Power
(quar.)_
_
_
_
Elec.
Co.
5%
Tennessee
$1% July 21June 15
6% preferred (quar.)
51% July 2 June 15
7% preferred (quar.)
$1.80 July 2 June 15
7.2% preferred (quar.)
50c June 11May 15
6% preferred (monthly)
50c July 2 June 15
60 preferred (monthly)
60c June 11 May 15
7.207 preferred (monthly)
60c July 2 June 15
preferred (monthly)
Torre Haute Water Works. 7% pref. (guar.).- _ $13.4 June 1 May 19
25c July 1 June 1
Texas Corp. (quar.)_
% June 16,May 18
Texas Gulf Producing (monthly)
50c June 15 June 1
Texas Gulf Sulphur (quarterly)
$13' June 11May 15
Tex-O-Kan Flour Mills, 7% pref.(quar.)
June 1 May 10
h$1
Tide Water Power Co
50c July 2 June 20
Time, Inc. (quar.)
July 2 June 20
25c
Extra
S194 July 2 June 20
$634 preferred (quar.)
$1% June 1 May 20
Timken Detroit Axle Co., pref. (quar.)
25c June 5 May 18
Timken Roller Bearing Co
12%c May 31 May 21
Title Insurance Corp. (St. Louis) (quar.)
June 1 May 15
58
1-3c
Toledo Edison Co.,7% pref.(monthly)
50c June 1 May 15
6% preferred (monthly)
41 2-3c June 1 May 15
5% preferred (monthly)
5134 July 16 July 3
Toronto Elevators, 7% pref. (quar.)
Trinidad Leaseholders. Ltd—
zw5%
Amer. dep. rec, for ord. reg
15c June I May 15
Tri-State Tel. & Tel., 6% preferred (quar.)
$1% June 15 June 1
Troy & Greenbush, RR. Assoc. (semi-ann.)_
$2 June 2 May 31
Twin Bell Oil Syndicate (monthly)
Underwood Elliott Fisher Co.,common (quar.) 37%c June 30 June 12
June 30 June 12
5134
Preferred (quar.)
$154 July 2 June 1
Union Pacific RR., common
30c June 1 May 15
Union Tank Car Co., corn..(quar.)
40c June I May 9
United Biscuit Co.of Amer..coin.(quar.)
Aug. I July 16
$1%
1
Preferred (quarterly)
July 2 June 16
44c
(quar.)
common
United Carbon Co.,
$3% July 2 June 16
Preferred (s -a.)
$2% July 10 June 20
United Companies of N. J.(quar.)
July 2 June 15
$1
United Dyewood, preferred (quar.)
20c June 23 June 7
United Elastic Corp. (quar.)
June
30 May 31
30c
(quar.)
United Gas Improvement Co.common
519( June 30 May 31
Preferred (quar.)
United Light & RYs.(Del.).7% prior pref.(mo.) 53 1-3c June 1 May 15
53 1-3c. July 2 June 16
707 prior preferred (monthly)
53c June 1 May 15
6.36 prior preferred (monthly)
53c July 2 June 16
6.367: prior preferred (monthly)
50c June I May 15
6% prior preferred (monthly)
50c July 2 June 16
6% odor preferred (monthly)
$234 July 10 June 20
United.N. J. RR.& Canal (quar.)
52% Oct. 10 Sept. 20
Quarterly
5254 1-10-35 Dec. 20
Quarterly
17c June 1 May 10
United Oil Trust Shares, H reg
17c June 1
Series H. bearer
7c June I May 17
United States Banking Corp.(monthly)
25c July 2 June 15
United States Gypsum Co., corn.(quar.)
5154 July 2 June 15
Preferred (quar.)
lc June 10 June 5
U.S. Petroleum Co.(quar.)
lc Sept. 10 Sept. 5
Quarterly
lc Dec. 101Dec. 5
Quarterly
25c June 11May 19
United States Freight Co.(quar.)
i254c July 20 June 30
U. S. Pipe & Foundry Co., corn. (quar.)
1254c Oct. 20 Sept.29
Common (quar.)
i2 54c Jan. 20 Dec. 31
Common (quar.)
bOa July 20 June 30
Preferred (quar.)
30c Oct. 20 Sept. 29
Preferred (quar.)
30c Ian. 20 Dec. 31
Preferred (quar.)
25e July 2 June 20
United States Playing Card (quar.)
%% May 29 May 1
United States Steel Corp. pref.(quar.)
81%c June 15 May 25
United Stores Corp.. preferred (quar.)
3564
Financial Chronicle
Per
When Holders
Share. Payable. ofRecord.
Name of Company.
Upper Michigan Pow.&Lt.,6% pref. (quar.)__
Aug. 15
6% preferred (guar.
$1% Nov. 15
6% preferred (guar.
$1J4 2-1-35
Utility Equities Corp. 534 prior stock
$141 June I May 15
Van Realte Co., Inc., 1st pref. (quar.)
$1 ,4 June 1 May 16
Vapor Car Heating Co., Inc.. 7% pref
June 10
h$3
7% preferred
h$3)4 Sept. 10
Veeder Root
40c June I May 17
Venezuela 011 Concessions. Ltd., corn. (final)
z5%
Vermont & Boston Telegraph Co.(3.-a.)
July 2 June 16
$2
Vick Chemical Co., common (quar.)
50c June 1 May 16
Common (extra)
10c June 1 May 16
Victor Monoghan (quarterly)
$1)4 June 1 May 19
7% preferred (quarterly)
$14i July 1
Viking Pump Co., preferred (quar.)
60c June 15 June 1
Virginia Coal & Iron (quar.)
25c June 1 May 15
Virginian Railway, preferred
June 1 May 15
Vortex Cup Co.. class A (quar)
July 2 June 15
62
Vulcan Dotinning Co., preferred (quar.)
July 20 July 10
Preferred (quar.)
Oct. 20 Oct. 10
Walker (H.). Gooderham & Worts, Ltd.—
Preference (quarterly)
25c June 15 dMay 25
Ward Baking Corp., 7% preferred
50c July 2 June 15
Washington Ry. & Electric (guar.)
June 1 May 17
$3
5% preferred (quarterly)
June 1 May 17
$1
Washington Water Power. $6 pref. (quar.)_
June 15 May 25
Si
Welch Grape Juice, 7% pref. (quar.)
$1 4 May 31 May 15
Wesson Oil & Snowdrift Co.. Inc.. pref.(quar.)_
El June 1 May 15
Western Auto Supply Co., corn. A & B (quar.)_
75c June 1 May 21
Western Real Estate Trustee (Boston (s.-a.)- - _
$3 June 1 May 22
West Jersey & Seashore RR..6% special gtd(s-a) $U4 June 1 May 15
Westvaco Chlorine Products Corp.. corn.(quar.)
10c June 1 May 15
Wheeling Electric, 6% pref. (quar.)
$1% June 1 May 1
Wilcox-Rich Corp.. class A (quar.)
62 Tic June 30 June 20
Williamsport Water $6 pref. (quar.)
$114 June 1 May 20
Winstead Hosiery (quar.)
Aug. 1 July 15
Quarterly
1
Nov. 1 Oct. 15
Wisconsin Public Service Corp.,7% pf.(quar.). 111
June 20 May 31
(quar.)
preferred
%
6%
$1
June 20 May 31
6% preferred (quar.)
$134 June 20 May 31
Woodley Petroleum Co
10% SePt.30 Sept. 15
Woolworth (9`. W.) Co.(quar.)
60c June 1 Apr. 23
Woolworth(P.W.). Ltd.(Interim)
xw30? June 22 May 21
-a.)
preferred
(s.
6%
xw3
June 8 May 16
Worcester Salt (quarterly)
5 c June 30 June 20
World Radio Corp., 6% pref. (quar.)
$1).6 June 1 May 21
Wrigley (Wm.) Jr. Co. (monthly)
25e June 1 May 19
Monthly
25e July 2 June 20
Monthly
25c Aug. 1 July 20
Monthly
25c Sept. 1 Aug. 20
Monthly
25e Oct.1 Sept.20
t The New York Stock Exchange has ruled that stock will not be quoted
ex-dividend on this date and not until furtner notice.
The New York Curb Exchange Association has ruled that stock will
not be quoted ex-dividend on Ws date and not until further notice.
a Transfer books not closed for this dividend.
d Correction. e Payable in stock.
f Fannie in common stock. p Payable in scrip. h On account of accumulated dividends. I Payable In preferred stock.
k I. G. Parbenindustrie dividend is payable against surrender of coupon
No. 12 partly in cash and partly in scrip.
m Reynolds Metals Co. declared an extra dividend payable in capital
stock of the corporation at the rate of 1 new share for each 4 shares held
(subject to approval of listing application by New York Stock Exchange).
n A dividend on the convertible preference stock, optional series of 1929,
of Commercial Investment Trust Corp. has been declared payable in
common stock of the corporation at the rate of 1-52 of I share of common
stock per share of convertible preference stock, optional series of 1929. so
held, or at the option of the holder (exercisable in the manner stated in toe
certificate of designation, preferences and rights of the convertible preference stock, optional series of 1929). in cash at the rate of $1.50 for each
share of convertible preference stock, optional series of 1929. so held.
o Pacific Bancshares, Ltd., have authorized the exchange of 10 shares of
capital stock for one share,thereby increasing the liquidating value 10 times.
Bayuk Cigars. Inc.. declared a dividend of 4-100ths of a share of common treasury stock on each share of common stock outstanding.
r Payable in Canadian funds, and In the case of non-residents of Canada,
a deduction of a tax of 5% of the amount of such dividend will be made.
s The Blue Ridge Corp. has declared a dividend on its optional $3 convertible preference stock, series of 1929. at the rate of 1-32nd of one share of
the common stock of the corporation for each share of such preference stock,
or at the option of such holders (providing written notice thereof is received
by the corporation on or before May 15 1934) at the rate of 75c. per share
in cash.
u Payable in U. S. funds. e A unit. w Less depositary expenses.
z Less tax. y A deduction has been made for expenses.
ysi
144
May 26 1934
WEEKLY RETURN OF THE NEW YORK CITY
CLEARING HOUSE.
The weekly statement issued by the New York City
Clearing House is given in full below:
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY, MAY 19 1934.
Clearing House
Members.
• Surplus and Net Demand
Undivided
Deposirs,
Profits.
' Average.
•Capital.
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
$
$
9.885,400
90,896,000
31,931,700
287,300,000
35,561.900 8917,839,000
47,510,600
312,048,000
177,660,100 6965,074,000
10,297,500
242,559,000
61,291.500
518,647,000
16,083,700
177,868,000
73.717.000
378,497.000
57,612,800
364,006,000
$
10,521,000
30,995.000
158,387,000
21,374,000
53,982,000
100.478,000
45,212,000
22,435,000
15.064,000
8,887,000
Continental Bk & Tr Co_
4.000.000
Chase National Bank.-- el50,270.000
Fifth Avenue Bank
500,000
Bankers Trust Co
25.000,000
Title Gust & Trust Co
10,000,000
Marine Midland Tr Co
5,000,000
New York Trust Co._
12,500.000
Comml Nei Bk & Tr Co
7,000.000
Publlo Nat Bk & 'Tr Co8.250.000
26,247,000
3.467,400
e59.526.800 c1,219,146.000
3,148,900
40,542,000
60.610,800 d554,523,000
10,655,800
17.331,000
45,778.000
7,319,700
21.490.900
207,595,000
7,572.600
47,832,000
4,860.600
45,380,000
2.395,000
76,830,000
852,000
37,371,000
290,000
4,984,000
16,700,000
2,794,000
33,531,000
7110 200 700 ft 4nn 103 000
843.082_000
Bank of NY & Trust Co
Bank of Manhattan Co.
National City Bank_ _.
Cnem Bank & Trust Co
Guaranty Trust Co
Manufacturers Trust Co
CentHanover Bk &Tr Co
Corn Exch Bank Tr Co_
First National Bank
Irving Trust Co
Torah,
Ala OF& nnn
Includes deposits In foreign branches as follows: (a) $222,943,000:(b) 856,338.000:
(c) 374,043,000; (d) $16,884,000.
* As per official reports: National. March 5 1934; State, March 31 1934: trust
companies, March 31 1934. (e)As of March 15 1934.
The New York "Times" publishes regularly each week
returns of a number of banks and trust companies which
are not members of the New York Clearing House. The
following are the figures fur the week ended May 18:
INSTITUTIONS NOT IN THE CLEARING HOUSE WITH THE CLOSING
OF BUSINESS FOR THE WEEK ENDED FRIDAY, MAY 18 1034.
NATIONAL AND STATE BANKS—AVERAGE FIGURES.
Loans
Disc. and
Investments.
Manhattan—
$
24,089,200
Grace National
Trade Bank of N. Y. 2,922,275
Brooklyn—
Peonies National
5.070.000
Res. Dep., Dep. Other
N. F. and Ranks and
Elsewhere. Trust Cos.
Cash.
$
86,000
103,826
S
1,702,300
830,898
85,000
306,000
(Iron
Deposits.
s
$
1,369,700 22,583.500
273,228 3,468,989
74,000
4,826.000
TRUST COMPANIES—AVERAGE FIGURES.
Loans.
Disc. and
Incest.
Res. Dep.,
N. Y. and
Elsewhere.
Cash.
Manhattan—
Empire
Federation
Fiduciary
Fulton
Lawyers County....
United States
$
$
$
56.682,700 *3,350,600 8,631,400
88,962
6,653,105
470.317
718,481
*620,496
8,320,830
16,456,900 *2,504,000
769,600
29,290.500 *5,338,200
465,800
64,679,620 7,850,000 17,005,892
Brooklyn—
Brooklyn
winva C!rmntv
88,875,000
24 737.308
2,418,000 17,148,000
1.768.924 7.615.122
Dep. Other
Ranks and
Trust Cos
S
1,297,300
518,403
64,320
448,200
Gross
Deposits.
—
$
57,708,80(
6,095,681
7,849,551
15,117,901
32.145,50(
81.530,171
280,000 91,779,00(
27 408 Rai
* Includes amount with Federal Reserve as follows: Empire,$2,328,000; Fiduciary.
$392,513; Fulton, $2,363,200. Lawyers County. $4,588,100.
Condition of the Federal Reserve Bank of New York.
The following shows the condition of the Federal Reserve Bank of New York at the close of business.May 23 1934, in,
comparison with the previous week and the corresponding date last year:
Assets—
Gold certificates on hand and
from U.S. Treasury (a)
Gold
Redemption fund—Y. R. notes
Other cash_
due
May 23 1934. May 16 1934. May 24 1933.
$
$
3
1,565,700,000 1,512,576,000 274,472,000
752,061,000
1,736,000
1,884,000
3,646,000
63,531,000
62,876,000
92,029,000
Total reserves
1,630,967,000 1,577,336.000 1,122,208,000
Redemption tund—F.R.bank notes____
2,423,000
2,500,000
2,344,000
Bills discounted:
Secured by U.S. Govt. obligations__
29.117,000
3,770,000
3,381,000
Other bills discounted
12,469,000
40,635,000
11,450,000
Total bills discounted
Bills bought In open market
U.S. Government securities:
Bonds
Treasury notes...
Certificates and bills
16,239,000
1,886,000
14,831,000
2,099,000
69,752,000
6,922,000
148.403,000
387,398,000
387,348,000
294,504,000
148,619,000
393,095.000
240,091,000
187,763,000
251,569,000
298,104,000
Total U.S.Government securities__
Other securities (see note)
780,255,000
40,000
781,755,000
40,000
737,436,000
4,704,000
Total bills and securities (see note)....
Gold held abroad
Due from foreign banks (see note)
F. R. notes of other banks
Uncollected Items
Bank premises
Federal Deposit Insurance Corp.stock__
All other a.ssets
798,410,000
798,725,000
818,814,000
1,196,000
5,072.000
102,262,000
11,441,000
42,529,000
30,708,000
1,198,000
6.613,000
128,764,000
11,441,000
42,529,000
29,903,000
1,282,000
5,176,000
84,469,000
12,818,000
May 23 1934. May 16 1934. May 24 1933.
L4abilf/4fs—
$
$
$
629,001,000 635.691,000 688,729,000
F. R. notes In actual circulation
F. R. Sank notes in act, circulation net..
39,094,000
40,198,000
40,153,000
Depoalta—Member hank reserve(met— 1,537,801,000 1,462,481,000 1,082,430,000
U. 8, Truasu.y General Account
18,423,000
22,741,000
3,147,000
Foreign bank (see r1048)
1,537,000
578,000
5,224,000
Other deposits
130,452,000 143,164,000
17,218,000
Total deposits
Deferred availability Items
Capital paid In
Surplus
Reserves (F. D. I. C. stock, self insurance,ike.)
All other liabilities
Total liabilities
Total assets
1,688,213,000 1.628,962,0:0 1,108.019,000
101,223,000
59,653,000
45,217,000
126,946.000
59.654,000
45.217,000
83,299,000
58,532,000
85,058,000
47,266,000
15,401,000
47.266,000
14,919,000
1,667,000
5,693,000
2,625,018,000 2,598,853.000 2,071,150,000
Ratio of total reserves to deposit and
F. R. note Liabilities combined
70.4%
69.7%
62.5%
Contingent liability on bills purchased
for foreign correspondents
458,000
812,000
13,286,000
23,883,000
2,625,018,000 2,598.853,000 2,071,150,000
•"Other cash" dote not include Federal Reserve notes or a bank's own Federal Reserve bank notes.
NOTE.—Beginning with the statement of Oct. 17 1925, two new items were added in order to show separately the amount of balances held abroad and amounts due
to foreign correspondents. In addition, the caption "All other earning meets," previously made up of Federal Intermediate Credit bank debentures, was changed to
"Other securities." and the Caption. "Total earning assets" to "Total bills and securities." The latter term was adopted as a more accurate description of the total of the
discount acceptances and securities acquired under the provisions of Sections 13 and 14 of the Federal Reserve Act, which it was stated are the only items included therein .
These are certificates given by the U. S. Treasury for the gold taken over from the Reserve Banks when the dollar was OP Jan, 31 1934 devalued from 100 cents to
59.06 cents, these certificates being worth lam to the extent of the difference, the difference itself yavin4 been appropriated as profit by tha Treasury under the provision,
of the Gold Reserve Act of 1934.
3565
Financial Chronicle
Volume 138
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, May 24,and showing the condition
of the twelve Reserve banks at the close of business on Wednesday. In the first table we present the results for the System
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve note
statement (third table following) gives details regarding transactions in Federal Reserve notes between the Reserve Agents
and the Federal Reserve banks. The fourth table (Federal Reserve Bank Note Statement) shows the amount of these
bank notes issued and the amount held by the Federal Reserve banks along with the collateral pledged against outstanding
bank notes. The Reserve Board's comment upon the returns for the latest week appears in our department of "Current Events
and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS MAY 23 1934.
May 23 1934. May 16 1934 May 9 1934. May 2 1934 Apr. 25 1934. Apr. 18 1934. Apr. 111934. Apr. 4 1934. May 24 1933.
ASSETS.
Gold cats. on hand & due fr. U. S.(a)
Gold
Redemption fund (F. R.. notes)
Other cash •
3
959,532.000
2,493,364,000
46,338.000
33.749.000
215,178,000 308,706,000
$
S
$
$
S
$
S
S
4,633,584,000 4,583,812,000 4,555,034,000 4,586,500,000 4,490,358,000 4,476,979,000 4,386,837,000 4.309.575.000
29,923,000
238,142,000
30,165.000
236,520,000
30,631,000
234,299,000
31,144,000
232,267,000
31.498,000
241,262,000
31,498.000
224,832,000
32,988,000
225,771,000
4,901,649,000 4,850,497,000 4,849,984,000 4,849,911,000 4,763,118,000 4.733,309.000 4,645,596,000 4,558.502,000 3,807,940,000
Total reserves_
7.768.000
8,226,000
8,362,000
8,513,000
6,242,000
7,903.000
32,410,000
1,8,441,000
b32,032,000
9,276,000
33.975,000
12 244.000
35,285,000
64,472.000
247,693,000
Total bills discounted
13111s bought in open market
U.S. Governmentsecuritles--Bonds
Treasury notes
Special Treasury certificates
Certificates and bills
47.529,000
40,473.000
43,251.000
36,574,000
38,312,000
40,313.000
34.402,060
39,251,000
26.045,000
17,059,000
13,499,000
6,656,000
8,279,000
5,501.000
10,163,000
5,263,001
442,795,000
406.277.000
431.225,000
407.858.000
406.204,000
406,208,000 406,190,000 407,860,000
1,217,000,000 1,233,599,000 1,237,089,000 1,242,591,000 1,221,099,000 1,207,603,000 1.179,906,000 1,222,681,000
312.165,000
42,662,000
430,606,000
629,583,000
766,286,000
801,523,000
Total U. S. Government securities
Other securities
2,430,200,000 2,430,156,000 2,431,818,000 2,431,819,000 2,430,173,000 2,430.264.0002.431.979,000 2,431,762,000 1,861,712,000
5,386,000
563,000
562.000
562,000
747,000
747,000
548,000
546,000
546,000
Redemption fund-F. R. bank notee-- Bills discounted:
Secured by U. S. Govt. obligations-- Other bills discounted
5,354,000
6,413,000
27,838,000
806,992,000
5,275,000
6,312,030
28,090,000
790,367,000
5,791,000
6,022,000
6,277.000
30,297,000
788,869,000
7,388,000
30,924,000
781.370,000
802,870,000
816,384,000
820,848,000
Total bills and securities
2,470,260,000 2,470,605,000 2,475,795,000 2,479,157.000 2,481,197,000 2.484,798,000 2.492.851,0002.508.899.000 2,221,925,000
Gold held abroad
3.593,000
3,130,000
3,130.000
3,131,000
3,135,000
3,134,000
3.131,000
3,131,000
3,134,000
Due from foreign banks
17,921,000
16,848,000
17,317,000
18,551.000
16,260,000
15,905,000
18,995,010
20,430,000
17,340,000
Federal Reserve notes of other banks_....
423,046,000 501,041,000 403,394,000 456,805,000 428,684.000 493,347,000 418,780,000 427,938,000 316,172,000
Uncollected items
54,255,000
52,503,000
52.556,000
52.556,000
52,569,000
52,558.000
52,595,000
52.569,000
Bank premises
52,597,000
69,650,000
69.650,000
139,299,100 139,299,000 139.299,000 139,299.000 139.299.000 139,299.000
Federal Deposit Insurance Corp. stock.47,146.000
51,349.000
45,581,000
41.879.000
52.677,000
46,131,000
43,078,000
44,668,000
47,926,000
All other resources
8,060,262,000 8,089,011,000 7.994.787.000 8.048.408,000 7,936,150,000 7,972.449,000 7.760.942,000 7,694,038,000 6.475,194,000
Total assets
LIABILITIES.
F. It. notes In actual circulation
3,038,207.000 3,061,279,000 3,059,927.000 3,058,777.000 3,030,216,000 3.029.647,000 3,025,812,000 3,032,016,000 3,221,429,000
84.211,000
88,336,000 106,552,000
77.767,000
83,102,000
70,208,000
63,752,000
66.252.000
61,439,000
F. It. bank notes in actual circulation- - _
Deposits-Member banks'reserve account 3,767,269,000 3,694,493,000 3,077,863,000 3.570.z83,000 b3.793,597,000 3,669,177,000 3.560.025.000 3.449.803,000 2,194,390,000
37,668,000
68.977,000
66.883.000
45,074,000
60,115,000 142,778,000
29,395,000
17,644,000
U. S. Treasurer-General account_a
11,343,000
15,867,000
5,049,000
4,623,000
4,565.000
6.915,000
6,585,000 • 5.347,000
4,649,000
Foreign banks
5,610,000
Special deposits-Member bank
1 20.996.000
9,958.000
1
Non-member bank
Other deposits
236,809,000 246,981.000 249,953,000 273,765,000 b161.916.000 158.178.000 143.705,000 104,109,000 144,892,000
Total deposits
4,061,011,000 3,991,197,000 3.994,876,000 3.993,409.000 3,928.504.000 3.900,897.000 3,737.748.000 3,656.798,000 2,392,817,000
Deferred availability Items
427,374,000 501.685,000 401.661.000 454.807.000 427.495.000 488,075,000 422,619,000 427.984.000 322,322,000
Capital paid in
146,470,000 146,202,000 146.279.000 148,300,000 146,449,000 146.383.000 146.389,000 146,273,000 150.287,000
Surplus.
138,383,000 138,383,000 138.383,000 136.353.000 138,383,000 138,383,000 138,383,000 138.383.000 278,599,000
12,179,000
Reserves (F.D. I. C.stock, self ins. &c.):
161,832,000 161,832.000 161,831,000 161,831.000 161,829,000 161,829,000 161,829,000
69,650,000
Paid
69.650,000
Called for payment April 15
13,350,000
46,730,000
24.133,000 539,826,000
All other liabilities
24,681,000
25.507.000
21.578.000
24.693.000
25,436,000
Total liabilities
8,060,262,000 8.089,011.000 7,994,787,000 8.048.408.000 7.936.150.000 7,972,449,000 7.760.942,000 7.694.036,000 6,475,194,000
Ratio of total reserves to deposits and
67.8%
F. It. note liabilities combined
68.3%
68.7%
68.8%
68.4%
68.2%
68.7%
68.8%
69.0%
Contingent liability on bills purchased
36,770,000
4,771.000
for foreign correspondents
4.669,000
3.622.090
4.002,000
4,669,000
4,261,000
4.669,000
3,268,000
---Maturity Distributton of Bills and
$
$
S
S
$
3
$
S
6
Short-terra SecuritiesI-15 days bills discounted
32.998,000 195,699,000
25,118,000
24,950,000
29.822,000
30.600,000
24,480,000
28.004,000
70,146,000
22,195,000
4,600,000
4.160,000
16-30 days bills discounted
3,177.0(10
1,880.000
3.028.000
3,502,000
2.813.000
5,334,000
26,813,000
31-60 days bills discounted
3,037,000
5,777,000
4,818,000
4.792.000
5.930,000
6,814,000
3,086,000
2.007,010
61,411,000
5.330,000
61-93 days bills discounted
2,499.000
2,460,000
2,569.000
4.725,000
978.000
1,251,000
2.132,000
6,047,000
249,000
Over 90 days bills discounted
248,000
240,000
574,000
223,000
236,000
298,000
222.000
34,402,000
928,000
204,000
435,000
3,934,000
36.574,000
2,218,000
191,000
437,000
3,810,000
38,312.000
3,238,000
910,000
272,000
3.859,000
40,313,000
4,111,000
2.048,000
299,000
3,706.000
40.473,000
9.127,000
3,371,000
823,000
178.000
43,251,000
11,427.000
3,365,000
2,206.006
61,000
47,529,000
13.193,000
7,884.000
3,442.000
1.526.000
312,165,000
33,563,000
3.677.000
3,870,000
1,552,000
5,501,000
21.325,000
70,981,000
62.210.000
34,430,000
604,421,000
6,656,000
43,975,000
94,736,000
65,330,000
56,962,000
589,964,000
130,466,000
17.725.000
594,703,000
8.279.000
62,180.000
21,325,000
117.621,000
21,070,000
559,174,000
10.163,000
115,530,000
43.975.000
103,361,000
21,830,000
518.174.000
13.499,000
116.831,000
62.180,000
99,306,000
42,210,000
495,857.000
17,059.000
90,229,000
115,530,000
38,075,000
117.466,000
458,648,000
26.045,000
65,3314,000
107.179,000
55.075.00e
116,516,000
421.878,000
42,662,000
71,450,000
97.775,000
63.638.000
141,796,000
427,864,000
806,992,000
506,000
790.367,000
506,000
781,370,000
499,000
8,000
5,000
802,870,000
508.000
818,384,000
509,000
820,848.000
500.000
9,0000
766,286,000
510.000
_
.._ _
35,000
5,000
35,000
17.000
36.000
17.000
36.000
17.000
36,000
801,523,000
5,174,000
127,000
25,000
10,000
50,000
147,000
548,000
562,000
562,000
563.000
5,386,000
Total blils discounted
34,251,000
1-15 days bills bought In open market
237,600
18-30 days bills bought in open market
315,000
31-60 days bills bought in open market.-464,000
61-90 days bills bought in open market,..4,247,000
Over 90 days bills bought in open market
Total bills bought In open market
1-16 days U.S. certificates and bills16-30 days U.S. certificates and bills.-31-60 days U. S. certificates and bills
61-90 days U. S. certificates and bills..-.
Over 90 days U.S. certificates and bills
Total U. 5. certificates and bills
1-15 days municipal warrants
16-30 days municipal warrants
81-60 days municipal warrants
81-90 days municipal warrants
Over 90 days municipal warrants
Total municipal warrants
Federal Reserve NotesIssued to F. R. Bank by F. R. Agent
Held by Federal Reserve Bank
5,263,000
5,000
5.000
786,869,000
499,000
8,000
5,000
35,000
35,000
35,000
546,000
546,000
547,000
-
3,332,511,000 3,337,686.000 3,345,138.000 3,323,359,000 3,310,532,000 3,309,708.000 3,304,860,000 3,310,969.000 3.471.471,000
294,214,000 276,407,000 285,211,000 264,582,000 280.316,000 280,081,000 279.048,000 278,953.000 250,042,000
In actual circulation
3,038,207,000 3,061,279.000 3,059,927.000 3.058,777,000 3,030,216,000 3,029,647,000 3,025.812,000 3.032,016.000 3,221,429,000
Collateral Field by Agent as Security for
Notes Issued to BankGold ctts.on hand & due from U.S.Trees
BY gold and gold certificates
1 3,014,771,000 3,021,771.000 3,013,771.000 2,083.271,000 2.989.271.000 3.003,471,000 3.042,896,000 2,924,345,000 l457279 000
Gold fund-Federal Reserve Board
1 375435000
j
By eligible paper
16,440,000
17,009.600
18.875,000
22.151,000
25,296,000
47.068.000 217,760,000
'29,332.006
34.418,000
U.S. Government securities
352,300,000 341,300,000 349,300,000 355,400,000 331.400,000 313.400,000 275,400,000 376,000,000 471,900,000
Total collateral
3 354 080 090 3.379.511.000 3.381.946.000 3.380.522 non 3_345.967.000 3.346.203 MO 3 352 714 nnn 2 247 412 non 3.522.374.000
•"Other cash" does not inolude Federal Reserve notes or a bank's own Federal Reserve bait notes. b Revised.
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 the difference, the difference Itself having been appropriated as profit by the Treasury under the provisions
of the Gold Reserve Act of 1934.
a Caption changed from "Government" to "U. S. Treasurer-General account" and 5100.000,000 Included in Government deposits on May 2 transferred to 'Other
deposits."
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS MAY 23 1934
•
Two Ciphers (00) Omitted.
Federal Reserve Bank of-
Told;
Boston. New York.
Phila,
Cleve)and. Richmond Atlanta.
A SSETS.
$
$
$
$
$
$
$
Geld certificates on hand and due
Irom U. S. Treasury
4,833,534,0302,815,0 1,565,700,0 277,031,0 334,735,0 196,341,0 110,449,0
Redemption fund-F R. notes
1,736,0 2,946,0 2,982,0
964,0 3,205,0
29,923,0 2,466,0
Other cash
63,531.0 35,159,0 12,706,0 9,889,0 12,489,0
238,142,0 17,994,0
Total reserves
4.901.649.0 413.275.0 1.630.967.0 315.136.0 350.423.0 207.194.0 126.143.0
Chicago,
s
St. Louis, Ifinneap Kan.City. Dallas, San Fran.
$
$
$
$
$
958,473,0 182,241,0 96,038,0 141,333,0 91,362,0 287,066,0
6,649,0 1,075,0 1,317,0 1,139,0
610,0 4,834,0
33,916,0 10,448,0 11,390,0 10.485,0 6,512,0 13,623.0
999.038.0 193.764.0 108.745(1 152 957 n 084840 308.623 ...
3566
Financial Chronicle
May 26 1934
Weekly Return of the Federal Reserve Board (Concluded).
Two Ciphers (00) Omitted.
Total.
RESOURCES (Concluded)—
Iedem. fund—F. R. bank notes_
ills disoounted:
Sec. by U. S. Govt. obligations
Other Ms discounted
5
Tots/ Mb discounted
Ills bought in open market
r. S. Government securities:
Bonds
Treasury notes
Certificates and bills
Boston. New York.
5
5
Cleveland. Richmond Atlanta.
Phila.
$
$
$
$
5
$
5
$
250,0
2,423,0
858,0
1,215,0
6,413,0
27.838,0
488.0
565,0
3,770,0
12,469,0
1,429,0
9,388,0
156,0
1,286,0
139,0
1,095,0
120,0
500,0
1,133.0
79,0
26,0
20,0
442,0
211,0
33,0
324,0
179,0
419.0
34.251.0
5,263,0
1,053.0
371,0
16,239,0 10,817,0
1,886,0
535,0
1,422,0
487.0
1,234,0
193.0
620,0
177.0
1,133,0
649,0
105,0
121,0
462.0
85.0
211,0
142.0
357,0
142,0
598,0
475.0
134,0
148,403,0 25,602,0 30.248.0 14,707,0 12,693.0
387,348,0 85,308,0 109.643,0 53,302,0 45,916,0
244,504.0 56,210,0 73,133.0 35,553,0 30,649,0
Total U.8. Govt.securities_ 2,430,200,0 157,680,0
Oar securities
548,0
780,255,0 187,120,0 213,024.0 103,562,0 89,258.0
508,0
40.0
Total bills and securities
.470,260,0 159,104.0
rue tram foreign banks
237,0
3,134,0
ed. Res. notes of other banks
387.0
16,995,0
rnoollected Items
423,048.0 44,022,0
ank premises
52,597,0 3,224,0
edam)Demon Ins. Corp.stook. 139,299,0 10.230,0
A11 other resources
47,926,0
853.0
798,420,0 178,978.0 214,933,0 104,989,0 90,055.0
1,198,0
301,0
119,0
342.0
110,0
982.0 1,433,0 1,022,0
597.0
5,072.0
102.262.0 35,835,0 42,993.0 37,315,0 13,289.0
11,441.0 4,149,0 6.788,0 3.128,0 2.372,0
42,529,0 14,621,0 14.147,0 5,808,0 5,272.0
30,708,0 5,778.0 1.450,0 1,899,0 2,559,0
474,0
66,568,0 13,664,0 15,787.0 13,197,0 18.730,0 23,619,0
212.652,0 47,713,0 29.892,0 47,177,0 31,640.0 85.611,0
151,623,0 31.823,0 19,929,0 31,470,0 21,105,0 57,101,0
—
430,843,0 93,200,0 65.808,0 91,844,0 71,475,0 166,331,0
432,625.0 93,426.0 66.155,0 92,197,0 71,974,0 167,404,0
10.0
414,0
7.0
88,0
88,0
222,0
3,650.0 1.002,0
430,0 1,171,0
326.0
923,0
59.695,0 18,244,0 10,289,0 24,091,0 16.054,0 18,959,0
7,382,0 3,124,0 1.657,0 3.485,0 1.757,0 4.090,0
19,749,0 5.093,0 3,510,0 4,131,0 4,359,0 9.850,0
1,038,0
298,0 1,177,0
471,0 1,058,0
637.0
8,060.262,0 631,582,02.625,018.0 558,294.0 633,232,0 361,885,0 240.822,0 1,523,591,0 315,095,0 191,970,0 278,591,0 194,574,0 507.808.0
LIABILITIES.
