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The Financial Situation
word and
conflict between
THE basic act has continued officialindeedcontraofficial
and
been

pending tariff law and others of like sort, and is apparently uncertain in its own mind whether or not
it must now undertake far-reaching modification of
sharpened during the past week. At times
dictions even among the utterances of official spokes- "codes of fair competition" the ink on many of which
men have made their appearance. According to is hardly dry. Vague assurances of an early end of
Washington dispatches in the public press, word has "experimentation" have been forthcoming of late
come out of the White House on one or two recent from Washington. Yet in the April 28 number of
occasions that business was to be given wide latitude Mr. Moley's semi-official organ,"To-day," Mr. Tugduring the next six months, free of further attacks well, the putative head of the "brain trust," thinks
and rid of uncertainties, to show what it could do it well to assert that "to suggest . . . that it is
for itself. Yet at the other end of Pennsylvania time to call a halt on the application of social control
Avenue vast arrays of facts and figures that appar- to the physical distribution of American abundance
ently have no bearing whatever upon the need or is on a par with that old legislative spirit which
the wisdom of the enactment of Stock Exchange con- decreed that no man should drive an automobile on
trol legislation of the sort
a public highway unless be
now proposed were handed
were preceded by another
to the public with a flourman afoot, carrying a red
ish of drums and of trumflag to warn pedestrians to
Discrimination Needed
pets for the obvious purkeep out of the way.
General Johnson now announces a popular campaign to enlist support for NRA
pose of stirring up the emo"The New Order is concodes, due, he says, "to a lapse of public
tions of the people and
ceived in no such spirit of
enthusiasm over the codes." He adds
significantly that "if you can't get public
forcing members of Conobscurantism. It is a besupport, you just can't make the thing
gress to cast their votes for
ginning, not an end.
go." Upon the heels of this announcement
comes the news that plans are being worked
a measure that can hardly
out for appeals on behalf of the NRA in
"A Charter of Experiment"
fail to add to the uncermotion picture theatres.
tainty and difficulties un"This new legislation is
It is earnestly to be desired that the
public at large be much more discriminatder which business must
best described in some such
ing in its response than it was when the
function.
terms as this—as a charter
movement was first put forward several
months ago. There are elements in the
for experiment and reSilver Uncertainties
Recovery Program that are worthy of apsearch, for invention and
proval, and there is also much to condemn.
learning. The new instituEITERATED opposiWhen the public is asked to support
reasonable efforts to eliminate the use of
tion to mandatory
tions have not sprung fullabnormal conditions for the exploitation
silver legislation at this
grown from these legislaof human beings, the sale of goods under
time continued to emanate
false pretenses, or senseless sacrifices of
tive Acts . . . any more
products in wanton disregard of common
from the White House, but
than the original Governsense in order to injure competitors, for
mingled with it were intiment of the United States
example, it ought to do so.,
But much more than arrangements demations that the President,
sprang full-grown from the
signed for such purposes is to be found
through international
Constitutional Convenin these codes. If General Johnson asks
agreement or otherwise,
tion.
consumers to aid the Government in
efforts to oblige industry to pay excessive
may use some of his already
"They mark a turning
wages, to knuckle to exploiting labor
vast powers to dilute our
point, just as that convenorganizations, or to prevent individual
enterprises from reaping the advantages
monetary system with the
tion did. We had to learn
of superior efficiency or greater willingwhite metal. It has often
about democratic governness to serve the interests of their cusbeen said of late that the
tomers, for example, refusal ought to be
ment in practice; we had to
firm and unbending.
President has lost a subgrow into it by trying variIf appeals for popular support fail to
stantial part of his early
ous devices and by learning
afford the public opportunity to disfaith in dollar depreciation
criminate between the gdod and the evil
to live together within a
in the NRA program, they are likely
as a means of restoring
new framework. The same
sooner or later to fail, and should fail.
business, yet the Secrething is true of this better
tary of the Treasury has
planned society we are enproceeded to set up a statering upon now."
bilization fund and declined to disclose in what
And again: "The codes now have become operative
mysterious ways he intends to perform wonders in over most of industry; and it can be said that we have
the foreign exchange market, or for that matter turned our backs on competition. . . ." Yet only
whether he is or plans to be active there at all in the a few paragraphs further on: "One reason why the
near future. Obiter dicta continue to be issued codes looked good to business men was the chance
from Governmental offices concerning the need—and they saw of outlawing this competition. If the
plans—for stimulating the so-called durable goods fellow who was willing to sell better or cheaper goods
industries, but the program for revision of the Securi- could be kept out, their own poorer or more expensive
ties Act of 1933 lingers apparently in an anaemic goods would have all the market there was.
state somewhere within the offices of the largest
"It is undeniable, I think, that some of the codes
business establishment in the world to-day, the have been used in this way and that we are worse
off, rather than better off, in a permanent sense,
United States Government.
Promises of freedom from uncertainties and ham- because of them."
Then he adds: ". . . There always remains
pering restrictions hardly lie in the mouth of a Government that is daily grinding out such measures as .the essentially defenseless ultimate consumer. The
the Bankhead cotton law, the Wagner labor bill, the Government may turn out to be his only refuge;

R




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Financial Chronicle

and if this is so, the Government will have to assume more and more responsibility for pushing his

case. . . ."
Planning Industrial Control

"Industry may be required to define the quality
of the goods offered and sell them at prices which
are suitably low, so that when the transactions of
a year, for instance, are totaled up, it will be found
that our energies and our producing plants have been
used to the utmost and that the goods and services
they yield have gone to consumers without increase
of debt."
"Or industry may be allowed to proceed with the
policy of establishing high prices and maintaining
them by limitation, and of selling goods whose
qualities are mysterious to most consumers; and
much of the resulting profits may be taken in taxes
and returned to consumers as free goods by the Government—in the form of facilities for health and
recreation, insurance against old age, sickness and
unemployment, or in other ways."
Naturally modern business enterprise either at
its best or its worst finds no crumb of assurance in
all this that ill-conceived experimentation, hampering restrictions, punitive or otherwise, and various
forms of juggling with markets are to cease for any
great length of time in this country. Whether, and
to what extent, Mr. Tugwell is in a possition to speak
for the Administration there is of course no way of
telling. The financial community is, however, hardly
likely to forget that it was to honor him that a new
post has recently been created in the Department of
Agriculture, and that the President within the past
week or two has nominated him to fill it.
The Government itself, as a matter of fact, seems
to lack faith that industry will be stimulated to
vigorous and aggressive action by such assurances
as are being given it at the present time. If it had
any such faith, the rather feverish action it.is reported to be taking in an effort to find some means
of maintaining and if possible broadening existing
activity would be out of place. Not only has such activity been in evidence, but it has produced a scheme
for pouring public funds, or other funds with Government guarantee, into home building and renovation. Of course, the Home Owners' Loan Corporation at present has substantial funds designed for
such purposes, but plans now nearing completion are
said to provide much larger possibilities of this sort.
The idea seems to be to initiate a campaign for home
construction and renovation on a large scale throughout the country. Apparently public officials believe
that demand for loans for this purpose would be
large, and that those applying would be able to give
good assurances to their creditors. If this is true it
is not altogether clear why Governmental intervention is necessary, but there is plenty that is unclear
in recent Washington developments.
It is said in favor of the plan thus being formulated that it would serve the double purpose of
stimulating the heavy industries, about which so
much has been said of late weeks, and of filling a
need the existence of which has been demonstrated
by a lengthy survey made for the President. As to
the need, it is, of course, true that a great many
people would be more comfortable in better houses
than those in which they now live. Unquestionably
many others would prefer to have homes of their
own, or more elaborate residences than they now
enjoy. But no survey was necessary to demonstrate




May 5 1934

such facts as these. The question is whether any
method can be found to provide such housing on a
self-supporting basis. As to stimulation of the durable goods industries, it is obvious that any broad
program of house construction or renovation would
bring substantial business to important sections of
industry devoted to the manufacture of this type of
goods. Whether there is any probability that a
movement of this sort is likely to attain proportions,
or to be of a character, to give real life to these industries is another question. Whether these industries or the business community as a whole would in
a permanent way be bettered by any such program
depends upon many questions which do not seem
to enter into current discussions in Washington at
all. As to the claims that industrial construction
on an important scale would 'be stimulated as a
secondary or indirect affect of the program, the less
faith placed in them the better until such time as
good evidence to that effect is at hand.
How to Help Business
IF WHAT is desired is to have industry re-assume
its own burdens and responsibilities, it ought not
to be particularly difficult for the Government at
Washington to discover how to go about seeking that
end. It ought to take a leaf from the British note
book. That country, too, went through its period of
"experimentation' with ideas born of shallow postwar theories of economics and sociology. There, too,
waste, extravagance, the redistribution of wealth,
large payments to labor, and the like were given a
trial. The common sense of the nation, however,
finally rose to its salvation before it was too late
even though many people had begun to place Great
Britain definitely among the decadent nations of
the earth. To-day it is one of the very few countries
that can boast a really 'balanced budget, is probably
nearer to a stabilized currency than any other, and
apparently has been able to show more real progress
out of the depths than any important country of the
world. American industry since the world war,
partly through its own shortcomings and partly
under stimulation from unwise Governments, has
without question made many serious blunders in the
management of its affairs. In some respects it lived
in an almost continuous debauch for a number of
years preceding the breakdown in 1929. It has, however, shown that it still has marvellous recuperative
powers in that it has been able to move forward during the past year despite all the handicaps that have
been imposed upon it. It may well be that the unwise policies apparently scheduled to be our lot during the next year or two will be less disastrous than
some observers are inclined to suppose simply because of the inherent strength of the American business organism.
Give Business a Real Chance
UT however these things may be, it may be taken
as a certainty that given a reasonable opportunity American business with all its shortcomings
could and would in a relatively short time work out
of the worst of its present difficulties. What it
needs, of course, is just such a chance. Give it real
assurance of a sound and stable monetary and credit
system, freedom from hampering restrictions, a reasonable chance to go into foreign markets with its
goods, protection from the monopolists, assurance of
a really balanced Federal budget at the earliest pos-

B

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Financial Chronicle

sible moment, liberation from constant governmental interference and penalties, and a basis for confidence that the Government itself will not steadily
increase the range of its own competitive activity—
grant these conditions and American business would
not be long in showing the life latent in its body.
Such statements may sound anachronistic to the
gentlemen who compose the so-called Brain Trust, as
they are doubtless amusing to the Soviet managers of
Russia, but the truth that underlies and supports
them has been repeatedly demonstrated during the
past century and a half in this country. The scorn
of experience exhibited by many of this day and
generation ought not to be permitted for one moment
to obscure the fact that the philosophy of the New
Deal with all its fine phrases is no whit less fantastic
than the claims of the older New Era prophets of
half a decade or more ago.
Revival of Free Speech
HE regular annual convention of the Chamber of
Commerce of the United States in Washington
during the past week was in at least one respect a
more than ordinarily significant and encouraging
occasion. It appears to have marked definitely an
end of a period of too many months when the mouths
of competent practical business executives were
sealed so far as forthright comment upon current
events was concerned. Until recently, at all events,
there has been a general feeling among most business men that it was their patriotic duty, or else
that it was the better part of valor, to refrain from
expressing views they were known privately to hold
concerning the course of events in Washington.
For a time a similar disposition appeared to govern much the larger part of the public press, although for a good while past now there has been a
reasonable volume of healthy discussion and criticism of Governmental policies. Of course no such
duty was really owed to any one at any time. So
long as no frank and full discussion in public was
permitted or indulged in by those whose experience
and good sense should guide popular thought, it was
hardly to be expected that the policies of the nation
would be chosen wisely or executed well. It is therefore a matter of congratulation that the era of silence
or evasion, whether voluntary or enforced, has come
to a definite end.
The addresses at the Chamber's convention were
by no means altogether adverse to the Administration, and it certainly can not be said that the criticism there uttered was of the "destructive" sort
about which complaint is so frequently heard. Mr.
Harriman, president of the organization, was inclined to "conservative optimism," and on the whole
to approve most of what has been and is being done.
Other business leaders were less favorable in the
fudgments they expressed, although most of them
were able to find some elements in the new deal
worthy of commendation. On the whole the business
community appears to be regaining its poise and its
willingness to say freely what it believes about
current events. It is a good omen for the future.

T

The Federal Reserve Bank Statement
HE combined condition statement of the 12 Federal Reserve banks, which was made available
yesterday, reflects only in a most obscure fashion
some of the transactions of the Treasury that are
due to the monetary policy of the authorities in

T




2975

Washington. That policy has an ever more important bearing on the Federal Reserve statements, but
it is rather well understood that no more information is to be made available on some phases of monetary manipulation than can possibly be avoided.
This seems to be true especially of the means used
to make funds readily available for the $2,000,000,000
exchange stabilization account of the Treasury.
Early this week, when the daily statement of the
Treasury for April 27 became available, it appeared
that a transfer of the $2,000,000,000 had been effected
from "Gold in General Fund," where the Treasury
previously had carried the item. A new stabilization
fund item of $1,800,000,000 was inserted, leaving the
implication that $200,000,000 had been deposited
with the Federal Reserve banks for use in either of
the two ways stipulated by the devaluation legislation. The condition statement of the banks leaves
much to be desired in the way of clarification of
that transaction.
By May 2, the condition statement shows, the
Treasury had sold to or deposited with the Federal
Reserve banks $4,586,500,000 of the gold certificates
which now represent the interest of the banks in
the metallic reserves of the country. This was an
increase of $96,142,000 over the $4,490,358,000 figure
for April 25. It is a fair assumption that this transaction, to a great degree, represents preparation by
the Treasury for use of the exchange stabilization
fund. During the same weekly period, Treasury deposits with the Reserve institutions increased enormously to $242,776,000 from $17,644,000, while deposits of member banks on reserve account with the
Reserve banks decreased to $3,570,283,000 from the
revised figure of $3,743,597,000 a week ago. This
item, together with the heavy calls issued by the
Treasury against deposits with commercial banks,
indicates that the Treasury's gain in balances with
the Reserve banks was due in large part to transfer
of funds to the Reserve institutions from the commercial banks.
In other respects the condition statement shows
little that is noteworthy, and only a continuation
of the monetary factors that were plainly apparent
in earlier statements. Cash of the Reserve banks
dropped about $9,000,000 to $232,267,000 on May 2,
against $241,262,000 on April 25, and this offset to
the increased gold certificates resulted in a gain of
total reserves,'bringing the aggregate up to $4,849,911,000 from ,763,118,000. Borrowings from the
Reserve banks continue to diminish, and discounts
in the week covered fell to $38,312,000 from $40,313,000 last week. Bankers' bill holdings of the Federal Reserve banks also continued to dwindle, the
total falling to $8,279,000 on May 2 from $10,163,000
on April 25. Holdings of United States Government
securities remained substantially at previous levels,
the current statement showing $2,431,819,000 against
$2,430,173,000 in the preceding statement.
Federal Reserve notes in actual circulation increased to $3,058,777,000 on May 2, against $3,030,216,000 on April 25, this gain apparently being occasioned by month-end requirements for currency.
The banks continued to reduce their liability on Federal Reserve bank notes in circulation, the net figure falling to $70,197,000 from $77,767,000. The
large increase in Treasury deposits already referred
to, together with the partial offset of a decline in
member bank reserve deposits, occasioned an increase in total deposits to $3,993,409,000 from

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Financial Chronicle

$3,928,504,000. The increase in deposit and note liabilities was more than offset by the large acquisition
of gold certificates, and the ratio of total reserves
to deposit and note liabilities combined increased
to 68.8% on May 2 from 68.4% on April 25.
Corporate Dividend Declarations
ORPORATE dividend declarations the present
week have again been of a decidedly favorable
nature. Chrysler Corp. declared a special dividend
of'25c. a share in addition to a regular quarterly
dividend of like amount on the common stock, both
payable June 30. Vick Chemical, Inc., also declared
an extra dividend of 10e. a share on the capital
stock, in addition to the usual quarterly amount of
50c. a share, payable, in both instances, June 1;
similar payments were made in the two preceding
quarters. Columbian Carbon Co.increased the quarterly dividend on the common stock voting trust
certificates to 75c. a share, payable June 1; quarterly distributions of 50c. a share were made from
March 1 1933 to and including March 1 1934; in
addition, an extra dividend of 25c. a share was paid
on the latter date. Timken Roller Bearing Co. declared a quarterly dividend of 25c. a share on the
capital stock, payable June 5; this compares with
15c.a share paid each quarter from June 5 1933to and
including March 5 1934, and with 25c. a share prior
thereto. National Enameling & Stamping Co. resumed the dividend' on the common stock by the
declaration of 50c. a share, payable June 30; this
is the first payment since March 31 1930, when a
similar distribution was made.

C

April Business Failures
USINESS failures in the United States for the
month just closed are again slightly reduced
in number. This record, as presented by Dun &
Bradstreet, shows 1,052 business defaults in April
this year. This was a low record for any month for
the past 14 years, excepting only the month of
February last, when the number was 1,049, only three
less than last month. In April of last year there
were 1,921 failures reported, and two years ago
(April 1932), 2,816, the latter figure being the highwater mark for business defaults in April.
The change that has been effected in the last two
years in the matter of business failures is reflected
as well in the amount of indebtedness involved. For
April this year liabilities of the insolvencies reported amounted to $25,736,975. There have been
three or four months recently when the sum was
below the amount indicated for last month. In
February, losses were placed at $19,444,718, the lowest for many years. But then February is a short
month, and many statistical records, including failures, quite frequently show some recession on that
account. For April of last year the liabilities were
reported at $51,097,384, and two years ago the
amount for that month was $101,068,693.
For the first four months of 1934 business failures
have numbered 4,567, with a total indebtedness of
$105,314,632. In the same time of 1933 there were
8,166 business defaults, owing a total of $244,274,266.
The reduction in the number of insolvencies for the
four months this year has been 44.1%;for the month
of April the reduction from a year ago was 45.2%,
the comparison for that month being somewhat better than for the year to date. So far as liabilities
are concerned, the amount involved this year to

B




May 5 1934

date was considerably less than one-half of that
involved in the same time last year.
The improvement in the failure report for April
over a year ago was relatively better in the large
trading divisions. There were 668 trading defaults
for April this year involving a total indebtedness of
$10,043,341; in April 1933, trading failures numbered 1,352, for $25,954,034 of liabilities. Insolvencies in the manufacturing division were 284 in number last month,for which the indebtedness was $10,299,796; a year ago, the figures were, respectively,
422 and $18,736,800. For the third division, including mainly agents and brokers, there were 103 defaults last month, owing $5,443,838, against 147 in
April of last year, for $6,406,550 of liabilities.
By geographical divisions the change this year for
the better was largely in the Philadelphia, St. Louis,
Kansas City and Dallas Federal Reserve districts.
For each of the four sections above enumerated, failures last month were considerably less than one-half
of those reported in April of last year. There was
also a large reduction in the number of failures in
the East, especially in New England. In the Cleveland, Chicago and Minneapolis districts defaults
were very" much less numerous, though the improvement in the five districts last mentioned was not so
marked as in the first four. The San Francisco and
Richmond districts also show somewhat fewer failures in April this year than a year ago, while in the
Atlantic district a slight increase appears.
New York Stock Market
HE New York stock market was dull and uncertain this week, with declines somewhat more
pronounced than the occasional advances. Business
indices remained favorable, further improvement
being shown in steel production and carloadings, but
these indications were overshadowed by the debate
on the stock market control bill in Washington, prospective investigations of rates charged by utilities
in New York State, and other unsettling legislative
factors. The dreary persistence of such activities
acted as a damper on all speculative enthusiasm,
nd trading in stocks was quiet day after day.
Turnover on the New York Stock Exchange dwindled
slowly from a total of nearly 1,500,000 shares in the
initial session, to less than 1,000,000 shares yesterday. Arrangements for the sale of a seat on the
Exchange were reported Wednesday at a price of
$130,000, which is $10,000 under the price on the
previous transfer, arranged April 12.
In the first trading session of the week, prices of
stocks receded rather sharply, with all groups of
issues affected. Losses of 2 to 3 points were common, and the movement was clearly attributable
in good part to the introduction of the stock exchange control bill in the House. The tone was a
little better on Tuesday, with railroad equipment
and motor shares showing small gains,'but the general list was still soft and most stocks again declined. Further severe recessions developed Wednesday, with stocks of the utility companies heavier
than others, owing to an announcement that the
New York Public Service Commission was starting
an investigation of gas and electric, water and telephone rates. Shares of the American Telephone &
Telegraph Co. receded more than 3 points in the
session, while other utility stocks were almost
equally weak. Other groups of issues also were
unsettled. Dealings Thursday were uneventful, save

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138

Financial Chronicle

for a short period of weakness after it was indicated
that the House does not favor relaxation of the
stringent margin provisions of the exchange control
bill. The tendency otherwise was quite firm, and
small advances were registered in most stocks for
the day, despite the period of softness. The trading
yesterday was listless, but the tone was good and
most issues made small gains. Results yesterday,
indeed, were the best of the week.
Movements in stocks during the week bore only a
faint relation to the trends of commodity prices,
and in this respect the previous characteristics of
the market were continued. Commodity markets
were decidedly irregular, with rubber and silver very
strong at times under the influence of special governmental arrangements and transactions, while
grains generally lost ground. Cotton moved upward and downward by turns. Some satisfaction
was occasioned by the favorable business reports.
Steel production for the current week was computed
by the American Iron & Steel Institute for the
week beginning April 30, at 55.7% of capacity,
against 54% last week. Carloadings of revenue
freight for the week ended April 28, according to the
American Railway Association, were 608,654 cars
as compared with 589,453 cars for the period ended
April 21, an increase of 3.2%. Electric power production in the United States for the week ended
April 28 was 1,668,564,000 kilowatt hours, or slightly
less than the total of 1,672,187,000 kilowatt hours for
the preceding week, the Edison Electric Institute
reported. The bond market was less active than in
previous weeks, with United States Government
bonds and high-grade corporate issues firm, while
speculative and semi-speculative issues were affected
by the downward trend of stocks.
As indicating the course of the commodity markets, the May option for wheat in Chicago closed
yesterday at 79%c. as against 763
/ the close on
4c.
Friday of last week. May corn at Chicago closed
yesterday at 46c. as against 4358c. the close on Fri/
day of last week. May oats at Chicago closed yesterday at 30%c.as against 277 8c. the close on Friday
/
of last week. The spot price for cotton here in
New York closed yesterday at 11.30c. as against
11.15c. the close on Friday of last week. The spot
price for rubber yesterday was 15c. as against 12.88c.
on Friday of last week. Domestic copper was again
quoted yesterday at 8 c., the same as on Friday of
/
1
2
last week. Silver the present week with the exception of a market decline on Monday was more or
less buoyant, and with favorable news looked for
by the silverites from President Roosevelt's weekend conference, the market on Friday closed steady.
In London the price yesterday was 18% pence per
ounce as against 1834 pence per ounce on Friday of
/
last week, and the New York quotation yesterday
was 42.90c. as against 43.55c. on Friday of last week.
In the matter of the foreign exchanges cable transfers on London yesterday closed at $5.111 2 as against
/
$5.14% the close on Friday of last week, while cable
transfers on Paris closed yesterday at 6.63c. as
against 6.65c. the close on Friday of last week. On
the New York Stock Exchange 47 stocks reached
new high figuresfor the year, while 57 stocks touched
new low levels. On the New York Curb Exchange
33 stocks touched new high levels for the year, while
33 stocks touched new low levels. Call loans on
the New York Stock Exchange again remained unchanged at 1%.




2977

On the New York Stock Exchange the sales at the
half-day session on Saturday last were 563,630
shares; on Monday they were 1,486,590 shares; on
Tuesday 1,339,380 shares; on Wednesday 1,338,424
shares; on Thursday 1,110,190 shares, and on Friday
840,300 shares. On the New York Curb Exchange
the sales last Saturday were 120,594 shares; on Monday 252,065 shares; on Tuesday 229,385 shares; on
Wednesday 203,950 shares; on Thursday 176,725
shares, and on Friday 147,815 shares.
As compared with Friday of last week, prices
as a rule show substantial declines the present week.
General Electric closed yesterday at 21% against
22% on Friday of last week; North American at
/
/
1714 against 1834; Standard Gas & Elec. at 1118
/
against f234; Consolidated Gas of New York at
/
/
1
2
/
331 4 against 3534; Pacific Gas & Elec. at 18 bid
/
/
against 19; Columbia Gas & Elec. at 1334 against
/
15; Electric Power & Light at 61 8 against 7; Public
Service of N. J. at 361 8 against 38%; J. I. Case
/
Threshing Machine at 591 4 against 69%; Interna/
tional Harvester at 3734 against 41%; Sears, Roe/
buck & Co. at 45 against 491%; Montgomery Ward &
Co.at 2712 against 30½; Coca-Cola"A"at 54 against
/
/
5312; Woolworth at 51 against 52%; Western Union
Telegraph at 483 against 53; Safeway Stores at
/
4
52
/ against 54½; American Tel. & Tel. at 112
1
2
against 12012; American Can at 991 4 against 101½;
/
/
Commercial Solvents at 24 against 2678; Shattuck &
/
/,
/
Co. at 1038 against 1178 and Corn Products at 68%
against 73.
Allied Chemical & Dye closed yesterday at 1433
4
/
against 14514 on Friday of last week; Associated Dry
/
Goods at 141 4 against 16 bid; E. I. du Pont de Ne/
mours at 9018 against 951%; National Cash Register
/
"A" at 17 against 1812; International Nickel at
/
1
2
/
28 against 2878; Timken Roller Bearing at 32%
against 331%; Johns-Manville at 52 against 57%;
7
/
/
Gillette Safety Razor at 10 8 against 1118; National
/
Dairy Products at 1612 against 1678; Texas Gulf
/
/
/
1
2
Sulphur at 34 against 3534; Freeport-Texas at
/
42% against 44½; United Gas Improvement at 1618
/
/
against 16½; National Biscuit at 3914 against 4178;
/
4
Continental Can at 793 against 82%; Eastman
Kodak at 91% against 95½; Gold Dust Corp. at
4
/
2078 against 2134; Standard Brands at 203 against
/
/
1
2
21%; Paramount Publix Corp. ctfs. at 4 against
/
4%; Westinghouse Elec. & Mfg. at 37 against 3938;
Columbian Carbon at 71 against 73; Reynolds To/
1
2
/
bacco class B at 4318 against 4314; Lorillard at 17
/
1
2
against 18; Liggett & Myers class B at 93 against
/
95; Yellow Truck & Coach at 51 8 against 5½;Owens
Glass at 82 bid against 85; United States Industrial
/
1
Alcohol at 491 against 51%; Canada Dry at 242
4
8 against
/
against 28½; National Distillers at 277
301 ; Crown Cork & Seal at 29 against 32, and Men4
/
.
gel & Co. at 9 against 91 8
The steel shares this week receded to lower levels
than one week ago. United States Steel closed
/
yesterday at 465/s against 4978 on Friday of last
week; United States Steel pref. at 91% against 95;
4,
Bethlehem Steel at 373 against 413 and Vanadium
4
at 2312 against 2578 In the motor group, losses
/
/.
were again a prominent feature of the week. Au/
/
1
burn Auto closed yesterday at 412 against 4178 on
4
Friday of last week; General Motors at 353 against
/
37%; Nash Motors at 201 4 against 22%; Chrysler
/
1
2
at 4578 against 50; Packard Motors at 4 against
/
/,
4
478; Hupp Motors at 41 against 478 and Hudson
/
Motor Car at 16 against 18%. In the rubber group,

2978

Financial Chronicle

Goodyear Tire & Rubber closed yesterday at 34
against 353 on Friday of last week; B. F. Goodrich
4
at 153 against 1612 and United States Rubber at
4
/
,
21% against 22%.
In the railroad list, prices continued to record
losses for the week. Pennsylvania RR.closed yesterday at 32 against 34 on Friday of last week; Atchison
Topeka & Santa Fe at 643 against 68; Atlantic
4
Coast Line at 43 against 47; New York Central at 30
against 3412;Baltimore & Ohio at 263 against 28%;
/
4
New Haven at 163 against 18%; Union Pacific at
4
129 against 129 ; Missouri Pacific at 412 against
/
1
2
/
412 bid; Southern Pacific at 241 2 against 2712;
/
/
/
Missouri-Kansas-Texas at 103 against 11%; South4
ern Railway at 283 against 3212; Chesapeake &
4
/
Ohio at 46
/ against 47; Northern PaCific at
1
2
30' 8 against 333 and Great Northern at 24
/
7
4,
/
1
2
against 281
%.
The oil stocks, too, followed the downward course
of the market. Standard Oil of N. J. closed yester%
day at 441 against 45 on Friday of last week;
/
1
2
Standard Oil of Calif. at 33% against 36 , and
/
1
2
Atlantic Refining at 263 against 28. In the copper
4
group, Anaconda Copper closed yesterday at 15%
against 16% on Friday of last week; Kennecott Copper at 211 against 21' 8; American Smelting & Re4
/
7
fining at 40 against 41%; Phelps Dodge at 171 8
/
against 18%;Cerro de Pasco Copper at 323 against
4
34, and Calumet & Hecla at 478 against 5%.
/

May 5 1934

sentatives of the larger producing areas. British
funds were firm, but the industrial section displayed
some irregularity. Most securities in the international group were lower. When trading was resumed Wednesday, after the 'holiday, further buying
of rubber shares developed and most other departments also were good. Profit-taking in stocks of the
rubber companies was absorbed readily and net
gains were general. Oil company stocks also showed
good advances, while a majority of industrial shares
joined in the movement. British funds were quiet
but firm. Modest gains were registered in international securities. The tone was dull on Thursday,
but British funds were not much affected and small
fractional gains appeared. The industrial list
showed about as many gains as losses, but there was
little interest. International issues were weak. In
quiet trading yesterday British funds again were
firm, but industrial stocks displayed uncertainty.
On the Paris Bourse the initial dealings of the
week were featured by a renewal of the advance in
rentes. Buying orders from all over the country contributed to the gains, which attained sizable proportions. The improvement in French Government issues occasioned confidence and the general list soon
joined in the upswing. The advance was resumed
with vigor on Tuesday, with rentes again leading
the movement. Bank stocks and French industrial
shares were in almost equal demand, while in the
international section rubber company shares were
improved, although other securities weakened. Some
profit-taking in rentes was reported Wednesday, but
most issues nevertheless managed to make small
gains for the session. French bank and industrial
securities remained in fair demand and the rise in
such issues continued, but international obligations
were quiet and mostly unchanged. The tendency
Thursday was downward, with losses rather large.
Profit-taking appeared on a large scale in this session and the market structure could not support it,
with the result that quotations lost a part of the
gains recorded earlier in the week. Rentes, bank
stocks and industrial issues all receded,'but a little
interest was taken in international securities, some
of which advanced. The advance was resumed yesterday, with rentes leading the movement.
On the Berlin Boerse the tendency was hesitant,
Monday, as traders preferred to await the outcome
of the transfer conference at the Reichsbank. Shipping stocks improved a little, but the tendency otherwise was slightly irregular, with changes insignificant. The impending Boerse holiday reduced the
turnover. When trading was resumed, Wednesday,
prices were weak and all issues suffered. Announcement of a 6% dividend on Berger Construction
Works shares, as compared to the previous 12%
dividend, caused a drop of 9 points in this stock and
the entire market was unsettled by the incident.
Declines otherwise ranged from 1 to 3 points. Bonds
also were affected. In a very quiet market, Thursday, fresh recessions developed in most of the prominent issues listed on the Boerse. Leading stocks
dropped a point or more, while in some instances
declines of 3 to 4 points were registered.

European Stock Markets
RICE trends were uncertain this week on stock
exchanges in the foremost European financial
centers, partly as a result of divided opinions regarding international currency developments. Trading was suspended at London and Berlin, Tuesday,
for the usual May-Day holidays in those markets.
In the initial business sessions, all exchanges were
dull, owing to apprehensions regarding labor demonstrations on May Day, but after that day passed in
relative quietness, trading was more animated for a
time. Of continuing importance were widespread
apprehensions that the United States is about to
embark on renewed experiments of a monetary nature. American buying of silver was said to have
reached sizable proportions in the London market
and this, coupled with reports from Washington regarding use by the Treasury of part of its huge exchange stabilization fund, occasioned uncertainty in
Europe with respect to American currency intentions. So pronounced was this feeling in London, a
dispatch to the New York "Times" said, that the
bullion market there reverted to the practice of fixing the price of gold on the basis of the London-Paris
exchange rate, rather than on the London-New York
rate, as formerly was done. Uncertainty with regard to monetary measures was not entirely confined
to the United States, however, as the failure of a
large bank in Switzerland, Monday, caused some
thoughts about Swiss maintenance of the gold
standard. Commodity price levels in Europe have
declined recently, in common with those of the
United States,and this development has added to the
uncertainty everywhere prevalent.
Trading on the London Stock Exchange was
Japan and the Nine-Power:Treaty
started Monday with a good deal of activity in shares
rubber companies, but other departments were
O SOME degree the questions raised by the reof
cent declaration of Japanese officials with
very quiet. Rubber company shares were bid upward
sharply, owing to the announced agreement on pro- regard to China have been answered by an exchange
duction and export curtailment reached by repre- of communications this week between the Japanese

p




T

Volume /38

-

Financial Chronicle

Government and the Governments of Britain, the
United States and France. In response to representations made by the Western Powers, the Japanese Foreign Minister, Boki Hirota, has provided
assurances that the Nine-Power treaty will be observed by Japan, as one of its signatories, and the
policy of equal rights in China for all the participants thus will he maintained. All the countries
concerned have demonstrated an anxiety to let the
matter rest on this basis and to treat the whole
affair as a closed incident. Some of the questions
raised by the Japanese attitude have not yet been
settled and quite possibly they never will be. The
authority for the original statement by Eiji Amau,
the Japanese Foreign Office Spokesman, on April
17, and for its almost equally vigorous reiteration
by a Japanese diplomat in Geneva three days later,
has not been made clear. There are indications,
moreover, that the Jpanese people are unaware of
the assurances extended the Western Powers, as the
statement by Mr. Hirota has not been published in
Japan. "By withholding publication of the official
declaration," a Tokio dispatch to the Associated
Press remarked,"the Japanese Government stood to
lose nothing of the favorable reaction produced at
home by the earlier statement." In Great Britain
as in this country, the Japanese procedure has occasioned doubts among unofficial observers as to
the sincerity of the Japanese assurances.
The statement made by Foreign Minister Hirota
in reply to the British and American representations was in the form of an official translation of
the amended statement by Mr. Amau, made on
April 20. This document, supplied last Saturday,
indicated that Japan has no wish to infringe on the
independence,interests or prosperity of China. Territorial ambitions were disclaimed. "We have no intention to interfere with the interests of third parties," the statement continued. "If other Powers
engage in trade with Qhina, we welcome it. We
have no desire to deviate from the policy of the open
door and equal opportunity or to infringe treaties,
but Japan objects to any action whatsoever by other
Powers that may lead to disturbance .of peace and
order in Eastetn Asia. Japan bears the responsibility for maintenance of peace and order in Eastern
Asia with other Asiatic Powers, particularly China."
It was made known in Washington on Monday
that the United States Government had aligned itself with Great Britain in the declaration of that
Government for observance of international rights
and obligations in China. Under instructions from
the State Department, United States Ambassador
Joseph C. Grew made a statement to Foreign Minister Hirota of which only the "substance" was made
public. Although conciliatory in tone, this statement firmly reminded the Japanese Government of
the position of the United States with regard to
questions of rights and interests involved. The relations of the United States with China are governed,
as are our relations with Japan and with other
countries, by the generally accepted principles of
international law and the provisions of treaties to
which the United States is a party, it was remarked.
Treaties can lawfully be modified or be terminated
only by processes prescribed or recognized or agreed
upon by the parties to them, the statement added.
Japan was informed that in the international associations and relationships of the United States, the
American Government seeks to be duly considerate




2979

of the rights, the obligations and the legitimate interests of other countries, and it expects on the part
of other Governments due consideration of the rights,
the obligations and the legitimate interests of the
United States. In the opinion of the American
people and the American Government, it was added,
no nation can, without the assent of the other nations concerned, rightfully endeavor to make conclusive its will in a situation where are involved the
rights, the obligatiOns and the legitimate interests
of other sovereign States. The American Government has dedicated the United States to the policy
of the good neighbor and to the general application
of that policy it will continue, on its part and in
association with other Governments, to devote its
best efforts.
In London, Foreign Minister Sir John Simon
made a statement before the House of 'Commons on
Monday, in which the position was outlined briefly.
Sir Francis Lindley, British Ambassador to Japan,
had informed Foreign Minister Hirota, it was indicated, that Britain as a matter of course must continue to enjoy all the rights in China which were
common to all signatories of the Nine-Power treaty.
"His Majesty's Government naturally could not
admit the right of Japan alone to decide whether any
particular action, such as the provision of technical
and financial assistance, promoted danger to the
peace and integrity of China,if that had indeed been
the implication of the statement, which they did not
believe," Sir John Simon continued. He called attention to articles of the treaty under which safeguards were provided for Japan, as for other
Powers. "The British Government therefore assumed," Sir John Simon said, "that the statement
was not intended to infringe the common rights of
other Powers in China nor Japan's own treaty obligations. In reply, Mr. Hirota indicated that the
assumption of the British Government was correct.
He assured Ambassador Lindley that Japan would
observe the provisions of the Nine-Power treaty and
that the policy of the Japanese Government and his
Majesty's Government regarding the treaty coincided." The position was made clear by the Japanese
assurance, and the British Government is content to
leave the question where it is, the Foreign Secretary
informed the House. In Washington it was made
clear Tuesday that there is no intention of pressing
the matter further, and it was further remarked that
no reply to the American representations is expected.
Tokio reports of Thursday, however, state that the
Japanese Government intends to reply to the United
States. That France took a similar attitude to that
of the British and American Governments and received similar assurances from Tokio was announced
in Paris on Thursday.
German Transfer Conference
TTLE progress has been reported so far at the
Berlin conference between German transfer authorities and representatives of the holders of longterm external German bonds in other countries. The
conference started on April 27, and Berlin dispatches
indicate that the delegates have been engaged
mainly in a close examination of the German position,
as presented by Dr. Hjalmar Schacht in a mass of
statistical data. The Reichsbank statement continued to reflect a very unfavorable position, so far
as note coverage goes, but it appears that the delegates at Berlin are making a penetrating analysis

LA

2980

Financial Chronicle

of the exchange holdings that are not reflected in
the statement. Thus, the question was raised as to
the assets of the German central bank in foreign
exchange of countries that are technically off the
gold standard. Such assets, it is known, are not
included in the note coverage, which comprises only
gold and exchange on countries on the gold standard. Dr. Schacht also was questioned regarding the
effect on the German position of the thawing of
frozen German credits in other countries. It appeared Thursday, a dispatch to the New York
"Times" said, that the creditors' representatives
reached quite different conclusions regarding the
German ability to pay in foreign currencies than
were proclaimed by Dr. Schacht in a series of
speeches preceding the conference. It was tacitly
admitted, according to the report, that sufficient
foreign exchange to cover the bulk of payments due
the first half of this year already had been transferred, and to the degree that requirements were
anticipated the Reichsbank showing naturally suffered unduly.
On the basis of these findings and reports a somewhat greater degree of optimism has prevailed this
week regarding the discussions with Dr. Schacht.
There is now a belief that the conference will result
in at least some transfers after the current six
months' period lapses. But there are indications
that the creditors are divided among themselves,
owing to demands by the delegates from Switzerland
and Holland for a continuance of the special treatment heretofore granted the holders of German bonds
in those countries. American and British representatives are opposing such requests. The differences
on this matter are jeopardizing the outcome of the
conference. It is now held quite unlikely that the
question of transfers on the German Government 7s
2s
and 5Y will be discussed at the Berlin gathering.
According to an official announcement made in London, late last week, the British Government has informed the German authorities that it would take a
"grave view" of any proposal to apply a transfer
moratorium to the two loans. The French Government is understood to have made similar representations.

May 5 1934

this connection Mr. Runciman is represented as
threatening the imposition of quotas to check the
flood of Japanese goods pouring into British territories. "It is not likely the British Government will
take extreme measures against Japanese exports,
although Lancashire cotton exporters are clamoring
loudly for an outright trade war," a London dispatch to the New York "Times" remarks. "The Government realizes that Great Britain would lose far
more than Japan from a trade war, and is anxious
above all not to jeopardize Great Britain's valuable
exports into the Japanese market. A powerful group
within the Federation of British Industries is begging the Government to disregard agitation from
Lancashire and not to antagonize the Japanese."

Austrian Fascism
ASCISM in Austria was made "legal," Tuesday,
through the adoption of a new Constitution
which embodies the ideas of a corporate State recently proclaimed by the diminutive Chancellor and
Dictator, Engelbert Dollfuss. A summons was
issued last week for the Parliament, which met on
Monday and hastily approved all measures desired
by Chancellor Dollfuss and his Heimwehr associates.
These proceedings were only a little less ruthless
than those employed on similar occasions by the
Nazis of Germany. Hardly more than half the Deputies assembled for the session of Parliament, most
of the absentees being Social Democrats. The few
members of that party who are not in concentration
camps or in prison were excluded. Two strong
speeches of protest nevertheless were made by PanGerman party members, who pointed out that the
rule of Chancellor Dollfuss during the last 12 months
has been unconstitutional, while similar criticisms
were made of the method of calling the session then
in progress. There are provisions in the Constitution for amending it, these members indicated, and
they appealed to the Government and all Deputies
to respect their oaths to support that document.
Little note was taken of these declarations, however,
and the Parliament quickly adopted 471 decrees legalizing all acts of the Dullfuss regime and transferring all power to the Cabinet. It then voted to
dissolve forever. Although the Parliament has not
Anglo-Japanese Trade Discussions
been permitted to convene for more than a year,
IFFERENCES that developed recently between members of the Clerical and Heimwehr parties,
representatives of the British and Japanese which are joined in support of the Fascist dictatortextile exporters at a conference in London have now ship, declared that the absent Social Democrats were
been made the subject of an exchange of views be- to blame for the failure of Parliamentary Governtween the London and Tokio Governments. The ment in Austria.
London conference between the textile interests of
The Constitution which Chancellor Dollfuss prothe two countries dragged on for weeks, it will be claimed on Tuesday consists of 182 articles, comrecalled, and it ended in complete disagreement, prised in 13 chapters. National legislation is placed
with the Japanese insisting that any allocation of in the hands of four Advisory Councils, called the
markets could only be confined to the British Em- State Council, the Federal Cultural Council, the
pire, while the British urged agreements covering Federal Economic Council and the Provincial Counall markets. At the conclusion of the meeting, some cil. These groups are to send members to a Federal
six or seven weeks ago, the Lancashire interests re- Diet, which will merely approve or reject legislaferred the matter to the Foreign Office in London, tion submitted to it. The Diet, however, may act
and to the Board of Trade. After lengthy considera- also in questions of loans, the budget, national proption of the matter by the Cabinet, Walter Runciman, erty and treaties. Provincial Governments retain
President of the Board of Trade, conferred on Thurs- a substantial degree of autonomy, but leaders of
day with Tsuneo Matsudaira, but the precise nature the Provincial regimes are to be nominated by the
of this conversation probably will not be disclosed Federal President, who in turn is elected by the
until statements are made next week before the burgomasters of the country for a term of seven
House of Commons. Available reports indicate that years. Vienna loses its semi-independent status
only the problem of Japanese exports to certain under the document and becomes half city and half
parts of the British Empire were discussed, and in province, the City Council being replaced by a body

F

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Volume 138

Financial Chronicle

similar to a provincial diet. Religious freedom is
guaranteed, as are also the equal rights of all Austrian citizens before the law. When the Chancellor
proclaimed the new Constitution in effect, Tuesday,
it was also made known that Prince Ernst Rudiger
von Starhemberg, leader of the Heimwehr, would be
made Vice-Chancellor in place of Major Emil Fey.
The latter was given the post of Minister of Public
Security, which assures Heimwehr control of the
police and gendarmerie, as well as the auxiliary and
security troops. Chancellor Dollfuss described the
new Constitution as an attempt to make good the
errors of the last 150 years.
New Spanish Cabinet
OUR days of governmental uncertainty in Spain
were ended last Saturday, when Ricardo Samper Ibanez formed a new Cabinet to succeed that
of Alejandro Lerroux, who resigned as a consequence
of differences with President Niceto Alcala Zamora
regarding the amnesty bill passed last week. Like
Senor Lerroux, Premier Samper is a member of the
so-called Radical party, which is really rather moderate. When the Premiership was offered to Senor
Samper, he conferred with Senor Lerroux and obtained the ex-Premier's "blessing and best wishes."
The new Premier thereupon devoted himself to the
task of forming a coalition government based on the
Center and Right Wing representatives in the Cortes.
The regime announced on Saturday apparently will
• again be a minority Government, and its general
make-up is quite similar to that of the outgoing
Lerroux Cabinet. It is generally believed, for this
reason, that the life of the Samper regime will be
limited. Stormy debates are apparently in prospect,
as the President's criticism of some features of the
amnesty bill has raised the question of the extent
of the powers that the President may exercise. The
bill caused much resentment in Leftist parliamentary circles, but this has now been alleviated, to a
degree, by a ruling of the Spanish Supreme Court
that it does not apply to five former associates of
Primo de Rivera in the dictatorship that preceded
the establishment of the Republic. Although Premier Samper's tenure of office is uncertain, it is believed that his Cabinet will last for some weeks or
months, as the powerful group of Catholic Popular
_1ctionists has promised him their support. The personnel of the new Cabinet follows:

F

2981

ounces of silver, or sufficient to coin 10,000,000
standard Cuban pesos. The cost of the silver was
$3,588,568.83, it was indicated, and the minting of
the pesos is to take place in the United States. The
loan was made, it was officially stated, "to expedite
the early resumption of normal trade between the
United States and Cuba by rendering assistance in
Cuban economic recovery." The restoration of normal trade conditions appears to depend upon the
ability of the Cuban Government to pay certain salaries and other expenses long overdue, to carry out
agricultural reforms, and to enter into a program of
public works for relieving unemployment. The
Cuban Government, according to the statement, proposes to use the minted coinage for these purposes.
"The Second Export-Import Bank," the announcement added, "was organized particularly to assist
in improving trade conditions between the nationals
of Cuba and the United States, in accordance with
the Administration's general recovery program, and
it is believed that this transactions will contribute
in a definite measure toward that purpose."

Haitian FinancialLControl
.THOUGH most details of the plan for ending
American financial control in Haiti remain
closely guarded by the two Governments, the few
items that have been made available are not such
as'to provide complete reassurance for the holders in
the United States of the $11,000,000 Haitian Government bonds outstanding. In the joint statement
issued last month by Presidents Roosevelt and Vincent, it was remarked that bondholders should be
content with the plan under consideration. But in
investment circles here, it is suspected that the interests of the bondholders will be subordinated, at least
to some degree, to the political aims involved. In a
Washington dispatch of last Saturday to the New
York "Times," it is indicated that a contract already
has been drawn for sale to the Haitian Government
of the Banque Nationale d'Haiti, which is now owned
by a subsidiary of the National City Bank of New
York. "The agreement is understood to provide for
payment over a period of years," the report adds.
The Haitian Government is far ahead of its schedule
for the amortization payments on its external bonds,
and it is feared here that this feature will play an
important part in the plan for acquisition of the
bank. The Washington report intimates that fiscal
Premier—Ricardo Samper Ibanez, Radical.
control in Haiti will be transferred, under the plan,
Foreign Affairs—Leandro Pita Romero, Independent.
from the representative of the United States GovernJustice—Vincente Cantos, Radical.
War—Diego Hidalgo, Radical.
ment to the Banque Nationale. It appears, moreMarine—Jose Franco y Rocha, Radical.
Finance—Manuel Marraco, Radical.
over, that this institution, until the Government inInterior—Rafael Salazar Alonso, Radical.
debtedness is liquidated or refunded, will have a
Education—Filiberto Villa Lobos, Liberal Democrat.
Labor—Jose Estadella, Radical.
governing board with Americans in the majority.
Communications—Jose Maria Cid, Agrarian.
Agriculture—Cirilo del Rio, Progressive.
The members, it is suggested, will be selected from
Public Works—Rafael Guerra del Rio, Radical.
nominees of the Foreign Bondholders' Protective
Industry—Vincente Iranzo Engulta, Independent.
Council and the National City Bank. Any such
Assistance for Cuba
features of the agreement would be highly praiseIT WAS made known in Washington, Monday, that worthy.
at least one of the three Export-Import banks
War and Peace in Latin America
recently organized and financed with Federal Government funds is beginning to fulfill its allotted
EPRESENTATIVES of 13 American republics,
function of stimulating trade with other countries.
including the United States, gathered at
The Second Export-Import Bank of Washington, Buenos Aires late last week and attached their sigwhich was organized with Cuban trade in mind, has natures to an anti-war treaty of which Foreign Minmade a loan of $4,00,000 to Cuba, backed by 4% ister Carlos Saavedra Lamas, of Argentina, is the
notes of the Cuban Government. This credit was author. Save for Peru and Dominica, all American
utilized in the purchase, through the bank and the republics now have signified their adherence to this
Treasury Department, of approximately 7,500,000 treaty, which was proposed by Senor Saavedra




A

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Financial Chronicle

Lamas at the Pan-American Conference in Montevideo,last December. While the document was being
signed, Bolivia and Paraguay continued their bitter
struggle over the boundaries of the Gran Chaco area,
with recent reports indicating that the Paraguayans
are being forced back from their advanced positions.
The dispute between Colombia and Peru, over the
territorial boundaries of an area near the headwaters
of the Amazon, also remains unsettled, although it
has not reached the stage of open warfare. At the
ceremony in Buenas Aires the diplomatic representative of Bolivia was among the signers, and a delegate
from Paraguay also attended the ceremony,although
the signature of his country had been attached previously. In an address to the gathering, Foreign
Minister Saavedra Lamas remarked that it seems
a paradox that the two nations at war should sign
the pact. "But their adherence," he argued, "is significant because it implies that they themselves realize that war cannot continue and that there will
never be another war on the American hemisphere."
The delegates from Paraguay and Bolivia contented
themselves with statements that their Governments
are intensely interested in furthering peace in the
Western hemisphere.

May 5 1934

DISCOUNT RATES OF FOREIGN CE'NTRAL BANKS.
Country.

Rate in
Effect
Date
May 4. Established.

Austria_ ___
Belgium_
Bulgaria _ __
Chile
Colombia.
.
Czechoslovakla_ _ __
Danzig_ _
Denmark_ _
England_ __
Estonia__
Finland__
France___
Germany_ _
Greece
Holland

Pre°taus
Rate.

5
3
7
434
4

Mar. 23 1933
Apr. 25 1934
Jan. 3 1934
Aug. 23 1932
July 18 1933

6
334
8
534
5

334
4
234
2
534
434
3
4
7

Jan. 25 1933
July 12 1932
Nov. 29 1933
June 30 1932
Jan. 29 1932
Dec. 20 1933
Feb. 8 1934
Sept. 30 1932
Oct. 13 1933

434
5
3
234
634
5
234
5
734

214

Rant 10 10/R

0

Country.

Rate in
PreEffect
"taus
Dale
May 4. Established. Rate.

Hungary__ _
India
Ireland__
Italy
Japan
Java
Lithuania
Norway _ _ _
Poland_ __ _
Portugal_
Rumania.
.
South Africa
Spain
Sweden
.
Switzerland

434
334
3
3
3.65
434
6
334
5
534
6
4
6
234
2

Oct. 17 1932 5
Feb. 16 1933 4
June 30 1932 334
Dec. 11 1933 334
July 3 1933 4.38
Aug. 16 1933 5
Jan. 2 1934 7
May 23 1933 4
Oct. 25 1933 6
Dec. 8 1933 6
Apr. 7 1933 6
Feb. 21 1933 7
Oct. 22 1932 534
Dec. 1 1933 3
Jan. 22 1931
34

Foreign Money Rates
IN London open market discounts for short bills
on Friday were %%,as against 4%@15-16% on
7
Friday of last week and 15-16% for three months'
bills, as against 15-16@l% on Friday of last week.
Money on call in London yesterday was Y
i%. At
Paris the open market rate was raised on April 30
from 23 to 2%%, in Switzerland the open market
rate remains at 13/2%.

Bank of England Statement
HE Bank of England statement for the week
ended May 2 shows a gain of £51,058 in gold
holdings, which brings the total to £192,142,067
as compared with £186,927,226 a year ago. As the
Rubber Production Control
gain in gold, however, was attended by an expansion
ROTRACTED negotiations for the control of
rubber production and the restriction of ex- of £4,805,000 in note circulation, reserves fell off
ports were terminated successfully at The Hague, £4,754,000. The ratio of reserves to liabilities
Holland, Monday, when representatives of major dropped sharply from 51.47% a week ago to 45.91%
producing interests in eight growing areas signed the present week; a year ago the ratio was 50.20%.
an agreement for a five-year period of control. Un- Public deposits decreased £7,989,000, while other
like the ill-fated Stevenson scheme, no attempt is deposits rose £16,046,735. The latter consist of
made in the present agreement to fix a definite price bankers' accounts, which increased £16,705,642,
as the basis for control, but it is held quite likely and other accounts which fell off £658,907. Loans
that higher prices will result. The agreement, which on Governments increased £13,635,000 and loans
will be operative from June 1 1934 to Dec. 31 1938, on other securities declined £778,396. The latter
covers the Dutch East Indies, Malaya, Siam, India, include discounts and advances, which increased
Burma, North Borneo, Sarawak and French Indo- £63,810, and securities which decreased £842,206.
China. It is stipulated that the accord must be No change was made in the discount rate which
buttressed by legislative enactments in the coun- remains 2%. Below we show a comparison of the
tries concerned, but no difficulty is anticipated on different items for five years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
this score. Sir Philip Cunliffe-Lister, Colonial Sec
May 2
May 3
May 4
May 6
May 7
retary in the British Cabinet, informed the House of
1934.
1933.
1932.
1931.
1930.
Commons on Tuesday that the London Government
£
£
£
£
E
Circulation
378,508,000 373.507,315 356,580,278 356,217,211 358,490,698
had decided to take the necessary measures to give Public deposits
7,839,000 8,811,136 10,296,748 5,998.939 16,211,092
152,508,239 137,440,957 111,730,222 94,083,685 104,568,818
effect to the agreement. To the several major pro- Other deposits
Bankers'accounts. 116,210,757 99,655.022 75.060,256 58,572.050 68.534,385
Other accounts— 36,297,482 37,785,935 36,669.966 35,511.635 36,034,433
ducing areas are assigned production maxima for Govt.securities
89,328,336 67,656.127 69,075.906 34,414,684 56,362,629
15,124,658 22,912,341 30.812.810 31,158,318 16,163,947
each of the five years. An international committee, Other securities
Disct. dc advances- 5,345,808 11,634,554 11.584,952 5,634,695 6,554,872
9,778,850 11,277,787 19,227,858 25,523,623 9,609,075
Securities
the various governments, will Reserve notes & coin 73,633,000 73,420,911 39,879,901 52,265,303 66,011,696
to be appointed by
192,142,067 186,927,226 121,460,179 148,482,514 164.502,394
Coin and bullion
decide from time to time what percentage of this Proportion of reserve
45.91%
50.20%
32.68%
to liabilities
52.21%
54.64%
2%
2%
3%
quota can be exported. New plantings are to be Bank rate
3%
3%
prohibited, except for experimental purposes, while
Bank of France Statement
replantings are to be carried on to the extent only
HE Bank of France statement for the week ended
of 20% of any holding. The scheme calls for an
April 27 shows another increase in gold holdexport tax on rubber, the proceeds of which are to
be devoted to research for the development of new ings, the current advance being 625,425,510 francs.
uses for rubber. The purpose of the agreement, as Total gold holdings now stand at 75,755,983,799
stated officially, is to "reduce world stocks to a nor- francs, as compared with 80,866,019,308 francs a
mal figure by adjusting in an orderly manner the year ago and 77,862,071,638 francs two years ago.
supply to demand and to maintain a price that will An increase appears in credit balances abroad of
be reasonably remunerative to efficient producers." 1,000,000 francs, in French commercial bills discounted of 586,000,000 francs and in creditor current
Discount Rates of Foreign Central Banks
accounts of 617,000,000 francs. The Bank's ratio
HERE have been no changes the present week stands at 77.52%, compared with 77.37% last year
in the discount rates of any of the foreign cen- and 70.33% the previous year. Notes in circulation
tral banks. Present rates at the leading centers are reveal a gain of 505,000,000 francs, bringing the total
of notes outstanding up to 81,501,950,240 francs.
shown in the table which follows:

T

p

T

T




Volume 138

Financial Chronicle

2983

Circulation a year ago stood at 84,992,402,770 cession of Yi% from the official rate. Time money
francs and the year before at 82,774,228,040 francs. was dull at the range of Y to 1% for all maturities.
i
A decrease is shown in advances against securities Both the usual compilations of brokers' loan totals
of 17,000,000 francs. Below we furnish a comparison were available this week, and increases were shown.
The comprehensive tabulation of the New York
of the various items for three years;
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Stock Exchange reflected an advance for the full
month of April in the amount of $106,872,411, to a
Chang es for
for Week. Apr. 27 1934. Apr. 28 1933. Ayr 29 1932.
.
total of $1,088,226,359. The report of the Federal
Francs.
Francs.
Francs.
Francs.
Reserve Bank of New York for the week to WednesGold holdings
+625,425,510 75,755.983,799 80,866,019,308 77,862,071,638
Credit bale. abroad
+1,000,000
13,536.365 2,440,477,045 4,692.471,998
day night showed an increase of $26,000,000 to a
aFrench commerc'l
bills discounted_ +586,000,000 5,708,038,075 3,805,431,421 4,690,207,431
total of $974,000,000.
bBilis bought abr'd No change.
1,053,286,401 1,405,563,620 7,107,736,535
Advs. eget, securs_
—17,000.000 3.016.225.666 2,649,352,576 2,734,940,464
Note circulation
+505,000,000 81.501,950,240 84,992,402,770 82,774.228,040
Cred. curr. accets.._ +617,000.000 16,222.972,516 19,521,169,327 27,937,121,760
Propor'n of gold on
hand to sight nab
70.33%
—0.25%
77.37%
77.52%
a Includes bills purchased in France. b Includes bills discounted abroad

New York Money Rates
EALING in detail with call loan rates on the
Stock Exchange from day to day,1% remained
the ruling quotation all through the week for both
new loans and renewals. There has been very little
activity in the market for time money this week,
the only transaction reported being one of five
months' maturity at 1%. Rates are nominal at
34@1% for two to five months, and 1@13 .% for six
/
1
months. Trading in commercial paper has been
moderately active this week, though the supply of
paper available has decreased to some extent. Rates
are 1% for extra choice names running from four to
six months and 13.% for names less known.