.R. notes In actual circulation_ 3,038,297,0 242,767,0 629.001,0 245,980,0 304,638,0 140,115,0 130,969,0
61,439,0 1,137,0
39,044,0 6.030.0 12,370,0
.R.haat notes in sag Miran
*posits:
Member bank reserve account- 3,767,269,0 303,732.0 1,537.801.0 203,631,0 214,894,0 157.581.0 89.802.0
18,423,0
U.S. Treasurer-Gen aces.
991,0 2,121,0 2,339,0 1,264.0
51,343,0 1,821,0
Foreign bank
448,0
648.0
5,610,0
1.537.0
598,0
237.0
218,0
Other demons
238,809,0 4.312,0 130,452.0 17,892,0 11,801,0 7,670,0 8,289.0
Total deposits'
4.061,031,0 310.313,0 1.688,213.0 223,162,0 229,414,0 167,827,0 79.573,0
Wetted availability Items
427,374,0 44,913,0 101,223,0 34,403,0 42,698,0 38,652,0 12,508,0
*pita' paid In
146,470,0 10,739,0
59,653.0 15.517,0 12,821,0 4,976,0 4,371,0
undue
45,217.0 13,352,0 14,090,0 5,171,0 5,145,0
138,383,0 9,610,0
Nerves: FDIC stook.self insurance dto
47,266,0 17.121,0 16,447,0 6,963,0 7,852,0
161,832,0 11,283,0
A11 other liabilities
15.401,0
729,0
25,436,0
754,0
820.0
181,0
404,0
cTotal liabilities
$
$
5,354,0
406,208,0 22,990,0
1,217,000,0 80.798,0
806,992.0 53,892,0
Total resources
Chicago. St. Louis. Minneap. Kas.City, Dallas. San Free.
773,422,0 133,210.0 95,251,0 106,410,0 38,629,0 197,905,0
222,0
2,836,0
605,258,0 126,929,0 65.833,0 131,809.0 115,657.0 234,342,0
12,842,0 4,835.0 1,343,0 1,408.0 1,480.0 2.476,0
143.0
206,0
785,0
174,0
174,0
442.0
9,252,0 15,266,0 7,638.0 2,617,0 2.036,0 19,584,0
628,137,0 147,236,0 74,957,0 136.008,0 119.347,0 256.844,0
63,601,0 19,276,0 10,396,0 23,457,0 17,615,0 20.632,0
12,532,0 4,028.0 3.015,0 4.163,0 3,952,0 10,703,0
20,681,0 4.756,0 3,420,0 3.613,0 3,683,0 9,645,0
22.718,0
2,500.0
5,946,0
421,0
4,535,0
396,0
4,747,0
193,0
5.489,0 11,465.0
3,223,0
414,0
8,060,262,0 831,582,0 2,825.018,0 556,294,0 633,232,0 361,885,0 240,822.0 1,523,591,0 315,095,0 191,970,0 278,591.0 194,574,0 507,608,0
.
Memoranda
atio of total res. to dep.& F. R.
note liabilities combined
ontingent liability on bills puremood Inr Men nnnwinnnilant•
69.0
74.7
70.4
67.2
65.6
67.3
n
5000
4M0
447 0
413 0
1820
2 2,18
59.9
iAl
11
71.3
69.1
63.9
63.1
62.3
67.2
n
142 0
99.0
120.0
120.0
2n5 n
841
0"Other cash" does not include Federal Reserve notes or bank's own Federal Reserve bank notes.
FEDERAL RESERVE NOTE STATEMENT.
Two Ciphers (00) Chnined.
Federal Reserve Agent at—
Total.
New York.
BOWS.
Phila.
Cleveland Richmond Atlanta.
Chicago. St. Loins. Alinnoap. Kars.City. Dallas. San Funs,
$
s
$
Federal Reserve notes:
$
$
Issued to F.R.Bk. by F.R.Agt. 3,332,511,0 265,067,0
Held by Fed'I Reaerve Bank___ 294,214,0 22.300,0
$
$
$
3
5
726,148,0 285,472,0 320,170,0 149,642,0 149,966,0
97.147,0 19,492,0 15.532,0 9,527,0 18,997,0
812,754,0 138,242,0 100,422,0 114,374,0 43,809,0 248.445.0
39,332,0 5.032,0 5,171,0 7,964,0 5,180,0 48.540,0
In actual circulation
3,038,297,0 242,767,0
Collateral held by Agent as security for notes Issued to blur
Gold certificates on hand and
due from U.S.Treasury_ _ __ 3.014,771,0 271,117.0
17,009,0
Eligible paper
962.0
U. S. Government securities
352,300,0
629,001,0 245,980.0 304,638,0 140,115,0 130,969,0
773,422,0 133,210.0 95,251,0 106,410,0 38,629.0 197,905,0
733,706,0 227.000,0 261,931,0 140,340,0 90,385,0
9,477,0 3.430,0
672,0
623,0
419.0
37,000,0 60,000,0 10.000,0 61,000,0
747,513,0 128,936,0 78,115.0 97.290,0 44,675,0 193.763,0
126,0
198.0
105,0
112.0
357,0
522,0
75,000.0 11,000,0 23,300,0 20,000,0
55.000,0
743.183.0 267.436.0 322.603.0 150.983.0 151.804.0
822.711.0 140.041.0 101,541,0 117.402.0 45032.0 24o28
Total collateral
3.384.080.0 272.079.0
$
s
s
FEDERAL RESERVE BANK NOTE STATEMENT.
71V1 Enviers ()0) 0814046.
Federal Reserve Amml at—
Boston. New York.
Total.
Phila.
Cleveland. Richmond Atlanta.
Federal Reserve Sank notes:
Issued to F. R. Bk.(outstdg.):
Held by Fed'I Reserve Bank__
$
76,861,0
15,422,0
$
1,511.0
374,0
8
$
$
42,357,0 16,035.0 12.935,0
3,313,0 10.005,0
565,0
In actual oiroulatIon—net_•
Collat. pledged east. outst. notes:
Dieookinted & purchased bills_
U. S. Government securities__
61,439,0
1,137,0
39,044,0
Total collateral
3
Chicago. St. Louis. Inaneay. ICan.Ctly, Dallas. San Pratt.
5
3
8
6,030,0 12,370,0
$
s
$
534,0
312,0
3,489,0
853,0
222,0
2,836.0
4,000,0
—
4 min 0
85,774,0
5,000,0
44,274.0 16,500,0 15,000,0
1,000,0
85.774.0
5.000.0
44.274.0 16.500.0 15.000.0
1.000.0
$
•Does not Include 393.277.000, of Federal Reserve bank notes for the retirement of which Federal Reserve banks have deposited lawful 11101187 with the Treasurer of
the United States.
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the reporting member banks from which weekly returns are obtained. These figures are always a week
behind those for the Reserve banks themselves. Definitions of the different Items in the statement were given in the statement of Dec. 14 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment of the Reserve Board upon
the figures for the latest week appears in our department of "Current Events and Discussions," immediately preceding which
we also give the figures of New York and Chicago reporting member banks for a week later.
IF Beginning with the statement of Jan. 9 1929. the loan figures exclude "Acceptances of other banks and bills of exchange of drafts sold with endorsement" and Include
all real estate mortgages and mortgage loans held by the bang. previously acceptances of other banks and bills sold with endorsement were Inalwled with loans, and some
of the banks Included mortgages In Investments. L0802 armored by U. 9. Government obligations are oo longer shown see mutely, only the total of lease on sernultles being
gives. Furthermore, borrowing at the Federal Reserve Is not any more subdivided to show the amount secured by O.3. obligations and those secured by cemmerolal paper.
only a lump total being given. The number of reporting banks formerly covered 101 leading cities, but was reduced to 90 elt104 alter Chi declaration of bank holidays or
moratoria early In March 1933. Publication of the weekly returns for the reduced number of cities was omitted in the weeks from March I to May 10, but a summary of
them is to be found In the Federal Reserve Bulletin. The figures below are stated in round millions.
PRINCIPAL RESOURCES AND LIABILITIES OF WEEKLY REPORTING MEMBER RANKS IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OF
BUSINESS MAY 16 1934 fin Minions of Dollars).
Federal Reserve District—
Loans and Investments—total
Loans—total
On securities
An other
Investments—total
U.8. Government securItlea
Other securities
Reserve with F. R. Bank
Cash in vault
Net demand deposits
Time deposits
60•812181eLlt deposits
Due from bents
Due to banks— — — from F. K.
BOITOW11188
Total.
Boston. New York
$
17,288
$
1,145
$
7,938
8,068
670
3,505
4,563
264
406
Phila.
Cleveland. Richmond Atlanta. Chicago. St. Louis. Mtnnoss. ICan.C14., Dallas. San Fran.
$
1,028
$
1,174
3,747
502
1,887
1,860
234
268
$
$
340
329
428
170
178
204
224
59
111
62
118
$
1,799
$
$
493
333
751
204
156
337
414
72
132
40
116
$
387
$
1,777
201
187
874
62
139
61
128
223
651
545
$
9.220
475
4,191
526
748
170
151
1.048
289
177
344
200
903
6,254
2,966
306
169
2,913
1,278
284
242
552
194
118
52
99
52
712
338
193
96
122
55
234
110
149
51
572
331
2,732
235
12,277
4,477
999
1,599
3,682
230
48
840
342
91
134
203
1,313
48
6.387
1,096
592
137
1.657
142
12
672
323
50
145
218
117
18
617
455
42
100
177
51
10
221
135
7
87
91
26
6
168
133
20
83
79
442
49
1,523
490
41
250
488
85
8
340
164
24
94
145
32
4
197
123
6
77
92
30
10
415
168
10
188
229
74
8
274
121
41
133
119
140
14
623
927
66
171
183
3567
Financial Chronicle
Volume 138
are
United States Government Securities on the New
York Stock Exchange.-Below we furnish a daily record
ot Sinanrial
0:114 noItirle
&mutat
of the transactions in Liberty Loan, Home Owners' Loan,
Federal Farm Mortgage Corporation's bonds and Treasury
certificates on the New York Stock Exchange:
PUBLISHED WEEKLY
Terms of Subscription-Payable in Advance
6 Mos.
Including Postage12 Mos.
United States, U. S. Possessions and Territories
$10.00
$6.00
6.75
In Dominion of Canada
11.50
7.75
South and Central America. Spain, Mexico and Cuba
13.50
Great Britain. Continental Europe (except Spain), Asia,
Australia and Africa
8.50
15.00
The following publications are also issued:
COMPENDIUMSMONTHLY PUBLICATIONSPusLic UTILITY-(sexnl-annually)
BANK AND QUOTATION RECORD
RAILWAY & INDITSTRIAL-(four a year)
MONTHLY EARNINGS RECORD
STATE AND Murnmeet,-(semi-ann.)
The subscription price of the Bank and Quotation Record, the State and
Municipal Compendium and the Railway and Industrial Compendium is
$10.00 per year each. The price of the Public utility Compendium is
$7.50 per year and the price of the Monthly Earnings Record is $6.00
per year. Foreign postage extra.
NOTICE. On account of the fluctuations In the rates of exchange,
remittances for foreign subscriptions and advertisements must be made
In New York funds.
Terms of Advertising
Transient display matter per agate line
45 cents
Contract and Card rates
On request
CHICAGO OFFICE-In charge of Fred. H. Gray, Western Representative.
208 South La Salle Street, Telephone State 0613.
LONDON OFFICE-Edwards & Smith, 1 Drapers' Gardens. London, E.C.
WILLIAM B. DANA COMPANY, Publishers,
William Street, Corner Spruce. New York.
Railroad and Miscellaneous Stocks.
-For review of the
New York stock market, see editorial pages.
The following are sales made at the Stock Exchange this
week (May 19 to May 25,inclusive) of shares not represented
in our detailed list on the pages which follow:
STOCKS.
Week Ending May 25.
Range for 1Veek.
Sales
for
Week.
Lowest.
Highest.
11
Range Since Jan. 1.
II
Lowest.
Highest.
IS
per share.$ per share.
RailroadsPar Shares. $ per share.
per share.
Feb M36 Apr
Canada Southern...100
70 51MMay 21 53 May 22. 50
Chic Ind At Loulsv pf100
Apr
Apr 7
101 6 May 21 6 May 211 5
May 26% Jan
Hudson At Mash p1_100
100, 1734May 23 1734May 23 16
Int Rys of Cent Am_ __•
Apr
Jan 7
540 6 May 21 6 May 211 3
Certificates
20 416May 22 436May 22 ay; Mar 6% Apr
\Ticks Shrev &. Pac__100
May
May 80
10 80 May 21 80 May 21 76
Indus. & Miscell.Am Mach & Mets
Art Metal Construct.10
AUG At WINS I. p1100
Austin Nichols prior A •
Bloomingdale 7% p1100
Bon Arn1 class A
Briggs & Stratton._ *
Chicago Yellow Cab._.
City Investing
100
Colo Fuel & 1r pref_100
Conde Nast PublIca'ns.
Consolidated Cigarprior met x-warr's 100
Cushm Solis pf (7%)100
Duplan Silk pref
100
Durham Hoskin's pf 100
2,400 93dMay
240 616May
400 13 May
30 56 May
60 100 May
60 761-(May
300, 2336May
414 Jan 10
Jan 934
5
May 24
13
3936 Jan 64
Jan 100
88
May 83
76
15
Jan 247
%
May
Apr
Apr
Apr
Mar
Apr
Apr
21 113.4 Apr x16
May 52
22 50
24 1036 Jan 32
21 714 Jan 1334
May
Feb
Feb
Apr
24 49
23 8034
21 100
19 21
Feb 59
Mar 91
Feb 110
Feb 30
Apr
May
Mar
May.
3
70
60
30
234
223',
90
Feb 934
Jan 95
Jan 80
May 16016
May 434
May 24
Jan 10534
Apr
Apr
Mar
Jan
Apr
May
Apr
23 110 May 25 9736
24 30 May 24 20
19 31 May 19 19
19 126 May 19, 110
24 25 May 24 9
19 11436May 19 97
25 40 May25, 21
21 107 May 211 86
23 54MMay 23 50
Jan 1113-4
Jan 30
Jan 55
Jan 126
Jan 2634
Jan 11436
Jan 4534
Jan 107
Jan 64
Apr
Mar
Apr
Apr
Apr
May
Apr
May
Mar
24 10 May
24 716May
25 16 May
23 5836May
22 100 May
21 7736May
19; 2416May
3001 1416May 25 16 May
20 50 May 22 52 May
10 17 May 241 17 May
200 10 May 21 10 May
1
130 53 May 21 55 May
.50 841.4May 22 87 May
10 104, May 21 104 May
10 2936May 19 2916May
22
19
22
25
22
21
21
Fairbanks Co pf etts 100
Fed MM & Smelt p1100
Foster Wheeler pret___•
Freeport Texas pret 100
Indian Refining
10
Industrial Rayon new_•
Island Creek Coal pre 1
10 416May
100 85 May
30 70 May
100 130 May
200 2%May
5,800 2236May
10 10536May
K C Pr & Lt pret /3 let)
Keith-Albee-Orph pf100
KresgeDeptStorespf 100
MathiesonAlkWkspf100
Maytag Co pref x'warr•
Outlet Co pret
100
Peoples Drug Stores...
6N% cony pref _ _100
Phoenix Hosiery pt-100
20 109 May
100 30 May
110 30 May
100 126 May
60 25 May
170 11434May
100 40 May
10636May
10 5436May
Revere Cop &Br pf_100
Standard Brands pt 1
The Fair pref
100
Underwood - Elliott-Fish
preferred
100
United Amer liosch___•
May25 46
110 7736 May23 81
220 124 May 23 125%May 21 12131
20 773(May 24 7734May 24 50
• No par value.
50 120
30 12
25 41411lay
23 85 May
24 70 May
21 130 May
19 23dMay
25 24 May
19 10514May
May 25 120
May 22 12
25
23
24
21
19
24
19
Jan 85
Apr
Jan 12534 May
Jan 83
Apr
May 25 102
May 22 10
Jan 120
Jan 17
Apr
Feb
int.
Rate.
Maturity.
Notc.-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
13
25
1
5
4
1032.32 to 1032'22
1012.32 to 102213
111.32 to 111.n
102.22 to 102.212
1002022 to 10020,2
10215,2 to 102Bts
4th 414s (uncalled)
4th 4145 (2d. called)
Treasury 434s 1952
Treasury 43is 1934
Treasury 3s 1951-55
Treasury 31.4s 1944-46
The
Week
on
the
New
York
Stock
Market.-For
review of New York stock market, see editorial pages.
x Ex dividend.
Quotations for United States Treasury Certificates of
Indebtedness, &c.-Friday, May 26.
June 15 1934..
Sept. 15 1934...
Aug. 1 1935._
Aug. 1 1934
Dee. 15 1934
kfar. 15 11)35...
Dec. 15 1935._
Feb. 1 1938...
Deo 15 1936._
Daily Record of U. S. Bond Prices. May 19 May 21 May 22 May 23 May 24 May 25
--First Liberty LoanHigh 103.32 1032,22 1032,s2 1032.ss 1032.32 1032ess
336% bonds of 4932-47_ _{Low_ 1032,32 103.32 103.32 10322s2 103.32 1032411
Close 1032,32 1032.32 1032,32 1032.s2 103.32 103r•ss
(First 336s)
4
52
23
12
5
94
Total sales in 31,000 units__ _
Converted 4% bonds °frith
_
1932-47 (First 4s)--w- Lo
Close
Total sales in $1,000 units__
10-3-2 2 10-3-2; 10-3-=;s: 10-3-2 3-2 10Y2.3-2 10-3W;
Converted 434% bonds
of 1932 47 (First 436s) Low_ 103.32 103.32 103rsu 1032.22 1037732 1032,31
Close 1032'32 1032.32 103r% 1032.22 10332,2 10328ss
16
7
12
30
37
12
Total sales in $1,000 unit,...
Second converted 434% High
bonds of 1932-47 (First Low_
-Second 431s)
Close
Total sales in $1,000 units__
-;
1
10-3-2 3-2 103242 10-3.
1013rs-2
Fourth Liberty Loan
{High 104
Low. 103rlsr 1032.32 1032.32 1032.12 1032.12 103.22
434% bonds of 1933-38
103",,
1032.32
1032.32
103,232
1032.32
Close 1033..2
(Fourth 414s)
31
24
13
23
12
Total sales in $1,000 units_
8
1022,2 102432 10242 102',, 102,
Fourth Liberty 1 oan
(High 102
434% bonds (2d called)-{ Low 101 2'32 1012.32 102'22 102'32 102,32 102,ss
102'n 1024n 102,st 102.32 1021st
(Close 102
1
25
145
126
241
10
Total sales in 31,000 units_ _ _
111ilw
{High 111..32 111.32 111.22 111w, 112
Treasury
11Dr„,
11122,,
11127s
111.32
111
111.32
2.32
Low
1947-52
43-4s
Close 111nn 1112,32 1112.32 111271 111",, 1118ln
25
15
2
36
1
2
Total oaks in 31,000 units__
(High 1071,M 107.32 107.32 107ns, 1072.s: 1073ln
{Low
107r.rr 1072232 1072232 1072232 107.32 107nn
le, 1944-54
I Clot. 107,8” 1072.32 1072232 107.32 1072222 10727,,
151
105
91
28
57
22
Total dales in $1,000 units..
I Mg1, 102r.st 102.312 102nu 102"32 103232 103',,
{Low
102wrs 1022.32 102riss 1022732 1022.22 103
4 qs-3433.1913 45
(Close 1022oss 102rris 102nn 1022.32 103.32 103{ss
645
18
56
98
107
4
Total sales in $1,000 units_ _.
(High 106low 1061,32 106.32 1080232 10)3"n 106ltss
106.012 106,32 10032 106732 106.22 106l2ss
336s. 1946-56
{I ow
(Close 106l,M 106.32 10032 108732 106"22 1061.sr
113
6
54
160
137
30
Total sales in $1,000 units...
1032'32 103"s2 1032.32 103.32 103,on
{High
103"32 103"32 103.32 103.22 103°,3:
316s. 1943-47
low
103",, 103"22 103.32 10320,2 103,,ss
Close
330
32
35
211
115
Total sales in 31,000 units._
100.32 1002,32 1002.32 1002.32 100msr
{High
38, 1951-55
Low. 1002'n 1002132 100"32 1007,22 10022n 1002.22
Clots{ 100"32 1002.32 1002132 100.32 1002.32 1002.12
185
38
214
183
251
41
Total sales in $1,000 units__
10320,2 103.s2 104
illIgh
104.s2 104.32
104.32
1032.32 103.32 1032.22 101
Low
3345.1940-43
1032.32 103.32 1032.32 104.32 101.32
Close
502
122
286
25
226
Total sales in $1.000 units _ _.
Mgt
- 1032.22 103.32 1032,32 1032.32 104222
1032222 1032232 103.32 103.32 103.032
311s. 1941-43
1 Low
1032,22 10324s2 1032,32 1032,32 1012,2
Clow
310
153
26
7
70
Total sales in $1,000 units__.
--i High 101 2.32 1012.32 101 2232 1012.22 101 2.22 101flis
316's 1946-49.
Low 101.32 loll',, 101'',, 1012232 101 2.” 101,8st
Clog( 1012432 101",, 101,03, 101 2'32 101"32 101ww
9
94
157
26
402
12
Total tales in $1,000 unit& _.
(High 1032.32 10322:2 1032232 1032,32 103.33 10310ss
331s. 1941
Low 1032232 103"s2 103"32 1032232 103.32 1032111
1033lis
Closc 1032232 103"22 1032rss 10322s2
670
16
Total sales in 31,000 units__
11
3
35
19
102.22 1022032 102=1.2
{High 102"22 102"32
3,14s, 1944-46
Low_ 102"n 102"32 102"s2 102"32 102"22 102",,
Close 102"32 102,232 1021232 102"s2 102"32 102rirs
480
54
532
Total sales in 31.000 units__
240
516
32
Federal Farm Mtge
(High 101 2.32 1OP%, 101'63 10116,, 101 222, 101",,
311s 1944-64._
4, Low. 101.32 101 1{3, 101.32 101.32 101 0.12 101.32
,'
(Close 1012.32 101ww 101 I'32 101"32 101"n loll,
71
186
Total sales in $1,000 units
96
319
354
7
Home Owners Loan
(High 100.1sr 100r,s, 1002,22 1002.32 101,32 loll."
4s 1951
{Low_ 100,782 10021u 1002'n 1002,33 1002,22 10DM
(Close 10022:2 10021s, 10024s2 1002.32 101732 loll',,
1024
294
95
Total sales in 31,000 units_ _ _ _
675
270
49
_ 100"22 100.23 100n"
Home Owners Loan
{IIIglt
100"32 100013 100liss
as series A 1952
Low_
1000.22 100"n 100'llsr
Close
106
248
62
_
Total sales in $1,000 units....
Asked.
34%
134%
100"n
10024,2
1%% 101,0,,
216% 1002,s2
% 101120
234%
236% 102..1
216% 102",
23(% 103ns
10000
1002782
101 22w
1002Tss
101Bsr
102
103
102ors
1032{ir
Maturity.
Apr. 15
June 15
June 15
Feb. 15
Apr. 15
Mar. 15
Aug. 1
Sept.15
1936._
1938._
1935_
1937___
1937._
1938....
1936._
1937_.
Week Ended
May 25 1934.
Int.
Rate.
Bid.
236%
236%
3%
3%
3%
3%
314%
33(%
1037.n
1031.32
102"32
1032.n
103"s2
1032.22
10422-2
104.32
U. S. Treasury Bills-Friday, May
Bid.
103.32
103242
,
1031
104
104'n
104'n
1012,32
104"s2
I
ggggil grog
.....
•
Co Co CO CO Co Co VS
CoCo Co 0000000
01,
0.-.00.-40:1CON
•-• 1,
1
g
D. >, ti Di el ti
g gA.-4-4.4Ft •=t
Aug. 29 1934
Sept. 5 1934
Sept. 26 1934
Oct. 3 1934
Oct. 10 1934
Oct. 17 1934
Oct. 24 1934
Oct. 3111)34
Nov. 7 1934
Nov. 14 1934
Nov. 21 1934
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.2Grz.
Saturday
Monday
Tuesday
Wednesday -__Thursday
Friday
Mnfral
Sales at
New York Stock
Exchange.
25.
Bid.
Asked.
Railroad
Slate,
Stocks,
Number of and Miscell. Municipal &
Shares.
Bonds.
Fain Bonds.
United
States
Bonds.
Total
Bond
Sales.
Asked.
Rates quoted are for discount at purchase.
0.15%
0 15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.
Asked,
249,300
382,190
830,880
656,630
495,710
535,340
53,604,000
4,732,000
6,617,000
6,656,000
6,243,000
5,731,000
$628,000
812,000
1,414,000
1,406,000
1,488,000
1,450,000
$350.000
2,688,600
1,510,900
2,331,100
1,972,600
4,925,000
$4,582,000
8,232,600
9.541,900
10,393,100
9,703.600
12,106,000
1 len nen
4,2/ eo/ nnn
e,'no nnn
el/ /70 onn
tee Ken onn
Week Ended May 25.
1934.
Stocks-No, of shares_
3,150,050
Bonds.
Government bonds__ -- $13,778,200
State & foreign bonds..
7,198,000
Railroad & misc. bonds 33,583,000
Total
1933.
Jan. 1 to May 25.
1934.
1933.
19,729,747
194,774,535
197,898,269
$8,061,900
15,066,500
55.074,000
5257,875,500
309.316.000
1,191,234,000
$235,038,300
302,164.500
756,227,900
$54,559,200 $78,202,400 $1,758,425,500 $1,293,430,700
The Curb Exchange.-The review of the Curb Exchange is
given this week on page 3556.
A complete record of Curb Exchange transactions for the
week will be found on page 3586.
3568
May 26 1934
,
Report otStock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages-Page One
re
FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE PAGE
PRECEDING.
NOTICE.-Cash and deferred delivery sales are disregarded In the day's range, unless they are the only transactions of the day.
No account la taken 3 iglu%
sales in computing the range for the year.
•
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday
May 19.
Monday
May 21.
3 per share 5 per share
5458 5512 5434 5538
.79
7934 *79
7934
"41
4134 41
41
2338 2418 2338 2334
02612 2712 *2612 2712
*42
44
*42
4378
*108% 110 *10918 110
12
11
*11
10
53
538 '512 6%
*4614 5413 *50
5412
38
393
3734 383
.8938 9114 91
91
16
1618 16
164
*87
90
88
91
65
65
65
65
4514 4558 454 4534
4
4
*4
5
4
4
4
4
*314 334
334 3,
4
812 812 *773 812
*514 538
54 518
814 838
8
814
934 10
934 97
18
*1714 1813
18
31, 312
*312 33
614 614 •64 634
•438 514 "438 5
3034 3173 3013 3012
.22
25 .23
25
2334 23% *1914 24
4
*354 44 *33
*614 712 *614 738
5312
5212 5213 *51
2258 23
2258 23
933 933
912 912
•18
1918 *1712 1812
23
2212 2314 23
19
*1718 19 .17
2114
21
2114 21
•1014 12
12
*10
*23
*23
25
25
*78
*78
118
14
*714 8
*718 8
2434 2514 2412 2512
42
"39
*38
40
64
*62
*62
64
17
*16
17
833
3
838
14
15
14
21
19
19
1512 1514 1512
55
*53
55
24
23 .22
154 1414 1412
933 .8
914
"4
%
72
212 *2
n
214
434 *3
434
*3
*4
.5
*44 5
914
914 *933 912
*2312 2412 2312 2418
414 44
412 412
612 613 '614 612
*3214 40 '3214 3712
*118
112 *1 18
112
*12
34
*12
34
2814 29
2812 2918
1934 193 *1812 194
3112 35
'3312 34
•1183 132 .11878 132
154 1534 1512 16
*26
27 '26
27
*712 8
*734 84
.
78 1%
54 112
*212 34 •213 314
"175 177
177 177
97
97
*95
96
28
26
2512 25%
'3
412 *3
414
.414 812 *4% 813
*212 512 *212 5%
3134 31
3112
31
*3
612 *312 612
27
*2612 2712
27
4014 4012 4013 4012
40
38
*36
38
5418 434 *418 514
•9l 12
.913 12
.18
35
35
"18
*4412 4934 *4412 4934
•3738 40
.3738 40
*36
3818 *3712 3818
*8
*818 11
11
*313 334 *312 38
413 418
44 414
_
2912 *13
*15
114
118 __114
114
238
'2
28 '2
22.18
2112 2238 22
2514
244 2514 25
31
3112 31
'30
44
44
*41
*41
*23
3018 '23
3013
*618 612 *513 612
5%
"5
*434 6
29
3712 28
'26
121 12112 122 122
80
8018 8018 80
.
1 312 4
*312 4
7
'57
7
*6
1134 1134 1112 1158
1712 *1412 1712
*15
54, 628
614 612
1258 1314
114 1314
*16
814
*1313
•19
1514
*5212
23
15
*7
*34
Tuesday
May 22.
Wednesday
May 23.
Friday
May 25.
$ per share
per share 5 per share S per share
5314 5212 5378 54
5258 553
52
554
7918 7938 *79
79
79
80
79
79
40
4112 3912 3912 3934 3978 3938 4012
2318 2412 2212 2318 2278 2334 23
23%
2658 28
27
27
2634 27
27
27
4214 4214 *42
43
4334 4334 4358 4358
10918 10918 *10918 110 *10878 10914 '10878 10914
10
10
1034 10
10
10
12
*10
*512 63
534 514 *514 58 *514 6
*50
5412 •50
5312 *50
533 *50
533
3818 3958 3814 4014 3938 4018 3958 4018
9034 9112 9112 9112 9034 904 91
91
154 16
1534 16
1534 157
1512 1558
'8814 91
91
*89
*8814 91
91
"89
.65
70
70 "65
*65
70 '65
70
45% 4612 4438 4533 4434 4518 4458 4514
*4
5
4
*3
*3
.3
5
5
*4
5
4
4
*312 412 "312 412
*312 334
312 312
312 338
312 312
812 •712 814 *712 84
8
712 7,2
51
514
5
478 5
5
54 514
8
734 83/3
8
734 818
712 8
93 1018
9
918 9%
933
914 958
17
1714 *16
1714
.16
1714 "16
17
34 333
312 312
314 3,2 *314 31z
614 614 .533 6
6
6
6
6
412 412
412 412 *412 5
*412 5
30
3012 2912 30
30
3012 30
30
2412 23
.23
23
23
23
*2212 23
*1914 23 "19
'1914 23
23 '19
23
*334 4
38 34
334 314 *334 4
*614 74
64 64
6
618 '518 713
5034 5212 4914 5034 50
50
51
51
22
2312 21
214 2158 2214 22
228
9,4 9% *8
914 94
914
914 014
1814 1812 18
18
1814 1814 1814 1814
2314 2314 22
22
2314 2314 2214 2214
*1812 18
1613 181 *1612 1812 *1712 1812
2134 1934 2033 2018 2034 2018 2138
20
10
10
10
10
12
*912 12
*10
2212 23
*2012 25
*2012 25
*2012 25
.
4
*%
118
118
•74/
*78
1 18
1,8
"7
8
74 713 *7
778 *7
733
2333 2418 24
2414 26
2438 2312 2478
*37
"36
41
41
*36
41
*36
40
*6158 63
63
63
6112 6214 *6158 6212
16 '1518 17
1612 1612 16
*1513 17
77
734 814
778
838
8
778 78
*1318 1438 *1212 14
14
14
4113
1433
1812 1712 1712 18
18
18
18
1834
15
1533 1433 1514 15
153g 15
15
5312 5312 52
5212 51
5113 52
52
*22
24
*22
24
24
24
*24
25
1518 1512 1514 1518 *1414 15
15
15
*714 9
*818 9
*818 9
*818 9
*34
'713
*34
•34
78
%
34
34
*2
214 *2
214 "2
214 '2
214
*3
412 *3
512 *34 5
*318 5
*44 5
*418 5
•418 5
*418
5
93
9
*834 913 *834 938
914 914
2312 2412 2134 2212 2238 23
2212 24
412 412
4
4
418 418 .414 412
614 64
514 6
6
6
618 614
'3214 3712 *3214 3712 *33
3712 *33
3712
"114
112
1
114 *118
112 *118
112
*58
34
*12
58
*12
34
"2
34
2718 2914 2634 2712 27
2814 2712 2812
174 1734 1733 173t 1914 1914
1812 1812
3412 3512 34
35
3578 357
34% 3412
11912 11912 •120 130 *120 130 *120 130
1518 16
1433 1518 14% 1514 1433 1518
'25
26
2418 25
25
2514 2412 2514
712 818 *758 73
713 73,
734 73
112 .1
*78 118
114
*78
1
1
*214 234 *214
214 *214 234 .214 234
175 175
174 174 *173 174
173 173
'95
96
'95
96
*95
95
96
96
2458 28
24
2518 2412 2512 24
254
414 '3
*3
414 *3
4
.3
4,4
*412 812 "4
812 *418 81
"418 812
'212 5% *212 5% *212 54 *212 58
3012 317
3014 3033 30
3012 2914 303
'312 612 *312 612 "312 612 *312 612
27
27
.25
28
*27
28
"2634 28
4058 4033 40
4012 4012 4012 40
40
36
364 "31
40 .31
3912 *31
3912
*4
514 *4
514 *4
512 *4
512
*712 12
*812 10
*812 12
*84 12
'18
35
35 '18
"18
35
*18
35
*454 49
•44% 49
*4412 49
4434 4434
5373, 40 '37
*33
40
40
*38
40
*374 3318 *3712 3318 *3712 38% *3712 3818
"818 11
.8% 11
*818 11
*818 11
3
312 312
3
*3
3
314
3
37
44 44
4
4
3%
414 414
__ _ •13
__ _ •13
"13
__ _ *13
__ .
11, 118 'I'*
114 'I%
1:14
1 14
114
2
2
"2
238 *2
238 *24 214
21
2218 2078 2112 2114 2178 2133 2212
2314 2512 2318 2378 2312 2458 2412 25%
3034 3114 3112 31
3112 3212 *29
3113
•41
.40
44
*42
4412 '42
45
45
*22
3018 '25
3018 24
25
'25
3018
638 *6
*6
61
6
.8
68
812
5
5
5
•434 6
5
•5
512
29
29
2718 2718 *27
29
*2512 297
122 122
12012 122
12012 12114 12212 12212
81
81% 8114 8114 81
81
80
81
312 3
314 314 *318
'
*31 2 314
312
6
578 578
6
6
61
6
*57
11
II% 1118 1138
11
104 11
12
18
14
14
"1418 1512
.1412 171 .14
614 61
51, 6
512 573
558 6
1178 1238 1214 1231
1138 121
1138 131
•Bid and asked prices, no sales on this day
Thursday
May 24.
Sales
for
the
Week.
Shares.
9.000
1.100
1,500
10,500
1,800
400
10
1,400
200
STOCKS
NEW YORK STOCK
EXCHANGE.
Lowest.
Railroads
Par
Atch Topeka & Santa Fe__100
Preferred
100
Atlantic Coast Line RR
100
Baltimore & Ohio
100
Preferred
100
Bangor & Aroostook
50
Preferred
100
Boston & Maine
100
Brooklyn & Queens Tr_No par
Preferred
No par
64,200 Bklyn Manh Transit_ No par
900
56 preferred series A _No par
12,400 Canadian Pacific
25
Caro Clinch & Ohio stpd__100
400 Central RIt of New Jersey _100
11,800 Chesapeake At Ohio
25
100 :Chia & East III Sty Co____100
300
6% preferred
100
600 Chicago Great Western
100
500
Preferred
100
1,800 Chic Milw SIP & PaoNo par
8,100
Preferred
100
7,800 Chicago /4 North Western_100
300
Preferred
100
1,600 :Chicago Rock Isl & Paelfic100
400
7% preferred
100
300
6% preferred
100
370 Colorado & Southern
100
60
4% Ist preferred
100
30
4% 2d preferred
100
300 Consol 1111 01 Cuba prof
100
30 Cuba RR 8% pref
100
1,900 Delaware & Iludson
100
8,200 Delaware Lack & Western_50
1,300 Deny & Rio Or West pref_ 100
700 Erie
100
1,100
First preferred
100
100
Second preferre I
100
16,600 Great Northern prof
100
200 Gulf Mobile & Northern 100
600
Preferred
100
Havana Electric Ry Co No par
300 Hudson & Manhattan
100
5,200 Illinois Central
100
6% prof series A
100
160
Leased lines
100
160
RR See errs series A__bOO
3,200 :Interboro RapidTran vie 100
200 Kansas City Southern
100
800
Pre'e-rod
100
2,100 Lehigh Valley
50
700 Louis,Ill. & Nasbvllie....._l00
30 :Manhattan Ity 7% guarloo
2,000
Mod 5% guar
100
Market St Ry prior preL__100
200 :Minneapolis & St I.ouis__ 100
Minn St Paul & SS MarlelOO
7% preferred
100
4% leased line elf,
100
800 Mo-Kan-Texas R.R____No par
2,600
Preferred series A
100
900 :Missouri Pacific
100
1,300
Cony preferred
100
Nashville Chatt ar St Louis 100
260 Nat Rys of Men 181 4% pf_100
2d preferred
100
24,400 New York Central_ _.No pa
900 NY Chic At St LouisC.3_10
Preferred series A
2,000
100
10 N Y & Harlem
50
8,200 N Y N H de Hartford
100
1,900
Cony preferred
100
700 N Y Ontario & Western_ 100
100 N Y Railways pref
No par
:Norfolk Southern
100
500 Norfolk At Western
100
Adjust 4% pref
30
100
11.000 Northern Pacific
100
Pacific Coast
. _ _10
1st preferred
No par
2d preferred
No par
16,400 Pennsylvania
50
Peoria & Eastern___ _____ 100
400 Pere Marquette
100
900
Prior preferred
100
500
Preferred
100
Philadelphia Rap Tran Co._50
7% preferred
50
Pittsburgh & West Virginia 100
200 Reading
50
1st preferred
Ill
20 preferred
50
Rutland RR 7% pref
100
600 :St Louts-San Francisco 100
1,400
1s8 preferred
100
_ _ _ ___ St Louis Southwestern
100
1,400 :Seaboard Air Line __ __No par
100
Preferred
100
20,500 Southern Pacific Co
100
11,900 Southern Railway
100
Preferred
2.300
100
Mobile & Ohlo stk tr WA 100
300 Texas dr Pacific Ry Co__ __100
600 Third Avenue
100
200 Twin City Rapid Trams No par
110
Preferred
100
1,500 Onion Pacific
100
1,600
Preferred
100
200 :Wabash
100
Preferred A
500
100
2,800 Western Maryland
100
2d preferred
100
100
6,200 Western Pacific
100
Preferred
25,900
100
:Companies reported In receivership.
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots.
Highest.
PER SHARE
Range for Previous
Year 1933
Lowest.
Highest.
$ per share
S Per share $ per share $ per share
5112May 14 7334 Feb 5
3458 Feb 8018 July
704 Jan 5 87% Apr 27
50 Apr 7934 June
3414Nfay 14 5414 Feb 16
1613 Feb 59 July
21 May 12 3412 Feb 5
814 Feb 37% July
2412 Jan 9 37% Feb 6
913 Apr 3914 July
3913 Jan 9 4618 Feb 1
20
Jan 4134 Deo
15518 Jan 5 110 Apr 20
6858 Jan 110 Aug
1912 Feb 5
10 May 21
6
Apr 30 July
47 Jan 8
838 Feb 7
312 Mar
9% July
41 Jan 18 5814 Apr 26
35% Apr 6018 July
2814 Mar 27 4014Nfay 23
21% Feb 4114 July
9434
8218 Jan 4
Apr 28
64 Mar 8312 June
1234 Jan 2 1814 Mar 12
712 Apr 2078 July
5014 Apr 7912 July
70 Jan 6 88 Mar 14
65 May 8 92 Feb 3
Apr 122 July
38
2413 Feb 4914 Aug
3912 Jan 5 477 Apr 12
233 Jan 15
7 Feb 17
13 Apr
8 July
8 Feb 10
812 July
178 Jan 9
12 Apr
513 Feb 1
138 Apr
234May 14
7% July
212 Apr
1478 July
6,4 Jan 4 1178 Feb 19
812 Feb 5
1
414 Jan 2
Apr
11,
4 July
5
1314
Feb
14
Ds Feb
634Nlay
1814 July
114 Apr 16 July
658 Jan 3 15 Feb 5
2 Apr 2434 July
1314 Jan 3 28 Feb 16
2 Apr 1018 July
614 Feb 7
234 Jan 3
958 Feb 6
312 Apr 1911 July
4s8 Jan 3
27 Apr
8 Feb 6
334Nfay 14
15 July
154 Feb
27 Jan 4 4038 Feb 1
Si July
1213 Apr 4234 July
20 Jan 4 3314 Feb 9
10 Mar 30 July
20 Jan 12 30 Feb 3
64 Feb 5
24 Jan 5
114 Feb
1033 June
314 Jan 15 1012 Jan 23
212 Jan
16 June
494May 23 7312 Feb 1
3758 Feb 9334 July
2018Nfay 12 3334 Feb 5
1714 Feb 46 July
1314 Mar 28
584 Jan 19
2 Feb
19% July
1378 Jan 8 247,3 Feb 5
334 Apr 2534 July
16 Jan 3 2814 Apr 26
4% Apr 2912 July
12 Jan 3 23 Apr 21
212 Apr 2314 July
IS May 14 3212 Feb 5
418 Apr 3334 July
57 Jan 10 1614 Feb 20
1% Mar
1112 July
15 Jan 11 354 Feb 21
213 Mar 2312 July
Feb 13
112 Jan 23
38 Dec
234 June
718May 14 12% Feb 7
812 July
19 June
22 May 14 3878 Feb 5
812 Apr 504 July
35 Jan 13 50 Apr 26
16 Mar 6013 July
494 Jan 5 66 May 2
31 Mar 60 July
18 May 23 2414 Feb 6
412 Apr 34 July
7 May 14 1334 Jan 2
4% Feb
1334 Dee
11 Jan 8 1934 Apr 21
613 Feb 2478 July
155 Jan 5 2712 Apr 21 s12 Mar 3414 July
1218May 14 2114 Feb b
858 Feb2734 July
4814 Jan 4 6212 Apr 20
21 14 Jan 6713 July
20 Jan 3 3212Mar 29
12 Mar 28
Oct
13 May 12 1958 Jan 12
8
Jan 20
Oct
47 Jan 16 1214 Apr 24
178 Mar
8 June
13
,Mar 28
12 Jan 11
18 Jan
214 July
14 Jan 2
3% Feb 6
12 Mar
58 July
134 Jan 8
54 Apr 20
34 Apr
813 July
312 Jan 2
713 Mar 10
212 Dec1412 July
712Nfay 14 147 Feb 5
54 Jan
1718 July
174 Jan 5 3433 Fib 6
1112 Jan 3714 July
3 Jan 2
6 Feb 5
118 Apr
1014 July
98 Feb 7
413 Jan 3
I% Apr
1514 July
32 Jan 2 46 Jan 24
13
Jan
57 July
1 May 16
214 Feb 23
313 June
4 Mar
as Jan 5
1 Mar 7
I% June
4 Jan
2538May 14 4514 Feb 5
14
Feb 5812 July
15 Jan 3 2678 Apr 24
218 Jan 2733 Aug
1713 Jan 3 4314 Apr 23
233 Apr 344 July
108 Jan 2 139 Feb I 100 Mar 153% June
1338May 14 2433 Feb 5
1118 Feb 348 July
2313 Jan 8 3758 Feb 5
Apr 56 July
18
712 Dee
15 July
714May 12 1133 Feb 5
1 Nfar 21
134 Jan 16
312 July
4 Mar
418 Apr 20
114 Jan 3
4% July
Is Apr
161 Jan 5 182 Apr 19 1 1 112 Mar 177 July
82 Jan 8 97 May 1!)
74 May 3712 Sept
2118 Jan 6 3634 Apr 11
933 Apr 3478 July
2 Jan 4
638 Mar 14
1
Jan
7 July
334 Jan 19 1114 Apr 20
10 July
133 Feb
2 Jan 3
612 Mar 14
I
7 July
Feb
2814Nlay 14 377 Feb 19
13% Jan 4214 July
4 Jan 16
8 Feb 17
9 July
% Feb
37 Mar
1812 Jan 10 38 Apr 24
37 July
18 Jan 13 5112 Apr 23
6
Jan 4412 July
1812 Jan 10 43 Apr 23
412 Feb 3312 July
3 Feb 8
6 Apr 25
2 June
58 July
412 Jan 12 16 Apr 24
3 Dec
10 July
15 Jan 3 27 Feb 21
Cl, Apr 3534 July
43 Jan 2 5673 Feb 5
2311 Apr 6212 July
337 Feb 7 4018 Apr 23
25
Apr
38 July
2918 Jan 11 3918May 3
2312 Mar 37 July
712Nfay 14 15 Feb 7
6
1812 July
Jan
238 Jan 2
4118 Feb 6
933 July
% Jan
618 Apr 4
214 Jan 4
1
94 July
Apr
1211 Jan 19 20 Mar 8
514 Mar 22 July
1 Jan 2
2 Feb 6
3 July
14 Jan
34 Feb21
184 Jan 11
478 July
33 Mar
1813 Jan 5 3334 Feb 5
111* Feb 3834 July
2178May 14 3612 Feb 5
418 Mar
36 July
2758Ntay 12 4114 Apr 26
578 Jan
49 July
39 Jan 19 4734 Apr 20
8
Jan
4014 July
18% Jan 3 4314 Feb 1
15 Apr 43 July
6 Mar I
8,4 Jan 12
418 Felt
1218 June
148 Jan 10
812 Apr 21
434 June
34 Dec
6 Jan 12 39 Apr 24
412 Dec
15 June
11013 Jan 4 133% April
8114 Apr 132 July
71% Jan 18 84 Apr 26
56
7512 July
Apr
47 Jan 30
214 Jan 5
112 Jan
712 July
97 July
318 Jan 2
833 Apr 26
14 Apr
8% Jan 2 1714 Feb 20
4 Feb
16 July
12 Jan 9 23 Feb 2(
558 Jan
1912 July
812 Mar 29
234 Jan 2
I
Apr
912 July
4% Jan 5 1712Mar 28
14 Mar
16 July
a Optional sale. c Cash sale.
3 Sold
15 days. z Ex-dividend.
y Ex-rights.
New York Stock Record-Continued-Page 2
3569
air FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE SECOND PAGE PRECEDING.
HIGH AND LO1V SALE PRICES-PER SHARE, NOT PER CENT.
Saturday
May 19.
Monday
May 21.
Tuesday
May 22.
Wednesday I Thursday
May 24.
May 23.
Friday
May 25.
$ per share S per share $ per share $ per share S per share S per share
814
818 818
8
712 734
8
8
818
818 81.s
738
*7713 86
.7712 86
*7712 86
.7713 86
•7712 ____ *7712 86
2814 28
2814 2512 27
27
2614 2614 27
.2738 2814 28
95
flag 928
934 *918 958
*918 958
978 978
*958 10
*434 5
.458 512 .434 5
434 434 *5
512
5
5
718 718
*7
738 *7
7
7
714
*718 714 •7
714
95
95
95
95
9514 9612 9338 94
9338 9438 9314 9412
0212 278
258 258
258 258
234 234 *212 28
258 258
1834 19
1834 19% 1858 1934 1888 1878 1812 19
1878 1914
*534 6
6
6
0534 614 0534 614 *512 614 *512 614
238 234
3
234
278 272
3
27o
234 278
234 234
*1212 1378 •1212 1378 1312 1378 1258 13
1218 1214
1212 13
13
.1212 1312 *1178 1212 *1178 1212 1178 1178
*1178 1312 *12
1258 *12
*12
*1212 13
13
*1114 13
*11
1212 *11
121 2
*15
*1612 21
*1612 21
2078 *15
2078 *15
2078 *15
2078
130 132
130 132
132 133
13212 134
132 132
134 134
•12618 128 *12614 128
12712 12712 *12614 12712 *12614 12712 *12614 12712
1578 1638 1534 1634 157g 1678 1534 16
1558 16
16
1614
*1318 14
*1318 14
•1318 14
13
1318 *13
14
*13
14
*438 5
*438 5
*412 5
*414 434 *438 478
412 412
*31
3334 *32
3314 *32
3334 *31
3334 *3138 3334 *3138 3334
*48
4912 4812 4812 4834 4834 4834 4834 4834 4834 4914 5012
33
33
323 33
33
3338 33
3314
33
331s 33,8 33
2014 2014 2038 21
1912 2012 19
19
1912
1913 1912 19
4738 4738 *4614 47
4614 4614 *4534 4614 *4558 47
46
46
*1012 11
1058 1078 10
1012 10
1012
10
*934 1012 10
*57
5913 5612 5712 55
56
*5412 5712 *5513 5612 *54
57,2
*2512 27
27
27
2634 2634 261/3 2618 *2412 2612 *24
29
•10718 10878 *10718 10878 10878 10878 *10718 10778 *108 10878 108 108
94
9434 94
95
9212 9538 9112 93
9214 9313 93
9134
•142 143 .142 143
143 143
14312 14312 .142 14312 *143 14312
2138 2138 2112 2112 21
2134 20
2012
20
20
2012 20
*4014 4418 *4018 43
*4018 43
40
*3912 44
40
401* 40
•712 9
*718 9
*718 9
*718 9
*718 0
*718 9
.26
40
*28
40
*2514 40
*2514 40
*2614 30
*2514 30
*5418 55
5414 5412 54
5438 5434 5512 54
5812
*55
55
*4
5
*4
518 *4
514 *313 5
*312 5
*312 5
37
3712 36
3613 33
3512 3338 34,2 3314 34
3334 35
*212 278 *238 258 *212 258
238 238
2%
214. 238 •214
.634 67, •678 678 *558 614 .558 614 *558 612 *55* 614
814 812
818 814
8
858
753 772
734 8
778 814
*21
22
*21
20
20
22
*2012 22
21
*1912 2012 .19
*1058 1112 *1012 1112 1078 1078 1012 1013 1038 1058 •1034 111
16
•16
1712 *16
1613 *1558 1614 16
1712 16
1712 .16
.1478 16
1478 1513 1512 1512 *1413 1512 *1478 1578 *1478 1512
614 614
614 614
*6
7
*634 7,2 .634 714 *612 7
*2914 3212 *2734 3214 *29
3212 .2712 3113
*28
3212 .2734 31
33
.3212 3312 3312 3312 33
33
33
33
33
*3234 33
712 712
*758 8
734 73
8
8
*712 814
714 713
*40
4012 .3934 40
*3934 4112 *3934 4014 3934 3934 3914 3914
83o 812
812 812
813 812
838
838 812
8
814 813
*118
114
118
118
78
78
1
114
1
114
114
118
•718 838
912
912 *818
912 978 •818
8
812
834 10
.2513 2614 2512 2512 2413 2558 21
24
24
24
2414
24
*55
59
55
55
*55
80
60
5618 5618 *55
*5614 60
*15
1534 .15
1418 1411
1534 15
15
1414 14,4 *1438 15
878 9
*914 934 *914 978
914 934
938 1018
912 912
2338 2414 2378 2438 2234 2414 22
23
23
2314
2212 22
.76
8612 .80
86
.77
86
*7718 86
*77
86
.80
86
•26
2734 *27
26
26'2
2778 *2612 27
2812 *2614 2814 27
714
7
718 714
7
7% 738
712
7
714 738
714
2234 2234 2234 2214 2212 2212 *2038 22
2112 2112 *2112 2234
*1914 2018 1932 1938 19
1814 1814 191'2 1978
1818 19
19
1378 1418
1378 1414 1334 1438 1314 1378 1358 1378 1334 14
1858 19
1834 1914 1758 1914 1714 1838 1714 1812 1758 1858
•51
5213 5212 5212 5114 5112 5118 5118 *52
5212 527
53
*418 412 *418
438 438
412
*418 5
4
41. *4
5
114
114
138
138 *118
112 114
112 *118
114
13; *118
*2258 26
23
24
24
2214 2214
*2234 24
2212 2212 *23
3978 4078 4034 4238 3814 4258 38
3838 3912 3812 3912
39
•116 11778 11634 11634 116 116
114 115
116 116 *115 118
.80
88
.82
*8012 84
88
84
.8458 88
84
5712 5734
57
57
57
*55
57
5834 504 *55
5634 MN
•118 119 •116 119 *116 119 .116 119 .116 119 .116 119
1612 1612 17
1578 16
1512 16
1714 1612 1658 16
16
6618 6612 *6312 657 *6312 6372 6334 6414 63
63
63
63
*41
4134 *41
*4112 42
42
*4112 42
*41
*4118 42
42
52
5214 5213 5288 5258 5318 52
5214 5338
5278 528 53
*11134 11438.11178 11212 11134 11218 11314 11314 o11314 11314 114 11418
1713 18
.17
171 .17
1712 175* 18
17
1713 17
17
115 11514 11512 11614 11478 117
11258 11514 11212 11358 11278 11414
6912 68
69
6814 6812 6834 67% 6778 6712 6734 68
6812
7114 7114 71
71
717
71
7018 7112 6933 7014 6912 7014
.121 122 .12112 122 *12112 12218 *12112 12212 *12112 123 .12112 12312
634 634 *658 7
634 *7
73
612 613 .6
612 634
1712 171 .1514 1713 17
1712 1578 1578 1514 1514 .1512 17
*1814 1834 1838 1838
1818 1812 1838 18%
18
1834 1758 18
1
*7314 75
7314 73 4 *7314 75
75
7012 7012 .71
*7314 75
1034 10% 1053 1078
.1058 1118
1138 1138 1038 1012 *1038 11
02
62
*59
*61
61
04
*5734 61
60
61
*5514 62
234 234
238 234
2
218
218 214
134 238
212 238
914
7
7
614
7
618 812
81. 914
018
9
9
6
6
.6
*614 634
614
*612 7
614
61.
4' 612 .534
.37
48
.41
*39
45
45
*39
45
45
*39
45
*39
1412 15
1412 1418 1458
1478 1538 1418 1538 14
1438 14
*913 131
*978 11
*978 11
*9,8 1312 *978 11
*978 11
.20
21
.20
*1958 20
21
20
20
20
20
201. 20
100 100
100 100
.95 100
*93
9972 *93 100 .95 100
3034 31
31
31
3058 31
.2938 3013 *295* 3058 2978 3018
•113 120 .113 120 *113 120 *113 114 *113 114
113 113
9112 92
90
90 .89
9112 .90
9214 *9112 91 18 *9014 0012
614
614
614 612
633 634
612 634
614 634
6% 658
278 2o
3
3
318
3
3
3
278 3
278 3
6412 67
6514 6714 6612 6912 6612 6812 6812 7034 6818 70
*518 53
*518
5
5
538 .5
5
518 .5
514
5
8,2 *7
812
814 *7
914 .7
*7
914 *7
9
*7
*134 21
173 178
14
134
1%
178
13
178
178
178
1238 1238
*1212 13's
1218 1212 *1218 1234 1214 1214 *1214 1234
72
.50
*501s 72
58
*5412 6012 58
72
*5014 6012 •54
*45
571 *45
5712 *4514 571. •45
5712 •4518 5712 *4518 571
*38
403 .38
4012 *38
4034 38
*38
4012
38
38 - 38
•1438 1612 *1218 16
*15
____
1912 *15
1912
19
__ .15
2538 2514 2512 2434 2538 2438 2434 2418 2434 24
25
2458
*4512 4612 *4512 47
4414 4414 *4414 45
45
4512 .4418 455
9912 10012 100 100
.99 101
.10012 101
•99 101
*99 100
978 978 *934 1012 *978 1134 *Ks 1012 *9
•934 1012
1012
3558
35
3512 3434 3534 3314 3512 3258 3414 3378 341 2 34
•1218 1214
1134 12
1214 1234 *1214 1234
1112 1112 12
12
612 7
61 2 634
6,2 634
634 7
678 7
1178 7
1112 1112 11
1114
1058 1118 1012 1078 1058 1034 1058 1118
46
4614 4614
*4612 4714 4614 47
46
4534 46
46
46
095
98,2 *95
981 2 *9634 9812 .9634 0812 *9534 9312 *9634 9812
*338 434 *312 434 *378 458
4
412
4
*438 434 *4
2612 .2612 281 2 *2611 28,2
*2712 2134 .2734 29
.26
*2734 29
8
8
773 81a
734 8
8
77a
75g
778
772
778
30 .29
*2778 2934 *2778 3078
28
3014 29
28
30
30
1
95 .91
95
.91
*9134 9612 *9212 9612 9478 9478
95
95
1512 1512 1512 1512 1512 1638 1538 1558 *1538 155* 1534 155
*85
8712 *8512 8712 *8614 8712 .8513 8712 *85
8712 *85
8712
60
*5978 63
05
61
60
60
*5013 0312 .58
60 .60
117 1238
1158 1178
1234 1272 1212 1212 1218 1212 1134 12
.11731 _ - •11712 -___ *11814 ____ .11812 120 *11912 _-__ 11978 11972
1434 15
1412 1478
153* 1534 1538 1534 1458 1513 1412 15
1614 1614
1618 1638 1612
1634 1634 1612 1634 1614 1612 16
• 11111 and asked prices, no sales on this day.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
Lowest.
Industrial & Miacel. Par
Shares.
6,600 Adams Express
No par
Preferred
100
2,000 Adams Millis
No par
400 Address MuMgr Corp
10
700 Advance Rumely
No par
300 Affiliated Products Inc_No par
2,500 Air Reduction Ino
No par
400 Air Way Elec Appliance No par
28,000 Alaska Juneau Gold Mln___10
100 A P W Paper Co
No par
3,600 Alleghany Corp
No par
1,700
Prof A with $30 warr___100
300
Pref A with $40 warr___100
Prof A without warr___100
Allegheny Steel Co
No par
3,700 Allied Chemical & Dye_No par
100
Preferred
100
4.000 Allis-Chalmers Mfg _ __No par
300 Alpha Portland Cement No par
300 Amalgam Leather Co
1
7% preferred
50
1,100 Amerada Corp
No par
2,300 Amer Agile Chem (Del) No par
2,800 American Bank Note
10
Preferred
70
50
1,300 American Beet Sugar__No par
110
7% preferred
100
400 Am Brake Shoe & Fdy _No par
Preferred
50
100
9,000 American Can
25
Preferred
200
100
1,500 American Car & Fdy__ _No par
Preferred
300
100
American Chain
No par
100
7% preferred
1,000 American Chicle
No par
Amer Colortype Co
10
11,700 Am Comml Alcohol Corp 20
700 Amer Encaustic Tiling_No par
Amer European Sec's_No par
9,100 Amer & For'n Power_No par
100
No par
Preferred
No pat
2nd preferred
300
300
No par
$6 preferred
300 Amer Hawaiian S S Co____10
300 Amer Elide & Leather_No par
Preferred
100
1
500 Amer Home Products
No pa
800 American Ice
6% non-cum prof
200
100
13,800 Amer Internet Corp___No par
1,900 Am L France & Foamite No par
Preferred
520
100
700 American Locomotive__No par
Preferred
300
100
1.000 Amer Mach & Fdry Co_No par
6,100 Amer Mach & Metals__No par
4,300 Amer Metal Co Ltd ___No par
6% cony preferred
100
90 Amer News Co Inc____No par
4,000 Amer Power & Light_No pa
No par
700
$6 preferred
No par
$5 preferred
900
19.100 Am R.ad & Stand San's, No par
12,400 American Rolling Mill
25
800 American Safety Razor No par
700 American Seating v 0 c_No par
600 Amer Ship & COMM_ __No par
90 Amer Shipbuilding Co_No par
38,900 Amer Smelting & Refg_No par
Preferred
500
100
100
100
2nd preferred 8% cum
500 American Snuff
25
Preferred
100
2,800 Amer Steel Foundries_No par
Preferred
110
100
American Stores
No par
2,900 Amer Sugar Refining
100
Preferred
800
100
1,700 Am Sumatra Tobacco__No par
19,600 Amer Telep & Teleg
100
1,800 American Tobacco
25
5,500
25
Common clam B
Preferred
100
700 /Am Type Founders...No par
Preferred
100
100
2.800 Am Water Wks & Elec_No par
lot preferred
200
No par
800 American Woolen____No par
Preferred
300
100
8.500 Am Writing Paper
1
5,500
Preferred
No par
400 Amer Zinc Load dr Smelt___1
Preferred
25
27,100 Anaconda Copper Mining 50
Anaconda Wire & CableNo par
500 Anchor Cap
No par
$6.50 cony preferred_No par
30
1,400 Archer Daniels Midrd_No par
10
7% preferred
100
400 Armour & Co (Del) pref 100
23,100 Armour of Illinois class A__25
5,700
Class El
25
17,600
Preferred
100
500 Arnold Constable Corp
5
Artloom Corp
No par
600 Associated Apparel Ind No par
900 Associated Dry Goods
1
100
6% lot preferred
100
7% al preferred
100
20 Associated 011
25
At 0 & W I AS Lines__No par
8,800 Atlantic Refining
25
500 Atlas Powder
No par
80
Preferred
100
100 Atlas Tack Corp
No par
6,900 Auburn Automoblle
No par
1,000 Austin Nichols
Na par
10,300 Aviation Corp of Del(The)5
6,500 Baldwin Loco Works No par
1,100
100
Preferred
Bamberger (L) & Co pref 100
No par
100 Barker Brothers
63.4% cony preferred____100
5
3,200 Barnsdall Corp
No par
500 Bayuk Cigars Inc
100
1st preferred
60
25
2,600 Beatrice Creamery
100
Preferred
20
200 Beech-Nut Packing Co
3,200 Belding Heminway Co_No par
200 Belgian Nat Ry2 part pref ___
5
6,800 Bend% Aviation
3.100 Beneficial Indus Loan__No par
I Companies reported In receitershIp.
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots.
a
$ per share
658 Jan 6
7014 Jan 25
16 Jan 5
73 Jan 5
412May 14
618 Jan 13
931415.1ay 25
173 Jan 3
1738May 12
5 Jan 13
212May 14
578 Jan 4
558 Jan 3
514 Jan 8
1713 Jan 2
12612Sl5y 14
12218 Jan 16
1334Slay 12
1234 Jan 2
312May 12
25 Jan 6
4112 Jan 4
2514 Jan 4
1413 Jan 4
40 Jan 4
712 Jan 4
4613 Jan 4
2334May 14
98 Jan 10
o014121ay 14
12612 Jan 6
19187.tay 12
3814 Jan 8
612 Jan 11
2012 Jan 10
4614 Jan 8
333 Jan 29
33 May 22
2 May 12
6 Jan 3
7 May 10
17 Jan 4
934 Jan 4
12 Jan 4
1312Mar 14
61411ay 24
28127.tay 14
2818 Jan 5
618 Jan 4
3514 Jan 8
613 Jan 8
h Jan 5
4 Jan 18
2234May 14
50 Jan 8
13 Jan 4
314 Jan 3
18 Jan 4
73 Jan 2
21 Jan 3
578 Jan 4
1334 Jan 6
1278 Jan 5
12 May 14
1638May 14
38 Jan 13
314 Jan 10
1 Jan 4
1914 Jan 4
3534Nlay 10
100 Jan 2
7114 Jan 2
4834 Jan 5
106 Feb 2
15 Slay 14
63 May 24
37 Jan 3
46 Jan 3
10312 Jan 3
1334Nlay 10
10734 Jan 4
6514 Jan 6
87 Jan 8
10714 Jan 3
478 Jan 3
734 Jan 6
1638Slay 14
54 Jan 3
812May 14
58 Slay 14
114 Jan 10
514 Jan 6
538 Jan 4
3712 Jan 4
13 May 14
914 Jan 12
18 Jan 8
84 Feb 5
2614 Jan 9
110 Jan 24
76,4 Jan 2
414 Jan 3
214 Jan 6
55 Jan 3
358 Jan 10
414 Jan 5
1 Jan 9
111a Jan 3
60 Jan 1
50 Jan 4
2913 Jan 5
12 'lay 15
2134May 14
3514 Jan 8
83 Jan 9
712 Jan 15
3114 May14
7 Jan 4
5r,i Feb 10
978May 10
35 Jan 8
8612 Jan 9
3 Jan 2
1618 Jan 9
7 May 11
23 May 8
89 Jan 15
1038 Jan 6
65 Jan 13
58 Mar 2
87s Jan 3
9512 Jan 9
1358May 14
1218 Jan 31
Highest.
PER SHARE
Range for Previous
Year 1933.
Lowest.
Highest.