D

Bank of Germany Statement
HE1Reichsbank's statement for the last quarter
of April reveals afurther decline in gold and bullion,
the current loss being 14,294,000 marks. The total
of gold and bullion now stands at 204,998,000 marks,
compared with 410,541,000 marks a year ago and
858,834,000 marks two years ago. An increase is
shown in reserve in foreign currency of 914,000 marks,
in bills of exchange and checks of 394,180,000 marks,
in advances of 68,268,000 marks, in other assets of
46,646,000 marks, in other daily maturing obligations
of 6,448,000 marks and in other liabilities of 22,474,Bankers' Acceptances
000 marks. The Bank's ratio is now at 5.8%, which
compares with 14.4% the previous year and 24%
HE market for prime bankers' acceptances has
two years ago. Notes in circulation show an expanbeen fairly strong this week, but bills are short
sion of 332,439,000 marks, bringing the total up to and business has been restricted on that account.
3,640,108,000 marks. Circulation a year ago aggre- Rates are unchanged. Quotations of the American
gated 3,538,312,000 marks and the year before Acceptance Council for bills up to and including 90
4,128,057,000 marks. Silver and other coin, notes days are Y % bid and 3-16% asked; for four months,
.
l
on other German banks and investments record /% bid and %%; for five and six months, Y%
2
decreases of 111,742,000 marks, 10,414,000 marks bid and /% asked. The bill buying rate of the
and 12,224,000 marks, respectively. A comparison of New York Reserve Bank is M% for bills running
the various items for three years appears below:
from one to 90 days, and proportionately higher for
REICRSBANIC'S COMPARATIVE STATEMENT.
longer maturities. The Federal Reserve banks'
Apr. 30
Apr. 29
holdings of acceptances fell during the week from
Apr. 30
Changes
1932.
1933.
for Week.
1934.
$10,163,000 to $8,279,000. Their holdings of acAssets-Retchsmarks.
Reichsmarks. Reichsmarks. Reich:marks.
Gold and bullion
—14,294,000 204,998.000 410,541,000 858,834,000
ceptances for foreign correspondents also decreased
Of which dopes. abr'd No change.
20,238,000
94,967,000
44,737,000
Res've ln for'n currency
99,507,000 130,616,000
6,762,000
+914,000
from $4,669,000 to $4,261,000. Open market rates
Bills of exch. dt checks
+394.180.000 3,192,759,000 3,149,256,000 3,171,912,000
Silver and other coin
194,335,000 170,874,000 162,394,000
—111,74200
0
for acceptances are nominal in so far as the dealers
Notes on oth. Ger. bks_
3,182,000
2,176,000
4,864.000
—10,414,000
Advances
+68,268,000 139,552,000 177,081,000 281,987,000
are concerned, as they continue to fix their own rates.
Investments
12,224,000 639,131,000 816.937,000 361,561,000
Other assets
+46,646,000 561,175,000 407.976.000 812,514,000
The nominal rates for acceptances are as follows:
Liabilities—

T

T

Notes in circulation.___
0th. daily matur. oblig_
Other liabilities
Propor.of gold and for'n
curr, to note circula'n

+332,439,000 3,640,108,000 3.538,312,000 4,128,057,000
+6,448,000 515,399.000 406,005,000 404,729,000
+22,474,000 165,305,000 167.886,000 681.782.000
—1.0%

5.8%

14.4%

24%

The New York Money Market
HANGES were lacking in the New York money
market this week, all characteristics of previous
weeks again being in evidence. The large total of
excess reserves of member banks with the Federal
Reserve institutions show that funds are available in
great amounts, but demands for accomodation remain small. The official easy money policy continues to depress rates in all departments, and levels
are at record low figures. The Treasury sold two
series of discount bills by the competitive tender
system, Monday, and new low record costs resulted.
An issue of $75,000,000 bills due in 91 days was
awarded at an average discount of only 0.07%, while
$50,000,000 bills due in 182 days were awarded at an
average discount of 0.16%. Call loans on the New
York Stock Exchange were again 1% for all transactions of the week whether renewals or new loans.
In the unofficial street market, transactions in call
3
loans were reported every day at 4%, or a con-

C




SPOT DELIVERY.
—180 Days— —150 Day:— .---120
Bid.
Asked. Bid. Asked. Bid. Asked.
A
A
A
A
—90 pails— —60 Days— —80oars—
Bid. Asked. Bid. Asked. Bid.
Asked.
34
'is
A

Days—

Prime eligible bills

Prime eligible bills

FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
Eligible non-member banks

% bid
A% 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.
Beaton
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco

Rats in
=ea on
May 4.
2
134
234
2
234
234
3

a

2

Date
Established.

Previous
Rate.

Feb. 8 1934
Feb. 2 1934
Nov. 16 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

234
2
3
234
334
334
3
3
334
335
335
235

2984

Financial Chronicle

Course of Sterling Exchange
TERLING exchange is dull and ruling much
easier in terms of the dollar than last week.
The market in New York has been extremely quiet
and the fluctuations have been affected chiefly by
operations originating in London and Paris. The
pound is also fractionally easier in terms of French
francs. This is clearly indicated by the London
check rate on Paris. The pound is at a slight discount with respect to the United States dollar, while
that unit has been ruling closer to parity in its relation to the franc. During the greater part of the
period from April 28 to May 1, inclusive, the dollar
was at a discount in terms of francs, but after Wednesday the two currencies were quoted generally at par,
with the dollar sometimes at a small premium. The
range for sterling this week has been between $5.103/2
and $5.153. for bankers' sight.bills, compared with a
range of between $5.133/ and $5.173/ last week.
The range for cable transfers has been between $5.11
and $5.15%, compared with a range of between
$5.133 and $5.17% 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.
77.375 Wednesday, May 2
Saturday, Apr. 28
Thursday, May 3
77.37
Monday, Apr. 30
May 4
Friday,
77.26
Tuesday, May 1

77.13
77.36
77.28

LONDON OPEN MARKET GOLD PRICE.
1355. 9d. I Wednesday, May 2_ _ _ _136s. 33d.
Saturday, Apr. 28
Thursday, May 3._ _ _136s.
135s. &I.
Monday, Apr. 30
May 4_ _ _135s. 10d.
135s. 113d. Friday,
Tuesday, May 1
PRICE PAID FOR GOLD BY THE UNITED STATES (FEDERAL
RESERVE BANK).
35.00
35.00 Wednesday, May 2
Saturday, Apr. 28
35.00
35.00 Thursday, May 3
Monday, Apr. 30
May 4
35.00
35.00 Friday,
Tuesday, May 1

The outstanding feature of sterling exchange this
week has been the steady withdrawal of gold from
London by Paris. This gold came largely from private European hoards on deposit in London, but it
would seem also that since April 27 Paris has taken
practically all the gold offered in the London open
market. According to authoritative sources approximately £4,131,110 was shipped from London to
Paris. Since April 30 approximately £1,843,000 of
open market gold seems to have gone from London
to Paris. This sudden shift of funds away from
London is due to the increased confidence in the
economic situation and business outlook in France.
The movement accounts for the softness of sterling
in terms of francs. So far as could be ascertained
the London authorities have taken no steps to halt
the movement or to firm up sterling against francs,
but on the contrary it would seem that the outward
flow of funds is rather welcome to the London
market.
To a large extent it is considered that the French
funds now moving out of London,represented nervous
money which took flight from Paris during the
political riots in February, previous to the inauguration of Premier Doumergue. The outflow has not in
the least hardened money rates in London and there
continues to be a plethora of funds, with hardly any
change in open market rates from day to day. Call
1%. Twomoney against bills is in supply at V
months' bills are %%, three-months' bills 15-16%,
four-months' bills 1%,and six-months'bills 1 1-16%.
Easy as these money rates are, they do not reflect
the real abundance of funds in London, and the rates
are sustained only by the concerted efforts of the




May 5 1934

leading London banks to strengthen the position of
the discount houses, which had been working on an
unprofitable basis for more than a year.
London reports that there is a certain marked
hesitancy in foreign exchange trading as a result of
renewed fears of further devaluation,or of steps toward
further inflation of the dollar. These fears are, of
course,affecting adversely,trading positions in all the
foreign exchange markets. London is again basing
its gold price on the sterling-franc rate, ignoring the
relation of sterling to the dollar.
So far as can be ascertained, all the gold now coming to the London open market is being taken for
French accosunt. On Saturday last £450,000, on
Monday £935,000, on Tuesday £445,000, on Wednesday £798,000, on Thursday £337,000, and on Friday
L$263,000 of gold available in the open market was
reported to have been shipped to Paris. The Bank
of England statement for the week ended May 3
shows an increase in gold holdings of £51,058, the
total standing at £192,142,067, which compares with
£186,927,226 a year ago, and with the minimum of
£150,000,000 recommended by the Cunliffe Committee. At the Port of New York of New York the gold
movement for the week ended May 2, as reported by
the Federal Reserve Bank of New York, consisted
of imports of $6,370,000, of which $3,524,000 came
from England, $2,137,000 from Canada, $697,000
from India, and $12,000 from Guatemala. There
were no gold exports. The Reserve Bank reported a
decrease of $898,000 in gold earmarked for foreign
account. In tabular form the gold-movement at the
Port of New York for the week ended May 2, as
reported by the Federal Reserve Bank of New York,
was as follows:
GOLD MOVEMENT AT NEW YORK, APRIL 26
-MAY 2, INCL.
Importe.
Exports.
$3,524,000 from England
2,137,000 from Canada
None.
697,000 from India
12,000 from Guatemala
$6,370,000 total
Net Change in Gold Earmarked for Foreign Account.
Decrease, $898,000.
We have been notified that approximately $854,000 of gold was received
from China at San Francisco.

The above figures are for the week ended Wednesday evening. On Thursday $1,676,500 of gold was
received from Canada. There were no exports, but
gold held earmarked for foreign account decreased
$350,000. On Friday there were no imports or exports or change in gold held under earmark for foreign
account. $383,000 of gold was received at San Francisco from China.
Canadian exchange is generally firmer, ruling at a
slight premium above the dollar. On Saturday last
Montreal funds were at a premium of 5-16 to 13-32%,
3
1
on Monday at from 5-16 to /%,on Tuesday at %
34
.
to /%,on Wednesday at/ to 9-32%, on Thursday
at 3-16 to 5-16%, and on Friday at A to 13-32%
premium.
Referring to day to day rates, sterling exchange on
Saturday last was steady in a dull market. Bankers'
2
sight was $5.143/®$5.1531;cable transfers,$5.14®
$5.15%. On Monday softness developed. The
range was $5.13/@$5.143/ for bankers' sight and
$5.135 ®$5.14% for cable transfers. On Tuesday
/
sterling was off sharply. Bankers'sight was $5.103/®
2
$5.133'; cable transfers, $5.11@$5.1334. On
Wednesday the pound developed some resistance
without material change in quotations. Bankers'
sight was $5.103/2®$5.103'; cable transfers, $5.11®

Volume 138

Financial Chronicle

2985

$5.123/2. On Thursday exchange was steady. The quarters that there is no sign of this condition berange was $5.12M@$5.123 for bankers' sight and coming pronounced. The Reichsbank's statement is
4
$5.123@$5.12% for cable transfers. On Friday more unfavorable than ever. Its gold reserves are
sterling was steady, the range was $5.113g@$5.12M down to 204,998,000 marks as of April 30, which
/
for bankers' sight and $5.113/2@$5.12% for cable compares with 410,541,000 marks a year ago. The
transfers. Closing quotations on Friday were $5.11 Bank's ratio is off another 1% to 5.8%, which comfor demand and $5.1.13/ for cable transfers. Com- pares with 14.4% a year ago. Under the law which
mercial sight bills finished at $5.11; 60-day bills at went into effect in October 1924, the Reichsbank was
$5.103; 90-day bills at $5.09%; documents for pay- required to maintain a 40% reserve against its notes
ment (60 days) at $5.10%, and seven-day grain bills in circulation. At the end of 1928, the Reichsbank's
at $5.11/. Cotton and grain for payment closed reserves consisted of gold to the amount of 2,283,000,000 marks, and foreign assets totaled 404,000,000
at $5.11.
marks.
Continentaland Other Foreign Exchanges
The London check rate on Paris closed on Friday
XCHANGE on the Continental countries is gen- at 77.28,
against 77.37 on Friday of last week. In
erally firm, although there has been a marked
New York sight bills on the French center finished
recession from the high points recorded last week.
on Friday at 6.623 , against 6.643 on Friday of
4
4
The French franc is noticeably firm and while comlast week; cable transfers at 6.63, against 6.65 and
paratively inactive in New York, has been quoted
commercial sight bills at 6.61, against 6.633/2. Antthroughout the week at a few points below and a werp belgas
finished at 23.47 for bankers' sight bills
few points above dollar parity.
and at 23.48 for cable transfers, against 23.56 and
The following table shows the relation of the lead- 23.57. Final
quotations for Berlin marks were 39.56
ing currencies still on gold to the United States for bankers'
sight bills and 39.57 for cable transfers,
dollar:
in comparison with 39.67 and 39.68. Italian lire
Range
Old Dollar New Dollar
This Week.
Parity.
Parity.
closed at 8.53 for bankers' sight bills and at 8.54 for
6.62k to 6.65
6.63
France (franc)
3.92
23.44 to 23.57
cable transfers, against 8.563 and 8.57. Austrian
23.54
4
13.90
Belgium (belga)
8.533i to 8.5734
8.91
5.26
Italy (Lira)
schillings closed at 19.05, against 19.15; exchange
39.75
39.54 to
40.33
23.82
Germany (mark)
32.54 to 32.68
32.67
Switzerland (franc)
19.30
on Czechoslovakia at 4.19, against 4.20; on Bucharest
68.00 to 68.24
68.06
Holland (guilder)
40.20
at 1.013/, against 1.013/; on Poland at 19.02,
2
2
As already pointed out in the review of sterling
against 19.09, and on Finland at 2.27, against 2.28.
exchange, the French franc holds the center of interest Greek exchange
closed at 0.94 for bankers' sight
in the foreign exchanges this week owing to the combills and at 0.95 for cable transfers, against 0.95 and
plete reversal of the gold flow which is now running
0.951 .
A
from London to Paris. Since April 27 more than
£5,954,000 gold has gone from London to Paris.
XCHANGE on the countries neutral during the
A large part of this gold has come from the London
war, while firm, has receded from the excepopen market, but considerably more than 0,000,000 tionally high levels recorded last week. Nevertheless
appears to have been withdrawn by French and other the Swiss franc and the Holland guilder have been
hoarders from the vaults of the large British banks. ruling close to dollar parity. The guilder was at a
As already pointed out, the reason given for the re- slight premium in terms of the dollar on numerous
turn of funds to Paris is the remarkable resurgence occasions this week. Money rates have again turned
of confidence in the economic outlook in France. easier in Amsterdam, owing largely to the fact that
Gold is not only flowing into France from stocks the sudden efflux of funds from Amsterdam to
hoarded in London for French, Dutch and other France, which has been characteristic of the past
Continental accounts, but metal is being received month, has exhausted itself and now there is a
from Switzerland, Italy and Belgium in connection superabundance of loanable funds in Amsterdam.
with central bank operations in defense of currencies. Money rates of all classes were reduced 4% on
1
The strength of the franc is giving encouragement to Thursday. The private discount rate was lowered
all gold bloc units.
4
to 13 % from 2%, which had been in effect since
The Bank of France statement for the week ended April 24. The buying rate on prime guilder acceptApril 27 shows an increase in gold holdings of fr. 625,- ances has been reduced to 17 % from 23/s%. The
A
425,510. This makes the eighth suecessive increase official rediscount rate of The Netherlands Bank
in the French gold stock, bringing the total accessions has been at 23/2% since Dec. 19, and no immediate
in the period to approximately fr. 1,827,784,353. reduction is thought likely. It is believed that much
Total holdings of the Bank of France now stand at of the foreign capital which has taken flight to Holfr. 75,755,983,799, which compares with fr. 80,866,- land in the past year or more has been repatriated,
019,308 a year a year ago, and with fr. 28,935,000,000 while at the same time Dutch funds have been
when the unit was stabilized in June 1928. The steadily moving homeward. This movement is rebank's ratio stands at the high level of 77.52%, flected in the great success of the 900,000,000 guilder
which compares with 77.37% a year ago, and with conversion loan recently effected. The Swiss franc is
legal requirement of 35%.
also steady, and less is heard of plans for devaluation
There are no new important developments in the or inflation of the unit. President Marcel Pilet-Golaz
complicated mark situation. Mark quotations are, of Switzerland recently stated that "Honor and inof course, largely nominal. The recent decrees have terest bind the Swiss franc to the gold standard.
made the mark, like the Russian ruble, a purely Switzerland is the last country which can afford
domestic currency. While the Government and the monetary manipulation and those who are dreaming
Reichsbank assert that full debt service, subject to inflation will get it only in their dreams."
possible agreement on interest reductions, will be
Bankers' sight on Amsterdam finished on Friday
transferred again whenever the balance of trade at 68.04, against 68.17 on Friday of last week; cable
becomes sufficiently favorable, it is agreed in most transfers at 68.05, against 68.18, and commercial

E




E

2986

Financial Chronicle

sight bills at 68.02, against 68.15. Swiss francs
closed at 32.55 for checks and at 32.56 for cable
transfers, against 32.65 and 32.66. Copenhagen
checks finished at 22.86 and cable transfers at 22.87,
against 22.98 and 22.99. Checks on Sweden closed
at 26.39 and cable transfers at 26.40, against 26.51
and 26.52; while checks on Norway finished at 25.73
and cable transfers at 25.74, against 25.85 and 25.86.
Spanish pesetas closed at 13.72M for bankers' sight
bills and at 13.733/ for cable transfers, against 13.77
and 13.78.
XCHANGE on the South American countries
presents no new features of importance. These
units are all nominally quoted and continue under
the strictest of government control regulations. On
April 27, short-term creditors and government officials of Chile began discussion of a proposal by which
Chile will pay 2% amortization and 1% interest on
foreign debts. Chile is now trying to work out a
series of measures designed to stabilize international
exchange rates and resume payment on foreign debt
service. There can be no real improvement in the
South American foreign exchange situation until
the mutual relation of sterling, the franc, and the
United States dollar is clarified.
Argentine paper pesos closed on Friday nominally
at 34 for bankers' sight bills against 34 on Friday of
last week; cable transfers at 343.., against 3434..
Brazilian milreis are nominally quoted at 8.55 for
bankers'sight bills and 8M for cable transfers, against
8.55 and 8/. Chilean exchange is nominally quoted
at 103., against 103.j. Peru is nominal at 22.25,
against 22.00.

E

May 5 1934

Shanghai on Monday stated that bar silver in terms
of gold had dropped to the lowest price in 135 years
during which gold and silver prices have been
recorded. Japanese yen are relatively steady and
appear to have fluctuated this week between 30.42
and 30.50. The Tokio foreign exchange control endeavors to keep the yen moving in harmony with the
trend of sterling exchange. Closing quotations for
yen checks, yesterday, were 30.37, against 30.43 on
Friday of last week. Hong Kong closed at 35.90@
8
36 1-16, against 36 13-16@373/ Shanghia at 323/©
;
8
32 3-16, against 333/s; Manila at 503/ against 503/;
8,
8
Singapore at 603,•against 60; Bombay at 38.70,
against 38.85, and Calcutta at 38.70, against 38.85.
Gold Bullion in European Banks.
HE following table indicates the amount of gold
bullion in the principal European banks as of
May 3 1934, together with comparisons as of the
corresponding dates in the previous four years:

T

Basks of-

1934.

£
England-. 192,143,067
France a__ 606,047,870
Germany b
8,013,050
Spain
90,493,000
74,350,000
Italy
Netherrds_
65,534,000
Nat, Relit_
77,163,000
Switzerland
61,116,000
Sweden
14,857,000
Denmark...
7,398,000
Norway_ -6.576,000

1933.

1932.

1931.

£
£
£
188.927,226 121,4110,179 148.482,514
646,928,154 622,896,573 444,943,007
38.295,600 107,838,300
19,599,650
90,367,000
90,017,000 96,894,000
60,868,000
57.435,000
68,036,000
75,530,000
37,498,000
79,685,000
72.049,000
41,273,000
76,313,000
66,031,000
25,712,000
85.019,000
13,322,000
12,096,000 11,440,000
7,397,000
8,032.000
9,546,000
8,581,000
8,133,000
8,380,000

1930.
£
164.502,394
338,800,171
120,781,450
98,773,000
56,261,000
35,995,000
33,800,000
23,151.000
13,555,000
9,572,000
8,144,000

Total week 1,203,689,987 1,280.748,030 1,173,180,352 991,076,821 903,335,015
Prey. week 1.201,584.225 1,281.057,993 1,168,957,377 998,557,281 902,565,066
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 £2,236,850.

Impending Extensions ofFederal
Authority

The extension of Federal authority at the expense
XCHANGE on Far Eastern countries has been of the States which has characterized so much of the
ruling irregular and easier for the past few recovery legislation will be carried into fields of
weeks, owing to the pressure on silver prices. This nation-wide importance if two bills which are now
applies especially to the Chinese units as buying or before Congress become law. One of these bills, in
selling exchange on China is virtually equivalent to form an amendment of the Federal Bankruptcy Act,
a transaction in silver. A United Press dispatch from adds to the act provisions for dealing with municiFOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
palities which are in default or practically insolvent.
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
APRIL 28 1934 TO MAY 4 1934, INCLUSIVE.
This bill, which passed in the House of Representatives in March, has just been passed in an amended
Nairn Butting Rate for Cable Transfers tn New York.
Value in United Mates Money.
Country and Monetary
form in the Senate and only awaits the favorable
Unit
457. 28. Apr. 30. May 1. May 2. Maya. May 4.
action of a conference committee to insure its final
EUROPE3
$
$
$
$
$
Austria,schilling
.190666* .190583* .189666 .189391* .189325* .189641*
adoption. The second bill, introduced in the Senate
Belgium, belga
.235308 .235230 .234991 .234591 .234438 .234461
Bulgaria, lev
.013375* .013375* .013250* .013250* .013250* .013250*
on Monday, gives to the Federal Government,
Czechoslovakia, kron .041909 .041875 .041840 .041818 .041815 .041825
Denmark, krone
.229800 .229525 .228950 .228208 .228825 .228658
through the Department of the Interior, virtually
England, pound
sterling
5.150576 5.141000 5.125166 5.116583 5.124416 5.118416
complete control of the production and transportaFinland, markka
.022650 .022650 .022635 .022562 .022600 .022610
France, franc
.066458 .066440 .066355 .066288 .066280 .066270
tion of oil, subject to such control as is already exGermany, reichsmar .397064 .396969 .396235 .395721 .395542 .395371
Greece drachma
009500 .009518 .009484 .009487 .009481 .009481
ercised through the petroleum code. The bankruptcy
Holland, guilder
.681614 .681707 .680857 .680335 .680207 .680142
Hungary, pengo
.299000* .297250* .297250* .297125* .296875* .297833*
bill is understood to have the approval of President
Italy, lira
.085595 .085558 .085490 .085341 .085390 .085382
Norway, krone
.258516 .258191 .257450 .256733 .257390 .257200
Roosevelt, while the oil bill is entirely an AdminisPoland, zloty
.190533 .190333 .190275 .189966 .189900 .189766
Portugal, escudo
.047190 .047050 .046955 .046780 .046750 .046755
tration measure.
Rumania,leu
.010056 .010037 .010043 .010058 .010018 .010025
Spain, peseta
.137625 .137610 .137466 .137310 .137289 .137196
Sweden,krona
.265341 .265200 .264166 .263475 .264025 .264016
The bankruptcy bill, the operation of which is limSwitzerland, franc.-- .326335 .326160 .325650 .325403 .325471 .323357
Yugoslavia, dinar
.022808 .022816 .022766 .022716 .022737 .022766
ited to two years,begins with the declaration of"a naASIAChinational emergency caused by the increasing financial
Chefoo (yuan) dor .330000 .325416 .312500 .315833 .315416 .317916
Hankow(yuan)dor .330000 .325416 .312500 .315833 .315416 .317916
difficulties of many local Governmental units, which
Shanghai(yuan)clor 229062 .325000 .312291 .315468 .315000 .317656
Tientsin(yuan)dor .330000 .325416 .312500 .315833 .315416 .317916
renders imperative the further exercise of the bankdollar
.368125 .363437 .350312 .354375 .354062 .355312
Hongkong,
India, rupee
.387187 .386150 .385050 .384250 .384750 .384800
ruptcy powers" of Congress. Any "taxing district,"
Japan, yen
.303220 .303435 .302610 .302260 .302875 .302925
Singapore (S. S.) dor .602812 .601875 .600625 .598125 .599375 .800000
meaning thereby "any municipality or other political
AUSTRALASIA
4.104687*4.098125* .088750*4.075156*4.087812*4.081250*
Australia. pound
subdivision of any State," is authorized to file with
New Zealand, pound. .110000'4.110312* .100625*4.087187•4.101875*4.093125*
AFRICA
the Federal District Court in whose territorial jurisSouth Africa, pound__ .092000*5.082000*5.068750*5.056750*5.065250*5.060000*
NORTH AMER.diction it is situated a petition "stating that the tax1.003854 1.003463 1.002526 1.001562 1.002630 1.002083
Canada, dollar
.999550 .999550 .999550 .999550 .1199550 .999550
Cuba, peso
ing district is insolvent or unable to meet its debts as
Mexico, peso (silver)_ .277100 .277333 .277333 .277333 .277333 .277333
1.001562 1.001250 1.000062 .999125 1.000125 .999750
Newfoundland, do
they mature, and that it desires to effect a plan of
SOUTH AMER.
.343333* .342733* .341600* .341166* .341666* .341300*
krgentina, Peso
.086675* .086525* .086475* .086325* .086375* .086337*
readjustment of its debts." The plan of readjustBrazil, mllrels
103275* .102575* .012500* .102275* .101750* .102275*
Chile. Peso
.809766* .809333* .808833* .806700* .807433* .806133*
ment, which is to accompany the petition, must have
Urug1ay, peso
'nInn-shin npstn
609800* .617300* .617300* .617300* .025000* .625000*
been accepted in writing by "creditors of the taxing
•Nominal rates: firm rates not available.

E




Financial Chronicle
2987
district owning not less than 51% in amount of the were held as trust funds, and that it was "the openVolume 138

bonds, notes and certificates of indebtedness" of the
district, "excluding bonds, notes or certificates of
indebtedness owned, held or controlled" by the district "in a fund or otherwise." The facts set out in
the petition may be controverted within 90 days by
creditors holding 5% of the securities in question,
and the petition is to be dismissed by the court if
the "material allegations" of the petition are not sustained. If the petition is sustained and the plan of
readjustment approved by the court (the bill provides for consideration by the court of the fairness
of the plan,the good faith of its offer and acceptance,
and the legal right of the taxing district to take whatever action is necessary to carry out the plan), the
plan is to become effective when accepted "by or on
'behalf of creditors whose claims have been allowed
holding two-thirds in amount of the claims of each
class whose claims have been allowed and would be
affected by the plan, and by creditors holding 75%
in amount of the claims of all classes" of the district,
as well as by the taxing district itself. The right
to a hearing throughout the proceedings is secured to
the district as well as to the creditors. A final decree approving the plan "shall discharge the taxing
district from those debts and liabilities dealt with
in the plan except as provided by the plan," but the
plan of readjustment is required to contain provisions "modifying or altering the rights of creditors
generally, or of any class of them, secured or unsecured, either through the issuance of new securities of any character or otherwise."
In a debate on the bill in the Senate on Monday
and Tuesday, it was stated that on Jan. 30 of the
present year 2,019 municipalities and other taxing
districts were in default on the principal, interest or
both of some $2,000,000,000 of bonds. The original
bill, it appeared,had been brought forward primarily
in the interest of the three or four hundred taxing
districts in Florida which had gone'bankrupt in consequence of the real estate 'boom, and of a serious
situation in Detroit, but the advocates of the measure
insisted that the trouble was widespread, that municipal defaults were increasing, and that under present
conditions it was impossible for the debt-burdened
municipalities to pay their debts by further borrowing or further increases in the tax levies. There was
no thought, it was contended, of repudiation. It
was admitted that the Constitution, when it conferred upon Congress the power to legislate regarding bankruptcy, did not contemplate the extension
of bankruptcy proceedings to municipalities, but it
was nevertheless urged that the grant of power was
broad enough to cover municipal default, and an
opinion of the Department of Justice was cited to the
effect that the bill was constitutional "in so far as
it applied to a political subdivision and taxing district engaged in a proprietary interest or function,
but not where it was engaged wholly in a public or
Governmental function."
Strong opposition, on the other hand, was raised
to the bill on the grounds both of constitutionality
and expediency. Senator Van Nuys of Indiana,
Democrat, who offered the most comprehensive criticism of the measure, insisted that with only 2,000
defaulting districts out of from 250,000 to 400,000
that would be affected by the bill, there was "no
universal demand"for the proposed legislation, that
it would have an adverse effect upon municipal
securities, an "overwhelming percentage" of which




ing wedge in repudiation of State and Federal obligations." "If 75% of the creditors and the taxing
districts get together and agree to scale down the
principal of their obligations one thin dime," he
asked, "is that not repudiation pure and simple?"
The bill, it was further argued, contemplated an interference by the Federal courts with State laws and
local ordinances regarding debt and taxation, and
.proposed to "discharge the municipality and its officers from the duty imposed by State law to levy
taxes to pay the debts and obligations of the municipality." "The most insistent demand" for the bill,
Senator Van Nuys declared, "comes from cities
which were overdeveloped during boom days, when
real estate prices were pyramided and unreasonable
and wholly unwarranted public improvements were
projected upon such pyramided values." Their
plight was undoubtedly serious, but the duty of providing relief lay with the States, especially since the
Supreme Court has only lately upheld the right of
a State to grant a temporary moratorium or even extend direct relief to municipalities.
The new oil bill, in a long declaratory first seclion which is, we believe, unique in the history of
Federal statute making, declares that the petroleum
industry is one "affected with a national public interest," that it is practically impossible to separate
the product that is not to cross State lines from that
which moves •across such lines, that the industry
needs rehabilitation, and that the nation's supply of
oil should be conserved. The Secretary of the Interior is accordingly empowered to limit the importation of petroleum and its products to such amounts
as will prevent unreasonable interference with
domestic production, to determine periodically,
"upon a scientific and impartial evaluation of all
available pertinent data," the demand for domestic
consumption and for export, and to prescribe the
quotasfrom "such States, pools,fields,leases or properties, storage units or other sources of supply" as
he may deem necessary. Periodical and special reports may be required from "persons engaged in the
petroleum industry," with authority to "examine and
inspect their books, records, papers and properties"
for the purpose of verification, and the form of such
records may be prescribed. Hearings are provided
for before quotas are set, and the right of appeal to
the Federal courts on questions of law is guaranteed.
The bill further provides for the appointment by
the Secretary of the Interior of a Petroleum Administrative Board of seven members. The Secretary may also appoint, "without regard to the civil
service laws," any required number of "qualified
attorneys, economists, geologists, statisticians and
other employees." The National Industrial Recovery Act, Section 9 of which relates to the control
of pipe lines and the transportation of oil, is to
continue in force, as are also such parts of the Code
of Fair Competition for the industry as are not
."necessarily inconsistent" with the provisions of the
bill.
Different as the two bills are in their requirements
and the subjects to which they relate, they nevertheless illustrate in striking fashion the steady march
of Federal centralization which is being directed
from Washington. The bankruptcy bill makes a
special appeal because of the prospect of relief which
it holds out to holders of defaulted municipal securities who see little likelihood of State action which

2988

Financial Chronicle

will enable them to realize on their claims. Something may be saved somewhere out of the wreckage
of municipal extravagance even if a good deal is
ultimately lost. The objections to the bill, on the
other hand, are weighty. It is a serious question
whether any combination of creditors of a municipality, or the three different combinations for which the
bill provides, should be permitted, by acting in conjunction with the municipality itself, to force the
25% of the creditors who are outside the combination to compound their claims. It is not clear that
the reservation to 5% of the creditors of a right to
object will in practice turn out to be of much importance. The basis of sound credit, whether for
municipal securities or others, is in the good faith
and financial strength of the borrower and confidence that the debt will be paid, but the bankruptcy
bill is notice to lenders that the same unwise or
criminal policies which have brought municipal insolvency in the past may again be made the excuse
for an appeal for "readjustment" and a scaling down
of municipal debts. The bill goes far toward relieving the States of the duty of controlling the financial affairs of the political subdivisions which the
States have created, and invokes the power of the
Federal courts to straighten out embarrassments
which the States and municipalities have hitherto
been expected to deal with for themselves. It will
be a heavy price to pay if, for the sake of helping
out the relatively few municipalities that are in
difficulties, the confidence of investors in municipal
securities as a whole is shaken and average market
prices of such issues decline.
The oil bill, of course, is only another step in the
process of Federal control which began with Section 9 of the National Industrial Recovery Act and
was continued in the Code of Fair Competition for
the industry. It as good as completes the process
of bringing one of the foremost American industries
under Federal regulation, and leaves to the States
hardly a vestige of real authority regarding so much
of the industry as exists or operates within State
boundaries. One wonders how soon other great industries whose operations are inter-State as well as
intra-State, such as the telephone or telegraph or
the transmission of electrical power, or which are
adjudged by the Administration and the "brain
trust" to be in need of "rehabilitation" or to have
some special relation to national prosperity or defense, will be similarly taken over and told, as some
one has said, not only how to get on but where to
get off. Not the least important provision of the
bill is the one which opens all records of the oil industry to Government inspection. It has been for
some time common knowledge that the "brain trust"
was eager to obtain an unrestricted right of access to
corporation and business records as a means of enforcing the requirements of the "new deal," and the
oil bill goes a long way toward giving what is desired.
It is not, perhaps, without significance that the
bankruptcy bill should be pressed to speedy adoption, and the oil bill brought forward, just at a time
when the Administration is reported to be considering a re-examination of important parts of the recovery program and planning a campaign to revive
a waning popular enthusiasm. The conclusion seems
warranted that, whatever changes may be made or
whatever new forms of popular stimulation may be
resorted to, the collectivist trend will not be inter-




May 5 1934

fered with. It is from this standpoint, and not from
that of the temporary good that either of the two
measures here discussed may conceivably do, that
the bankruptcy and oil control bills must ultimately
be judged.

Back toFarm Movement on the Wane
In spite of the well-defined downward trend in the
number of persons moving from farms to cities,
towns and villages between 1926 and 1932, there was
a sharp turn in the opposite direction during 1933,
when the cityward movement was 1,178,000 compared with 1,011,000 in 1932. This change may be
considered as very significant, even though it represents but a partial return to the large net downward
flow of farm population that occurred each year
from 1920 to 1929.
Many of these persons who moved back to cities
from farms were able to secure employment. Some
got their old jobs back, while others found new work.
Projects financed by Federal funds were credited
with creating the major portion of this employment.
Some of these wage earners left their families on
the farms, where they had been living temporarily,
while others took them back to town.
According to questionnaires sent out by the United
States Department of Agriculture, persons living in
the Northern States who moved to the cities were
those who had originally come out from cities because of unemployment, and with the hope of getting
food and shelter at little cash outlay in farm communities.
Persons living in the Southern States and other
parts of the country who moved from farms to cities
and towns during 1933 were croppers, farm tenants,
and farm laborers of long standing, who were out
after jobs on relief projects. Some few families were
compelled to leave their farms because of foreclosures, assignments, and tax sales.
An element which formerly made up a large part of
the urbanward migration of farm people was conspicuous by its absence in 1933. This was the movement of farm-reared young people to cities and towns
in search of employment. Statistics indicate that
more children are raised on American farms than
are needed to replace the aged who retire and others
who die during their productive years. Normally
city industries of one kind or another readily absorb
this surplus, but since the depression began most of
these young people have remained on the homefarms
because they were unable to find employment elsewhere. Thus, the present surplus of young people
on farms presents both a problem and a challenge
in the development of sound agricultural and industrial policies.
Farmward Movement Shows Huge Decrease
The lure of the city is clearly manifested by the
huge decline in the movement of persons from urban
centers to farms during 1933. Last year this movement totaled only 951,000, compared with 1,544,000
during 1932. The 1933 farmward migration was the,
smallest annual movement since 1921.
A number of circumstances account for the
change, among which were the following: Most unemployed urbanites having possible havens of refuge
on farms of relatives or friends apparently utilized
such opportunities earlier in the depression, while
the number of urban unemployed did not increase
during the first'half of 1933 as much as it did a year

earlier. Existing farm buildings, including many
that had been abandoned for longer or shorter
periods, and had gotten badly in need of repairs, were
already filled to overflowing by 1933, so that additional families desirous of going to the country
were faced with the problem of providing new living
quarters should they migrate to farm communities.
Cities and towns continued to encourage subsistence
gardening on the part of their unemployed, thus
removing or reducing some of the incentive of urbanites to get out on the land. City relief agencies
reported that rural areas could not assume added
relief burdens unless outside aid was provided, and
the cost of caring for urban families moved to rural
areas was mounting as existing housing facilities
could be secured only by new construction.
Summarizing the movement of urbanites to farm
communities we have: First, some improvement in
urban employment conditions in many different
kinds of work. Second, more adequate relief in many
urban localities as a result of available Federal
funds. Third, the emergency civil works and public
works projects provided some of the urban unemployed sufficient income to remain in the cities.
Data indicating net movements to and from farms
since 1920 are presented in the table below:
MOVEMENT TO AND FROM FARMS.
Persons Leaving
Farms for
Cities.

Year.

2989

Financial Chronicle

Volume 138

Persons Arriving Net Movement
from Farms
at Farms
to Cities.
from Cities.

336,000
560,000
1920
896,000
564.000
1921
759,000
1,323,000
1,137.000
1922
1,115,000
2,252,000
807,000
1923
1,355,000
2,162,000
487,000
1924
1,581,000
2.068,000
702.000
1925
1,336,000
2,038,000
907.000
1926
1,427,000
2,334,000
457,000
1927
1,705,000
2.162,000
422,000
1928
1,698,000
2.120,000
477,000
1929
1,604,000
2,081,000
a17,000
1,740,000
1930
1,723,000
a214,000
1931
1,683,000
1,469,000
a533,000
1932
1,544,000
1,011,000
227,000
951.000
1933
1.178.001)
a Net movement from cities to farms, a reversal of the earlier trend.

of new issues due to Security Act restrictions, remained unchanged. Moreover, excess reserves of member banks,
although experiencing a sharp decline in the most recent
week, nevertheless continued at extremely high levels.
U.S. Government bonds advanced to new highs. No new
financing, with the exception of discount bills, will be necessary on the part of the U. S. Treasury until midsummer, and
in fact no large maturities will appear before the $1,200,000,000 of called Fourth Liberty 434s become payable Oct. 15.
The transfer of $1,800,000,000 from the profit on revaluation
of the dollar to a separate fund to be used in foreign exchange
transactions was perhaps the logical result of the dollar's
action last week, when it momentarily touched the gold
export point. No official indication as to just how this new
fund is to be used has been given out.
Continued firmness has been shown by high-grade and
medium-grade railroad bonds during the week. Chesapeake & Ohio ref. 4s, 1995, closed at 101% up % since
last Friday, Canadian Pacific cons. deb. 4s at 823 , a gain
%
of 2 points, and Union Pacific deb. 434s, 1967, at 10034,
down 34 point. Weakness and lower prices were witnessed
throughout the second and lower-grade rail issues. Erie
ref. 5s, 1975, were off 2 points, closing at 753/ on Friday;
Denver & Rio Grande Western gen. 5s, 1955, at 22% were
down 238; Chicago Milwaukee St. Paul & Pacific mtge.
/
5s, 1975, at 51 8 were off 1% points, and Missouri Pacific
gen. 4s, 1975, at 153 were down % of a point.
4
3
The utility bond market has been somewhat unsettled
this week, recessions of moderate amounts occurring in
many medium-grade and speculative issues. High grades
maintained a fairly firm tone. American Power and Light
6s, 2016, were down 23 to 61 since a week ago, Central
States Electric 53's, 1954, lost M to 453 , New England
4
Power 5s, 1948, declined % to 68, and Seattle Lighting Co.
5s, 1949 moved down 13, points to 34.
Trading has been lighter in industrial bonds during the
week and while higher-grade issues held well, an irregular
stock market was reflected in lower prices among many
second line and speculative bonds. Steels as a whole were
relatively firm, Inland 43's, 1978, gaining Yi to 973, while
National 5s, 1956, advanced M to 1023/2. Youngstown
Sheet & Tube 5s, 1978, were weaker, dropping 1% points
to 85. In the tire group U. S. Rubber 5s, 1947, declined
3.4 to 873/2 and Goodrich 6s, 1945, were off M to 88. Oils
remained generally steady with small price changes. Speculative bonds experiencing reactions included Childs 5s, 1943,
off
to 58, Warner Bros. Pictures 6s, 1939, down 23 to
4
62, and Container Corp. 5s, 1943, 4 points lower at 75.
There was a fairly firm undertone to foreign bonds, re-

Bonds have been only slightly affected by declining stock
prices this week. Lower-grade issues showed a tendency
to soften, but higher grades held well up to recent record
levels. Fundamentally, conditions affecting bond prices,
such as a large institutional demand, combined with absence

sulting in little change in the general averages. The principal South American issues were for the most part unchanged
since a week ago, or fractionally higher. Scandinavian,
German and Japanese issues remained firm. Polish bonds
made new highs, the 7s, 1947, going to 107%, after having
just broken par last week.
Of interest in the municipal bond market was the validation of the Arkansas refunding plan by the State Supreme
Court.
Moody's computed bond prices and bond yield averages are
given in the following tables:

MOODY'S BOND PRICES.
(Based on Average Yields.)

MOODY'S BOND YIELD AVERAGES.t
(Based on Individual Closing Prises.)

RR.

P. U. Indus.

106.42
106.07
105.89
105.89
105.89
105.89
105.89
105.89
105.89
105.89
105.89
105.89
105.89
105.89
105.54
105.37
105.37
105.54

97.00
97.00
97.00
97.00
97.16
97.31
97.31
97.16
97.31
97.16
97.31
97.31
97.31
97.16
97.16
96.70
96.70
96.85

82.99
82.87
83.11
83.11
83.35
83.72
83.48
83.48
83.72
83.48
83.60
83.48
83.60
82.99
82.74
82.62
82.38
82.74

99.68
99.52
99.52
99.52
99.68
100.00
100.00
100.00
100.17
99.84
100.00
100.33
100.33
100.17
100.17
99.84
99.68
100.00

98.25 111.92 105.54
97.16 111.16 104.68
xchang e Close d.
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
91.53 107.67 98.41
90.55 107.67 97.16
87.69 106.25 95.48
84.85 105.37 93.26
98.88 112.50 106.42
84.85 105.37 93.11
92.39 108.03 100.33
74.15 97.47 82.99

96.70
95.78

82.74
81.18

99.84
99.04

94.43
95.18
94.14
93.11
93.26
93.28
92.10
91.81
89.31
87.96
84.85
82.02
97.31
81.78
89.31
71.87

79.68 97.47
80.60 98.41
78.88 97.47
78.66 96.54
79.68 97.16
80.37 97.31
78.88 95.33
78.99 95.33
75.50 92.68
74.36 91.39
70.52 88.36
66.55 85.74
83.72 100.33
66.38 85.61
77.66 93.26
53.16 69.59

89.17
89.86
88.50
87.96
88.38
88.36
87.43
87.04
83.97
82.38
78.44
74.25
92.82
74.25
89.31
70.05

101.81
102.47
101.47
100.49
100.81
100.81
100.00
99.68
98.88
98.73
98.00
97.00
104.68
96.54
99.04
78.44

75.61

61.41

77.11

74.88

84.22

98.73
98.57
98.57
98.73
98.73
98.88
98.88
98.88
98.88
98.88
98.88
98.88
98.88
98.57
98.41
98.25
98.09
98.25

112.50
112.31
112.31
112.60
112.50
112.50
112.50
112.50
112.50
112.50
112.31
112.50
112.31
112.11
112.11
111.92
111.92
111.92

78.66

98.88

65.21

02.53

86.25

92.53
92.53
92.53
92.39
92.53
92.82
92.53
92.68
92.68
92.53
92.68
92.53
92.39
91.96
91.81
91.39
91.39
91.67

104.68
104.51
104.51
104.68
104.51
104.68
104.51
104.51
104.68
104.68
104.51
104.33
104.33
104.16
103.99
103.82
103.65
103.82

91.67 103.65
90.27 102.81

41.1
120 Domestic Corporate
120
by Ratings.
1934
Daily
Domestic.
Aaa.
Aa.
A.
Baa.
Averages
May 4__ 4.83
3.. 4.84
2._ 4.84
1._ 4.83
Apr. 30._ 4.83
28__ 4.82
27_ 4.82
26._ 4.82
25__ 4.82
24__ 4.82
23._ 4.82
21_ 4.82
20._ 4.82
19_ 4.84
18._ 4.85
17.. 4.86
16__ 4.87
14__ 4.86
Weekly
Apr. 13__ 4.86
6._ 4.93
Mar.30.- Stock E
23.. 5.01
16- 4.96
9_ 5.03
2_
5.08
Feb. 23.- 5.06
16-- 5.05
9__ 5,14
2__ 5.15
Jan. 26_ 5.31
19__ 5.38
12._ 5.59
5__ 5.81
Low 1934 4.82
High 1934 5.81
Low 1933 4.96
High 1933 6.75
Yr, Ago
May 4'33 6.33
2 Yrs.Ago
Mav 4'32 772

4 4
.
4.4.4.4.0.4.4.4.4.10.4
.4. .
......
00000b0044-;Ob0;4
0bbbb0
,
4i
k ; 4 4,
,- •0 .WWqi 40
.
4...W.C4o4..4444.WW000Ww00..4

May 4__ 104.75
104.68
104.61
1__ 104.41
Apr. 30_ 104.29
28._ 104.21
27.. 104.21
26_ _ 104.24
25._ 104.29
24.. 104.33
23_ 103.94
21_ 103.69
20._ 103.65
19_ 103.96
18__ 104.08
17_. 104.14
16.. 104.24
14_ 104.49
Weekly
Apr. 13_ 104.35
104.03
Mar.30__ Stock E
23__ 103.32
16-- 103.52
9-- 103.06
101.88
Feb. 23_ 102.34
16_ 102.21
101.69
2._ 101.77
Jan. 26_ 100.41
19__ 100.36
12.. 99.71
100.42
High 1934 104.75
Low 1934 99.06
High 1933 108.82
Low 1933 98.20
Yr. Ago
May 4'33 101.70
2 Yrs.Ago
May 4'32 98.14

120 Domestic
Corporate* by Groups.

4.37
4.39
4.40
4.40
4.40
4.40
4.40
4.40
4.40
4.40
4.40
4.40
4.40
4.40
4.42
4.43
4.43
4.42

120 Domestic
Corporate by Groups.
RR.

tt
80
ForP. U. Indus. dons.

4.94
4.94
4.94
4.94
4.93
4.92
4.92
4.93
4.92
4.93
4.92
4.92
4.92
4.93
4.93
4.98
4.96
4.95

5.98
5.97
5.95
5.95
5.93
5.90
5.92
5.92
5.90
5.92
591
5.92
5.91
5.96
5.98
5.99
6.01
5.98

4.77
4.78
4.78
4.78
4.77
4.75
4.75
4.75
4.74
4.76
475
4.73
4.73
4.74
4.74
4.76
4.77
4.75

5.24
5.24
5.24
4.25
5.24
5.22
5.24
5.23
5.23
5.24
523
5.24
5.25
5.28
5.29
5.32
5.32
5.30

4.47
7.16
4.48
7.21
4.48
7.24
4.47 . 7.24
7.24
4.48
4.47
7.23
4.48
7.28
7.27
4.48
4.47
7.26
4.47
7.23
7.23
4.48
4.49
7.23
4.49
7.21
4.50
7.18
4.51
7.19
4.52
7.21
7.22
4.53
4.52
7.22

4.42
4.96
4.47
5.02
e Closed.
4.54
5.11
4.50
5.08
4.56
5,13
4.64
5.20
4.63
5.19
4.66
5.19
4.75
5.27
4.77
5.29
4.85
5.47
4.93
5.57
5.04
5.81
5.19
6.04
4.37
4.92
5.20
8.06
4.49
5.04
6.98
5.96

5.98
6.11

4.76
4.81

5.30
5.40

4.53
4.58

7.20
7.22

6.24
6.16
6.31
6.33
6.24
6.18
6.31
6.30
6.62
6.73
7.12
7.56
5.90
7.58
6.16
9.44

4.91
4.85
4.91
4.97
4.93
4.92
5.05
5.05
5.23
5.32
5.54
5.74
4.73
5.75
4.83
7.22

5.48
5.43
5.53
5.57
5.54
5.54
5.61
5.64
5.88
6.01
6.35
8.74
5.22
6.74
5.43
7.17

4.64
4.60
4.86
4.72
4.70
4.70
4.75
4.77
4.82
4.83
4.87
4.94
4.47
4.97
4.60
6.35

7.34
7.23
7.22
7.38
7.49
7.52
7.57
7.56
7.97
8.02
8.31
8.6e
7.16
8.62
7.21
11.19

8.20

8.47

6.68

5.86

9.89

5.70
▪
•

U. s.
DM
120 Domestic Corporate*
1934
Goo. Domesby Ratings.
Daily
Bonds.
tic.
a.
Averages.
Baa.
A.
Corp.' Aaa.
Aa.

:II

The Course of the Bond Market

6.61

510
5.15 11.28
9.05
8.77
7_34 14.12
44.04 55.55 73.95 68.49
•These prices are computed from average yields on the basis of one 'ideal" bond (49(% coupon, maturing in 31 years) and do not purport to show either the average
level or the average movement of actual price quotations. They merely serve to Illustrate in a more comprehensive way the relative levels and the relative movement of
yield averages, the latter being the truer picture of the bond market. For Moody's Index of bond prices by months back to 1928, see the issue of Feb.6 1932, page 907.
"Actual average Price of 8 long-term Treasury issues. t The latest complete list of bonds used in computing these indexes was published in the issue of Feb. 10 1934.
page 920. tt Average 01 30 foreign bonds but adjusted to a comparable basis with previous averages of 40 foreign bonds.




80.26

61.71

2990

Financial Chronicle

May 5 1934

The New Capital Flotations in the United States During the Month of
April and for the Four Months Since the First of January
New financing in the United States during the month of
April was on a somewhat larger scale than we have been
accustomed to see in recent months, the grand total having
reached $236,245,122 which compares with $146,879,262 for
March, with $86,983,981 for February and with $90,242,665
for January. Of the $236,245,122 grand total reported for
April, no less than $92,840,901 was for refunding purposes,
that is, to take up old issues outstanding,leaving the amount
of strictly new capital at $143,404,221. The munipipal issues
which came to market during April aggregated $103,721772
as against $95,539,684 in March. Included in the month's
municipal financing were a number of large issues which
helped to raise the total to proportions above the average of
recent months. The increase here was accounted for ID good
part by the sale of $50,000,000 State of New York 23 %
A
and 3% bonds. In addition $45,000,000 Federal Intermediate Credit Banks 2% debentures were brought out
during April. Corporate issues offered in April amounted to
$87,523,600 as against $26,339,578 in March, the increase
arising from an offering of $59,911,100 New York Central
RR. Co. 10
-year 6% convertible bonds due 1944. It may be
mentioned at this point that conditions for floating private
security issues still continue unfavorable because of the
impediments created by the Securities Act of 1933. Thoroughly upright banking houses hesitate to underwrite even
the soundest securities in view of the grave risks embodied
in the Security Act as it now stands.
Financing by the United States Government continues
unabated and in April included four blocks of Treasury
bills on a discount basis and a new issue of 10-12 year 33.4%
Treasury bonds made in connection with the Treasury
Department's plansfor retiring approximately $1,000,000,000
of Fourth 4y,%_Liberty_Loan bonds called for redemption
on April 15, and dealt with at length in-our remarks further
below.
Because of the importance and magnitude of Feddral
financing we furnish below a summary of the United States
issues of all kinds put out during the month of April and also
those put out during the three months preceding giving full
particulars of the different issues, and presenting a complete
record in that respect for the first four months of the current
year.