$ Per share $ per share $ per share
1178 Feb 5
3 Feb
1314 July
7712 Apr 19
39
Apr 71 June
3478 Apr 5
8 Apr 2153 July
1138 Feb 6
618 Apr
1212 June
758 Feb 5
184 Feb
938 July
958 Feb 6
558 July
1134 May 1
10614 Jan 24
4713 Feb 112 Sept
338 Apr 28
4 May
12 Feb
2378 Jan 15
1118 Jan 33 Aug
778 Apr 24
1
Jan
958 July
514 Feb 1
7a Apr
814 July
1618 Apr 10
1
Apr 2178 July
118 Apr 21 July
1458 Apr 10
1438 Apr 9
114 Mar 20 July
2318 Feb 23
5 Mar 26 July
16034 Feb 17
7034 Feb 152 Dec
12914 Apr 5 115
Apr 125
Oct
2338 Feb 5
6 Feb 2638 July
2013 Feb 5
5% Jan 24 July
58 Feb
914 July
704 Mar 12
5 Feb 40 July
45 Mar 13
5334 Apr 5
1812 Mar 4753 Nov
714 Mar 35 July
36 Jan 24
2514 Apr 27
8 Mar 2812 July
5012 Apr 27
Apr 4978 June
34
1
Jan
1234 Feb 3
1834 July
71 Apr 12
234 Jan 64 Sept
38 Feb 6
918 Max 4212 July
60 Mar 106 Aug
11012 Apr 18
4913 Feb 10012 Dec
10734 Feb 15
14513 Apr 13 112 Feb 134 July
818 Jan 3934 July
3378 Feb 5
5612 Feb 5
15
Feb 5934 July
158 Mar 14 July
1214 Feb 27
40 Apr 24
312 Max 3112 July
34 Mar 51 14 July
60 Apr 20
2 Feb618 June
612 Feb 5
13 Feb8978 July
8212 Jan 31
5 Feb 16
1
Jan
6 June
378 Apr
1012 Feb 3
13 July
1334 Feb 6
378 Feb1958 June
30 Feb 7
714 Apr 4473 June
1713 Feb 6
" 433 Apr
2714 June
25 Feb 6
618 Apr
3533 July
2112 July
2258 Feb 16
418 Jan
212 Mar
16 June
1012 Feb 5
1312 Feb 5712 June
4214 Mar 15
248 Dec 4212 May
3638 Apr 26
1713 June
10 Feb 5
334 Feb
4514 Mar 26
25 Feb 5778 June
1518 July
11 Feb 6
414 Feb
312 June
112 Apr 4
14 Apr
10 May 22
12 June
114 Jan
578 Jan 3918 July
3834 Feb 6
7458 Mar 13
1734 Jan 63 July
834 Feb 2238 July
1934 Feb 5
Jan
1014May 11
6 June
1
2758 Feb 15
3% Feb 2358 July
91 Feb 15
1512 Jan 7578 Nov
Jan
3434 Mar 13
17
3012 July
1214 Feb 6
4 Feb
1978 July
2978 Feb 6
978 Apr 4118 July
9
Apr 35 July
2614 Feb 7
458 Feb
19 July
1788 Feb 1
28% Feb 19
514 Mar 3178 July
5434 Apr 26
201s Apr 473.4 July
7111 July
738 Feb 19
78 Mar
412 June
18 Apr
238 Jan 30
30 Jan 30
1112 Mar 3634 June
5114 Feb 15
1034 Feb5312 Sept
Jan 9912 Dee
31
123 Apr 12
9434 Apr 11
2012 Jan 73 July
5114 Sept
58 Apr 27
3212 Jan
12312Nlay 3 10218 Jan 112 July
458 Feb27 July
2613 Feb 5
81 Jan 30
3758 Mar 85 July
4414 Feb 7
30 Feb47% July
74 July
2112 Jan
61 Feo 6
Jan 11214 July
11518 Apr 23
80
Jan 26 July
2058 Mar 13
6
8812 Apr 134% July
12514 Feo 6
49 Feb 9073 July
8238 Feb 6
50% Feb 9434 July
8412 Feb 5
12312 Apr 10 10234 Mar 120 July
218 1)ec 25 July
13 Feb 21
7
Oct 3773 July
2834 Feb 21
1078 Apr 4314 July
2758 Feb 7
35 Mar 80 June
80 Feb 5
17 July
312 Mar
1718 Feb 5
2258 Feb 6712 Dec
83% Feb 7
418 June
414 Mar 14
% Feb
1434 July
34 Feb
1712 Apr 23
1078 July
214 Feb
9 Feb 16
20
Feb 66 July
5018 Feb 16
1734 Apr 11
5 Feb 2278 July
1512 June
1234 Apr 26
418 Jan
Jan 3914 July
2434 Jan 31
8
100 Apr 17
6212 Jan 90 June
2914 July
934 Mar
34 Apr 23
95 Feb 115 July
115 Apr 12
Jan 90 July
41
9314 Apr 26
7114 June
1 18 Feb
8 Apr 13
5 July
34 Feb
378 Apr 12
Feb 93 July
7
7558 Apr 13
7 July
118 Jan
838 Fen 9
912 June
2 Mar
1012 Apr 21
538 June
312 F b 15
34 Apr
1814 Feb 6
312 Feb 20 July
18
Feb 6112 July
7712 Apr 20
Jan 5134 July
15
6478 Apr 20
6% Mar 3512 July
4012 Apr 25
411
Mar
26 Jul3
16 Apr 12
1238 Feb 3212 Nol
3514 Feb 5
9 Feb 3918 July
5512 Mar 13
Apr 8318 SW
10112 Apr 17
80
112 Feb 3434 Dec
1614 Mar 14
Oct 8414 July
31
5738/Aar 13
1658 Mar 5
78 Feb 984 July
1638 July
512 Feb
1034 Jan 31
1758 July
312 Apr
16 Feb 5
912 Apr 60 July
6434 Apr 21
6814 Feb 9971 Auy
99 Feb 23
714 June
612 Feb 5
33 Jan
518 Apr 2414 July
3812 Apr 12
11 July
3 Mar
10 Jan 22
5212 July
39 Feb 5
314 Jan
27
Jan 100 July
98 Mar 16
27 June
7 Mar
1834 Apr 21
Feb 85 May
45
8712Slay 18
Jan
7012 June
67 Apr 23
45
1212 July
312 Feb
1514 Apr 24
6214 Ant 10114 Nn*
11972May 25
61• Feb 2114 July
2378 Feb 1
1314 Sept 15 Au)
1918 Apr 26
Optional sale. c Cash sale. z Es-dividend.
f/
Fa-rights
3570
New York Stock Record-Continued-Page 3
May 26 1934
lar
FOR SALE DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE THIRD PAGE
PRECEDING
_
PER SHARE
PER SHARE
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Sales
STOCKS
Range Since Jan. 1.
Range for Preoolus
for
NEW YORK STOCK
On basis of 100-share lots.
Year 1933.
Monday
Saturday
Tuesday
Wednesday' Thursday 1 Friday
the
EXCHANGE.
May 19.
May 21.
May 22.
May 23.
May 24.
May 25.
Week.
Lowest.
Highest.
Lowest.
Highest.
$ per share $ per share $ per share $ per share $ per share 3 per share Shares. Indus. &Miscell.(Con.) Par 3Per share
$ Per share S per share $ pr share
*2812 3012 530
3038 30
30
2912 2912 02714 2912 29
30
900 Best dr Co
No par 264 Jan 8 3414 Apr 10
9 Mar 3318 Aug
3458 3434 3458 3538 3318 35% 3134 334 3134 3234 3212 3358 19,500 Bethlehem Steel Corp -No par 3134May 23 4912 Feb19
1018 Mar 4914 July
*66
70
*65
66
64
65
63
63
62
6334 63
63
1,000
7% preferred
100 62 May 24 82 Feb19
2514 Feb 82 July
2718 2712 27
2712 2712 2712 26
27
280 Bigelow-Sant Carpet Inc No par 26 May 17 40 Feb 5
2612 2612 *2514 27
618 Apr 2912 June
1112 1112 1112 1112 11
1112 11
11
11
11
1,800 Blaw-Knox Co
11
11
1014May 14 1614 Jan 30
No par
318 Feb
un, July
*18
25
*18
25
*18
25
*18
20
*18
20
*18
20
Bloomingdale Brothers_No par
18 Jan 12 29 Feb 7
658 Feb 21 July
55
5414 55
53
2,400 Bohn Aluminum di Br
5334 53
5434 5434 55
53
534 54
5 4958May 14 6834 Jan 24
912 Mar 5812 Dec
2414 24
2538 2378 2478 24
2358 2418 24
2434 2378 2458 16,700 Borden Co (The)
25 1978 Jan 6 2712 Feb 5
18
Feb 3712 July
2218 2314 2112 2258 22
2234 2234 23
23
2238 224 2278 5,000 Borg-Warner Corp
10 205851ay 14 28,8 Feb 5
512 Feb 2214 Deo
*112 212 *112 214 .112 2
*138 214 *138 214 *Ps 214
(Botany Cons Mills class A_50
3 Feb 9
1 Jan 2
38 May
412 July
1658 1634 1658 1678 1614 17
1618 1638 1614 1638 1658 1678 6,400 Briggs Manufacturing_No p..I
12 Jan 6 1938 Apr 26
258 Feb
Ws July
3318 3312 3312 3334 3278 3334 *3234 3378 3278 33
5 26 Jan 4 3738 Apr 26
3378 3378
1,400 Bristol-Myers Co
25 Dec 3814 Sept
.6318 65 .6318 67
6312 6378 *6358 67
*6418 67
66
66
400 Brooklyn Ualon Gas___No par 607sMay 8 8012 Feb 6
60 Dec 8812 June
*51
57
*50
*51
56
56
53
53
53
53
200 Brown Shoe Co
*50
55
yo par 5014 Jan 5 61 Feb 16
2812 Mar 534 July
500 Bruns-Balke-C,ollender_No par
*734 9
634May 7 1078 Mar 17
814
814
8
814 *74 812 *778 812
811 *8
134 Mar
1812 June
634
6
6
*6
6
6
512afay
8
600 Bucyrus-Erie Co
579 54 *534 6
938 Feb 5
10
*54 6
2 Feb
1278 June
•1018 1114 01014 11
1018 1012 10
1018 *10
1012 1018 1018 1,000
Preferred
914May 12 1412 Apr 24
5
234 Feb
104 June
*59
60
61
*60
60
65 .5812 69
*59
*59
60
60
10
7% preferred
100 60 May 21 75 Jan 15
2012 Mar 72 June
614 638
.578 6
6
614
558 578
513 54 3,000 Budd (E G) Mfg
534 578
No par
538 Jan 3
734 Apr 25
34 Apr
978 July
31
45
*3114 38
31
*____ 33
*31
*28
40
100
*3114 38
7% preferred
'00 25 Jan 2 44 Apr 25
3 Mar
35 July
312 353 *312 34 1,000 Budd Wheel
No par
334 334 *312 334 *34 34
538 Jan 30
3 May 14
338 334
1
Feb
534 July
*434 518
412 412 *414 518 *438 5
438 458
300 Bulova Watch
No par
434 434
612 Apr 28
273 Jan 9
5 June
4 Mar
9
958 938
938
9
9
*834 938
800 Bullard Co
*918 934 *94 10
No par
734 Jan 4 1512 Feb 16
212 Feb
1314 July
*2
4
4
*2
4
*2
4
*2
4
*2
4
*2
Burns Bros class A
_No par
6 Feb 21
158 Jan 26
12 Apr
5 June
*712 912
100
818 84 *812 912 *812 912
8
7% preferred
8
100
4 Jan 9 1512 Feb 20
812 812
14 Jan
13 June
1234 1314 1278 1278 13
1318 1312 134 1314
1314 131 4
1218May 14 z194 Feb 1
1314 2,800 Burroughs Add Marb.-No Par
64 Feb 2078 JulY
2
2
*2
3
*2
178
178 *178 2
214 *2
214
200 tBush Term
378 Feb 9
No par
134May 12
1
Apr
8 June
*414 5
*4
5
*414 5
*414 5
*4
5
•4
5
Debenture
6 Mar 8
:Jan 20
100
31
1
Apr
912 June
1012 1034
*1014 114 *1038 1134 1114 1114 1014 11
.838 10
120 Bush Term 131 gu prof ctfs_100
518 Jan 3 1534 Feb 23
418 Dee
8 Dec
•112 158 *112 14 *112 158 *112 158 *112 14 0112 158
Butte & Superior Mining...AO
218 Feb 16
11
:Jan 13
1
Feb
278 June
238 *2
214 214 *214 212
*2
214
218
2
2
212
700 Butte Copper & Zino
6
3 Feb 16
2 Jan 2
111 Mar
414 June
234 234
*234 31.; *214 312 *234 312 *234 3
*234 3
100 Butterick Co
Fell
1
434
No par
213 Jan 2
114 Apr
712 June
.2112 2238 2114 2218 2034 2218 204 2078 21
2114 21
2114 4,200 Byers Co (A M)
19 May 14 3234 Feb 7
No par
812 Feb 4314 July
57
*55
57
.52
57 .53
*52
57
57
•52
*52
57
Preferred
100 4714 Jan 15 6778 Apr 23
3018 Mar 80 July
32
3114 3112 3112 314 31
3014 3012 3012 3114 3012 3114 3,600 California
_ __No par
1834 Jan 4 3412 Apr 30
3434 July
734 Mar
1
1
78
*78
78
1
1
78
700 Callahan Zino-Lead
78
78
4
10
134 Jan 23
78
78 Jan 9
Packing24 June
14 Jan
478 44
434 434
412 412
433 458
413 414 2,500 Calumet & Heels Cons Cop_25
414 412
2
658 Fen 5
4 Jan 3
Feb
938 June
958 938
*1018 1014 1018 1018 *94 10
914 914 *9
934
300 Campbell W & C Fdy __No pa,
2 Feb
812MaY 14 157s Feb 23
1614 July
2212 2212 2212 2138 2134 2178 214 2112 22
2212 2212 22
1,600 Canada Dry Ginger A1o__2.6 21 May 7 2912 Apr 21
712 Feb 41 12 July
32
.32
3113 3112 3112 3112 *3018 3218
3212 *3218 3212 32
300 Cannon Mills
No par 2812 Jan 4 38 Apr 2
14
Feb
3512 July
*8
912 *712 812
834 •13
712 712 *712 1018 *7
94
200 Capital Admints CIA
414 Oct
1
538 Jan 2 10 Apr 13
1212 July
3312 *3212 3312 .3212 3312 *32
3312 *32
*32
3312 *32
3312
Preferred A
10 2634 Jan 24 39 Apr 201
254 Jan 3518 July
4834 4812 4912 4812 5078 9,700 Case (J I) Co
5034 5112 4812 5178 48
5134 52
3012 Feb 10318 July
100 413 May 14 8634 Feo 6
7478 6912 6912 *6718 6834 6734 6734
*70
7478 *6812 744 *69
60
Preferred eertificates
100 13734May 25 8412 Feb 6
41
Feb 8814 July
2712 2758 2738 28
2738 2878 2758 28
2713 2734 2738 2812 7,700 Caterpillar TractorNo par
2312 Jan 4 3338 API* 21
512 Mar
2934 July
2612 2338 2512 2418 2538 24
2614 2678 2618 2638 25
2478 10,800 Celanese Corp of Am__No par 234May 23 4478 Feb 6
412 Feb 5878 July
*3
4
*3
312
312 312 *3
334 *278 313 *3
312
100 tCelotex Corp
458 Apr 12
12 Mar
214 Jan 9
No par
578 July
3
*238 234
318 *212 3
.234 3
*212 3
*258 3
1,400
4 Apr 12
Certificates
No par
14 Jan 9
4 Fel
438 July
16
18
16
1512 1534 1612 1612 17
152 1512 16
17
390
Preferred
14 Jai, 124 July
1011
612 Jan 18 2218 Apr 13
2712 2712 .2612 2712 2612 2612 2638 264 27
27
27
27
600 Central Aguirre Asso..No par 24 Mar 22 3218 Feb 5
14
Jan 41 July
1113
11
938
1114
.104 11
958
*9
934 *914 934 *9
1,300 Century Ribbon 511118.No par
2 Apr
734 Jan 16 1238 Feb 19
1158 July
08614 92
*8614 93
*8614 92
*8614 92
*8614 93
20
8614 8614
Preferred
52 Feb 100 Deo
100 82 Mar 31 95 Jan 2
3434 3578 354 3612 3314 3658 3338 344 3334 344 3414 354 38,300 Cerro de Pasco Copper_No par
3014May 16 4014 Feb 15
578 Jar, 4434 Sept
6
6
534 534
54 638
534 6
5,600 Certain-Teed Products_No par
54 614
57s 578
pa July
1
Jan
314 Jan 2
734 Apr 5
30
30
31
*27
3012 .28
•26
*28
33
31
*28
31
500
7% preferred
4 Mar
100 1712 Jan 19 35 Apr 5
3014 July
.2038 21
21
2012 2012 21
*2012 204 2014 204 2014 204 1,000 City Ice & Fuel
No par
718 Mar
174 Jan 5 2438 Jan 311
25 June
82
8212 8212 8212 8212 8212 8234 *81
82
82
180
*80
82
Preferred
100 67 Jan 3 86 Apr 23
45
Apr
72 July
4214 4214 *4212 44
4312 .4212 434 4234 44
*43
4234 4234 1,000 Chesapeake Corp
No par
34 Jan 4 4878 Apr 21
1473 Jan 5212 July
*7
738
300 Chicago Pneumat Tool_No par
738 •634 714 *658 7
978 Feb 5
512May 14
74 712 *74 712 *7
218 Mar
1238 July
22
2112 2212 21
*2112 2238 22
21
2034 2118 21
21
1,200
Cony preferred
164 Jan 12 2834 Apr 24
No par
512 Feb 2514 June
254 25
25
*2418 2578 .2434 2578 25
2518 2512 *2514 26
1,000 Chickasha Cotton 011
10 1914 Jan 8 3034 Feb 5
5 Mar
34
July
63
64
712 758
7
7
74 712
*7
712 712
734
900 Childs Co
No par
2 Feb
6 Jan 6 1153 Feb 19
1018 July
*1212 1612 *1212 1712, •1212 1718 *1212 1738
*1358 1734 .1234 16
Chile Copper Co
25 1218May 16 1758 Apr 9
6
Apr
214 July
6 364May 14 6033 Feb 23
3712 3813 3734 3914 3814 40
3914 3978 3912 4012 3818 41
98,800 Chrysler Corp
734 Mar 5738 Deo
1
118 14
118 .1
118
14
115
118
118
1
118 1,500 City Stores
218 Feb 6
7s Jan 5
No par
.358 July
14 Feb
*12
500
4
Voting trust certifs No par
4
3*
58
*12
5s
4
*13
114 Feb 6
53
4
12 Apr 20
4
18 Mar
218 July
*34 378 *318 478 *318 478 *318 414 *34 313 •34 44
Class A
558 Feb 6
No par
358May 14
112 Jan
812 July
.213 4
*212 414 *212 418 *212 414 *212 414 *212 4
518 Feb 21
Class A v t c
3 Jan 12
No par
544 J uly
34 Nov
4
*123
193
8
*12
4
163
*123
4
193
*12
8
18
19%
*13
•1312 1914
Clark Equipment
Vs par
834 Jan 5 2134 Mar 5
5 Mar (414 June
39
38
3412 3412 *3312 37 .3312 37
*35
.35
100 Cluett Peabody & Co__No par 28 Jan 3 45 Apr 7
*3312 37
10
Jan 4112 July
110 116 *110 116
*100 118 *100 116 *100 116 *110 116
Preferred
100 95 Jan 17 115 Apr 23
90
Jan 100 June
12334 12334 124 12438 12312 12412 *123 12314 12234 12314 12312 12312 1,300 Coca-Cola Co (The)___No par 9514 Jan 2 127 Apr 24
7312 Jan 105 July
.._ *54 - -- 5414 5414 5418 5418 *5438
*5412 _ _
*544
200
Class A
No par
5018 Jan 11 5414May 22
44
Apr 51
Deo
_1-418
14
1314 -14
1312 1438 1318 14
1312 -141-4
1
10,400 Colgate-Palmolive-Peet No par
938 Jan 3 1818 Mar 13
7 Mar 22$8 July
455
9018 *88
88
*6412 87
9018 88
8712 88
*6512 87
300
6% preferred
100 6812 Jan 8 9214 Apr 18
49
Apr 88 Aug
1734 1712 1712 1634 1718 17
1734 1734 1712 174 17
1778 1,900 Collins & Allunan
No par
1534May 14 2812 Feb 19
3 Apr
26 Sept
5
5
514
412 434
418 418 *414 412 1,100 (Colorado Fuel & 1ron_No par
512 *5
*514
834 Feb 6
358 Jan 2
278 Dee
1758 July
*6412 6512 6512 6618 6414 6512 6312 6434 6434 6512 6512 6612 2,500 Columbian Carbon v t c No par 58 Jan 8 774 Apr 23
2318 Feb 7112 July
3012 3114 3134 3212 32
32
3014 30
2814 2814 29
33
33
May 25
10,000 Columb Pict Corp v t e_No par 23 Jan 6
638 Mar 28 Nov
1238 13
1234 1312 1238 1234 1212 13
28,400 Columbia Gas Jr Eleo No par
1212 1234 1258 1314
1118 Jan 4 1914 Fen 6
9 Mar
Ms July
73
73
73
*7312 75
*71
7358 7358 74
74
73 .72
500
Preferred merles A
100 52 Jan 5 7618 Feb 27
150 Dee
83 June
*
66
67 *__ 67
67
*50
66
*50
67
*50
67
20
5% preferred
100 41 Jan 9 71 Apr 24
40 May 7412 June
2858 2714 28
28
284 2812 2814 2838 28
2714 28
2814 5.600 Commercial Credit
10 1858 Jan 4 3518 Apr 21
4
Feb
1914 Deo
.2858 29
40
2834 2834 .2712 2834 *2712 2834 *2712 2834 28. 28
7% 1st preferred
25 2312 Jan 5 29 Mar 3
1812 Mar 25 Sept
48
47
4712 4712 48
47
4712 4712 *47
*4612 47
Class A
48
1,200
50 38 Jan 3 50 Mar 9
18
Feb 39,8 Aug
*2812 29
29
29
29
120
*2818 29
*2813 29
29
.2818 29
Preferred B
25 24 Jan 3 30 Mar 3
1813 Mar 2518 Sept
90
103 103 *101 103 *10014 103 *10014 10214 10214 10214 10112 102
614% first preferred ____100 9112 Jan 3 106 Apr 30
70 Mar 1)578 Sept
.5138 5138 514 515s .51
5114 4912 5012 4934 504 50
5034 6,500 Comm Invest Trust___No par 3534 Jan 4 5934 April
18 Mar
4312 July
108 10914 .108
*10712 109
2212 23
2234 2314 2178
24 214
218 24
218
4514 45
4534 4534 45
2538
*2512 26
2578 26
•1034 134 *1034 1214 *11
938 938
.914 958
914
*53
56
54
*5234 54
334
34 378
378 378
16
1614
*1614 1658 16
3234 3313 3312 334 3273
90
*8912 8934 8912
90
*258 24 *258 278 *258
1034 1078 1012
1034 11
*10912 111 .10812 111 *10812
118
1
118
1
l's
*1078 1114 1078 1078 *1058
4
418 418
4
4
014 912 *918
912 912
14
112
138
112
138
*5818 6018 *5818 6018 *5818
7412
75
7412 7412 75
814
1012
*814 9 I *9
31
1,4
194
.6538
•144
3314
*1214
*26
*40
512
2558
*58
*158
712
47
*42
23
75
312
9'2
•14
2912
31
04 .114
2018 1978
6538 6514
145 *144
3314
13
27
41
512
26
67
2
778
4712
4512
23
75
358
978
1512
33
*1214
*26
*40
533
2534
*58
*158
7'3
46
*4312
23
76
312
958
*14
2934
30
114
138
1912
2014
654 6534
145 *145
6
6
32
33
13
1212
2612
27
.40
41
512
512
2614 2412
6278 624
138
2
7l4
733
46
4512
434 4378
2234
23
77
77
338
5
3,
978
934
*144
16
109 *10714 109 *10734 109 *10734 109
2212 2178 2234
2338 2112 2218 22
218 24
218 214
218 214
214
4612 4438 45
4334 444 4414 46
26
25
2512 254 2512 2512 26
1214 *1012 134 *1014 1312 *1014 12
94
878 9
9
9
*9
934
*54
55
56
597g
*5418 56
57
8
33* 3,
378
334 334
34 33*
1612 1618 1614 1638 1678 1618 1634
334 3212 3318 3258 3278 3212 33
8934 8858 8938 8834 8914 8858 89
234
24 234
258 234
258 258
1014 104 1014 1012 1018 1012
11
111 *10812 111
111 111 *109 111
5I
I
lls
1
14
1
1
11
104 1078 104 104 1013 1058
4
378 4
4
4
*378 4
912
918
918 *9
912
9
9
138
112
138
138
138
138
138
6018 *5818 6018 *5918 6018 *59
6018
7534 7318 744 741 1 7412 74
744
9
814 .8
*812 9
*812 914
2934 2834 29
2838 2834 283s 2834
114
14
114
114
118
118
118
2012 1934 1978 1934 2014 1978 2038
6712 65
66
65
66
654 6814
145 *14212 147 *14312 147 *14212 147
6
6
6
5118 534
539 538
3218 324 3214 3214 324 3233
33
1212 1212 1212 *12
121: •12
1234
*2512 2678 *26
2612 2534 26
2712
41
.40
4034 *40
4034 4034 4034
514 538
514 514
512
54 538
2312 2312 24
2512 2312 24
24
61
6278 61
*6012 62
6278 61
112
112 *112 2
*112 2
158
714
7
7
71s
714
712
712
45
46
45
45
45
46
46
4312 4212 43
*43
4512
4378 .43
22
2312 2311 2312
22
22
23
7812 7838 8018
77
78
7712 76
314 312
314 338
339
338 312
1018
958 1014 10
1038 10
1012
1518 1518 .1518 1512
154 *1414 15
Cony preferred
No par
91 Jan 3 10812 Apr 14
17,800 Commercial Solvents No par
1934MaY 14 3634 Jan 30
19,200 Commonwith & Sou
134 Jan 2
No par
334 Feb 6
3,600
2112 Jan 2 5234 Apr 23
56 preferred series...No par
2,900 Congoleum-Nalrn Ine...No par 23 Jan 9 3114 Feb 16
Congress Cigar
934 Jan 12 1412 Mar 5
No par
600 Consolidated agar _ _ _ _ No par
314 Jan 2 134 Mar 17
80
Prior preferred
100 4514 Jan 2 60 Apr II
1,300 Consol Film Indus
I
212 Jan 2
534 Feb 15
Preferred
No par
1,000
1038 Jan 2 1712 Feb 15
15,000 Consolidated Gas Co _ ..,Vo par 3158May 7 4738 Fro 6
No par 82 Jan 4 9214 Feb 6
2,000
Preferred
24 Jan 8
1,200 Consul Laundries Corp_No par
44 Feb 7
912alay 10 1414 Feb 13
No par
12,400 Consol 011 Corp
100 108 Fob 9 11112 Apr 28
100
8% preferred
78 Jan 4
3,000 Consolidated Textile_ __No par
218 Feb 7
20
618 Jan 5 1334 Apr 23
1,200 Container Corp class A
238 Jan 2
Class 11
No par
518 Apr 18
1,400
7 Jan 8 1453 Jan 24
600 Continental Bail class A No par
No par
1 Jan 1
Class 11
1,500
238 Feb 7
100 4614 Jan 6 64 Feb 9
Preferred
20 691251ay 14 834 Apr 21
4,100 Continental Can inc
5
718 Jan 5 1134 Feb 6
100 Cont'l Diamond Fibre
3,300 Continental Insurance.. _2.50 2338 Jan 6 3512 Apr 20
par
118 Jan 2
3,800Continental Motors. __No
238 Feb 21
5 1612 Jan 13 2234 Apr 21
12,200 Continental 011 of Del
3,600 Corn Products RefinIng____25 (1012May 14 8412 Jan 26
100 135 Jan 4 145 Apr 25
Preferred
100
No Z.57
1,100 Coty Inc
Vs Fen 5
334 Jan 2
No par 28 Jan 3 35 Jan 31
1.700 Cream of Wheat etfs
200 Crosley Radio Corp
.No par
8 Jan 2 1518 Apr 13
3614 Feb 1
300 Crown Cork & Seal..-.No Par 2414af ay I(
NM par 354 Jan 2 4114 Apr 20
100
$2 70 preferred
3,000 Crown Zellerback v t o_ No par
378 Jan 6
658 Apr 27
1,400 Crucible Steel of America..100 2138 Jan 4 3838 Feb 19
Preferred
400
100 48 Jan 12 71 Apr 10
1,400 Cuba Co (The)
,Vo par
1 Jan 2
34 Feb 9
3,300 Cuban-American Sugar ___10
312 Jan 10
978 Fen 8
140
Preferred
100 2018 Jan 9 4911afay 16
300 Cudahy Packing
50 37 Jan 2 5034 Feb 16
1,800 Curtis Pub Co (The)... No par
1312 Jan 8 2938 Apr 12
2,200
Preferred
Vo par 4312 Jan 3 844 Apr 13
12,500 Curtiss-Wright
1
212 Jan 2
514 Jan 31
Claim A
16,100
1
514 Jan 3 121 1 Apr 2
100 Cutler-Hammer Ino___No par
11 Jan 4 2112 Feb 21
•Bid and naked prima. no Sales on this day. (Companies reported In receivership.
a optional s ,le.
r Cash sale. r Ex-dividend.
84
Jan 9778 Jan
9 Feb 5714 July
114 Deo
618 June
174 Deo
Cl)', June
Vs Jan 274 July
612 Feb
18 June
312 Apr
194 Juno
31
Apr 65 June
134 Jan
534 May
54 Mar
1434 May
34 Den 6418 June
814 Deo 99
Jan
1 12 Dec
512 Jan
5 Mar
1534 July
9513 Mar 108
Oct
14 Mar
314 JUIY
1 18 Jan
1014 July
4 Feb
412 June
3 mar
l8t4 July
12 Jan
34 July
36
Jan 64 July
3514 Feb 7938 Dec
31: Feb
1718 July
1013 Mar 3612 JIM'
I Mar
4 June
478 Mar
1938 Sept
4538 Feb 9038 Aug
1174 Mar 1454 Jan
238 Mar
74 June
23
Feb
3912 July
214 Mar
1434 June
1414 Feb 65 July
2412 Feb 394 July
1
Apr
812 July
0 Mar
3712 July
le
Feb 6(l38 July
Ili Feb
44 June
1118 May
1,8 Jan
10
Jan (18 June
2034 Feb 5918 June
612 Mar 3214 June
30
Feb 611 June
118 Feb
44 July
2 Mar
8 July
414 Jan
21 July
y 1:x-rights
New York Stock Record-Continued-Page 4
3571
lar FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE FOURTH PAGE PRECEDING.
HIGH AND LOW SALE PRICES-PER SHARE. NOT PER CENT.
Saturday
May 19.
Monday
May 21.
Tuesday
May 22.
Wednesday
May 23.
Thursday
May 24.
Friday
May 25.
$ Per share 5 Per share $ per share $ per share $ per share $ per share
.6
714 .6
714 •6
.514 7
714 *514 7
"514 7
21
2114 2058 21
20
1953 2018 2938 21
21
20
20
*12
13
*12
1212 .12
1
4 12
1212 .1214 12/
1218
1212 .12
7518 76
.75
78
*75
7614 7614 76
78
80
76 .75
*45
50
*45/
1
4 48
48
47
45 .46
4512 47
47
45
23
23
23
23
2234 2234 *2234 2312 23/
1
4 2312 2234 23
31
•30
3014 *301. 31
*30
3012 31
.3012 31
30/
1
4 3034
37
3712 3712 3818 3634 3814 3718 3734 3758 3734 3734 3818
•1912 20
20
201
/
4 20
2114 2012 21
21
2018 *20
21
2012 2138 2012 2034 19/
1
4 2053
1
4 21
1838 2014 1934 2038 19/
"111
/
4 13
.
91
/
4 14
13
13
13
13
13
13
.12
15
*712 812 .712 813
812 9
101
/
4 1018 1014 1014
91
/
4
10
•7/
1
4 813 *712 812
713 712
1
4 •718 818
718 712 .718 8/
*10112 10212 10212 10212 10212 10212 10112 10112 *10112 10212 010112 10212
7/
1
4 8
.81s 812
718
714
1
4
734 818
71
/
4 712
7/
1
4 7/
9414 9414 94[2 9612 93
95
96
92
93
9334 9518 95
'136 140
137 137 .136 140
138 138 *137 138 .137 138
161
/
4 1738 17
1714 17
1634 1634 16/
1
4 1634
171
/
4 1614 17
8218 8312 8334 8412 8214 8514 8112 83
8213 8333 8258 85,4
*121/
1
4 122
122 122
122 12212 .122 12212 12214 12214 122 122
•12
1212 12
12
12
*1138 1212 1134 1134 *1118 1134 12
2113 2134 2158 22
2058 2138 2058 2114
21
2214 2012 21
.93
98 .93
9712 *93
93
93
97
96
96
9712 *94
478 5
5
5
434 4/
/
4
1
4
478 41
478 478
413 412
8/
1
4 812
833 812
8
838 813
8
7/
1
4 8
7/
1
4 814
5/
1
4 578
6
6
5/
1
4 534
534 614
5/
1
4 534
512 534
1538 1578 1512 1512 1514 16
15
1518 15
.14
1434 15
.1312 14/
1
4 "13,4 15
1412 *1318 1438
13
13 .13
1314 1314
4213 4212 .4012 4212 .4018 4212 *4018 4212 4118 4118 4112 4112
1
538
78
.34
.34
1
78
*34
I
78
*/
1
4 1
.11
/
4 11
/
134
4 .153 2
1
4 •112 134 .112
•158 2
158 1/
.53
54
53/
1
4 5313 5314 5313 *5212 54/
/
4 5258
521
5414
1
4 .5212
•118 12534 .118 12534 *118 12534 *118 12534 *118 125/
1
4 *118 12534
*5
0i
5
*413 414
5
.433 514 .412 5
'414 0
*1338 1534 1412 141 .14
/
4 *1334 1553 *1312 1534
/
4 .1312 151
151
.1414 16
15
.1412 17
15
1
4 1778 "1334 15 .14
15 .14/
.15
181
/
4 .15
1
4 .1518 1818
1878 *1518 1873 •1518 181
/
4 •1518 18/
7
718
678 7/
1
4
7/
1
4 738
71
/
4 714
61
/
4 718
714 714
.1034 1112 1078 10/
1014 1014
1014
1
4 10/
1014 10
1
4 1114 10
2412 2458 2413 2518 24
2434 2414 25'
/
4 2314 2414 24
251
61
1
4
614 638 *6
614 6/
513 534
614 614
511 512
*34 2,8
534 218
534 218
034 218
"34, 218
"4 243
814
.518
814
*518
818
81
*51
7
/
4
812 •51
*518
/
4
818
/
4
1413 14
.14
1414 .14
1314 1314 1378 131
14
.13
14
.52
53
53
53
53
52 .5214 53 .52
52
52
52
.7
8
*7
.678 714
7
73
.7
7
712
7
7
.40
55 .40
50
50
55
*50
55
55
.42
55 .42
.70
90 .70
"70
00
90
90 .70
90 .70
90 .70
*6
.512 638 *514 61
634 .
.514 612 *51z 61
614 7
/
4
334
*314 378 .318
312 312
334 334 *318 31
314 314
214 214
214 21
2
218 218
2
21
/
4 218 .2
21s
2312 2312 *21
•22
24
24
24
•21
24
*21
24 .21
31
31
2912 30
2813 20
29
20
29
.2812 29 .28
912 912 .8
8
91
8
*8
8
8
9
.8
9
.2012 30 .2014 30 .2014 30 .2014 30 .2014 30 .2014 30
.99 103
•99 103
.99 103
.99 103 .99 103 .99 103
1878 1878 1838 18/
1
4 1812 18/
1
4 1778 18'4 1814 1814 1814 1838
*8178 8213 .8178 8214 8178 811
1
4 8312
/
4 8312 .80/
/
4 8112 811 .811
6514 64
6533 6512
64
/
4 6234 63
611
/
4 6212 611
6312 .64
4/
1
4 5
41
/
4 5
413 5
4/
1
4 413
418 438
4,4 458
*1878 19/
1
4 1834 1834 1834 18/
1812 1814 1812
1
4 1814 181 .18
015
1512 1514 15,4 1513 1512 1413 1413 141
/
4 1413 1313 1413
1112 1112 111
/
4 1134 .1034 11
111
/
4 1138
11
11
1034 11
2112 2112 2112 2112 .2138 22
2114 2114 *2114 22
*2114 22
.1458 15
.1413 1514 .14
1412
1412 14
14/
1
4 13/
1
4 1478 14
•4812 5312 *4812 5312 .4813 5312 .4813 5313 *4812 5312 .4813 53,2
39/
1
4 39/
1
4 3938 40
3912 40
39
3912 39
38
39
3913
.2512 28
2512 2512 .25/
25
*2312 24
1
4 25
1
4 28
25/
1
4 25/
13
13
•12
14
.12
12
11
11
12
14
12
12
.214 2/
1
4 .214 234 *214 234 'Ds 214 .218 214
218 218
•18
19 .18
19
1712 1713 .1712 18
/
4 *1714 1712
17/
1
4 171
834 834
812 812 .814 812 0814 812
81z
8
814 814
'
75
85
81
*70
81
.70
85 .70
.70
85 .70
81
3612 3612 3613 361
/
4 36
361
/
4 3512 3518 3534 36
3614 363
18/
1
4 18/
1
4 .1834 19
1818 1813 1758 171
1818 1758 18
/
4 18
1012 10/
1
4 1058 1034 1013 1012 *1014 1038 1014 1014 1038 1038
.102 103
103 103 .102 103 .102 10212 10212 10212 .100 103
734 7/
1
4
712 7/
1
4
7
712
758 .7
734
714
712 .718
.418 4/
1
4 .434 4/
1
4
412 412
4
418 .418 413
4
4
.814 834 .8/
1
4 11
81
/
4 814
7/
1
4 712 "758 9
*753 8'8
.2138 23
2213 2213 21
21
.20
2218 '2038 2218 .2038 23
*3612 37
37
3734 38
38
3738 38
3738 3712 38
38
.106 108
108 108 .10334
1
4 106
_ •103/
1
4 106 *103/
106 106
1978 20
1934 20/
1
4 1938 1613 1938 1978 1938 1978 19/
1
4 1978
1212 1238 1212 1212 1233 1213 1288 1258 12/
1
4 1258 1212 1253
32
32/
1
4 32
3213 32
3234 3138 3214 3133 3178 3112 311
/
4
*/
1
4
/
1
4
34
54
*34
1
"4
84
78
78
84
34
•1314 1.5
*1314 15
14
14
*1314 15
14
14
.13
1413
•____ 21 •__-_ 20 •____ 20 •_. 20
14
14
*____
21
•____ 20 "_-__ 21 .
21 •____ 21 •____ 21 .____ 21
r-- *5258 _ _ _ •521/4 ___ .5134 __
*504-:-_-- *51
1.5554 56
5534 -56
56 -56
55 -56 - -5534 -58
5534 .5:;34
•110-- •10938 --- •10938 _ .*10938 _
•110
_ 11014 11014
3234 3338 321
/
4 -3312 3158 -33-58 3114 -31-7; 3133
311
/
4 3318
-32,4
0938 9938 9914 9958 9912 0934 9912 100
*9934
1712 '1518 1712 .1518 1718 *1518 1718 .1514 10038 .9934 10038
.15
1712 *III
1713
533 5311 *458 534
514 514 .434 518 *434 518 .455 518
.1512 1812 .16
1813 *1612 1812 .1612 181 .1612 1813 .1612 1812
.85
88
.85
88
•85
88
*85
88
85
85
.85
88
.3/
1
4 313 *314 3'2 *314 312
318 314 318 318 *3
312
34
3414 34
34
33
33
3234 3234 .3111
/
4
33
*3112
33
.2
218
2
2
2
2
178
11
/
4
11
/
4
11
/
4
2
21
/
4
.16
20
.1613 20
•1613 20 .1613 20 .1612 20 .1612 20
•15
141
1612 *1414 16
/
4 15
141
/
4 151 .15
1513 .1414 1512
/
4 1412 14
141
/
4 1412 141
14
1313 131
/
4 14
14
13/
1
4 14
.26
38
*33
38
*32
38
*33
371 *35
3712 35
1058 1058 1014 1034 1038 1012 1018 1014 1013 1012 1038 35
10,
8
.57/
1
4 61
'
•58
6018 6018 6018 61
61
*5912 6034
4
418
4
4
378 4
334 3/
1
4 *334 4
.334 4
52114 2413 .2218 2412 .21
23
23
241
23
23
2434 2434
2514 2512 2514 2512 24
25/
1
4 2418 2434 25
2518 24/
1
4 2514
*5912 100
*9812 100
100 100
•99 100
100 100 .100 10114
•718
714
7
714
678
714
634 63
6/
1
4 7
7
714
1914 2012 19
1958 1978 1954 20
1938 1938 1958 19
1938
.109 11058 .109 115 .109 115 .109 120 .110 120 *110 120
1412 14
1414
1414 1412 14
1313 13/
1
4 1312 13/
1
4 1334 1414
54 .52
.50
5014 *51
54
.51
53
.53
53 .50
54
29/
1
4 2978 2853 30
2712 2912 2712 2834 2778 2858 2814 .2918
74/
1
4 7412 7412 75
75
74
74
7412 .7413 80 .74
77
8
8
778 8
81
/
4
8
7/
1
4 778
Ps 734 734 8
56
56
56
.56
53
56
56
56
•48/
1
4 56
.4814 56
3
3
278 3
234
2/
1
4
234 234
258 234
258 24
10
1038 1058
10
034 1013
934 9/
1
4 '91
/
4 912
958 958
61
/
4 614
.6
6
6/
1
4 .
6
6
6
.558 6
5/
1
4 6
1
36
35
•36
38 4 36
3614 341
/
4 3414 *34
3734 .34
37
.2512 26
.25/
1
4 26
2512 26
*251
/
4 26
.2518 26
.2512 26
.33
33
34
33
33
33
3234 3234 32
3212 3114 3114
1
4 1212 12
12/
1
4 .12/
1214 *11
.12
1134 1112 11 12 1118 1118
2014 28
29
2914 29
29/
1
4 28
281
/
4 28/
1
4 291
/
4 28/
1
4 30
11034 11034 11078 111
.11034 111
11034 11034 111 III
11034 111
118
11/. •11
218 218
/
4 2
'134 2
118
118 .134
2
.28
32 .27
32
.27
32 .24
38
*24
38 .26
38
.85
7313 .65
75 .65
75 .65
7312 .65
7313 .65
7312
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
Lowest.
Shares. Indus.& MIscell.(Con.) Par
Davega Stores Corp
5
5,900 Deere dr Co
No par
200
20
Preferred
500 Detroit Edison
100
500 Devoe es Reynolds A__No par
800 Diamond Match
No par
700
Participating preferred_ __25
8,000 Dome Mines Ltd
No par
1,500 Dominion Stores Ltd No par
26,200 Douglas Aircraft Co Inc No par
400 Dresser(SR)Mfg cony A No par
1,600
Convertible class B No par
300 Dunhill International
1
40 Duquesne Light 1st pret__100
1,100 Eastern Rolling Mills__No pa
3,600 Eastman Kodak (N J).No par
20
6% cum preferred
100
3,400 Eaton 151fg Co
No pa
18,100 El du Pont de Nemours__ __20
1,500
8% non-voting deb
100
300 Eltingon Schild new._No par
14,500 Elec Auto Lite (The)
5
20
Preferred
100
1,700 Electric Boat
3
14,200 Elea A Miss Ind Am shares._
4,400 Electric Power 12 Light No par
1.500
No par
Preferred
200
$6 preferred
No par
300 Else Storage 13attery
No par
100 :Elk Born Coal Corp No par
100
6% part preferred
50
500 Endicott-Johnson Co2p.....50
Preferred
100
100 Engineers Public Serv__No par
35 cony preferred____No par
100
100
No pa?
3514 preferred
$6 preferred
No pa,
2,700 Eqttltable Office Bldg No par
1,200 Eureka Vacuum Clean
5
21,700 Evans Products Co
5
100 Exchange Buffet Corp_No par
Fairbanks Co
25
20
Preferred
100
300 Fairbanks Morse dr Co_No par
40
Preferred
100
400 Federal Light es Trac
15
Preferred
10
No par
Federal M111 & Smelt Co__100
Federal Motor Truck__No par
300 Federal Screw Works__No par
700 Federal Water Bert,A__No par
100 Federated Dept Stores_No par
700 Fidel Phen Fire Ins N Y2.50
230 Fifth Ave Bus Sec Corp.No par
Filene's(Wm)Sons Co_No par
100
614% preferred
2,100 Firestone Tire es Rubber___10
Preferred series A
100
200
1,500 First National Stores__No par
3,600 Follansbee Bros
No par
500 Food 51achinery Corp_No par
1,500 Foster-Wheeler
No par
No pa.
700 Foundation Co
1
500 Fourth Nat Invest w w
1.700 Fox Film class A new__No par
5,400
130
170
400
170
600
2,400
1,600
1,200
GO
000
600
400
20
1,900
20
32,400
4.800
9,600
2,500
200
10
- 1,300
100
83,500
800
200
10
400
600
2.700
600
1,600
10
4,600
200
3,200
300
5,600
100
2,600
9,000
5,300
200
15,300
600
2.100
80
4,400
1,300
900
400
200
600
1.000
10,500
250
500
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots.
Fkln Simon A Co Inc 7% 91100
Freeport Texas Co
10
Fuller ((5 A) prior pret_No par
No par
$626 prof
Gabriel Co (The) cl A No pa
Gamewell Co (The)
No par
Gen Amer Investors_ No par
Preferred
No par
Gen Amer Trans Corp
5
General Asphalt
10
General Baking
6
58 preferred
No par
General Bronze
5
General Cable
No par
Class A
No par
7% cum preferred
100
General Cigar Inc
No par
100
7% preferred
General Electric
No par
Special
10
General Foods
No par
Gen'l Gas ds Elee A
No par
Cony pret series A No par
$ per share
6 Jan 10
1812May 14
1114 Jan 2
6313 Jan 5
29 Jan 6
x21341f5y 14
2814 5far 27
32 ..b n 25
19 Feb 10
1414 Jan 2
914 Jan 10
7/
1
4 Jan 16
6145fay 14
90 Jan 16
51
/
4 Jan 3
79 Jan 4
120 Jan 16
1314 Jan 3
80 May 16
116 Jan 2
11 May 14
1818 Jan 9
80 Jan 5
338 Jan 8
4/
1
4 Jan 3
412 Jan 3
814 Jan 3
8 Jan 2
4058May 13
58May 11
114 Jail 10
51 May 14
120 Jan 3
414May 11
111
/
4 Jan 3
It Jan 8
1411 Jan 2
6145lay 12
71s Jan 8
9 Jan 3
4 Jan 9
158 Mar 9
414 Feb 14
7 Jan 6
30 Jan 10
7 May 10
341
/
4 Jan 12
75 May 10
5/
1
4'May 14
2 Jan 13
11
/
4 Jan 5
22/
1
4 Jan 8
23/
1
4 Jan 5
7 Feb 15
25 Feb 1
87 Jan 10
17 Jan 14
71 Jan 9
6414 Jan 5
214May 12
101
/
4 Jan 9
121451ay 14
878May 14
1938 Jan 5
1214 Jan 6
3618 Jan 12
x35 Slay 14
1613 Jan 19
9 Jan 4
218 Jan 12
1111 Jan 18
738 Jan 4
79 Jan 29
33/
1
4 Jan 4
151
/
4 Jan 4
034May 12
100 May 8
5/
1
4 Jan 9
333 Jan 4
6 Jan 4
1413 Jan 9
27 Jan 2
97 Jan 8
1811 Jan 4
111
/
4 Jan 2
313851ay 23
ss Jan 2
614 Jan 2
12 Jan 29
$7 prof class A
No par
No par
14 Jan 19
$8 pref class A
Gen Rai Edison Else Corp_ __ 50 Jan 24
General Mills
Vo par 5378!Mar 2
Preferred
100 103 Feb 27
General Motors Corp
10 2978May 14
No par 8934 Jan 6
$5 preferred
Gen Outdoor Adv A_ No par
8/
1
4 Jan 5
Common
3/
1
4 Jan 2
No par
1013 Jan 3
General Printing Ink
No par
7313 Mar 10
$6 preferred
No par
213 Jan 8
Gen Public Service
No par
Gen Railway Signal
No par 3114May 14
1125fay 14
Gen Realty dr Utilities
1
$8 preferred
No par
16 Jan 8
General Refractorles_No par
1018 Jan 3
Voting trust certifs No par
1214 Jan 22
Gen Steel Caritlngs prat No par
3012 Jan 13
Gillette Safety Razor No par
812 Jan 6
Cony preferred
No par 47 Jan 11
Glmble Brothers
3345lay 12
No par
Preferred
100 1614 Jan 8
Glidden Co (The)
No par 1533 Jan 4
Prior preferred
100 83 Jan 19
Gebel (Adolf)
512 Jan 2
5
Gold Dust Corp vi c_ __No par
1634 Jan 11
$6 cony preferred___No par 9612 Jan 6
Goodrich CO (LI F)
No pa
12141May 12
Preferred
100 40 Jan 5
Goodyear Tire A Rubb.No par 2618May 12
lot preferred
No par 74 May 19
Gotham Silk Rose
No par
7 Jan 4
Preferred
100 491
/
4 Jan 22
Graham-Palge Motors
1
258May 14
Granby Cons M elni A Pr__100
8 Jan 2
1
4 Jan 8
Grand Union Co tr ctfs
Cony pret series
No par 23 Jan 6
Granite City Steel
No par 23 Jan 16
Grant (W T)
No par 3114May 25
Gt Nor Iron Ore Prop No par
1012May 14
Great Western Sugar No par 25 May 14
Preferred
100 102 Jan 2
Guantanamo Sugar____No par
/
1
4 Jan 2
Gulf States Steel
Vo par 24 Jan 2
Preferred
100 47 Jan 8
• 1116 Ii' d asked prices, 130 sales on this day. 0 Companies reported In receivership. a Optional sale. c Cash sale.
Highest.
PER SHARE
Range for Prerious
Year 1933.
Lowest.
litghest.
$ per share $ per share $ per share
814 Feb 5
158 Feb
81
/
4 July
3418 Feb 1
2433 July 49 July
1512 Jan 30
614 Feb
1838 June
48
84 Feb 23
Apr 9112 July
5518 Apr 25
10 Mar 33/
1
4 Aug
2812 Jan 16
1713 Feb 2913 July
3112 Jan 24
2618 Feb 31 July
/
4 semi
40/
1
4 Apr 2
12 Feb 391
1012 Feb 2838 July
23 Mar Ili
2812 Jan 31
/
4 July
10,4 Feb 181
19 Feb 17
6/
1
4 Feb
18 June
218 Mar 1034 June
1138 Mar 14
111
/
4 Mar 26
78 Apr 1434 July
103./
1
4 Apr 14
85 Nov 10218 June
Us Mar 10 July
1234 Feb 19
46
Apr 89/
1
4 July
96125lay 21
140 Slay 4 110 May 130 Mar
16 July
31
/
4 Mar
2212 Apr 19
10378 Feb 16
321
/
4 Mar 9638 Dec
122125lay 22
9712 Apr 117 July
1914 Mar 6
311
/
4 Feb 21
To
Apr -2712 July
101 Apr 6
On
75
8812 July
1
Jac
712 Jan 20
8,4 July
918 May 8
Feb
412 Dec
1
958 Feb 7
318 Fel
1532 June
712
Apr
21 Apr 18
3613 June
19/
1
4 Feb 7
3234 June
8/
1
4 Apr
52 Jan 23
54 July
21
Feb
178 Feb 21
111 Jar
4 June
334 Feb 2.1
/
1
4 Apr
6 June
26 Fel
6278 July
63 Feb 16
126 Mar 20 107
Oct
Fel 123
834 Feb 7
3/
1
4 Dec
14/
1
4 June
11 Dec
2312 Feb 6
47 June
11 Dec
2412 Feb 5
497/ June
2512 Feb 5
12 Dec
55 June
1038 Jan 22
612 Mar
1338 July
3 Apr
1438 Feb 19
1814 July
2714 Apr 27
10 Nov
78 Mar
312 Nov
1012 Apr 2
1112 July
/
1
4 May
238 Apr 17
2/
1
4 June
1213 Apr 14
1
Feb
814 June
18 Feb 19
2/
1
4 Mar 1114 June
10 Feb 4213 Nov
58 Apr 24
1114 Apr 3
434 Apr
1412 June
33 Dec 5912 July
62 Mar 13
15 Mar 103 Sept
107 Feb 14
8/
1
4 Jan 30
541 Mar 1134 July
538 Feb 23
/
4 July
41
54 Feb
4 Feb 6
138 Dec
6/
1
4 June
712 Feb 30 July
31 Mar 6
35 Apr 20
1014 Mar 36 July
11 Jan 3
5 Mar
958 Nov
2812 Apr 10
9 Apr 30 July
81
105 Apr 25
Apr 95 Sept
918 Apr 3113 July
251
/
4 Feb 19
42 Mar 75 June
86 Apr 21
43 Mar 70/
6712 Apr 23
1
4 July
1738 Feb 21
213 Feb
19 June
21 May 4
612 Apr
16 July
22 Feb 16
413 Feb 23 July
1714 Jan 30
2 Feb 2338 July
1358 Mar 2614 June
2712 Feb 5
1712 Feb 26
12
Oct19 Sept
63 Feb 7
Jan 50 Aug
12
50/
1
4 Feb 19
1618 Feb4938 Nov
9
Jan 31 Ju..1.3
3312 Apr 26
Jan 23 June
191
/
4 Apr 26
4
1
Feb514 Aug
458 Mar 12
20 Feb 19
812 Jan 20/
1
4 Aug
258 Feb12 June
11 12 Feb 6
42 Feb85 July
87 Mar 13
4358 Feb 19
13/
1
4 Feb4314 July
4/
1
4 Mar 27 July
2312 Apr 24
1012 I)ec 2078 July
1438 Feb 5
991
/
4 Mar 10814 Sept
10812 Feb 7
218 Feb
1018 Mar 9
1012 July
61
/
4 Feb 1
114 Mar
1113 June
2/
1
4 Feb 23 June
12 Feb 1
612 Mar 46 June
33 Apr 20
2414 Dec 481
38 May 22
/
4 June
Jan
90 July 112
110 Apr 28
1012 Feb 3014 July
2514 Feb 5
1234 Feb 26
1072 Apr 1214 July
21
Feb 39/
36/
1
4 Jan 30
1
4 Sept
12 Dec
134 Feb 6
2/
1
4 June
1612 June
318 Apr
19 Mar 13
6/
1
4 Dec 1812 June
21 Mar 13
6
Apr 20 June
22 Mar 12
2414 Jan 5534 Nov
6114 Feb 16
6412 Jan 15
3512 Mar 71 June
9212 Mar 10612 Sept
11014May 25
10
Feb 3534 Sept
42 Feb 5
6512 Mar 95 July
103 May 1
518 Jan 24 June
21 Apr 14
212 Mar 10,8 June
6/
1
4 Apr 20
17 June
314 Jan
2512 Apr 23
31 Mar 82 Aug
88 Apr 24
2
Apr
814 June
558 Feb 7
1314 Jan 4912 July
4534 Mar 3
453 June
358 Jan 30
38 Feb
512 Jan 22/
1
4 June
2633 Jan 30
19/
1
4 July
212 Feb
2338 Feb 23
71
/
4 Sept 18 June
1912 Feb 21
938 Feb 3812 June
4812Mar 15
1
4 Dec 2014 Jan
7/
121
/
4 Feb 6
Jan
4512 Dec 75
62 Apr 23
6/
1
4 Feb 5
758 June
/
1
4 Feb
514 Mar 33 July
30 Feb 5
3/
1
4 Mar 20 July
2838 Apr 26
48
103 Apr 27
Apr 9111 Aug
18 July
3 Feb
912 Feb 27
12 Feb 2733 July
23 Apr 23
9612 Dec 105 July
110 May 1
3 Mar 2112 July
18 Feb 19
9 Feb 83 July
6234 Apr 21
914 Feb 4712 July
411
/
4 Feb 19
2734 Mar 8014 July
8614 Feb 19
61
/
4 Oct 1713 June
111
/
4 Feb 5
41
Apr 73 July
7112 Apr 26
Apr
5/
1
4 July
1
412 Feb 1
1
4 Mar
1338 Feb 16
15/
1
4 June
3/
8/
1
4 Jan 31
3/
1
4 Mar 10/
1
4 June
40 Apr 24
1
4 July
20 Sept 36/
31 18 Apr 25
1118 Mar 3058 July
4058 Feb 19
3613 Dec
15/
1
4 Feb
1513 Feb 19
518 Feb
181
/
4 July
34/
1
4 Jan 20
/
4 Sept
678 Jan 411
111 Apr 26
7213 Jan 110 Sept
$13 Feb 8
412 May
14 Jan
42 Mar 13
634 Feb 38 July
1614 Jan 84 June
83 Apr 20
r Ex-dividend. tr Ex-rights
New York Stock Record-Continued-Page 5
3572
tar
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday
May 19.
May 26 1934
FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE FIFTH PAGE PRECEDING.
Monday
May 21.
Tuesday
May 22.
Wednesday
May 23.
Thursday
May 24.
$ per share $ per share $ per share 5 per share $ per share
*25
26
*25
29
*25
26
*25
26
*25
26
2912 2912 2934 2934 30
*2912 30
30
*2912 30
53
55
518 514
514 .514
5
514
478 5%
*40
414 38
414 *39
*37
4134
*3634 42
38
714 78
714 73
714 712
7
718
7
7
91
*558 98 *534 10
*514
*512 98 *512 978
4978 497 *47
47
*47
49
49
4912 *47
47
9213 9212 *9212 9312 9112 9212 *9114 94
*9184 94
1958 1958 x1958 194 1958 20
1812 19
1814 19
04
514 *418 6
*418 558 *414 58 *4
6
*55
56
*5514 56
*5514 56
*5534 56
*5514 56
312 334
312 334
*358 334
34
314 338 *314
*8812 91
8812 87
8834 8834 88
8714 *86
8634
*106 115 010614 115 *10618 115 *106 110 *106 10712
*8
1012 *9
'
'1 812 1012 *812 1012
*8
11
11
*65
6612 *64
*63
6434 *63
65
6612 65
65
119 120
11934 1194 120 120
1194 11934 120 120
*6212 6312 62
6212 *61
62
62
62
*61
6212
94
94
*9118 9438 *9212 944 *9012 94
*9034 934
Friday
May 25.
Sales
for
the \
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On saris of 100-share lots.
Lowest.
Highest.
PER SHARE
Range for Previous
Year 1933.
Lowest.
Highest.
$ per share Shares.
2512 2012
300
50
*2912 30
48 818 10.100
100
*37
4134
1,300
714
714
*513 9
20
*41
4678
40
93
93
*1712 1812 1,700
*4
6
'5514 56
314 314 1,000
500
*86
8634
10712 10712
100
*812 1012
200
65
65
220
120 121
6218 6218
400
*9214 94
100
Indus.& MIscell.(Con.) Par $ per share
$ per shoat $ per share $ per shore
Hackensack Water
25 204 Jan 9 26 Apr 18
15 Mar 2513 July
7% preferred class A
25 27 Jan 4 30 Apr 23
25 Apr 287 Jan
Hahn Dept Storea____No par
814 Feb 15
434May 12
118 Feb
94 July
Preferred
100 2514 Jan 9 5234 Apr 21
9 Apr 3812 July
Hall Printing
10
934 Feb 14
313 Jan 8
318 Feb 1013 July
358 Jan 26 117 Apr 20
Hamilton Watch Co___No pa
212 Apr
9 July
Preferred
100 25 Jan 15 5313 Apr 25
15 Feb 35 July
Hanna(M A) Co 17 pi_No par 84 Jan 8 96 Apr 4
4512 Jan 85 Aug
Harbison-Walk Refrao_No par 1412 Jan 2 24% Feb 21
618 Feb 2512 July
27 Jan 2
Hat Corp of America Cl A__1
612 Apr 13
78 Mar
713 June
100 1934 Jan 4 59 May 2
518 Apr 30 June
655% preferred
114 Jan 2
Hayes Body Corp
2
634 Feb 15
34 Feb
313 July
Hazel-Atlas Class Co
25 85 s ay 14 963 Apr 23
65 July 9712 Dec
Helme (0 W)
25 101 Jan 9 10712May 5
6912 Jan 105 Deo
9 Jan 4 1218 Mar 15
Hercules Motors
No par
3 Mar 17 July
Hercules Powder
No par 59 Jan 4 75 Apr 24
15 Feb 685s Dec
$7 cum preferred
100 III Jan 4 121 May 25
85 Apr 11018 Dec
Hershey Ch000late......No par 4813 Jan 15 647eMay 8
3518 Mar 72 July
Cony preferred
No par 83 Feb 16 94 Apr 21
6434 Apr
90 July
2,600 Holland Furnace
No par
54 Jan 3 1014 Apr 2
313 Jan
1012 June
900 Hollander & Sons (A)
214 Mar 104 June
5
534 Jan 2 107g Feb
200 Homestake Mining
100 310 Jan 4 388 Mar 2
145
Jan 373
Oot
200 Houdaille-Hershey Cl A No par 11 Jan 8 2314 Jan 3
418 Apr 15 June
1,500
Class B
68 Jan 2
No par
334 Jan 2
1 Mar
634 June
200 Household Finance part p1_50 43 Feb 5 54 Marl
43 Nov 5114 Jan
700 Houston Oil of Tex tern ctfal00 1714May 12 2934 Feb
814 Mar 38 July
1,000
3I4May 12
558 Apr
Voting trust info new.......25
17 Feb
738 July
37,600 Howe Sound v t o
6 354 Jan 3 5512 Apr
512 Jan 3838 Dec
15,800 Hudson Motor Car____No par 1218May 12 2414 Feb
3 Feb 1638 July
714 Jan 3
4,700 Hupp Motor Car Corp
10
318May 14
158 Mar
734 July
400 Industrial Rayon
24 Apr 85 Dec
No par 70 May 7 9628 Jan 2
2,900 Ingersoll Rand
1918 Feb 78 July
No par 50 May 14 7334 Feb
1,500 Inland Steel
12 Feb 45% July
No par 35 May 23 4934 Feb 21
900 Inspiration Cone Copper-20
678 Feb 5
34May 10
2 Feb
94 June
414 Apr 25
700 Insuranshares Ctts Inc
1
218 Jan 2
114 Mar
3% June
1,100 Intercont'l Rubber____No par
578May 4
58 Mar
214 Jan 15
44 July
218 Mar 12 July
1,000 Interlake Iron
578May 25 1114 Feb 19
No par
2 Jan 8
64 Feb 5
78 Feb
500 Internal Apical
No par
538 July
5
Jan 2713 July
100
Prior preferred
100 15 Jan 8 3714 Feb 3
400 lot Business Machines_No par 132 Mar 27 14914 Jan 30
7534 Feb 15314 July
27 Jan
900 Internal Carriers Ltd
1
538 Jan 11 1218 Feb 21
1078 July
1,700 International Cemenl_No par 2213May 12 3734 Feb 5
64 Mar 40 July
7
1358 Feb 46 July
7,100 Internal Harvester.......No par 30 May 14 46 Feb 5
80
Jan 1194 Aug
Preferred
100 11512 Jan 13 12538May 11
1,700 Int Hydro-El Sys Cl A
434 Jan 6
94 Feb 7
212 Apr 137 July
25
67 June
6 Jan 24
114 Jan
700 Int Mercantile Marine_No par
34 Jan 2
40,400 lot Nickel of Canada-No par 21 Jan 4 2914 Apr 27
6% Feb 2314 Nov
72
Preferred
Jan 115 Deo
100 11534 Jan 13 12538May 11
150 Internal Paper 7% pref„..100 1013 Jan 5 25 Apr 24
213 Jan 2134 July
612 Apr 20
13 Apr 10 July
1,500 Inter Pap & Pow cl A_No par
4 Jan 4
312 Apr 21
1,500
Class B
No par
1% Jan 4
14 Apr
534 July
138 Jan 4
234 Apr 23
700
Class C
No par
14 Jan
4 July
2 Apr 224 July
4,800
Preferred
100 1014 Jan 8 2478 Apr 23
100 Int Printing Ink Corp_No par
313 Feb 14 008
9 Jan 13 25 Apr 21
30
Preferred
100 88 Jan 2 86 Apr 21
35 Apr 71 Aug
200 International Salt
133 Mar 2734 July
No par 21 Jan 3 3012 Apr 11
400 International Shoe
No par 40 May 12 5038 Jan 26
2438 Jan 565* July
93 Feb 594 July
100 293428ay 14 4534 Feb 15
200 International Silver
7% preferred
100 59 Jan 4 8412 Apr 9
10
2412 Mar 7178 July
Teleg___No
par
Telep
&
1138May
7
Inter
173
4
18,000
Feb 6
54 Feb 215 July
3,300 Interstate Dept Storee_No par
313 Jan 4 16% Apr 20
112 Mar
88 July
Warty pe Corp
No par
558 Jan 3 10 Feb 8
178 Jan
1114 July
1 245g Jan 29 28 Feb 21
200 Island Creek Coal
11
Feb 32 July
Ni, par 33 Jan 9 52 Apr 20
300 Jewel Tea Inc
23 Feb 45 July
5,800 Johns-Manville
No par 44 May 12 66% Jan 30
124 Mar 6312 Deo
100 101 Jan 4 112 Apr 18
280
Preferred
42 Apr 1064 July
100 Jones & Laugh Steel pref_100 60 May 25 77 Jan 23
35 Feb 91 July
93 June
700 Kaufmann Dept Stores $12.50
259 Mar
64 Jan 3 1038 Apr 13
5 13% Jan 4 1812 Apr 20
5,300 Kayser (J) & Co
6% Feb 1912 July
412Mar 12
700 Kelly-Springfield Ttre
5
214 Jan 5
78 Mar
64 July
6 Feb 3118 June
6% preferred
No par
11 Jan 2 20 Jan 30
100
4 Jan 13 10 Feb 16
300 Kelsey Hayes Wheel conv.c1A1
2 Feb
8 May
712 Feb 16
14 Dec
Class B
1
258 Jan 2
634 June
No par 1178 Jan 4 2114 Mar 14
318 Feb 1538 Bent
16,100 Kelvinator Corp
Kendall Co pt pf aer A_No par 6518 Jan 18 8812May 4
30
Jan 73 July
24,100 Kennecott Copper___No par 1714Mar 27 23 Feb 5
7% Feb 26 Sept
57 Apr 2538 July
300 Kimberley-Clark
No par 12 Jan 2 1814 Apr 12
No par
3 Jan 16
714 Apr 13
1
Apr
614 June
700 Kinney Co
458 Feb 30 July
300
Preferred
No par 1313 Jan 6 41 Apr 26
513 Mar 167e July
10 1338 Jan 2 2234 Feb 5
3,600 Kresge (88) Co
88 Apr 105 June
70
717 preferred
100 101 Jan 4 111 Mar 16
Jan 4414 July
300 Kress (S II) di Co
No par 36 Jan 3 61 Apr 27
27
2,300 Kroger Gros & Bak_ _No par 2314 Jan 8 335 Apr 23
1412 Feb 355 July
20 Laclede Gas Lt Co St Louis 100 35 May 19 6313 Feb 13
30 Nov 80 June
Jan
20
5% preferred
3712 Apr 61
100 4212 Jan 17 60 Feb 9
1,100 Lambert Co (The).....No par 2214 Jan 4 3138 Feb 5
1938 Deo 411 July
1012 June
100 Lane Bryant
5 Jan 8 1414 Apr 19
3 Feb
No par
38 Mar 1238 July
700 Lee Rubber de Tire
5
8 Jan 3 1413 Apr 26
51 Jan 27 June
300 Lehigh Portland Cement__50 11 May 14 20 Feb 23
10
7% preferred
34 Feb 78 Sept
100 737 Feb 23 81 Apr 26
65 July
1.100 Lehigh Valley Coal___No par
24 Jan 8
5 Feb 21
1
Jan
2Ie Apr 12 June
Preferred
5 Jan 3 144 Feb 21
50
900 Lehman Corp (The)___No par 6458May 12 78 Feb 6
3712 Feb 7938 July
100 Lehn & Fink Prod Co
14 Feb 2314 June
5 105 Jan 23 2313 Apr 19
7,600 Libby Owens Ford Glass No par 2738May 14 4378 Jan 19
4% Mar 3738 July
300 Life Savers Corp
155 Oct 2218 Sept
5 1718 Jan 8 24 Apr 23
500 Liggett az Myers Tobacco__25 73 Jan 6 96 Apr 23
49 Feb 98 Sept
Series B
2,600
25 7413 Jan 8 97 Apr 18
4914 Feb 9938 Sept
100
Preferred
100 129 Jan 13 145 May 22 121 Mar 14018 Sept
1,500 Lily Tulip Cup Corp-No par 16 Jan 15 2312 Apr 18
13 Apr 2112 May
100 Lima Locomot Works__No par 2212May 10 3614 Feb 5
10
Jan 314 July
600 Link Belt Co
No par
1214 Jan 3 IA Feb 6
64 Apr 19% July
700 Liquid Carbonic)
No par 2534May 14 354 Apr 23
1014 Feb 50 July
29,300 Loew's Incorporated...No par 253 Jan 6 3518 Apr 12
813 Mar 3612 Sept
Preferred
No par 72 Jan 2 9714 Apr 24
35 Apr 7818 July
3 Jan 31
1,000 Loft Incorporated
15 Jan 2
No par
14 Dec
44 June
14 Jan 12
234 Feb 20
.500 Long Bell Lumber A__No par
512 June
4 Feb
1914 Fob 4434 Dec
25 3812 Feb 26 z4434 Jan 17
1.200 140,18-W1103 Biscuit
Jan
7% lst preferred
100 11034 Jan 11 128 Apr 14 11313 M sy 120
10,300 Lorillard (P) CO
10 155 Jan 8 1912 Feb 5
10e Feb 254 July
______
7% preferred
100 102 Jan 26 113 Apr 11
8711 Feb 106 Nov
558 834
834 9
812 878
812 918 *812 858
878 84
*10
1038 *1014 104 10
1014
*912 10
934 934 *958 10
*362 37518 370 370
370 370 *356 378 *354 380 *360 373
18
*1711 18
18
*16
18
*17
*1718 18
1712 1712 18
438 458
418 434
412 47
413 418
412 412
412 412
*5138 52
524 5238
*5138 52
*5138 52
52
52
*5138 54
20
20
2018 2014 1958 204 *19
20
*1934 2034 *1912 2034
358 34 *338 4
*384 4
413 419
359 4
*334 414
4812 5018 4914 5034 49
4912 5112 50
,
5038
4 5314 4812 53
1378 1414 1418 1414 1318 1458 127s 1314 1314 1358 1318 1358
359 384
34 384
378 34
334 4
334 4
34 334
_
*7312 75
72 *___
*__ __
7312 7312 7214 7412 72
5258 53
5234 5412 5384 55
53
53
*53 -5412 5314 --5314
*36
3912 *3812 3912 39
394 35
38
35
3512 35
35
412 412
5
5
5
518
412 5
*412 434
458 458
*378 4
*378 4
*378 4
378 378 *378 4
378 378
4
418
4
438 4,8
418
*438 478
434 434 *438 5
612 64
6
578 578
•612 7
*612 678
614 *614 612
*359 338
338 338
314 338 *313 312
318 313 *34 3'2
*2312 2618 *2314 26
*24
26
24
24
*234 26
*2318 26
13612 13612 13634 136,
4 136 137 *13312 1354 *133 136 *133 136
*8
812
8
8
814 84
74 812 *8
812 *734 818
2.5
25
*2434 2473 24,
4 25
2412 2434 2412 2434 2414 2412
3338 3338 3214 33% 3158 3214 3138 3134 3014 3134
3378 337
*120 12434 *120 1244 *120 12434 *120 12434 *120 12378 *120 12418
634 634 *6
608
658 659
6% 6%
6
614
614 64
414 414
414 414
4
418 *312 384
334 384 *312 4
2714 2713 2712 2734 2684 2728 2614 2658 2612 2678 26
2634
*12212 125 *12212 125 *12212 125 *12212 125 *123 125 *123 125
2012 2034 2034 2112 2012 2012 *1718 23
2078 2078 *164 204
4
4
4
418
4
414
*438 412 *414 434 *414 41,
212 212 *214 212 *214 234
218 238 *218 24 *218 238
*178 2
14
178
178 14
14 14
184
184 184
184
18
19
1834 1834 1818 1914 1638 1712 1714 1778 1738 1818
*18
20
*17
•18
19
*1812 19
1812 *18
1912 19
19
*84
85
*82
*8014 85
85
*82
85
85
84
8412 *82
2812 2613 2612 *26
2614 2614 *2612 2812 *26
2812 *2634 2812
*41
4112 *41
4112 41
*41
42
41
4058 4112 *41
42
*33
34
34
3514 *3112 33
*31
33
*31
35
*3118 3312
*71
75
*71
75
*71
75
71
71
*69
75
*69
75
1214 12% 1259 12% 1218 1318 12
124 124 1284 1214 1212
13
13
13
134 1234 1314 1234 13
1258 13
1238 13
*818 812 *714 812 .718 812 *738 812 *714 8,2 *714 812
*2514 2712 *25
27
2518 2584 *2514 28
*2512 28
*2558 28
*46
48
*46
4612 46
46
48
46
46
*46
48
*47
4714 484 4812 4914 4734 4914 47
4713 4912
4713 47
48
112 112 *10714 112 *10714 11134 "10714 11112 *10714 11113
112 112
*60
69
*60
69
*60
68
*60
60
68
*60
68
60
*712 773 *712 778
713 712
74 738
714
714
714 714
*1618 1638 1614 1614 1658 1634 1612 164 1658 16,
1758
8 17
*258 3
278 278
234 278
258 238 *258 284
258 258
1373 12
12
*11
*12
135 •12
1218 *11
1218 *11
12
*518 8
5
5
*5
8
*513 8
*518 8
*54 8
*3
513 *3
512 *3
513 *334 512 *318 54 *314 538
1614 164 1614 1612 1618 1634 161g 1634 1634 1714 1634 1714
*8313 8513 *8312 8512 *8312 8512 *8112 8512 *8112 8512 *8112 8512
2012 1938 2033 1878 1914 1918 1933 1914 1958
1934 2014 20
16
16
16
1512 1512 16
*13
16
*13
16
*13
16
434 54 *47
5,2 *5
534
6
612 *558 612 *51
612
35
*27
32
27
27
*27
3218 3234 *28
34
*29
34
1758 1818 1712 184 17
*1818 1812 1818 1838
,
4 1814 1734 18
109 109 '108 111
10814 10814 *109 110
110 110 *108 111
57
*55
56
57
57
5618 5618 *55
*56
58
*5612 58
*2914 2958 2914 2912 2918 2912 2914 2978 2978 2978 2912 30
35
*34
35
35
*3418 35
35
35
*344 35
*3412 35
51
43
43
43
51
*42
43
*43
*43
51
*42
51
2578 254 2514 2514 *2518 2512 2518 2518 2534 2534 2518
2
*1112 1312 *1112 1338 1112 1112 *912 1214 *912 1312 *912 1312
114 114 1138 1138 1138 1112 1138 1138 1114 1114 "1114 1112
*1234 14
14
14
*1284 15
1312 1312 1384 1334 *1312 14
*7712 79
*7712 79
*774 85 '7712 89 '7712 80
79
79
3'4 314
34 34
314
314
314 314
*314 34 "3'4 34
107g *10
1078 *10
1078 *10
*1012 1114 *1012 1118 *10
1078
6434 65
6514 6514 6514 6514
6612 6612 6718 6712 *654 66
*21
22
*2114 22
22
*2114 22
21
21
'21
2218 *21
2812 2934 29
30
297 3012
30
3012 3012 3012 2934 31
21
*2012 2112 *2034 2112
2112 2112 2138 213* 21
*2112 22
9212 9212 9234 *9012 9284 91
91
93
934
*9134 9212 *91
9334 9234 9312 9334 9514
94
9312 9412 93
9459 9459 94
145 145 *14334 146 '14478 146 *14478 146
'143 145 *14359 145
21
2012 2038 20
*20
*2018 2059 2012 2012 2038 21
203*
*23
2512 *23
25
*23
25
23
23
*22
25
*22
2312
1612 *1612 17
154 16
1612 1612 16
17 '1612 17
*16
*2712 2812 28
29
2812 2812 2812 2813 2712 2711 *2712 28
304 303 3012 3158 304 315*
3013 30% 304 3114 3012 315
*9112 94
*9238 94
*9212 94
*9212 94
*9238 94
*9112 94
2
2
2
2
214 214 *2
218
218 2%
213 213
112 11*
112
158 138
112 112
112
134
'158
134 *138
40
4018 4018 4018 *3878 397
3912 40
3934 4014 *3938 40
*123 12514 *123 12514 *123 12514 *123 12514 *123 12514 *123 12514
1718 1634 171s 17
1753
17
175* *1714 17% 1634 1712 17
____
____ *105
____ '105
____ *105 ____ *105 -__. *105
*100
114 Jan 10
3% Apr 4
*2
218
*2
218
*2
300 Louisiana Oil
No par
4 July
218
218
218
2
58 Jan
2
2
2
18
100
18
*14
Preferred
714 Jan 2 23% Apr 4
312 Feb 29 July
18 '14
*14
18 '14
18
*16
18
•14
Jan
9
21
Feb
par
15
7
5 June
17
*17
700
Louisville
Gas
El
A_No
137
25
17
18
'17
18
&
8
Apr
17
17
174
17
18
*17
1 1212May 10 1912 Feb 20
4 Feb 2018 July
14
13
1334 "1338 1418 *1312 1412 2,000 Ludlum Steel
143 1512 14
143 15
No par 84 May 7 97 Feb 20
*70
85
Cony preferred
1438 Mar 9513 Dec
"7212 85
"70
86 '70
85
80
*7212 85 '75
10 30 Jan 5 348 Apr 28
913 Feb 3134 Dee
33
33
100 MacAndrews & Forbes
*3214 34
34
*3214 3412 *3212 34
*3214 3412 *32
100 95 Jan 13 104 May 25
104 104
40
6% preferred
74 Apr 96 Nov
103 103
.*103 107
*103 -__ *103
"103
8May
10
415
par
233
Feb
6
Trucks
Inc
No
1313
Feb 46% July
2518
2514
2518
2514
2,100
Mack
25
25
25
1618
257
8
25s
25 -25
2414 Feb 6538 July
40
39% 3978 3978 4014 7.300 Macy (R H) Co Ins, No par 3812May 22 624 Jan 30
39
4078 4114 40
4114 3812 40
258 Jan 2
7 Apt 27
138 Mar
7 June
*658 678 1,200 Madison Sq Gard v t o_No par
65* 658 *638 67
634 7
6% 678
7
7
10 1513 Jan 17 22 Apr 16
1,200 Magma Copper
*2012 21
20
20
53* Mar 1938 July
2018 2034 *1912 21
2012 2012 2012 21
414 Apr 24
178 Jan 2
514 June
100 Mallinson (H R)& Co_No par
72 Feb
*234 24
278 278 *254 278
*234 3
*234 3
*234 3
75 Jan 9 333 Apr 24
8 Feb 265 July
100
35
7% preferred
35 '15
35
*15
*15
"15
35
35
*15
'15
35
3114 Jan 23
534 July
100
1 Jan 8
212 212
100 2Manati Sugar
14 Jan
*214 234 *214 3
*214 234 *24 3
*214 3
97 July
4
Jan
3
94
Apr
26
100
15
1% Jan
733
Preferred
3
8
*5
*5
7
7
3
8
*4
73
8
3
8
*518
*414
7
*5
73*
812
Jan
23
Jan
26
9% June
414
113
Jan
100
Mandel
Bros
No
par
*512
73*
538 558 '512 712
s559 712 *558 712 *54 612
54 Apr 23 July
25 124 Jan 4 2038 Feb 1
200 Manhattan Shirt
*1458 1512 1458 1458 *1452 16
*1458 16 '1438 16
'1458 16
38 Feb 17
4 June
1%
Jan
10
Jan
Explor_No
par
4
Maracaibo
011
3
100
3
*212
3
*212
212
212
3
'2
"238 3
'238 3
4125fay 11
Pe Feb 5
538 Nov
478 Nov
5
600 Marancha Corp
413 412 *434 478
434 434
434 434
*434 48 .434 478
9 Feb 6
6 Dec 1113 Jan
5
534 Jan 5
Midland
Marine
73
5,600
7%
712
Corn
77
7'1
*73
8
712
8
7
3
4
758
712 8
6 Feb 2314 Dec
No par 21% Jan 8 32 Jan 25
2312
200 Marlin-Rockwell
*2212 2312 *23
23
2712 23
28 '24
*23
*2413 27
414 Jan 18% June
No par 1213 Jan 4 19% Apr 11
15
2,700 Marshall Field & Co
1438 1478 1438 1438 15
1514 1512 1459 1514
15
15
778 Dec
12%
Mar
3
612
Jan
24
par
Martin-Parry
Corp
No
13 Jan
100
7
812
7
*7
84
*7
8
84 *7
*714 834 •7
Optional sale. c Cash sale. 8 Bold 15 days. z Ex-dividend. y Ex-rights.