Each series was offered to the amount of $50,000,000, or
thereabouts, the 90
-day bills maturing July 3 and the 182
day bills Oct. 3 1934. The offering was used to replace an
issue of similar securities. Tenders for the two series of
Treasury bills aggregated $302,346,000, of whichi$184,356,000 was for the 90-day bills and $117,990,000 as for the
182-day bills. The total amount accepted for the two series
of Treasury bills totaled 8100,247,000, of which $50,151,000
was for the 90-day bills and $50,096,000 was for the 182-day
bills. The average price for the 182-day bills was 99.902,
equivalent to a rate of 0.19% on a bank discount basis,
while the accepted bids for the 90-day bills averaged 99.981,
the average rate on a discount basis being 0.08%.
Mr. Morgenthau on April 5 announced a new offering
of $100,000,000 or thereabouts of Treasury bills in two
issues, dated April 11 1934, maturing in 91 days and 182
days, respectively. Each series was offered to the amount
of $50,000,000 or thereabouts, the 91-day bills maturing
July 11 and the 182-day bills Oct. 10 1934. The offering
was used to meet an issue of maturing bills. Tenders for
the two series of Treasury bills aggregated $330,037,000, of
which $182,226,000 was for the 91-day bills and $147,811,000 was for the 182-day bills. The total amount
accepted for the two series of Treasury bills was $100,482,000, of which $50,257,000 was for the 91-day bills and
$50,225,000 in the case of the 182-day bills. The average
price for the 182-day bills was 99.908, the average rate on
a discount basis being 0.18% per annum, while the average
price for the 91-day bills was 99.982, making the average
rate on a bank discount basis 0.07%. This rate of 0.07%
is the lowest at which an issue of Treasury bills ever sold.
A recent issue of bills (dated March 28) brought a previous
all-time low rate of 0.08%.
A further offering of $129,000,000 or thereabouts of
Treasury bills in two issues,maturing in 91 days and 182days,
respectively, was announced by Mr.Morgenthau on April 12.
The 91-day bills were offered in the amount of $75,000,000
or thereabouts and the 182-day bills to the amount of
$50,000,000 or thereabouts, the 91-day Treasury bills maturing July 18 and the 182-day bills Oct. 17 1934. Both
issues were dated April 18 1934. The offering was made to
meet an issue of maturing bills. Tenders for the two series
of Treasury bills aggregated $315,323,000, of which $164,New Treasury Offerings During the Month of April 1934. 508,000 was for the 91-day bills and 8150,815,000 was for
the 182-day bills. The total amount accepted for the two
On April 3, Henry Morgenthau Jr., Secretary of the issues of Treasury bills was $125,080,000, of which $75,Treasury, made known his plans to retire approximately 047,0004was for the 91-day bills and $50,033,000 in the case
$1,000,000,000 of Fourth 43.4% Liberty Loan bonds, called of the 182-day bills. The average price for the 91-day bills
for redemption on April 15, when he announced an offering was 99.980, the average rate on a discount basis being
of 33% Treasury bonds of 1944-1946 to be offered only in 0.08% per annum, while the average price for the 182-day
exchange for the Fourth 43is and maturing 3% Treasury bills was 99.906, making the average rate on a discount
notes of Series A-1934. The 3% notes matured on May 2 basis 0.19% per annum.
and amounted to $244,234,600. No cash subscriptions were
Secretary of the Treasury Morgenthau announced on
received for the Treasury bonds, which were dated April 16 April 19 a still further offering of $125,000,000 or there1934 and mature April 15 1946. Although the new bonds abouts of Treasury bills in two series, dated April 25 1934.
mature in 1946 they may be redeemed at the option of the The 91-day bills were offered in the amount of $75,000,000
Treasury on and after April 15 1944. The amount of the or thereabouts and the 182-day bills to the amount of $50,bond issue was limited to the amount of called Fourth 000,000 or thereabouts, the 91-day Treasury bills maturing
Liberty Loan bonds and Treasury notes of Series A-1934 July 25 and the 182-day Treasury bills Oct. 24 1934. The
tendered in exchange and accepted. Mr. Morgenthau offering was made to refund an issue of maturing bills. Tenannounced on April 20, that subscriptions of $1,049,441,300 ders for the two series of Treasury bills totaled $329,903,000,
had been received and allotted in full for the 3Y Treasury of Which $184,572,000 was for the 91-day bills and $145,4%
bonds of 1944-46. Of the total received and allotted $815,- Hi000 fallie-182:day bills7
s
-Th; total amount accepte4
115,500 represented subscriptions in payment for which the 'for the- twbiiissies7ggregated-$125,365,000, of which
Fourth Liberty bonds were presented and $234,325,800 $75,325,000 was for the 91-day bills and $50,040,000 in the
represents subscriptions in payment for which the maturing case of the 182-day bills. The average price for the 91-day
3% Treasury notes were tendered. The final allotted bills was 99.980, the average rate on a discount basis being
amount may be slightly increased, it was reported, owing to 0.08% per annum, while the average price for the 182
-day
the fact that the Federal Reserve banks hold a few sub- bills was 99.907, making the average rate on a discount
scriptions not included in the total, because the bonds to be basis 0.18% per annum. The rates on these offerings comexchanged have not yet been cleared. The new 3Yi% bonds, pare with 0.08% on 91-day bills and 0.19% on 182
-day
are exempt from all taxation except the surtaxes. This bills (dated April 18); 0.07% on 91-day bills and 0.18% on
financing was strictly a refunding operation.
182-day bills (dated April 11), and 0.08% on 91-day bills
An offering of two series of Treasury bills was announced and 0.19% on 182
-day bills (dated April 4).
on March 29 by Acting Secretary of the Treasury Stephen
On April 26 Henry Morgenthau Jr., announced a new
B. Gibbons to the aggregate amount of $100,000,000, or offering of two series of Treasury bills in the amount of
thereabouts, each dated April 4 1934, and maturing, re- $125,000,000 or thereabouts, each dated May 2 1934 and
spectively, in 90 days and 182 days. The bills, however, as maturing respectively in 91 days and 182 days. The bills,
stated above, were dated April 4, and hence comprise part however, as stated above, were dated May 2, and hence
of the Government's financing for the month of April. form part of the Government's financing for the month of




Financial Chronicle

Volume 138

2991

May. The 91-day bills were offered in the amount of March there were also 10 new corporate issues but their
$75,000,000 or thereabouts and the 182-day bills to the aggregate was only $26,339,578. The increase over March
amount of $50,000,000 or thereabouts, the 91-day bills was accounted for by an issue of $59,911,100 New York
maturing Aug. 1 and the 182
-day bills Oct. 31 1934. Tenders Central RR. Co. 10-year 6% convertible bonds due 1944,
for the two series of Treasury bills aggregated $391,775,000, offering of which was made to stockholders at par. The rest
of which $193,076,000 was for the 91-day bills and $198,- of the month's domestic financing comprised $12,929,000
699,000 was for the 182
-day bills. The total amount Philadelphia Baltimore & Washington RR. Co. gen. mtge.
accepted was $125,092,000, of which $75,055,000 was for 4%s 1981, placed privately; $2,706,000 Southern Ry.
the 91-day bills and $50,037,000 was for the 182
-day bills. equipment trust 4% certificates, series CC, due 1937-44,
The average price for the 91-day bills was 99.981, the average priced to yield from 3.80% to 4.20%; $5,583,000, New York
rate on a discount basis being 0.07% per annum, while the Rapid Transit Corp. 1st & ref. mtge. 6s A, 1968, placed
average price for the 182
-day bills was 99.918, making the privately and four small stock emissions aggregating $4,694,average rate on a bank discount basis 0.16% per annum. p00. The only foreign issue of any description in April
Issued to replace maturing bills.
comprised $1,200,000 International Rys. of Central America
In the following we show in tabular form the Treasury one-year6% secured notes due April 1 1935 which represented
financing done during the first four months of this year. an extension of maturity.
The results show that the Government disposed of $5,233,The portion of the month's corporate financing used for
817,300, of which $33,033,516,800 went to take up existing refunding purposes was $59,283,000, or slightly over 67%
issues and $2,200,300,500 represented an addition to the of the total. In March the refunding portion was $12,public debt. For April by itself the disposals aggregated 569,200 or about 47% of the total. In February it was
$1,500,615,300, all of which was used to take up maturing $2,308,000 or about 15% of the total, while in January it
issues.
was $1,500,000 or about 20% of that months' total. In
UNITED STATES TREASURY FINANCING DURING THE FIRST FOUR
April 1933, the amount for refunding was $18,206,500, or
MONTHS OF 1934.
more than 51% of the total for that month.
Dale
Amount
Amount
Included in the month's financing was an issue of $45,Yield.
Offered. Dated.
Price.
Accepted.
Due.
Applied for.
000,000 Federal Intermediate Credit banks 2% debentures,
Dec. 26 Jan. 3 91 days
8384,619,000 8100,990.000 Average 99.843 •0.62%
Jan. 3 Jan. 10 91 days
due in 9 and 12 months, offered at price on application.
252,825,000 100,050,000 Average 99.843 .0.62%
Jan. 10 Jan. 17 91 days
289,397,000 125.340.000 Average 99.831 •0.67%
There were no new fixed investment trust issues marketed
Jan. 17 Jan. 24 91 days
303,560,000 125,126.000 Average 99.831 *0.67%
100
2.50%
Jan. 23 Jan. 29 13S4 mos. 3,424.212.200 528.101,600
during the month.
1.50%
Jan. 23 Jan. 29 734 mos. 1,360,564,500 524,748.500
100
Jan. 24 Jan. 31 91 days
381,422,000 150.320,000 Average 99.819 •0.72%
During the month one new issue was floated with conJanuary total
51654676,100
vertible features, namely:
Jan. 31 Feb. 7 91 days
302,858,000
Jan. 31 Feb. 7 182 days
244,427,000
Feb. 6 Feb. 14 91 days
230.078,000
Feb. 6 Feb. 14 182 days
178,326,000
Feb. 12 Feb. 19 22 mos. 1,332,409,900
Feb. 12 Feb. 19 3 years
2,285,754,500
Feb. 15 Feb. 21 91 days
307,110,000
Feb. 21 Feb 28 182 days
420,115,000
Febru ary total

125,493,000 Average 99.834
50,078,000 Average 99.524
75,008,000 Average 99.833
75.044,000 Average 99.501
100
418,291,700
100
428,730.700
75,155,000 Average 99.855
75,088,000 Average 99.688

*0.66%
*0.94%
*0.66%
.0.99%
2.50%
3.00%
*0.57%
*0.62%

51322888,400

Mar. 1 Mar. 7 182 days
Mar. 7 Mar. 154 years
Mar. 15 Mar. 21 91 days
Mar. 22 Mar, 28 91 days
Mar. 22 Mar. 28 182 days

393,054,000 3100,236,000 Average 99.781
100
455,175,000 455,175,500
344,987,000 100,110.000 Average 99.978
50.091.000 Average 99.980
194,789,000
50.025,000 Average 99.904
138,221,000

Mare h total_

*0.43%
3.00%
*0.09%
*0.08%
*0.1951

April total

*0.0851
*0.1951
3.2551
*0.0751
*0.18%
*0.08,
.0.195
*0.085
*0.185

1,500,615,300

Type of
Security.

Dated.

Treasury bills
Treasury bills
Treasury bills
Treasury bills
2 yi% Treas. notes
134% Ctfs. of Ind.
Treasury bills

Total
Feb. 7
Feb. 7
Feb. 14
Feb. 14
Feb. 19
Feb. 19
Feb. 21
Feb. 28

Treasury bills
Treasury bills
Treasury bills
Treasury bills
234% Treas. notes
3% Treas. notes
Treasury bills
Treasury bills

$100,990,000
100,050,000
125,340,000
125.126,000
528,101,600
524,748,500
150.320,000

Refunding.
$100,990,000
75,020,000
75,023.000
80.034.000
60,180,000

New
Indebtedness.
825,030,000
50.317.000
45.092.000
528.101,600
524,748.500
90,140,000

$391,247,000 31,263,429.100

8125,493,000 8125,493,000
50.078,000
50,078.000
75.008,000 1 75,295.000
75.044,000 I
418,291,700
428,730,700
60,063.000
75,155.000
75,088.000
75,088,000
81,322,888,400

8386,017,000

$100,236,000
455,175,500
100,110,000
50,091,000
50,025,000

$74,757,000
418.291.700
428,730.700
15,092,000

8100,236,000
455,175,500
100,110,000
50.091.000
50.025,000

3755.637,500

Treasury bills
3% Treasury notes
Treasury bills
Treasury bills
Treasury bills

Total
Apr. 4
Apr. 4
Apr. 16
Apr. 11
Apr. 11
Apr. 18
Apr. 18
Apr. 25
Apr. 25

Total Amount
Accepted.

$1.654,676,100

Total
Mar. 7
Mar. 15
Mar.2l
Mar. 28
Mar. 28

SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN
AND MUNICIPAL FINANCING.
1934.

Grand total
A 2R2 R17 3011
• Average rate on a bank discount basis. a Approximate.
USE OF' FUNDS.

3
10
17
24
29
29
31

The following is a complete summary of the new financing
-corporate, State and city, foreign government, as well as
farm loan issues-for April and the four months ending
with April:

5755.637,500

Mar. 29 Apr. 4 90 days
50,151,000 Average 99.981
184,356,000
Mar. 29 Apr. 4 182 days
50.096,000 Average 99.902
117,990,000
Apr. 3 Apr. 16 10-12 yrs 81049441,300 81049441,300
100
Apr. 5 Apr. 11 91 days
50,257,000 Average 99.982
182,226,000
Apr. 5 Apr. 11 182 days
50,225,000 Average 99.908
147,811,000
Apr. 12 Apr. 18 91 days
75,047,000 Average 99.980
164,508,000
Apr. 12 Apr. 18 182 days
50,033,000 Average 99.906
150,815,000
Apr. 19 Apr. 25 91 days
75,325.000 Average 99.98
184,572,000
Apr. 19 Apr. 25 182 days
50.040.000 Average 99.90
145,331,000

Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.

-year cony. 6% bonds 1944.
$59,911,100 New York Central RR. Co. 10
convertible into no Dar value capital stock at $40 per share
for the first three years and at $50 per share for the next
seven years.

3755,637,500

3936,871.400

Treasury bills
$50,151,000
350,151,000
Treasury bills
50,096.000
50,096,000
3
3.% Treas. bonds 111,049,441,300 81,049,441,300
Treasury bills
50,257,000
50,257,000
Treasury bills
52,025,000
50,225,000
Treasury Ms
75,047.000
75,047,000
Treasury bills
50,033,000
50,033,000
Treasury bills
75,325,000
75,325,000
Treasury bills
50.040,000
50,040,000

Total

$1,500.615,300 $1,500,615,300

Grand totala Approximate.

$5,233,817,300 33,033,518.800 32,200,300,500

Features of April Private Financing.
Making further reference to the corporate offerings
announced during April, it is found that there were but 10
new issues, totaling, as previously stated, 7,523,600. In




MONTH OF APRILCorporateDomestic
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
Canadian
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
Other Foreign
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
Total corporate
Canadian Government
Other foreign Government
Farm Loan issues
• Municipal. States, Cities, &c
United States Possessions
Grand total

New Capital. Refunding.
$
$
23,046.100
500,000
325,000
4,369,500

i

58.083.000

81,129,100
500,000
325,000
4,369,500

1,200,000

1,200,000

28,240,600

59,283,000

87.523,600

15,000,000
100,163,621

30.000,000
3,557,901

45,000,000
103,721,522

143,404,221

92.840,901

236,245,122

FOUR MONTHS ENDED APR. 30.
8
CorporateDomestic
31,957,900
Long-term bonds and notes
Short-term
12.750,000
•
.
Preferred stocks
1,650,000
Common stocks
14,693.985
CanadianI
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
Other foreign
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
Total corporate
Canadian Government
Other foreign Government
Farm Loan issues
• Municipal, States. Cities, &c
United States Possessions

Total.

3

$

74,460.200

106.418.100
12,750.000
1.650.000
14,693,985

1,200,000

1,200,000

61,051,885

75,660,200

136.712,085

30.000,000
280,46.5.460

76.900.000
40.770.355

106,900,000
321.235,815

Grand total
371.517,345 193,330,555 564,847,900
• Them figures do not include funds obtained by States and municipalities from
any agency of the Federal Government.

In the tables on the two succeeding pages we compare
the foregoing figures for 1934 with the corresponding figures
for the four years preceding, thus affording a five-year
comparison. We also furnish a detailed analysis for the
five years of the corporate offerings, showing separately
the amounts for all the different classes of corporations.
Following the full-page tables we give complete details
of the new capital flotations during April, including every
issue of any kind brought out in that month.

SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL FINANCING FOR THE MONTH OF APRIL FOR FIVE YEARS.




$

16.021,000
32,172,500

New Capital.

$

110,630,800
55,132,000
36,140.888
65,567,500

1931.
Refunding.

s

154,706,500
32,500,000

Total.

s

265,337.300
87,632,000
36,140,888
65,567,500

New Capital.

a

250.660,250
69,816,000
100,153.560
161,226,561

1930.
Refunding.

$

46,448,750
810,000

13,588,000
4,000,000

2,000,000

2.000,000

21.000,000
12.000,000
628,444,371
5,000,000
121,675.000

51.258,750

679,703.121
5.000,00(
121,675,000

148.751,121
1,250,000
905,120,492

3,443,849

152,194,971:
1,250,00(
959,823,091

48,193.500

267.471,188
17,793,000

189,206,500

456,677,688
17,793,000

25,000,000
69,637,025

102,065,105

11,000,000
3,909,700

11.000,000
105,974.805

142,830,525

387,329,293

204,116,200

591,445.493

54,702,599

25,000,001:
12,000,001:

Total.
5
138,912,000
80,500,000

1,250,000

7.235.000

7,235,000

54,050.000
5,050,000
27,365,000

2.499,000

16,021,000

306,000
110,630,800

2,194.000
154,706.500

2.500.000
265,337,300

15,000,000
7,860,000
285,248,250

30,675,000

30.675.000

4,000,000
19,000,000

2,000,000
2,000.000

6,000,000
21,000,000

12,000,000
5.500,000
20,000,000

30,000,000

36,850.000
4,940,000
342,000

11,100.000
1,250.000
31,966,000

310,000

11,100.000
1,250.000
32,276,000

500,000
20.000,000
89,632,000

81,816,000

810.000

82,626,000

1.725,000
490,000

400,000

5.902.500

6.302,500

16,000,000

1,600,000
10,704,000

1,600,000
26,704,000

1,200,000

13,572,000

500.000

500.000
16,000,000

12.304,000

28,304.000

1,497.500
1,497,500

30,675,000

1,497,500
32,172,500

20,000,000
55,132,000

34,500,000

70,000

54,050,000
12,000,000
27,435,000

50,448,750

15,000,000
7$00,000
335,697,000

6.950.000

500r.15156
--

12.000,000
6,000,000
20,000,000

81,140,888

4,694,500

934,976

8.000.000

8,000.000

2,068.712
20,398.320
50,491,905
4,830,000

2.068,712
20.398.320
50,491.905
4,830.000

934,976

934.976

81,140,888

27,750.000
44,276,840
61,612,000

12.567,500
101.708,388

12.567,500
101,708,388

46,752,344
3,200.000
261,380,121

46,752.344
3,200,000
261,380,121

4.694.500

934,976

76,746,100
5,583.000

16,400.000

4.777.500
11.704,000

4,777.500
28,104,000

4,694,500
500.000

934,976

1.725,000

2,659,976

13,082,000

33,124,000

46,206.000

87.523.600

18.206.500

35,541,476

2,000,000
148.450.000
6,062,500

6,000.000
305,660,888
49,752,300
1,080,000

139.233,250
126,276,840
81,612,000

30,000,000

46,100,000
4,940.000
7.577,000

2,068,712
85,548,320
56,791,905
64,161,000

6.950,000
380,000

2.068,712
85,548,320
63,741,905
64,541,000

500,000
500,000
2.194,000
35,067,500
189,206,500 456,677.688

61;752,344
11.000,000
628,444,371

51,258.750

61,752,344
11,000,000
679,703.121

490,000

16,100,000
4,940,000
7.577,000

1.497.500
15.069.500

1.497,500
48.193.500

32.873,500
267.471,188

33.124,000

27,750,000
44,276,840
61,612,000

4.000,000
157.210.888
43,689.800
1.080,000

490,000

17,334.976

ar0y10.17,9

1,250,000
490,000

6.850,000
4,940,000
342,000

1.725.000

1,700.000

s

13,588,001:

GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR THE MONTH OF APRIL FOR FIVE YEARS.
1933.
1932.
1931.
1930.
New Capital. Refunding.
Total.
Total.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
New Capital. Refunding.
$
$
5
5
$
$
75,546,100
3,177,500
3.177,500
99,483,250
39,428.750
400,000
5,583,000
1,400,000
1,000,000
13,082,000
2.449,000
15,531,000
57.070.000 146.450,000 203,520,000
76.500,000
4,000.000
43,689.800
6,062,500 A9,752,300
1,080,000
1,080,000

81,129.100

Total.
297,109,000
70,626,000
100,153.561:
161,226,561

39,428,750
4500000

178,662,000
130,776,840
81.612,000

PE6T 5' ,feN

CHARACTER AND
1934.
MONTH OF APRIL.
New Capital. Refunding.
$
Bonds and Notes—
Long-Term
5
52.500,000
23,046,100
Railroads
5,583,000
Public utilities
Iron. steel, coal, copper, &c
Equipment raanufacturers
Motors and accessories
Other industrial and manufacturing
Oil
Land, buildings, &c
Rubber
Shipping
Inv. trusts, trading, holding, &c_
Miscellaneous
23,046,100
58.083.000
Total
Short-Term Bonds & Notes—
1.200.000
Railroads
Public utilities
Iron, steel, coal. copper, &c
Equipment manufacturers
Motors and accessories
Other industrial and manufacturing
500,000
Oil
Land, buildings, &c
Rubber
Shipping
Inv. trusts, trading, holding, &a_
Miscellaneous
1,200,000
500,000
Total
Stocks-Railroads
Public utilities
Iron,steel, coal, copper. &c
Equipment manufacturers
Motors and accessories
4.694.500
Other industrial and manufacturing
Oil
Land, buildings, &c
Rubber
Shipping
Inv. trusts, trading, bolding, &c_
Miscellaneous
4,694,500
Total
Total—
53,700.000
23.046,100
Railroads
5.583,000
Public utilities
Iron,steel, coal, copper, &c
Equipment manufacturers
Motors and accessories
4,694,500
Other industrial and manufacturing
500.000
Oil
Land, buildings, &c
Rubber
Shipping
Inv. trusts, trading, holding. &c-Miscellaneous
59,283,000
28.240.600
Total corporate securities

Total.

IPpLIVI114
1

MONTH OF APRIL.
1934.
1933.
1932.
Total.
New Capital. Refunding.
New Capital. Refunding.
Total.
New Capital. Refunding.
...orporate—
Domestic—
S
3
$
$
$
$
5
$
58,083,000
Long.term bonds and notes_
81.129,100
400,000
2,449,000
5,902,500
6.302,500
13,572,000
23,046,100
Short term
500,000
500,000
16,000,000
10,704,000
1,497,500
30.675,000
26,704,000
Preferred stocks
325,000
325,000
Common stocks
4,369,500
934.976
4,369,500
934,976
Canadian—
Long-term bonds and notes..
Short term
Preferred stocks
Common stocks
Other Foreign—
Long-term bonds and notes_
1,200,000
1,200,000
Short term
1,600,000
1,600,000
Preferred stocks
Common stocks
59,283,000
87,523,600
33.124,000
28,240,600
17,334.976
15,069,500
Total corporate
18.206,500
35,541,476
Canadian Government
Other foreign Government_
15,000,000
30,000,000
45,000,000
Farm Loan issues
25,000,000
3,557,901 103,721,522
100,163.621
8,554,495
*Municipal, States, cities, &c
2,345,500
10,899.995
30,534,525
39,102.500
ions_
United States Po
236,245,122
143,404.221
92.840.901
25,889.471
72,226,500
20,552.000
46.441,471
70,604,025
Grand total
* Tootle thrums do not include funds obtained bY States and municipalities from any agencsr of the Federal Government.

New Capital.

1933.
Refunding.

Total.

New Capital.

1932.
Refunding.

Total.

New Capital.

1931.
Refunding.

Total.

New Capital.

1930.
Refunding.

Total.

122,360,250 1,401,113.410
21,813,000 179,036.000
181,283,946
1,253,500 480,280,684

20.121.000
16,500,000
3,250.000
4,104.976

69,045,500
26,162,000
2.247.778

89,166.500
42,662,000
3.250,000
6,352,754

125,522,000
14.249,000
6,775.275
2,296,900

11,587,000
35,925,000
1.897.320

137,109.000
50.174.000
6,775,275
4,194,220

587.605,100
110,247.350
77,023,667
106,223,594

462.910,200 1,050,515,300 1,278,753,160
48,328.500 158,575,850 157,223,000
77,023,667 181.283,946
106,223,594 479,027,184

79,500,000

106.418,100
12,750,000
1,650,000
14,693,985

79,500,000

73,888,000

18,000,000

91.888,000

50,000,000
5.000,000

163,655,000
17.000.000

4,000.000

167,655,000
17,000,000

50,000,000
1,600.000

1.200,000

5,000,000

1,600,000

136,712.085

43.975,976

99,055,278

143,031.254

148,843.175

106,900,000
321.235,815

10,900,000
71,688,163

6,546,895

10,900,000
78,235,058

30.000,000
312,313,227

491.156.402
564.847,900
126,564,139 105.602,173 232,166,312
municipalities from any agency of the Federal Government.

6,160,000
516,238,700 1,526,838,411 2,356,990,290
21,142,000
39,778,000
2,000,000
187,675,000
22,000,000
40,500,000
11,000,000
47,500,000
77,500,000
29,500,000
7.419,000 555,578,394 459,674.993
40,027,622 352,340.849
548,159,394
2.750,000
136,936.942 628.093.344 1,626,037,105 536,657.700 2.162,694.805 3,050,232,283
49.409,320

198,252,495 1,010,599,711
37,778,000

9e1

Total.

atZln10A

SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL FINANCING FOR THE FOUR MONTHS ENDED APRIL 30 FOR FIVE YEARS.
1934.
4 MONTHS ENDED APRIL 30.
New Capital. Refunding.
Corporate-.
Domestic.
31,957,900
74260.200
Long-term bonds and notes.
12,750,000
Short term
1,650,000
Preferred stocks
14,693.985
Common stocks
Canadian
Long-term bonds and notes_
Short-term
Preferred stocks
Common stocks
Other Foreign
Long-term bonds and notes_
1.200.000
Short term
Preferred stocks
Common stocks
75,660,200
61,051.885
Total corporate
Canadian Government
Other foreign Government_
30,000,000
Farm Loan issues
76.900,000
280,465.460
*Municipal, States, cities, &c
40,770.355
ions_
United States P
371,517,345 193.330.555
Grand total
* These figures do not include funds obtained by States and

6,160,000
167,426,750 2,524,417,040
24,300,000
3.158,000
4,000,000 191,675.000
22.000.000
469,024,905
2,750.000
183.934,662 3,234.166.945

6,bav:§i§

CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR FOUR MONTHS ENDED APRIL 30 FOR FIVE YEARS.




1933.
Refunding.

Total.

34,802,500
32,518.000

46,802,500
39.739,000

1.725,000

12.000.000
7,221.000

New Capital.

1932.
Refunding.

Total.
$

1,725,000

122,852,000

11,587,000

134,439,000

New Capital.

1931.
Refunding.

Total.

New Capital.

62,917,000
920,000

425.689,250
667,358.500
3,500,000
1,400.000

112243,750
23,771,500

538,133,000
691,130,000
3,500,000
1,400,000

128.230,910
80,050,000
77,367,500

105.000
6,950,000
70,000

128,335,910
87,000,000
77,437,500

17,360.000

2,470,000

2,470,000

16,440,000

200.000
125,522,000

11,587,000

200.000
137,109,000

10.486,000
717,105,100

1,000,000
34,825,000
100,000

8,375,000
35,575,000
100.000

4,000,000
53,537,500

2,000.000
15,337,500

6,000,000
68,875,000

4,056,000

20.785,000
5,649,000
.6,175,850

33,500,000
791.000
1,200,000

54,285,000
6,440,000
7,375,850

500,000
53,328.500

500,000
20.100,000
163,575,850

1,000.000
3,650,000
174,223,000

1,650,000
20,121.000

69,045,500

89,166,500

16,500.000

6,216,000
17,204,000
4,342,000

6,216,000
33,704,000
4,342,000

7,375,000
750,000

4,056.000

Total.

387,022,000
576,914,000
109,002,300
11.970,000
62,917,000

241,126,300 145,895,700
269,576,000 307,338.000
6,062.500
102,939,800
11,970,000

900,000

900,000

1930.
Refunding.

10,000,000
1,650,000
75,000.000
47.700,000
13,180,000
2.694,000
462,910,200 1,180,015,300 1,516,296,160
12,000,000
58,872,000
23,000,000
12,000,000
1,600,000
20,755,000
3,150,000
37,396,000
800,000

10,000,000
75,060,000
1.020,000
48.720,000
144,360,250 1,660.656,410
2,500,000
13,128.000

4,900,000
600,000
685,000

14,500.000
72,000,000
23,000,000
12,000,000
1,600,000
25.655,000
3,750,000
38,081,000
800,000

1,000.(56(71

3.650,000
196,036,000

44,262,000

2,068,000
14,249,000

35,925,000

2.068,000
50,174.000

20,100.000
110,247,350

2,147,778

4,912.175

1,897.320

6,809,495

149,638.511

149,638,511

27,750,000
260,573,112
84,170,500

100,000

7.454,976

491,250

491.250

13,256,250
2,052,500
1,032,500

13,256,250
2,052,500
1.032,500

4,132,662
110,484.341
57,766,709
12,015,000

871,600

4,132,662
111,355,841
57,766,709
12,015,000

2,168,750

7.354,976

27.762,000
2,147.778

16,500.000

2,168,750
2,300,000
14,967,500
183,247,261

66,987,344
42,591,462
666,471,130

382,000
1,253,500

66,987,344
42,973.462
667,724,630

465,439,250
986,803,612
110,670,500
13,400,000
5,732,662
259,470,251
140,966,709
126,778,500
800,000
10,000,000
142,987,344
93.941,462
2,356,990,290

7,354.976

2,247,778

9,602,754

12,000.000
23.721,000

41,018,500
51.869,778
4,342,000

53,018,500
75,590,778
4,342.000

7,354,976

1,825,000

9,179,976
900,000

900,000

43.975,976

99,055.278

143.031,254

1,897,320

1.500.000
10,969,495

2,300.000
14,967,500
183,247,261

1,000,000
48,309,320
100,000

8,375,000
176,823,495
100,000

245,126,300
472,752,011
102,939,800
11,970,000

147.895,700
322,675,500
6,062,500

393,022,000
795,427,511
109,002,300
11,970,000

491,250

491.250

6,526,000
2,168,750

6,526,000
2,168,750

96,958,250
7.701,500
23.648,350

33,500,000
791,000
2,120,000

130,458,250
8,492,500
25,768.350

1.500,000
9,072,175
7,375.000
128,514,175

3.768,000
148,843,175

49,409,320

1.650,000
2.300.000
45.553,500
3,768,000
198,252,495 1,010,599,711

1,650,000
500.000
2,800,000
2,694,000
48,247,500
518,238,700 1,528,838.411

21,813,000

27,750,000
260,573,112
84,170,500

114,943,750 580,383,000
36,899,500 1,023,703,112
110,670,500
13,400,000
5,732,662
8
-Arif.666 265,346,751
7,550,000 148,516,709
755,000 127,533.500
800,000
10,000,000
142,987,344
1,402,000
95,343,462
167,426,750 2.524,417,040

ppLICTIW

New Capital.

alay10.173

1934.
4 MONTHS ENDED APRIL 30. New Capital. Refunding.
Total.
Long-Term Bonds and Notes
82.027.100
29,527,100
52,500.000
Railroads
22,083.000
2.430.800
19,652,200
Public utilities
Iron, steel, coal, copper, &c
Equipment manufacturers
Motors and accessories
2,308,000
2,308.000
Other industrial and manufacturing
Oil
Land, buildings, &c
Rubber
Shipping
Inv. trusts, trading, holding, &c.
Miscellaneous
31,957,900
74,460,200 106,418,100
Total
Short-Term Bonds & Notes
1,200,000
1.200,000
Railroads
12.000,000
12,000,000
Public utilities
Iron, steel, coal, copper. &c
Equipment manufacturers
Motors and accessories
Other industrial and manufacturing
500,000
500,000
Oil
Land, buildings, &c
Rubber
Shipping
Inv. trusts, trading, holding, &c-250,000
Miscellaneous
250,000
13,950,000
12,750,000
1,200,000
Total
Stocks
Railroads
Public utilities
Iron, steel, coal, copper, &c
Equipment manufacturers
Motors and accessories
15,818,985
15,818,985
Other industrial an!manufacturing_
Oil
Land, buildings, &c
525.000
525,000
Rubber
Shipping
Inv. trusts, trading, holding, &c-Miscellaneous
16,343,985
16,343,985
Total
Total
83,227,100
29.527,100
53,700,000
Railroads
34,083,000
14,430,800
19.652,200
Public utilities
Iron, steel, coal, copper. &c
Equipment manufacturers
Motors and accessories
15,818,985
18,126,985
2,308.000
Other industrial and manufacturing
500,000
500,000
Oil
Land. buildings, &c
525,000
525,000
Rubber
Shipping
Inv. trusts, trading, holding, &c
250,000
Miscellaneous
250,000
75,660,200 136.712.085
Total corporate securities
61,051.885

2994

Financial Chronicle

May 5 1934

DETAILS OF NEW CAPITAL FLOTATIONS DURING APRIL, 1934.
LONG-TERM BONDS AND NOTES (ISSUES MATURING LATER THAN FIVE YEARS).

Amount.

Purpose of Issue.

Price.

To Yield
About.

Company and Issue, and by Whom Offered,

Railroads—
59,911,100 Refunding,other corp. purposes___ 100

6.00 New York Central RR. Co. Cony. Coll. 69, 1944. (Concerlible into no par value capital stock at $40 per
Share for the first 3 years and at $50 per share for the next 7 years.) Offered by company to stockholders.
12.929,000 Adcrns; improv'ts; betterments___ Placed privately Philadelphia Baltimore & Washington RR. Gen. Mtge. 4.34s, 1981. Placed privately through
Kuhn, Loeb & Co.
2,706,000 Acquire equipment
3.80-4.20 Southern Railway Equipment Trust 435% certificates, series CC, due semi-annually, June 5 1937 to
Dec. 5 1944. Offered by Freeman & Co.
75.546,100
_ •
Public Utilities—
5,583,000 Refunding
Placed privately New York Rapid Transit Corp. 1st & ref. M.65, A, 1968. Placed privately.
SHORT-TERM BONDS AND NOTES (ISSUES MATURING UP TO AND INCLUDING FIVE YEARS),
Amount.

Purpose of Issue.

Price.

To Yield
About.

Company and Issue, and by IVhom Offered.

Railroads—
1,200,000 Refunding

100
6.00 International Railways of Central America 1-year 6% Secured Notes due April 1 1935. Offered to
holders of company's 1-year 6% Secured Notes, maturing April 1 1934.
Oil—
500,000 Purch. & process crude petroleum_ Price on applica'n Raritan Petroleum Corp., Newark. N. J., 3 year 6% Participating Warrants. Offered by L. L.
Harr & Co., Inc.. New York.
STOCKS.

Par-or No.
of Shares.

Purpose of Issue.

Other Industrial & Nfanfg.—
250,000 Rehabilitate plant & equipment:
working capital
325,000 ohs Working capital

To Yield
a Amount Price
Incolced. per Share. About.

325,000
3,737,500

a.

332,000 Liquidate indebt.; working capital_
15,000 shs General corporate purposes

Kinsey Distilling Co., Linfield, Pa., Cum. Panic Pref. stock. Offered by H. Vaughn
Clarke & Co., Philadelphia.
(Glenn L.) Martin Co. Common stock. Offered by Otis & Co., New York; Stein Bros.
& Boyce, Baltimore, and Hammons & Co., New York.
Marl Brewing Co. (Wyandotte, Mich.) Common stock. Offered by John L. Brows
& Co., Detroit.
Ozark Barrel & Body Corp. (Ark.) Common stock. Offered by Jennings & Busby,
Detroit.

6)4
113

332,000

1

300,000

Company and Issue and by Whom Offered.

2

4,694,500
FARM LOAN ISSUES.
Issue and Purpose.

Amount.

Price.

To Yield
About.

Offered by
-

45,000,000 Federal Intermediate Credit Banks 2% Coll.
Trust Deb., dated Apr. 16 1934 and due in
9 and 12 months (refunding and provide funds
for loan purposes)
Price on applies. Charles R. Dunn, Fiscal Agent, New York.
ISSUES NOT REPRESENTING NEW FINANCING.
Par or No.
of Shares. Price.
$1,560,000

54

To Yield a Amount
About. Invoiced.

Company and Issue and by Whom Offered.

$
4,212.000 Corn Exchange Bank Trust Co. Capital stock. Offered by Lehman Brothers.

.,,Shares of no par value. a Preferred stocks of a stated par value are taken at par, while preferred stocks of no par value and all classes of common stocks are cornputed,at their offering prices.

Annual Report of Federal Reserve Bank of New York—Basis for Large Increase in
Volume of Credit Seen in Excess Reserves Held by Banks—Progress Since Bank
Holiday of Last Year Reviewed.
According to the Federal Reserve Bank of New York, "the
basis for a very large increase in the volume of bank credit
and of deposits is now available in the excess reserves held
by the banks." The bank makes this observation in its nineteenth annual report, for the year ended Dec. 31 1933, made
available April 27. In its comments on "The Money Supply—
Currency and Bank Credit" (in which reference is made to
business profits), the bank states that "the accumulation of
reserves in excess of current requirements in member banks
has provided a basis sufficient, if put into active use, for an
expansion of the country's total money supply, to a volume
even larger than that of 1928 and 1929. In those years," the
bank adds, "the reserves of member banks averaged around
$2,350,000,000, whereas at the end of 1933 member banks'
reserves were in the neighborhood of $2,675,000,000." The
bank continues:

any extra amount of currency above usual requirements that comes into
possession of individuals and business concerns ordinarily is deposited
promptly in the banks and is returned by the banks to the Reserve banks.
For a number of years past, changes in the active money supply of the
country have been dependent mainly upon changes in the volume of bank
deposits, and the volume of bank deposits, in turn, has been largely dependent upon the volume of bank loans and investments. The basis for a
very large increase in the volume of bank credit and of deposits is now
available in the excess reserves held by the banks.
There are important conditions other than ample bank reserves, however,
which are requisite to expansion of bank credit. The first condition is a
demand for credit on the part of borrowers whose ability to repay their
borrowings appears reasonably assured; this is dependent not only upon
competent management but also upon opportunities for the profitable use
of funds. Another important condition is confidence on the part of depositors in the safety of the banks, and confidence on the part of the banks
In the stability of their depositors, so that the banks will not be under
pressure to maintain extraordinarily high ratios of liquidity. In view of the
steps that have been taken during the past year to strengthen the position of
the banks and to assure the safety of depositors' funds, this second condition
may be considered to have been met.

The shrinkage in the money supply during the past four years has not
been in the amount of currency outstanding, whith, in fact, was $900,000,000
larger at the end of 1933 than at the end of 1929. As the accompanying diagram shows [this we omit.Ed.l, the importance of currency in the money
supply of the United States had been declining almost without interruption
for more than 50 years prior to 1930, while the importance of bank deposits
as a means of payment had been steadily rising. In 1873 and 1874 the amount
of currency outstanding was approximately equal to the total deposits in all
commercial banks. By 1890 the ratio of currency to deposits had dropped
below 50%; by 1910 to less than 25%, and in 1930 to about 10%. Subsequently, the ratio has increased to around 18%, due partly to an increase in
currency outstanding as a result of hoarding, and partly to the rapid shrinkage in bank deposits between 1930 and 1933.
It is estimated that at the end of 1933 the volume of currency outstanding
/
was at least 112 billion dollars in excess of the amount of currency required
for ordinary purposes at the prevailing levels of business and prices. Apparently most of this extra currency was still hoarded, and this assumption is
supported by the fact that the increase in currency outstanding compared
with earlier years was chiefly in the form of large denomination bills. In
view of the steps that have been taken to assure the 'safety of depositors'
funds since the bank holiday, there is no longer sound reason for hoarding,
and a gradual return flow of currency into the banks may be reasonably
expected in a volume at least sufficient to meet the increased currency requirements attendant upon recovery in business and in prices. With the widely
prevalent use of checks in the settlement of personal and business transactions, the amount of currency that can be kept in actual circulation is limited;

Recovery in Business Beall&
Developments of the past year have also tended to increase the number
of potential borrowers entitled to be rated as good credit risks. In a severe
depression, such as that of the past three years, the concerns that are able
to maintain high credit ratings are chiefly those that are able to maintain
ample cash resources and therefore are least in need of credit. Recently,
however, many concerns have had their operations restored to a profitable
basis and their credit standings improved as the result of the moderate
recovery in business that has taken place since the middle of 1912. The
accompanying diagram [this we omit.—Ed.] shows the relationship that
has obtained for a number of years past between changes in business profits
and in the volume of industrial production. The fluctuations in profits are
generally much wider than those in production, but for the purpose of
showing more clearly in the diagram the similarity in direction of movement
different scales have been used for the two curves. During the depression
this close correspondence has been maintained, except that fourth quarter
earnings, especially in 1931 and 1932, have been affected by unusual year.
end charge-offs. The recovery in profits since the second quarter of 1932
appears to have lagged slightly after the upturn in industrial activity, but
nevertheless has been substantial.
Thus far, however, no large increase in short-term business borrowings
from the banks has occurred. The volume of loans other than security loans
made by weekly reporting member banks declined rapidly during the first
two months of 1933, reflecting, in part, the sale by the banks of their
holdings of bankers' acceptances when they were under pressure, but subse-




Volume 138

quently the movement in the volume of these loans was more in accord with
the seasonal movement of years of moderately good business than at any
time since the beginning of the depression. New York Oity banks, in particular, showed a rather substantial increase in their loans between March
and November, but this was followed by a seasonal decline that left the
volume of loans somewhat below that of a year previous. Reports from
member banks in 89 other cities throughout the country showed a smaller
increase during the autumn season, but the net decline for the year as a
whole was much the smallest for any year since 1929.
Security loans, after some further liquidation from January to March,
increased moderately around the middle of the year in New York City banks,
accompanying rising security prices, but subsequently declined again and
for all reporting banks were slightly smaller in volume at the end of the
year than at the beginning. Investments in securities other than Government securities showed no material change during 1933, and were in about
the same volume as in 1932.
The principal channel which has been opened for the expansion of member bank credit has been the purchase of new securities issued by the United
States Government to finance the recovery program of the Administration.
Member banks were heavy subscribers to new Government issues throughout
the year, especially the large New York banks, and their holdings of such
securities increased rapidly from March to June. After the middle of June,
the distribution of new Government securities among business and financial
Institutions and individuals was stimulated by the elimination of interest
payments on demand deposits, and, in addition, purchases of Government
securities by the Reserve banks absorbed a substantial volume, so that the
holdings of Government securities by the weekly reporting member banks
declined slightly in New York, and in other cities increased less rapidly
after the middle of the year. However, the general level of Government
security holdings in the reporting member banks during the latter half of
1933 was far higher than in many previous period, even including the
World War.
On the whole, the volume of bank credit and of bank deposits increased
moderately between the bank holiday and the end of the year, but remained
far below the levels of the years just preceding the depression.

The report discusses, at the outset, "the banking situation
in 1933," and in its opening remarks it states that "the year
1933 brought to a dramatic climax the banking troubles of
recent years, followed by a rapid reconstruction of the country's banking system upon a sounder basis." In part, the
report notes:
At the end of 1933 there were 1,071 commercial banks licensed to conduct
full operations in this district, as compared with 1,414 banks in operation
at the high point at the end of 1927. In the country as a whole the total
number of licensed banks of all kinds at the end of 1933 was under 15,000,
or less than half the number in operation at the high point in 1921.
While a part of the reduction in the number of active banks has been due
to mergers, a much larger part has been due to bank failures. In this
district there were few failures until the end of 1929, but since that time 176
banks, or about 13% of all commercial banks, have been placed in receivership, and, in addition, there were 56 banks still unlicensed on Dec. 31 1933.
For the country as a whole, the rate of bank susnensions has been much
higher; since 1921 the number of bank suspensions has been equal to more
than 40% of the number of banks in operation in that year.
The immediate cause of this extraordinary record of bank failures during
recent years undoubtedly was the most severe business depression in the
history of this country, one phase of which was a violent fall in commodity
prices, and the most drastic decline in property and security values within
the past century. These conditions inevitably caused a depreciation in the
nominal or market value of bank assets without a proportinate reduction
In deposit liabilities. It must be recognized, however, that the more severe
stages of the depression and collapse in values since 1929 have been accentuated by the high rate of bank failures and the accompanying liquidation of
bank assets, and that the banking structure of this country had serious weaknesses that made it especially vulnerable.
These weaknesses in many cases have had their roots in the divided
responsibility for the chartering and regulation of banks in this country.
The parallel development of State and National banking systems led especially
to laxity in the chartering of new institutions, so that far too many banks
came into being during the prosperous years. Between the late '90s and
1921 the total number of banks in the United States increased from less
than 10,000 to more than 30,000. The greatest expansion was in institutions
operating under State charters, which increased from about 6,000 to over
22,000 during this period, but there was also an increase in the number
of National banks from less than 4,000 to about 8,000.

With respect to the progress made since the bank holiday,
the bank has the following to say on "The Strengthening of
Bank Reserves":
Coincident with the substantial progress that has been made since the
bank holiday in the direction of eliminating weakness in the banking system,
there were two factors tending to produce greater liquidity in the banks
and to enlarge the base on which they could extend additional credit. These
factors were: First, the heavy return flow of hoarded currency to the
banks, which started immediately after the bank holiday and continued in
diminishing volume until autumn, and, second, renewed purchases of Government securities on a large scale by the Federal Reserve banks. At the time
of the bank holiday the indebtedness of member banks at the Reserve banks
rose to nearly $775,000,000 in the Second District, and to more than $1,400,000,000 for the country as a whole, in both cases the highest levels since 1921.
By the end of the year the indebtedness of member banks had been reduced
to a little over $100,000,000 for the entire country, and excess reserves
amounting to more than $800,000,000 had accumulated in member banks.
The factors which were responsible for this extraordinary change in the
reserve position of the banks between March 8 and Dec. 27 are summarized
in the following table:
Reserve funds obtained through—
Redeposits of currency (net)
51,714,000,000
Federal Reserve Bank purchases of United States securities
551,000,000
Increase In United States monetary gold stock
80,000,000
Increase In Treasury currency outstanding
76,000,000
Miscellaneous sources
87,000,000
Total
Reserve funds used for—
Retirement of discounts at Federal Reserve banks
Reduction in acceptances held by Federal Reserve banks
Total
Amount added to member bank reserves




2995

Financial Chronicle

52,508,000,000
51,303,000,000
306,000,000
81,609.000,000
5899,000,000

The total volume of currency outstanding outside of the Treasury and the
Federal Reserve banks, which had risen in March to the unprecedented
amount of more than $7,500,000,000, declined by the end of August to
about $5,600,000,000 as the result of redeposits of hoarded currency, and
thereafter showed only a moderate seasonal increase. In this district the
return flow of hoarded currency to the banks from March to August is estimated at more than $600,000,000.
Included in this return flow of currency was a substantial amount of gold
coin and gold certificates. Between March 4 and the middle of May over
$300,000,000 of gold coin and about $500,000,000 of gold certificates were
returned to the Reserve banks—much larger amounts than were withdrawn
during the banking crisis—so that the volume of gold coin and gold certificates outstanding declined to the lowest levels in many years. Under the
President's Executive Order of April 5, holders of gold coin, gold bullion, and
gold certificates were required to deliver their holdings to the Reserve baffled.
This return flow of gold not only increased member bank reserves, but
strengthened the reserve position of Federal Reserve banks as well.
The Reserve banks' purchases of $551,000,000 of Government securities
between the early part of March and the middle of November, following
purchases of more than $1,000,000,000 in 1932. carried the Government
security holdings of the System to a far higher level than at any previous
time. The total holdings at the end of 1933 were over $2,400,000,000, of
which about one-third was held by the Federal Reserve Bank of New York.
In this way the Reserve banks contributed substantially to the excess reserves
of member banks, on the basis of which additional bank credit can be
extended as required.
Distribution of Excess Reserves.
Contrary to the situation in 1932, when excess member bank reserves
accumulated largely in New York and other principal cities, in 1933 excess
funds were widely scattered among banks in all parts of the country. A
survey of the reserve position of all member banks in this district as of
November 1933 indicated that relatively more of the smaller banks than of
the large city banks had high percentages of excess reserves. Only a few
of the banks with more than $50,000,000 of deposits had more than 20% of
excess reserves, whereas over half of the banks with less than $5,000,000 of
deposits had more than 20% of excess reserves, and at least a quarter of
these banks had more than 50% excess. A summary of the result of this
survey for the Second District is shown in the following table:
Number of Banks Grouped by Amount of Deposits.
Excess Reserves in
Per Cent of
Required Reserves.

55.000,000
Over
to
Under
85.000.000. $50,000,000. 550,000,000.

No excess
0 to 10
10 to 20
20t0 30
3000 40
4000 50
50 to 100
100 to 200
Over 200

28
167
109
75
55
37
83
53
24

2
47
12
7
6
4
3
3

Total

631

84

9
6
1
2

19

Total.
30
223
127
83
61
43
86
57
24
734

There are two principal influences which tended to produce the wide distribution of excess reserves; the first was the elimination of interest payments on demand deposits, and the second was Government expenditures.
Immediately following the elimination of interest payments on demand deposits in June 1933, there were heavy withdrawals of funds by out-of-town
banks from the New York City banks, and during the remainder of the year
there was no such accumulation of commercial funds in New York as
occurred in 1932. In fact, there was some evidence of a tendency for corporations to draw on their accumulated balances in New York for interest and
dividend payments and to let a part of their receipts accumulate in banks
In other localities. Altogether, it is estimated that nearly $500,000,000 of
bank and commercial funds was withdrawn from New York to other parts of
the country during the last six months of 1933.
An equally important factor in the distribution of excess reserves was the
financial operations of the Government. During the past year, more than
half of the funds raised by the Treasury through the sale of new securities
were obtained in this district, largely in New York City, but Government
disbursements here were considerably less. It is estimated that for the year
1933 the net amount of funds raised by the Government in New York and
expended elsewhere was in the neighborhood of $500,000,000.
Due to these withdrawals of funds, excess reserves in the large New
York City banks at no time between the bank holiday and the end of 1933
reached as high a level as at the end of 1932, and on several occasions during
the latter half of the year declined to small proportions. In fact, it was
chiefly the heavy purchases of Government securities by the Reserve banks
which enabled the New York banks to avoid recurrent deficiencies in their
reserves in the latter part of the year. Meanwhile, as the accompanying
diagram indicates, excess reserves of member banks in Chicago rose to even
higher levels than in 1932, and excess reserves in other localities rose steadily
throughout the last nine months of the year and reached a far larger aggregate amount than ever before.

The following further extract is taken from the report:
Gold Movements and the Foreign Exchanges.
During the opening weeks of 1933, the dollar was above parity with the
other gold currencies, and the monetary gold stock of the United States
increased moderately as a result of imports, in continuation of the gain recorded during the second half of 1932. After reaching the high point for
the year on Jan. 18, however, the gold stock began to decline, and the loss
of gold continued at an accelerated pace during February, accompanying
the development of the banking crisis in this country and attendant weakness in the dollar in terms of other gold standard currencies. The gold loss
occurred largely through the earmarking of gold for foreign account, reflecting further withdrawals from this country of short-term foreign funds,
which already had been reduced to small proportions at the beginning of the
year. Between Jan. 18 and March 3 the monetary gold stock declined
$324,000,000 to approximately $4,240,000,000, an amount which, however,
remained well above the average for the decade following the war.
The gold outflow came to an abrupt halt on March 4, when banking holidays were declared in practically all States which had not already restricted
banking operations, and by the Presidential Proclamation of March 6, and the
Executive Order of March 10, the export and earmarking of gold were
prohibited, except for transactions licensed by the Secretary of the Treasury.
Despite the restrictions on gold transactions, quotations on the dollar in
terms of the leading gold currencies generally fluctuated within the gold
export and import points between March 3 and April 13, and the gold
stock rose $70,000,000, due to releases of gold from earmark for foreign

Financial Chronicle

2996

accounts, imports from the Orient, and some return of gold bullion to the
mints and assay offices out of domestic hoards.
During the observance of the Easter holidays abroad, however, foreign
markets were closed, and, in a very narrow exchange market in this country,
foreign currencies advanced considerably against the dollar, so that gold
exports became profitable. Licenses were granted on April 13, 15 and 17 by
the Secretary of the Treasury, for the export of a total of $9,600,000 of gold
to France and Holland, but effective April 20, the licensing of gold shipments was suspended by Executive Order of the President.
After the suspension of gold shipments, a rapid decline in the exchange
value of the dollar began, and by the end of April the dollar was quoted
at a discount from parity of about 14%, in terms of gold standard currencies.
This depreciation of the external value of the dollar apparently was the
result of an outflow of domestic and foreign funds in anticipation of further
depreciation of the dollar, rather than of any change in this country's favorable balance of payments through merchandise and debt service accounts.
In May, the dollar held much steadier, with the closing discount at about
16%, but in June the sharp downward movement was resumed, which by
the middle of July had increased the discount on the dollar to about 31%.
Between the middle of July and mid-August a rising tendency of the dollar
reduced the discount from parity to 25%, but toward the end of August the
discount again widened to 30%.
On Aug. 29, an Executive Order was issued which made it possible for
gold produced in this country to be sold at a price higher than the statutory
price of $20.67 per fine ounce. This Executive Order authorized the Secretary of the Treasury "to receive on consignment for sale . . . gold
recovered from natural deposits in the United States," sales to be made "to
persons licensed to acquire gold for use in the arts . . . or by export
to foreign purchasers," and "at a price which the Secretary shall determine
to be equal to the best price obtainable in the free gold markets of the
world . . ." The Federal Reserve banks were designated as agents
for the making of such sales; gold was to be held for purchase by domestic
buyers for two full business days following the day of certification by the
mints and assay offices, and thereafter such gold as remained unsold was
to be "offered for sale to foreign purchasers by the Federal Reserve Bank of
New York."
Prior to the issuance of this order, the needs of industry and the arts
for gold had been supplied by the Federal Reserve banks under license
from the Secretary of the Treasury; between April 1 and Aug. 29, $3,427,000
of jewelers' gold bars were sold direct to applicants in this district, and
$3,419,000 of such bars were sold by the New York Reserve Bank to other
Reserve banks to meet the requirements of their districts. On Sept. 8, the
Secretary of the Treasury first fixed a new gold price in accordance with the
Executive Order of Aug. 29. The price so fixed rose from $29.62 an ounce
on Sept. 8 to a high point of $32.28 on Sept. 20, but subsequently declined
as low as $29.00 on Oct. 16, and the last official quotation prior to the
taking over of this function by the Reconstruction Finance Corporation was
$29.80, on Oct. 24.
Sales of newly-mined gold made through the Federal Reserve Bank of
New York in compliance with the Executive Order of Aug. 29, and the covering Treasury Regulations of Sept. 12, were as follows:
Fine
Ounces.
Sold to trade
Sold abroad
Total

Net
Proceeds.

Average Price
Paid to Prod'rs.

21,588
376,120

$654,848
11,671,426

$30.33
31.03

397.708

812.326.274

830.99

The first domestic sale was made on Sept. 8, and the last on Oct. 27. The
first shipment of this gold for sale abroad took place on Sept. 13, and the
last on Nov. 1.
In the month after the issuance of the Executive Order of Aug. 29, the
exchange value of the dollar dropped to a discount from parity of about 35%,
a new low for the dollar up to that time, but shortly after the beginning of
October the dollar began to strengthen gradually, and the upward movement
was accelerated following the announcement by the Government that a part
of the Fourth Liberty Loan bonds would be called for payment before
maturity. This recovery in the dollar reduced its discount against the gold
currencies to about 28% by Oct. 20.
On Oct. 26 an Executive Order was issued which authorized the Reconstruction Finance Corporation "to acquire gold which has been received on
consignment by a United States mint or assay office." Under the authority
of the Reconstruction Finance Corporation Act of Jan. 22 1932, as amended
and supplemented, that Corporation, in its Circular No. 12, dated Oct. 26
1933, offered an issue of approximately $50,000,000 of notes maturing Feb. 1
1934, on a discount basis equal to interest at the rate of 1 of 1% per annum,
4
payment to be made in gold "deposited at the mint or assay office where
the application is made." The circular quarter provided that after the
receipt of the gold at the mint or assay office had been certified to the
Federal Reserve bank of the oppropriate district, the Corporation, acting
through the Federal Reserve bank as fiscal agent, would issue the notes "at
the rate for such gold last announced by the Reconstruction Finance Corporation." This "rate" differed from the price previously fixed by the Secretary of the Treasury, in that it was an independent American price, whereas
the earlier prices had been an American approximation of the world market
price. A rate of $31.36 a fine ounce of gold was first announced by the
Corporation on Oct. 25; the last and highest rate in 1933 was $34.06, fixed
on Dec. 18.
On Oct. 29 it was announced in Washington that the Reconstruction Finance Corporation would buy gold in foreign markets as well as in the
United States. Payment for foreign gold also was to take the form of debentures of the Corporation, and was to be made through the agency of the
Federal Reserve Bank of New York. Acquisitions of gold by the Reconstruction Finance Corporation during the period of operations, which extended through Jan. 15 1934, were summarized by the Corporation as
follows:
Number of
Ounces.

Cost.

Domestic
Foreign

695.027
3,335,236

$23,363,754
108,307,850

Total

4.030,263

$131,671,604

The first announcement that the Reconstruction Finance Corporation would
purchase newly-mined domestic gold was followed by an abrupt increase in
the discount on the dollar from about 28% to around 33%. For a short
time thereafter, however, rising quotations for the purchase of domestic
gold by the Reconstruction Finance Corporation were not accompanied by a
corresponding rise in foreign exchange quotations, until after the announce-




May 5 1934

ment was made that gold would be purchased abroad. A renewed rise in
the foreign exchanges then occurred. In fact, the rise in the foreign exchances proceeded more rapidly for a time than the rise in the gold quotation of the Reconstruction Finance Corporation, apparently reflecting sales
of dollars in anticipation of further depreciation in the dollar, and the
discount on the dollar increased temporarily to as much as 41.7%. Around
the middle of November, when it became apparent that gold purchases abroad
by the Reconstruction Finance Corporation were limited in amount, foreign
exchange quotations declined until the discount on the dollar was reduced
to about 36%, and approximately this level was maintained for the balance
of the year.
In most of the gold transactions from May to December, gold was treated
as a commodity rather than as a part of the monetary supply, and the gold
purchased by the Reconstruction Finance Corporation was not included in
the currently reported data on the monetary gold stock of the United States.
For the year 1933 as a whole, however, the monetary gold stock showed a
reduction from $4,513,000,000 to $4,323,000,000, due to the loss of gold
prior to the banking holiday. The year's gold movements are summarized
in the following table:
Jan. 1Mar. 4 inc.
Shipments:
Exports
Imports

Mar. 5Dec. 31 inc.