•Bid and asked prices, no sales on this day. I Companies reported in receivership. a
New York Stock Record-Continued-Page 6
3573
12rFOR SALES DURING THE WEEK OF STOCKS NOT RECORDE
D IN THIS LIST, SEE SIXTH PAGE PRECEDING.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday I
May 19.
Monday
May 21.
Tuesday 'Wednesday I Thursday
May 22.
May 23.
May 24.
Friday
May 25.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On basis of 100-share fors.
PER SHARE
Range for Previous
Year 1933.
Lowest.
Highest.
Lowest.
Highest.
S Per share $ Per share $ per share $ per share $ per share $ per share Shares. Indus,&
allscell.(Con.) Par $ per share
3 Per share 3 Per share $ Per Mars
2913 2978 30
3014 2912 3018 29
2958 2913 2934 2912 30
3,600 Mathleson Alkali WorksNo par 28 May 14 4034 Jan 24
14
Feb 464 Nov
3714 3714 374 3718 37
37
36
37
3578 36
3678 3678 1,000 May Department Stores___10 30 Jan 2 4438 Apr 23
934 Feb 33 Sept
.638 7
.638 7
.638 7
638 638 •5
678 .6
678
100 Maytag Co
44 Jan 2
834 Feb 21
No par
118 Apr
812 July
Ms 2618 .264 2612 26
26
2518
26
25
25
2512 2512
1,400
Preferred
10 Jan 2 2812 Apr 26
No par
075
318 Apr 154 Aug
7513 *75
7512 •75
7512 7512 7512 *75
7912 *75
7512
No par 49 Jai, 3 9212 Apr 3
10
Prior preferred
15 Apr 58
Oct
30
31
31
31
.2912 3078 .274, 30 .28
30
2912
2912
500 McCall Corp
No par 24 Jan 11 32 Apr 13
13 Mar 3034 Sent
.214 213 *214 212
212 212
214
214 214
214
214 24
800 :McCrory Stores classANo par
413 Feb 6
14 Jan 8
4 Apr
478 June
•218
212 .214 212 .214 212
214 214 *214
212
.214
213
100
Class
B
4
414 Feb 6
No par
138 Jan
118 Dec
Jan
6
.15
20
1814 1814
19
19
.18
1834 *1834 24
20
20
300
Cony preferred
100
514 Jan 2 2534 Mar 17
212 Mar 21
Jan
*8
934 *8
1012 *8
934
8
8
.738 934 .64 934
200 McGraw-Hill Pub Co_No par
4 Jan 4 1012 Apr 21
3
Apr
818 June
44
4434 44
4514 43
4512 4213 4358 4312 4414 4334 4412 8,100 McIntyre Porcupine
Minea_5 3812 Jan 25 5014 Apr 2
18 Mar 4838 Oct
*8612 88
*8612 88
8634 8634 8613 8612 86
8613 *8412 86
600 McKeesport Tin Plate_No par 83 May 10 9414 Feb 21
.718 738
4418 Jan 9534 Aug
7
7
678 7
634 7
678 712
714
712 6,100 McKesson & Robbins
918 Apr 10
134 Mar 1312 July
412 Jan 2
5
2712 2712 28
28
2712 28
2714 2713 27
3018 2918 2934 4,900
Cony pref series A
50 117s Jan 2 341.Apr 27
358 Mar 25 July
378 4
4
4
378 4
338 4
338 4
5,900 :McLellan Stores
334 4
No par
1 Jan 6
55;Mar 17
338 July
54
4 Feb
54
*4912 55 .50
54 .50
54
*52
5312
54
54
200
8%
cony pref ser A
218 Jan 2278 July
100
912 Jan 2 56 Apr 27
32
3238 32
32
33
3312 3418 344 34
344 3414 3514 3,500 Melville Shoe
2
Jan
Apr
26
par
36
No
25
83
4
Feb
283
4 Oct
*734 84 .
778 814
8
8
734 74
74 758
758 734 2,700 Mengel Co (The)
2 Mar 20 July
634 Jan 13 11 Jan 22
1
*47
4712 47
47
*44
48
454 4518 4514 4514 *4212 47
40
7% preferred
100 30 Mar 21 52 Apr 19
22
Jan 57 July
.22
2212 .22
2213 22
2212 .20
2278 *20
2234 *2014 2234
300 Mesta Machine Co
5 1612 Jan 4 30 Feb 19
7 Feb 21 Sept
2618 2618 2613 2612 2634 2634
2812 2612 :26
.2514 2613
26
500 Metro-Goldwyn Pict pref__27 21 Jan 5 2634May 22
43.1
1312 Mar 22 Sept
434 *458 5
412 434 .438 412 0414
412
438 433
600 Miami Copper
924 June
4 May 11
158 Mar
5
612 Feb 16
1234 1234 1212 1212 1218 1234 124 1238
1214 1234 1218 1258 5,400 Mid-Continent Petrol
10 11 May 14 1434 Feb 5
334 Mar 16 July
1314 1314 .13
134 13
13
1214 1214 1212 1212 1214 1234
900 Midland Steel Pr•d____No par
11 May 14 2178 Feb 19
3 Mar
1734 July
.7213 84
*7212 84
*7212 84
*7212 74
*7212 84
.7213 84
8% cum lot pref
.44
100 7012 Jan 12 854 Apr 21
28 Mar 72 Sept
45
*44
4412 44
4413 4414 4414 .43
44
43
43
500 Minn-Honeywell Regu_No par 36 Jan 4 52 Feb 1
13
318 318
Apr 3638 Dec
318 318
3
3
3
3
3
3
3
318 2,200 Minn Moline Pow Impl No par
Jan
57
4
8
Jan
218
*17
30
27 .18
78 Feb
584 July
32
.1012 25
*15
24
*15
*15
24
24
Preferred
No pa >
1718 Jan 11 354 Feb 1
•1714 18
6 Feb
30 July
17
17
17
17
17
17
*17
177
17
17
1,000
Mohawk
Carpet
Mills
*44
20 1213 Jan 4 2238 Apr 21
Jan 22 July
45
7
45
45
4434 4512 4413 4518 244
4458 4334 4334 2,500 Monsanto Chem Co
25 Mar 83 Dec
2514 2534 2518 2558 2418 26
10 39 May 14 14613 Apr 30
2313 244 . 2358 243 2414 2538 45.600 Mont Ward & Co 1no__No par
2114 Jan 4 3558 Feb 15
43
858 Feb 2873 July
43
43
43
4212 421 .42
46
43
4412 14212 43
1,100 Morrel (J) dr Co
*38
3
par
No
4
14
Jan
37
Apr
51
25
13
Jan 56 July
34
4
34
34
58
913
34
58
34 2,000 Mother Lode Coalition_No par
ki
38 Jan 8
138 Feb 8
838 838 *812 9
212 June
4 Jan
84 838
838 838
83
8
83
8
.818
812
1,600
Moto
Meter
Gauge
& Eu____1
2558 2538 25
74 Jan 6 12 Feb 21
Jan
872 Dec
14
2514 24
2538 2318 2318 2313 24
2414
23
1,600 Motor Products Corp_No par 2218May 12 4434 Feb 15
Mar
74
•1018 101
363
4 Sept
1018 1014
10
10
10
10
•94 10
978
978
1,300 Motor Wheel
5
9 Jan 5 1612 Feb 16
112 Mar
1158 July
.1058 113 .1034 1134 1114 1114 11
1118 .1012 1112 11
11
400 Mullins Mfg Co
No par
514 Jan 12 1558 Apr 23
Mar
112
103
•31
4 July
38
3418 35
3812 35
35
3512 3612 31312 3613 37
650
Cony preferred
No par
1218 Jan 12 46 Apr 21
.20
5 Mar 25 June
22
02014 22
21
21
.19
21
.16
2012 .18
21
100 Munsingwear Inc
No par
134 Jan 6 2514 Apr 13
5 Mar
1832 June
.738
712
738 71_
718 758
634 718
7
7
6,700
678
714
Murray Corp of Amer
6 May 12 1158 Feb 16
10
14 Feb1112 July
1814 181 •18
1914 .18
1914 *1818 1914 18
18
.1814 1914
200 Myers F & E Bros
No par 1518 Jan 2 2134 Feb 21
Jan 2012 July
8
1734 174 1733 1712 1634 1712 1612 164 1612 1634 1612 17
11,100 Nash Motors Co
No par
1578May 14 3214 Jan 30
Apr 27 July
1112
•512 57
*512 6
512 523
Ws 5'2
51. 512
532 54
1,000
National
Acme
I
414 Jan 9
878 Feb 23
14 Feb
734 July
814
.8
814 814 *74 814
734 74 *75
; 734
734 734
400 National Aviation Corp.No par
753 Feb 13 1314 Jan 31
94 Dec 1018 Dec
*74 74 *Vs 734
74 74
714 714 .634 734
7
400 :National Bellas
714
314 Jan 6 1234 Mar 19
114 Jan
978 July
3558 3638 3434 3534 3334 351
3338 3414 3334 3418 3358 3459 16,200 National Biscuit Hess prat.100
10 3358May 23 4912 Jan 16
3112 Feb 6058 June
014112 1433 .14178 14334 •14278 14314 14334 l434 14312 14312 *142 143'2
300
7% cum pref
100 131 Jan 3 148 Apr 2 118 Mar 145 Aug
1614 1638 16
1614 1614
1638 1514 1522 15
1512 15
1558 4.800 Nat Cash Register A___No par
141251ay 12 2358 Feb 6
54 Mar
1634 16s 1634 17
2332 July
1612 1738 1614 167
1658 17
1634 17
26,400 Nat Dairy Prod
No par 13 Jan 4 18 Apr 21
1013 Feb 2534 July
184
14
158
158
158 •134 2
*158 134
158
158
600 :Nat DepartmentStoresNo par
1 Jan 9
3 Mar 16
4 Mar
1813 181 *1813 1914 18
212 June
18
"1612 173 .1658 1734 .1612 1784
70
Preferred
100
5 Jan 17 2212 Apr 18
2514 251
114 Feb
10 June
2518 2578 2414 2618 2418 2438 2418 2478 2412 2518 21,800 Nati
Distil Prod new___No par
2314 Jan 3 314 Feb 1
*2758 301 .2734 3014 .2778 29
204 Dec 334 Nov
2734 2784 27
28
•2512 2734
800
Nat
Enam
&
Stamping_No par
1612 Jan 5 3278 Apr 24
•14114 149 .1414 149 *14114 149
5 Feb
193a Dec
14114 14114 14014 14014 .13634 149
200 National Lead
100 135 Feb 10 16012 Apr 18
•1404 14218 014012 14218 .14012 14218 *14013 144 .14012 144 .14012
434 Feb 140 Nov
Preferred A
100 122 Jan 16 143 Apr 18 101 Mar 12814 Nov
•11018 11812 .11018 11812 .111 11658 •111 11638 .111 11658 •111 144
1165
8
Preferred B
100 10013 Jan 9 113 May 12
75 Feb 10918 July
1018 1018 1014 104
934 1038
94 10
978 10
94 10'2 5,700 National Pow & Lt____No par
84 Jan 4 1513 Feb 6
4334 4334 •42
872 Apr 2012 July
4334 4112 42
4034 4138 4034 404 *4012 42
1,200 National Steel Corp
25 403451ay 23 5814 Feb 5
*16
15 Feb 5518 July
164 .16
1678 16
16
*1514 16
1513 1512 .1534 1634
300 National Supply of DeL_25 1113 Jan 10 2118 Apr 24
*4934 53
4
Apr
*4934 53
2858 June
53
53
*4934 51
*50
5212 .4934 51
10
Preferred
100 3313 Jan 4 60 Apr 23
13
17 Feb 6014 June
13
.1318 1338 13
1318 1213 1238 1212 1212 1212 1212 1,500 National
Tea Co
No par
11 Slay 12 1834 Feb 1
20
2012 2012 2012 20
Jan
27
612
July
20
.1813 20 .1914 21
1914
19
800 Nelaner Bros
NO par
613 Jan 4 3014 Apr 13
*4118 4212 •40
113 Jan
1218 June
4213 41
41 .40
41
.40
41
404 409
200 Newberry Co (J J)
No par 3912May 14 494 Apr 10
.102 104 *102 104 *102 104 .102 104 *102
104
.102
104
7% preferred
100 100 Apr 3 104 Apr 10
.834 9
59
914
812 0
.812 9
9
9
834 918
1,100 Newport Industries
6 Jan 10 13 Mar 6
1
.132 -Mar -1-1-5-4 -nay
•1634 18
.1634 174 1634 1634
1612 1612 1612 1613 .1534 1612
600
N
Y
Air
Brake
No par
04
15 Jan 5 244 Feb 7
*414 5
64 Apr 2312 July
.418 5
5
04
4
4
.4
5
5
100 New York Dock
100
11
Jan
3
5
814
8
.11
Mar
13
19
234 Dec 1172 June
•11
13
*11
13 .10
13
*10
13
11
200
11
Preferred
100
8 Jan 8 20 Mar 13
6
Oct 22 June
58
313
34
34
58
58
*5
8
3
4
5
8
3
8
3
8
58
800 2N Y Investors Inc_ _ No par
12 Jan 2
114 Feb 7
1658 1658 1613 1658 1512 1658 154 1534 *153
38 Dec
234 June
4 17
16
16
1,100 N Y 811117bIdg Corp part 51k_ 1
.6412 82 .79
1158 Jan 3 227. Feb 1
Ps Jan 224 Aug
82 .78
82 .7813 82 .78
82
.78
82
7%
preferred
100 7312 Jan 2 892 Apr 13
98
31
98
Jan 90 June
.97
98
97
97
98
98
96
07
98
98
120 NY Steam $6 pref
No par 82 Jan 5 99,4 Apr 10
*10812 10978 .10812 1094 .10812 1094 .10812 1004
70 Nov 10178 Aug
.10812 109
10812 10812
20
$7 let preferred
No par 90 Jan 15 109'2May 9
4112 4112 4113 42
83 Nov 110
Jan
4112 4319 42
4338 4213 4314 4212 4314 19,300 Noranda Mime Ltd
No par 3314 Jan 4 44 Apr 9
1614 1612 164 j633 1638 17
1732 Jan 3878 Sept
16
1614 1614 1613 1614 164 10,200 North American Co
No par
*4118 42
1338 Jan 9 2512 Feb 6
1214 Dec 3612 July
42
42 .4112 43
4212 4212 4213 4258 .4212 4312
400
Preferred
50 34 Jan 9 4514 Apr 20
31 Dec 46
514
Jan
514
559
5
5
478 5
559
478 5
5
5
4,600 North Amer Aviation
1
418 Feb 10
.69
8 Feb 1
71
4 Feb
.70
9 July
71
*7014 71
7014 71
.70
71
*70
71
200 No Amer Edison pref _No par
.41
4712 Jan 4 744 Apr 28
39 Nov
43
79 July
43
43 .40
42
42
42
40
40
.40
42
30
Northwestern
Telegraph..,...50 34 Jan 9 43 Apr 26
.234
3
2634 Apr 43 June
*234 33
*278 338 .278 34 .234 34
278 278
200 Norwalk Tire & Rubber No par
238 Jan 8
124 1214 1218 1214
412 Feb 19
118 Feb
578 July
1134 1214
1138 1134 1112 1178 1134 1178 5.200 Ohio 011 Co
No par
1012Slay 14 1578 Feb 5
4
4
4
1758 July
44 Feb
4
378 4
334 34
33
4
334 .358 334
1.900 Oliver Farm Equip
318May
par
14
No
7
1734 1734
Feb
5
18
Feb
83
1
4 July
1778 1778 17
174 1513 16
1513 1512 16
16
1,400
Preferred A
No par 12 Jan 8 2732 Feb 5
478 478 .412 478 .458 434
34 Feb 3034 June
458 434
.434 518
434 5
1,400 Omnibus Corp(The)ytei NO par
8May 23
45
2
Jan
64
13
4
Mar
83
1012 .918 1038 .914 13
*94 1018 .9
4
July
.913 11
1034 1034
100 OPPentielm Coll & Co_ _No par
1512 1512 1519 1512 1518 1512 1514 16
74 Jan 4 1458 Mar 31
15 June
213 Feb
1538 1534 1512 16
7,200 Otis Elevator
No par
14 Slay 8 1938 Feb 16
101 101
1018 Feb 2514 July
101 10118 101 101
.9934 101 *10018 101 •10018 101
160
Preferred
100 92 Jan 18 102 May 12
9312 Apr 106 July
.5
514
518 5,8
518 538
478 518
438 478
44 44 3,400 Otis Steel
No par
418 Jan 4
8 Feb 19
114 Mar
94 June
•17
19
"1612 20
20
20
*18
1938 •18
1938 1814 1814
300
Prior
preferred
100
9 Jan 2 25 Feb 20
•76
7712 .76
214 Feb 2134 June
7712 7613 7612 75
75
7434 7434
*7434 761
500 Owens-Illinois Glass Co__.,_25 7312May 14 94 Jan 30
Mar
9684
3112
1714 1714 17
July
1714
17
1718 1634 17
17
1718 1678 17
5,000 Pacific Gas dr Electric
'25 1513 Jan 6 2312 Feb 7
3113 3112 3112 3112 3114 3112 31
15 Dec 32 July
3114 .31
311 .31
3112 2,100 Pac100 Ltg Corp
No par 2313 Jan 2 37 Feb 7
2318 231 .23
22 Dec 4338 Jan
234 23
2358 23
2312 2313 2378 2418 2418
1,300 PacIfic Mills
100 2058May 14 34 Feb 5
78
Feb 29 July
7818 77
6
77
77
7758 7618 774 •754 76
754 7518
320 Pacific Telep dc Teleg
100 72 Jan 11 8512 Mar 13
•109 110
65 Mar 9434 July
109 109 .10913 110 *10912 11134 *10914 112 .10914 112
20
6% preferred
100
103
26
Jan
Apr
11112 Sept
Nov
9914
3
11212
*7
778 *7
74 .7
712 .7
712 *7
77
*7
Pac Western 011 Corp_ _No par
714
4
878 Apr 25
414
81s Mar 19
912 Sept
534 Dec
4
414
4
418
34 418
34 4
378 4
26,000 Packard Motor Car __No par
•104 1118 .1034 1118 .1034 1159 .1034 1118 *103
33451ay 14
658 Feb 23
14
Mar
872 July
4
111
.1034 114
Pan-Amer Petr & Trans ___5 1034 Jan 9 1112 Jan 30
*2412 26 .25
July
June
14
8
26
2412 25
2314 24 .23
251 .2212 2413
500 Park-TU[0rd Inc
.118
1 20 May 12 3512 Feb 6
11
Jan 3638 Oct
6
.1
14 •1
114
118 *1
118
118
114
114
300 Parmelee Transporta'n _No par
.112
13
Jan
1
2
11
Feb
Mar
5
113
3
8
3
July
112
113
134 .113 134 .113
134
112
112 1,000 Panhandle Prod & Itot_No par
•1418 18
14 Jan 2
212 Apr 6
.1414 18
414 June
38 Apr
.1414 18
.14
18
*14
15
14
14
200
8% cone preferred
414 438
100 12 Jan 3 2112 Apr 6
418 414
534 Jan
20 June
413
414 412
414
413 5
434 478 47,700 :Paramount Publix ctfa____10
438 434
4
2
Jan
434 514
13
54
Feb 16
44 514
213 June
414 413
18 Apr
414
41
414 438 40.500 Park Utah C M
234 234
1
234 278
314 Jan 11
678 Feb 15
414 July
Si Jan
234 234
24 27s
234 27e
234 234 9,400 Pathe Exchange
1934 1934
No par
1914 194 20
113 Jan 4
414 Mar 2
14 Jan
213 July
21
2012 2134 21
2158 21
2112 13,700
Preferred class A
•1612 174 17
_No par
1013 Jan 4 244 Apr 23
114 Jan
1414 Dec
1732 1712 1713 16
16'4
16
16
1614
16
2,000
Patin°
Mines
&
34 34
Enterpr No par
1358May 14 2112 Jan 2
334 334
Nov
Jan
25
53
8
37
8
334
4
34
33
4
33
4
34
378
1,900 Peerless Motor Car
05514 5612 5412 5412
3
2 Jan 2
458 Apr 23
94 July
34 Feb
5514 5638 .5412 55
5412 5413 55
55
700 Penick & Ford
No par 53 May 14 84 Jan 30 z2512 Feb 8034 Dec
59
5914 5812 59
58
,58
55
5614 554 5614 5518 56
4,800
Penney
(J C)
•107 10812 *10734 10813 .10712 10812 *10712 1084 .10712
No par
5113 Jan 4 6773 Mar 3
1914 Mar
56 Dec
10813 •10712 10813
Preferred
100 10512Mar 8 10812May 16
Jan 108 Aur
90
*312 418
312 312 "312 414
312 312 •312 4
•313. 414
200 Penn Coal dr Coke Corp_ __10
5
218
Jan
5
9
5
514
5
Apr 26
958 July
34 Feb
478 44 *434 5
434 43
.434 5
600 Penn-Dixie Cement___No
- par
*21
371 Jan 6
23 .20
734 Feb 5
23 .204 23
SP, Jun,
34 Jan
•204 2334 '2018 233 .2013 2334
Preferred serial A
100 13 Jan 8 32 Apr 24
•2952 3013 •30
32
32 July
Cs Mar
30
31
3013 3013 30
30
3012
30
1,000
People's
0
L
&
0
(Chic)
_100
.13
•13
15
27 Jan 4 4378 Feb 6
25 Dee
1412 .14
7,
.
Jan
15 .14
15
*14
.14
15
15
Milk
Pet
No par
1112 11
•11
94 Jan 3 15 Feb 23
Oil Fel
154 June
11
1112 1113 1078 11
11
1112 1114 114 1,400 Petroleum Corp of Am
5
9 Jan 5 1414 Feb 3
17
164 17
17
452 Jar
15 July
16
17
1534 1638 16
163
8
1614
1612
4,500
Phelps
-Dodge
Corp
25 1458 Mar 27 1878 Apr 26
*3014 31
*3014 31
1878 Sept
412 Jai
31
31
3078 304 3118 3178 .31
32
500 Philadelphia Co 8% pref
50 2414 Jan 2 37 Feb 9
.59
6212 .59
2112 No, 36 July
6213 *59
62
.59
61
559
61
5978 594
100
$8 preferred
No par
478 478
49 Jan 12 644 Feb 17
458 434
3814 Dee 62 July
438 478
413 412
438 412
43
4
43
4
1,400
PhIla
dr
Read
C& 1
No par
314 Jan 4
18
18
1812 1812 1814 1814
634 Feb 21
212 Feb
912 July
1818 1818 .1538 19
1834 1913 1,300 Phillip Morris & Co Ltd---10
•1234 15 .1314 15
1113 Jan 3 2014 Mar 26
8 Feb
1478 June
1314 1314 1312 1313 14
14
*13
15
300 Phillips Jones Corp.-No par
9 Jan 5 21 Apr 2
•60
70 .60
Fet
3
163
6913 60
4 July
60 .50
6912 .53
6912 .53
10
6912
7% preferred
100 58 Feb 27 744 Apr 7
18
35 June 35 June
18
174 1812 1734 1812 1712 1814 18
1838 1814 1812 10,300 Philips Petroleum
No par
*518 812 .513 812 .54 812 .5
1518 Jan 9 12034 Apr 11
434 Jan
1814 Sept
812
*53
2
822
*53
Phoenix
8
Hosiery
812
5
312 358
312 338
518May 12 134 Feb 3
314 338
158 Mar
1734 Dec
38 359
318 34
34
318 2,900 Pierce-Arrow Mot Car Co
5
2 Jan 16
64 Feb 19
3 Dee
34
54
58
713 Nov
58
88
"8
38
34
38
*58
34
34 1,200 Pierce Oil Corp
25
58May 10
14 Jan 30
.718 8
.