Total
1933.

$
$
$
32,200,000 z325,800.000 z358,000,000
160,200,000
34,100,000 194,300,000
.128,000,000 291,700,000 163,700,000

Net exports
Gold earmarked here for foreign seal
New earmarkings
Releases from earmark

1,600,000
342,100,000

345,300,000
356,900,000

x328,900,000

Net release

343.700,000
14,800,000

340,500,000

y11,600,000

Cold released abroad for Federal Reserve Bank of New York

72,600,000
72,600,000
Net gain or loss from foreign trans—273,500,000 +48,800,000 —224,700,000
actions

Net amount added to monetary gold
stock from domestic sources

2,400,000
31,900,000
34,300,000
Total change in U. S. monetary gold
stock
—271,100,000 +80,700.000 —190.400.000
• Net import. x Net earmark. z Excludes exports of newly mined gold under
Executive Order of Aug.29 1933. y Exc udes approximately $3,000,000 of gold which
was released from foreign earmark account in exchange for gold delivered abroad.
With reference to the physical imports and exports of gold during the
year, sources and destinations are indicated in the following table. The
imports shown as coming from England include $40,500,000 of gold shipped
from London to the United States in January 1933, following shipments of
$22,900,000 in December 1932, out of the $95,550,000 of gold which was
earmarked abroad for the Federal Reserve Bank of New York on Dec. 15 1932,
in connection with the British debt payment due then; the remaining $32,200,000 was sold abroad during January 1933. The exports for the year
1933, which were considerably smaller than in 1932, represented to a large
extent the repatriation by foreign central banks of gold which had been earmarked in the period just prior to the banking holiday. The export of this
gold was permitted under licenses issued by the Secretary of the Treasury:
Country.
Australia
Canada
Czechoslovakia
China and Hongkong
England
France
Germany
Holland
India
Italy
Japan
Mexico
Norway
Philippines
Sweden
Switzerland
All other

*Exports to.
257.000
6,504,000
39,384,000
245,999,000
1,803,000
14,899,000
24,044,000
579,000
6.100,000
5,002,000
11,630,000
1,871,000

*Importsfrom.
$3,176,000
20,141,000
12,821,000
51,827,000
33,025,000
21,645,000
26,213,000
6,702,000
4,859,000
5,743,000

xNet.
+83,176,000
+19,884,000
—6,504,000
+12,821,000
+12,443,000
—212,974,000
—1,803,000
+6,746,000
+26,213,000
—24,044,000
+6,702,000
+4,280,000
—6,100,000
+5,743,000
—5,002,000
—11,630,000
+6,259,000

8,130,000
8358,072,000
Total
3194,282,000
4
—3163,790,000
•These figures differ slightly from those pub ished by the Department of Commerce for three principal reasons: First, because the ultimate source or destination
of shipments was ascertained by this bank in cases where only the immediate source
or destination was reported to the Department of Commerce; second, because
exports of newly mined gold, under the Executive Order of Aug. 29 1933, were
excluded as they were without effect on the gold stock; third, because certain imports were received on Dec. 311932. too late for purchase by the Assay Office until
Jan. 3 1933. x + Excess of imports; — excess of exports.

The course of the dollar in terms of gold and the gold currencies, which
has been discussed in connection with gold movements and the various legislative measures enacted during the year affecting the status of gold in the
United States, is indicated in the diagram on page 31 [this we ovnit.Ed.],
which also shows the movement of the dollar-sterling exchange rate.
The British pound sterling remained comparatively steady in terms of
gold throughout the year, fluctuating between 28.22% and 36.80% discount
against the French franc. The result was a persistent decline in the premium
of the dollar against sterling until mid-July, when the previous parity rate
of $4.866 was approached for the first time since 1931. In August and
September, when the dollar declined once more against gold currencies,
sterling did not attain parity with the dollar again, because the pound also
declined in gold value after July. Early in November, however, sterling
crossed the parity rate of $4.866, and throughout the remainder of the year
the dollar was at a discount against the British currency. The highest
sterling rate of the year was $5.52%, reported in the course of trading on
Nov. 16, but by the close of the year the rate had declined to $5.15%.

Control of Corporations—Restriction of
Proxies, It Is Held, Would Create
Real Problem.
(From the New York "Times" of April 27 we take the following.)

Through all the welter of activities and developments generated by the Washington Government comparatively little
has been brought to the surface in respect to the relationship
between management and ownership of the large American
corporations.

Volume 138

Financial Chronicle

It is recognized that there is a definite line of demarkation
between the owners and the managers of such corporations.
Several years ago the rank and file of investors were under
the impression that in order to control a corporation it was
necessary to be able to vote at least 51% of the stock. Since
then it has been indicated clearly that many corporations are
controlled by groups holding only from 10 to 15% of the stock
or even less.
In the halcyon days a shareholder thought nothing of signing his proxy and sending it into the management of the company whose stock he held. However, with the vanishing of
dividends and the general information that has appeared in
the press, stockholders are not now as willing to send proxies.
Many authorities on investments have held that it is a mistake for a stockholder to send in a proxy. If the holder of
shares is unable to attend the stockholders' meeting, it is contended that he is far better off not to send his proxy. This
brings to the forefront the very vital question of how corporations are going to be controlled henceforth, and by whom.
Theoretically, the directors are supposed to represent all
the stockholders, but to-day a large number of shareholders
question this fact. Recently some talk has been heard that
certain of the authorities in Washington favor placing restrictions on the gathering of proxies. Should this develop
into anything concrete, a real problem will be thrown into the
lap of the men controlling those corporations with the more
substantial lists of stockholders.
Whether the ultimate solution of this question will result
In a broad representation of stockholders remains to be seen.
However, it is very readily imaginable that stockholders will
continue to steadily assert themselves more vocally and translate this into action. It would not take very much of a concerted effort on their part to separate the present managements from control and place the power to run the corporations in the hands of the rightful owners. Should this e'entuate many nice questions doubtless will be created.
EDWIN J. SCHLESINGER.
New York, April 18 1934.

2997

Stock Exchange Profits
[Editorial in New York "Times" May 3 1934.1

k Several points stand out in the

mass of data on member
firms of the New York Stock Exchange, made public by
Mr. Pecora as Counsel for the Senate Committee on Banking
and Currency. One is the fact that these firms derive the
great bulk of their income from ordinary brokerage charges
rather than from large profits on trading; commissions on
the purchase and sale of stocks and bonds account for more
than two-thirds of the total; without such commissions the
aggregate net income credited to the period from Jan. 1
1928, to Aug. 31 1933, would have been a deficit of $670,000,000. A second point, which scarcely needed Senatorial
inquiry to develop it, is that the volume of business on the
Stock Exchange varies widely with the mood of the buying
public, and that commissions and earnings vary with it.
Finally, it is unreasonable to consider aggregate profits without considering also the amount of business from which they
were derived. During the period in question $16,000,000,000
worth of bonds and more than 5,000,000,000 shares of stock
(including "market stock" and "odd-lot" transactions) were
bought and sold on the Exchange. No authoritative estimate
of the aggregate value of this large amount of stock is
available. But leaving wholly out of account commissions
from the purchase and sale of bonds, the aggregate "net
profit" of $833,000,000 earned by the reporting firms represent less than 17 cents for each share of stock handled.
Nor is even this a "net" earning in the sense that it
represents profit above all losses. In his comment on the
Senate Committee's data, Mr. Whitney points out that the
value of seats on the New York Stock Exchange has declined
from a peak figure of $687,500,000 in 1929 to $192,500,000
at the present time—"a capital loss of $495,000,000," or
considerably more than half the aggregate "net profit" for
the 1928-33 period. Furthermore, he asserts (and the statement is readily believable) that stock market firms "have
suffered additional losses, both realized and unrealized, due
to the decline in the value of the securities they own."
Such considerations as these, if noted by the Senate Committee, would rob its figures of the sensational impression
which it apparently intended them to convey. In choosing
to make its data public precisely as debate on the new Stock
Exchange Bill begins it plainly sought to prejudice the
discussion of that measure. This method of enacting legislation by "exploding a bombshell" is increasingly popular but
thoroughly objectionable.

Indications of Business Activity
THEISTATE _OFATRADE—COMMERCIALIEPITOME.
Friday Night, May 4 1934.
Trade reports from all over the country were mostly
favorable. The major industries, generally, maintain a
level of activity well above that of the same period last
year, with the steel and motor divisions making the best
showing. Steel operations were up 3.2% to 55.7% of
capacity, the highest rate since last July, and the production of automobiles continued to increase. Carloadings
showed another increase for the week, but the percentage
of gain was less than in the previous week. Electric output
fell off somewhat, but it still shows a substantial increase
over the same week last year and the corresponding weeks
for three years back. Retail business shOwed further gains
as a result of special sales and advertising, but the forward
movement was checked somewhat by unfavorable weather.
Special sales of furniture, women's coats and dresses, table
linens and housewares were more numerous, due to
the
anxiety of merchants to get rid of their stocks rather than
suffer inventory losses because of weaker wholesale prices.
All indications point to large sales of hardware, paints, garden tools and seeds, and there was a better demand for
reed furniture, grass rugs and druggets. Sales of farm implements were good, and those of electrical appliances
were
larger than a week ago. Wholesale buying, however, was
on a smaller scale. Commodities were generally lower,
although the downward trend of cash markets appeared
to
have been checked. Speculation in cotton was less active,
and prices show a decline for the week owing to heavy
liquidation and the uncertainty over legislation at Washington. The recent weakness of silver also had a depressing
effect. Considerable buying appeared at times on the dips,
and the market staged some fair rallies. The weekly
weather report was unfavorable as to conditions in the
East, but mostly favorable in the West. At one time prices
were down to the lowest level seen since january. Wool
was quiet and lower. Grain markets were higher, owing
to buying influenced by continued drouth and dust storms
over a considerable area of the Northwest and Southwest.
Sugar advanced slightly, under buying stimulated by the




passage of the sugar bill. Coffee was quiet and lower, with
trade buying smaller. Hides were dull and weaker. Metals
were generally steady, although silver declined sharply at
one time owing to the defeat of the silver bloc at Washington and the publication of the list of silver holders. Rubber
was Sharply higher, on the news that an international agreement had been reached to curb production for the next five
years, beginning June 1. A rise in tire prices is expected
as a result of this agreement.
After being generally cool over the week-end, temperatures rose in the middle of the week, and there was a heavy
rainfall on Thursday. A belated frost last week severely
injured the apple crop in Nebraska. The weather in the
grain belts was generally dry, and dust storms were reported
In Kansas and Nebraska. There is a serious water shortage,
and crickets threatened widespread ruin on farms of the
inter-mountain West. California had a 3
-foot snowfall on
the 1st inst. in Lassen Volcanic National Park. To-day is
was raising in the morning and clear in the afternoon here,
with temperatures ranging from 53 to 56 degrees. The forecast was for fair to-night and Saturday. Slightly warmer
to-night. Overnight at Boston it was 56 to 66 degrees;
Baltimore, 64 to 68; Pittsburgh, 56 to 82; Portland, Me.,
50 to 54; Chicago, 62 to 82; Cincinnati, 62 to 84; Cleveland,
64 to 76; Detroit, 58 to 82; Charleston, 64 to 82; Milwaukee,
58 to 74; Dallas, 68 to 76; Savannah, 62 to 84; Kansas City,
58 to 80; Springfield, Mo., 56 to 74; St. Louis, 64 to 82;
Oklahoma City, 58 to 68; Denver, 48 to 54; Salt Lake City,
46 to 68; Los Angeles, 58 to 74; San Francisco, 56 to
66;
Seattle, 56 to 66; Montreal, 52 to 74, and Winnipeg, 46 to 58.
____ Fewer Freight Cars in Need ofvRepairs.
—
According to the American Railway Association, class I
railroads on April 1 had 291,081 freight cars in need
of
repair, or 14.7% of the number on line. This was a
decrease of 4,501 cars below the number in need of such repair
on March 1, at which time there were 295,582, or
14.9%.
Freight cars in need of heavy repairs on April 1 totaled
224,108 cars, or 11.3%, a decrease of 608 cars compared
with the number in need of such repairs on March 1,
while

freight cars in need of light repairs totaled 66,973, or 3.4%,
a decrease of 3,893 compared with March 1.
Locomotives in need of classified repairs on April 1
totaled 11,259, or 23.0% of the number on line. This was
an increase of 140 compared with the number in need of
such repairs on March 1, at which time there were 11,119,
or 22.6%.
Class I railroads on April 1 had 4,590 serviceable locomotives in storage compared with 4,893 on March 1.
Moody's Daily Index of Staple Commodity Prices
Rallies From Low Point.
Although declines outnumbered gains, primary commodity markets have showed distinct rallying tendencies during
the week in review. Moody's Daily Index of Staple Commodity Prices, after reaching the lowest point since early
in January, reversed its trend of the recent weeks and advanced 2.3 points to 134.4.
Seven of the fifteen commodities comprising the index
showed losses for the week, but these were all of a nominal
character. They were, in order of importance, in hogs,
hides, sugar, steel scrap, silk, coffee and silver. An advance of over 2 cents a pound in rubber accounted for threequarters of the rise in the index number, while a healthy
recovery in wheat prices accounted for the remainder, and
fair advances in cotton, corn and cocoa offset the declines
enumerated above.
The movements of the Index number during the week,
with comparisons, is as follows:
132.1
131.9
133.2
132.4
133.1
132.9
134.4

Fri., Apr. 27
Sat., Apr. 28
Mon., Apr. 30
Tues.. May 1
Wed., May 2
Thurs., May 3
Fri., May 4

2 Weeks Ago, Apr. 20
Month Ago, Apr. 4
May 4
Year Ago.
1933 High, July 18
Feb. 4
Low,
1934 High, Feb. 16
Jan. 2
Low,

133.7
137.4
109.0
148.9
78.7
140.4
126.0

Wholesale Commodity Prices Slightly Higher During
Week of April 28, According to National Fertilizer
Association.
Wholesale commodity prices were slightly higher during
the week ended April 28, according to the index of the National Fertilizer Association. This index advanced one
point during the latest week, moving from 70.7 to 70.8.
(The three-year average 1926-1928 equals 100.) A week
ago this index declined four points. A month ago the index
stood at 71.0 and a year ago at 58.6. The Association further announced as follows on April 30:

during
Six of the 14 groups in the index were affected by price changes
metals,
the latest week. Four groups advanced and two declined. Foods,
miscellaneous commodities advanced. Textiles and
fats and oils, and
fertilizer materials declined.
During the latest week there were 25 price advances and 28 declines in the
list of individual commodities. For the preceding week there were 21
advances and 47 declines. Two weeks ago both the advances and the declines numbered 22. Commodities that advanced during the latest week
were wheat,corn,oats,cottonseed meal,raw sugar,potatoes,apples, pig iron,
zinc, coffee, rubber, butter, tallow and silk. The declining commodities
feedIncluded cotton, cotton yarns, cotton cloths, rayon, lard, eggs, most
stuffs, cattle, hogs, heavy melting steel, sulphate of ammonia and silver.
Wheat regained a part of the large loss recorded two weeks ago. Cotton
declined about three-fourths of one cent a pound. Corn and oats made a
fair gain.
WEEKLY WHOLESALE PRICE INDEX-BASED ON 476 COMMODITY
PRICES (1926-1928=100).
Per Cent
Each Group
Bears to the
Total Index.

Group.

23.2
16.0
12.8
10.1
8.5
6.7
6.6
6.2
4.0
3.8
1.0
.4
.4
.3

Foods
Fuel
Grains, feeds and livestock
Textiles
Miscellaneous commodities
Automobiles
Building materials
Metals
House-furnishing goods
Fats and oils
Chemicals and drugs
Fertilizer materials
Mixed fertilizers
Agricultural implements__

IAA /I
•

May 5 1934

Financial Chronicle

2998

All

ornIma rnmhIned

Latest
PreWeek
Apr. 28 ceding
Week.
1934.
71.5
68.9
52.1
68.5
70.4
91.3
81.0
79.8
85.6
50.2
93.0
66.7
76.1
92.4
70 A

70.4
68.9
52.1
70.6
70.2
91.3
81.0
79.7
85.6
49.0
93.0
67.1
76.1
92.4
70 7

Month
Ago.

Year
Ago.

71.2
68.1
54.3
72.0
69.0
91.3
80.5
78.8
85.2
50.3
93.5
67.8
75.9
92.4

59.7
50.8
43.7
46.5
59.3
84.9
71.8
69.1
75.9
48.7
87.2
83.7
62.4
90.2

71 n

cQ A

Revenue Freight Car Loadings for Latest Week 13.0%
in Excess of Same Period Last Year.
Loading of revenue freight for the week ended April 28
1934 amounted to 608,000 cars, an increase of 19,201 cars,
or 3.2%,over the preceding week and 69,845 cars, or 13.0%,
higher than in the corresponding period in 1933. It was
also a gain of 54,457cars, or 9.8%,over the comparable week
week ended April 21 1934
in 1932. Total loading for the
same period last year by 18.7% and was also
exceeded the
April 23 1932.
4.8% in excess of the week ended
16 major railroads to report for the week ended
The first
262,950 cars of revenue freight
April 28 1934 loaded a total of
preown lines, compared nith 261,877 cars in the
on their




vious week and 238,215 cars in the seven days ended April 29
1933. With the exception of the Atchison Topeka & Santa
Fe Ry., the Chicago Milwaukee St. Paul & Pacific Ry.,
the International-Great Northern RR., the MissouriKansas-Texas Lines and the Wabash Ry., these carriers
again showed substantial increases over the corresponding
period in 1933. Comparative statistics follow:
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS
(Number of cars)
Loaded on Own Lines
Weeks Ended

Receiredfrom Connections

Apr. 28 Apr.21 Apr. 29 Apr. 28 Apr. 21 Apr. 29
1934. 1934. 1933. 1934. 1934. 1933.

Atchison Topeka & Santa Fe RyChesapeake & Ohio Ry
Chicago Burlington & Quincy RR
Chicago Milw. St.P.& Pac. Ry_
Chicago & North Western By..._ Gulf Coast Lines
InternatIonl-Great Northern RR.
Missouri-Kansas-Texas Lines_ _
Missouri Pacific RR
N. Y. Chicago & St. Louis Ry_ _
New York Central Lines
Norfolk & Western By
Pennsylvania RR
Pere Marquette Ry
Southern Pacific Lines
Wabash By

18,609
20,398
13,995
16,517
15,090
3,129
2,787
4,392
13,340
4,511
44,048
18,182
56,179
5,405
21,253
5,115

19,516
19,936
14,060
16,221
15,061
3,429
2,632
4,373
13,238
4,490
43,486
17,377
56,072
5,412
21,371
5,203

19,222 5,045 4,852 4,456
16,578 8,541 8.126 7,443
33,741 5,989 5,839 5,353
17,114 5,954 6,121 5,939
13,699 8,726 8,778 7,353
819
2,860 1,374 1,194
3,809 2,455 2,168 2,154
4,810 2,744 2,553 2,465
12,42Q 7,923 7,839 7,129
3,857 7.587 7,483 6,671
37,884 57,381 54,356 45,366
13,556 3,887 3,679 4,065
49,992 33,916 30,534 29,867
4,153 4,911 4,715 3,397
19,164
5,356 7,449 7,289 67478

262.950 261,877 238,215 163.862 155,516 139,055
Total
x Not reported.
TOTAL LOADINGS AND RECEIPTS FROM CONNECTIONS
(Number of Cars)
Weeks Ended
Chicago Rock Island & Pacific By.
Illinois Central System
-San Francisco Ry
St. Louis
Total

April 28 1934. April 21 1934. April 29 1933.
21,156
18,897
19,318
25,117
24,556
25,121
12,234
11,821
12,129
58.507
55,274
56,568

The American Railway Association, in reviewing the week
ended April 21, reports as follows:

Loading of revenue freight for the week ended April 21 totaled 589,463
cars, an increase of 10,818 cars above the preceding week, 92,941 cars above
the corresponding week in 1933, and 26,926 cars above the corresponding
week-in 1932.
Miscellaneous freight loading for the week of April 21 totaled 240,276
cars, an increase of 1,741 cars above the preceding week, 63,446 cars above
the corresponding week in 1933, and 35,901 cars above the corresponding
week in 1932.
Loading of merchandise less than carload lot freight totaled 165,671 cars,
a decrease of 30 cars below the preceding week, but an increase of 5,225 cars
above the corresponding week in 1933. It was, however, a decrease of
19,471 cars below the same week in 1932.
Grain and grain products loading for the week totaled 26,286 cars, a
decrease of 930 cars below the preceding week, 8,568 cars below the corresponding week in 1933, and 5,000 cars below the same week in 1932. In
the Western districts alone, grain and grain products loading for the week
ended April 21 totaled 16,567 cars, a decrease of 6,113 cars below the
same week in 1933.
Forest products loading totaled 23,885 cars, a decrease of 479 cars below
the preceding week, but 8,763 cars above the same week in 1933, and 4,079
oars above the same week in 1932.
Ore loading amounted to 8,610 cars, an increase of 2,254 cars above the
preceding week, 5,192 cars above the corresponding week in 1933, and 3,664
cars above the corresponding week in 1932.
Coal loading amounted to 100,426 cars, an increase of 4,077 care above
the preceding week, 26,299 cars above the corresponding week in 1933, and
7,351 cars above the same week in 1932.
Coke loading amounted to 5,629 cars, an increase of 238 cars above the
preceding week, 2,557 cars above the same week in 1933, and 2,028 cars
above the same week in 1932.
Live stock loading amounted to 18,671 cars, an increase of 8,751 cars
above the preceding week and 2,027 cars above the same week in 1933. It
was, however, a decrease of 1,626 cars below the same week in 1932. In
the Western districts alone, loading of live stock for the week ended
April 21 totaled 15,163 care, an increase of 2,055 cars above the same
week in 1933.
All districts reported increases for the week of April 21 compared with
the corresponding week in 1933 and 1932.
Loading of revenue freight in 1934 compared with the two previous years
follows:
1934,
Four weeks In January
Four weeks In February
Five weeks In March
Week ended April 7
Week ended April 14
Week ended April 21
Total

1933.

2,177,562
2,308,869
3,059,217
5.57,887
578,837
589,453

1,924,208
1,970,586
2,354,521
492,061
498,182
496,512

2,266,771
2,243,221
2,825,798
545,623
566,826
562,527

9,271,825

7.736.050

9.010.766

1932.

In the following table we undertake to show also the loadings for the separate roads and systems for the week ended
April 21 1934. During this period 37 of the smaller roads
showed decreases as compared with the corresponding week
last year when the bank holiday was in effect. Among the
larger carriers showing increases as compared with the same
week in 1933 were the Pennsylvania System, the Baltimore
& Ohio RR., the Chesapeake & Ohio RR., the New York Central RR., the Atchison Topeka & Santa Fe Ry., the Southern
Ry. System, the Louisville & Naghville RR., the Norfolk and
Western Ry., the Illinois Central System, the Chicago Milwaukee St. Paul & Pacific Ry., the Chicago & North Western
Ry., the Chicago Burlington & Quincy RR., the Missouri
Pacific RR., the Southern Pacific Co. (Pacific Lines), and
the Reading Co.

Volume 138

Financial Chronicle

2999

REVENUE FREIGFIT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER
OF CARS)
-WEEK ENDED APRIL 21.
Railroads.

Total Revenue
Freight Loaded.
1934.

Eastern District.
Group A
Bangor & Aroostook
Boston & Albany
Boston & Maine
Central Vermont
Maine Central
New York, N.H.& Hartford__
Rutland

1933.

Total Loads Received
from Connections.
1932.

1934.

1933.

2,,09
2,845
7,057
985
2,309
10,509
607

1,541
2,214
6,151
571
1,970
8,752
562

2,508
2,673
1,255
726
2,445
10,433
636

262
4,978
10,178
2,156
2,618
11.190
1,088

247
3,828
7,835
1.771
1,869
9,454
810

26,581

21,761

26,678

32,470

25.814

Group B
Delaware & Hudson
5.839
Delaware Lackawanna & West_
9,563
Erie
.12,328
Lehigh & IIudson River
210
Lehigh & New England
1,639
Lehigh Valley
7,726
Montour
1,665
New York Central
19.802
New York Ontario & Western_
1,817
Pittsburgh & Shawmut
292
Pittsburgh Shawmut &Northern
298
Total
61,179

3,364
6,453
9,600
256
1,298
6,177
1,350
16,400
1,616
305
257

6,740
10,177
12,068
255
1,836
8,788
1,553
18,586
2,082
442
386

6,346
6,592
1,210
1,735
814
7,158
45
26,923
1,980
32
228

5,168
4,951
10,479
1,376
703
5,899
27
20,131
1,562
39
153

47,076

62,913

63,963

50.488

630
1.133
6,735
21
228
301
2,238
4,642
8,699
1,632
4,490
5,412
5,242
1,371
5,203
3,206

44/
1,133
7,017
25
238
226
1,252
2,953
5,955
2,677
3,476
3,752
2,674
972
4,830
2,501

583
1,306
7,312
39
250
213
1,649
2,882
6.247
3,905
4,209
4,241
3,651
1,030
4.972
1,991

1.040
1,643
9,607
71
88
2,465
1,093
6,299
8,943
230
7,483
4,715
3,842
922
7,289
2,942

794
1,409
8,161
50
90
1.495
617
4,537
,6385
162
6,377
3,261
3,878
632
5,961
1,941

Total
51,183
Grand total Eastern District..
138,943

40,128

44,480

58.672

45,756

108,965

134,071

155.105

12.,058

542
24,550
2,628
261
6,402
581
193
75
717
1,151
56,072
13,503
8,104
13
2,334

294
21,532
1,192
197
4,143
1
154
62
1,004
972
45,786
8,960
3,131
58
2,495

a
26,192
908
146
7,315
43
267
97
1.222
b
57,720
13,660
5,004
47
3,022

505
12,205
1,390
6
9,602
41
18
25
2,795
1,085
30,534
13,118
2,194
1
4,502

591
10,322
798
5
8,228
38
20
11
2,172
972
26,115
12,164
940
1
3,060

117,129

89,981

115,643

78,021

65.437

Total

Group C
Ann Arbor
Chicago Ind.& Louisville
Cleve. Cin. Chic. & St. Louis__
Central Indiana
Detroit & Mackinac
Detroit & Toledo Shore Line..
Detroit Toledo & Ironton
Grand Trunk Western
Michigan Central
Monongahela
New York Chicago & St. Louis
Pere Marquette
Pittsburgh & Lake Erie
Pittsburgh & West Virginia__ - _
Wabash
Wheeling & Lake Erie

Allegheny District.
Akron Canton & Youngstown__
Baltimore & Ohio
Bessemer de Lake Erie
Buffalo Creek & Gauley
Central RR.of New Jersey
Cornwall
Cumberland & Pennsylvania...
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 District,
Group A
Atlantic Coast Line
Clinclifield
Charleston & Western Carolina
Durham & Southern
Gainesville .6 Midland
Norfolk Southern
Piedmont dr Northern
Richmond Frederick. de Potom.
Seaboard Air Line
Southern System
Winston-Salem Southbound

Railroads.

19,936
17,377
1,846
2,933

15,382
12,383
2,161
2,490

16,818
13,123
2,121
2,763

8,126
3,679
1,156
756

6,540
3,029
1,027
574

42,092

32,416

34,825

13,717

11,170

9,077
1,021
400
1o2
.45
1,140
470
353
8,139
19,051
133

9,284
869
396
137
43
1,619
432
268
7,245
18,474
127

9,120
779
418
140
56
1,652
463
321
8,052
19,233
177

4,447
1,581
1,054
517
158
1,422
965
2,895
3,370
11,985
649

3,890
1,275
1,031
447
125
1,392
771
3,397
3,123
10,452
589

Total Revenue
Freight Loaded.

Total Loads Receivedfrom Connect10713.

1934,
Group B
Alabama Tenn. & Northern_
Atlantic Birmingham & Coast_ _
Atl.& W.P.
-West.RR.of Ala
Central of Georgia
Columbus & Greenville
Florida East Coast
Georgia
Georgia & Florida
Gulf Mobile & Northern
Illinois Central System
Louisville & Nashville
Macon Dublin & Savannah....
Mississippi Central
Mobile & Ohio
Nashville Chatt.& St. Louis...
Tennessee Central
Total

1933.

1932.

212
678
708
3,828
232
1,402
842
363
1.428
16,822
16,342
103
120
1.807
3,032
373

199
709
799
3,968
178
1,441
1,036
295
1,141
14.766
13,432
123
126
1.735
3,075
302

260
663
769
4,059
195
860
845
285
1,303
16.126
13,798
118
121
1,982
3,016
443

161
670
953
2,199
241
478
1,273
393
676
8,340
3,802
429
275
1,325
2,385
556

1934.

1933.
138
721
'943
2,097
150
419
1,383
1 339
1628
7,222
3,550
364
' 228
1,410
2,384
487

48,297

43.325

44,843

24,162

22,463

Grand total Southern District__

88,278

82,219

85,254

53,211

48,955

Northwestern District.
Belt By. of Chicago
Chicago & North Western
Chicago Great Western
Chic. Milw. St. Paul dz Pacific_
Chic. St. Paul Minn.& Omaha_
Duluth Missabe & Northern
Duluth South Shore & Atlantic.
Elgin Joliet & Eastern
Ft. Dodge Des M.& Southern _
Great Northern
Green Bay & Western
Lake Superior & Ish peming _ __
Minneapolis & St. Louis
Minn. St. Paul & S. S. Marie__
Northern Pacific
Spokane & International
Spokane Portland & Seattle

860
15,173
2,379
16,221
3,1a7
581
568
5,392
279
8,504
505
326
1,487
4,472
8,255
130
1,390

643
12,810
2,268
15,372
3,250
298
274
3,146
298
7.362
497
162
1,692
4,294
6,693
86
715

1,082
13,771
2,502
15,749
2,825
463
408
3,174
313
7,460
528
a
1,892
4,579
7.707
a
1,087

1,388
8,778
2.371
6,121
3,029
99
379
4,468
115
2,345
490
88
1.294
2,391
2,133
140
1,014

-.al
1,129
7,124
1.852
5,473
2,425
34
347
3.250
122
1,592
293
6 68
1.257
1,728
1,841
136
758

69,679

59.860

63.540

36,648

29,427

19,516
2,616
182
14,060
1,160
10,403
2,131
772
1,632
158
1,127
1,702
576
132
15,532
226
308
11,207
148
1,371

18,178
2,757
159
12,658
1,185
10.163
1,993
737
1,417
116
1,011
1,905
362
103
12.219
233
330
10,109
234
1,044

19,975
3,096
180
14,225
a
12,224
1,968
829
1.195
110
1,135
a
451
185
14,524
261
365
10,806
173
1,266

4,852
1,715
33
5,839
525
5,561
1,826
830
2.012
21
931
909
281
67
3,344
268
885
6,733
3
1,531

3,681
1,497
31
4,999
637
5,431
1.571
563
1,514
11
690
816
189
47
2,791
239
784
5,177
5
1.167

84,959

76,913

82,978

35.172

31,840

209
139
98
3,429
2,632
139
1,682
1,012
117
360
495
133
4,418
13,238
35
180
6,697
1,993
5,839
3,882
1,606
40

117
139
1111
2,796
4,016
61
1,272
1,135
136
138
458
68
4,238
11,204
48
111
7,169
1,979
5,476
3,614
1,813
51

175
101
131
3,332
1,751
121
1,467
1,292
a
86
483
43
4.839
11,953
39
111
7,404
2,066
5,877
3,306
1,622
17

3,220
274
145
1,194
2.158
1,006
1,374
768
326
789
438
197
2,553
7,839
7
108
3,526
1,877
2,525
3,527
1,986
44

1.1
2,548
346
133
861
1,665
1,002
1,123
643
192
537
488
224
2,319
6,482
11
90
2,962
1,401
2,080
3,425
1,744
42

Total
Central Western District.
Atch. Top.& Santa Fe System _
Alton
Bingham & Garileld
Chicago Burlington & Quincy
Chicago & Illinois Midland_
Chicago Rock Island & Pacific_
Chicago & Eastern Illinois
Colorado & Southern
Denver & Rio Grande Western.
Denver & Salt Lake
Fort Worth & Denver City__ _
Illinois Terminal
Northwestern Pacific
Peoria & Pekin Union
Southern Pacific (Pacific)
St. Joseph & Grand Island__
Toledo Peoria & Western
Union Pacific System
Utah
Western Pachic
Total
Southwestern District.
Alton & Southern
Burlington-Rock Island
Fort Smith & Western
Gulf Coast Lines
International-Great Northern
Kansas Oklahoma & Gulf
Kansas City Southern
Louisiana dc Arkansas
Louisiana Arkansas & Texas.__
Litchfield de Madison
Midland Valley
Missouri & North Arkansas....
Missouri-Kansas exas
-I
Missouri Pacific
Natchez & Southern
Quanah Acme & Pacific
St. Louis-San Francisco
St. Louis Southwestern
Texas & New Orleans
Texas & Pacific
Terminal RR.Assn. of St. Louis
Weatherford Min.Wells & N.W.

Total

40,411
38,894
29.049
39,981
26.492
Total
48,373
46,158
46,210
35.881
30,318
a Not available. b Pennsylvania-Reading Seashore Lines Include the new
RR.. and Atlantic City RR .formerly part of Reading Co.: 1932 figures included consolidated lines of the West Jersey dr Seashore RR., formerly part of Pennsylvania
In Pennsylvania System and Reading Co •Previous week's figure.

Moderate Increase of More Than Seasonal Amount
Reported by Boston Federal Reserve Bank in
General Business Activity During March Over
February.
"During March a moderate further increase of more than
the seasonal amount over February occurred in the general
level of business activity in New England," according to
the Federal Reserve Bank of Boston, which said that "during
the first quarter of 1934 the volume of industrial activity
was rising steadily, in contrast to the declining trend which
prevailed during the period from January through March 2
a year ago." As given in its "Monthly Review" of May 1
the Bank also had the following to say as to conditions in
Now England:
These trends aro significant, but actual comparisons between March in
1933 and 1931 are influenced strongly by the abnormal and unusual conditions existing last year. Not only did the volume of industrial activity
in Now England during the first quarter of 1934 exceed that of the corresponding period in 1933, but retail trade, as measured by the sales
(dollars) of reporting estalishinents in this district, was nearly 25% better
in the first three months of this year.
According to the Department of Labor and Industrics, increases occurred
between February and March in representative manufacturing establishments in Massachusetts. amounting to 1.5% in the number of wageearners employed, 3.1% in tho amount of aggregate payrolls, and 1.5%
in average weekly earnings per person employed. These increases were
attributed to a general improvement throughout the State. The number




employed in March 1934 was nearly 32% larger than in March 1933. while
the amount of payrolls increased nearly 63%.
The volume of boot and shoe production in this District during the
first quarter of 1934 is estimated to have been slightly greater than in the
corresponding period a year ago. The increases recorded in January and
February 1934 over the corresponding months in 1933 were only moderate.
while in March practically no change took place.
The average daily amount of raw cotton consumed by New Enlgand
mills during the first three months of 1934 was 3.950 bales, exceeding the
quantities consumed in the first quarters of 1931, 1932, and 1933 by 8.5%,
30.7%, and 41.9%. respectively, and was only 8.9% loss than in the first
three months of 1930. The average daily amount of raw wool used by
mills in this Dsitrict, however, during the first quarter of 1934 was
1.1%
Ices than in the corresponding period of 1933, exceeded that of
1932 by 3.7%,
but was 17.3% less than in 1931.
The volume (square feet) of residential building contracts awarded
in
New England during March, adjusted for seasonal influences, was
slightly
higher than in February and about the same as in January. Similar
conditions prevailed in contracts awarded for commercial and industrial
construction,
During March 1934 the dollar volume of retail sales of 1.246 concerns
In Massachusetts, representing most kinds of retail business,
was $24.425,497, compared with 817.910,034 in March 1933.

"Annalist" Weekly Index of Wholesale Commodity
Prices on May 1 At Highest Level Since March 10
1931.
An advance of 0.7 point for the week carried the "Annalist"
weekly index of wholesale commodity prices to the highest
level (in terms of United States dollars) since March 10

1931, the index rising to 109.4 on May 1 from 108.7 (revised)
April 24. The "Annalist" further said:
The rise reflected higher prices for wheat and flour, oats, butter, tobacco,
pig iron, rubber, and especially steers, the last advancing 74 cents to $8.62
for the Chicago average. Offsetting only in part these advances were losses
In hogs and lambs, tin, cotton and all the other textile fibers and goods.
In terms of the old dollar, the index stood at 64.8, or only slightly above
the 64.0 level which has been its "bottom" for two months and which
was the all-time low except for Nov. 21 1933, when it touched 62.8.
THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES
Unadjusted for seasonal variation.
(1913+100)
May 1 1934. Apr.24 1934. May 2 1933.
74.9
:89.4
90.5
Farm products
93.7
106.7
107 7
Food products
77.8
:115.9
y114.7
Textile products
103.1
161.4
161.4 Fuels
95.2
112.3
112.4
Metals
106.6
113.9
114.0
Building materials
95.5
100.2
100.2
Chemicals
71.7
88.6
89.5
Miscellaneous
88.2
x108.7
109.4
All commodities
75.0
:64.0
64.8
z All commodities on old dollar basis_
x Revised. y Preliminary. z Based on exchange quotations for France. Switzer
land. Holland and Belgium.

Weekly Electric Output Exceeds Corresponding Period
in 1933 by 16.8%.
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 April 28 1934 totaled
1,668,564,000 kwh., as against 1,427,960,000 kwh. in the
corresponding period last year, an increase of 16.8%.
Output in the week ended April 21 amounted to 1,672,765,000 kwh., compared with 1,44,095,000 kwh. in the
like week in 1933, a gain of 16.9%. The Institute's statement follows:
PER CENT CHANGES (1934 OVER 1933).
Major Geographic
Divisions.

Week Ended
Week Ended
Week Ended
Week Ended
Apr.28 1934. Apr. 21 1934. Apr. 14 1934. Apr. 7 1934,

New England
Middle Atlantic
Central Industrial_._
Southern States
Pacific Coast
West Central
Rocky Mountain

+16.7
+12.3
+22.6
+10.6
+12.5
+10.8
+25.2

+15.7
+13.3
+22.4
+16.5
+13.3
+11.2
+20.4

+16.5
+12.5
+22.4
+15.5
+14.3 •
+10.2
+16.8

+16.0
+10.5
+21.3
+14.3
+12.9
+11.0
+20.8

Total United States_

+16.8

+16.9

+16.5

+15.5

Arranged in tabular form, the output in kilowatt hours of
the light and power companies of recent weeks and by
months since and including January 1931 is as follows:
Week of-

1934.

Week of-

1933.

Jan. 8 1,563.678,000 Jan. 711,425.639,000
Jan. 13 1,646,271,000 Jan. 14 1,495,116,000
Jan. 20 1,624,846,000 Jan. 21 1,484,089,000
Jan. 27 1,610,542,000 Jan. 28 1,469,636,000
Feb. 3 1,636,275,000 Feb. 4 1.454,913,000
Feb. 10 1,651,535.000 Feb. 10 1,482,509,000
Feb. 17 1340,951,000 Feb. 18 1,469,732,000
Feb. 24 1,646,465,000 Feb. 25 1,425,511,000
Mar. 3 1,658,040,000 Mar. 4 1,422,875,000
Mar. 10 1,647,024,000 Mar. 11 1,390,607300
Mar. 17 1,850,013,000 Mar. 18 1,375,207,000
Mar.24 1,658,389,000 Mar.25 1,409,655,000
Mar.31 1,665,650,000 Apr. 1 1,402.142,000
Apr. 7 1,616,945,000 Apr. 8 1,399,367,000
Apr. 14 1,642,187,000 Apr. 15 1,409,603.000
Apr. 21 1,672,765,000 Apr. 22 1,431.095,000
Apr. 28 1,688,564,000 Apr. 29 1,427,960,000
May 6 1,435,707,000
May 5
:Revised figure.
DATA FOR RECENT
Month of-

May 5 1934

Financial Chronicle

3000

1934.

1933.

1932.

1,619,265,000
1,602,482.000
1,598,201,000
1,588.967,000
1,588,853,000
1,578,817,000
1,545,469,000
1,512,158,000
1,519,679.000
1,538,452.000
1,537,747,000
1,514,553,000
1,480,208,000
1,465,076,000
1,480,738,000
1,469310.000
1,454,505,000
1,429.032,000

9.7%
10.1%
9.5%
9.6%
12.5%
11.4%
11.6%
15.5%
16.5%
18.4%
20.0%
17.6%
18.8%
15.5%
16.5%
16.9%
16.8%
---

MONTHS.
1932.

1931.

1934
Over
1933.

January-. 7,131.158,000 6,480,897,000 7,011,736,000 7,435,782,000 10.0%
February..., 6,608,356,000 5,835,263,000 8,494,091,000 6,678,915,000 13.2%
6,182,281.000 6,771,684,000 7,370,687,000
March
6,024,855.000 6,294,302,000 7,184,514,000
April
6,532,686,000 6,219,554,000 7,180,210.000 -May
.
--6,809,440,000 6,130,077,000 7,070,729,000
June
....7,058,600,000 6,112,175,000 7,286,576,000
July
7,218,878,000 6,310,667,000 7,166.086,000 ...August
6,931,652,000 6,317,733,000 7,099.421,000
September.
7,094,412.000 6,633,865,000 7,331,380,000
October
6,831,573,000 6,507,804.000 6,971,644.000 -November.
7.009.164.000 6,638,424,000 7,288,025,000 -December
---80.009.501.000 77.442.112.000 86.063.969.000
Total
Note.-The monthly figures shown above are based on reports covering approximately 92% of the electric light and power Industry and the weekly figures are
based on about 70%

No Change in Wholesale Commodity Prices for Second
Consecutive Week According to Index of United
States Department of Labor for Week Ended
April 21.
The Bureau of Labor Statistics wholesale commodity
price index remained unchanged for the second consecutive
week, according to an announcement made April 26 by
Commissioner of Labor Statistics Lubin of the U. S. Department of Labor. In his announcement, Mr. Lubin
stated:
with the
Present prices are 73.3% of the 1926 average as compared
73.4% for the week ending
same level for the two preceding weeks, and
on March 10.
March 31; 73.5% on March 24; 73.7% on March 17: 73.8%
and 73.6% on March 3.




Mr. Lubin's announcement went on to say:
The foods group registered the largest advance and rose by 1.2%. The
sub-group of meats which showed an average increase of over 5A %, and
which reached the highest point for the present year. was largely responsible
for the increase for the food group. Other food items contributing to the
rise were butter, eggs, pepper, edible tallow, and peanut oil. Important
commodities showing a decrease were raw sugar, coffee, lard, flour, corn
corn meal and cottonseed oil.
The housefurnishing goods group with an index of 83.1 rose to the highest
point reached during the present year. Both sub-groups, furniture and
furnishings, showed a slight rise. Advancing prices of gasoline and bituminous coal more than offset price declines in fuel oil and anthracite
and caused the fuel and lighting materials group to move upward 0.3 of
1%. The metals and metal products group rose fractionally due to higher
prices for nonferrous metals. The chemicals and drugs group also showed
a fractional rise.
A sharp reaction in grain prices which dropped by more than 10% during
the week and smaller declines in cotton, seeds, domestic wools, onions
and potatoes caused the farm products group to drop 1.3% during the week.
On the other hand, the sub-group of live stock and poultry moved upward
by 3%.
The textile products group continued downward for the eighth consecdtive week to a level of 75.2% of the 1926 average. The decline was due
chiefly to lower prices for certain cotton textiles, raw silk, woolen and
worsted goods, and manila hemp. Building materials also showed a
further reaction in prices and was lower by 0.2 of 1%. Falling cement
prices and minor changes in other building materials were responsible
for the decrease.
The miscellaneous commodity group recorded a further weakening of
prices and decreased 0.4 of 1%. The further decrease in cattle feed resulted in an approximate 17% drop in this sub-group during the past two
weeks. On the other hand, crude rubber continued to move upward and
advanced by nearly 3%. This rise in rubber prices raised the level for
this item to the highest point reached in the past four years and placed
the present index at 25% of the 1926 average. The increase over the low
point reached in July 1932 was close to 350%. Minor changes in the hides
and leather products group resulted in a fractional decline.
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
April 22 1933, April 23 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 APRIL 21
AND APRIL 14 1934, APRIL 22 1933. APRIL 23 1932, NOV. 18 1933.
MARCH 4 1933, AND YEAR 1929. (1926=100.0.)
Week Ended,
Year
Ayr. 21 Apr. 14 Apr. 22 Apr. 23 Nov. 18 Mar. 4 1929.
1934. 1934. 1933. 1932. 1933. 1933.

1934 Over
1933.

Week ofJan. 9
Jan. 16
Jan. 23
Jan. 30
Feb. 6
Feb. 13
Feb. 20
Feb. 27
Mar, 5
Mar. 12
Mar. 19
Mar.26
Apr. 2
Apr. 9
Apr. 16
Apr. 23
Apr. 30
May 7

As compared with the index of 60.4 for the corresponding week of last
year, the present level is up by 21M %. It is 113i% above the level for
the same week of two years ago when the index was 65.8%. The average
wholesale price level now stands 33i% above that of the first week of
January. It Is approximately 2% above the high point reached during
1933 (Nov. 18) when the index stood at 71.7, and 23% above the low
point of last year (March 4) when the index was 59.6.
Of the 10 major groups of commodities covered by the Bureau of Labor
Statistics, five showed an increase and five a decrease from the level of the
week before.

Farm products
Foods
Hides and leather product
Textile products
Fuel and lighting material
Metals and metal product
Building materials
Chemicals and drugs
Housefurnishing goods. _
Miscellaneous
All commodities other tha
farm products and food
All commodities

59.7
66.6
89.7
75.2
73.1
87.0
86.3
75.5
83.1
69.3

60.5
65.8
89.8
75.5
72.9
86.9
86.5
75.4
82.8
69.6

78.8

78.9

73.3

73.3

49.7
61.0
74.4
56.8
71.7
80.2
72.2
74.5
78.2
64.8

58.7
65.4
88.5
75.8
74.5
83.5
84.7
73.5
82.1
65.4

40.6
53.4
87.6
50.6
64.4
77.4
70.1
71.3
72.7
59.6

104.9
99.9
109.1
90.4
83.0
100.5
95.4
94.2
94.3
82.6

65.5

71.1

77.5

66.2

91.6

60.4

65.8

71.7

59.6

95.3

44.6
58.2
69.1
51.4
62.4
76.8
70.2
71.3
72.2
57.7

Larger Than Seasonal Increases in Industry and Trade
in San Francisco Federal Reserve District During
March Reported by Isaac B. Newton of San
Francisco Reserve Bank.
In his report of business conditions in the Twelfth (San
Francisco) District, Isaac B. Newton, Chairman of the
Board and Federal Reserve Agent of the Federal Reserve
Bank of San Francisco, states that business in that District
"was considerably more active in March than in February,
both industry and trade showing larger than seasonal gains."
Mr. Newton's report, issued April 24, went on to say:
Lack of rain in most parts of the District did not seriously affect the
condition of planted crops or livestock ranges during March, but a shortage
of irrigation water in California is anticipated this season. Crops continued to be marketed in larger volume and for much higher prices than
in the corresponding month last year, although there was some decrease
in prices of farm products from mid-March to mid-April.
Industrial employment increased by more than the seasonal amount
during March. Lumber mill operations also expanded sharply, the adjusted index advancing to 55% of the 1923-1925 average, compared with
52% in February. Crude oil production increased considerably in March
and the first half of April. althoguh activity at refineries declined. There
was little change in output of copper during March. Increased consumption of copper resulted in further reductions in inventories. Output of
cement was 15% larger in March than in February, an increase of more
than the usual seasonal amount. Construction contracts awarded for
public works were not as large as in February. but residential and nonresidential private building showed the largest increases in several months.
Daily average sales of department stores were 20% higher in March
than in February. This increse. which was reported from all parts of the
District, was much greater than the seasonal expectation, oven after
allowing for the early Easter this year. Automobile sales also expanded
more than is customary in March. Railway freight movement of merchandise increased more than seasonally during the month, but industrial
freight carloadings increased by less than the usual amount, resulting in a

Financial Chronicle

Volume 138

decline in the adjusted index of total freight carioadings. Volume of
Inter-coastal traffic was the largest since July 1930.
Federal Government expenditures in excess of collections in the District
•
remained the predominant influence in the credit situation during the
four weeks ending April 18. Funds derived from this source, together
with a net inflow from commercial and financial transactions with other
districts, resulted in a further accumulation of excess reserves of member
banks. Money rates were reduced slightly. City member banks reported
little change in either commercial or security loans, although there was a
moderate reduction in their large holdings of Government securities. Total
deposits remained unchanged.

Increases in Employment and Payrolls in Manufacturing Industries During March as Compared With
Year Ago Reported by National Industrial Conference Board-Cost of Living Up Slightly.
Payroll disbursements in manufacturing industry in March
were 8.5% larger than in February, 1934, and 105% larger
than a year ago, according to the regular monthly survey of
the National Industrial Conference Board announced April
30. The number of wage-earners employed increased 4.8%
from February to March and was 45.6% higher than in
March, 1933. Average weekly earnings were $20.49 in
March, showing a gain of 41% during the year. The Conference Board's survey also noted:
A slight rise in the cost of living partially offset the nominal gain in average
weekly earnings, but left the buying power of the average weekly pay envelope 3.3% larger in March than in February and 28.9% larger than in
March, 1933.
The total number of hours worked was 7.3% higher in March than in
February, and 64.5% higher than in March of last year. The average workweek per wage earner was 36.4 hours in March, as compared with 35.5 hours
in February, an increase of 2.5%. and 32.2 hours in March, 1933, an increase of 13.0%.
The industries in which the largest relative increase in employment took
place between February and March were: automobiles, 16.7%; foundries,
14.3%; boot and shoe, 9.1%; "other" foundry and machine shop products,
8.6%; lumber and millwork. 8.0%; and heavy equipment, 6.1%. In the
other industries that took on additional workers, the increases were less than
5%, while in six industries employment fell off.
The relative advance in total man-hours, which is a better measure of the
Increase in manufacturing activity than employment, was largest in foundries, 27.6%; followed by the automobile Industry, 25.3%; iron and steel,
13.2%; boot and shoe, 11.9%;"other" foundry and machine shop products.
10.5%; hosiery, 9.8%; lumber and millwork. 8.5%; paper products. 7.7%;
electrical manufacturing, 6.4%; heavy equipment, 6.3%; and agricultural
Implements,5.7%. In seven industries there was an increase of leas than 5%
In total man-hours worked, while in seven other industries declines were
noted.
Hourly earnings combined averaged $0.561 in Marco, an increase of0.5%
over the average of 80.558 in February, and of 22.0% over the average of
80.460 in March, 1933. The advance in hourly earnings, together with the
Increase in the number of hours worked per week, raised weekly earnings to
820.49 in March,showing a gain of 3.4% over the February level and a gain
of 41% over the level of March. 1933.

Increases in Both Wholesale and Retail Trade in
Seventh District Reported by Chicago Federal
Reserve Bank.
"The general expansion shown during March in the
wholesale distribution of commodities was largely seasonal
in extent," according to the Federal Reserve Bank of
Chicago, "although certain groups experienced heavier than
usual increases in sales for the period." As contained in its
"Business Conditions Report" of April 30, the Bank further
reported as follows as to wholesale and retail trade conditions in the Seventh (Chicago) District:
The wholesale hardware trade gained 38% over the preceding month, the
dry goods trade 22%, and electrical supply sales 20%. as against increases
In the 1924-33 average for March of only 33, 14 and 7%,respectively. The
gains of 10% each in wholesale grocery sales and in the drug trada compared with increases of 12 and 14% in the average. As will be noted in the
table, gains over March last year were exceptionally large, except in groceries, the disturbed conditions prevailing a year ago being to a great
extent responsbile for the favorable comparison shown in March this year.
First quarter sales Ii 1934 exceeded those of the corresponding period of
1933 by 21% in groceries, 31% in drugs.64% in dry goods. 72% in electrical
supplies, and 87% in hardware. Slight increases over a month previous
were recorded by all lines in stocks held at the end of the month. Accountssales ratios were smaller in all reporting groups for March as compared
with February and continued to be considerably below those of a year ago
when collection conditions were extremely unfavorable. Price trends
generally held steady to upward in March.
WHOLESALE TRADE IN MARCH 1934.

Commodity.

Per Cent Change
From Same Month Last Year.
Net
Sates.

&eat.

ColAccounts
otastand'o. lections.

Ratio of
Accounts
Outstared'g
to
Net Sates.

Groceries
+17.7
-4.9
+17.5
101.4
+33.8
Hardware
+97.9
+115.3
+14.5
+23.8
207.4
Dry goods
+59.3
+5.1
+81.6
+48.1
210.2
Drugs
+42.6
+20.6
-9.
180.5
+7.7
Electrical supplies
+7.7
+19.8
+84.2
+70.9
173.2
A 31% gain in Seventh District department store sales for March over
February was greater than in the same month of any of the 10 preceding
years and compared with an expansion of only 18% in the average for these
years. Chicago stores showed the smallest increase in the-monthly comparison. sales exceeding those of the preceding month by 22%, whereas
Milwaukee trade gained 24%, Detroit 42%, Indianapolis 49%, and the
total for stores in smaller cities 38% over February. An unusually large
Increase. 49%, was recorded in District sales over March 1933. the size of
the gain being partly accounted for by the fact that Easter trade came in
March this year, whereas last year it was carried over into April, and partly
due to the low level of business activity prevailing a year ago, especially in
cities such as Detroit. Collection conditions, as reflected in the ratios of




3001

collections to accounts, likewise showed wide differences this year from the
unfavorable trends of last March. Stocks continued to rise seasonally in
March and at the end of the month totaled over one-fourth heavier than
last March. First-quarter stock turnover in 1934 was somewhat more
rapid than in the same month of 1933.
DEPARTMENT STORE TRADE IN MARCH 1934.
Per Cent Change
March 1934
from
March 1933.
Locality.

P.C.Change
3 Months
1934 from
1933.

Ratio of March
Collections
to Accounts
Outstanding End of
February.

Net
Sales.
Chicago
Detroit
Indianapolis
Milwaukee
Other cities

Stocks End
of Month.

Net
Sales.

1934.

1933.

+25.4
+109.3
+61.9
+39.9
+67.5

+29.6
+7.9
+47.4
+38.6
+15.1

+23.8
+63.9
+32.2
+30.0
+45.5

33.3
46.6
42.7
35.7
34.0

22.7
21.6
30.9
27.2
24.8

Seventh District

+49.0
+35.2
+26.1
38.0
23.9
The retail shoe trade in March, according to aggregate sales of reporting
dealers and department stores, exceeded that of the preceding month by
74%, as against an increase of 43% in the 1926-33 average for the month.
With the exception of March 1929 when a gain of 102% was recorded over a
month previous, the current expansion was by far the heaviest of any of
the years included in the average. Sales totaled 55% greater than in
March last year and in the first three months of 1934 were 37% above those
of the first quarter of 1933. A 7% expansion took place in stocks on hand
between the close of February and the end of March, and they totaled 13%
heavier than a year ago at the same time.
As in other lines of retail trade, sales of furniture and house furnishings
expanded more than usual in March over February. Reporting dealers
and department stores had sales aggregating 8 % more than in the preceding month, which compares with a gain of but 7% in the 1927-33 March
average. Sales exceeded those of a year ago by 50%. Stocks increased
2% in the month, totaling 30% heavier than at the end of March last year.
Aggregate sales of 14 reporting chains in March were 24% in excess of the
February volume and 31% heavier than in March a year ago. All groups.
which include drugs, groceries, five-and-ten-cent stores, shoes, cigars.
men's clothing, and musical instruments, shared in the gain over a month
previous, and all except groceries in that over last March. The aggregate
number of stores operated rose very slightly in March over February, but
was 3% less than a year ago.