718 8
14 Jan
174 June
.718 8
718
713
7
7
.7
03
300
8
Preferred
100
Slay 11
7
1034
•138
Feb
14
112
37
138
1
Feb
137
138 •114
8 June
138 •114
112 .114
112 .114
112 1,000 Pierce Petroleum
No par
114 Jan 13
2 Feb 6
254 2538 2534 26
58 Jan
234 June
26
2612 .2518 26 .2558 2534 .2534 26
800
Pillsbury
Mills_
Flour
_No
par
1812 Jan 8 2738 Apr 27
932 Feb
•7338 7434 •7278 754 .73
2678 June
7518 *7318 7414 *7334 .7414 7434 7434
100 Pirelli Co of Italy Amer shares 7014 Jan 22 8412 Mar 24
3338 Apr
75 Nov
.1112 14
•1112 14
.1113 14
.1113 134 *1214 1378 *1214 1378
Pittsburgh Coal of Pa
100
912 Jan 9 184 Feb 9
4 Feb 23 July
•32
34
.32
34 .32
34
32
32
*3014 34
.304 34
100
Preferred
100 30 Jan 8 4212 Feb 1
17
Jan
48 July
• Bid and asked prices, no sales on this day. 1 Companies reported
In receivership. a Optional sale. c Cash Tile. s Sold 15 days. z Ex-dlvidend. y Ex-rights.
New York Stock Record-Continued-Page 7
3574
May 26 1934
SEVENTH PAGE PRECEDING.
ke FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE
I Sales
for
the
Friday
Week.
May 25.
111011 AND LOW SALE PRICES-PER SHARE. NOT PER CENT.
Saturday
May 19.
Monday
May 21.
Tuesday 'Wednesday Thursday
May 23. I May 24.
May 22.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. I.
On basis of 100-share lots.
Highest.
Lowest.
PER SHARE
Range for Previous
Year 1933.
Lowest.
Highest.
$ per share $ per share $ per share
3 Per share 3 Per share $ Per share $ Per share Shares. Indus.& Miscell.(Con.) Par 5 per share
178 Feb
4 July
/
111
7 Jan 5 1138 Apr 4
*Vs 712 1,800 Pittsburgh Screw de Bolt No par
714
7,8
714
7
4 734
/
71
43 Feb 21
17
1014 Jan 3834 May
May
27
pref___100
cum
7%
Steel
Pitts
.2718 33
*2718 33
*2712 3212 *2712 30
312 Feb 21
678 July
2 Jan 19
100
12 Feb
Pitts Term Coal Corp
4
1
4 2/
/
*134 234 *11
4 234 *112 3
/
.11
Jan 2312 July
4
818 Jan 4 1712 Feb 23
100
67 preferred
1314 .10
1314
1314 .10
*1012 1314 *10
5 Feb 19
612 July
214 Jan 2
114 Feb
25
Pittsburgh United
4 378 •258 378
1
4 *2/
1
4 3/
1
4 378 •2/
1
*2/
1534 Fob 64 July
100 37 Jan 2 5978 Feb 19
Preferred
40
41,2
4212 4212 *4112 4234 .41 12 4234 40
5
4
21
Feb
Apr
8
3
Jan
7 June
lss
par
No
(The)
Co
Pittston
200
4 318
1
.2/
4 3
1
4 .2/
1
3/
3
*318 312
634 Feb 1758 July
5 10 May 14 1834 Jan 30
1214 4,800 Plymouth 011 Co
1178 1214 12
1212 1134 12
12
8 Feb 5
147
4
/
11
14
May
Apr
4 July
/
8
131
par
No
B
class
Co
&
Poor
.718
4
83
4
*712
/
81
2
7,
*74
*712 84
158 Mar
614 Jan 30
3 Jan 12
8 June
Porto Ric-Am Tob Cl A_No par
4
/
*Vs 41
4 434 *358 .5
1
•33, 434 .3/
4 Feb
1
/
4 May
314 Jan 30
112 Jan 3
No par
214
Class B
4 214 *158 214 *128 214 *Ds
/
.11
4 Feb 4034 June
1834 2,100 Postal Tel & Cable 7% prof 100 1614Slay 14 2938 Feb 6
4 1834 18
/
.171
1738 18
20
18
512 Feb 16
178 Jan 5
513 June
No par
58 Jan
900 :Pressed Steel car
3
3
27,
278
318 318
278 3
3
Jan
18 June
672 Jan 5 22 Feb 17
100
Preferred
100
1238
1234 *10
.10
13
*11
12
12
414
14
8Stay
23
Jan
Feb
8
195
333
4712
par
No
Juir
Gamble
&
Procter
4,500
4 3418
/
344 34
34
4 35
/
341
3'8 331
Apr 11034 Nov
97
6% pref (ser of Feb 1 '29)100 10212 Jan 22 110 May 15
210
10912
4 109 •10812 109 109
/
10834 10834 1081
2
15
Mar
114
14
Jan
27
Jan
June
8
14
50
Corp_
Refiners
&
:Producers
--------------- ------- ---- ---- ---2 Nov
4 Feb 19
1
6/
13 June
1',May2
50
Preferred
___ ____ . _ - _ __
__ ____
_ .
_
4 Nov 5718 June
1
-3-538 3514 -36 3534 -36- 3-,900 Pub Set Corp of N J___No par 33 May 14 45 Feb 6 32/
. 1-2 -3-6-3-4 5
35
.
4 Nov 8812 Jan
1
59/
No par 67 Jan 2 84 Feb 6
55 preferred
500
8012 *7914 8034
4 8012 *79
1
79/
81
*80
4 81
1
*79/
8038 81
75 Dee 1011
4 Jan
/
100 79 Jan 8 9614 Apr 27
6% preferred
100
9312
*9112 941. •9112 9412 *9112 9412 *91 12 9312 9112 9112 .91
84 Dec 11212 Jan
100 90 Jan 8 106 Feb 21
preferred
7%
100
10212
*102
10212
*102
10212
10212
103
.102
103
*102
103
*102
17
Feb
Nov
11912
12
99
125
Jan
Jan
105
100
preferred
8%
118
100
*114
118
4 *114 118 *114
/
4 1161
1
116/
*114 118 *114 118
4 Dec 10312 Jan
1
83/
Pub Ser El & Gasp!$5.No par 90 Jan 10 10314Stay 17
4 *10212 105 *10212 105 .10212 103
/
4 .10212 1011
/
4 105 .10212 1041
/
*1021
4 Feb 5
1
18 Feb 5818 July
14 55/
4714May
par
No
Inc
Pullman
4,500
5014
4914
4912
4834
4914
4912
50
4
1
/
49
5012
50
503, 50
4 Feb 16
1
212 Mar 153s Sept
No par . 938Slay 10 14/
4 101g 1038 6,400 Pure 011 (The)
/
8 104 101
1014 10,
10S8 111g
4 1078 11
/
1058 101
30 Mar 691
4 Sept
/
100 5834 Jan 9 80 Feb 6
8% cony preferred
210
68
66
.6612 70
661, 6618 .6612 70
6618 6612 *6612 67
4
193
5
Feb
4 Feb 2538 July
1
/
8
5
Jan
1214
par
No
Bakeries
Purity
4,300
1318
134
13
1234
4 1318
/
1312 121
4 1314 1334 13
1
1334 14/
918 Feb 6
3 Feb
1214 July
612 Jan 4
Ne par
738 33,300 Radio Corp of Amer
712 . 714
714
714 738
712 8
7,2 778
7,2 738
1314 Feb 40 May
50 2314 Jan 4 4112Slay 11
Preferred
3,200
39
3834 3912 39
39
3912 38
3914 39
3934 3934 39
61
4 Feb 27 July
/
No par 15 Jan 4 3538May 11
Preferred B
3112 3214 3112 3278 3112 3318 3038 3112 3112 323, 314 3214 17,000
1 Mar
414 Feb 17
534 June
24 Jan 9
2,300 tRadlo-Kelth-Orph„ _No par
4 3
/
21
4 3
/
21
4
/
234 21
4 3
1
2/
4
/
4 21
1
2/
278 3
5 Feb 2038 Sept
5
Feb
23
9
Jan
18
par
3
Manhattan_No
Raybestos
700
18
*17
4
173
8
.173
4
173
4
1714 1714 .1758 1838 1714 1712 173
6
Feb
14
Feb
512
207
14
2May
8 June
71
10
1,500 Real Silk Hosiery
93
9
972
9
914 934 *9
*9
9
0
*834 94
25
Jan 80 May
100 45 Jan '23 6014 Apr 26
20
Preferred
.5014 55
*6014 55
•5014 55
52
4 52
/
541
4 *52
/
541
*52
July
412
2
Apr
Jan
6
14
5
Jan
218
par
Co____No
&
(Robt)
Reis
700
g
27
234
3
3
3
3
314
312 *3
*318 314 *3
118 Jan
1812 June
100 1312 Jan 3 3834 Apr 2
1,t preferred
100
18
*15
18
*15
15
15
20
*1612 1734 *15
18
.15
212 Feb
1114 July
4 Feb 23
1
6 13/
Jan
8
63
1
Remington-Rand
2,200
1
2
9
912
2
9,
4
/
91
912 934
934 10
41
1
912 9/
4 10
1
9/
712 Feb 3712 July
100 3238 Jan 5 6912 Mar 14
52
1st preferred
200
5334 52
*52
*5018 55
55
*53
56
5478 5478 .53
8 Feb 3534 Dec
100 30 Jan 8 67 Mar 14
2d preferred
60
*48
60
•48
60
*49
60
.50
60
*48
54
*45
4 Feb
/
11
23
638June
Feb
512
2
Jan
34
1
5
Car.
Motor
Reo
2,100
358 3 2
4
1
338 3/
312 3,2
4
1
312 3/
4 334
1
3/
4 334
1
*3/
4 Feb 23 July
1638 1534 1628 16,000 Republic Steel Corp___No par 15 May 14 2534 Feb 23
1778 1534 1612 16
1738 1712 1738 1734 16
July
5412
Feb
9
23
Feb
6712
4
100 39 Jan
6% cony preferred
4438 4414 4458 2,900
44
434 46
48
48
49
5012 49
50
14 Jan
12 June
5 Jan 8 1412 Apr 11
5
100 Revere Copper & Brass
.958 1018 *91
4 104
/
10
1058 *1014 1038 10
1058 .10
*10
214
June
II
25
Apr
Mar
2812
29
Jan
114
10
Class A
25
*19
25
4 *19
/
251
25 .19
*19
.1912 25
25
.19
8 Feb 2112 June
2,400 Reynolds Metal Co __No par 1512 Jan 2 2734 Apr 26
25
244 2412 24
2414 25
*2512 2534 2512 2512 2514 26
11
4 July
1
15/
4 Feb
/
612 Jan 9 1312 Feb 25
No par
400 Reynolds Spring
4 1178 1112 1112 1134 1134 *1012 1134 *1012 1134
/
1112 1112 111
2612 Jan 25414 Sept
4 13,300 Reynolds (It J) Tob class B.10 3934 Mar 21 4512 Jan 9
1
4 43/
/
4318 4312 4318 4334 431
4 4314 44
1
4 43/
1
4 43/
1
4 43/
/
431
60
3
4 Jan
823
Jan
Jan
4
597
5
Jan
57
10
1
A
Class
.57
6012
.57
2
60
6012
*57
61
*57
61
*59
61
.57
4 Feb
/
61
1634 June
8 May 25 1312 Feb 8
No par
8
8
100 Ritter Dental Mfg
8
812 *7
.7
10
.612 1012 *7
*712 11
2338 Nov 2612 Nov
4 Jan 3 3318 Apr26
1
/
26
Mines.
Copper
Antelope
Roan
1,100
4
1
/
30
8
.295
30
30
30
31
4
1
/
29
3014
3112
4
1
/
4 .30
/
*3034 311
2 Apr
1078 June
4 Jan 3 1014 Feb 6
5
800 Ros.sla Insurance Co
812 812
814 814 •818 812
814 814
818 818
814
*8
1758 Mar 3934 Nov
4
/
4 341
/
500 Royal Dutch Co (N Y ehares) 33 Apr 30 3918 Feb 19
3438 3438 341
3518 .3414 35
4 35
1
*3414 35/
*344 36
4 Sept
/
311
Feb
618
5
Feb
4
1
/
27
12
1612N1ay
10
Lead
Joseph
St
3,400
20
20
20
*1918
19
19
2012
19
*2018 2012
1912 20
28 Mar 6238 July
No par 44 Jan 5 57 Apr 23
4 4712 4734 4814 2,800 Safeway Stores
1
. 47/
471
47
49
4712 4712 47
4 48
/
471
72 Apr 9412 July
100 8434 Jan 3 105 Slay =5
8% preferred
680
104 105
; 104 104
10414 10414 104 10414 .104 10414 10418 1043
804 Feb 105 Sept
4 Jan 15 112 Apr 10
/
100 981
7% preferred
430
111 111 .111 112 *111 112
11012 11012 11034 111
110 no
12 July
214 Apr
8 Jan 13 1214 Feb Ia
100 Savage Arms Corp____No par
*712 8
4 734 *712 8
1
7/
4
/
4 91
1
*734 812 *734 914 *7/
24 Nov 4514 Aug
11
Apr
8
387
10
2514May
5
Corp
Distillers
Schenley
20.000
27
2618
4
263
2618
2612
2512
28
4
2734 2634 2718 253
27
10,
Mar
8
3
4 July
5
Feb
8
4
Jan
4
1
/
3
1
412 434 1,900 Schulte Retail Stores
438 412
4 434
1
4/
434 5
5
5
5
5
318 Apr 3534 July
4 Apr 16
1
100 15 Jan 2 30/
Preferred
210
2112 2112 22
21
22
2312 2214 2214 .21
2218 2218 *22
Jan
28
4
1
/
44
5
Apr
July
50
10
Jan
41
par
No
Scott
Co
Paper
49
4
/
*431
49
*4378
4 49
1
*43/
*4378 49
4 49
1
.43/
.4378 49
Feb 43/
15
4 Sent
1
4 Apr 11
/
4 Jan 6 381
1
321g 3212 2,900 Seaboard 011 Co of Del_No par 25/
32
32
4 32
/
324 311
32
33
33
*3212 33
July
4
1
/
4
Feb
4
/
11
7
Feb
4
/
41
18
Jan
4
1
/
2
par
Corp
No
Seagrave
500
1
418
1
4
/
*31
31.3
34
34
3 4 3 4 *3
312 312
*3,4 3,2
1212 Feb 47 July
19.100 Sears, Roebuck & Co No par soh Jan 4 514 Feb 5
4 42
/
4 4038 4114 401
/
4058 411
4 43
/
4 4218 4212 411
1
4 42/
1
42/
June
5
Feb
114
26
44 Jan
2 May 10
1
300 Second Nat Investors
212 *214 234 .214 234 *24 234
214
214 214
•214 212
Feb 48 July
24
1 32 Jan 8 4518 Feb 2
Preferred
4 4218
/
4 •361g 424 *3618 4218 *361
1
•361g 4218 *3618 421g *3618 42/
4 June
1
3/
Is Mar
2 Jan 22
1 Jan 5
Vo par
118 1.600 :Seneca Copper
1
1
1
118
1
118
118
4
/
11
1
1
1
712 July
Apr 24
112 Feb
8 9
Jan
4
1
/
4
1
11.800
Inc
servo
4
1
/
1
7
712
4
1
/
7
8
3
7
712
714
8
7
7
4
1
/
7
4
3
7
712
4
1
/
7
*7 2
July
4
1
/
5
9
1314
Mar
8
137
Apr
2
Jan
4
1
/
6
par
No
G)
(F
1,700
Shattuck
4
4 9,
1
9/
4 934
1
9/
934 10
4 938
1
10
9/
4 10
/
4 91
1
9/
12 July
112 Feb
1314 Feb 23
518 Jan 11
No par
300 Sharon Steel Hoop
*712 8
*712 8
8
8
8
8
9
*8
8
8
June
.5
858
Feb
4
1
/
7
Fel
212
2
Jan
4
1
/
4
par
No
Dohme
&
Sharpe
500
6
4
1
/
5
4
53
534
4
1
534 5/
614 *534 6
612 *6
.6
21 14 Mar 4178 July
200
Cony preferred ser A _No par 3814 Jan 8 49 May 3
46
46
46
*45
46
46
47
*46
47
47 .46
*46
1158 July
312 Feb
4 Jan 27
/
4 Jan 3 111
1
7/
No par
814 812 3,600 Shell Union 011
814 84
4 878
1
8/
814 812
878 878
834 834
20
Jan
89
2
2812 Mar 61 July
Jan
58
100
Cony
preferred
1,900
7718
*75
75
74
*7312 74
74
74
74
74
74
.73
4 Feb 31 July
/
41
1412May 14 2418 Feb 5
No par
1,800 Simmons Co
4 1612 1612 *1638 17
/
1534 161
1712 1612 17
4 17
1
.1612 16/
1238 June
478 Feb
812May 14 1112 Feb 5
10
100 Simms Petroleum
*838 9
4
1
*812 9
4 8/
1
8/
.812 9
*858 9
*838 9
978 June
3 Fob
4 Jan 10 1118 Apr 25
1
7/
25
914 9/
600 Skelly 011 Co
04 914
4
1
94 94
4
1
4 9/
/
91
*958 934 *9/
4 912
1
22 Feb 5712 July
4 Jan 9 68,8 Apr 26
1
100 54/
100
Preferred
6414 6414
*6414 66
*6312 67
*6312 67
*6312 67
•6313 65
July
35
Feb
2712
Jan
9
7
17
Jan
15
_100
Iron_
&
Steel
Sloss-Sheft
29
.16
29
*16
29
*16
29
*16
29
*20
29
•16
814 Feb 42 July
100 2312 Jan 2 42 Apr 23
7% preferred
4 *3014 4018 *3014 4018 *3014 404 .3014 4018 *3014 4018
/
.3014 401
May 5
4 July
1
9/
4 Mar
1
/
17
3
Jan
4
1
/
6
par
No
corp
Packing
Snider
1,700
4
1
/
13
4
1
/
13
1312
1318
13
4
1
/
12
4
1
/
13
4
1
/
13
4
1
/
4 14
1
.13/
*1334 14
17 Nov
4 Feb 5
/
8 Mar
25 14 Slay 14 191
4 153
/
4 19,800 Socony Vacuum Corp
/
1514 151
1538 1558 151
1512 16
1512 16
4 16
1
15/
58 Feb 92 July
600 Solvay Am Invt Tr pret__100 88 Jan 6 10134May 2
10014 10014 .100 10012 •1004 10012 10018 10012 9934 100 .10012 10118
8 July
485
4
/
5
Feb
301
Jan
4
1
/
14
15
8Slay
291
par
Sugar___No
Rico
Porto
So
1,700
3012 2934 30
3014 30
3058 3114 30
31
314 31,4 31
Jan 132 July
100 115 Jan 16 130 Mar 20 112
Preferred
10
128 128
•126 130 *126 129 *128 128 *126 128 *126 128
Jan
28
4 Nov
/
141
Jan 4 2218 Feb 7
1514
25
Edison
Calif
Southern
3,400
8
167
4
1
/
16
4
/
161
1612
8
163
1612
17
4
163
4
/
4 161
1
4 16/
/
1634 161
4 July
/
4
111
Jan
4 Jan 10 13 Apr 21
1
5/
91.. 912
309 Spalding (A G)& Bros_No par
4 *914
1
9/
912
912 912 *9
*912 1012 *912 10
June
21
Apr
74
11
2518
61
Mar
Jan
3014
100
hit preferred
20
61
*57
61
*57
60
60 .56
60
63
65 .55
*53
1512 July
412 Feb
7 Jan 22 1538 Apr 23
50 Spang Chalfant & Co Ina No par
8
8
15
.8
*814 10
812 10
*712 1212 *74 10
1712 Feb 50 June
100 30 Jan 23 62 Apr 24
Preferred
54
*42
54
.42
54
*42
54
54 .42
*42
54
*42
8 June
8 Feb 21
4 Jan 5
1
3/
34 Feb
2,700 Sparks Withington____No par
4 6
1
5/
4 534
1
5/
534 534
4
1
534 5/
534 6
6
6
512 June
4 Apr 18
1
7/
2 Jan 3
4 Jan
1
/
No par
Spear & Co
4 514
1
4 514 *434 54 *434 514 *4/
1
.4/
.458 .54 .458 5
July
22
Apr
712
23
Feb
2412
5
Jan
1534
par
No
Sons
300 Spencer Kellogg &
4 2012 2012 2012
1
*19/
20
*1912 2112 20
*1918 21
20
20
4 Apr 2
/
218 May
712 July
4 Jan 5 111
1
5/
1
to
v
16,500
(The)
Corp
Sperry
914
9
1
918
4
83
83,
4
1
/
8
2
8
93,
4
1
/
9
914
9
914
June
Feb
13
10
7
16
Jan
5
Jan
8
par
No
Co
Mfg
Spicer
9
*6
9
.6
9
912 *6
938 •6
934 .7
*7
1144 Mar 3212 Jura
4 Jan 2 3112 Feb 20
/
211
No par
Cony preferred A
120
29
.27
29
4 2812 .27
1
28/
29 .2812 29
29
*2812 29
Feb 21 12 Deo
19 Jan 4 6712 Apr 25
1
4 4534 4814 4714 4914 14,100 Splegel-May-Stern Co_No par
1
45/
4712 4712 4834 4614 4912 44
47
254
12
1
4May
Feb
4 Mar 3758 July
1
/
13
183
par
No
Brands
4 1958 1938 1978 24,500 Standard
/
4 191
/
4 204 1912 191
1
4 19/
1
4 20/
1
4 2014 19/
1
19/
8 Star 13
938 Aug
Jan
1
4 Jan 9
Comm Tobacco No par
Stand
1.300
5
54
518
5
518
5
8
57
.5
518
5
5
5
518 Mar 2212 June
8 Jan 4 17 Feb 6
6,
2,900 Standard Gas & El Co_No par
934 10
934 10
4 1038
1
9/
4
1
10/
1018 1018 103s 1012 10
oh Dec 2578 June
738 Jan 8 17 Feb 6
No par
Preferred
1,400
11
1114
1134 1034 1034 1078 11
1178 1178 11
12
•11
15 Dec 61 June
18 Jan 10 33 Feb 6
No par
25
$e cum prior pret
.22
100
25
25 .22
.21
25
25 .22
25
2.5
.22
19 Dec 66 June
1712 Jan 4 3812 Apr 21
$7 cum prtor pret __ No par
500
4 2534 *2612 28
1
25/
'2814 2612 27
27
4 .2712 30
1
52628 27/
4 Julie
1
2/
178 Jan 5
13 Mar
4 Jan 13
1
/
Stand Investing Corp No par
400
8
13
4
/
11
114
114
118
118
8
13
•118
8
13
•14
8
13
•118
8
May
110
2
9212
Mar 10234 Sept
Jan
9612
prof_100
Export
oil
Standard
1,200
8
1097
,
1097
110
10918
8
1097
4
1093
10918 110
10912 110 .
10934 110 .
1912 Mar 45 Nov
No par x30387.Iay 14 427 Jan 30
3238 6,900 Standard 011 of Callf
3214 3214 3234 32
3212 3214 3212 3218 3234 32
32
4 Dec
1
1234 Apr 39/
800 Standard 011 of Kansas_ _ _ _10 3334 Feb 13 41 Apr 21
3814 3812 *384 39
3934 3812 39
*39
40
*39
40
*39
via Nov
2234 Mar
4 4212 14.400 Standard 011 of New Jersey_25 41185lay 16 50,8 Feb 17
/
4 4214 4278 4218 4238 421
1
4234 43/
4 4234 43
1
4 42/
1
42/
4 Feb
1112 June
6 Jan 15 1414 Apr 19
300 Starrett Co (The) I, S No par
1012
1012
8
.103
4
1
/
10
4
1
/
10
11
1118
1118
1114
4
.103
4
113
•104
4 Apr 21
/
4 Dec 6034 Sept
1
45/
10 4714 Jan 4 611
4 4,800 Sterling Products Inc
1
4 5818 58/
/
581
58
5712 58
5712 58
57
5738 57
57
4 June
1
3/
3 Feb 6
4 Jan 2
/
11
5* Jan
Sterling Securities Cl A_No par
178
134 .15
4 *112
/
4 .112 178 *112 178 .112 11
/
.112 11
734 June
7 Feb 6
112 Feb
3 Jan 3
No par
Preferred
400
412
414
412 412 .
4 .412 434 *41. 434
1
4 4/
1
4/
July
•4'2 434
4 Feb 1
1
36/
12
364
Mar
20
Jan
30
preferred--.50
Convertible
100
36
4
/
*341
341g
3418
3518
.34
36
*34
36
*34
36
•34
1112 July
4 Feb
1
2/
614 Jan 8 1038 Feb 21
10
1,800 Stewart-Warner
714
7
714
718
718 718
74 714
714 *714 71 2
714
512 Dec 1914 July
8 Jan 6 1314 Feb 6
par
No
Webster
&
Stone
2,300
8
4
73
4
/
71
4
/
71
4
/
71
734
734 818
84 818
818 84
938 June
112 Mar
94 Feb 21
438 Jan 2
518 3,900 :Studebaker Corp(The)No par
5
5
5
5
5
512
5
514
5
4 538
1
5/
Apr 38,8 June
9
100 1912 Jan 2 47 Feb 19
Preferred
500
2312 2312 2312
.22
24
*22
25
25
25
2612 25
*24
59 Nov
5112 Jan 2 62 Apr 21
35
par
Feb
No
62
011
*5612
Sun
300
62
*5612
58
.58
62
*5812
57
57
59
*57
89 Mar 103 July
100 100 Jan 17 11312 Apr 23
Preferred
80
112 112
4 .11134 112
/
11134 1111
.11012 11112 11034 11134 11034 112
712 Feb 27 July
1418May 25 2514 Feb 5
200 Superheater Co (The)__No par
1418 1414
18 .1418 18 .144 18
4 •15
1
18/
4 .15
1
18/
*16
412 July
3
1
Feb
3
Jan
4
13
1
34 Jan
218
011
215
Superior
218
1,600
215
218 218
214 214
4
1
238 2/
214 214
4
1
/
15
Feb 2238 July
2
14
19
618May
Feb
100
700 Superior Steel
834
834 *8
4 814 *8
1
818 834 *7/
14 Jan 9
838 858 *814 10
10 July
4 Jan 26
1
/
5
Mar
1
3
_50
(The)_
200
Amer
of
Co
Sweets
4
4
4
4
*33
4
4
*33
*334 4
*334 5
5
*4
3 June
212 Feb 19
78May 11
Is Apr
No par
100 Symington Co
112 112
178
*112
Pa
13, *114
14 *11s
112 *114
•118
514 July
538 Feb 23
278May 8
14 AV
No par
Class A
700
.
__
3
3
312
*3
3
3
3
3
3is 318
8 July
163
Feb
818
1
Feb
1514
12
2May
101
5
Corp
Telatitograph
400
-12
11
8
113
1112
4 1112 1112 *11
/
4 111
/
4 111
/
4 111
1
1178 *10/
eh Feb 19
4 Feb
/
11
*10
714 Aug
418 Jan 8
5
900 Tennessee Corp
4 434
1
4/
4 *434 5
1
478 4/
4 5
1
*4/
*434 5
4 Feb 5
/
4 5
1
*4/
4 Feb 30,8 Sens
1
10/
2112.May 14 291
25
(The)
Texas
5,900
4
1
/
23
Corp
8
235
8
237
2312
24
2334
4 2378 2414
1
4 24/
/
241
1514 Feb 4514 Nov
2378 24
6.300 Texm Gulf Sulphur__No par 3012May 14 4314 Feb 6
34
33
4 33,8 34
1
3312 3418 3212 33/
34
3418 34
' 34
612 May
612 Apr 4
4 Mar
/
11
318 Jan 8
4
4
4
1,500 Texas Pacific Coal & 011_10
4
418
418
378 414
414 414
114 June
312 Mar
2
Apr
12
6
435 438
Jan
4
63
Trust___1
Pacific
Land
8
Texas
900
8
8
8
4
1
4 7/
1
7/
818
8
July
818 818
2218
1512
814
Feb
30
Jan
4
5
•8
Jan
10
No par
*1212 13
.500 Thatcher Mfg
4 1234 1258 1258 •1212 13
1
12/
13
13
4 Feb 44 July
1
27/
13
13
23.60 cony pref _ _ No par 39 Jan 15 44 Jan 29
.4018 4312 *4018 4312 *4018 4312
*4018 4312 .4018 4312 •401g 4312
y Ex-rights.
this day. 1 Companies reported In receivership. a Optional sale. c Cash sale. x Ex-dividend.
• 1114 and asked prices, no sales on
$ per share $ per share
712 734
734 734
.27
3112 02718 3212
0112 212
3
*2
131
1314 *10
*10
4
1
4 3/
1
4 .2/
1
.234 3/
.4212 48
*4212 48
*318 414 •34 338
4 124 1238
1
1214 12/
9
*8
9
*7
*358 434
*334 5
.112 214 *134 214
1914 *1838 1912
19
3
3
338
*3
14
*10
14
*12
3434 3434 3458 3512
108 108
108 108
------- --- ---_
_ .
_
5A "iifla 5614 -3-6-38
Iar FOR SALES DURING
New York Stock Record-Concluded-Page 8
3575
THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE EIGHTH PAGE PRECEDING.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Tuesday
Wednesday Thursday . Friday
Saturday 1 Monday
May 24. I May 25.
May 19. I May 21. I May 22. I May 23.