Lumber Orders During Week Ended April 28 1934
Below Corresponding Week of 1933.
Lumber orders booked at the mills during the week ended
April 28 were less than the preceding week and less than
in March weeks, but greater than the first two weeks of
April and than any week in the first two months of the
year; production was less than during the two preceding
weeks and than two in March, otherwise heaviest of the
year, according to telegraphic reports to the National
Lumber Manufacturers Association from regional associations covering the operations of 1,512 leading hardwood
and softwood mills. These mills reported production
206,136,000 feet, shipments 195,239,000 feet, orders 205,273,000 feet. Revised figures from 1,555 mills for the
week ended April 21 were production 222,777,000 feet, shipments 206,933,000 feet, orders. 216,719,000 feet. The
Association further reported as follows:
All softwood groups reported orders above production during the week
ended April 28 except Western Pine, California Redwood and Northern
Hemlock, but total softwood orders were 0.2% below production. The
hardwood groups, except Southern and Appalachian, reported orders lass
than output, total orders being 2% below production.
For this first time this year orders were less than during the corresponding week of 1933, according to reports of identical mills. All regions reported decrease except California Redwood and Northern hardwoods.
The largest losses were in the South and in Northern softwoods. Total
softwood orders were 10% below those of corresponding week of last year;
hardwood orders 27% below their 1933 record. Production was 43%
above that of last year's week; shipments were 3% below. The loss in
orders from last year is due partly to recovery, then partly to current decline.
Unfilled orders dropped somewhat from the preceding week, being the
equivalent of 26 days' average production of reporting mills, compared
with 27 days a week ago and 20 days a year ago.
Forest products carloadings during the week ended April 21 were 23.885
cars, a decrease of 479 ears from the preceding week; 6,763 cars above the
same week of 1933 and 4,079 cars above similar week of 1932.
Lumber orders reported for the week ended April 28 1934 by 996 softwood
mills totaled 178.262,000 feet, or 0.2% below the production of the same
mills. Shipments as reported for the same week were 167.127,000 feet.
or 6% below production. Production was 178,592.000 feet.
Reports from 563 hardwood mills give new business as 27.011.000 feet
or 2% below production. Shipments as reported for the same week were
28,112,000 feet, or 2% above production. Production was 27.544,000 feet.
Unfilled Orders and Stocks.
Reports from 1,750 mills April 28 1934 give unfilled orders of 890,810,000
•feet and gross stocks of 5,224.776,000 feet. The 511 identical mills report
unfilled orders as 597,807,000 feet on April 28 1934, or the equivalent of
26 days' average production, as compared with 463,989,000 feet, or the
equivalent of 20 days' average production on similar date a year ago.
Identical Mill Reports.
Last week's production of 413 identical softwood mills was 153.479.000
feet. and a year ago it was 109.880.000 feet; shipments were respectively
144.545,000 feet and 149,491).000; and orders received 145,516.000 feet and
161,024.000 feet. In the case of hardwoods, 204 identical mills reported
production last week and a year ago 16,009.000 feet and 8346,000; shipments 16.552,000 feet and 17,062,000, and orders 16.289,000 feet and
22.401,000 feet.
SOFTWOOD REPORTS.
West Coast.
The West Coast Lumbermen's Association reported from Seattle that
for 579 mills in Washington and Oregon shipments were 9% below production and orders 5% above production and 16% above shipments. New

3002

Financial Chronicle

business taken during the week amounted to 100.924.000 feet (previous
week 89,787.000 at 589 mills), shipments 87,208,000 feet (previous week
87.927,000) and production 96,247,000 feet (previous week 99,206,000)•
Orders on hand at the end of the week at 592 mills were 388,152,000 feet.
The 184 identical mills reported a gain in production of 31% and in new business a loss of 2% as compared with the same week a year ago.
Southern Pine.
The Southern Pine Association reported from New Orleans that for 176
shipments were 4% above production and orders 0.4%
mills reporting
above production and 3% below shipments. New business taken during
the week amounted to 27,406,000 feet (Previous week 34,296,000 at 185
mills), shipments 28.375,000 feet (previous week 31,107,000), and production 27,343.000 feet (previous week 30,160,000). Orders on hand at the
end of the week at 176 mills were 97.498,000 feet. The 88 identical mills
reported a gain in production of 7% and in new business a loss of 38%,
as compared with the same week a year ago.
Western Pine.
The Western Pine Association reported from Portland, Ore., that for
124 mills reporting shipments were 12% below production and orders 12%
below production and about the same as shipments. New business taken
during the week amounted to 38,438.000 feet (previous week 46.944.000
at 144 mills); shipments 38,474,000 feet (previous week 45,517.000), and
production 43,609,000 feet (previous week 50,344,000). Orders on hand
at the end of the week at 124 mills were 134,716,000 feet. The 118 identical mills reported a gain in production of 75% and in new business a loss
of 1% as compared with the same week a year ago.
Northern Pine.
The Northern Pine Manufacturers of Minneapolis, Minn., reported
production from 27 American mills as 1,438,000 feet, shipments 1,524,000
feet and new business 1,445,000 feet. Orders on hand at the end of the
week were 5,155,000 feet.
California Redwood.
The California Redwood Association of San Francisco reported production from 18 mills as 7,116,000 feet. shipments 6,592,000 feet and new
business 5,535,000 feet. Orders on hand at the end of the week were
33,732.000 feet. Eleven identical mills reported production 141% greater
and new business 9% greater than for the same week last year.
Southern Cypress.
The Southern Cypress Manufacturers Association of Jacksonville. Fla.,
reported production from 25 mills as 1,280,000 feet, shipments 2,855,000
feet and new business 1,996,000 feet. Orders on hand at these mills at the
end of the week were 4,936,000 feet.
Northern Hemlock.
The Northern Hemlock & Hardwood Manufacturers Association of
Oshkosh, Wis., reported softwood production from 20 mills as 1.101.000
feet, shipments 871,000 and orders 809,000 feet. Week-end orders on hand
at 12 mills were 4,130,000 feet. The 12 identical mills reported a loss of
50% 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 458.000 feet, shipments
1,228,000 and orders 1,709,000 feet. Orders on hand at the end of the week
were 10,533,000 feet.
HARDWOOD REPORTS.
The Hardwood Manufacturers Institute of Memphis. Tenn., reported
production from 360 mills as 22,796,000 feet, shipments 24,262,000 and
new business 23,744,000. Orders on hand at the end of the week at 589
The 192 identical mills reported production
mills were 185,596,000 feet.
85% greater and new business 30% less than for the same week last year.
The Northern Hemlock .Sz Hardwood Manufacturers Association of
Oshkosh, Wis., reported hardwood production from 20 mills as 2,095,000
feet, shipments 1,627,000 and orders 1.470,000 feet. Orders on hand at
the end of the week at 16 mills were 9,674,000 feet. The 12 identical mills
reported a gain of 188% in production and a gain of 20% in orders, compared
with the same week last year.
The North Central Hardwood Association of Indianapolis reported production of 156 mills as 1,645,000 feet, shipments 1.518.000 feet, orders
1,045,000 feet, unfilled orders 8,542,000 feet.
The Northeastern Lumber Manufacturers Association of New York
reported hardwood production from 27 mills as 1,008,000 feet, shipments
705,000 and orders 752,000 feet. Week-end orders on hand were 8,146.000
feet.

May 5 1934

ment in 1931 in exchange for 25,000,000 bushels of American
wheat. The last previous sale on April 11 of 37,500 bags
brought prices from 11.21 to 11.31 cents a pound. Reference
to this sale was made in our issue of April 14, page 2484.
The New York Coffee & Sugar Exchange issued the following
on May 3 regarding the sales of coffee resulting from the
barter exchange by the two Governments:
The first sale was made on Sept. 1 1932 and sales of 62,500 bags Per
month, with few exceptions, have been made more or less regularly since
that time. The high price obtained was 15 cents, the low 8.28 cents.
Roughly, the average obtained on all the sales made is slightly above 10
cents per pound. The coffee trade from the beginning has been opposed
to barters of this type, claiming that they hurt the regular channels of
trade in coffee and without a doubt will breath a sigh of relief at this final
sale. On several occasions, since August 1931, when the papers in the
Coffee-Wheat barter were signed, rumors of further consignments of coffee
to this country have circulated and have brought immediate protest from
the trade who emphatically made their opinions on such deals known to all
interested parties.

29,718 Tons of Raw and Refined Sugar Shipped from
Puerto Rico to United States During Week of
. ,c
April 28.
Shipments of raw and refined'sugar from Puerto Rico to
the United States totaled 29,718 short tons during the week
ending April 28 against 35,462 tons in the same week last
year, according to cables to the New York Coffee & Sugar
Exchange. The Exchange said that about 45% of the total
available for the United States of the 1933-34 crop has been
shipped to date. The Exchange further announced on April
30 as to shipments from Puerto Rico to the United States:
Raw shipments from Jan. 1 to April 28 totaled 362,014 short tons, an
increase of 15.1% when compared with shipments of314,478 during a similar
period last year. Refined shipments amounted to 45,544, a 21.3% increase
over the 37,551 ton total for the 1933 period.

Cuban Sugar Exports 483,329 Long Tons from Jan. 1
to April 28 Against 596,822 Tons Like Period Year
Ago—Shipments to United States Off 73,803 Tons.
Exports of sugar from Cuba since the beginning of the year
to April 28 totaled 483,329 long tons raw sugar value as
compared with 596,822 tons during the similar period last
year, a decrease of 113,493 tons, or 19% according to cable
advices received by Lamborn & Co. To the United States
there were shipped 359,764 tons as against 433,567 tons for
the same period in 1933, a decrease of 73,803 tons or a little
over 17%, the firm announced May 2. It added:
To other destinations, principally United Kingdom, France and Canada,
the exports amounted to 123,565 tons, as contrasted with 163,255 tons
shipped during the same period last year. a decrease of 39,690 tons.
Sugar stocks in Cuba on April 28 approximated 2,499,000 tons, while on
the same date last year 2.892,000 tons were on hand.

Petroleum and Its Products—New Oil Measure Introduced in Senate—Ruling on Constitutionality of
Petroleum Code Deferred—Pennsylvania Crude Up
10 Cents a Barrel—Hot Oil Production Curtailed
in East Texas Field.
Provisions of the proposed oil legislation shared interest
this week with several other important developments,
among which were adjournment of the Government's appeal
of a lower Federal Court ruling that the petroleum code
was unconstitutional, an advance of 10 cents a barrel in
Pennsylvania grade crude oil quotations and sharp curtailReduced Wheat Acreage in Canada Reported by Bank ment of "hot oil" production in the East
Texas field.
of Montreal in First 1934 Crop Report.
The new measure was introduced in the Senate Monday
the current season, the Bank of
In its first crop report for
Thomas (Dem., Okla.). The Oil AdministraMontreal says that present indications point to a reduced by Senator
judging from the provisions of the new measure, has
wheat acreage in the Prairie Provinces and an increase in tion,
definitely swung away from a program of controlling all
fodder crops. Wide variations are reported from the differphases of the petroleum industry and intends to concentrate
ent sections of the Dominion as regards seasonal conditions
on crude oil and its problems alone. The new bill
:
and the progress of agricultural operations. The report states its efforts
In British Columbia vegetation and well-advanced seeding reflect a would give Administrator Ickes complete control over producspring three weeks earlier than usual. In the Prairies seeding is fairly
tion and shipments of petroleum crude and in addition
general. In Ontario farming operations are two weeks later than average
gives him extraordinary legal powers to enforce his orders.
and germination is backward. Cold weather has taken a fairly heavy toll
Under the new legislation, the Oil Administration would
offall wheat, necessitating much replanting. In Quebec Province ploughing
has commenced, but it will be two weeks before seeding becomes general.
be made a separate agency apart from the NRA, making
In the Maritime Provinces spring operations generally are only beginning.
its existence semi-permanent. Since Government regulation
The Prairies are making a fair start as regards moisture, this having been
of crude production has been under way, Mr. Ickes said in
above normal in the three provinces, although subsoil reserves are sun
lacking over large areas of south and west central Saskatchewan and in
announcing the bill's provisions, the industry has turned
southwestern Manitoba.
away "from destruction resulting from uncontrolled overmade steady progress toward stability
Final Allotment of 32,500 Bags of Santos Coffee Sold production," and has
at Prices Ranging from 11.28 to 11.38 Cents a and order.
In commenting on the proposed Act, which, incidentally,
Pound by Grain Stabilization Corporation.
Announcement was made on May 3 by the Farm Credit will in time replace the NRA oil code, Mr. Ickes indicated
Administration that the New York coffee office of The that the Federal Government intends to maintain permanent
Grain Stabilization Corporation on that day sold 32,500 control over the petroleum industry.
In relating the improvement in general conditions within
bags of Santos coffee, at prices ranging from 11.28 to 11.38
cents per pound. This sale constitutes the final allotment the industry, Administrator Ickes pointed out that "the NRA
which will be offered to the trade on sealed bids of the and the oil code are only emergency measures, however,
1,050,000 bags of coffee acquired from the Brazilian Govern- and do not cope effectively and fully with future possibilities.




Volume 138

Financial Chronicle

There should be legislation designed to supplement and
reinforce the program for the restoration of the industry,
upon which we are now embarked.
"I believe there will be general agreement in the petroleum
industry that Federal supervision over the production of
crude petroleum is absolutely necessary to reinforce State
activities," he continued.
"Demoralized conditions such as we witnessed last spring
and during the early summer bring about the premature
depletion of producing fields, and this results in the waste
of a heavy percentage of the possible stores of oil below ground
in the mad scramble to produce wildly. Federal supervision jointly with the States will result in a unified and
effective system of stabilizing production to keep it balanced
with our national consumer demand, so as to protect adequately our stocks of crude petroleum, which are so essential
to our modern civilization, national welfare and national
defense."
The new bill makes no mention of regulation of refinery
operations such as is provided in the recent amendment of
the petroleum code nor does it seek to govern pipeline or
other transportation or marketing practices but is confined
solely to crude oil and its problems. Demand for crude oil
in the United States and foreign demand will be determined.
Administrator Ickes under the bill's provisions is authorized to establish quotas of petroleum to move in commerce
and quotas for production and is granted the right to require
certificates of clearance if deemed needed for enforcement.
Full authority to set up rules and regulations for enforcing
the bill's measure would be given to the Oil Administration.
Hearings must be held before quotas are established, however, except in emergency cases when temporary quotas for
not more than 31 days duration may be established by Mr.
Ickes without notice or hearing. Provisions governing
development of newly discovered pools in the proposed Act
give further control of the industry into the,hands of the
oil Administrator who also is granted full authority to
regulate withdrawals of crude oil from storage.
It was pointed out that the new bill does not propose to
repeal NIRA or the oil code but would repeal such sections
of the petroleum code as are not in line with the new measure.
Quotas for imports shall be established by the Secretary
.of the Interior by equitably allocating total authorized imports among importers who may be required to obtain certificates of authorization before bringing petroleum into the
United States. Quotas for imports would be established
on a monthly basis calculated on average importations of
crude oil during the latter half of 1933. Imports will be kept
at levels that will not unduly interfere with the American
petroleum industry.
Administrator Ickes is given authority to establish State
production quotas should he find it necessary to allocate
production in this manner to meet the purposes of the new
legislation. Under its provisions, quotas for new sources
of supplies would be established in such a manner as to provide for the "scientific development" and "orderly marketing" of products from such sources.
Echoes of the adverse Texas ruling on the constitutionality
of the oil code where a lower Federal court held that Government oil agents had no right to examine records of offending
or possible offenders against State or Federal proration rules
was seen in the provision granting Administrator Ickes
and (or) his agents full access to all books and records of
companies in the petroleum industry.
Decisions of the oil administration may be reviewed by
the courts upon petition rather than through injunction
proceedings, the bill provided further. An injunction may
be sought only after a complainant "has exhausted his
administrative remedies hereunder" and no injunction shall
be granted unless the case has been fully heard and ruled
on by a three-judge court.
Factions in the oil industry opposing the new measure are
already organizing to fight it. Frank C. Hart, President of
Hartol Products Corp., has wired members of the Senate
Inter-State Commerce Committee on behalf of himself and
other independent operators asking them to vote against the
bill which, he charged, "is inimical to the public interest, to
the oil industry and to the interests of the independents."
J. Edward Jones, of New York, was named chairman of
the National Petroleum Council, a new organization formed
toward the close of the week to "protect the interests of
independents." Charging that major units had been above
to influence Government regulation through their superior
organization and positions of their officials on advisory




3003

boards, Mr. Jones said that the new group of independents
was organized "in self-defense." Among regional chairmen
listed for the new group are Joe Danciger, Fort Worth, Tex.;
H. H. Champlin, Enid, Okla.; E. W. Pauley, Los Angeles,
Calif.; D. B. Gurney, Yankton, S. D., and A. W. Craft,
Avoca, Pa.
Introduction of the new bill in the Senate followed close
on the heels of the Government's successful plea for an adjournment of its appeal against a ruling of a lower Federal
Court in Texas holding the petroleum code unconstitutional
in the United States Supreme Court earlier in the day.
Solicitor-General James C. Biggs asked that the appeal
be passed for argument until next fall on the ground that the
Government could not prepare the case properly for oral
argument during the next two weeks. The two-weeks'period
constitutes all the time of the present term during which
arguments will be heard.
An advance of 10 cents a barrel posted for all grades of
Pennsylvania crude oil Tuesday revived reports of a general
advance in crude oil prices throughout the country. However, conditions governing the market for Pennsylvania
crude are different from those affecting the general crude
price structure and little hope of any upward move in crude
oil prices is seen likely until the bulk and retail gasoline
markets throughout the country strengthen. The advances
were well absorbed and further upward revision of prices are
expected within the near future.
The new prices post Bradford and Allegany crude at $2.55
a barrel; Pennsylvania crude in South West Pennsylvania
Pipe Lines Co. lines at $2.22; in Eureka lines at $2.17 and
in Buckeye lines at $2.07. The last previous advance as
on Oct. 4 last year. The new list was posted by the South
Penn Oil Co., which also advanced Bradford District, and
Allegany, New York, crude 10 cents a barrel.
The new regulations of the Texas Railroad Commission
promulgated under the recently enacted legislation adding
to its power were upheld by Federal Judge Randolph Bryant
in the eastern Texas district court at Tyler in a decision
handed down late Thursday.
The Arrow Refining and Producing Co., plaintiff, sought
a restraining order against the Commission from enforcing
the new legislation, specially attacking the bill which gave
the Commission's agents authority to go on a company's
property to make investigation of oil handled by refiners.
In the first formal report made since he was appointed
to wipe out production of hot oil in the east Texas field,
R. D. Parker, chief of the oil proration enforcement division
of the Railroad Commission, said Thursday that illegally
produced oil has been cut to 15,000 barrels daily from
approximately 85,000 barrels daily in the past three
weeks.
Sent into this area by the Railroad Commission with full
authority to curb the increasing violations of the Commission's proration rulings, Mr. Parker, aided by the increased power of the Commission through recently enacted
measures strengthening its authority, has created an effective organization to stop the production of hot oil.
While conditions have shown a marked improvement, Mr.
Parker stated that there was a small group of violators who
have so far been difficult to catch, but that his men are
concentrating their efforts on this small bloc and an almost
complete stoppage of illegal output is an early prospect.
All State authorities are co-operating with Mr. Parker in
his drive. He warned that he would take constant supervision to hold the gains and recommended that AttorneyGeneral Allred assign a number of assistant attorneygenerals to prosecute proration offenders.
Daily average crude oil production throughout the nation
last week was far above the Federal allowable for April,
totaling 2,450,250 barrels, an increase of 19,150 barrels over
the preceding week and comparing with the allowable set
by Mr. Ickes of 2,366,200 barrels daily, reports to the
American Petroleum Institute disclosed.
All three main oil producing States exceeded their Federal
allowables last week with Texas rising above the millionbarrel level. Oklahoma production was up 24,150 barrels
to 532,350 barrels, against an allowable of 476,400; Texas
up 8,000 barrels to 1,002,850, against an allowable of
980,700; California dipped 14,000 barrels as month-end
pinch backs cut into its total but still exceeded its allowable
of 462,500 barrels at 469,800 barrels.
A decline of 628,000 barrels was shown in stocks of domestic and foreign crude oil last week, stocks totalling 340,718,000 barrels on April 28.

Financial Chronicle

3004
Price changes follow:

May 1.
-The South Penn Oil Co. to-day advanced the price of Pennsylvania crude oil 10 cents a barrel with Bradford and Allegany, New York,
prices also moving up 10 cents a barrel, both changes effective immediately.
Prices of Typical Crudes per Barrel at Wells.
(All gravities where A. P. I. degrees are not shown.)
$1.00
Bradford, Pa
$2.55 Eldorado, Ark.. 40
1.08
Corning, Pa..
1.20 Rusk. Tex., 40 and over
.87
IllinoIs
1.13 Darst Creek
.90
Western Kentucky
1.13 Midland District. Mich
1.35
Mid-Cont., Okla., 40 and above... 1.08 Sunburst, Mont
Hutchinson, Tex.. 40 and over-- 1.03 Santa Fe Springs, Calif..40 and over 1.30
1.04
Spindletop, Tex., 40 and over
1.03 Huntington. Calif., 26
1.82
Winkler, Tex
.75 Petrone, Canada
Smackover. Ark.. 24 and over
.70
REFINED PRODUCTS
-BROOKLYN PRICE-WAR ENDS-BING-MIDWEST
HAMTON GASOLINE UP ONE CENT A GALLON
-MOTOR FUEL STOCKS
BULK GASOLINE MARKET EASES
DIP.

An advance of 1 cent a gallon in service station prices of
all grades of gasoline was posted by the Standard Oil Co. of
New York in Kings, Queens and Nassau counties Friday
afternoon with Suffolk County quotations moving up M cent
a gallon, effective Monday. This step marked the end of
the gallonage wax in these areas, it was believed, and although up to late last night (Friday) other companies had
made no announcement, it is believed that all will swing in
line with the new list immediately. The advance restored
prices to levels existing before the major units started to
cut prices to meet independent competition.
The local bulk gasoline market was slightly firmer reflecting widening inquiries as the seasonal rise in consumption
spurred buying. Prices held unchanged but the undertone
of the market was firm to strong and advances in both bulk
and retail quotations in the near future are expected. The
straightening out of the Brooklyn situation was held a
definitely bullish development, the price weakness in this
area having had an unstabilizing effect on the metropolitan
market as a whole.
Other refined products were well held with grade C bunker
fuel oil moving along in good fashion at $1.30 a barrel with
Diesel oil well maintained at $1.96 a barrel, same basis.
Kerosene continues under market pressure due to a normal
spring decline in demand but stocks are small and prices
are standing up quite well. Lubricating oils were in slightly
better demand.
Strengthening of the retail price structure in the Binghamton, N. Y., area was accompanied by a 1-cent a gallon
increase in service station prices of gasoline posted by all
major distributors operating in that area.
While the Midwestern bulk gasoline market has eased off
somewhat, East Texas offerings on low octane material
%
being available at 33 cents a gallon, off % cent from its
recent high, the news that production of hot oil in the
East Texas field has been cut to 15,000 barrels daily from
85,000 barrels is believed to indicate an early strengthening
in this market.
Total stocks of finished gasoline dipped 1,498,000 barrels
last week, totaling 56,011,000 barrels, reports to the American Petroleum Institute indicated. The drop in stocks
followed a break in refinery operations of 2.7% to 68.2%.
Price changes follow:
-Offerings of low octane gasoline in the spot Chicago market were
May 1.
available at 3% cents a gallon from East Texas refiners, off M cent a gallon.
May 1.
-All major distributors advanced service station prices of gasoline
in Binghamton, N. Y., 1 cent a gallon.
May 3.
-Standard of New York advanced service station prices of gasoline 1 cent a gallon in Brooklyn and Nassau County with Suffolk County
prices moving up M cent a gallon, effective Monday.

New York
Atlanta
Boston
Buffalo
Chicago
Cincinnati
Cleveland
Lenver

Gasoline, Service Station. Tax Included.
$ 155
Detroit
$.19
New Orleans
.1234
19
Houston
17
Philadelphia
z.125
Jacksonville
19
165
San Francisco:
17
Los Angeles:
Third grade_ __
..16
.
.158
Third grade_ .... .11 M
Above 65 octane- .17H
Standard
13
205
Premium
1934
.205
Premium
15
St. Louis
1234
.20
Minneapolis
15
z Less taxes.

Kerosene, 4143 Water White, Tank Car, F.O.B. Refinery.
I North Texas
New York:
3.03 1 New Orleans, ex.3.4M-434
(Bayonne)
3.0534 I Los Ang..ex- .043(-.06 'Tulsa
.0434-.0334
Fuel Oil, F.O.B. Refinery or Terminal.
California 27 plus D
Gulf Coast C
N. 7'. (Bayonne):
$1.15
Bunker C
$1.30
3.754.001Phila. bunker C
1.30
1.15
Diesel 28-30 D._.. 1.95 New Orleans C
Gas 011, F.O.B. Refinery or Terminal.
i Chicago:
!Tulsa
N.Y.(Bayonne):
3.01341
28 plus G 0-$.0334-.041 32-36 GO

$ 01%

U. S. Gasoline, Motor (Above 65 Octane), Tank Car Lots, F.O.B. Refinery.
N. y.(Bayonne):
Chicago
$ 03%
N .Y.(Bayonne):
Shell Eastern Pet.$.06
New Orleans
.04
Standard 011N.J.:
Los Ang., ex
New York:
0434-.07
Motor. U. 5--$.06
Colonial-Beacon__ .061 Gulf ports-__ _ 0434..04m
62-63 octane- __ .0534
z Texas
.0534 Tulsa
Stand. Oil N. Y. .061
0134-.0434
Gulf
0634 Pennsylvania__ .05
*Tide Water 011 Co .0585
Republic 011
.0634
:Richfield(Meal.) .0635
Sinclair Refining_ .06
Warner-Quin. Co- .0634
,
a Richfield "Golden." z "Fire Chief," $0.07. • Tydol, $0.0635. 3 "Good
Gulf." 30.1334.




May 5 1934

Daily Average Crude Oil Output Up 19,150 Barrels
During Week Ended April 28 1934
-Exceeds Federal
Allowable Figure by 84,050 Barrels-Inventories of
Gas and Fuel Oil Dropped 290,000 Barrels.
The American Petroleum Institute estimates that the
daily average gross crude oil production for the week ended
April 28 1934 was 2,450,250 barrels, an increase of 84,050
barrels over the Federal allowable figure which became effective on April 1,and a gain of 19,150 barrels over the 2,431,100
barrels per day produced during ithe week ended April 21
1934. The current figure also compares with a daily average of 2,417,100 barrels during the four weeks ended April
28 1934 and with an average daily output of 2,383,100 barrels during the week ended April 29 1933.
Further details, as reporteu by the American Petroleum
Institute, follow:
Imports of crude and refined oil at principal United States ports totaled
618,000 barrels for the week ended April 28, a daily average of 88,286 barrels,
compared with a daily average of 111.786 barrels over the last four weeks.
Receipts of California oil at Atlantic and Gulf ports totaled 521,000 barrels for the week, a daily average of 74,429 barrels, compared with a daily
average of 85,429 barrels over the last four weeks.
Stocks of unfinished gasoline increased from 8,444,000 barrels to 8.566.000
barrels, while stocks of other motor fuels were about unchanged at 4,250,000
barrels. Gas and fuel oil stocks in storage dropped to 103,766,000 barrels
from 104,056,000 barrels in the preceding week.
Reports received for the week ended April 28 from refining companies
owning 89.7% of the 3.736,000 barrel estimated daily potential refining
capacity of the United States indicate that 2,285,000 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 37,798,000 barrels of finished
gasoline; 8.566,000 barrels of unfinished gasoline, and 103,766,000 barrels
of gas and fuel oil. Gasoline at bulk terminals, in transit and in pipe lines
amounted to 18.213.000 barrels. Cracked gasoline production by companies owning 95.1% of the potential charging capacity of all cracking
units averaged 448,000 barrels daily during the week.
DAILY AVERAGE CRUDE OIL PRODUCTION.
(Figures In Barrels)
Actual Production.
Federal
Average
Agency
4 Weeks
Allowable Week End Week End. Ended
Effective April 28 April 21 April 28
1934.
April 1.
1934.
1934.
476,400
122,100

)klahoma
Kansas

Week
Ended
April 29
1933.

508,200
126.900

505,900
128,050

417,800
115,750

58,750
55,950
26,350
138,350
48,900
462.150
50,050
48,900

Panhandle Texas
gorth Texas
'Vest Central Texas
West '1 emu'
East Central Texas
East Texas
.Jonroe
3outhwest Texas
:loastal Texas (not Including Conroe)

532,350
129,900

56,200
56,800
26,350
138,500
46,650
459,650
49,000
48,900

55,150
56,600
26,550
138,350
45,900
454,050
49,000
48,750

48,350
51.950
23,300
157,850
58400
550,000
41,000
49,000
113,900

113,450

112,800

113,350

980,700 1.002,850

994,850

987,700 1,093,750

25,900
49,000

Total Texas

25,900
48,300

26,250
48,400

28,100
41,950

gorth Louisiana
:loastal Louisiana
Total Louisiana

72,400

74.900

74,200

74,650

70,050

krkansas
Eastern (not incl. Mich.)_
Alchigan

32,300
99,600
31,300

30,500
97,650
27,100

30,750
98,050
29,300

30,650
98,300
28,050

30,400
86,300
17,250

Wyoming
Aontana
3olorado

32,400
7,700
3,000

30,200
6,950
2,600

29,700
7,250
2,600

30,000
7,050
2,600

30,850
5,100
2,300

43,100

39,750

39,550

39,650

38,250

45,800
462,500

45,450
469,800

45,500
483,800

44.950
479,200

36,050
477,500

Total Rocky Mtn.States
'few Mexico
3allfornia

Total United States
2,366,200 2,450,250 2,431,100 2,417.100 2.3s3 100
Note.
-The figures indicated above do not include any eat mate 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 APRIL 28 1934.
(Figure; in Thousands of Barrels of 42 Gallons Each.)
Daily Refining
Capacity of Plants.
District.

East Coast_
Appalachian.
Ind., III., Ky
Okla.. Kan.,
Missouri_
Inland Texas
Texas Gulf__
La. Gulf....
No, La.
-Ark.
Rocky Mtn_
California__

Potennal
Rate.

Crude Runs
to Stills.

Stocks a Stocks
of
of
FinUnRepot. trig.
Daily P. C ished finished
Aver- Oyer- Gant- GassTotal. P. C. age. ated. line.
line.

582
150
446

582 100.0
140 93.3
422 94.6

478 82.1 17,072
98 70.0 1,877
286 67.8 9.501

1,437
317
1,245

461
351
542
168
92
96
848

386
167
528
162
77
64
822

229
87
493
107
42
32
433

953
307
3,029
208
52
166
852

83.7
47.6
97.4
964
83.7
66.7
96.9

59.3 5,496
52.1 1,429
93 4 4,699
66.0 1,522
54.5
274
50.0 1,486
52.7 12,655

b Stocks
of
Other
Motor
Fuel.
202
134
54

Stocky
of
Gas
and
Fuel
Oil.
6,902
768
2,674

680 2,890
292 1,724
230 4,587
......
946
31
487
43
690
2,684 82,108

Totals week:
Apr. 28 1934
3,736 3,350 89.7 2,285 68.2 56,011 8.566 4,250 103.766
Apr, 21 1934
3.736 3.350 89.7 2.374 70.9 117.599 8 444 Senn 104 0115
a Amount of unfinished gasoline contained In naphtha distillates. b Estimated.
Includes unblended natural gasoline at refineries and plants, also blended motor fuel
at plants. c Includes 37,798,000 barrels at refineries and 18,213,000 barrels at bulk
terminals, In transit and pipe lines. d Includes 39,174,000 barrels at refineries
and 18,335,000 barrels at bulk terminals, in transit and pipe lines.

Administration Bill Would Grant Broad Powers to
Secretary Ickes to Control Oil Production
Supreme Court Postpones Until Fall, Hearing of
Test Case Under Oil Code-Amendment to Code.
An Administration bill which would invest the Secretary
of the Interior with broad powers to control the production
of oil was introduced in the Senate April 30 by Senator

Volume 138

Thomas. On the same day Chief Justice Hughes of the
United States Supreme Court announced that the Court
would postpone until its fall term all hearings on the appeal
by the Petroleum Administrative Board from the East
Texas decision which denied the right of Secretary Ickes,
as Oil Administrator, to control intra-State oil production.
These developments followed the action of Mr. Ickes on
April 24 in approving an oil code revision under which an
enlarged Planning and Co-ordination Committee will seek
to balance production and consumption of gasoline through
proration of an allowable total fixed by the Oil Administration for refineries throughout the country.
A Washington dispatch April 30 to the New York "Journal
of Commerce" listed the principal provisions of the Administration's new oil bill, and commented on the Supreme
Court's postponement of the decision in the East Texas
case, in part as follows:
Announcement of the Court's action was made by Chief Justice Hughes
after a request had been made by Solicitor-General J. Crawford Biggs of
the Justice Department that arguments, be postponed because the Government had not had ample opportunity to prepare its case.
The case grew out of the attempted prosecution of independent Texas
operators who defied quota production allotments and the lower court
held the code proceedings invalid in an opinion interpreted to affect vitally
the National Recovery Act and the Recovery program.
The Government had planned to argue the case next week but Mr.
Biggs said to-day that study of the opinion revealed that a great deal of
research work on economic and legal subjects was necessary before the
Government could complete its brief and be prepared for argument.
The new oil bill is believed not only to be the direct outgrowth of the
controversy, but is also an attempt to provide permanent regulation of
the petroleum industry, since the present oil code expires June 15 1935
et a
with the NRA Act.
The suggested legislation does not propose the regulation of refinery
Operations, pipe line or other transportation facilities or marketing practices, but is limited to crude oil and its problems. It contemplates determining the demand for crude petroleum in the United States and for
export and regulating the production to conform thereto. It provides
that the Secretary may prescribe quotas of petroleum to move in commerce
and quotas for production, including permission to require certificates
of clearance if deemed necessary for enforcement.
Would Give Power to Secretary Ickes.
Secretary of the Interior Ickes would be given the power to make such
rules and regulations as may be necessary to carry out the purposes of
the bill which contains provisions for holding hearings before quotas shall
be set, except in case of emergencies, in which temporary quotas for not
to exceed 31 days may be prescribed by the Secretary without notice of
hearing. Provision is made for decisions by the Secretary to be reviewed
by the courts by petition instead of injunction proceedings.
In addition to providing for the regulation of crude oil production.
the bill contains provisions to permit orderly development of newly-discovered pools and vests in the Secretary authority for regulating withdrawals of crude oil from storage, considered a fundamental corollary to
balancing the flow of crude oil to consumer demand. The Administration
measure does not propose to repeal the NRA Act or the oil code, but would
repeal such portions of the code as are not consistent with the bill.'"
Sees Improvement.
In making public the text of the proposed bill Secretary Ickes pointed
out that since production regulation began under the NIRA and the oil
code, the industry had been turned away from destruction because of
excessive supplies and had moved steadily forward toward stability and
order with the consequent prevention of waste.
Besides these fundamental economic results, which included increasing
the price per barrel received by producers of crude from far less than
the cost of production to an average of between 90 cents and El. Secretary
Ickes pointed to the effective saving of oil underground for our future
National needs.
"The NIRA and the oil code, however, are only emergency measures
and do not cope effectively and fully with future possibilities," Secretary
Ickes said. "There should be legislation designed to supplement and
reinforce the program for the restoration of the industry, upon which
we are now embarked.
"I believe there will be general agreement in the petroleum industry
that Federal supervision over the production of crude petroleum is absolutely necessary to reinforcement State activities."

The amendment to the oil code announced on April 24
includes a substitute for the refinery section of the code.
The Oil Administration will divide the country into refinery districts, and will allocate total allowable refinery
production among the districts through a National coordinator, who will be named by the Planning and Co-ordination Committee,subject to the approval of the President.
Associated Press Washington advices April 24 gave
further details of the oil code change as follows:
Mr. Ickes said the plan was suggested by representatives of all groups
in the industry and by the petroleum administrative board, which he
set up to assist in code administration.
Violations of the new refinery section will be considered violations
of the code and subject to the same penalties.
For the purpose of giving better representation on the Planning and
Co-ordination Committee 11 new members were added, bringing its membership to 26. The Refining, Production and Marketing committees
were also expanded.
In addition to the present membership of the Planning and Co-ordination Committee the following were named:
W. J. Reid, Los Angeles, President of the Hancock Oil Co. of California;
John E. Shatford, Shreveport, La., President of the Ouachita Valley
Refining Co. and the Louisiana-Arkansas Refiners Association; J. D.
Collett, Fort Worth, an independent and one of the leading operators
of the Southwest; Walter C. Teagle, President of the Standard Oil Co.
of New Jersey; G. B. Ames, New York. President of the Texas Co.; E. G.
Seubert, Chicago, President of Standard Oil of Indiana; F. R. Coats,
New York, Vice-President of the Cities Service Refining Co.; L. P. St.
Clair, Los Angeles, President of Union Oil of California; H. B. Tillman,




3005

Financial Chronicle

Chicago,President of the National Association of Petroleum Retail Dealers;
I. A. O'Shaughnessy, Blackwell, Okla., Grove Oil & Refining Co., and
A. E. Watts, New York, representing the Consolidated Oil Corp.
The Refinery Committee of the Planning and Co-ordination Committee was enlarged to include Jules Constantin, Overton, Tex., Constantin
Refining Co.; C. M. Boggs, Arkansas City, Kan., Kanotex Refining Co.;
M. A. Logan, Charleston, W. Va., Elk Refining Co.; H. B. Bassett.
President of the Imperial Refining Co. of Ardmore, Okla.
J. R. Porten of Shreveport, an independent operator and President
of the Woodley Petroleum Co., was added to the Production Committee.
The following were added to the Marketing Committee: Russell
Williams, Indianapolis, Secretary of the Independent Brand Petroleum
Association of America; H. A. Cowden, Kansas City, representing the
co-operatives; F. V. Bakeman, Red Bank, N. J., President of the Eastern
States Conference Independent Oil Dealers Association; E. V. Weber,
Columbus, Ohio. President of the Ohio Marketers Association, and Earl
Miller, San Francisco, Vice-President of the Shell Oil Co. of California.

World Tin Consumption Reported 28% Higher During
12 Months Ended February as Compared with
Same Period Year Previous.
A 28% increase in world tin consumption for the year
ended February 1934, compared with the previous year, is
shown in the current bulletin of The Hague Statistical
Office of the International Tin Research and Development
Council. An announcement issued April 30 with regard
to the bulletin said:
Tin consumption during the 12 months ended February 1934 amounted
to approximately 128,000 tons, compared with 99,833 tons during the 12
months ended February 1933 and 129,003 tons during the 12 months ended
February 1932. Consumption during February 1934 amounted to approximately 9,250 tons, compared with 8,196 tone during February 1933 and
8,936 tons during February 1932.
A considerable increase in world production of tinplate is also shown.
Tinplate production during the 12 months ended February 1934 amounted
to approximately 3,150,000 tons compared with 2,290,000 tons during the
12 months ended February 1933, while production during February 1934
amounted to approximately 215,000 tons, compared with 188,000 tons during February 1933 and 188,000 tons during February 1932. United States
production of babbit metal during the 12 months ended February 1934
amounted to 152% of the production during the 12 preceding months.
Some interesting differences in the consumption of tin in the various
Industrial countries over the last few years are given in the following table:
Figures dire Consumption in-Tons.
12Months Ended Feb.
United States
United Kingdom
Germany
France
Italy
U. S. S. R
Japan
British India

1934.
57.971
20,481
10,417
9,950
4,150
3,829
3,109
2,050

1933.
35,892
18,129
9,039
9,243
3,518
3,328
3,446
2,267

1932.
56.324
21,080
10,536
9,800
3,579
5,578
3,468
2,217

84,862
112,582
111,957
Totals
Note.
-1934 figures for France. Italy and British India are preliminary.

Tin Exports in March 678 Tons Above February According to International Tin Committee-Exports Exceed Allowable Quota by 264 Tons.
Exports of tin during March by the five countries participating in the international tin agreement totaled 6,946 tons,
according to a communique issued by the International Tin
Committee and made public by the New York office of the
International Tin Research & Development Council, against
6,268 tons in February,an increase of 678 tons. The March
exports exceeding the allowable quota of 6,682 tons by 264
tons. The communique said that the Committee has agreed
to an increase of 10% in the quotas. The communique
follows:

n INTERNATIONAL TIN COMMITTEE.

Communique.
I. A special meeting of the International Tin Committee was held at
London on Wednesday, May 2 1934.
2. The monthly statistics as to export are as follows.
Cabled Information from Participating Countries for the Months of
February and March 1934.
Monthly Export
Permissiblefrom
Jan. 1 1934.
Netherland East Indies
Nigeria
Bolivia
Malaya
Slam
Total

February.

Export-1934.
March,

1,385
373
1,556
2,552
816

1,447
334
1,430
2,481
576

1,430
342
1,782
2,258
1,134

6,682

6,268

6,946

3. The Committee agreed to an increase in the quotas of 10% of standard
tonnages for the six months April to September 1934. inclusive. This will
result in an increase of 8,280 tons.

Market in Non-Ferrous Metals Firm-Next Move in
Copper Awaits Official Interpretation of Code.
"Metal and Mineral Markets" in its issue of May 3 stated
that though actual consumption of major non-ferrous metals
is holding at a fairly satisfactory rate, new buying by fabricators has been moderate in volume in the last week. The
Code situation in copper and general unsettlement in the
security markets were factors...in retarding business. The
Code Authority for copper, with the exception of the NRX
representatives, has been completed, and at the very first

3006

Financial Chronicle

meeting of the group, held on May 1, the question of copper
sales outside of "Blue Eagle" metal came up for consideration. The copper industry is still in a state of confusion,
which most producers regard with little concern in view of the
drastic change in handling all domestic sales under the Code.
"Metal and Mineral Markets" further went on to say:
Copper Firm at 8%c., Valley.
With the machinery for operating under the Code slowly taking form,
most operators in copper seemed to be content to refrain from doing anything
to upset the market. Sales of"Blue Eagle" copper during the last week,including the business booked by producers with their affiliates, amounted to
about 6,000 tons. All of this business was placed on the basis of 8%c. per
pound, Connecticut Valley. For a short period operators in copper were
concerned over the fact that "non-Blue Eagle" metal was available at concessions, but that this unsettling influence has been removed is clearly indicated in the following resolutions adopted at the first meeting ofthe
Code Authority that took place in New York on May 1:
"Resolved, That the provisions of the Code in regard to "non-Blue Eagle"
copper require further consideration and investigation, and pending such
consideration and investigation prior to May 22 1934, that, during such
Period or until further action prior thereto, no copper other than "Blue
Eagle" copper shall be sold in the domestic market.
"Resolved, That the Code Authorities of N.E.M.A. and Wire and Cable
subdivision of Copper and Brass Mill Products Industry be requested to
co-operate by refraining from purchasing or fabricating copper other than
"Blue Eagle" copper pending furtner consideration and co-operative action
in order to carry out the spirit and intent of the Copper Code."
"Non-Blue Eagle" domestic or "outside" copper, based on sales information furnished to this publication, is quoted as follows, f.o.b. refinery basis:
April 26th, 8.050c.; 27th, 8.000c.; 28th, 8.025c.; 30th, 8.025c.; May 1st,
7.975c. Complying with the resolution adopted by the Code Authority, all
quotations for "non'Blue Eagle" copper for yesterday have been withdrawn
by members of the industry.
The domestic market for copper was firm as the week closed, with opinion
almost unanimous that the domestic quotation will move upward. Traders
see no good reason why domestic copper should not advance so as to command a fair premium over the world price.
Foreign producers are not at all pleased by the turn in events In the
United States, believing that the sales arrangements under the Code will increase competition for business in their field, and, without an international
accord,the outlook at present Is not encouraging. Advicesfrom Washington
state that Germany's Control Board will permit manufacturers to work up
during the second quarter of 1934 a maximum of 100% of the quantities of
copper, lead, zinc, and tin used during the first quarter. New purchases
of metals are permitted in Germany only if stocks on hand and deliveries on
way under old contracts are insufficient to cover needs of the manufacturers.
The foreign market eased off moderately last week, the quotation on
May 2 being 8.25c., c.i.f. Demand abroad was good during the last week.
Lead Sales Moderate.
Demand for lead was of moderate proportions last week, with prices unchanged at 4.25c., New York, the contract settling basis of the American
Smelting & Refining Co., and 4.10c., St. Louis. Pigment manufacturers
were the principal buyers, with a fair tonnage being sold to a well-diversified
list of other consumers. In spite of the fact that the metal has been receiving no particular interest the last few days, prices were firm at prevailing
levels.
Sales of lead for April shipment, according to statistics circulating in the
industry, reached a total of about 33,000 tons;sales for May shipment stand
at about 19,000 tons;those for June shipment have reached about 3.200 tons.
World production of lead in March amounted to 126,484 tons, against
117,871 tons in February, and 105,211 tons in March, 1933, according to
the American Bureau of Metal Statistics. The daily rate of production for
the world in March was 4,080 tons, against 4,210 tons in February, and
3,394 tons in March a year ago.
Zinc Demand Slack.
Demand for zinc was quiet in the last week,and the price situation underwent little change. During the calendar week ended April 28 the sales came
to about 2,000 tons. With the exception of one lot, business reported in
Prime Western during the week that ended May 2 was closed on the basis of
4.40c., St. Louis. On May 1 sales were reported at both 4.35c. and 4.40c.
On May 2, however, most operators held out for 4.40c., but there was some
uncertainty over what a desirable buyer might do on a firm bid.
Tin Relatively Quiet.
Demand for tin was light last week, the price of the metal moving slightly
lower in sympathy with sterling exchange. At a special meeting of the International Tin Committee held on May 2, production quotas, according to
cable advices, were increased 10% for a period of six months, beginning
April 1. Statistics released late in the week show total visible supplies of
during
17.704 tons at the end of April, which figure reveals a notable decrease
March.
the last month, these stocks standing at 20,423 tons at the end of
nominally as follows: April 26th, 54.475c.;
Chinese tin,99%, Was quoted
2d,
27th, 54.100c.; 28th, 54.200c.; 30th, 54.400c.; May 1st, 53.700c.;
53.800c.

Copper Industry Operating Under NRA Code—Authority to Quote Two Prices for Metal Daily—
Provides for Monthly Allocation of Sales Quotas.
The copper producing industry of the United States went
under a code of fair competition April 26,following the signing of the pact April 21 by General Hugh S. Johnson, Recovery Administrator. This action concluded seven months
of negotiations in an effort to agree upon a satisfactory
code. The Code Authority for the industry announced,
April 27, that a daily quotation of copper delivered in the
Connecticut Valley would be furnished to the press. The
average price quoted on that date for "Blue Eagle copper"
(metal produced and sold Under code provisions) was given
as 8Y2c. a pound, while copper not coming under the super4c. This was
vision of the Code Authority was quoted at 81
described as "non-Blue Eagle copper."
The most important feature of the copper code is its
provision for monthly sales quotas for the larger companies.
These quotas are based in each instance upon a certain




May 5 1934

percentage of the company's annual production capacity.
This plan, written into the code by General Johnson's order,
allocates 20,500 tons monthly. In addition, 9,500 tong
monthly will be allocated to secondary producers.
Seven of the 11 members of the Copper Code Authority
were named on April 25. They are:
E. T. Stannard, President Kennecott Copper Corporation and President
United States Copper Association; Louis Cates, President Phelps Dodge
Corp.; C. F. Kelley, President Anaconda Copper Mining Co.; Francis H.
Brownell, Chairman of the Board American Smelting & Refining Co.;
Bernard N. Zimmer, Vice-President American Metal Co., Ltd.; George A.
Ellis, Director United Verde Copper Co.; Albert E. Peterman, General
Counsel Calumet & Hecla Consolidated Copper Co.

Two other members of the Code Authority were appointed
April 26. They are W. A. Anderson, Vice-President of the
John A. Roebling Sons Co., to represent cable mills, and
W. M. Goss, Vice-President of the Scoville Manufacturing
Co., to represent brass mills.
A Washington dispatch, April 22, to the New York "Journal of Commerce" described the principal provisions of the
copper code as follows:
An important feature is the provision establishing copper produced and
sold under code conditions as "Blue Eagle copper"—and as such the only
copper which can qualify as complying with the recent Presidential orders
prescribing the use of Government contracts of only products produced in
compliance with approved codes or the President's re-employment agreement.
The code establishes a 40-hour maximum work week, averaged over a
three-month period, throughout the industry with exceptions for employees
engaged in emergency maintenance or emergency repair work, outside salesmen, managerial, executive, technical, engineering or supervisory employees
receiving over $35 weekly, and hoist-men, power house men and pump men.
The allocations calculated on annual tonnage, with monthly percentage
sales quotas, were as follows:
Kennecott Copper Corp., 388,500 tons and 1.67%.
Anaconda Copper Mining Co., 225,000 tons and 1.67%.
Phelps Dodge Corp., 168,000 tons and 1.67%.
United Verde Copper Co., 68,000 tons and 1.90%.
Calumet & Hecla Consolidated Copper Co., 50,000 tons and 2.20%.
Miami Copper Co., $6,000 tons and 2.30%.
Magma Copper Co., 25,000 tons and 2.50%.
United Verde Extension Mining Co., 24,000 tons and 2.50%.
Consolidated Copper Mines Co., 21,000 tons and 2.70%.
Copper Range Co., 17,500 tons and 3%.
In addition to these allocations, 9,500 tons a month will be allocated to
secondary producers by some equitable method to be determined by the
Code Authority. Producers of custom and by-product copper may apply to
the Code Authority for a sales quota and temporarily will have a quota of
50% of their current production.
To protect producers of copper who have no fabricating facilities and to
distribute sales equitably, a sales clearing agent is to be appointed and all
sales of copper must be reported and cleared through this agent.
Users' Agreement Urged,
All users of copper are urged to enter into agreements with the Code
Authority for the regular purchase of copper for their current needs and the
fabricating units owned by members of the industry have agreed to buy
from 75% to 100% of their current needs from new production through
the Code Authority sales clearing agent rather than to draw upon stocks
of copper now above ground.
The Administrator's order also provides that if at any time the selling
price of copper reaches a level which in his judgment is unreasonably high
he may suspend any or all the marketing provisions of the code. It also
provides that if the anticipated consumption does not materialize and any
producer accumulates one and one-third times his sales quota, the marketing plan will be terminated.
In his report to President Roosevelt the Administrator emphasized that
"copper is largely used in the capital or durable goods industry, and any
increase in consumption is dependent upon increased activity in these
branches of industry."
"While it is impossible under present conditions," the report continued,
"to provide for any but a slight increase in employment, the code provisions will undoubtedly prevent the closing of mines now in operation,
avoid destructive price-cutting and at the same time provide adequate control
of prices in the public interest."

Steel Output Rises Approximately Two Points—Pig
Iron Prices Again Higher—Scrap Declines Further.
According to the "Iron Age" of May 3, steel production
during the past week has made another gain, rising two points
from 56% to 58% of capacity. The rate of expansion, however, was retarded by labor difficulties in automobile plants,
which resulted in temporary suspension of steel shipments,
stated the "Age," which further reported as follows:
At Cleveland, where the Fisher Body Corp. was shut down because of a
strike, steel output declined from 69% to 67% of capacity, but at all other
producing centers operations held their own or registered further advances.
At Pittsburgh, production rose two points to 47%; at Chicago, two points to
61%; in the Philadelphia district, one point to 43%; in the Valleys, two
points to 62%; at Buffalo, eight points to 70%, and in the Wheeling area,
seven points to 79%. Southern plants are still on a 58% basis, while Detroit
operations continue at 100% of capacity.
The reopening of the Fisher Body plant at Cleveland this week, and the
apparent subsidence of labor disturbances elsewhere, have resulted in the
lifting of embargoes against steel shipments. Accordingly, some further
increase in steel production is in prospect, with the likelihood that last
year's peak rate of 59% will be soon surpassed.
Just how high the rate will go is a matter of conjecture. The assumption
that a large part of recent contract coverage represents speculative tonnage,
and that output will necessarily suffer a sharp drop after the completion of
this quarter, may not be entirely justified. Specifications to date have been
large, but they have not come up to expectations. In fact, considerable
tonnage in the aggregate was canceled on May 1 because April quotas were.

not fully specified. Unless releases mount rapidly in the next 1.3 days,
mills will find it physically impossible to turn out all of the tonnage covered
by contracts before June 30.
Aside from the possibility that buyers will not take maximum quotas on
their contracts for the current three-month period, considerable tonnage on
mill books is not covered by the code provisions requiring deliveries within
a calendar quarter. Much of the railroad steel on producers' backlogs will
not be delivered until July and August, and shipments of structural steel
will extend through those months and beyond. Under the code, protections
on construction jobs may be extended 60 days at the time of a price advance,
and the recent rise In the market resulted in extensions on an unusually large
number of jobs, both public and private. On contracts placed within the
60-day grace period deliveries will extend over several months, i.e., during
the life of the work.
The stimulating effect of the recent price rise on construction work is
already reflected in inquiries and bookings. New structural steel projects,
at 27,360 tons, are the second largest of the year. Awards, at 22,350 tons,
compare with 21,420 tons in the previous week and 13,650 tons two weeks ago.
April automobile output is believed to have totaled 400,000 units, and
May production is expected to reach at least 375,000 units, although manufacturers are commencing to be disturbed by indications that their price
boosts have retarded sales.
An order for 4,000 tons of rails has been placed with the Ensley mill
by the Nashville Chattanooga & St. Louis, but the major rail buying movement initiated by the transportation co-ordinator came to an end April 15.
More than 10,000 tons of steel for coast guard cutters and for miscellaneous Naval needs has been distributed among Eastern mills. The Navy
will take bids this month on two cruisers and will soon award contracts for
two others to Government yards. In addition, it is seeking appropriations
for two destroyer leaders, 12 destroyers and six submarines to be built in
the fiscal year beginning July 1.
Scrap is weak in all markets, and declines at Pittsburgh, Chicago and
Philadelphia have caused the "Iron Age" composite for heavy melting steel
to recede from $12.42 to $12.17 a ton. The going into effect of additional
advances has raised the pig iron composite from $17.57 to $17.90 a ton.
The finished steel composite is unchanged at 2.222c. a pound. An advance
of $3 a ton on billet steel reinforcing bare is now in effect, and a similar
• rise on rail steel concrete bars will become effective next week.
THE "IRON AGE" COMPOSITE PRICES,
Finished Steel.
May 1 1984. 2.2220. a Lb.
IBased on stee. bars, beams, tank plates,
One week ago
2,2225.1 wire, rails, black pipe and sheets.
One month ago
2.0280.1 These products make 85% of the
One year ago
1.867o. United States output.
Low.
High.
1934
2,0280. Jan. 2
2.2220. Apr. 24
1933
1.8670. Apr. 18
2.0360. Oct. 3
1932
1.926c. Feb. 2
1 977e. Oct. 4
1931
1.9450. Dec. 29
20370. Jan. 13
1930
2.018e. Dec. 9
2 2730. Jan. 7
2.2730. Oct. 29
1929
2 317o, Apr. 2
2.2170. July 17
1928
22880. Dec. 11
2.2120. Nov. 1
1927
t. 9
2.402o.
Pia Iron.
May 1 1934. $17.90 a Gross Ton.
(Based on average o basic iron at Valley
One week ago
317.571 furnace foundry irons at Chicago.
One month ago
16.901 Philadelphia, Buffalo, Valley, and BitOne year ago
14.101 mingham.
Low.
High.
1934
$16.90 Jan. 2
317.90 May 1
13.56 Jan. 3
1933
16.90 Dec. 5
13.56 Dec. 6
1932
14.81 Jan. 5
14.79 Dec. 15
1931
15.90 Jan. 6
15.90 Dec. 16
1930
18.21 Jan. 7
18.21 Dec. 17
1929
18.71 May 14
17.04 July 24
1928
18.59 Nov. 27
1927
17.54 Nov. 1
19.71 Jan. 4
Steel Scrap.
May 1 1934. 312.17 a Gross Ton.
Based on No. 1 heavy melting steel
One week ago
312.42 quotations at Pittsburgh, Philadelphia,
One month ago
12.58 and Chicago.
, One year ago
9.42
Low.
High.
1934
$11.33 Jan. 2
$13.00 Nfar.13
1933
12.25 Aug. 8
6.75 Jan. 3
1932
.42 July 5
8.60 Jan. 12
1931
11.33 Jan. 6
8.50 Dec. 29
1930
11.25 Dec. 9
15.00 Feb. 18
1929
14.08 Dec. 3
17.58 Jan. 29
1928
16.50 Dec. 31
13.08 July 2
1927
13.08 Nov.22
15.25 Jan. 11

The American Iron and Steel Institute on April 30 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 55.7% of the
capacity for the current week, compared with 54.0% last
week and 43.3% one month ago. This represents an increase
of 1.7 points, or 3.2%, over the estimate for the week of
April 23. Weekly indicated rates of steel operations since
Oct. 23 1933 follow:

•

1933Oct. 23
Oct. 30
• Nov. 6
Nov.13
Nov.20
• Nov.27
Dec.. 4
Dec.ill

193331.6% Dec. 18
26.1% Dec. 25
25.2% 193427.1% Jan. 1
26.9% Jan. 8
26.8% Jan. 16
28.3% Jan. 22
31.5%

193434.2% Jan. 29
31.6% Feb. 5
Feb. 12
29.3% Feb. 19
30.7% Feb. 26
34.2% Mar. 5
32.5% Mar. 12

34.4%
37.5%
39.9%
43.6%
45.7%
47.7%
46.2%

1934
Mar. 19
Mar. 26
Apr. 2
Apr. 9
Apr. 16
Apr. 23
Apr, 30

46.8%
45.7%
43.3%
47.4%
50.3%
54.0%
65.7%

"Steel," of Cleveland, in its summary of the iron and steel
markets, on April 30 stated:
Emphasis in the steel industry last week shifted from bookings to production, with the steel rate up two more points to 57%-equal to the highest
reached last year in the third week of July-and indications pointing to a
continuation of a strong operating situation.
The rate now has risen three consecutive weeks, gaining nine points in
that time, and producers do not expect the top of the present movement will
be attained much before June. Underlying strength is imparted by the fact
that in addition to the leading consumers' requirements for two to three
months ahead, now on mill books, all steel users evidently have taken the
opportunity to replenish or increase their stocks. Even though tonnages are
small hi many instances, this has built up a formidable backlog which already
is causing producers to fix deadlines for specifications.




3007

Financial Chronicle

Volume 138

Automobile output is close to the spring peak, with approximately 390,000
cars made in April, and this number scheduled for the coming month.
Though steel shipments to some plants were suspended last week dust to
strikes, barring a spread of labor difficulties these are not expected to interfere seriously with production for this quarter. Railroads have about completed their purchasing programs, and building construction is making slow
progress.
It now remains to be seen how much of the steel negotiated prior to recent
price advances can be absorbed before July 1. There has been no improvement under the steel code so far as concerns the giving of options to buy
that form of contract universally chosen by consumers extending them the
while it binds producers to deliver
right to cancel any tonnage not wanted,
at specific time and price.
Consumers generally are not making further commitments for the reason
the time now is past when they can benefit from lower prices on most
products. The advance, however, is not yet 100% effective, as for example
in some branches of the industry not yet under codes. New price advances,
in addition to those already announced in "Steel," include $3 a ton on rail
steel reinforcing bars, and 15 to 25c. per 100 pounds on steel from warehouses.
Structural shape awards for the week dropped to 10,880 tons from 14,800
tone in the week preceding. Inquiries are out for 50,000 tons for PWA
bridges in the Middle West. Seven fabricators shared in an award of 7,000
tons of plates, shapes and sheets for seven coast guard cutters. For the
Government dam at Fort Peck, Mont., 3,327 tons of concrete bars have been
placed. Miami, Fla., has awarded 8,000 tons of cast pipe.
Railroad purchases include 6,000 tons of plates and shapes by the Delaware
Lackawanna & Western for freight car repairs; 4,000 tons of rails by the
Nashville Chattanooga & St. Louis, and reported 500 steel box cars for
Chicago Great Western.
Nut and bolt output for the first three months this year was double that
of the comparable period last year. A leading Eastern automobile body
builder reports fabricating 18,500 tons of steel in the first quarter, up from
6,000 tons from last year. Armco International Corp. ;as booked 1,000 tons
of sheets for Russia.
A few sales of pig iron have been made at the recent price advance of $1
a ton. Jackson County furnaces have raised deliveries and bessemer ferrosilicon iron 50c. a ton. Scrap is easier, "Steel's" scrap composite being off
21c. to $12.
It was due largely to the export of 97,281 tons of scrap in March that the
total of iron and steel exports increased 110,085 tons to 261,269 tons, highest
of any month since July 1929. March imports, 38,398 tons, were 12,991 tons
over February.
Pittsburgh steelworks operations last week rose three points to 48%;
Chicago, five to 59%; Cleveland, six to 80%; Wheeling, six to 79%; Buffalo, 11 to 68%; eastern Pennsylvania, 1% to 41%%. The Youngstown
rate was down two to 58%. Detroit remained 94%; New England, 89%;
Birmingham, 52%.
"Steel's" iron and steel price composite holds at $34.77, and the finished
steel index, $54.80.

Steel ingot production for the week ended April 30 is placed
at a fraction over 55%, according to the "Wall Street Journal" of May 1. This compares with 53% in the preceding
week and with 50% two weeks ago. The "Journal" adds:
U. S. Steel is estimated at 42%, the same as in the previous week. Two
weeks ago the rate Was 41%. Independents are credited with a rate of 68%,
against nearly 62% in the week before and a shade over 57% 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:

1933
1932 *
1931
1930
1929
1928
1927
*Not available.

Industry.
28%+4

•

U. S. Steel.
24+2

50-1
4834- 34
7734- %
80-1
101 +3
103+3
85
___90_
90-1 t4
82 -2

Independents.
32 +434
4734
75
99 +3
80
75 -2

Pig Iron Output Up 12% in April.
Production of coke pig iron in April totaled 1,754,647
gross tons, against 1,619,534 gross tons in March, reports
the "Iron Age" of May 3. The April daily rate, at 58,488,
represented a gain of 12% over the March average of 52,243 tons a day. With returns in from all but two active
furnaces, there was a net gain of 13 stacks, 109 bemrrn
blast on May 1, against 96 on April 1.
Bituminous Coal Production Increased Slightly During
--Anthracite Output Up
Week Ended April 21 1934
27.4% Over the Preceding Seven Days.
According to the United States Bureau of Mines, the total
production of bituminous coal for the country as a Whole
during the week ended April 21 1934 showed practically no
change from the preceding week. Total output is estimated
at 5,887,000 net tons, as against 5,880,000 tons in the week
ended April 14 1934 and 4,634,000 tons in the week ended
Apri122 1933. Anthracite production in Pennsylvania during
the week ended April 21 1934 is estimated at 1,273,000 net
tons, an increase of 274,000 tons, or 27.4% over the preceding
week, and compares with 569,000 tons in the corresponding
week of 1933.
During the month of March 1934 estimates show that
38,497,000 net tons of bituminous coal and 6,418,000 tons of
anthracite were produced, as compared with 31,970,000 tons
of bituminous coal and 5,952,000 tons of anthracite in the
month of February 1934 and 23,685,000 tons of bituminous

3008

Financial Chronicle

coal and 4,519,000 tons of anthracite in the month of
March 1933.
During the calendar year to April 21 1934 production of
bituminous coal amounted to 120,580,000 net tons, as against
92,578,000 tons in the calendar year to April 22 1933, while
anthracite output during the 1934 period totaled 21,591,000
tons as compared with 14,817,000 tons in the 1933 period.
The Bureau's statement follows:
ESTIMATED UNITED STATES PRODUCTION OF COAL AND BEEHIVE
COKE (NET TONS).
Week Ended.

Calendar Year to Dale.

April 21 April 14 Apr. 22
1934.c
1934.d
1933.

1934.

1933.

1929.

Bitum coal:a
•
Weekly total 5,887,000 E,880,000 4,634,000 120,580,000 92,578,000 167,317,000
Daily aver__ 981,000 980,000 772,000 1,279,000
976,000 1.761,000
Pa. anthra.: b
Weekly total 1,273,000 999.000 569,000 21,591,000 14,817,000 22,323,000
Daily aver.. 212,200 166,500
94,800
230,900
158,500
238,700
Beehive coke:
Weekly total
11,600
14,700
13.300
410,100
296,100 1,916,800
Daily aver__
2.217
2,4E0
1,933
4.272
3,084
19,967
a Includes lignite, coal made into coke, local sales, and colliery fuel b Includes
Sullivan County, washery and dredge coal, local sales, and colliery fue c Subject
to revision. d Revised.
ESTIMATED WEEKLY AND MONTHLY PRODUCTION OF COAL BY
STATES (NET TONS) (000 OMITTED).a
Week Ended.

Monthly Production.

State.
Apr. 14 Apr. 7 March
1934. 1934. 1934.

Feb. March
1934. 1933.

Calendar Year to
End of March.
1934.

1933.

1929.

Alabama
Ark. & Okla_ _ _
.
Colorado
Illinois
Indiana
Iowa,Kans,& M o
Ky.-Eastern
Western
Maryland
Michigan
Montana
New Mexico ...
North Dakota..
Ohio_
Pa. (ialt.)
Tennessee
Texas
Utah
Virginia
Washington...,
West Virginia
Southern b_._
Northern c
Wyoming
Other States_ __

80
10
71
580
254
115
.518
120
22
9
26
20
21
298
1,825
65
13
31
175
20

894
185
13
147
78
432
M5 4,455
261 1,740
119
838
450 3,125
101
885
24
200
5
45
34
168
23
96
25
140
283 2,525
1,620 10,284
36
430
14
58
31
165
173
980
26
128

950
206
454
4,070
1,466
815
2,600
802
168
38
170
92
148
2,130
7,410
358
58
158
830
125

603
68
379
3.228
1,048
770
1,757
624
120
40
158
82
137
1,421
d
266
51
166
603
115

1,430
102
74
1

1,190
130
63
1

6,320
2,250
310
42

4,621 20,103 15,554 24,807
d
7;304 d
9,049
264 1,036
922 1,883
8
127
30
so

Total bit. coal
Pa. anthracite

5,880
999

5,430 38,497 31,970 23,685 103,383 77,879 140,603
824 6,418 5,952 4,519 18,495 12,601 18,352

7,517
2,860
350
3.5

2,774 2,001 4,754
621
505 1,722
1,422 1,546 3,074
12,765 10,373 18,320
4,766 3.538 5,359
2,573 2,689 3,456
8,145 6,013 11,387
2,482 2.102 4,503
544
394
762
133
132
213
593
573
961
318
319
704
508
553
623
6,630 4,616 5,39.5
25,624
d
36,137
1,118
891 1,417
176
144
299
575
800 1.653
2,615 1,967 3,313
431
426
756

Total coal
6,879 6,254 44,915 37,922 28,204 121,878 90,480 158,955
a Figures for 1929 only are fine b Includes operations on the N & W.; C.& 0.1
Virginian; K.& M. and B.C.& G. c Rest of State, including Panhandle and Grant,
Mineral and Tucker counties. d Original estimates were in error.

Report on Foundry Operations in Philadelphia Federal
Reserve District During March by University of
Pennsylvania-Increased Activity Noted in Gray
Iron and Steel Foundries.
Activity in gray iron and steel foundries increased during
March according to reports received by the Industrial
Research Department of the University of Pennsylvania
from foundries operating in the Philadelphia Federal Reserve
Bank District. The increase in production, the Research
Department said, was distributed among most of the reporting firms but was most significant in the steel foundries
which reached their highest point of activity since October
1931. The output of gray iron castings, on the other hand,
was slightly less than that of last January. The production
of malleable iron castings declined for the second consecutive
month. The Research Department continued:

May 5 1934

Deliveries of iron castings increased but the shipments of steel castings,
which usually lag production by a month, decreased as a result of the
decline in production of steel castings during February. Unfilled orders for
iron castings showed a slight decrease during March, but those for steel
castings more than doubled.
IRON FOUNDRIES.
No. of
Firms
ReportOW.

March 1934
(Short Tons)

31
31
30

Capacity
Production
Gray iron
Jobbing
For further manufacture_ _.._
4
Malleable iron
30
Shipments
19
UnMled orders
Raw stoc kPig iron
27
26
Scrap
26
Coke

Per Cent
Per Cent
Change
Change
from
from
Feb. 1934 Mar. 1933.

12,022
2,655
2,334
1,952
382
321
2,726
1,195

+3.8
+5.9
+5.1
+10.4
-9.3
+7.4
-4.4

+159.9
+156.1
+145.9
+224.2
+191 4
+137.7
+195.7

3,471
1,635
516

-3.4
-5.4
-12A

+99.9
-4.6
-4.32.2

Gray Iron Castings.
The output of gray iron castings during March was 5.9% more thanTin
the previous month. This increase, which was widely distributed
throughout the Industry (only six foundries reported any decrease in
activity), was largely seasonal in character. Although in the corresponding
period of 1932 and 1933 there were decreases of 10 and 7% respectively, the
same month in the years from 1926 to 1931 had increases ranging from
5 to 22%. In spite of the increase this March, however, the total output
was less than in January. This does not conform with the experience in
the years before 1931 when production in March was the largest of any of
the first seven months of each year.
The increase in output was shared by foundries both in Philadelphia and
In the balance of the Federal Reserve Bank District. The production of the
foundries outside of Philadelphia but within this Federal Reserve District,
has risen for four consecutive montns.
The total production during the first quarter of this year is nearly equal to
the tonnage produced in the first six months of 1933, and is 7.2% more
than the output of the third quarter of 1933. and 6.5% more than that of
the fourth quarter of last year.
Shipments of iron castings were 7% more than those of last month.
By the end of March the volume of unfilled orders on hand had declined
4.4%. All raw stocks on hand at the close of March were less thanlat
the beginning of the month.
Comparison of the activity of March 1934 with that of March 1933 may
by interesting because of the extremely low level of activity Prevailing last
year as a result of the bank holiday. Thus production this month was
159.9% more than that of last year, while shipments showed an increase
of 137.7% and unfilled orders an increase of 195.7%.
Malleable Iron Foundries.
The production of malleable iron castings in four foundries during
March was 9.3% less than in the preceding month. This is the second
consecutive month in which activity has declined.
STEEL FOUNDRIES.
No. of
Firms
Reportlay.
8
Capacity
8
Production
Jobbing
For further manufacture
8
Shipments
7
Unfilled orders
Raw stock
6
Pig iron
6
Scrap
6
Coke

March 1934.
(Short Tons)

Per Cent
Per Cm
Change
Change
from
from
Feb. 1934. Mar.1933.

8,630
2,055
1 943
112
1,729
4,268

+17.7
+20.3
-14.2
-10.4
+142.6

+128.7
+133.0
+72.9
+126.6
+302.8

220
5,684
203

-7.6
+25.5
+56.8

+68.8
+53.6
+180 0

The tonnage of steel castings produced in eight foundries during March
was 17.7% more than in February. This increase was entirely in the
production of castings for jobbing work which totaled 20.3% more than
the
output of similar work in February. Nearly all of the firms shared
in the
increased activity.
The output in March exceeded that of any month since October
1931.
Figures from the Department of Commerce are not yet available
for January and February,so that it is not possible to compare the
activity of this
District with that of the country as a whole.
Shipments continued to lag. Their decrease of 10.4% reflects
the
curtailed production in February. Unfilled orders showed the
surprising
increase of 142.6%.
Stocks of pig iron on hand declined slightly during the month
but those
of scrap and coke showed increasee. All raw stocks on hand were
more
than those of a year ago.

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 2,as reported by the
Federal Reserve banks, was $2,490,000,000, a decrease of
$14,000,000 compared with the preceding week, and an
increase of $54,000,000 compared with the corresponding
week in 1933. After noting these facts, the Federal Reserve
Board proceeds as follows:
On May 2 total Reserve bank credit amounted to $2,484,000,000, a
decrease of $2,000,000 for the week. A decrease of $174,000,000 in member
bank reserve balances was offset by increases of $129,000,000 in Treasury
cash and deposits with Federal Reserve banks, $35,000,000 in money in
circulation and $11,000,000 in non-member deposits and other Federal
Reserve accounts.
The System's holdings of bills discounted and of bills bought in open
market declined $2,000,000 each, and of Treasury certificates and bills

$22,000,000, while holdings of United States bonds Increased $2,000,000 and
of United States Treasury notes $22,000,000.




The statement in full for the week ended May 2 in comparison with the preceding week and with the corresponding
date last week will be found on pages 3048 and 3049.
Changes in the amount of Reserve bank credit outstanding
and in related items during the week and the year ended
May 2 1934, were as follows:
Increase (+1 or Decrease (-)
Since
May 2 1934. Apr. 25 1934. May 3 1933.
$
$
Bills discounted
38,000,000 -2,000,000 • -362,000.000
Bills bought
8.000,000 -2,000,000 -136,000,000
IL El. Government securities
2 432,000,000 +2,000,000
Other Reserve bank credit
6,000,000 +1,000.000 +595,000.000
-9,000,000
TOTAL RES'VE BANK CREDIT 2,484,000.000 -2,000,000
+88,000,000
Monetary gold stock
7 756,000,000
+1,000,000 +3,731,000,000
Treasury and National Bank currency2,381,000.000
+1,000,000
+76,000,000
Money in circulation
5,359,000.000 +35,000,000 -308,000,000
Member bank reserve balances
3,570,000,000 5
-174000.000 +1,536,000,000
Treasury cash and deposits with Federal Reserve banks
3,277,000,000 +129,000,000 +2,700,000,000
Non-member deposits and other Federal Reserve accounts
415,000,000 •+11,000,000 -123,000,000
• April 25 figures revleed.

Financial Chronicle

Volume 138

Returns of Member Banks in New York City and
Chicago—Brokers' Loans.
Below is the statement of the Federal Reserve Board for
the New York City member banks and that for the Chicago
member banks for the current week, issued in advance of
the full statement of the member banks, which latter will not
be available until the coming Monday. The New York
City statement also includes the brokers' loans of reporting
member banks, which for the present week shows an increase
of $26,000,000, the total of these loans on May 2 1934
standing at $974,000,000, 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" increased
from $786,000,000 to $802,000,000, loans "for account of
out-of-town banks" from $154,000,000 to $163,000,000
loans "for account of others" increased from I ,000,000 to
$9,000,000.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York.
May 2 1934. Apr. 25 1934. May 3 1933.
$
Loans and investments—total
7,142.000,000 7.138,000.000 6,753,000,000
3 290,000,000 3,288,000,000 3,291.000,000

Loans—total
On securities
All other

1 729,000,000 1,874,000,000 1.878,000,000
1 561,000,000 1,594.000,000 1,815,000,000

Investments—total

3,852,000,000 3,870,000,000 3,462,000,000

U.S. Government securities
Other securities

2 699,000,000 2,716,000,000 2,353,000,000
1,153,000,000 1,154,000,000 1,109,000,000

Reserves with Federal Reserve Bank
gash in vault

_ _1,194,000,000 1,351,000,000
38,000,000
37,000,000

734.000,000
38,000.000

Net demand deposits
Time deposits
Government deposits

5,975,000,000 8,042,000.000 5,318,000,000
688.000,000 689,000,000 731,000,000
588,000.000 849,000.000 124,000,000

Due from banks
Due to banks

90,000,000
73,000,000
83,000,000
1,522,000,000 1.554,000,000 1,186,000.000

Borrowings from Federal Reserve Bank Loans on secur. to brokers & dealers;
For own account
802,000,000
For account of out-of-town banks_
183,000,000
For account of others
9,000,000
Total
On demand
On time
Loans and investments—total

974,000,000

788,000,000
154,000,000
8,000,000

491,000,000
17,000,000
4,000,000

948,000,000

512,000.000

708.000,000 683,000,000 371,000,000
268,000,000 285,000,000 141.000,000
Chicano.
1,433,000,000 1,423,000.000 1,161,000,000

Loans—total
On securities
All other
Investments—total
U. S. Government securities
Other securities
Reserves with Federal Reserve Bank
Cash in vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks

595.000,000

597,000,000

831,000.000

292,000,000
303,000,000

289,000,000
308,000,000

343,000,000
288,000,000

838,000,000

828,000,000

530,000,000

547,000,000
291,000,000

534,000.000
292,000,000

329,000,000
201.000.000

380,000,000
40,000,000

395,000,000
41,000,000

164,000,000
46.000,000

1 274,000,000 1,285.000,000
364,000,000 365,000,000
31.000,000
38.000,000

849,000,000
352,000,000
10,000,000

165,000,000
385,000,000

174,000.000 180.000,000
367.000,000 240,000,000

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 for the New York and
Chicago member banks are now given out on Thursday,simultaneously with the figures for the Reserve banks themselves
and covering the same week, instead of being held until the
following Monday, before which time the statistics covering
the entire body of reporting member banks in 91 cities cannot
be 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 April 25:
The Federal Reserve Board's condition statement of weekly reporting member banks in 91 leading cities on April 25 shows increases for the week of
$41,000,000 in investments, $72,000,000 in net demand deposits, $34,000,000
In time deposits, and $81,000,000 in reserve balances with Federal Reserve
banks, and decreases of $83,000,000 in loans and $60,000,000 in Government
deposits.
Loans on securities declined $53,000,000 at reporting member banks in
the New York district and $64,000,000 at all reporting member banks. "All
other" loans declined $7,000,000 in the New York district, $5,000,000 in
the Boston district, and $19,000,000 at all reporting banks.
Holdings of United States Government securities increased $39,000,000
In the Chicago district, $16,000,000 in the Philadelphia district, $14,000,000
in the St. Louis district, $13,000,000 in the Cleveland district, and $56,000,000 at all reporting member banks, and declined $27,000,000 in the
New York district. Holdings of other securities declined $17,000,000 in
the New York district and $15,000,000 at all reporting banks.
Licensed member banks formerly included in the condition statement of
member banks in 101 leading cities, but not now included in the weekly
statement, had total loans and investments of $1,005,000,000, and net demand, time and Government deposits of 81,196,000,000 on April 25, compared with $1,012,000,000 and $1,122,000,000, respectively, on April 18.




3009

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 April 15 1934, follows:
Increase (±) or Decrease (—)
Since
Ayr. 251934. Apr. 18 1934. Apr. 28 1933.
$
Loans and Investments—total__ A7,471,000,000
—42,000,000 +1,423,000,000
Loans—total

8,120,000,000

—83,000,000

—221.000,000

3.518,000,000
4.804,000.000

—64,000,000
—19,000,000

—122,000.000
—99.000,000

9,351,000,000

+41,000,000 +1,644,000,000

U. S. Government securities.... 6,282,000,000
Other securities
3,089,000,000

+56.000.000 +1,604,000,000
+40,000.000
—15,000,000

On securities
All other
Investments—total

Reserve with F. R. banks
Cash in vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from F. It. banks

2,779,000.000
242,000,000

+81,000,000 +1.183,000,000
+23.000,000
+2,000,000

12,272,000,000
4,477,000,000
1.177,000.000

+72,000,000 +1.879,000,000
+34,000,000 +125.000.000
—80,000,000 +1,036,000.000

1,570,000,000
3,595,000,000

—15,000,000 +356,000.000
—50,000,000 +1,031,000.000

7,000,000

+1,000,000

—117.000,000

League Loans' Committee Effects Settlement with
Bulgarian Government Incident to Offer to Redeem
in Foreign Currencies at 10% of Value Blocked
Levas Accumulated in Case of Untransferred
Service of 1926 and 1928 Loans.
Speyer 4Sz Co. and J. Henry Schroder Banking Corp., as
American Fiscal Agents for the above loans, have received
a Communique (being published on May 4 by the League
Loans' Committee in London), of which the following is the
substance:
The League Loans' Committee have now settled with the Bulgarian
Government the detailed arrangements for putting into effect the latter's
offer (announced in the communique of Nov. 24 1933) to redeem in foreign
currencies at 10% of their nominal value the blocked levas accumulated
In respect of the watransferred service of the two above-named loans between
April 1932 and April 1934. Owing to the operation of the system by which
the Bulgarian Government provides the service of these loans in monthly
Instalments, to the utilization of the reserve fund in the case of the 1926
loan, and to certain other reasons, the blocked levas to which this offer
applies are not precisely equal in amount to those portions of the coupons
which have remained unpaid during the two years in question.

It is further stated:
Based on exchange rates now prevailing, it is expected that holders of
$1,000 bonds of the 7% loan will receive on or shortly after Oct. 15 1934.
$6.72 against surrender of the coupon (50% paid) due July I 1933; on or
shortly after Oct. 15 1935,$6.72 against surrender of the coupon (50% Paid)
due Jan. 1 1934; total $13.44; and that holders of $1,000 bonds of the 73. %
loan will receive on or shortly after Oct. 15 1934, $3.45 against surrender
of the coupon (50% paid) due Nov. 15 1932; on or shortly after April 15
1935, $3.80 against surrender of the coupon (45% paid) due May 15 1933:
on or shortly after Oct. 15 1935, $5.18 against surrender of the coupon
(25% paid) due Nov. 15 1933; total $12.43. Holders of $500 bonds of the
above loans will receive the proportionate amount.
The above amounts are approximate and are given by way of indication
only: the exact amounts which the bondholders will receive will depend.
for instance, on the rates of exchange between the lava and the other currencies concerned at the times (during the next two years) when the levas
will be converted into those currencies.
When the paying bankers are in a position to distribute the proposed
payments—the first of which is due in October 1934—they will issue notices
to inform holders what amounts are available for distribution, and to instruct them as to when and where they should present their coupons. In
the meantime holders are particularly requested not to send in their coupons
for collection of the proposed payments.
It will be observed that the coupons due July 1 1934 on the 1926 loan
and May 15 1934 on the 1928 loan are to receive a 32;.i% payment under
the arrangement announced separately by the League Loans' Committee
on April 20 1934; they are therefore not affected by the present announcement.

International Agreement for Regulation of Production
and Exports of Rubber Signed by Eight Nations—
Maintenance of Fair Price Also Objective.
The signing, at The Hague, of an international agreement
governing production and exports of rubber was announced
at London on April 29. Eight nations are signatories to the.
accord, under which it is also proposed to maintain "a fair
and equitable price level which will be reasonably remunerative to efficient producers." The agreement, which applies
to the territories of Malaya, the Netherlands India, Ceylon,
India, Burma, French Indo-China, North Borneo, Sarawak
and Siam, will run for five years,from June 1 1934 to Dec. 31
1938. In a cablegram from London, April 29, to the New
York "Times" it was stated that "the plan not only prohibits
further planting of rubber trees in the present areas, but
would prevent planting in areas outside the scope of the
agreement. The export of planting materials also has been
banned. The cablegram continued, in part:
Legislation Is Required.
It will be necessary for the Government of each of the participating
territories to give legislative effect to its provisions because the United
States has insisted on such a course. It is understood the British Government, which has been kept informed of the negotiations, approves the
plan. The Dutch and British were the principals of the eight parties
to the scheme.
Representatives of the rubber manufacturers of the United States and
Europe will be invited to nominate delegates who may periodically confer
with the International Rubber Regulation Committee.

Financial Chronicle

3010
Committee to Fix Quotas.

Each of the eight parties to the scheme has received a quota fixing the
maximum amount that may be exported in the next five years. . . .
The total increases each year, and by 1938 the quota supply will have
been expanded by more than 25%.
The International Regulation Committee, which is to administer the
scheme, will determine periodically the percentage of the quotas to be
exported from each territory. Thus the plan will regulate rather than
restrict, and fundamentally differs from the Stevenson scheme of restriction of trade, which after six years ended in 1928 with a flood of rubber,
from which the industry has since been trying to save itself.
The average price of first-grade plantation rubber in 1933 was only
3.25 pence a pound. The rise to the present level of 6.12 pence has been
due mainly, if not entirely, to belief that a restriction scheme would be
arranged. The capital value placed upon the rubber plantations in the
scheme is estimated at £350,000,000.
The quantity of crude rubber produced in 1933 from all the territories
outside the scheme was only 12,970 tons, a little more than 1% of the total.
Under the one-sided Stevenson scheme the Dutch were outside and many
British areas failed to adhere. Consequently, the more the restricting areas
reduced production the more the outsiders increased theirs.
Now, with nearly 90% of the total production and fresh planting firmly
controlled no attempt will be made to fix prices or regulate exports by
reference to a particular price. . . .
Special arrangements have been made for French Indo-China because
France imports four times the quantity exported there. To discover new
uses for rubber, all the governments except Sarawak and Siam were invited
to levy a tax on exports to cover the cost of experiments.

The conclusion of the negotiations were announced in a
Reuters cablegram made public as follows by the Commodity
Exchange of New York:
Restriction Negotiations Concluded.

Negotiations for the regulation of'the production and exports of rubber
have now been concluded and a complete agreement has been reached. A
formal agreement, embodying the terms and provisions of the rubber regulation scheme, was signed yesterday by the appointed representatives. The
agreement has been submitted to the respective governments with the
request that they give legislative effect to the provisions. The object
of the scheme is as follows:
"It has been considered necessary and advisable that steps should be taken to
regulate the production and exports of rubber in and from rubber producing countries
with the object of reducing existing world stocks to a normal figure and of adjusting.
in an orderly manner, supply to demand and maintaining a fair and equitable price
level which will be reasonably remunerative to efficient producers."
The scheme is comprehensive in scope and is to apply to the following
territories: Malaya, Netherlands India, Ceylon, India, including Burma,
French Indo-China, the State of North Borneo, Sarawak and Siam.
The following quotas have been allotted for the next five years:
(Figures in Tons.)

May 5 1934

of other Swiss banks changed into shares. These other banks also agreed
to keep nearly $14,000,000 in deposits with it until January 1935.
It was further agreed that the bank in case of need could obtain additional deposits totaling $10,000,000, half to be contributed by the Government, one-third by creditor banks and the remainder by the Canton of
Geneva. A recent run on the bank led It on Saturday [April 281 to ask
this aid.
The Canton, which has since become Socialist, and had to borrow $5,000,000 itself from the Federal Government, refused, because of lack of
money to contribute its share. This freed the two other parties and the
bank suspended payment. . . .
The bank's assets are said to equal its liabilities but lack liquidity. The
possibility of the bank being refloated or taken over by other banks is still
open.
Swiss and Geneva Government bonds, all bank stocks and other Swiss
shares fell on the Swim market to-day.

Swiss to Remain on Gold-President Says Nation
Cannot Afford to Experiment.
President Marcel Pilet-Golaz of Switzerland, opening the
international aviation salon at Geneva on April 27, took occasion to reaffirm that "honor and interest bind the Swiss franc
to the gold standard." Advices from Geneva to the New York
"Times" reporting this added:
He answered the criticisms of Swiss exporters by stressing the advantages gold had given to Switzerland in buying more cheaply all the raw
materials she needs to import.
"Switzerland is the last country that can afford monetary manipulations," he said. "Those who are dreaming inflation will get it only in their
dreams."
He declared the Government was firmly resolved to balance the budget by
new taxes and economies.
Declaring Switzerland "deeply deplored" the economic nationalism she
was "temporarily forced to practice," he asked the aviators "What good
will it do men to know how to fly if they lock themselves up in their cages?"

Federal Pay in Italy and Living Costs1Reduced Under
Decree of Council ofiMinisters-ActioniDesigned
to Improve Country's Position in!Competing with
Other Nations in Foreign Market.'"
Sweeping reductions in salaries and the cost of living in
order to place Italy in a position to compete with other
nations in the foreign market were decreed on April 14 by
the Council of Ministers, according to Associated Press advices from Rome, which gave the Cabinet's announcement
as follows:

The reduction of salaries is essential for diminishing and equilibrating
costs. Carrying the burden of production lower, one renders easier the
defense and possible development of export; the circulation of money can
Malaya
504,000
538,000 569,000
589,000 602,000
be curtailed considerably; one offers conditions of life conducive to recalling
352,000 400,000
443,000
467,000 485,000
Netherlands India
Ceylon
77,500
79,000
80,000
81,000
82.500 the Italian tourists who constitute an important factor in the prosperity
6,850
8,250
9.000
9,000
9,250
India
of the country.
5,150
6,750
8,000
9,000
9,250
Burma
12,000
13,000
14,000
15,500
16,500
North Borneo
From the Associated Press advices we also quote:
24,000
28,000
30,000
31,500
32,000
Sarawak
The Council, over which Premier Mussolini presided in person, ordered
15,000
15,000
15,000
15,000 15,000
Slam
all rents in Italy reduced 12%.
•rntal
AAR AfIll 1 055 0(50 1 1550(50 1 917 non 1 951 NM
Government employees' salaries were cut from 6% to 12%.
All other costs, such as food, transportation, and utilities are to fall in
Further planting will be prohibled and replanting will be limited to
proportion so that Italy can manufacture goods that will have even price
20% of the existing area. In order to discourage planting in territories
chances with those of other nations.
outside of the agreement, the export of planting material will be prohibited.
This is the second such nation-wide deflation in three years, another
In order to prevent abnormal accumulation of stocks, producers and
having been ordered in October 1930 along almost the same lines.
dealers will be obliged to keep stocks at a normal percentage of their
The Council of Ministers did not touch the salaries of employees of industurnover.
try and commerce, but these will be reduced through the Fascist corporative
The International Committee will be called the International Rubber
State organization.
Regulation Committee, and will be constituted of delegations appointed
• Government employees whose salaries range up to 500 lire ($42.50) a
by the governments; each delegation will have one vote for every thousand
month are not touched. Those with salaries between 500 and 1,000 lire
tons. The Committee will fix the percentage of the allotted quotas which
(from $42.50 to $85) are reduced 6%.
territories may export.
Salaries between 1,000 and 1,500 lire ($85 to $127.50) are cut 8%;
Representatives of European and American manufacturers will be invited
those between 1,500 and 2,000 lire ($127.50 to $170) are cut 10%; above
to nominate an advisory panel.
2,000 lire they are cut 12%.
During the period of regulation, Siam will be allowed to plant a maximum
The rental on stores was reduced 15%.
of 31,000 acres, the export allowance being subject to a yearly minimum.
The Council Ministers voted to slash their own salaries 20%.
Special arrangements have been made in the case of Indo-China's export
The Cabinet decided also that bachelors should pay an even greater
allowance. The scheme is to run for a minimum period from June 1 1934
penalty for the privilege of remaining single. Their tax was doubled to
to Dec. 31 1938.
50% of their income.
The Rubber Growers' Association points out that the scheme is necessary
It was estimated that the State would receive added revenues of 55,000,000
in the interest of producers and consumers alike.
lire ($4,675,000) annually from this tax.
Representative committees in London of the Eastern producing countries
The Council also decided to regulate the importation of °Mess seeds,
unanimously favored the plan.
copper, wool and coffee through a system of licenses to be granted accordThe industry widely recognizes that an excessive price will not be to
ing to the amount of Italian exportation to those countries from which
the permanent welfare of the industry.
those materials come.
1934.

1935.

1936.

1937.

1938.

Swiss Discount Bank of Geneva Suspends.
The Swiss Discount Bank was closed on April 30, the action, according to Associated Press advices from Geneva baying followed the declination of the Municipal Council controlled by Socialists, to pay the city's share of a proposed
$6,000,000 fund to aid the institution. The advices added:
It was estimated that the assets of the bank will cover its liabilities . . .
but that liquidation will be slow.
The bank was one of the oldest in Geneva.

According to wireless advices April 30 to the New York
"Times" the bank ranked seventh among the "big eight"
banks of Switzerland with branches in the large cities. The
wireless account to the "Times" continued in part:
The deposits, according to its last statement issued in 1932, totaled about
$53,000,000, divided among some 79,000 depositors.
The Swiss Discount Bank was closely associated with other and smaller
banks that collapsed recently. . . .
It wrote off more than 60% of its capital in April 1933, and reorganized
its $25,000,000 capital, of which nearly $7,000,000 represents claims of
the Swiss Government converted into shares, and nearly $5,000,000 claims




Prices Effective Monday.

The new level of prices goes into effect April 16,
The Cabinet also reduced the prices of goods in Government co-operative
stores for Government employees 10%. On the other hand, reductions are
made in the living allowances given certain classes of Government employees. Pensions, however, are untouched.

United States Envoy to Tokyo Informs Japan the
Multilateral Treaties Must Be Respected-Recalls
American Rights in China-State Department's
Announcements.
The United States informed Japan this week that international rights and obligations in China must be respected
by Japan, it was disclosed April 30 when the Department
of State made public an outline of a statement which had
been made by Ambassador Joseph C. Grew in Tokyo to
Koki Hirota, Japanese Foreign Minister. This action was
taken as the result of statements by a "spokesman" for the
Japanese Foreign Office which had been interpreted abroad
as a declaration of a Japanese "Monroe Doctrine for the

Volume 138

Financial Chronicle

Far East." Sir John Simon, British Foreign Secretary, told
the House of Commons April 30 that so far as the British
Government is concerned, the situation arising from Japan's
recent claim to special rights in China was"a closed incident."
Ambassador Grew, according to the State Department,
informed the Japanese Foreign Minister that the United
States expected Japan to adhere to the principles of the
.
"multilateral treaties relating to rights and obligations in
the Far East," and to "one great multilateral treaty to which
practically all the countries of the world are parties." The
statement concluded with the remark that the United States
is dedicated to the policy of "the good neighbor" and that
the American Government will continue to devote its best
efforts to the practical application of that policy.
The text of the State Department press release giving the
"substance" of the statement made by Ambassador Grew
to the Japanese Foreign Minister follows:
Recent indications of attitude on the part of the Japanese Government
with regard to rights and interests of Japan and other countries in China
and in connection with China have come from sources so authoritative as
to preclude their being ignored and make it necessary that the American
Government, adhering to the tradition of frankness that has prevailed in
relations between it and the Government of Japan, reaffirm the position
of the United States with regard to questions of rights and interests involved.
The relations of the United States with China are governed, as are our
relations with Japan and our relations with other countries, by the generally
accepted principles of international law and the provisions of treaties to
which the United States is a party.
The United States has with regard to China certain rights and certain
obligations. In addition, it is associated with China or with Japan or with
both, together with certain other countries, in multilateral treaties relating
to rights and obligations in the Far East, and in one great multilateral
treaty to which practically all the countries of the world are parties.
Treaties can lawfully be modified or be terminated only by processes
prescribed or recognized or agreed upon by the parties to them.
In the international associations and relationships of the United States.
the American Government seeks to be duly considerate of the rights, the
obligations, and the legitimate interests of other countries, and its expects
on the part of other governments due consideration of the rights, the obligations and the legitimate interests of the United States. In the opinion
of the American people and the American Government, no nation can,
without the assent of the other nations concerned, rightfully endeavor to
make conclusive its will in a situation where there are involved the rights,
the obligations and the legitimate interests of other sovereign States.
The American Government has dedicated the United States to the Policy
of the good neighbor and to the practical application of that policy it will
continue, on its own part and in association with other governments, to
devote its best efforts.

Credit of $4,000,000 to Cuba Arranged by Second
(Cuban) Export-Import Bank—To Be Used for
Purchase of Silver to Be Minted for Silver Coinage.
The State Department at Washington announced on
April 30 that the Second Export-Import Bank (designed to
foster trade with Cuba) has agreed to open a credit in favor
of the Cuban Government for $4,000,000. The announcement stated that the Cuban Government has used this credit
to purchase approximately 7,500,000 ounces of silver at a
total cost of $3,588,568.83. It was further stated that "it
is understood that this amount of silver is sufficient to coin
10,000,000 standard Cuban pesos." The announcement
follows:
In order to expedite the early resumption of normal trade between the
United States and Cuba by rendering assistance in Cuban economic recovery, the Government of Cuba and the Second Export
-Import Bank of
Washington, D. C., have agreed that the latter would facilitate the purchase of silver in the open market to be used in the minting of Cuban silver
coinage.
The bank, upon delivery to it of negotiable promissory notes of the
Cuban Government, bearing interest at 4%, agreed to open a credit in
favor of Cuba in the amount of $4,000,000. The Cuban Government has
used this credit to purchase, through the Export
-Import Bank and the
Treasury Department, approximately 7,500,000 ounces of silver at a total
cost of $3,588,568.83. It is understood that this amount of silver is sufficient to coin 10,000.000 standard Cuban pesos.
The notes of the Cuban Government held by the bank are not
only
based upon the good faith and credit of the Cuban Government, but are
also secured by the bullion value of the silver held by the Bank for Cuba.
It is provided that the minting of the silver will take place in the United
States.
It is the understanding of the bank that the restoration of normal trade
conditions is believed by Cuba to be dependent upon the ability of the
Cuban Government to pay certain civilian salaries and other Government
expenses long overdue, to carry out agricultural reforms and to enter into
a program of public works for relieving unemployment in Cuba. The Cuban
Government proposes to use the minted coinage for these purposes.
-Import Bank was organized particularly to assist
The Second Export
in improving trade conditions between the nationals of Cuba and the United
States, in accordance with the Administration's general recovery program,
and it is believed that this transaction will contribute in a definite measure
toward that purpose.

The singing of a decree by President Mendieta authorizing
the issuance of $10,000,000 in silver and the minting of
coinage through the Export-Import Bank was noted in our
issue of March 31, page 2165.
Cuban Government Issues Series of Decrees, Some of
Which Affect Foreigners.
A series of decrees, including several affecting foreigners,
was issued April 18 by the Cuban Government. United




3011

Press advices of that date from Havana said the decrees
were designed to attract popular support and remarked that
they were "even more radical than those under former
President Grau San Martin, whom the United States refused
to recognize." The dispatch listed the decrees as follows:
The decrees include:
Amnesty for all persons charged with violation of anti-strike laws. This
will free 2,000 prisoners, including Communists of whom 40 are on the ninth
day of a; hunger strike.
Stiffening of the nationalization labor law so that 75% of all employees
in private enterprises, instead of 50% as under Gran, must be native or
naturalized Cubans.
Prohibition of acquisition of real property by foreigners except by special
permission accorded for establishment of new industries.
Also stricter control over land holding corporations, revision of the land
tax system, creation of a civil service for public employees, establishment
of a homestead law, establishment of agricultural credit banks, and adoption of measures to fight unemployment.

Decree Regulating Payment of Foreign
Commercial Drafts.
A translation of a new Brazilian exchange control decree,
enforcing the deposit at due date of the equivalent in milreis
of all foreign kills drawn on firms or persons in Brazil in
respect of merchandise imported, was issued on April 13
by the British Department of Overseas Trade, according
to the London "Financial News" of April 14, from which
we also quote further, as below:
Brazilian

The decree, which was made by the Chief of the Provisional Government
in conformity with his powers, and which is dated March 26, is as follows.
Article 1.—For bills, either at sight or for a term, in foreign currency,
which arise from importation of merchandise, when drawn on any market
In this country, a deposit will be exacted in national currency corresponding
to the equivalent of the amount at the rate of the day, which deposit must
be made in the bank holding the bill.
In Event of Failure.
Article 2.—Failure to make the deposit mentioned in the previous article
will be equivalent to failure to meet the bill for purpose of protest.
Article 3.—Any difference which may be verified between the rate of
exchange of deposit and that of closing the exchange will be for the account
of the drawee.
For the collection of this difference of rate the holder of the bill will
have the right to take the same action as for a bill, protest being necessary
for this action.
Article 4.—The amounts received in deposit will be credited to the
drawer or the endorsee of the bill and will be converted into the foreign
currency as soon as cover is provided.
Receiving Bank's Right.
The bank receiving the deposit has the right to make the conversion
treated of in this article only after the importation of the merchandise
has been proved and the difference of exchange treated of in Article 3
has been paid.
Article 5.—All contractual obligations in foreign currency Proceeding
from the purchase of imported merchandise are included in the securities
treated of in Article 1 of this decree.
Article 6.—No deposit for bills which have become due or accepted previous to this date or within 10 days of it can be exacted.
Article 7.—This decree will enter into force on the date of its publication;
all dispositions to the contrary are revoked.
£2,558,365 for Debt Payments.
The Brazilian Treasury has remitted to London the sum of /2,558,365
to meet debt services, the Exchange reports.

The issuance of the decree was noted in these columns
March 31, page 2165.
Brazil Firm on Loan Terms.
A cablegram from Rio de Janeiro, April 27, appeared as
follows in the New York "Times":
Answering protests from Portugal and France, the Brazllian Government states it cannot alter the liquidation plan put into effect by decree
A Portuguese
banker, said to represent creditors in Lisbon, is in this country attempting
to bring about a revision of the liquidation terms.

on Feb. 5, affecting principally American and British loans.

Review by Institute of International Finance of •
Measures Adopted by Brazil in Past Year to Adjust
Payment of External Funded Debt.
During the past year the Brazilian Government has
adopted a number of measures designed to adjust payments
of all external funded public debt, most of which has been
in default since 1931, and to free the so-called "frozen"
commercial credits which accumulated in Brazil in large
amounts during the depression, according to a bulletin of
the Institute of International Finance issued on April 19
by Dean John T. Madden, director. The Institute of
International Finance is a non-profit-making research organization conducted by the Investment Bankers Association
of American, in co-operation with New York University.
In part the Bulletin said:
On Feb. 5 1934, the Brazilian Government issued decree No. 23,829.
in accordance with which payments on external Federal. State and municipal
loans are to be made in varying amounts during the four-year period April 1
1934 to March 31 1938. The Funding Plan of 1931, which affected only
Federal Government obligations, is to remain in force until its expiration
In the latter part of 1934. The decree also provides that, not later than
the end of September 1937, the Brazilian Government will again review the
financial condition of the country, in order to determine the disposition
of future service charges on the external debt.

•

3012

Financial Chronicle

The Institute is of the opinion that the partial resumption of interest
Payments in cash on most of the Brazilian bonds outstanding abroad is a
step in the right direction. However, an examination of the plan reveals
certain defects which it is hoped will be remedied in the course of time.
While it may be granted that the loans of the Federal Government are
entitled to a certain degree of preference over the debts of the political
subdivisions, the plan does not give adequate consideration to the financial
status of the individual debtors. This is indicated by the fact that,throughout the period of default, several of the states and municipalities which
are listed in grades 6 and 7 deposited milreis equivalent at the then current
rates of exchange to the full amount of service charges, but have been
unable to remit these funds. A fairer treatment would have been to classify
the debts of the political subdivisions primarily in accordance with their
capacity to pay, as evidenced by the amount of milreis deposited by them
on maturing coupons, and by the condition of their budgets.

Two Issues of External Sinking Fund 6% Gold Bonds
of Argentina to Be Purchased for Sinking Fund—
$179,728 Available for Issue of May 1 1926 and
$179,820 for Public Works Issue of May 1 1927.
J. P. Morgan & Co. and the National City Bank of
New York, as fiscal agents, are notifying holders of Argentine Government loan 1927, external sinking fund 6% gold
bonds, public works issue of May 1 1927, due May 1 1961,
that $179,820 in cash is available for the purchase for the
sinking fund of so many of these bonds as shall be tendered
and accepted for purchase at prices below par. An announcement issued in the matter said:
Tenders of these bonds, with subsequent coupons attached, should be
made at a flat price, below par, before 3 p. m. June 1 1934 either at the
office of J. P. Morgan & Co. or the National City Bank of New York.
If tenders so accepted are not sufficient to exhaust available funds, additional purchases on tender, below par, may be made up to July 30 1934.

The announcement said that the same conditions pertain
with regard to Government of the Argentine Nation external
sinking fund 6% gold bonds, issue of May 1 1926, due
May 11960, for the purchase of which for the sinking fund
$179,728 in cash is available.
Payment of 20% on Face Amount of May 1 Coupons
-Year 7% Sinking Fund Gold Bonds, Loan
of 40
of 1926, of Rio Grande do Sul (Brazil)—New York
Stock Exchange Ruling on Bonds.
Ladenburg, Thalmann & Co., as fiscal agents, are notifying holders of State of Rio Grande do Sul 40-year 7%
sinking fund gold bonds, external loan of 1926, that pursuant
to decree of the Chief of the Provisional Government of
the United States of Brazil, funds have been deposited with
them sufficient to make a payment, in lawful currency of
the United States of America, of 20% on the face amount
of the coupons due May 1 1934 on these bonds, amounting
to $7 for each $35 coupon and $3.50 for each $17.50 coupon.
Under the terms of the decree such payment, if accepted
by the holders of these bonds and coupons, must be accepted
in full payment of such coupons and of the claims for interest
represented thereby. No present provision, the fiscal
agents declare, has been made for the coupons past due,
but they should be retained for future adjustment.
Ashbel Green, Secretary of the New York Stock Exchange, issued the following announcement on May 2
indicating rulings on the bonds by the Committee on Securities of the Exchange:
NEW YORK STOCK EXCHANGE
Committee on Securities
May 2 1934.
Notice having been received that payment of $7 per $1,000 bond will
of the coupon due May 1 1934
be made beginning May 3 1934 on surrender
-year 7% sinking fund gold bonds, exon State of Rio Grande do Sul 40
ternal loan of 1926, due 1966.
The Committee on Securities rules that beginning Thursday, May 3 1934,
the said bonds may be dealt in as follows:
(a) "with Nov. 1 1931 and subsequent coupons attached":
(b) "with Nov. 1 1931 to Nov. 1 1933 inclusive and Nov. 1 1934 and
subsequent coupons attached."
That bids and offers shall be considered as being for bonds "with Nov. 1
1931 and subsequent coupons attached" unless otherwise specified at the
time of transaction; and that the bonds shall continue to be dealt in "flat."
AMIDE L GREEN, Secretary.

Reduction in Interest Rate to 5% Sought by Finland
Residential Mortgage Bank on Its First Mortgage
Cc:alateral Sinking Fund 6% Gold Bonds.
Finland Residential Mortgage Bank is currently proposing
to the holders of its first mortgage collateral sinking fund
6% gold bonds a reduction in interest rate to 5% per annum
in consideration of an unconditional guarantee by the Finnish
Government of the payment of principal and interest, as so
reduced. "Such a guarantee," the notice points out,
"obviously offers the bondholders assurance of receiving
future interest, when due, and payment of principal at
maturity, irrespective of the fortunes of the bank." A
similar proposal has been accepted by over 90% in aggregate principal amount of the bank's sterling mortgage




May 5 1934

bonds. An announcement issued April 30 regarding the
bank's notice to holders of the 6% bonds added:
Service of these bonds, the notice states, is dependent on proceeds of
property in urban areas in Finland, and, due to economic conditions, rents from these houses have declined to a point where
an economic return on this investment is no longer possible. Many borrowers from the bank have been unable to maintain their payments and
on resort to foreclosure it has been impossible to realize amounts sufficient
to enable the bank to meet its own obligations. Unfavorable exchange
between Finnish marks and different currencies in which the bank's obligations are payable have added to the bank's difficulties, and, "as the
accumulated result of all these causes, the bank now finds itself faced with
a certainty that it will be unable to meet the service of its bonds."
The Government of Finland, the guarantee of which is offered in exchange for a reduction of 1% in the coupon rate, has maintained full service
on all its foreign obligations during the depression and is the only nation
not in default in payment on its war debt obligation to the United States.
"It is conceivable," the letter states, "despite the unsatisfactory outlook
to-day, that, in liquidation, bondholders would in the course of time get
back the entire amount of their investment, through very gradual liquidation of the mortgaged properties and subsequent realization on the
Government 5% bonds of the nominal amount of 200,000,000 Finnish gold
marks, constituting the so-called guaranteed capital of the bank. However, these Government bonds cannot be resorted to until the affairs of
the bank have been entirely wound up and the total deficiency ascertained,
and it would be many years before it could be ascertained whether the
realization on the Government bonds would equal the deficiency.
"The bank has found it impossible to meet the Jan. 15 1934 sinking fund
Payment on the bonds. It has managed to arrange for the March 1 1934
interest payment. Unless, however, the relief outlined is obtained, the
bank believes further interest payments in full will be impossible. The
board of the bank is of the opinion that the proposal is one which the bondholders would be well advised to accept. Prompt deposit of bonds in large
volume will permit early determination of whether the proposal will be
declared operative. At least 90% in aggregate principal amount of the
bonds should be deposited to render the proposal feasible."
As part of the transaction, if consummated, the bank agrees not to
exercise the right of voluntary redemption of the bonds, other than through
the operation of the sinldng fund prior to Jan. 1 1944.
Because of the bank's difficult position it has now been able to persuade
the National Government to offer its unconditional guarantee to those
bondholders who co-operate in relieving the situation by accepting a reduction of 1%. Bondholders are asked to deposit their bonds with Sept. 1
1934 and all subsequent coupons attached with the reorganization department of the National City Bank of New York, 22 William St., New York,
or 36 Bishopsgate, London, England, or at Finland's Bank, Helsingfors.
Finland, or at Stockholms Enskilda Bank, Stockholm, Sweden.

mortgages of house

Philippine Legislature Approves Measure Granting
Islands Independence Within Ten Years.
The Philippine Legislature, meeting in special session
May 1, voted to accept the provisions of the TydingsMcDuffie Act, signed March 24 by President Roosevelt,
which would grant independence to the Philippine Islands in
about ten years. The joint session of the Legislature adopted
a resolution expressing "appreciation and everlasting gratitude to the President and Congress of the United States and
to the American people." A cable May 1 from Manila
to the New York "Herald Tribune" described the opening
of the session as follows:
The special session began yesterday with an address by Governor-General
Frank Murphy outlining the program before the Legislature. Speaking
before a joint assemblage of the Senators and Representatives, he said:
"In submitting these matters, may I be permitted to voice the earnest
hope of all true friends of Philippine liberty that the responsibility you are
about to assume may be discharged with complete fidelity to the high moral
principles and political ideals that have brought us to this eventful hour."

President Roosevelt's signature of the Tydings-McDuffie
bill and the principal provisions of the measure were noted
in our issue of March 31, page 2166.
Arrangements Reported Completed for Sale of Bank of
Haiti by National City Bank to Haitian Government.
In Associated Press advices from Washington April 28
it was stated that Haiti and the National City Bank of
New York were reported in informed circles to have reached
an agreement for the sale of the Bank of Haiti, now owned
by the National City Bank, to the Haitian Government.
The dispatch added:
The purchase of the bank by the Government is part of a plan which
President Vincent of Haiti discussed recently in Washington with President
Roosevelt. It is designed to free Haitian finances from American control.
Under the projected plan the bank would be operated by six directors
and would administer the customs and amortize the $11,000,000 loan held
by American investors.

The proposal was referred to in our issue of April 21,
page 2662.
Sugar Control Bill Will Divorce American and World
Markets According to Lamborn & Co., Inc.—
Describe Bill as Most Radical Departure Ever Made
in Sugar Industry's History.
The new Costigan-Jones bill, passed by Congress, is expected by Lamborn & Co., Inc., to have the effect, upon its
enactment, of completely divorcing the American sugar market from the world market.
Lamborn & Co., Inc., leading factors in the sugar market,
state that the new bill establishes a completely new order
in the sugar Industry; is the most radical departure ever to

Volume 138

Financial Chronicle

take place in that industry, because it encompasses so many
vital and basic factors, and may well have the effect of
transplanting world market leadership from New York,
where it has rested since 1914, to London, which now outranks Hamburg, the market leader before the war. An
exhaustive study of the Costigan-Jones bill has been completed by Lamborn & Co., Inc., as to which Ody H. Lamborn,
Manager of the company, advances the following among his
conclusions:
The fundamental principle of the bill is to nationalize and regimentize
for the next three years the sugar industry in so far as United States requirements ore concerned, and in so doing, to increase the return to the producer and make it unprofitable to pile up uneconomic surpluses. To this
end the bill places in the hands of the Secretary of Agriculture broad
discretionary powers to control the movement of sugar in and into the
United States.
Never before has such a radical departure taken place in the sugar
business of the United States, encompassing, as it does, so many vital and
basic factors. Much mental energy has been wasted during the past few
months while the bill was in a state of flux and constant change. The
market has been rudderless, and it has been folly ere this to attempt to
prognosticate the final result.
One cannot study or contemplate the sugar bill without realizing that
a completely new order will result with a completely new set of conditions
facing the sugar industry in the United, States. To illustrate, the dutyfree raw market has recently ranged from 2.70c. to 2.80c. During this
Period, sales of Cubas have been conspicuous by their absence. Cuba's
nominal quotation is 1.35c. cost and freight. The Cuban price as reflected
in futures is 1.44c. for May, 1.48c. for July, and 1.54c. for September.
The great pressure which has existed on duty-frees no longer obtains. A new
duty on Cubas could not become effective until 30 days after the President's proclamation. No one knows what the new duty will be. It may
be a reduction in the basic rate from 2.50c. to 2.00c., which will make
the Cuban duty 1.60c.
Between the Cuban indicated price and the duty-free spot price, there
must eventually be an adjustment. The probabilities are that duey-frees
will advance toward the eventual Cuban equivalent, and there may be
some slight adjustment of Cuba's idea, until there is a meeting of the
minds, although it is well to remember that Cubas are in strong hands.
After all, men's minds make markets as well as statistical factors.

The adoption of the bill by Congress was noted in our
April 28 issue, page 2843.
Reduction in Cuban Sugar Duty Viewed as Likely
by B. W. Dyer & Co. as Result of Provision in
Jones-Costigan Sugar Bill.
Reduction of the full duty on sugar by 62%c. a hundred
pounds, to 1.875, which under the existing treaty of reciprocity with Cuba will mean a Cuban duty of 1.50c. per pound,
Is indicated by one of the provisions of the Jones-Costigan
bill as passed by both Houses of Congress, according to B. W.
Dyer & Co., sugar economists and brokers, who point out that
this is before giving consideration to the anticipated increase
In the Cuban preferential. The firm says:
The amendment made in the Senate, and subsequently approved
by the
House, provides that the processing tax shall not exceed
the reduction made
by the President in the import duty on Cuban sugar as fixed
by the tariff
bill of 1930 as adjusted under the existing commercial
reciprocity treaty
with Cuba, and the present duty on sugar as adjusted under this
treaty is
2c. a pound, or 20% less than the full
rate fixed by the 1930 tariff bill.
The above figures are arrived at by taking into consideration
the Administration's stated intention of fixing the processing tax at
something less
than %c. a pound. Allowance for a %c.
tax would, under the provision
noted, require a cut of %c. in the Cuban duty, and
as the Cuban duty under
the existing treaty of reciprocity is 80%
of the full duty, it follows that a
full duty of 1.875c. is indicated.