-$ per share IS per share 1$ per share 1$ per share $ per share I $ per share
*71
9
*714 9
*712 9
*71s 914 *714 914 *712 9
614 912
918
938
518 51
/
4
918
918
938
912
51
/
4 512
17
15
15 I *16
*1512 1612 1512 1512 *1512 17 1 *1418 15
•714 8
714 714 1 *714 8
714 74 *714 712 *71
/
4 712
*1478 1512 1412 15
*1418 141
/
4 '1358 1418' 1418 1418
*1412 15
314 314
314 314'
3/
1
4 312
312 358
3/
1
4 333
312 312
21
*19
21
*19
21
*19
21 I *19
19
19
*19
21
1212
12
13
1234 13
1238 12
12
1214 12
1258 13
78
78
*7712 80 1 7978 80
*7712 80
*7712 7934 80 80
*2612 38
*29
38
*2912 38
*2612 37
*29
38
*2612 38
89
89
89
*88
89
*88 89
8914 8914 '8514 8912 *87
678 678
612 634
634 678
612 634
634 678
634 634
27/
1
4 29
2812 2912 2812 28341 2858 30
2878 2918 2884 2912
618
618
6
6I 6
6
6
6
641
6
618 614
8
8/
9
9
8
8
1
4
*718 814
734 8
8/
1
4 812
412 412
412 412
412 484
414 412
44 413
413 412
73
*70
73 I *70
73
73
*70
73 I *70
*70
73
*70
3712 *37
37
3658 3714 *3612 3712 *3612 3712
*37
3712 37
218 218 *2
*218 238 *218 238 *218 238
214
238 *2
614 614
573 6
6
6
558 6
584 584
584 578
*212 3
*212 3
*212 3
*213 278
212 212 *24 258
3934 4012 *3912 4012 3814 3814 3934 4014 4012 4012
*39
40
*4612 4712 4612 4712 4518 46
*4612 48
47
47
46
46
39
38
3834 38
38
39
39
3838 3838 3312 3988 4014
1614 16
*16
1612 164 1638 1614 1612 16
1614 1614 164
*1812 1914 *1812 1914 *1812 1878 1858 19
*1812 20
*1812 1878
/
4 2014 2134 1912 2134 2018 2118 2034 2134
2138 2134 2114 211
*2434 2538 2512 2534 2534 254 2538 2584 *254 2534 2514 2534
*11114 115 *11012 115 *11012 115 a11212 11212 *11212 115 *11212 115
40 404 4058 4058 4038 4038 3912 40
3912 3912
3958 40
514 512
514 538
514 512
5
5
5/
1
4
5
514
518
3214 3314 3234 3314 3258 33
3234 3318
3118 3158 3184 32
1518 1514 1512 1514 1584
1512 1558 1538 1558 1538 1578 15
*8
9
*8
9
*714 9
*8
9
*714 9
'74 9
414 414
414
44 418 *414 438
4
44 44
*414 412
6812
69 6912 6834 6884 6814 6812 68
69
7034 7034 69
1512 154 1513 1538 1513 1584
1
4 1558 16
1534 1614 1558 15/
9814
99
99
*983
8
9914
*98
9914
9914
9814
*98
9914
994
*238 3
*238 3
*24 3
2/
1
4 278 *212 3
"238 2/
1
4
758 8
784 8
938 *814 912 *712 8
"838 912 "8
*45
50
50
50 *45
50 *45
50 *45
'45 50 "45
358 358
4
4
1
4
3/
1
4 334
*334 3/
378 4
*4
438
66
*60
*60
66
65 *60 65
65 *60
"60 66 *60
46
4438 441
/
4 46
45
4438 45
45
*4412 46
*4438 46
*38
42
38
38
38
42
38
45 '38
*32 45 *38
11
/
4 2
*178 2
/
4 2
214 *178 218 *11
11
/
4 218 *2
2034 2214 2134 2218 2238 2314
2314 2314 23/
1
4 2358 224 24
1812
1812 •18
•18
1834 •184 1834 *1818 1812 1814 1814 *18
1
4 *112 212 *112 212 *112 24 *112 212
"1158 212 *112 2/
*17
18
18
19 "17
181
/
4 *17
318
1912 *17
*18
1938 '
912 912
9/
1
4 94 *914 914 *912 978
934 934 *914 934
86
86 "66
*6514 75
*6514 75 *6514 86
*66
*6514 74
*3612 384
3712 3513 3634 354 36
3712 37
*37
3712 *37
130 1304
*125 132 *12914 132 *125 132
130 130
130 130
*834 9
*81
/
4 834
834 834
8/
1
4 *838 9
1
4 8/
1
4
81
/
4 8/
4112 3812 41
38
3812 3814 3814 3912 3912
4012 414 *40
*814 834 *812 834
*758 8
838 838 *734 814
778 8
*1258 1378 .1258 137s 1258 1278 1212 1212 1214 1214 *1212 1334
*5812 65
5812 5812 *58
*58
68
68
6934 *58
6934 '58
7
712 734
7
734 734
734
678 6/
1
4
7
7
718
19
1912 1918 1938 184 20
18
1858 1838 1878 1858 1938
4638 47
4612 47
45
4814 4414 4514 454 4512 454 47
117 118/
1
4 11778 12034 1144 121
115 11654 1154 117
11513 1174
62 62
*61
6312 '6218 63
63/
1
4
6312 '57
6234 63 *57
424 4278 4212 434 4058 43
3914 40/
1
4 3914 4038 3912 4118
"89 91
88/
1
4 89
874 8812 86/
1
4 8718 85
85
8638 85
*101 10234 *10014 10234 '10014 10234 *101 10234 10234 10234 103 103
312 318
278 3
3
3
3
3
3
3
3/
1
4
3
*113 138
114 114
114 14
118 14
118 114
118 118
2034 21
2114 2114 1934 2084 19
1958 *1984 2078
1912 19
'9
10
*9
934 *812 912
9
9
*884 10
8884 10
*7334 74
74
74
7412 75
75
767e 7612 7612 *764 77
3213 3212 3212 3212 *324 mg 3258 3258 3258 3258 3213 3212
*34 338 *313 338
3
3
3
3
3
3
278 27s
18
18
*18
19
1818 1818 *17
*1714 18
18
*174 18
*68
74 *68
74 *68
74 *67
72
*68
72 *67
74
7434 7534 *75
76
7534 7534 76
75
76
76
75
76
*5
838 *5
714 •$/
838 *$
1
4 838
1
4 724 •518 814 *$/
6114 62
*62 63
61
6012 6112
6114 61
*6038 61
61
*6
614
5/
1
4 6
5558 614
558 558 *558 54 *54 578
26
2638 2618 2614 2614 2634 *2534 26
2634
25/
1
4 2638 26
*104 10534 *104 10534 10534 106
106 106 '103 105 *103 106
458 4/
478 4/
1
4
434 434
5
5
1
4
5
514
5
518
*74 10
*718 10
*718 9
*718 9
*718 9
*718
9
214 214 *213 24 *218 238 *214 24
214 214 *218 214
*2812 3112 *28
3112 *2812 3112 .2812 31
*2812 3014 .2813 3014
6
6
1534
6
558 6
5/
1
4 6
/
4
512 534
558 61
2134 22
"23 27
23
23 *21
2434 2434 23/
27
1
4 2334
*2
238 *218 212 *2
214 *2
214 *2
214
212 •2
94 914
812 878
9
914
813 858
858 914
838 812
*1812 2058 "1812 2034 *1812 2034 "1812 2034 *1812 2034 *1812 2034
1938 1812 1812 *18
*18
1812
1812 1758 1758 "1714 181
/
4 *17
4/
1
4 412 5413 478 *44 412
418 418
44 418 *378 44
*138 IN *11
/
4 134
134 134 •1313 11
1
4
/
4 "114 1/
/
4 *114 11
22/
1
4 22/
1
4 2234 2278 2134 2214 *2014 22
2034 2084 *2012 21
*5712 6812 *5712 5812 *5712 58
*5712 58
5734 5714 *5712 58
4378
4378 4414 4212 45
4312
4112 4212 4212 4278 4212 4378
2814 2814 2734 2814 281
/
4 2914 27
2714 274 274 2712 28
33 3314 33
3312 3134 3438 3138 3258 3178 33
33
3414
*8612 90
87 87 *864 _ _ .. 8612 8612 *87
90
87 87
1112 *1012 1114 *1012 1112 *10
*10
1158
11,
4 *10
1113 *10
25
*2412 25
*244
25
25
*2558 27 •2512 37 '2512 37
*6414 6812 '6414 67 *641
/
4 6612 6414 6414 '63
89
05
65
74
*704 74
7318 7318
74
73
74
7412 7412 , *734 74
6412 6412 *64 66
*64 66
64
64 "59
6578 64
*64
108 109 *108 110
*107 110
10812 10812 *108 10812 *108 10812
*100 10112 10014 10014 10012 10012 100 100 '994 10012 10012 10078
3/
1
4 334
314 384
334 334
34 312 *312 334
334 334
11
/
4 114 *118 114 '
5118 114 '118 158
14 14 *118 114
1912 1912 194 1914 19
191
/
4 "18
1878 1814 1814 "1814 1873
*19
22
20
20
19
20
20 '181
/
4 1812 *18
181
/
4 20
*48
60 '48
50 *48
4912 •4512 4912
49
*45
48
48
*1612 19
*1612 19
*1612 19
*1612 1884 *164 19
*1612 19
2518 2512 2533 2533 *2512 26
2512 2512 *254 2534 2534 254
212 212
2/
1
4 212
212 212 *214 3
1
4 *214 212
*214 2/
40
078 5834 fps *8
972 *712 912 *784 912 *7
912
334 3/
1
4 *3/
358 358
1
4 378
358 358
334 334
34 378
1
4 612
638 638 *6/
612 652
02 682
638 64
612 64
2058 21
2018 2018 2013 2012 1958 21
20
2038 2012 21
*7418 76
*74
*74
76
76
77
*7373 7512 76
76
76
5018 5015 4912 5012 4914 5038 4812 4912 4914 4934 48/
1
4 50
23
*20
2134 2134 2112 2112 2034 22
23
*1912 20 *21
*4118 44
*4112 45
*4112 44
4118 414 414 414 *4118 44
37 '31
*3012 37
37 *3012 37
*3012 37
*33 37 *31
*49
50 52
5258 51
51
51
51
51
5312 50
53
83
*6114 63 *61
63 63
63
*6112 63 '6112 63 '62
s1712 181
/
4 17
*1614 17
*1518 17
1712 '15/
16
1
4 17
16
438 458
412 434
458 458 *412 434
412 412
412 414
*38
.38
45
45
45
38
*38
45 '38
38 .38
45
1612 1678 *1612 174 16,
8 1658 164 1618 1612 1658 1638 1612
1934
1834 191s 19
20/
1
4 2012 2012 2034 1834 2012 18
19
258 258
3
318
258 2/
1
4
212 212
*34 334 *34 334
512 .534
558 6
54 558
54 512
512 512
534 534
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. I.
On basis of 100-share lots.
Highest.
Lowest.
PER SHARE
Rangefor Previous
Year 1933.
Lowest.
Highest.
$ per share $ per share $ per share
Shares. Indus.& Miscell.(Cowl.) Par $ per share
2/
1
4 Mar 1212 May
6 Jan 8 1218 Feb 16
The Fair
No par
1 Feb 1012 July
918 Feb 19
5 May 8
1
1,300 Thermoid Co
10 Mar 2114 July
200 Third Nat Investors
1 134 Jan 2 1938 Feb 6
6 Dec 1512 June
7 May 12 11 Feb 5
25
200 Thompson (J H)
900 Thompson Products Inc No par 1318 Jau 4 2014 Feb 16
5/
1
4 Jan 2014 Sept
912 June
12 Mar
512 Jan 29
1,700 Thompeon-Starrett Co_No per
278May 14
12 Jan 30 June
$3.50 cum prat
200
No par 19 Mar 31 2412 Jan 30
3/
1
4 Jan 1134 Sept
1
4 Apr 23
812 Jan 4 14/
11.900 Tidewater Assoc 09.--NO Par
2312 Apr 654 Nov
Preferred
100 6411 Jan 4 8518 Apr 30
500
9/
1
4 Apr 26 Dec
Tide Water 011
No par 31 Mar 26 40 Apr 27
45 Feb 80 Dec
Preferred
200
100 80 Jan 11 9612 Apr 27
814 June
112 Mar
8/
1
4 Apr 24
3,800 Timken Detroit Axle
3/
1
4 Jan 4
10
1334 Feb 3512 July
4May 14 41 Feb 5
5,600 Timken Roller Bearing_No par 26,
938 July
258 Mar
4,000 Transamerica Corp____No par
812 Feb 5
578May 14
2/
1
4 Mar 1712 July
1
4 Feb 17
612May 10 13/
800 Transue & Williams St'l No par
834 July
234 Feb
634 Feb 3
4 May 14
3,900 TM-Continental Corp__No par
41
6% preferred
1
4 Jan 9 78 Apr 20
No par 110/
Apr •75 May
1
4 July
2018 Feb 38/
800 Trice Products Corp_No par 33 Jan 8 40 Feb 3
/
1
4 Apr
514 July
200 Truax Traer Coal
312 Feb 23
1/
1
4 Jan 3
No par
2 Mar 1234 June
958 Feb 19
2,000 Truscon Steel
473 Jan 4
10
61
/
4 June
Al Jan
4 Jan 15
238 Jan 5
No par
100 Men & Co
914 Feb 3912 July
900 Under Elliott Fisher Co No par 36 Jan 5 5112 Jan 20
512 Jan 60 July
700 Union Bag de Pap Corp_No par 43 Jan 8 6078 Feb 23
10,600 Union Carbide de Carb_No par 3578May 14 5078 Jan 19
/
4 July
1934 Feb 511
1
4 July
812 Mar 23/
1,700 Union 011 California
25 15 May 14 204 Feb 5
1012 Feb 2234 June
400 Union Tank Car
No par 1558 Jan 9 21 Feb 5
43,000 United Aircraft dc Tran_No par 1758 Feb 13 3738 Feb 1
1612 Mar 4678 July
1312 Feb 2736 July
900 United Biscuit
No par 23 Jan 8 2914 Apr 26
92 May 111 Deo
40 Preferred
100 107 Jan 9 11512 Apr 27
1,800 United Carbon
1014 Feb 38 Dec
No par 35 Jan 4 4534 Apr 25
19,500 United Corp
4 Dec 1412 June
8/
1
4 Feb 7
412 Jan 4
No par
2218 Nov 4078 June
1
4 Feb 7
Preferred
4,000
No par 2434 Jan 3 37/
618 Dec 12 Sept
7,200 United Drug Inc
914 Jan 8 1814 Apr 28
5
United Dyewood Corp
6/
1
4 June
33s Jan 2 1078 Apr 26
8,1 Feb
10
I Mar
6 Apr 25
1,200 United Electric Coal...No par
8/
1
4 July
34 Jan 10
234 Jan 68 Aug
No par 59 Jan 5 77 Apr 21
1.200 United Fruit
17,000 United Gas Improve...No par 144 Jan 4 2018 Feb 8
1378 Dec 25 July
Preferred
No par 86 Jan 8 9914May 19
300
8212 Dec 100 Jan
1/
1
4 Feb 13
100
200 Milted Paperboard
/
1
4 Jan
3/
1
4 Feb 19
512 July
34 Mar 21/
1
4 July
600 United Plena Dye WIrs_No par
7 Jan 8 1334 Feb 20
100 49 Jan 12 68 Feb 21
35 Dec 85 July
63% preferred
700 United Stores class A__No par
74 July
6 Apr 20
314 Jan 11
N Feb
Preferred class A____No par 5418 Mar 21 66 Apr 16
45 Mar 66 July
2112 Apr 5112 July
900 Universal Leaf Tobacco No par 4014 Feb 26 5038 Apr 24
50 Universal Pictures 1st pfd_100 167s Jan 8 4612 Apr 11
10 Apr 35 June
338 July
900 Universal Pipe & Rad
3 Feb 16
114 Jan 2
1
14 Apr
618 Mar 2218 July
8,600 U S Pipe & Foundry
20 18 Jan 4 33 Feb 7
1234 Apr 19 May
No par 164 Jan 11 1958 Feb 23
100
1st Preferred
11
/
4 Jan 5
U S Distill) Coro
No par
6 June
1
Oct
4 Jan 31
U 13 Freight
No par 18 May 14 2712 Feb 5
7 Feb 2958 July
1
4 Feb 5
814 Jan 2 15/
No par
34 Feb 1734 July
300 US & Foreign &our
3612 Mar 84 July
Preferred
No par 634 Jan 5 78 Feb 25
18 Feb 5312 July
20 3514May 24 5012 Jan 24
1,600 US Gypsum
100 115 Jan 10 132 Apr 26 10114 Jan 121 Sept
7% preferred
190
458 Jan 9 1018 Apr 24
11
/
4 Apr 1178 June
5
300 U S Hoff Mach Corp
1312 Feb 94 July
2,600 U 8 Industrial Aloohol No par 37 May 14 6434 Feb 9
238 Mar 1714 July
/
4 Jan 24
712May 12 111
No par
300 US Leather v t o
414 Feb 2734 July
Class A v t o
No par 1134May 12 1934 Feb 1
500
30 Feb 784 Sept
Prior preferred v t o
100 ma Jan 5 80 Jan 30
100
534May 14 1284 Feb 2
212 Feb 1412 July
2.400 U S Realty it Impt-No par
Vs Feb 25 July
No par 1434 Jan 5 24 Apr 21
18,000 U 8 Rubber
512 Feb 43/
100 2418 Jan 8 6114 Apr 20
1
4 July
1st 511
11,500
,
31455ed
1312 Jan 10553 Sept
15,900 U 8 Smelting Het & Min_._50 9658 Jan 13 13512 Feb 16
3912 Jan 58 Sept
50 5412 Jan 13 6418May 11
400 . Preferred
23/
1
4 Mar 674 July
1
4 Feb 19
100 3914May 23 59/
81,500 US Steel Corp
53 Mar 10512 July
100 85 May 24 9912 Jan 5
Preferred
4,000
59 Jan 10912 Dec
No par 99 Jan 5 110 Feb 6
200 U 8 Tobacco
878 June
11
/
4 Apr
538 Feb 8
2
/
1
4 Jan 5
1
1.500 Utilities Pow & Lt A
3/
1
4 July
/
1
4 Jan
11
/
4 Jan 25
1 Jan 2
No par
800 Vadseo Sales
758 Mar 3614 July
2,200 Vanadium Corp of Am_No par 18 May 12 3114 Feb 19
158 May 10 July
1
4 Apr 18
412 Jan 2 11/
5
100 Van FLaalte Co Ino
2012 May 65 Sept
100 x5414 Mar 1 98 Feb 5
7% 1st prof
500
2318 Dec 31 Sept
5 2458 Jan 4 3484 Apr 23
800 Vick Chemical Inc
7/
1
4 July
588 Jan 23
258May 14
58 Feb
600 Virginia-Carolina Chem No par
338 Mar 264 July
Feb
5
26
1412
Jan
3
6% preferred
100
200
100 $934 Jan $ 7312May 1
3558 Mar 634 July
7% preferred
60 Dec 8558 Jan
140 Virginia El & Pow $6 pt No par 65 Jan 2 78 Jan 30
218 Feb 15 May
9 Feb 23
4/
1
4 Jan 11
Virginia Iron Coal & Coke_100
1234 Feb 6778 June
100 52 Jan 4 79 Mar 9
210 Vulcan Dethming
518 Dec 12 July
8/
1
4 Feb 20
558May 23
No par
403 Waldorf System
No par 2214 Feb 26 2884 Apr 4
2,600 WaLgreen Co
Sept
100 8412 Jan 4 106 May 22 /5 -Apr -964 Sent
60 6% preferred
638 Feb 1
7s Apr
234 Jan 4
1,300 Walworth Co
8/
1
4 June
No par
2111 Mar 20 July
Ward Baking class A__No par
64 Jan 5 12 Feb 5
15511 July
/
1
4 Apr
35s Feb 5
200
Class B
21s Jan 11
No par
1
4 July
114 Apr 44/
100 2718May 10 36 Jan 24
Preferred
918 Sept
1 Feb
17,200 Warner Bros Pictures
814 Feb 5
4/
1
4 Jan 6
5
4/
1
4 Feb 244 Oct
1
4 Apr 24
600
$3.85 eon
,
Prof
No par 184 Jan 19 31/
/
1
4 Mar
4/
1
4 June
3/
1
4 Feb 16
158 Jan 4
Warner Quinlan
No par
2/
1
4 June
1
4 Feb 22/
3,100 Warren Bros
678May 14 1358 Jan 24
No par
712 Feb 3553 June
Convertible pret......No par 16 Jan 8 2878 Apr 23
200 Warren Fdy & Pipe.-No par 16 May 14 31 Jan 20
5 Feb 30 Dec
1 Jan
300 Webster Elsenlohr
8 July
7 Jan 25
334May 7
No par
18 Apr
312 June
10 Wells Fargo & Co
24 Jan 23
1 Jan 17
1
900 Wesson Oil & Snowdrift No par 15/
1
4 July
7 Mar 37/
1
4 Jan 4 2738 Feb 21
40 Mar 63 July
Cony preferred
100
No par 5212 Jan 5 60 Feb 23
6,900 Western Union Telegraph_100 4034May 14 664 Feb 6
1714 Feb 7714 July
1,600 Westingh'se Air Brake_No par 2578May 14 36 Feb 8
1
4 July
11/
1
4 Jan 35/
20,100 Westinghouse El & Mfg_50 3014May 14 4714 Feb 5
19/
1
4 Feb 5832 July
1st prefernd
110
6012 Feb 98 July
50 8312 Jan 17 92 Jan 30
Weston Elea lastruml_No par
312 Feb 1314 July
64 Jan 3 14 Feb 5
40
Class A
10 Mar 2214 July
No par 1638 Jan 5 25 May 22
20 West Penn Mao class A-No par 4412 Jan 8 68 Apr 26
30 Apr 73 June
70
Preferred
37 Apr 7734 June
100 5134 Jan 8 77 Apr 20
30 6% preferred
3312 Apr 6912 July
100 45 Jan 3 67 Apr 16
100 West Penn Power pret.....100 8912 Jan 2 110 May 16
884 Dec 1103s Jan
70
6% preferred
Jan
80 Dec 101
100 7834 Jan 10 10112 Apr 21
800 West Dairy Prod al A__No par
2/
1
4 Apr 1154 June
64 Jan 30
3 Jan 10
600
Class 13 v t c
414 June
/
1
4 Mar
No par
1/
1
4 Jan 3
212 Jan 30
600 Westvaco Chlorine Prod No par 14/
1
4 Jan 12 274 Feb 8
5 Mar 2012 July
300 Wheeling Eiteel;Corp_No par Isizmay 24 29 Feb 21
74 Jan 35 July
Preferred
100 38 Jan 64 57 Feb 26
15 Feb 67 July
White Motor
14 Jan 2612 July
50 1612May 15 2812 Feb 19
1,100 WhiteRkMinSpr ottnewNo par 24 Jan 4 3112 Apr 19
23 Oct 29 Oct
112 Jan 8
500 White Sewing Machine_No par
1
4 July
4/
3/
1
4 Feb 6
I: Jan
Cony preferred
No par
54 Jan 12 1114 Apr 20
118 Jan 1012 July
S
512 June
2 Mar
800 V71190, Oil dt pas
534 Apr 5
3/
1
4MaY 7
1,000 Wilson & Co Ina
434 Jan 8
No par
9 Apr 11
/
1
4 Jan 11 June
5,200
Class A
1
4 Jan 9 2638 Apr 13
No par 12/
4 Jan 22 June
400
Preferred
100 53 Jan 8 8412 Apr 11
19 Mar 724 July
6,100 Woolworth (F W) Co
10 411
2518 Apr 50/
/
4 Jan 3 54/
1
4 July
1
4 Apr 21
3,000 Worthington P & W
100 17 May 14 3178 Feb 5
1
4 July
8 Mar 39/
Preferred A
40
100 34 Jan 10 53 Jan 24
14 Mar 51 June
Preferred B
14 Feb 47 June
100 30 Jan 10 42 Jan 24
250 Wright Aeronautleal___No par 15/
6 Apr 24 May
1
4 Jan 8 75 Jan 27
100 Wrigley (Wm)Jr (Del)No par 54/
1
4 ,Ian 11 65 Apr 26
3412 Feb 574 Dec
400 Yale & Towne Mfg Co_ _25 14 Jan 5 22 Apr 24
7 Jan 23 June
2,600 Yellow Truck & coach clB_
- 10
7/
1
4 July
218 Mar
4 May 14
714 Feb 19
10
Preferred
100 28 Jan 2 47/
18 Mar 42 July
1
4 Apr 26
1,300 Young Spring & Wire.No par 15 Jan 8 22/
1
4 Feb 19
312 Mar 1918 July
6,600 Youngstown Sheet & T _No par 1718May 14 3334 Feb 19
712 Feb 3758 July
1,300 Zenith Radio Corp__ _No par
4/
1
4 Feb 5
212May 24
5 Dec
12 Feb
3,200 Zonite Products Corp
734 Feb 19
5 May 7
1
812 July
3/
1
4 Feb
8
•Bid and asked prices, 00 *ales 00 this day. 5 Companies reported in receivership. a Optional sale. e Cash sale. s Sold 7 days. x Ex-dividend. y Ex-rights.
3576
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
On Jan. 1 1909 the Exchange method of quoting bands was changed and prices are now "and Wear—nowt for income and ctsfautted bonds.
NOTICE.—Cash and deferred delivery sales are disregarded In the week's range, unless they are the only transactions of the
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 theweek,
range for the year.
BONDS1
N. Y. STOCK EXt•,.A \GE
Week Ended May 25.
.0.
Price
Friday
May 25.
Week's
Range or
Last Sale.
I.
K...
0
U. S. G
mint.
Rid
High No.
Ask Low
First Liberty Loan-334 of '32-47 1 D 1032122Sale 103232210326n 139
1 D
Cony 4% of 1932-47
_ 103122May'31 1 D 1032622 Sale 10355221031122 109
Cony 434% of 1932-47
2d cony 434% of 1932-47
1 D 10221.2 _ - 1022622Mar31 Fourth Lib Loan 434% of '33-'38 A 0 103212:Sale 1032122101
91
4%% (21 called)
102522 Sale 101",,102% 517
Treasury 431e
1047-1952 A 0 1115122 Sale 1112422112
69
Treasury 434,to Oct 15 1934,
1943-45 A 0103',, Sale 1023522103522 894
thereafter 314%
Treasury 48
1944-1954 J 0 1072722 Sale 107142210731n 439
Treasury 334s
1946-1958 M 8 1011322 Sale 105622 106022 503
Treasury 3342
1943-1947 J 0 10321.2 Sale 103162210331n 720
Treasury 32—Sept 15 1951-1955 PA S 10026.28 ale 10014221002722 891
Treasury 330 June 15 1940-19432 D 101522 Sale 1035522101522 1157
Treasury 334, Mar 15 1941-1943 M 8 101222 Sim 1033322 101522 543
Treasury 3348 June 15 1948-1949 1 0 1015522S de 10115221018132 636
Treasury 314.
Aug 1 1041 V A 1032122 Sale 10302210331n 751
Treasury 3sis_ _ _
_1944-1048 .... _ 102.322 sale 1021.22 1033322 1715
Fed Farm Mtge Corp
__-314s.,1904 M.'S 1013122Ssle 101522 1015522 1023
Home Owners Mtge Corp 48.1051 J .1 10113.2831e 10023221010n 2165
3s series A
1952 M N 1002122 Sale 10014000442 391
State & City—See ?WV 'Wit:M.
Foreign Ones. & Municipals.
Agile Mtge Bank 6 f 69
1947 F A
- 255,
2518 13
Feb 1 1934 subsea eollPon_.
2712-,-, 25'2
26- 26
26
2
Sinking fund de A__Apr 15 1948 ---01
A
- 2518 52518
2
With Oct 15 1934 coupon ------2522
29-26- 25
26
11
go
87 40 sot 79
Akershus (Dept) ext L. . __1963 M 5
75A _1945 2 1 115, Sal, 1114
Anna:luta (Dept) coil1531134 15
External s f 7e ser B
19453 J 1014 8118 1014
1134 10
Externals f 71u Be,''Ll
19453 1 1114 1134 115,
117s
9
External 81 7e ser D
19453 1 11% 1134 11%
1128 21
External s f 76 1st ser
1957 A 0
978 1112 1012 May'34 _-__
97 11
External sec s f 75 2-Ieer 1957 A 0
1012
1012
1
External sec s f 76 3d ser 1957 A 0
978 1178 10
1018
8
Antwerp (City) external 5s_1958 J 0 92 Salt 91
93
35
Argentine Govt Pub W3866_1960 A 0 7212 7414 7234
7414 31
Argentin,. 6s of June 1925_1959 J D 73 sot 73
74
40
Esti a f 68 of Oct. 1925
1959 A 0 7212 74
73
7412 26
External a f 68!atlas A _. 1957 M 2 73 Sale 725,
74
33
External fis series B__Dec 1958.0 0 7332 8119 7312
15
74
Extl s f 6s of May 1926_ _1960 M N 7338 Sale 7312
7434 15
Externals f 82 (State Ry)_1960 M S 7312 Sala 724
745, 74
Esti 6.Sanitary Works. _1961 F A 7212 7412 7318
24
74
Males pub was May 1927
- 1961 MN 7324 76
7338
7418
6
Public. Works ext1 5048_1962P A 66 Salt 6512
6612 113
Argentine Treasury 5s £____1946 M S 8932 9034 90
90
5
Australia 30-yr 56—July5 1955 2 1 94 Sale 9312
65
947
External 50 of 1927—Sept 1957 M S 93 4 sale 9314
95% 107
External g 434e of 1928_1958 M N 9034 Sale 904
9234 90
Austrian (Govt) s 1 78
9914 20
1943 / 13 9312 100 9912
73
19
Internal sinking fund 7.,1957J 1 7414 sale 7214
Bavaria (Free state)6 Lis...1945 F A 411 4312 418
4234
6
Belgium 25-yr extl 61413
1949 134 S 10134 Sal, 10012 10134 28
External 6 f 6s
1955 .1 2 10014 Sale 100
1005, 21
External 30-year a f 7s. _1955 1 D 10614 51413 10614 10714 32
Stabilization loan 712
1956 111 N 10114 Sale 10418 10514 24
Bergen (Norway)5a_ _Oct 15 1949 A 0 79%
_. 8112
8112
1
External stoking fund 5e_1960 M S 8014 Sale 792
8014 11
Berlin (Germany)s f 6%8_1950 A 0 3612 Sale 3412
3612 33
Externals t es... _June 15 19582 D 37% Sale 3512
37% 28
Bogota (City) extl a f 8a
1945 A 0 1912 2112 20
21
10
914 30
Bolivia (Republic of) ern 3e 1947 M N
814 9
818
External secured 7s (flan _1958 2 J
7 Sale
7
16
7I
External s t 7s (fla)
1969 M S
7 Sale
64
74 20
Bordeaux (City of) 15-yr 66_1934 M N 1694 __ __ 216914 16914 10
Brazil (13 S of) external Sc.. _1941 1 D 31 Sala 3038
3112 22
External e f 8 34a of 1926._1957 A 0 2514 2634 22578
2634 22
External ft f 6 146 of 1927_1957 A 0 2514 2622 2534
2634 33
70 (Central liy)
1952.0 0 27 Salo 27
28
41
Bremen (State of) extl 713— _ _1935 M S 5114 Sale 5114
55
12
Brisbane (City) s f 55
1957 M 8 8312 84 84 May'34 _
Sinking fund gold 55
1958 F A 8312 85 8312
8312
1
20-year e f (ts
1950 2 0 9334 Sale 93%
94
11
Budapest (City) extl s f 68_1962 1 D 4212 Sale 42%
4212 17
664
1
Buenos Aires (Cite)6(4.2 B 1955.0 1 6614 sale 664
External St Os per C-2____1960 A 0 6118 —_ 60 Apr'34 -__
Externals 169 Per C-3_ _ _1960 A 0
__ 6114
6214
5
, 46
Silence Aires (Prov) extl 68.1961 M S 44
6118-46 445
8
Stud (Sep I '33 coup 012)1961 M Si 38 Salt 3772
3912 49
Externals t 034s
1961 F A 46 Sal, 4514
4612
8
Stott (Aug 133 MID on)1961 F A 39 Sue 3858
8
3914
Bulgaria (Kingdom)if 78_1967 i J 22
2112 23 May'34 -Btabina a f 7%a _Nov 15 1968 MN 2434 '25 2412
2412
1
Caldas Dept of(Colombia)7)4s483 J 1312 Sale 1318
15
16
Canada (Dom'n of) 30-yr 4,1960 A 0 10034 Sale 998 10034 150
56
1952 M N 10858 Sale 1O82 109
48
434s
1936 F A 1045, Sale 104
104% 80
Carlsbad (City)sf 86
go
9
19542 J 7712 81
79
Cauca Val (Dept) Colom 7348'48 A 0 1232 1412 1238
1
125,
Cent Agile Bank (Ger) 75
1950 M S 6014 Sale 5614
6014 27
Farm Loans f 68__July 5 1960 J 1 49 Sale 4712
504 26
Farm Loan s f 66--Oct 15 1960 A 0 49 Sale 48
497e 34
Farm Loan es ser A Apr 161935 A 0 5434 Rale 513
56
64
Chile (Rep)—Ext1 s f 7a___1942 M N 1312 Sale 1314
14
9
External sinking fund 6E2_1960 A 0 13 Sale 1214
1378 43
Ext sinking fund(is_Feb 1961_ F A 1318 Bale 1234
1312 31
Ry ref ext a f 88
Jan 1961 1 J 13 Sale 125,
1312 46
Ext sinking fund 66—Sept 1961 15I 3 13 Sale 1255
12
13
External sinking fund 63_1982 M 8 13 Sale 13
13
4
External sinking fund 6s_ _1963 M N 13 Sale 1234
14
27
Chile Mtge Bk 6348 June 30 1957 J D 1312 Sale 1312
14
12
St 634s of 1926__June 30 1961 J D 161 Sale 16
17
26
Oar,f 65
Apr 30 1961 A 0 1312 Sale 131s
14
10
Guar,f en
1962 M N 1338 Sale 127s
14
8
Chilean Cons Munk'7s
1960 M S 10 Sale
914
16
10
Chinese(Hukuang Ry) _ _1951 J D rioi2 Sale 3814 23812 10
Christianla (Oslo) 20-yr566 fflts '54 M S 92 Sale 92
9212
3
Cologne (City)Germany 63481950 M S 3212 Sale 31
3158 14
Colombia(Rep)6a of'28_ _Oct'61
3112 3012
Oct 1 1933 and sub coupons on A 0 29
32
15
Apr 1 1934 and sub coup's on .--- 2814 Sale 2614
29
74
Exter 66(July 1'33 coup on)'61 J J 31
3212 31
32
11
WithJuly 11934 cioupon on__
-, 2814 Sale 27
2914 72
Colombia Mtge Bank 6sia of 1947 -A 0 241g 25 2234
24
2
Sinking fund 76 of 1928_1946 MN 2412 Sale 2312
2412
3
Sinking fund 73 of 1927_1947 P A 2412 Sale 23
2412
5
Copenbagen (City) 56
19523 D 7814 7912 77,
8
2 14
25-year g 4348
1953 MN 744 Sale 7334
7418 16
Cordoba (City) esti s f 712_1957 F A 3218 Sale 3112
3234 14
Externals f
-Nov 15 1937 5/1 N 37 40 37 May'34 --__
Cordoba(Prov)
76-ArgentIna 7a 19422 J 45 49 48
48
1
Coate Rica(Repubno)—
7s Nov 1 1932 coupon on-1951 hi N 36 ____ 35 May'34 --22
76 May 11938 coupon on_1951 ---__ 2512
2512
1
Cuba(Republic) 0801 1904__1944 M S 9112 974 93 May'34 __
_ 954 May'34 --External 52 of 1914 fier A_ _1949 F A
72
76 7512 May'34 --External loan 434s
1949 F A 95-76
3
Sinking fund 5349 Jan 15 1953 1 J 76 Sale 76
33
24
Public wks 5348 June 30 1945 J D 32% Bale 3214
1434 133
15
22
1959 lid N 14
Cundlnamarca 63111
Range
Since
Jan. 1.
Low
High
100122 104122
1001722 1031.2
10112210412n
102152210255n
1011%21041%2
10155421021522
1041121 1121.2
97342210311n
10111.2 108722
1005ss 1065522
9811122 104622
9311221001222
981422 1045.2
985522 104522
951522 102
971%210321 n
1012n 10221 2
10135221021522
10011221811422
100152210021.2
BONDS
11
N. Y. STOCK EXCHANGE 1
Week Ended May 25.
- ....a.
Price
Friday
May 25.
Week's
Range or
Last Sale,
.4
,W,
0
g
Range
Since
Jan, 1.
Foreign Govt. & Munk.(Con.)
BO
Ask Low
High No Low
High
Caechosiovakla (Rep of)85_1951 A 0 9912 Sale 29912
2
99%
ga 101
Sinking fund 85 ser B
1952 A 0 9312 Sale 9812
9914
8
90 101
Denmark 20-year extl 65____1942 1 r 98 Sale 96
9734 38
8612 9812
External gold 5345
1955 F A 90 Salt 90
91
36
8334 9512
External g 434s_Apr 15 1962 A 0 8012 Sale 8012
8234 59
71
87
Deutsche Bk Am part ctf 65_1932
Stamped extd to Sept. 1 1935_ _ --- 63 Salt 63
26418 16
63
774
Dominican Rev Cust Ad 530'42 M S 65 6612 65
66
9
4334 66
let ser 534s of 1926
1940 A 0 5314 5713 56 May'31 ---36
57
2d aeries sink fund 5 34a_. 1940 A 0 5512 Salt 5534
5612
3712 57
3
Dresden (City) external 7s_.1945 S.1 N _::_ 60 55%
564
46
7
58%
Dutch East Indies esti es_ 1947 1 .1 164 8212 1635s 16414
6 150 165
40-year external 612. _ 1942 M 8 16334 Salt 16314 16418
4 15114 165
30-year met' b He _ --:Nos 1953 rd N
- 163
2 751 16412
16314
30-year ext 51is. —Mar 1953 M 13 16316 322 164- 16318 16338
2 15112 165
El Salvador (Republic) 8s A 1948 (11 1
--- 5212 Apr'34 ___
48% go
2 J 53%Certificates of deposit
4912 51
52
52
i
as
55
Estonia (Republic of) 7s___1967 1 J 68 6)12 72 May'34 ---57% 76
Finland (Republic) ext 6.1.— 1945 51 S 0534 Sala a97
8
9784
79
9734
5e
External sinking fund 75-1950 M 8 93
935, 93
9914 22
8612 10014
External sink fund 6%8_1956 54 S 9678 8413 9678
9734 23
7818 99
External sink fund 5;0_1958 F A 90 Sal, 90
9114 40
76 938
Finnish Mita Loan 630 4_1954 A 0 95
98 95
95
6
77
9512
External 81
/
4s serial B _ _ 1954 A 0 91 Sal, 934a
91
6
754 95
Frankfort(City of) s'634'__I953 MN 3234 8112 31
3234
4
295, 48
French Republic extl 7%2_1941 J 0 13218 5113 18214 183
37 15414 18314
External 7s of 19241949
__
2 D 183 --__ 184
185
5 160 18512
German Government InterneWm!35-yr 5345 of 1930-1965 1 D 4312 21113 4112
4312 206
40% 6312
Ge
@FedFRASER