Philippine
Legislature Registers Opposition
to
Limitation by U. S. of Sugar Imports from Island
Under Sugar Control Measure.
From Manila, P. I., May 2, the New York "Journal
of Commerce" reported the following:
The House of the Philippine Legislature
to-day approved resolutions requesting a Congressional investigation
of Philippines economic conditions and
voicing objections to proposals
to limit United States sugar importations
from the Islands.
The Island Senate previously had
approved the investigation plan during
the current special session, at
which the machinery was set in motion to
create the independent Philippines commonwealth
.

Beet Agreement Signed—Growers to Receive
$6.50 a
Ton from Government.
Adjustment of a controversy over what the beet
sugar
farmer should receive for his crop was announced in
Associated Press accounts from Denver, April 29, in which
it was
also stated:
Processors and producers signed a compromise compact
under the aegis
of the Federal Government, and drills immediately began
scoring the earth
in Colorado, Nebraska, Wyoming and Montana
after more than three weeks
of bickering had delayed planting.
Parity payments for the beet grower, as set forth
in the agreement reached
Saturday in Chicago, will amount to about $6.50
a ton. Last year farmers
in the Western "sugar bowl" dug nearly 2,235.000
tons of beets from their
lands. A similar crop, on the basis of the parity
payments financed by a
processing tax on sugar, would assure the growers
almost $15,000,000 for
their yields.
However, lateness of planting will cut production
in many fields one to
three tons an acre. Also no one knows for certain what
curtailment of
production may be imposed by the Government on this
territory.




3013

Commission Begins Study of Puerto Rico Sugar Quota
Plan.
An expert commission chosen by the Agricultural Adjustment Administration has commenced,in Puerto Rico, the task
of working out a satisfactory method for applying a sugar
quota plan to the industry there,it was announced on April 28
by the AAA. The announcement added:
The commission consists of Governor Blanton Winship, of the Island;
Meneklez Ramos. Insular Commissioner of Agriculture; Dr. Carlos E. Chardon, Chancellor of the University of Puerto Rico, and Dr. Feniendez Garcia,
sugar specialist of the University.
The objective of the conference is a plan that will involve a substantial
increase in employment and purchasing power for the people of the Island,
operating through a program of efficient land utilization combined with a
more stable price for Puerto Rican sugar.

Accord Reached on Beet Sugar Parity Supervision—
To Be Calculated on Regional Basis.
Under date of April 29, a Chicago dispatch to the New York
"Journal of Commerce" stated:
Under an agreement reached between Colorado, Wyoming, Nebraska and
Montana. sugar beet growers' organizations and officials of the Great Western Sugar Co., the Agricultural Adjustment Department will supervise parity
payments to growers based on regional parity prices for the 1934 beet crop.
The agreement is too late for changes in growers' contracts this year. The
Department will investigate under the Jones-Costigan sugar bill a provision
for 1935 contracts.
Chester Davis, Farm Administrator, and A. J. Weaver, Chief of the sugar
quotas department, represented Washington; W. D. Lippitt headed the Great
Western executive, and several leaders were present from farm organizations.
Comment on settlement was refused.

Federal Government Planning Development of Sugar
and Rum Industries in Virgin Islands Through
Government
-Operated Corporation—Would Be Financed with $1,000,000 PWA Funds
-6,000 Acres
of Sugar Land to Be Purchased.
The Department of the Interior described April 19
plans for development of the sugar and rum industries in the
Virgin Islands by a Government owned and operated corporation, to be incorporated under the laws of the Virgin Islands
and to operate on $1,000,000 of Public Works Administration funds which were allotted for the establishment of a
subsistence homestead. The announcement said that the
company will purchase 6,000 acres of sugar land, and profits
will be divided into two parts. One-half will be paid to
the welfare fund of the Islands and the other will be divided
among the company's laborers and those who have sold
„ sugar to the company.
A Washington dispatch of April 19 described in detail the
provisions of the articles of incorporation of the new company charted for the development of the Virgin Islands as
follows:
The provisions of the Incorporation authorize the Government
company
to bring about the "economic rehabilitation of the Virgin
Islands" and to
"promote the general welfare of the people." It may acquire
and operate
buildings, factories, forests, mines, industries, farms "or any
other enterprise." It may buy and sell real and personal property,
expend money
out of surplus on any kind of charitable, educational or
relief activity in
the islands, and borrow money without limit.
Authorized by St. Thomas Council.
The formation of the company was authorized in a measure
passed by
the Colonial Council of St. Thomas, which set up the all-inclusive
powers.
The same measure was defeated in the Colonial Council of St.
Croix, the
other important island of the group, but the insular government
owns a principal rum plant in St. Croix and the new company already
will carry
on activities there. The St. Croix Council is also to consider
another bill
giving lesser powers to the administration.
The company will operate on $1,000,000 of public works funds. It will
buy 6,000 acres of sugar land, sell subsistence homesteads and run the business connected with sugar and its products.
Company profits are to be divided, one-half to the workers in bonuses.
the other half to welfare and development work. The program has been
called the creation of the "brain trust." but President Roosevelt himself
is understood to be largely responsible for it, having determined to convert
the islands from the "effective poorhouse" which former President Hoover
called them.
Company's Purposes Outlined.
The purposes of the company were outlined in part as follows:
"To acquire or assist in acquiring in any manner, construct,
build,
establish, own, equip, operate, maintain, improve, administer
and supervise any buildings, plants, mills, factories, forests, parks, mines,
power plants, farms, gardens, orchards, dairies, agricultural industries.
processing
enterprises, market agencies, or other improvements and facilities,
or any
other enterprise or activities of any kind necessary or
desirable to the
economic well being of the inhabitants of the Virgin Islands, and
to perform
any other necessary or desirable operations or functions
in connection
therewith.
"To buy, lease, acquire by gift, or in any other manner .
. . and
to sell, lease, mortgage, pledge, assign, transfer . . .
without restriction or limit as to amount, any land or lands or real property
of any description . . . including structures or other improvements
thereon
or therein, and any kind of personal property.
"To acquire . . . establish. own, equip, operate, maintain,
improve, administer and supervise farms and to engage in any and all
types
of agricultural production upon such farms and to dispose or aid in disposing
of any of the products of such farms.
"To carry on the business of refining sugar and of processing sugar cane
and the business of manufacturing any and all products and by-products of
sugar and sugar cane.

3014

Financial Chronicle

"To expend money out of the earned surplus in any kind of charitable,
educational, advisory or relief activity whatsoever in connection with any
of its enterprises in the Virgin Islands.
"To borrow or raise moneys for any of the purposes of the corporation
and, from time to time, without limit as to amount, to . . . issue
promissory notes, drafts, bills of exchange, warrants, bonds, debentures
and other negotiable or non-negotiable instruments and evidence of indebtedness and to secure the payment of any thereof and of the interest thereon by
mortgage upon or pledge, conveyance or assignment in trust of the whole or
any part of the property of the corporation."

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Senate Banking and Currency Committee Publishes
Data Reporting Net Profits of 8833,167,686 for
Members of New York Stock Exchange Between
January 1928 and August 1933-Richard Whitney
Characterizes Figures as Misleading and "Propaganda"
-Many Phases of Brokerage and Banking
Activity Revealed in Survey Based on Reply to
Questionnaires.
Total net income of certain member firms of the New York
Stock Exchange for the period from Jan. 1 1928 to Aug. 31
1933 was $833,167,686, it was disclosed May 1 when the
Senate Banking and Currency Committee made public the
contents of a report prepared by Ferdinand Pecora, Committee Counsel, based on replies to questionnaires he had
sent to members of all stock exchanges in the country. Its
publication coincided with the beginning of House debate on
the bill for Federal regulation of stock exchanges. Richard
Whitney, President of the New York Stock Exchange, in a
statement issued May 1, said the figures in the form presented by Mr. Pecora were "misleading," and in another
statement May 2, Mr. Whitney said they were "propaganda"
obviously designed to "prejudice public opinion" at this
time. Mr. Whitney's statement is given in this issue under
another head.
A summary of the income and expenses of member firms
of the New York Stock Exchange for the period mentioned
above, as shown in the report made public by the Senate
Committee, was contained in a Washington account May 1
to the New York "Herald Tribune":
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Various other data and figures obtained in response
questionnaires were made public by the Senate Banking and
Currency Committee May 1, including figures showing net
earnings of individual member firms during the period of
5 2-3 years covered by Mr. Pecora's survey. There was also
published a record of the participation of 33 leading banks
in syndicate and pool operations, the number of firms acting
in underwriting groups and details of dealings in options.




May 5 1934

A Washington dispatch May 1 to the New York "Herald
Tribune" gave details of the report, from which we quote in
part as follows:
Included in the Committee's compilation are the yearly profit or loss of
the leading members of the New York Exchange. The returns show that
Lehman Brothers reported net profits of $12,479,697 in 1928 and $12,401,011
in 1929 and net loss of $137,163 for the first eight months of 1933; Hornblower & Weeks net profit of $7,024,744 in 1928, $4,593,749 in 1929 and
net loss of $1,112,820 during the first eight months of 1933; Goldman
Sachs & Co. net profit of $6,681,578 in 1928, $7,900,824 in 1929 and net
profit of $270,731 during the first eight months of 1933. These reports are
typical of the list, which varies according to the size of the partnership.
J. P. Morgan & Co., the Committee reports, collected $546,842 in
brokerage commissions during 1928, $1,177,235 in 1929 and $495,377 during
the 1933 period, while Kuhn, Loeb & Co. reported net commissions at
$205,814 in 1928, $250,753 in 1929 and $91,611 during the eight months
of last year.
Weapon for Control 13111.
Richard Whitney & Co., headed by the President of the Stock Exchange,
made net profits of $546,842 in 1928, $1,177,235 in 1929 and $495,377 in
the shorter period of last year. . . .
The Senate Committee also disclosed records based on replies from
33 of the leading banks describing their interest in syndicate and pool
accounts and showing the securities listed on exchanges included in these
pools and the inter-relation between exchange members and the banks.
Brokerage holdings of corporation stock, as recorded on the corporation
books, is compared as of July 1 1929 and July 1 of last year.
The compilation on profits of Stock Exchange members shows that it is
based on returns from the leading firms, but does not include a 100%
computation of the members.
Net income of $349,100,478 and $334,043,323 are reported, respectively,
for 1928 and 1929, but during 1930 the brokerage profit dropped off to
$64,874.355. Deficits of $4,832.861 and $6,556,778 are registered for 1931
and 1932, but the Stock Exchange members came out of the "red" during
the first eight months of last year and reported a net income of 896,539,169.
Of a total income of $2,153,218,671 for all firms, except six odd-lot
houses, net commissions contributed $1,502,751,275. The participation of
partnerships in trading, which is scheduled for drastic curtailment under
proposed Federal control, is illustrated by the $237,957,256 figure of profits
on trading. Net interest to the firms aggregated $320,040,673.
The six odd-lot houses, considered among the most influential groups in
administration of the New York Stock Exchange, reported net income for
the six-year period of $44,794,923. These firms did not show tho deficits
for the 1931 and 1932 period, but recorded net incomes of slightly more
than $2,000,000 in each year.
Decline in Underwriting Shown.
New York Exchange firms wrote off accounts receivable, less recoveries.
of $102,838,240. The Committee reports that these deductions reached
a high of $34,701,995 during 1929 and have been substantially reduced
since then, until for the eight months of last year the item totaled only
$6,282,023.
The sharp decline in underwriting activity by members of the New York
Exchange in 1932 and 1933 is graphically shown by figures for the six-year
period. During 1929, 137 member firms underwrote or participated in
the underwriting of securities offered for public sales. In 1930 the number
dropped to 127, in 1931 to 107, in 1932 to 82, and during the first eight
months of last year the number was 82. A corresponding reduction in the
number of firms making public offerings is reported, with the number
decreasing from 57 in 1932 to 43 during the 1933 period.
The percentage of margin accounts to cash transactions, approximated by
estimates of the firms, shows that the ratio has increased in a comparison
of 1929 and 1933. The Committee reports that 40.8% of the total accounts
were margined in 1929. compared with 42% during 1933. Margins have
been a bone of contention between proponents of a Federal control and
security exchange representatives, with the brokerage representatives maintaining that the figures in the House bill are unreasonable.
269,915 Debit Accounts Listed.
The number of accounts of member firms having debit balances totaled
269,915, as of June 30 1933, which compares with 340,019 accounts on
July 31 1929; 258,38500 Dec. 31 1930; 227,366 accounts as of Dec. 311931,
and 203,450 as of Dec. 31 1932. It was during the June period of last
year that a rally developed on the Stock Exchange, particularly in the socalled alcohol stocks. Mr. Pecora subsequently investigated pool participation during the summer period.
Seventy-eight member firms of the Stock Exchange, seven member
partners and 18 non-member partners, or a total of 103. held options, or
participated in them, exceeding 10,000 shares of a single security during
the period from 1929 to 1933, the Committee reports. The actual number
of options held totaled'286, for a total of 17,380,478 shares. The reaping
of profit from options held has been under fire during the Senate investigation. Under the new rules of the Stock Exchange members are required
to report options held and these reports are made public.
Individual members of the New York Stock Exchange trading for their
own accounts contributed almost one-tenth of the volume of trading during
July of last year, when the bull market was in progress, the data shows.
Of a total volume of 120,900,610 shares traded, the members accounted
for 10,906,610 shares, divided into 5,360,262 purchased and 4,546,348 sold.
The Congressional conunittees propose to restrict floor trading under the
provisions of both the Senate and the House measures. The report on
individual members shows that from 1929 to 1933 they held four options
of a total of 62,400 shares.
Disciplinary Actions Cited.
The Committee made public figures on disciplinary action, including
warnings and trials, against specialists, who, under the Federal bills,
would be limited in their trading for their own account. The report shows
that during 1928 14 such actions were taken; during 1929, 20; during 1930.
15; during 1931, 17; during 1932, 15, and during 1933, 12. The disciplinary
actions of all the other exchanges, lumped together, fell below that of the
New York market. Total specialist warnings, trials and actual disciplinary
measures during last year for all exchanges totaled 20.
The New York Stock Exchange, the report shows, has decreased its expenditure for publicity during recent years. Last year $92,970 was spent
in comparison with $174,846 in 1929, $243,964 in 1930, $284,863 in 1931.
and $206,439 in 1932. The Committee says that the Stock Exchange
figures include employees of the Committee on Publicity as well as the
department of the Economist.
The Stock Exchange distributed 3,830,150 pamphlets, including approximately 7,650 copies of "The Work of the Stock Exchange" and 1,500 conies
of "Short Selling," written by the Exchange Economist during 1929 to
1933, while other exchanges in the same period circulated 1,507,204 pieces
of literature. The other exchanges expended $72,334 in publicity activities
during last year.

324 Listed Bonds Defaulted.
Three hundred and twenty-four bond issues, listed on the Stock Exchange, defaulted during the 1928-1933 period, while 661 issues on other
exchanges defaulted during the same time. Stock Exchange members
suspended for insolvency aggregated 38, 20 members and 18 member firms,
while other exchanges reported failures of 160 members and 59 member
firms, for a total of 254.
The returns of the 33 banks shows that in 1929-1934 loans, aggregating
$76,459,550 were made with or without security pursuant to credit arrangement for financing syndicate or pool operations during 1929. In 1930 the
number increased to 45 loans but the amount dropped to $34,922,750. A
steady decrease is shown from that time on with such loans numbering
34 in 1931 with an amount of $24,166,300, 10 in 1932 with an amount of
$3,882,600 and two during last year of $950,000.
The banks responding to the questionnaire include the Bankers Trust
Co., Bank of the Manhattan Co., Central Hanover Bank & Trust Co..
Chemical Bank & Trust Co., First National Bank, Guaranty Trust, Irving
Trust, National City Bank and New York Trust of New York City.
Other banks included are the Continental Illinois, the First Union
Trust & Savings, the First National, the Northern Trust of Chicago; the
American Trust, the Bank of America National Trust, the San Francisco
Bank and the Wells Fargo & Union Trust Co. of San Francisco; the Security
First National of Los Angeles; the First National Bank, the National
Shawmut Bank and the Merchants National of Boston; the Industrial
Trust and the Rhode Island Hospital Trust of Providence; the Philadelphia
National Bank, the Girard Trust, the Fidelity-Philadelphia and the First
National Bank of Philadelphia; the Cleveland Trust and the Central United
National of Cleveland, and the Mellon National, Union Trust and First
National Bank of Pittsburgh.
Street loans of these banks for their own account on July 31 1929. totaled
$1,149,711,500, compared with $1,709,517,770 on July 31 1930 and $624,948,500 on July 311933.
For the account of other banks, street loans totaled $1,53,645,450 on
July 311929; $636,703,100 on July 31 1930, and $104,422,800 on July 31
of last year. For the account of corporations the totals were $1,515,039,500
at the end of July in 1929: $405,401 on July 31 1930. and $1,871,500 on
July 311932. No returns were recorded for 1933.
Thirty-three Banks in 111 Pools.
Day loans decreased from $265,958,000 on July 31 1929 to $15,692,000 on
July 311932, and increased to $52,347,000 at the end of July of last year.
The 33 banks participated in 111 syndicates and pools for their own
account during 1929, but by last year this activity had practically vanished,
with only nine reported for the Jan. 1 to Sept. 15 1933 period. Syndicates
totaled 71 in 1930, 46 in 1931 and 9 in 1932.
Eighty-two securities listed on recognized exchanges were the subjects of
the banking syndicates in 1929. During 1930 the number had dropped to
28, during 1931 to 7 and during last year to 1. the West Penn Power Co.
6% cumulative preferred.
On Sept. 12 1929 the banks carried 4,201 loans from 3,424 members
and member firms of the New York Stock Exchange for a total amount of
$4,596,734,372, while on July 15 1933, the number of loans totaled 1,382
to 1,252 members and member firms for a total amount of $627,553,524.
Ten member firms of the Stock Exchange participated with the banks in
retail distribution of stock in 1929. but by 1932 the number had shrunk to
one. Two were recorded for last year.
Stocks Held in Brokers' Names.
Thirty-eight per cent of the outstanding shares of the Chrysler Corp.
was held in brokers' names as of July 1 1933, the Committee reports.
Taking a group of 23 of the leading corporations, the Committee tabulation
shows that on that date substantial percentages of the stock was held in
the name of brokers, and that of the brokerage amount a good portion was
registered in the names of the ten largest broker holdings.
The following table is a recapitulation of stock holdings, based on replies
from the corporations:
No. of Shs.
Registered
in Names
Number
of Shares
of 10 Largof
Brokers'
in
Shares in
est Broker
Brokerage
Names to
Outstand'g
Brokers'
Holders
Firms
Outstanding
Shares.
Names.
July 1 1933. July 1 1933
Shares.
July 11933. Dec. 31 '33.

Percentage

Security.

301

Financial Chronicle

Volume 138

*Amer. Car & Fdy.
110,376
*Amer. Radiator __
1,002,769
*Anaconda Copper
Mining Co
1,249,828
Chrysler
1,668,275
*Celanese
361,352
*Cities Service__
789,727
Comm'l Solvents
777,865
*Consolidated Oil
2,891,805
General Electric_ _ _
2,379,827
Gen. Motors Corp_
3,165,607
•Internat'l Nickel_
2,441,732
*Int. Tel. & Tel._ _
1,618,257
Libby-Owens-Ford_
550,245
*Montgom'y Ward
1,668,286
*Nat'l Distillers...
323,276
*New York Central
394,395
*Radio Corp. of Am 2,304,401
Socony Vacuum
1,855,801
Standard Brands
1,027,223
*United Aircraft
646,431
United Corp
2,202,246
Warner Bros
1,246,125
Woolworth,F. W
522.846
• Non-dividend-paying stock.

600,000
10,002,006

18.39
10.03

363
399

8,672,670
4,305,200
987,800
37,804,394
2,635,684
14,218,835
28,845,927
43,500,000
14,584,025
6,399,092
2,551,042
4,467.240
1,884,083
4992597
13.130,690
30.708,465
12,675.866
2.087.338
14.629,492
3,801,340
9,750,000

14.41
38.75
36.58
2.09
29.51
20.34
8.25
7.28
16.74
25.29
21.57
37.34
51.47
7.90
17.55
.06
8.17
30.97
15.16
32.78
5.36

562
440
354
492
483
878
421
472
520
649
324
551
291
308
1,367
499
361
363
398
592
356

33,280
267,319

h

449,747
642,066
149,503
260,674
180,597
953,618
700,326
820,938
851,875
342,214
168,110
159,100
80,357
485,745
514,924
280,511
197,386
538,539
384,216
239,610

On July 1 1929, the percentage of stock held in brokers' names of the
above stocks compares as follows. American Car & Foundry, 4%; Anaconda Copper, 60%; Celanese Corp., 64%; Commercial Solvents, 15%;
General Electric, 14%; General Motors, 21%; International Nickel, 3%;4
International Telephone, 36%; Libby-Owens, 43%; New York Central.
58%; Radio Corp. of America, 53%; Standard Brands, 2%, and United
Aircraft, 8%.
Loans Made on Securities.
Total loans of the 33 banks secured by stock and bond collateral, exclusive
of United States Government and such collateral as real estate, mortgages,
life insurance and similar items, the Committee estimates at $2,216,846,850
on July 31 1929; $2,388,576,400 on July 31 1930: $2,178,566,900 on July 31
1931;$1,791,956,000 on July 31 1932, and $1,308,494,000 on July 31 1933.
This estimate is expected to be used by proponents of strict credit control
of stock market operation as a buttress for their argument that margin
percentage regulation should be extended to the banks.
The domination of the New York Stock Exchange in the volume of security trading of the country is disclosed in total figures of the volume for
alllexchanges. In the 1928 total volume of 1,525,018,217 shares, the
StocklExchange accounted for 920,550,032, while in the 1929 volume of
1,849,454,014 the New York market accounted for 1,124,608.910 shares.




Trading in 1932 totaled 561,729,033 shares, with the Stock Exchange
registering 425,234,294.
Curb Transactions Listed.
Member firms of the New York Curb Exchange, second largest security
market in the country, amassed $40,515,055 net income from 1928 to
Aug. 311933, the Committee said. Total income was $73,003,130, including $37,311,473 in net commissions, while expenses deducted amounted to
$32,488,075. Members as individuals showed a net income of $30,224,045
for the same time.

• From the New York "Times" of May 2 we take the
following:
The compilation on income of all New York Stock Exchange firms and
members revealed in Washington yesterday by the Senate Banking and
Currency Committee included the following individual firms' operations as
tabulated by the Associated Press and the Washington Bureau of the New
York "Times".
INDIVIDUAL STOCK EXCHANGE FIRMS' EARNINGS.
In Thousands of Dollars-Last Three Figures Omitted.
1929.
1930. 1931.
1932. 1933:z
1928.
$884 *5132
$193
Abraham & Co
$1,224 $1,782
$66
94
*111
401
550
*116
119
Babcock, Rushton & Co
4,407
2,717
312
*724
.J. S. Bache & Co
*853
1.299
2,259
1,646
583
*51
*767
*110
Bamberger Bros
501
463
.48
181
Bear, Stearns dr Co
62
*17
Brown Brothers & Harriman... 1,811 *2,365 *5,093 *3.283 *1,844
39
1,187
1,185
480
405
125
230
H. Content & Co
S. B. Chapin & Co
1
1,993
813
318
6
203
1,334
1,029
*112
*360
*432
284
Clark. Dodge & Co
775
753
541
323
319
275
Drysdale & Co
274
Fransioll & Wilson
966
962
161
80
.26
Gilchrist, Bliss & Co
630
611
263
91
58
.81
Goldman, Sachs & Co
6,681
7,900 *9,049 *2,183
*522
270
1,204
1,209
242
Goodbody & Co
22
*156
394
Gude, Winmill dr Co
989
1,660
550
161
152
421
C. D. Halsey & Co
1,346
1,076
116
70
*118
Harriman & Co
1,366
1.561
382
-iii
94
200
Ira Haupt & Co
1,379
1,279
559
187
17
159
*7 *2.873
Hayden, Stone & Co
3,590 3,439
321
.366
Heidelbach, Ickelheimer & Co
1.307
691
2,174
54
3
*64
1,165
688
Hemphill, Noyes dr Co
284
*394
*205
323
H. Rentz & Co
1,236
1,342
313
293
782
*68
1,965
Hirsch, Lilienthal & Co
20
*229
29
iii
488
7,024 4,593 *1,608 *1,311 *1,086
FIornblower & Weeks
1,112
E. F. Hutton & Co
7,472
8,186
1,639
1,912
773
56
W.E. Hutton & Co
4,516
3,403
*793
*900 •1,053
435
Kean, Taylor & Co
200
345
365
*195
*194
152
Jessup & Lamont
1,800
2,404
837
609
435
351
Johnson dr Wood
930
2,119
454
*55
9
*38
*6
Josephthal & Co
881
1,398
294
•138
*258
F. B. Keech & Co.(now Clark,
Childs & Keech)
2,226
2,292
1,953 *1,211
*56
615
Kidder, Peabody & Co
1,821
947 *3,335
79
399
*429
Kuhn, Loeb dr Co. (net commissions on Stock Exchange trans205
250
261
91
actions)
126
83
Ladenburg, Thalmann & Co.... 2,656
2,648 16,367
615
540
281
1,801
1,851
174
Laidlaw & Co
625
11
1,937
Laird, Bissell dc Meets
1,491
1,022
429
181
*76
1,702
W. C. Langley & Co
3,258
1,608
732
174
170
Cyrus J. Lawrence & Sons
767
1,041
282
576
373
211
Lapham. Potter Fe Holden
1,014
600
39
*8
*15
*72
Lehman Bros
12,479 12,401 *1,502 *2,915 *1,204
*137
1,920
1.292
Arthur Lipper & Co
274
*298
109
*358
Livingston & Co. (distributions
*1
2,222
1,729
584
365
to partners)
3377
,
1,227
Loew & Co
1,290
463
141
9
90
Logan & Bryan
2,326
2,683
662
*47
*559
455
1.090
655
111
100
7
1
Peter P. McDermott & Co
-2 /1
2,349
302
McDonnell& Co
3,735
663
*183
*248
.1. P. Morgan & Co.(profits from
commissions on stock market
754
603
567
495
transactions)
546
1,177
Newburger, Henderson & Loeb
329
know Newburger & Loeb)_ _
1,314
1,153
121
*130
*121
1,165
1.153
•13
205
James H. Oliphant & Co
328
188
5.672
Paine. Webber & Co
3,231
*621 *1,149
*611
x398
E. A. Pierce & Co
4,628
4,371 *1,246 *2,220
1.561
*847
Post & Flagg
1,795
2,107
711
425
52
332
Potter & Co.(now Hunts, Wins1,781
726
411
*224
low &Potter)
1,120
1,090
577
119
264
F. P. Ristine & Co
102
2,443
Shearson, Hammill & Co
2,803
609
163
147
348
Edward B. Smith & Co
1,149
869 *1,675
*402
74
*437
2,058
949
Spencer Trask dr Co
*867
*665
*374
*489
234
2,663
2,214
495
*102
*485
Speyer di Co
1,403
584
*514
*428
Stafford dr. Co
367
263
482
W.R. K. Taylor & Co
1,164
617
346
54
145
Tucker, Anthony & Co
2,127
1,633
223
51
628
32
313
1,112
Richard Whitney & Co
526
231
170
231
2,456 *1,131
12
*11
440
White, Weld dc Co
753
*6
1,191
1.237
190
W. J. Wollman & Co
507
117
G. 31.-P. Murphy dr Co. reported a net profit for the Period of $393,318 after
profits and losses ranging from a gain of $671,869 in 1928 to a loss 015397.01810 1931.
* Loss. x Six months. y Net income. z First eight months.

Analysis of Imports and Exports of the United States
for March.
The Department of Commerce at Washington April 26
issued its analysis of the foreign trade of the United States
in March 1934 and 1933 and the three months ended with
March of 1934 and 1933. This statement indicates how
much of the merchandise imports and exports consisted of
crude or of partly or wholly manufactured products. The
following is the report in full:
ANALYSIS BY ECONOMIC GROUPS OF DOMESTIC EXPORTS FROM
AND IMPORTS INTO THE UNITED STATES FOR THE MONTH
OF MARCH 1934.
(Value in 1,000 Dollars.)
'".'""'" ..".-•'••
'
1933.

1934.

Per

1933.

Per

Value. Cent. Value. Cent.

1934.

Per
Value.

Cent.

Per
Value.

Cent.

Drude materials
29,358 27.6 55,276 29.5
D.rude foodstuffs
3,524 3.3 6,139 3.3
ganuf'd foodstuffs
9.871 9.3 13,934 7.4
'Semi-manufactures__ 16,504 15.5 31,382 16.7
FInIshed manufactures 47,038 44.3 80,764 43.1

103,454 31.9
11,433 3.5
30,959 9.5
45,582 14.1
132,848 41.0

169,897 32.9
20,326 3.9
42,008 8.1
80,855 15.7
203,660 39.4

Domestic exports__ 106,293 100.0187,495 100.0

324,275 100.0

516.746 100.0

rude materials
Drude foodstuffs
Wanuf'd foodstuffs
gemi manufactures
Finlshed manuf'rs

23,639
18.410
15,145
14,740
22,926

24.9
19.4
16.0
15.5
24.2

44,862
26,108
22,482
29,728
29,847

29.3
17.1
14.7
19.4
19.5

71,898
54,204
40,091
44,507
63,914

26.2
19.7
14.6
16.2
23.3

117,482
65,527
60,621
78,364
84.782

28.9
16.1
14.9
19.3
20.8

Imports_ a
94,860 100.0153.027 100.0 274,614 100.0 406,776 100.0
a 1933 figures are general imports 1934 figures are imports for consumption.

3016

Financial Chronicle

J. Reuben Clark Succeeds Raymond B. Stevens as
President of Foreign Bondholders Protective
Council Inc.
Raymond B.Stevens,President of the Foreign Bondholders
Protective Council Inc. since its organization, has resigned
.
and has been succeeded by J- Reuben Clark, who has been
Acting President since last February, it was announced May
2. Mr. Clark took the office upon the understanding that
it will be necessary for him to be relieved of his duties and
return to his home in Salt Lake City next Fall.
House Passes Bill for Federal Regulation of Stock
Exchange.
The revised bill for the Federal regulation of stock exchanges passed the House yesterday (May 4) by a vote of
280 to 84. Before the adoption of the bill the House rejected
an amendment proposed by Representative Bu'winkle (D.,
N. C.) which would remove administration of the measure
from the Federal Trade Commission and place it with a
new agency.
Debate on the bill in the House was brought under way
on Monday, April 30, and was concluded on May 2, when
the five-minute rule permitting amendments from the floor
came into force. On that day, however, the House made
but little progress in its consideration of the bill, its time
being taken up with the question of authorship of the measure. It was stated that more than two-thirds of the bill had
been accepted by the House on May 3 with only four changes
being made, all of which were sponsored by the Committee
reporting the bill. Indicating this the Washington accounts
May 3 to the New York "Herald Tribune" continued in part:
The bill, under the direction of Representative Sam Rayburn, Democrat,
of Texas. Chairman of the House Inter-State Commerce Committee, met
its first test to-day when the members rejected by viva voce vote an amendment to change the margin requirements on security investments from 45
to 40%. It had been proposed by Representative Edward A. Kenney.
Democrat, of New Jersey.
One of the four amendments approved to-day struck out the provision
which would have prevented specialists from disclosing their books to
persons other than officials of the Federal Trade Commission or of stock
exchanges. In its place was inserted a flexible provision leaving it to the
trade commission to determine whether books should be opened or closed.
Railroad Reports Exempted.
Another amendment exempted railroads from making corporate reports
other than those specifically required by the bill and the Inter-State Commerce act. Other corporations may be required to render such "additional" reports as the Trade Commission orders.
The lone "outside" amendment to get approval—and it was indorsed by
the sponsoring committee—was offered by Representative Edward W.
Goss, Republican, of Connecticut. It would relieve stockholders, officers
and directors of corporations from the requirement of filing monthly reports
of their holding and dealings in stock of their own corporations if such stock
had been registered on an exchange without their consent.
The day's work in the House accomplished approval of 18 major sections
of the bill, including such controversial portions as those dealing with registration of securities, margin requirements, restictions on borrowing by
stock exchange members, brokers and dealers, prohibition of manipulative
practices, segregation of the functions of members, brokers and dealers,
corporation reports, proxies, over-the-counter markets, requirements of
company stockholders and officers and liabilities for misleading statements.
Including the Kenney amendment, the House bowled over twelve proposed
changes offered from the floor.

Recording yesterday's (May 4) action on the bill a Washington dispatch to the "Wall Street Journal" of last night
stated:
The House approved Friday(May 4) the sections of the stock bill dealing
with liability for misleading statements and the powers of the.Federal
Trade Commission with respect to Exchanges and securities,
The Chamber rejected without a record vote an amendment which
would have permitted the Stock Exchanges to appeal to the courts, Federal
Trade Commission rulings on their conduct. It was offered by Representative Fish (Rep.), New York.
The proposal immediately drew support from both Democratic and
Republican members of the Inter-State and Foreign Commerce Committee who drafted the bill, including Representative Pettengill (Dem.),
Indiana, and Representative Wadsworth (Rep.), New York. Representative Mapes (Rep.), Michigan, another influential Committee member.
opposed the amendment.
Mr. Pettengill asserted that unless the section of the bill were altered
it would be possible for the Federal Trade Commission to fix the rates
of brokerage house commissions so low that security dealers would be
driven out of business. Mr. Wadsworth asserted that it would be possible under the bill as now written for the Federal Trade Commission
to make regulations meaning the death of the Exchanges and that there
would then be no appeal to the courts.
The House then adopted the "liabilities of controlling persons" section.
An amendment proposed by Representative Hollister (Rep.), Ohio, to
modify this section was defeated.
Two sections dealing with investigations, injunctions and prosecutions
offenses, and with hearings by the Federal Trade Commission were
then approved.

a

The bill on which action was taken by the House this
week was in the form as revised by the House Committee
on Inter-State and Foreign Commerce and the latter's SubCommittee. The Committee's bill was formally reported
to the House on April 27. The majority report was submitted
by Chairman Rayburn. The minority report was presented
by Representative Merritt, Republican of Connecticut, who
was the only signer. Stating that the bill received precedence




May 5 1934

on April 27 over all pending legislation in the House, where
preparations were completed for bringing it to the floor
Monday (April 30) under a special rule limiting debate, but
throwing the measure wide open to amendment, a Washington account April 27 to the New York "Times" said in part:
The Rules Committee shoved the measure to the top of the legislative
slate, just as majority and minority reports were filed.
One of the reports presented the bill as the perfect answer to President
Roosevelt's request for more rigid control of speculation, and the other
characterized it as a wet blanket on business recovery. . . .
Confident of Keeping Bill Intact.
The rule provides for eight hours of general debate, one hour on the
the bill. This limitation, leaders say, will insure House
rule and seven on
disposal of the measure before the end of next week. The Administration
forces say they have little fear in the way of amendments.
The tenor of Mr. Rayburn's argument for the House bill was similar
to that of Chairman Fletcher's report filed yesterday for the Senate Banking
and Currency Committee. Only two main differences exist between the
House and Senate measures, one relating to control of margin credits and
the other to the administrative agency for the bill.
The Senate bill vests the entire administration in a special commission
of five members to be appointed by the President.
The House bill vests general administration in the Federal Trade Commission and special control over margin credits in the Federal Reserve
Board.
The House bill, the report set forth, was not intended as a "vengeful
striking back" at those concerned in the stock market crash of 1929.
Purposes of Measure Set Forth.
The Rayburn report was divided into three parts, one dealing with
the bill's general purposes, another giving a general analysis of its main
objectives and provisions, and the third presenting a technical discussion of
the various sections.
The first two follow in part.
"To reach the causes of the 'unnecessary, unwise and destructive speculation' condemned by the President's message, this bill seeks to regulate
the stock exchanges and the relationships of the investing public to corporations which invite public investment by listing on such exchanges.
"The bill is conceived in a spirit of the truest conservatism. It attempts
to change the practices of exchanges and the relationship between listed
corporations and the investing public to fit modern conditions, for the very
purpose that they may endure as essential elements of our economic system.
The lesson of 1921-29 is that without changes they cannot endure.
'The bill is not a moral pose or a vengeful striking back at brokers
for the losses which nearly the entire nation has suffered in the last five
years. Nor is its purpose or effect to regiment business in any way. It
is simply an earnest attempt to make the belated intelligent adjustments
long required by changing conditions, in a faulty system of distributing
shares in corporate enterprise among the public—a system which from
the coldly objective viewpoint of the welfare of a conservative public
simply has not worked.. .
.
This bill seeks to save, not destroy,stock markets and business by making
necessary changes in time.
"The underlying theory of the bill with respect to control of credit is
as follows:
"(1) Without adequate control, the too strong attraction of a speculative stock market for credit prevents a balanced utilization of the nation's
credit resources in commerce, industry and agriculture.
"(2) To effect such better balance all speculative credit should be subjected to the central control of the Federal Reserve Board as the most
experienced and best equipped credit agency of the Government.
"(3) To achieve that control the Federal Reserve Board should be
vested with the most effectual and direct power over speculative credit,
I. e., the power to control margins on the actual ultimate speculative loans
themselves.
"(4) Both for the direction and the protection of the Federal Reserve
Board in the administration of flexible powers, Congress should offer the
Board some definite margin standard to indicate the judgment of Congress
that the amount of credit previously routed through the stock markets has
been excessive and to indicate the approximate proportion in which such
amount should be reduced.
Control the Aim of Margin Plan.
"The main purpose of these margin provisions in Section 6 is not to
increase the safety of security loans, for lenders, banks and brokers, normally require sufficient collateral to make themselves safe without the
help of law. Nor lathe main purpose even protection of the small speculator by making it impossible for him to spread himself too thinly —although
such a result will be achieved as a by-product of the main purpose.
"The main purpose is to give a Government credit agency an effective
method of reducing the aggregate amount of the nation's credit resources
which can be directed by speculation into the stock market and out of other
more desirable uses of commerce and industry—to prevent a recurrence of
the pre-crash situation where funds which would otherwise have been available at normal interest rates for uses of local commerce, industry and agriculture were drained by far higher rates into security loans and the New York
call market.
Merritt's Objections to the Bill.
Representative Merritt's minority report outlined his objections with
his request that Congress withhold approval of the bill. The measure, it
was held, would unduly complicate the handling of liquid capital; would
turn a pitiless publicity on heretofore confidential corporate operations,
and impose unreasonable civil liabilities on issues and handlers of securities
along with too severe penal provisions for infractions.
"There can be no doubt that the Securities Exchange Bill as reported
by the House Committee on Inter-State and Foreign Commerce is greatly
Improved over the bill as originally produced," Mr. Merritt's report said.
"But the original fundamental objection still remains—namely, that it
gives the commission which is in charge of administering the bill indeterminate power over all issues of stock, and thus over all corporations of the
country."
He defended the opponents of the bill against charges of propaganda,
and asked that Congress bear in mind that 10,000,000 individuals were
directly affected by and interested in the bill.
"There can be no question that there has been very widespread fear
of depreciation from the enactment of this bill," Mr. Merritt said. "It
may be argued that there is nothing in the bill to warrant the fear. The
same arguments were used with reference to the Securities Registration
Act, which it is now proposed to modify, and it may be that the arguments
have force as to both the acts, but fear is a psychological state which cannot
be overcome at once by argument.
"Almost any one is justified in feeling fearful as to doing business in
connection with organizations or securities covered by the bill.

Volume 1??

Financial Chronicle

"What is essential to any sound recovery of business and to any real
extension of employment and the use of credit in enterprise is confidence.
The creation of new commissions having power over business and the creation of new regulations and penalties do not tend to quiet and confidence,
but to the contrary, and thus retard business.
"A minority of the committee suggests that however sound many of
the provisions of the bill may be, the immediate consequences of its enactment would not,be helpful, but rather the reverse, in the existing economic
situation."

Noting that one line of the attack on the bill, which has
been under heavy fire from business and industry for some
weeks on the ground that it would hamper credit and the
necessary flow of capital, was indicated on April 29 in a
statement by Representative Fred A. Britten, Republican,
of Illinois. A dispatch on that date from Washington to the
New York "Herald Tribune" quoted Representative Britten
as follows:
Britten Assails Measure.
"The Rayburn bill for the regulation of securities exchanges which will be
considered in the house to-morrow," he said, "was conceived in the little
red house in Georgetown and borne to the Capitol on last Friday. It is the
fifth and probably the last bill for the regimentation of the country's industries that will come from the youthful intellectuals who have framed most
of the so-called planned legislation during the present session of Congress.
While the popular demand for a rigid regulation of the stock markets is the
smoke screen employed by the inexperienced directors of the Government,
the real object of the bill is to Russianize everything worthwhile under the
unqualified and unprepared Federal Trade Commission."
The bill, he said, would make that Commission "the most powerful and
far-reaching arm of the Federal Government," enabling it to "dictate the
conduct of officers, directors and even stockholders of corporations; its requirement for balance sheets, monthly reports and other accounting data."
It would cost the Nation hundreds of millions of dollars a year, he said.
"for no particular purpose," besides giving the commission "an indirect but
very effective control over the investment of all capital by the industries
whether their outstanding securities are registered or not."

Serving notice that he would "brand" all amendments
offered in the House to the stock exchange bill for their
"Wall Street origin" as fast as they appear, Representative
S. Rayburn opened debate on the bill on April 30 with an
attack on "the propaganda" which he charged had been
spread to delay or nullify the measure. From a dispatch
April 30 to the "Herald Tribune"from Washington we quote
further in part as follows:
"Some people in this country may want the New York Stock Exchange,
its satellites and hirelings, to write this legislation, but I don't," he said
in presenting to the House the picture of the long struggle in the Inter-State
Commerce Committee to bring out a bill with "teeth" in it as recommended by President Roosevelt.
Separate Board Favored.
To-day's debate found Representative Schuyler Merritt (Rep.), of
Connecticut. leading the opposition to the bill with the contention that
It provides Government regulation for virtually every corporation in
the country. The discussion which followed Mr. Rayburn's speech also
showed that a bi-partisan effort will be made to amend the bill so as to
place in the hands of a separate commission instead of the Federal Trade
Commission as provided in the Rayburn bill. .. .
Wadsworth Leads Foes.
The nature of the Republican opposition, which will be continued tomorrow, was indicated also by Representative James W. Wadsworth
(Rep.), New York, %hen he said.
"As originally written, this bill was calculated to throw fear into the
minds of the brokers, dealers, bankers, security holders and those responsible for the management of great businesses. It was drawn by
a group in the Administration and would confer on the Federal Trade
Commission a very considerable control over all corporations in the United
States."

With the conclusion of debate on the bill in the House on
May 2 Associated Press accounts from Washington stated
that the presence of a "junior member of the brain trust"
stirred up a spirited row in the House. These advices as
given in the "Herald Tribune" added:
Representative Fred A. Britten (Rep.), of Illinois, called attention
to the fact that Ben Cohen, an attorney of the Public Works
Administration, had been sitting at the Committee table on the floor,
and asserted
that the pending measure had been "practically written" by
him. Once
injected into the debate, the talk about President Roosevelt's
advisers
and the degree of radicalism involved in their views quickly
had a dozen
members excitedly clamoring for recognition and precipitated
a shouted
dispute.
Committee members of both parties were quick to deny Mr.
Britten's
allegation, asserting that the bill was the product of the
Committee's
own labor. They said, however, Mr. Cohen had been
present at their
meetings.
A new subject of controversy in connection with the bill
assumed major
importance to-day with a bi-partisan effort to have the
measure administered by a new and specially appointed commission.
Such a provision
is included in the Senate bill, but the House measure
as it stands would
give control to the Federal Trade Commission,
Representative Alfred L. Buiwinkle, of North Carolina, is
leading the
fight for the special agency and will be ready later
with an amendment
providing that it consist of three members appointed
by the President
with no restrictions on whom he should select.
Mr. Britten asked if
Mr. Bulwinkle would not enlarge the group and provide
for representation
of the Now York Stock Exchange, but Mr. Bulwinkle emphatically
refused.
The House to-day approved five sections of the measure,
including the
paragraphs setting forth the constitutional bask; claimed for
the bill.

Market Value of Bonds Listed on New York Stock
Ex change--Figures for May 1 1934.
The following announcement, showing the total market
value of bonds listed on the New York Stock Exchange, was
issued by the Exchange on May 4:




3017

As of May 1 1934, there were 1.565 bond issues aggregating $41,765,451,113 par value listed on the New York Stock Exchange, with a total
market value of *37,780.651,738.

This compares with 1,568 bond issues, aggregating $41,726,546,611 par value, listed on the Exchange April 1 1934,
with a total market value of $37,198,258,126.
In the following table listed bonds are classified by governmental and industrial groups, with the aggregate market
value and average price for each:
Market Value.
$17,109,691,153
4,872,196,626
8,399,058,227
3,457,643,120
2,358,404,688
1,583,659,924

All bonds

$103.58
85.44
78.69
92.74
80.46
71.58

$37,780,651,738

United States Government
Foreign government
Railroad industry (United States)
Utilities (United States)
Industrial (United States)
Foreign companies

Average
Price.

$80.46

The following table,compiled by us,shows the total market
value and the total average price of bonds listed on the
Exchange for each month since Jan. 1 1932:
Market
Value.
1932Jan. 1
Feb. 1
Mar. 1
Apr, 1
May 1
June 1
July 1
Aug. 1
Sept. 1
Oct. 1
Nov. 1
Dec. 1
1933Jan. 1
Feb. 1
M..,' 1

$37,848.488,806
38,371,920,619
39,347,050,100
39,794,349,770
38,896.630,468
36,856,628,280
37,353,339,937
38,615,339,620
40,072,839.336
40,132,203,281
39,517,006,993
38.095,183,063
$31,918,066,155
32,456,657,292
RA 7551 171 e07

Average
Price.

Market
Value.
530,554,431,090
31,354,026,137
32,997,675,932
33,917.221,869
34,457,822,282
35,218.429,936
34,513.782.705
33.651,082,433
34,179,882,418

574.51
76.57
80.79
82.97
84.43
84 63
83.00
82.33
81.36

834,861,038,409
36.263,747,352
36.843,301,965
37,198,258.126
37.780,651,738

1933
$72.29 Apr. 1
73.45 May 1
75.31 June 1
76.12 July 1
74.49 Aug. 1
70.62 Sept. 1
71.71 Oct. 1
74.27 Nov. 1
77.27 Dec. 1
77.50
1934
76.38 Jan. 1
73.91 Feb. 1
Mar. 1
877.27 Apr. 1
78 83 May 1

Average
Price.

88334
88 84
88.27
89.15
90.46

74 50

Market Value of Listed Stocks on New York Stock
Exchange May 1, $36,432,143,818, Compared With
$36,699,914,685 April 1-Classification of Listed
Stocks.
As of May 1 1934, there were 1,204 stock issues aggregating
1,294,930,553 shares listed on the New York Stock Exchange, with a total market value of $36,432,143,818.
This compares with 1,202 stock issues aggregating 1,293,612,894 shares listed on the Exchange April 1, with a total
market value of $36,699,914,685, and with 1,203 stock
issues aggregating 1,293,387,831 shares with a total market
value of $36,657,646,692 on March 1. In making public the
May 1 figures on May 3, the Exchange said:
As of May 1 1934, New York Stock Exchange member total net borrowings on collateral amounted to $1,088,226,359. The ratio of these member
total borrowings to the market value of all listed stocks, on this date, was
therefore 2.99%. Member borrowings are not broken down to separate
those only on listed share collateral from those on other collateral; thus
these ratios usually will exceed the true relationship between borrowings
on all listed shares and their market value.

As of April 1 1934, New York Stock Exchange member
borrowings on security collateral amounted to $981,353,948.
The ratio of security loans to market value of all listed stocks,
on that date, was therefore 2.67%.
In the following table, listed stocks are classified by leading
industrial groups, with the aggregate market value and
average price for each:
May 11934.
Market
Value.
Autos and accessories
2,587,042.520
Financial
1,026,467,285
Chemicals
3,641.459,047
Building
307,801,046
Electrical equipment manufacturing
871.784,441
Foods
2,428,645,485
Rubber and tires
319,605.875
Farm machinery
421,683,560
Amusements
173,584,257
Land and realty
40,821,657
Machinery and metals
1,165,958.546
Mining (excluding iron)
1,207,333,143
Petroleum
4,023,258,358
Paper and publishing
271,800,008
Retail merchandising
2,014,880,88
Railways and equipments
4,385,253,586
Steel. Iron and coke
1,555.939,84
Textiles
234,291,526
Gas and electric (operating)
1,831,491,364
Gas and electric (holding)
1,251,475,464
Communications (cable. tel. & redo). 2,670,175,860
Miscellaneous utilities
170,045,110
Aviation
203,085,631
Business and office equipment
270,224,887
Shipping services
11,254,359
Ship operating and building
32,830,375
Miscellaneous business
81,213,738
Leather and boots
246.199,284
Tobacco
1,400,230,425
Garments
23,617,668
U.S. companies operating abroad__ 705,235,164
Foreign companies(In cl.Cuba A,Can.) 857,453,417
All listed stocks
36,432,143.818

April 1 1934.

Aver,
Price.

Market
Value.

Aver.
Price.

$
24.40
18.65
50.66
19.65
21.32
32.73
31.60
34.26
12.13
8.23
24.51
22.01
21.94
16.16
32.54
38.03
39.49
20.27
25.37
12.98
71.02
17.6
10.4
24.9
5.38
9.7
1446
38.7
54.04
18.19
20.99
23.10

2,764,093,084
1,019,725.386
3.678.545,149
311,462.133
897,157.892
2,365.145.923
308.758,835
435.181,356
171.537.637
47,121.816
1.150,740,299
1,203,951,95
4,098,420.66
239,505,18
2.007.098.34
4,342,328,689
1,621.572.198
246.130,277
1,879,649,722
1,254.492.253
2,688,175.584
155.598.592
225.929.610
270,087.208
12,114,827
33,747.016
77.500,851
245.889.409
1.346,814.804
23.544.628
686,951.697
890.943,671

$
26.07
18.49
51.47
19.92
21.94
31.88
30.52
35.35
12.04
9.49
24.19
21.94
22.39
14.24
32.64
37.66
41.15
21.31
27.06
13,01
71.50
16.13
11.65
25.40
5.79
10.00
13.80
38.73
51.97
18.14
20.44
23.98

28.1336,699,914,685 28.37

Financial Chronicle

3018

May 5 1934

The Corporation beginning yesterday has ceased to issue further authoriOutstanding Brokers' Loans on New York Stock Exchange Increased $106,872,411 During April for ations for the delivery of the 4% bonds.
Sixth Consecutive Advance—Total $1,088,226,359
Mr. Fahey was reported as stating on April 29 that the
April 30 Highest Since Aug. 31 1931.
bill signed April 27 by the President promises to bring
Increasing $106,872,411 during April, outstanding brokers' "speedier relief for distressed home owners, increased credit
loans on the New York Stock Exchange were $1,088,226,359 for new home building and repair and wider employment in
on April 30, the Exchange announced May 2, the highest the building trades." Under the new measurii, said United
total to be reported since Aug. 31 1931, when the loans Press advices from Washington April 29 to the New York
amounted to $1,354,067,350. At the end of March the "Journal of Commerce," the Home Owners' Loan Corporaloans totaled $981,353,948, which figure represented an tion is authorized to lend $200,000,000 for repair of homes on
increase of $43,343,721 over the Feb. 28 total of $938,010,- which ithas made mortgage loans,and "this",said Mr.Fahey,
227. The increase during April is the sixth consecutive "may provide employment for the equivalent of 125,000
monthly advance to be reported in the loans since Oct. 31, men for a year or more."
1933, when they amounted to $776,182,033.
According to the Exchange's report for April, demand Bonds of Home Owners' Loan Corporation
Traded
loans during the month amounted to 12,119,359, which
Over Counter.
compares with the March total of $714,279,548, while time
Trading in the new fully guaranteed Home Owners' Loan
loans in April totaled $276,107,000 against $267,074,000 in Corporation bonds was started in the counter market on
March. The Exchange made public, as follows, the April April 30, following the formal announcement in Washington
30 figures:
that the initial coupon of these obligations will be 3%.
New York Stock Exchange member total net borrowings on collateral,
We quote from the New York "Herald Tribune" of May 1,
contracted for and carried in New York, as of the close of business April
which also said:
30 1934, aggregated 51,088,226,359.
The detailed tabulation follows:
Demand.

Time.

(1) Net borrowings on collateral from New York banks
or trust companies
$697,362,633 $275,455,000
(2) Net borrowings on collateral from private bankers,
brokers, foreign bank agencies or others in the
114,756,726
652,000
City of New York
$812,119,359 $276,107,000
Combined total of time and demand borrowings $1,088,226,359.
The scope of the above compilation is exactly the same as in the report
Issued by the Exchange a month ago.

Below we give a two year compilation of the figures:
1932—
Apr. 30
May 31
June 30
July 30
Aug. 31
Sept.30
Oct. 31
Nov.30
Dee. 31
1933—
Jan. 31
Feb. 28
Mar.31
Apr. 29
May 31
June 30
July 31
Aug. 31
Sept.30
Oct. 31
Nov.30
Dec. 30
1934—
Jan. 31
Feb. 28
Mar.31
Apr. 30

Demand Loans.
$341,003.662
246.937,972
189.343,845
189,754,643
263,516.020
269.793,583
201,817,599
213,737,258
226,452.358

Time Loans.
$38,013,000
53,459.250
54.230,450
51,845,300
68,183,300
110,008,000
122,884,600
123,875.300
120,352,300

Total Loans.
8379,015,662
300,397,222
243,574,295
241,599,943
331,699.320
379,801,583
324,702,199
337,612,558
346,804,658

255,285,758
222,501,556
207,601,081
207,385,202
398,148,452
582,691,556
679,514,938
634,158,695
624,450,531
514,827.033
544,317.539
597,953,524

104,055,300
137,455,500
103,360,500
115,106,986
130,360,986
197,694,564
236.728,996
283.056,579
272.145.000
261.355,000
244,912,000
247.179,000

359,341,058
359,957,056
310.961,581
322,492,188
528,509.438
780,386.120
916,243,934
917,215,274
896,595,531
776.182.033
789,229,539
845,132,524

626.590,507
656,626,227
714.279,548
812.119,359

276,484,000
281,384,000
267,074,400
276,107,000

903,074,507
938,010,227
981,353,948
1.088,226,359

It was made known here that applications for listing both the Home Owners' Man Corporation and the Federal Farm Mortgage Corporation 38
on the New York Stock Exchange will be made soon. Ordinary United
States Treasury long-term bonds are listed automatically, but it is understood the two corporations will taken the necessary steps in connection with
the two series which have a full Treasury guaranty of interest and principal.
Dealings yesterday in the new Home Owners Man 3s were little more than
nominal and quotations accorded closely with the figures on other longterm Treasury obligations with low coupon rates. Transactions were at
5
a range of 99% bid and 99% asked, or just a shade under the figure of
99 15-16 at which ordinary Treasury 3s closed.
Exempt from Normal Taxes.
The new Home Owners' 3s will mature May 1 1952 and they will be
redeemable at par on any interest date on and after May 1 1944. Taxation features are similar to those of ordinary long-term Treasury issues,
the bonds being exempt from normal income taxes, but subject to surtaxes
as well as estate, inheritance and gift levies.
Outstanding 4% bonds of the Home Owners' Man Corporation, which
carry a Treasury guaranty as to interest only, are convertible into the
new 3% issue par for par, at any time within six months. An active
market has been developed in the 4s and some banks have accumulated
substantial amounts in the expectation of converting Into the new issue.
It is anticipated, therefore, that a good portion of the 4% issue will be
turned in at a suitable time for the 3s.
Early Redemption Seen.
It is estimated that $400,000,000 of the interest-guaranteed 48 have
already been issued, while engagements have been made for the issuance
of a further $200,000,000. Holders of $600,000,000 bonds, therefore, are
concerned in the conversion feature attached to the bonds and applicable in
connection with the fully guaranteed 3s. Owing to the higher interest
rate, transactions in the 48 yesterday were at 1003 bid and 100% asked.

Richard Whitney, President of New York Stock
Exchange, Characterized as Misleading Senate
Committee Figures Purporting to Show Net
Income of Stock Exchange Members.
In a statement issued at Washington On May 1, Richard
President Roosevelt Signs Bill Guaranteeing Principal
as Well as Interest on Bonds of Home Owners' Whitney, President of the New York Stock Exchange,
Loan Corporation—New Bonds to Be Issued by states that insofar as the Senate Committee's figures of
Corporation to Bear 3% and to Be Exchangeable net income of certain members of the New
York Stock
for Present 4% Bonds.
Exchange for the period from Jan. 1 1928 to Aug. 31 1933
The bill guaranteeing principal as well as interest on bonds
"purport to show the profits made by brokers during the
of the Home Owners' Loan Corporation was signed on April depression they are grossly misleading."
The figures were
27 by President Roosevelt. The enactment of the new
given out at Washington on May 1 by Ferdinand Pecora,
legislation by Congress was noted in our issue of April 28,
counsel for the Senate Banking and Currency Committee,
page 2846.
and are referred to in another item in this issue. Mr.
The establishment of a rate of 3% on the new bonds of the Whitney's statement of May 1 follows:
announced on April 28. According to John
HOLC was
I have been advised that statistics in regard to earnings of members
H.Fahey, Chairman of the Federal Home Loan Bank Board, of the New York Stock Exchange were submitted to the Senate ComCurrency by Mr.
mittee
the rate was established by the Board with the approval of figures on Banking and great prominence Pecora this morning. These
have been given
in the press and
Secretary of the Treasury Morgenthau. The 3% bonds will has been made that during the last 535 years members of the statement
,
the Exchange
be dated May 1 1934 and will mature May 1 1952. Interest made more than $833,000.000 of profit.
These figures were undoubtedly published at this time with the inMay 1 and Nov. 1 and the bonds will be
will be payable
tention, as expressed in a newspaper to-day, "purposely to
callable on any interest date on and after May 1 1944 at par of the Stock Market Regulation Bill" by raising the aid the passage
inference that
accrued interest. Holders of the present 4% bonds member firms of the New York Stock Exchange had made large profits
and
at a time when their customers had suffered great loss.
have the privilege of exchanging them for the new 3% bonds
In so far as these figures purport to show the profits made by brokers
at any time during the period of six months, through pre- during the depression they are grossly misleading. They include the
at the United States Treasury, earnings of brokers during the years 1928 and 1929, which were admittedly
sentation of their bonds
years of great activity
and of
unless the Board should decide to retire them at an earlier of Exchange members.on Stock Exchanges in 1928the greatest earnings
The profits made
were large because
event, under the provision of the law, they throughout that year security prices were rising.
date. In that
are omitted, the entire operating profit of Member
If the earnings for 1928
would be taken up at par. It is pointed out that while the
firms of the New York Stock Exchange for
principal and interest on the new bonds are guaranteed by of the depression amount to $484,000,000. 1929 and the rest of the period
This figure, however, is not a true indication of the actual profit of
the Government, the Government guarantee on the 4%
entirely
bonds covered only the interest for 18 years. From a brokers during the depression. It omits loss on the tremendous depreciation in the capital of brokers. The
one single item would
Washington dispatch April 28 to the New York "Times" wipe out this entire operating profit. I refer to the depreciation in the
value of Stock Market seats wnich from a peak value of $887.500,000
we quote:
The report of brokers' loans during March was referred
to in our issue of April 7, page 2336.

Legislation for the full guarantee provided that the Home Owners'
Loan Corporation should fix an interest rate not in excess of 4%. The
Corporation said that the market price, with the rate as established.
market on the long-term
"should conform approximately to the current
Government. The issue of 3% Treasury
3% bonds of the United States
bonds closed Friday at 9929-32.




in 1929 have fallen so that to-day they are worth less than $192,500,000.
This capital loss of more than $495,000,000 wipes out all the supposed
operating profit of member firms of the New York Stock Exchange during
the period of depression.
Furthermore, these firms have suffered additional losses, both realized
and unrealized, due to the decline in the value of securities which they own.

Volume 138

Financial Chronicle

Finally, the figures submitted by Mr. Pecora make no allowance whatsoever for interest on the hundreds of millions of dollars of capital which
member firms of the New York Stock Exchange have invested in their
businesses. It is therefore clear that, instead of operating at a huge
profit during the depression, the member firms of the New York Stock
Exchange nave in fact suffered tremendous losses.

A further statement by Mr. Whitney in answer to charges
of "propaganda" to defeat the pending Stock Exchange
legislation was issued as follows on May 2:
The Stock Exchange has been accused of using propaganda to defeat
the pending legislation for the regulation of Exchanges. This is not true.
The Stock Exchange is prepared to prove every statement which it
has made about the Fletcher-Rayburn bill.
Real propaganda consists of publishing at a timely moment information capable of influencing or prejudicing public opinion. That is precisely
what Mr. Pecora did when he submitted to the Senate Committee figures
in regard to the earnings of the New York Stock Exchange firms.

Listing of Bonds of Home Owners' Loan Corporation
and Federal Farm Mortgage Corporation on New
York Stock Exchange—Statement by DeputyGovernor Haas of FCA.

Deputy-Governor George C. Haas of the Farm Credit
Administration on May 1 called the attention of the Presidents of the 12 Federal Land Banks to the fact that in listing
the bonds of the Federal Farm Mortgage Corporation on
the New York Stock Exchange the Bond Committee of the
Exchange announced that for trading purposes the bonds
would be considered as Government securities. He pointed
out that the bonds of the Corporation would thus be handled
by security dealers in a manner similar to that of United
States Government bonds. The announcement of the FCA
on May 1 added:
Banks and security dealers usually charge a commission of from one
thirty-second to one-eighth of one per cent or from 31.25 cents to $1.25
for selling a $1,000 Government bond, in addition to delivery charges,
stated Mr. Haas. Charges for selling bonds of the Federal Farm Mortgage
Corporation, which are now being used in lieu of cash in making farm
mortgage loans by the Federal Land Banks and the Land Bank Commissioner, should not be in excess of those charged on Government bonds,
he said.

Regarding the action of the Stock Exchange the following
announcement was issued by Secretary Green May 1:
NEW YORK STOCK EXCHANGE.
Committee on Bonds.
•

May 1, 1934.
To the Members:
The Committee on Bonds rules that Home Owners' Loan Corporation
18
-Year 4% Bonds,due July 1 1951, and Federal Farm Mortgage Corporation 30
-Year 3 % Bonds, due Mar. 15 1964, listed to-day shall be treated
for trading purposes as United States Government securities.
ASHBEL GREEN, Secretary.

The above bonds were accordingly added to the list on
May 1 under the authority of the Governing Committee of
the Exchange.
Cashiers' Association of Wall Street Asks Ferdinand
Pecora of Senate Committee to Publish List of
Salaries and Bonuses Paid by Stock Exchange
Firms Incident to Publicity Given Figures of
Incomes of Members of Stock Exchange—Views
of Brokerage Concerns Regarding Latter Figures.

The following telegram was sent on May 2 to Ferdinand
Pecora, counsel to the Senate Banking and Currency Committee, by the Cashiers' Association of Wall Street, the
organization of cashiers of New York brokerage houses:
Would appreciate your publishing total money paid in salaries and
bonuses to vast army of employees during period covered in your recent
compilation, also total salaries Paid now. As we are
spenders
as any other group we are sure these facts would be a as geed
good appendix to
your report and very pertinent to real recovery. We estimate these
figures in normal times at almost half a billion dollars annually exclusive
of bank clerks and in this district alone.
CASHIERS' ASSOCIATION OF WALL STREET, INC.

The compilation referred to above has reference to the
figures made public on May 1 by the Senate Banking and
Currency Committee reporting net income of certain New
York Stock Exchange member firms during the period
from Jan. 1 1928 to Aug. 31 1933, reference to which is
made in another item in this issue of our paper. As bearing
thereon the New York "Herald Tribune" of May 3 had
the following to say:
Lays Loss to Huge Staff.
Partners in leading wire firms declared yesterday that losses recorded
in 1931 and 1932 were largely due to the retention of unneeded employees.
If the personnel had been reduced as the depression warranted, the partners
said that their firms would have been out of the "red."
Failure to provide for capital losses in the period from 1929 to 1932,
one partner of a large firm said, makes the Pecora tabulation an unfair
analysis. He estimated such a reduction to have been in the neighborhood of $250,000,000.
It was generally admitted that the profits and losses showed by individual firms were not comparable. Different systems of bookkeeping,
such as not making any allowance for partners' salaries and eventually
taking them from profit, would make substantial changes in the Pecora
estimates, it was said.
The Senate figures on the amount of corporation stock held in the names
of brokerage houses, which are expected to be taken to prove a large




3019

amount of margin trading in issues of leading corporations, purely for
speculation, were attacked. The brokers contended that a large percentage
of these holdings were held outright by customers, who left the shares at
the firms for convenience, tax purposes, dividend collections and other
reasons.
A strong feeling of pessimism in regard to Congressional regulation has
developed, with leaders of the brokerage opposition privately saying that
they see little hopeiof proving their case until the operations of the bill
can be seen. One leader compared the situation with that of the Securities
Act of 1933, now scheduled for amendment because of its curtailment
of business activity.

House Committee Approves Revised Bill For Regulation
of Commodity Exchanges.

The House Agricultural Committee approved, on May 4,
a revised bill for regulation of commodity exchanges. Associated Press advices from Washington reporting this said:
ib The bill would set up a special Board with authority to make various
regulations for operations of the exchanges, particularly in limiting the
amount of futures holdings by any individual at one price at one time.
Such practices as "wash sales," indemnity trading and the like are banned.
The exchanges, through their spokesmen, opposed in extended hearings
the passage of legislation at this time, pointing out that the Grain Exchange code went into effect only last month and that it should be given a
chance to show what it will do to remedy conditions complained of.

Protest by Employees of Financial District Against
Proposed Administration of Legislation Providing
For Federal Regulation of Stock Exchanges.

The Central Committee of Employees of the Financial
Districts of the United States, in a telegram sent this week
to all Senators and Congressmen, urged that if the proposed
Stock Exchange Control bill is enacted into law, a specialized
commission,familiar with finance and industry, be appointed
to administer the law rather than have it administered as
now proposed in either the House or the Senate bill. The
transmission of these telegrams was preliminary to the filing in
Washington of a petition on May 1 by the Central Committee
of Employees of the Financial Districts of the United States
which represents 1,000,000 employees engaged in the financial
districts who have approximately twice as many dependents,
protesting against the proposed administration of the law,
should it be enacted by Congress. The petition was presented to the members of the House of Representatives by
Robert N. Suydam, Chairman of the Central Committee
of Employees, Gambol J. Dunn, Thomas P. Keely, John
Rutz,James A. Wiedemann, George C. Dinsmore, Carroll S.
Phelan and Walter Lincoln Wright.
Memorandum Submitted by Governor Black of Federal
Reserve Board Embodying Proposal for Revision of
Member Banks' Reserve Requirements.
While we have heretofore referred to the recommendations
made by Governor Black, of the Federal Reserve Board, that
the reserve requirements of Federal Reserve member banks
be based on the velocity of turnover instead of being fixed
by law, we are giving here a memorandum presented by
Governor Black, on behalf of the Reserve Board, to the
Senate Committee on Banking and Currency on March 23,
which appears in the April number of the Federal Reserve
"Bulletin," issued April 25. Items bearing on the recommendations were contained in our March 31 issue, page 2173,
and April 28, page 2836. Governor Black's memorandum
follows, omitting the charts referred to therein:
As an amendment to the bill regulating security exchanges, the Federal
Reserve Board wishes to reiterate its recommendation, made two years ago,
for basing member bank reserve requirements not solely on the volume of
deposits but also on the rapidity of their turnover; in other words, on the
extent to which the deposits are utilized.
Member bank reserve balances are high-power money. On the basis of
one billion dollars of excess reserves, member banks can extend credit
amounting to between 10 and 15 billion dollars without having to resort
to borrowing at the Federal Reserve banks. The volume of excess reserves
at the present time is 11 billion dollars, and these excess reserves further/
2
more may increase greatly when a period of credit expansion sets in.
existing law, National banks can issue an additional 600 million
Under
dollars of bank notes, which, when deposited with the Federal Reserve banks,
add to the reserves of member banks. There is also still a billion or a
billion and one-half of currency that has not returned from hoarding, but is
likely to be utilized and thus flow back into the banks when an expansion
sets in. In these circumstances, if an expansion of credit should get under
way, the member banks will have a large volume of reserves without recourse to the Federal Reserve banks. These banks therefore would be
out of touch with the market, and thus not in a position to exert a restraining influence through discount policy.
The Board's proposal carries out to its logical conclusion the existing
distinction between time deposits, which require a 3% reserve, and demand deposits, which require a 7%, 10%, or 13% reserve, depending upon
the location of the bank. The proposal would result M an automatic increase of reserve requirements when boom conditions arise, and an automatic decrease of reserve requirements in times of depression. The proposal furthermore has the advantage of making the increase in reserves
applicable not to all banks in all localities alike, but rather to those banks
In those communities only where excessive speculative activity is manifesting
itself. If this proposal were adopted, its operation, together with the
authority existing under the Thomas amendment to raise reserve requirements with the consent of the President when an emergency arises from
excessive credit expansion, would make it possible for the Federal Reserve

3020

Financial Chronicle

Board to combat the recurrence of speculative excesses. The proposal, therefore, presents a logical complement to the bill for the regulation of security
exchanges.
The proposal would counteract two abuses that have developed under
existing law and have created serious obstacles to credit control. One is
the evasion of reserve requirements by classifying as time deposits many
deposits that to all intents and purposes are demand deposits, a practice
that has developed since the classification of deposits in one or the other
category has determined the volume of reserves that a bank must carry.
And the other, the reduction of actual reserves carried through diminishing
the volume of till money which under existing law does not count as
reserve. The proposal would permit banks within certain limitations to
count their vault cash as reserves, and would, therefore, close the door to
the practice of greatly reducing actual reserves by diminishing cash holdings
to a nominal amount.
In times of great speculative activity, such as 1928 and 1929, the banks
under a law like the one proposed would have had to carry three or four
hundred millions of additional reserves and would, therefore, have had to
increase their borrowings at the Reserve banks by that amount. This would
have greatly increased the power of the System to exercise a restraining
influence at an early date. On the other hand, in times of depression, when
deposits are inactive, member bank reserve requirements would diminish
and there would be a decrease in the volume of idle funds that the banks
would be required to carry as reserves. In effect, the plan would supplement open-market operations by the Reserve banks, by withdrawing funds
from the market under boom conditions and furnishing additional funds at
times of depression.
The plan would also work for a more equitable distribution of reserves
as between city banks and country banks.
City banks, owing to their
proximity to the Reserve banks, have been able to reduce their vault cash
to a very small proportion of their deposits, while at country banks a
much more considerable proportion has been necessary. As a consequence
the actual distribution of effective reserves differs from that contemplated
by the law and is much more favorable to banks in financial centers. The
Board's proposal would do away with this disparity.
Most important of all, however, the proposed plan would result in an
increase of reserve requirements not only at the time when such an increase
will be in the interests of sound banking conditions, but also at the spot
where speculative excesses get under way, and at the banks where enhanced
activity of deposits will be caused by a rising tide of speculation. Big
nation-wide booms develop at financial centers, and this proposal, by imposing
restraints on speculation in these centers without increasing the burden of
idle reserves for banks in those communities to which the boom has not
penetrated, will not only be more equitable but will serve the purpose of
applying restraining influences automatically at the right time, in the
right places, and to the right institutions.
With the heavy responsibilities imposed upon the Federal Reserve System
in connection with the possibilities of speculative expansion, the adoption
of this plan would place into their hands an instrument that would be of
great assistance in serving the interests of trade and industry by restraining
the use of credit for speculative purposes.
Concretely, under the proposal, member banks would be required to carry
5% reserves against their net deposits, plus 50% of the amount of the
bank's average daily debits to deposit accounts. In order to avoid too heavy
burdens in extreme cases, the proposal provides that in no case shall aggregate reserves required of a bank exceed 15% of its gross deposits.
In computing their reserves, the member banks would be permitted to
count as reserves a certain proportion of their vault cash. At banks in
cities near the Federal Reserve banks or branches, the banks would be
required to carry four-fifths of their total reserves as deposits with the
Federal Reserve banks, while at other banks they would only be required
to carry two-fifths of their reserves as balances with the Reserve banks.
As an exhibit in connection with this statement I should like to submit
the report of a committee of the Federal Reserve System on bank reserves
presented to the Federal Reserve Board in 1931.* Your attention is particularly called to the chart on page 10 (this we omit.—Ed.) of this report,
which shows that demand deposits, and consequently reserve balances of
member banks, showed practically no increase during the period of the
greatest credit expansion in 1928 and 1929, while bank debits during that
period Increased • at a very rapid rate. Another chart on page 19 of the
report [this we omit.—Ed.] shows how, under the proposed plan, reserve
requirements would have risen rapidly during the expansion and would have
declined much more rapidly than actual reserves after the depression set in.

May 5 1934

Advices from Washington May 3 to the New York
"Times" of May 4 said:
Profits on Treasury purchases of Government securities during the last
year have amounted to about $10,000,000. Secretary Morgenthau announced
to-day (May 3).
Investments have been made for the account of the Federal Deposit
Insurance Corporation, the postal savings, Veterans' Administration and
certain other funds.
Mr. Morgenthau indicated that about $350,000,000 in Government
securities had been bought for these accounts.

Treasury Purchases of Silver Totaled 436,043.21 Fine
Ounces During Week of April 27—Mints Received
4,711,028.16 Fine Ounces Since January.
According to figures issued April 30 by the Treasury
Department, 436,043.21 fine ounces of silver was received
by the various United States mints during the week ended
April 27from 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. Since the issuance of
the proclamation the total receipts by the mints amount to
4,117,028.16 fine ounces. The weekly receipts 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
*Approximate total (official

Ounces. 1Veek Ended—
1,157 Mar.18
547 Mar.23
477 Mar.30
94,921 April 8
117,554 Apri113
375,995 Apr1120
232,630 AprI127
322,627
271,800
126,604 Total
total, 4,117,028.16).

Ounces.
832.808
389,844
354,711
589,274
10,032
753,938
438,043
*4,117.024

Receipts of Hoarded Gold During Week of April 25,
$1,074,971—$170,851 Coin and $904,120 Certificates.
Figures issued by the Treasury Department on April 3()
indicate that gold coin and certificates amounting to $1,074,971.08 was received during the week of April 25 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 April 25, amount to $82,94,186.60. The total
receipts are shown as follows:
Beretred by Federal Reserre Banks—
Week ended April 25
Received previously
Total to April 25
Receired by Treasurer's Office—
Week ended April 25
Received previously

Gold Coin. Gold Certificates
$170,851.08
$890,120.00
27,288,041.52 52,947,780.00
$27,438,892.60 $53,837,900.00
$ 244,794.00

$14,000.00
1,458,800.00

Total to April 25
8244,794.00 31,472,600.00
Note.—Gold bars deposited with the New York Assay Office to the amount of
$200.572.89 previously reported.

Tenders Aggregating $391,775,000 Received to Two
Issues of Treasury Offered to Total of $125,000,000
or Thereabouts—Bids of $75,055,000 Accepted for
91-Day Bills at Average Rate of 0.07%, and $50,037,000 for 182-Day Bills at Rate of 0.16%.
Secretary of the Treasury Henry Morgenthau, Jr., announced on April 30 that tenders totaling $391,775,000 had
been received at the Federal Reserve Banks and the branches
It may be noted that in our March 31 issue, page 2167.
thereof, up to 2 p. m., Eastern Standard Time, that day,for
we gave a statement by Governor Black, before the Senate
the offering of two series of Treasury bills dated May 2.
Committee,incident to the Stock Exchange Control bill, relaBids of $125,092,000 were accepted for the bills, which were
tive to the Board's views on marginal requirements.
offered to the total amount of $125,000,000 or thereabouts.
* This report was reprinted in the "Annual Report" of the Federal Reserve
The offering consisted of 91-day bills maturing Aug. 1,
Board for 1932, pages 260.285.
tendered to amount of $75,000,000 or thereabouts, and 182
bills maturing Oct. 31, offered in amount of $50,000,000
$4,885,000 of Government Securities Purchased During day
Week of April 28 by Treasury Department— or thereabouts. Reference to the offering, which was anSecretary Morgenthau Reports $10,000,000 Profit nounced on April 26 by Secretary Morgenthau, was made in
our issue of April 28, page 2841. The tenders for the 91-day
from Purchases.
During the week of April 28 the Treasury purchased bills totaled $193,076,000 of which $75,055,000 was accepted.
$4,885,000 of Government securities in the open market, The 182-day bills brought tenders of 8198,699,000
of which
it is shown in a statement issued April 30 by the Treasury $50,037,000 was accepted.
Department. The statement shows that $4,860,000 of the
The bids for the 91-day bills, Secretary Morgenthau said,
amount was purchased for the investment account of the
Federal Deposit Insurance Corporation and $25,000 for were accepted at an average rate of about 0.07% per annum,
other investment accounts. Since the inception of the on a bank discount basis, which rate equals the lowest at
Treasury's support to the Government bond market last which Treasury bills ever sold. The 182-day
bills brought in
November, reference to which was made in our issue of average rate of about 0.16% per
annum. The 0.07% rate
Nov. 25, page 3679, the weekly purchases have been as
was previously established by an offering of 91-day bills
follows:
dated April 11. An issue of 182
-day bills bearing the same
Nov. 25 1933
88,748,000 Feb. 17 1934
87,089,000
2,545,000 Feb. 24 1934
Dec. 2 1933
date were sold at an average rate of about 0.18%. A more
1,861,000
7,079,000 Mar. 3 1934
Dec. 9 1933
10,208,100
recent offer of bills (dated April 25) sold at average rates of
18.600,000 Mar. 10 1934
Dec. 18 1933
8.900,000
16,510,000 Mar. 17 1934
Dec. 23 1933
7.909,000
0.08% for 91-day bills and 0.18% for 182-day bills. Sec11,950,000 Mar. 24 1934
Dec. 30 1933
37.744,000
44,713.000 Mar. 31 1934
Jan. 6 1934
23,800,000
retary Morgenthau's announcement of April 30 follows in
33,868,000 Aprli 7 1934
Jan. 13 1934
42,389,400
17,032,000 April 14 1934
detail:
Jan. 20 1934
20,580,000

2,800,000 April 21 1934
Jan. 27 1934
30,500,000
7,900,000 April 28 1934
Feb. 5 1934
4,885,000
*22,528,000
Feb. 13 1934
* In addition to this amount, $8638,400 of bonds held by the Treasury as collateral
se*urity for postal savings deposits purchased Feb. 9 by the FDIC.




91-Day Treasury Bills. Maturing Aug. 11034.
For this series, which was for $75,000,000, or thereabouts, the total
amount applied for was $193,076,000, of which $75,055,000 was accepted.
The accepted bids ranged in price from 99.990, equivalent to a rate of about

Vaume 138

Financial Chronicle

0.04% per annum,to 99.980,equivalent to a rate ofabout0.08% 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 99.981 and the average rate is about 0.07% per annum on a bank discount
basis.
-Day Treasury Bills, Maturing Oct. 31 1934.
182
For this series, which was for $50,000,000, or thereabouts, the total
amount applied for was $198,699,000, of which $50,037,000 was accepted.
Except for one bid of $5,000, the accepted bids ranged in price from 99.920.
equivalent to a rate of about 0.16% per annum, to 99.915, equivalent to a
rate of about 0.17% 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 99.918 and the average rate is
about 0.16% per annum on a bank discount basis.

3021

Wr. Whiteside discussed the various sections of the Investment Banking code, which he said will benefit the large and
small investing institutions. He added that the "most farreaching and fundamental benefits will accrue to the small
investors who buy directly from both large and small security
dealers in every city and town in the United States."
The Recovery Administration will be "seriously retarded"
unless capital financing is given a fair opportunity to develop immediately, Mr. Whiteside said. "This code will accomplish that purpose," he added,"and if the financing which
is now required for the replacement and renovation of our
industries is stimulated, and given the opportunity which is
absolutely necessary to market their securities under this
code, employment will increase and our industrial activity
go forward with renewed rapidity. Until this is done the
heavy industries will continue dormant."
Mr. Whiteside's analysis of the code, as he considered etich
section, is given below:

New Offering of 91-Day and 182-Day Treasury Bills
to Total Amount of $125,000,000 or Thereabouts—
Will be Offered in Amounts of $75,000,000 and
$60,000,000, Respectively—Both Series to be Dated
May 9 1934.
On May 3 Henry Morgenthau, Jr., Secretary of the Treasury, announced a new offering of two series of Treasury bills
Article III—General Principles.
.
to the total amount of $125,000,000 or thereabouts; both
maturing in 91 days and
The general principles stated are ethical—not mandatory—at the moment.
series to be dated May 9 1934, and
the United States will
182 days, respectively. The 91-day bills, which mature on Actually, the conduct of the investment bankers of
be governed just es definitely by these general principles as by every mandaAug. 8, will be offered in amount of $75,000,000 or there- tory provision in the following rules.
abouts, and the 182
That must be so because it is a natural result of the inclusion of these pro-day bills, maturing Nov.7, in amount of
rules and regulations tend to
$50,000,000 or thereabouts. The face amount of the bills visions in this code. It will be so because theprinciples with the exception
the tangible phases of these general
on their re- include or three sections.
of each series will be payable without interest
of two
spective maturity dates. Both series will be sold on a disFrom time to time, as these general principles become recognized as
essential in the proper conduct of your group, they will automatically be
count basis to the highest bidders.
converted into rules.
The offering, tenders to which will be received at the
At the moment, without practical experience, it would have been a misFederal Reserve Banks,or the branches thereof,up to 2p. m., take in judgment to have endeavored to have included these general principles
the marginal
Eastern Standard Time, Monday, May 7, will be used to as mandatory provisions, for they are to a degree ethical and control ethics
between a declaration of purpose and the legislation to
retire an issue of $125,493,000 of similar securities maturing pointrefined that it is almost impossible to redetermine the correct expression
is so
May 9. Secretary Morgenthau's announcement said that to carry out the intent.
An endeavor to make these general principles completely mandatory would
tenders will not be received at the Treasury Department,
in detailed restrictions and requirements of suds a nature as
out that the bidders are required to have resulted entirely impractical.
Washington, and pointed
to have been
specify the particular issue for which each tender is made.
But, as I have said, the effect of these statements in your code will
largely determine the conduct of your group, and it is inconceivable that a
The announcement further said in part:
practice of violating these statements of principle would be tolerated.
The bills will be issued in bearer form only, and in amounts or denominations of $1,000, $10,000, $100,000, $500,000, and $1.000,000 (maturity
value).
No tender for an amount leas than $1,000 will be considered. Each tender
must be in multiples of $1,000. The price offered must be expressed on the
basis of 100, with not more than three decimal places, e.g., 99.125. Fractions must not be used.
Tenders will be accepted without cash deposit from incorporated banks
and trust companies and from responsible and recognized dealers in investment securities. Tenders from others must be accompanied by a deposit
of 10% of the face amount of Treasury bills applied for, unless the tenders
are accompanied by an express guaranty of payment by an incorporated
bank or trustcompany.
Immediately after the closing hour for receipt of tenders on May? 1934,
all tenders received at the Federal Reserve Banks or branches thereof up to
the closing hour will be opened and public announcement of the acceptable
prices for each series will follow as soon as possible thereafter, probably on
thefollowing morning. The Secretary of the Treasury expressly reserves the
right to reject any or all tenders or parts of tenders,and to allot less than the
amount applied for, and his action in any such respect shall be final. Any
tender which does not specifically refer to a particular series will be subject to
rejection. Those submitting tenders will be advised of the acceptance or
rejection thereof. Payment at the price offered for Treasury bills allotted
must be made at the Federal Reserve Banks in cash or other immediately
available funds on May 9 1934.
TheTreasury bills will be exempt, as to principal and interest, and any
gain from the sale or other disposition thereof will also be exempt,from all
taxation, except estate and inheritance taxes. No loss from the sale or other
disposition of the Treasury bills shall be allowed as a deduction,or otherwise
recognized, for the purposes of any tax now or hereafter imposed by the
United States or any of its possessions.

A. D. Whiteside Predicts Changes in Securities Legislation--Sees "Obstructions" Removed Within Six
Weeks—Praises Investment Bankers Code in Speech
at Chicago—Analysis of Principal Code Provisions.
The investment bankers' code of fair competition was
termed "a masterpiece" by A. D. Whiteside, former Division
Administrator of the NRA and President of Dun & Bradstreet, Inc., in all address, April 23, before the Chicago Association of Commerce. Mr. Whiteside stressed the trade practice provisions of the code, which he said contain implications which "will have a very marked effect upon the economic condition of this country. That will not occur over
night, but the fundamental benefits which will result from
this code will accumulate from month to month and from
year to year."
Mr. Whiteside predicted changes in approved and pending
legislation in order to expedite the flotation of new securities.
"Securities legislation both in effect and pending will be a
serious detriment to the development of our activities unless
adequate changes are made," he said. "I positively anticipate that obstructions included in those measures will be
constructively modified within the next six weeks, for action
of that nature must be taken if the progress of the recovery
program is not to be seriously retarded."




Article IV—Origination of Issues.
This section is unique and is one which in itself will reduce the investment
hazard to a degree which is revolutionary.
This section sets up practical safeguards which remove at one stroke the
mystery of trends in values whirls has been a basic psychological cause of
our booms and depressions.
This section is intensely practical. It is not detailed to the point of
theoretical absurdity. But, on the other hand, it does not give a loop-hole
to the evasion of statenients of essential factors which should in all justice
be available to every investor of any amount or to his broker.
This section needs no detailed comment. Its purpose, its intent and its
implications are obvious.
If no other sections were included in these trade practices, this document
alone would still stand out as evolutionary in the history of finance.
Article V—Selling Syndicates and Croups and New Issues of Securities.
Section IV had to do with the factual basis of the condition of the issuer
at the time of origination and through the subsequent life of the security.
Section V has to do with the contractual relationship between the issuers,
the various selling groups, and the buyers.
It is a peculiarly straight-forward exposition of the details of those relationships which, as you know, have all or in part in the past been either
vague or entirely unknown to the general public.
These provisions have been included to safeguard the public in a most
tangible way.
The Information which will be disclosed as a result of the provisions in
this Erection will give a sense of confidence to the people of this country in
the intent of the integrity of this group as no other article does. It is
practical, it is straight-forward, and it will accomplish far greater results
than even you yourselves anticipate.
It eliminates vagueness. It, to as great an extent as possible, places
buyers, whether large or small, on the same basis, and in doing that eradicates one of the most flagrant injustices of public financing in the past.
Article VI—Retail Sales and Purchases.
These sections are more technical to the functioning of investment bankers
than they may appear to the bankers themselves, but in every respect they
are in line with the progressive intent exhibited in the other articles.
They hit at the heart of abuses which have always existed.
They are an important link in tying up these various provisions into a
logical sequence and form one more of the required strong links in the securities distributing system.
These sections have largely to do with the elimination of the possibility
of misrepresentation of the interests which prompt the seller in the particular security marketed.
Article VII--Salettmen.
This section was more difficult, and I think that it has been extremely
well handled.
The salesman is the link between the buyer and the broker, and it is
largely upon the representations of the salesman, particularly to small investors, that the purchase is consummated.
These sections are designed not only to provide for the proper type of
salesman, but as far as possible to regulate the fundamental principles on
which the salesman shall negotiate sales.
It is not perfect, but it is a long step in the right direction.
Article VIII—Investment Companies.
These articles continue the fundamental purpose of the code, and further
carry out the intent, that is, to make a frank disclosure of the marketing
background on which each security rests.

3022

Financial Chronicle

The relationship between the investment banker and the investment company is an important phase of financing, although little in evidence at
present, and this section will have a very constructive effect.
Article IX—Miscellaneous Rules.
This is another group of sections tending to strengthen the process of
producing and marketing securities. It includes ethical provisions and eliminates fundamental practices which have been subject to criticism in the past.
Article X—Registration of Investment Bankers.
These articles show the most impoutant evolutionary step in this entire
document. The sections are equitably drawn. They are liberal, but at the
same time they put investment banking on a new plane of responsibility, and
the administration of this section will change, not only the psychology and
the sense of responsibility of investment bankers, but will change the attitude
of the entire investing public toward the investment bankers.
The regulations give to the investment bankers of the United States the
power and the authority to place investment bankers on a pinnacle in the
estimation of the people, not only of the United States, but of every civilized
country in the world.
I shall only add that the proper administration of this section means more
to you, as investment bankers, than any single document that has ever been
written. I shall speak further on this point under "Administration."
Article XI—Administration.
I believe that your administrative set-up, for the time being, is adequate
and equitable. It is extremely important that this fact be recognized by
every investment banker in the United States.
It should be called to the attention of each banker that this is a national
code, and that national policies must be the determining factor in the administration of these provisions, and prompt the sponsoring group in suggesting
additions, modifications or deletions to or from the provisions of the investment bankers' code.
I definitely and fully recognize that the interests and the viewpoint of
every class and description of investment banker, large and small, in every
locality in the United States has been and must continue to be considered
and respected by the Administration.
This code will not be administered solely in the interest of the large investment bankers. From my experience so far with your representatives from
every part of the country, and as a result of the public hearings on this
code, I have the greatest confidence in your ability to administer these provisions in justice to all of the elements involved.
I am not making that statement superficially, for as you know I knew
no single member of the sponsoring committee before the first public hearing.
I am making that statement because during the public hearings on the
trade practices, in Washington, several groups definitely objected to particular provisions in the code which had an extremely important effect upon
their welfare.

Senator Fletcher Reported Planning to Amend Securities Act—Representative Bacon Introduces Bill
to Liberalize Measure.
Senator Fletcher, Chairman of the Senate BanIiingitral
Currency Committee, was reported in Washington newspaper
advices yesterday (May74) to be considering amendments to
the Securities Act of 1933 which'would transfer the functions
of the Federal Trade Commission under:that law to a proposed
independent commissionTfor regulation of stock exchanges
which would be createdrunderlthe Senate Stock Exchange
Control bill, and whichlwouldliberalize certain penalty and
liability sections. Representative Bacon yesterday introduced a bill in the House to liberalizeTthe Securities Act in
order to stimulate the flow of capital into heavy industries.
A Washington dispatch May 4Tto thelBrooklyn "Eagle"
n7fed the proposals ofiMr.iBacon as follows:
All the changes sought by Bacon have the approval of a special committee of the American Bar Association, which made an exhaustive study
of the operation of the law since its enactment. In general also they follow
the lines of changes which, it has indicated, will meet with Administration
approval.
One important change would limit the civil liability of an underwriter
to the amount ofsecurities he sells. Under the present law any underwriter
who participates in a distribution is responsible for the whole issue.
Another far reaching change suggested would limit the power of the
Federal Trade Commission to obtain information from respective issues.
Other changes would limit criminal liability to wilful violations of the
Act and would remove protective committees from some of the obligations
imposed on other issuers.

Federal Trade Commission Eases Securities Act to
Exempt Certain Issues Under $100,000—Action
Said to Follow Complaints of Mining and Other
Interests that Act Hampered Operations.
In an effort to ease the floating supply of small issues the
Federal Trade Commission announced on April 27 additions
to the rule promulgated Nov. 1 1933 (Release No. 66)
regarding the exemption of issues offered at an aggregate
price under $100,000 which fall within certain prescribed
requirements. The new rule, says the Commission,removes
the requirements that the issue be sold for cash, that the
underwriting expenses be limited to 10%, and that the
stock be in units of at least $100, provided that certain other
specified conditions are observed.
According to Associated Press advices from Washington
the promulgation of the new rule follows complaints of
mining and other interests that the Securities Act hampered
their operations. The Commission's announcement in the
matter states:
The net effect of the new rule is to exempt any stock issued for an aggregate amount of not over $100,000 if the total net proceeds of all securities
, sued by the same issuer within the preceding year, including the issue in




May 5 1934

question, does not exceed 5100,000, subject to the following conditions:
(a) That the stock shall not be offered below par value, unless it is stock
which has been reacquired by the issuer at approximately its market value.
(b) That the expenses of distribution do not exceed 25% of the amount
for which the stock is sold.
(c) That no securities issued to a promoter or organizer in excess of
expenses incurred by him or of the fair cash value of property acquired from
him which he has held for more than a year, shall be sold to the public
until the issuer has earned a net profit over a period of one year; and that
if the corporation is liquidated before it has earned a net profit over a period
of a year such promoters' or organizers' securities shall not share in the distribution until all other stockholders who paid cash for their securities have
been reimbursed in full. The issuer is required to take legally effective
means to assure compliance with these conditions, such as putting the
promoters' and organizers' securities in escrow.
(d) That the prospectus required to be furnished to purchasers be filed
with the Federal Trade Commission before the stock is offered to the public.
(e) That the issuer shall initiate no representation regarding registration
or exemption from registration with the Commission other than a clear
statement that the stock has not been registered.
(f) Each purchaser is to be given a prospectus furnishing specified information concerning the organization, capitalization, and obligations of
the issuer,salaries in excess of$6,000 and property acquired from promoters,
organizers, officers and directors.
The rule also exempts, regardless of the above conditions, any stock
comprising an issue not exceeding $30,000, provided that the net proceeds
of all securities issued by the issuer within a year, including the stock in
question, do not exceed $30,000.

$417,000,000

Revenue Bill Goes to White House After
Senate and House Approve Conference Report
10% Couzens Super-Tax on Incomes Is Defeated.

The $417,000,000 revenue bill went to the White House for
President Roosevelt's approval May 3, when the Senate
approved House action which eliminated the Couzens 10%
super-tax on all incomes and adopted the conference report
on the measure. The House had approved the conference
report on May 1. The Senate accepted the conference
report without a record vote.
•
The conference report on the new tax revision bill was
adopted by the House on May 1 by a vote of 253 to 106.
As explained by Representative Hill, who presented the
conference report for the consideration of the House, about
185 amendments were put in the House bill by the Senate.
and the conferees agreed upon all these amendments except
amendment No. 1, which he noted was the table of contents,
and purely clerical, and amendment No. 13, the so-called
10% emergency (Couzens) tax; as to the latter, Mr. Hill
said in part:
Amendment No. 13 is the so-called "Couzens amendment," which imposes a 10% supertax upon the total normal and surtax which the individual
taxpayer pays under the permanent tax set-up and is only for the year 1934.
We are going to take up amendment No. 13 at a later time, but I simply
wanted the House to understand that the supertax or the so-called "Column
amendment" is not involved in the conference report. We will have separate discussion and separate consideration of amendment No. 13, which
Is in disagreement between the conferees of the House and the conferees
of the Senate. So in voting upon the conference report you are not voting
upon this provision seeking to impose this supertax of 10%.
As I have said, there were 185 amendments imposed on the House bill
by the Senate. I may say that approximately 175 of these amendments
are purely clerical or clarifying amendments that do not in any substantial
way modify the provisions of the bill as it passed the House, and I feel
that the members of the House are not concerned with these clarifying
and clerical amendments. There are a number of amendments, however,
which are of concrete interest to you and I shall briefly touch upon them.
The Senate amended the House bill as to surtaxes by imposing a greatly
increased rate of surtax in the lower brackets. The House conferees refused to recede upon this amendment except upon the basis of a greatly
reduced rate in lieu of the Senate rates.
The Senate amendment would have imposed upon the taxpayers an
additional $28,000,000 over the House bill, through increased rates in the
brackets from $10,000 to $25,000. The House conferees accepted the
amendment with the modification that these rates be reduced more nearly
to the level of the House rates, so that the lower brackets di not receive the
shock of the increase and, as modified, will raise $9,000,000 additional
to the House bill instead of $28,000,000.

The conference report on the tax revision bill was filed
with the House April 30. The conference agreement on the
measure was not signed by Senator Reed or Representatives
Treadway and Bacharach. Senator Reed said the bill was
"confiscatory and burdensome in the extreme to every group
of taxpayers." Details of the conference agreement were
given in our issue of April 28, page 2844.
Chairman Doughton of the House Ways and Means Committee in a statement April 26 defended the compromise
agreement and said that the rates on personal incomes were
materially reduced from the Senate figures and that many
other compromises benefiting taxpapArs had been effected.
We quote in part from a Washington dispatch May 1 to
the New York "Times," describing passage of the conference report in the House:
Outstanding among the provisions agreed to by the House was a sharp
increase in estate taxes designed to add $90,000,000 a year revenue; continuation of the capital stock and excess profit imposts, which have been
yielding $95.000,000 a year, and would have ended on July 31 next; elimination of consolidated returns, estimated to produce $35,000,000 a year in
new taxes, and a form of income tax publicity intended to discourage tax
avoidance.
The conference report, which represented complete agreement between
Senate and House managers except for the 10% added tax, carried a com-

Volume

Financial Chronicle

138

promise readjustment of income taxes that would add around $18,000,000
annual revenue, and a special surtax on personal holding companies designed to prevent the hiding of taxable income in these "incorporated
pocketbooks."
The House vote on the report also served to approve an amendment
to the oils and fat tax. This amendment was promoted by Administration
leaders to ease the burden on the Philippine Islands.
As approved by the Houes, the provision would place a processing tax
of three cents a pound on a number of vegetable and fish oils, with a special
impost of five cents a pound on all cocoanut oils coming into the "United
States from sources other than the Philippines.
The result would be to give the islands a two-cents-a-pound differential
on cocoanut oil and copra,their second most important export to the United
States. The revenue collected from the Philippine oils and copra would
be returned to the island treasury.

3023

And before concluding such agreement the President shall seek information and advice with respect thereto from the United States Tariff Commission, the Departments of State, Agriculture and Commerce, and
from such other sources as he may deem appropriate.

Numerous spokesmen, both praising and opposing the
bill, appeared before the Senate Finance Committee before
open hearings were concluded on May 1. Secretary of
State Hull and Secretary of Agriculture Wallace testified on
April 26. Mr. Hull said that the bill should be passed
as an "emergency measure to deal with a dangerous and
threatening emergency situation." Mr. Wallace said that
he saw no objection to a provision granting hearings to
industries before making reciprocal trade agreements and
Two Votes Beat Levy.
The House made quick and certain its decision on the 10% emergency
added that this would be "a matter of common sense execuadded tax, which had been sent back to the House for a vote at the Insistive procedure." Senator Reed of Pennsylvania told the
tence of Senator Couzens. its author.
Committee April 26 that to change tariffs without a hearing
On the first vote, which was by standing, the body defeated by 167 to
45 a motion of Representative O'Malley of Wisconsin to concur in the
would be "condemning the victims" in advance.
Couzens amendment.
Robert Lincoln O'Brien, Chairman of the Tariff ComTo make the decision absolute and final, Representative Sam B. Hill of
mission, told the Committee April 27 that the tariff should
Washington moved to instruct the House conferees to insist upon opposition to the Couzens amendment, and this was adopted on a roll call vote
be considered from the standpoint of National policy, and
by 282 to 77.
that the theory of adjustment of rates on the basis of cost
On this vote 75 Republicans joined with 207 Democrats to reject the
of production should be abandoned. On the same day
Couzens amendment, while 55 Democrats voted with 17 Republicans and
five Farmer-Laborites against the motion.
Secretary of Commerce Roper advocated adoption of the
Mr. Doughton's statement of April 26 follows in part, as bill and said it would aid in reviving the American Merchant
given in a dispatch of that date from Washington to the Marine.
Most of the persons who appeared before the Committee
"Times":
One of these, he said, removed objectionable features from the publicity
April 30 opposed the bill. They included spokesmen for
amendment and the final agreement on the estate taxes placed the exempthe paper and pulp, tanning, glass, lace and other industion at $50,000 instead of the $40,000 proposed in the Senate bill. The
tries. A representative of the automobile industry,however,
House conferees accepted the high Senate rates, however.
The tax on produce futures, reduced by the Senate from five cents to
testified on the same day that the bill would probably aid
one cent, was set at three cents by the conferees, he pointed out.
greatly in expanding the country's foreign trade. At the
"Taking a general view of the important matters in the bill, it appears
final hearing May 1 opposition to the bill was expressed
that the conferees arrived at a very fair compromise between the tax measures proposed in the House bill and the tax measures proposed in the Senby representatives of such industries as wool and woolens,
ate bill," Mr. Doughton said.
potteries, felts, dairy products, matches, textiles and toys.
"In my opinion, neither the House nor Senate conferees can claim any
In each instance it was contended that the tariff should not
substantial advantage over each other in the final outcome. The sole
Item not agreed on was the proposed additional tax of 10% to be added to
be altered at this time and that the bill gives too much
the regular income tax for the year 1934. This matter will be taken to the
power to the President and fails adequately to safeguard
floor of the House."
On May 1 Resident Commissioner Pedro Guevara warned American industry.
A Washington dispatch April 26 to the New York "Times"
the House that the imposition of a three-cent tax on cocoanut
gave an abstract of testimony before the Committee on
oil from the Philippines amounted to a violation of the spirit
of the Tydings-McDuffie Act, granting independence to that day, from which we quote in part as follows:
Mr. Hull said that in normal times he would welcome Senator Reed's
the Philippines.
suggestion for hearings, and were it not that employment and industry
A table prepared by experts of the Joint Committee on must be restored, he would advise throwing the measure "out ofthe window
the world
Internal Revenue Taxation was made public April 26. and telling the country to do what it can." But the nation andand thereare in a "grave economic crisis," with world trade depreciating,
Showing the effect of the compromise personal income tax fore extraordinary measures and plans are well justified.
rates for a married man with no dependents and all earned
Senator Reed commented that the President would not be obliged
under the bill to hear any interested parties.
income, the table follows:
"One could find in any law something either wholesome or obnoxious,"
Net
Income.
$3,000
3,500
4,000
4,500
5,000
6,000
7.000
8,000
. 9,000
10,000
12,000
14,000
16,000

Present
Law,
$20
40
60
80
100
140
210
300
390
480
680
900
1,140

Conference Net
Report. Income.
$8 $18,000
26
20,000
44
25,000
62
30,000
40,000
80
116
50,000
172
60,000
70,000
248
329
80.000
415 100,000
602 200,000
809 500,000
1.044 1,000.000

Present
Law.
$1,400
1,680
2,520
3,480
5,800
8,600
11,900
15,700
20,000
30,100
86,600
263,600
571,100

Conference
Report.
$1,299
1,589
2,489
3,569
5,979
8,869
12,239
16,104
20,494
30,594
87,019
263.944
571,391

Senate Finance Committee Favorably Reports Administration's Reciprocal Tariff Bill - Adds
Amendment Providing for Open Hearings Before
Concluding Trade Agreements-Proponents Before
Committee Include Secretaries Hull, Wallace and
Roper-Spokesmen for Most Industries Oppose
Bill but Automobile Industry Endorses Measure.
The Administration's reciprocal tariff bill was favorably
reported to the Senate by the Senate Finance Committee
May 2 without a record vote, after the Committee had
• added several clarifying amendments to the measure. One
of the most important of these terminates the authority of
the President to enter into foreign trade agreements after
three years from the date of enactment of the bill. This
amendment was substituted for a provision which would
have ended the provisions of the Act within three years.
The change was made in order to prevent the use of flexible
tariff provisions wherever any agreement is operative.
The Senate Finance Committee also adopted an amendment directing the President to allow hearings to industries
which would be affected by trade agreements before any
such agreement was definitely concluded. This amendment
was offered by Senator Harrison and received unanimous
agreement in committee. It reads as follows:
Before any foreign trade agreement is concluded with any foreign Government or instrumentality thereof under the provisions of this Act,
public notice of the intention to negotiate an agreement with such Government or instrumentality shall be given in order that any interested person
may have an opportunity to present his views to the President or to such
agency and under such rules and regulations as the President may designate.




replied the Secretary of State.
"You remember the debate in the House on the flexible tariff?" Mr.
Reed inquired.
"There was no panic then," Mr. Hull interjected, with a smile.
"You remember," Senator Reed persisted, "that you said then it was
'too much power for a good man to want and for a bad man to have'?"
A laugh rippled through the room.
"The Senator from Pennsylvania did not agree with me then and I
fear he will not now," Mr. Hull said.
"Your fears are justified," Mr. Reed wryly remarked.
Great Britain, without extraordinary legislation, he argued, had re•
covered "84% and we have recovered only 24%."
"They have gone down only 14% while we went down 45%," the Secretary of State rejoined. "We had boasted that we had run into a period
of perfect prosperity and that everything was running as smoothly as
the wheels of a Corliss engine, but we went up in the mushroom period
and jumped over the falls to the extent of 45%."
Would Not Wait on Stabilization.
When Senator Reed asked if it would be possible to complete reciprocal treaties before the currency was stabilized, Secretary Hull said
it would be best to go ahead with the treaties and, meanwhile, currency
stabilization would be "coming along." If exchange and monetary
stabilization were first awaited,"in 90 days the present dislocated exchange
and monetary situation would snap right back where it is."
Secretary Wallace stated that the measure should be considered from
a non-political point of view. The country, he said, must either continue agricultural acreage control or create foreign purchasing power by
the importation of more goods from abroad, "or a little of both."
For Rounded Out Program.
The executive branch, he asserted, is "in a better position to form a
well-rounded program" than Congress, the President and his advisers,
being best able to decide what goods could be accepted from abroad.
Incidentally he scouted the idea that the President would use his power
in a way detrimental to business.
Mr. Wallace told Senator Reed that he would question the further
expansion of industries which lie behind exceedingly high tariffs and are
"inefficient."
Mr. Reed asked if the Secretary had termed the lace and beet sugar
industries "inefficient." Mr. Wallace said he could not remember but
he probably had, as that was his opinion.

The testimony of Mr. O'Brien and Secretary Roper
April 27 was noted in part as follows, in a dispatch of that
date from Washington to the New York "Journal of Commerce":
Application of the flexible provisions of the present law were denominated
by the Tariff Commission Chairman as a "joke."
"It does not seem to me that the difference in cost of production should
be the basis for a tariff," he declared. "I would have the Tariff Com-

3024

Financial Chronicle

mission make general economic studies, find out the story and have itt
information contributory to the President or Congress. I would nos
have the Tariff Commission a source of power."
Secretary Roper called attention to the sharp decline in United States
water-borne traffic and said that the strong foreign lines were reducing
their rates and capturing much of the tonnage formerly carried in American
bottoms.
He cited as an example of the straits in which American shipping now
finds itself the decline in import and export tonnage transported in American bottoms from 111,261,000 tons in 1929 to 52,879,000 tons in 1933.
A revival of foreign trade to be sought through the reciprocal agreements
Planned under the tariff bill, he told the Committee, would have a "very
salutary effect on our Merchant Marine."
The question of possible rate-fixing provisions in the pending shipping
code were raised by Senator Harrison (Bern.), of Mississippi, Chairman
of the Finance Committee, who expressed the hope that "nothing will be
done by the National Recovery Administration that will disturb our
foreign trade by fixing rates lower than are now in effect.
"It seems to me," he declared, "that what is proposed is very inconsistent with our legislation." The Secretary explained that the Recovery
Administration is attempting to negotiate a shipping code, but that it
presents "very serious problems" because of the international interests
involved.
Asked what the Administration expects to accomplish under the tariff
bargaining legislation, Secretary Roper admitted that the program is
based on "hope," adding "but I will say that that hope is being fulfilled
by other nations and we would like to get into the hopeful calss."
Advocating consideration of tariffs from the standpoint of National
policy, Chairman O'Brien declared that efforts to adjust rates on the
basis of differences in cost of production at home and abroad were impractical because some commodities should have protection of more than
the difference in costs, while others can be adequately cared for with
much lower rates.
Although the Tariff Commission is considered as a fact-finding body, he
intimated that there is a natural tendency on the part of the Executive
to be influenced by the policies of his party in the consideration of the
Commission's reports.
Mr. O'Brien pointed out that the flexible provisions of the tariff laws
have not been generally applied, citing the case of wheat upon which the
tariff has remained at 42 cents per bushel for the past 10 years, although
within that period there have been very wide fluctuations in the costs
of production of the commodity.
The pending bill in effect provides for little or no change in methods
of dealing with rates on individual commodities, he contended, declaring
that both the present flexible provisions and the proposed Act are "Presidential tariff making."

Testimony by representatives of industry was outlined
in part as follows in Washington advices to the "Times"
April 30:
The objections voiced against the bill before the Committee in nearly
every instance involved increased wages and shorter hours with consequent higher production costs due to the operation of the NRA. Also
there was the constant repetition of the fear that the President might
act without giving the industry affected a chance to be heard.
The keynote of the objections was that industry cannot at this time
stand any tariff reductions. One witness, representing the Home Market
Club of Boston, even argued that an embargo and not a lowering of duties
would be more helpful to the country.
Robert C. Graham, Vice-President of the Graham-Paige Motor Corp.
and Chairman of the Export Committee of the National Automobile
Chamber of Commerce, was the first witness, Mr. Graham appeared as
the representative of the Automobile Chamber of Commerce and as such
gave the Chamber's unqualified endorsement of the legislation.
"There are several reasons," he said, "why the National Automobile
Chamber of Commerce believes this measure will help restore foreign
trade and improve conditions at home. One of our chief causes of economic
trouble, not only in the United States but also in foreign countries, has
been the high tariffs which have placed a great list of major products
beyond the reach of the many.
"Any reciprocal adjustment of these duties may be expected to have
the effect of bringing goods of all kinds better within their purchasing
power.
"This much-needed adjustment of prices to the income of the consumers
can, in the opinion of our industry, be achieved if President Roosevelt
is authorized to make and conclude the necessary negotiations in a 'giveand-take' spirit. As it passed the House this bill has the fine feature
of creating a tariff umpire who would be able to render decisions in the
light of National as well as of sectional interest.
"It means that President Roosevelt, properly empowered, can take
action which will create the greatest number of jobs for the greatest number
of people."
The next witness was Warren D. Bullock, who represented S. L. Wilson,
President of the American Paper and Pulp Association; George W. Glair
of the National Paper Board Association, and Norman W. Wilson, Chairman of the Legislative Committee of the Paper Industry Authority.
"Inasmuch," he said, "as the paper schedule in the Tariff Act is based
on a bare equalization of production costs here and abroad, removal of
any existing import restrictions would sway the delicate balance in favor
of the foreign producer.
"Imports of paper, pulp, pulpwood and other paper-making raw materials combined amount to a total gross value higher than that of any
other imported commodity. The great bulk of these imports are dutyfree, and too much of the industry is already suffering from foreign competition of free goods, partidularly newsprint, to be able to survive any
step to extend the opportunities to foreign competition."
Existing rates on paper are not excessive, Mr.Bullock argued. America's
requirement for cigarette paper are almost completely supplied by France,
he said, and this in face of a 60% duty. The 1911 reciprocity treaty with
Canada, Mr. Bullock declared, operated to "present the newsprint market
to Canada," and in return, he added, the United States got nothing.
"With this example of so-called reciprocity before us, we naturally
look with apprehension on reciprocity agreements," he continued. "Our
fear of the pending legislation is that the same course which has proved
so disastrous in the newsprint field may be taken with regard to other
papers."

The hearing on May 1 was summarized in part as follows
in a Washington dispatch of that date to the "Times":
Wool Producers Heard.
The wool producers and Manufacturers were the first witnesses today. F. R. Marshall of the National Wool Growers Association criticized the support of the bill by the automobile industry. The industry,
said Mr. Marshall, in order to sell more cars in Argentina, is willing to




May 5 1934

trade at the expense of the wool growers and the meat producers. Be
asserted that the National Automobile Chamber of Commerce had engaged in "pernicious activities" before the State Department in an effort
to lower the tariff bars against Argentina.
F. E. Hollen, Secretary of the American National Livestock Association, opposed the bill on the broad ground that the Association is opposed "to tariff making behind closed doors" and also because it might
be that in granting such wide powers to the President, Congress might be
unwittingly granting them, in part at least, to the Department of State.
The United States Potters Association also opposed the legislation.
This industry,said John E. Dowsing, must be amply protected to survive.
James A. Emery, a familiar figure in all tariff
-making hearings, spoke
for the National Association of Manufacturers.
"No greater element of uncertainty," said Mr. Emery,"could be added
to the present difficult economic situation than the prospect of various
industries being affected, not only in themselves but in their relation to
all other industries, by the prospect of tariff changes made without their
knowledge and vitally affecting their employing capacity."

President Roosevelt Vetoes Bill Guaranteeing Minimum
Wagefor Substitute Postal Employees—PostmasterGeneral Farley Recommended Its Disapproval.
President Roosevelt on May 1 vetoed a bill fixing minimum
wages for Post Office substitute employees, and in his
message to the House of Representatives said that the bill
was "contrary to public policy" in that it provides compensation to a certain class of employees regardless for the
need for their services. "It is discriminatory," he added,
"and establishes a precedent which, if followed, would undoubtedly lead to many abuses." In another statement
issued after affixing his veto the President said that his disapproval of the bill was not based so much on his desire for
economy as on "the broad consideration of public policy
and the management of the postal service."
The bill would have required the Post Office Department
to retain all of the 26,000 substitute workers it now employs
and to pay them minimum wages of approximately $60 per
month. The President said that the purposes of the bill
had practically been carried out through a revision of
economy orders in the Post Office Department which was
recently made by Postmaster-General Farley. President
Roosevelt vetoed the bill after the receipt of a letter from
Mr. Farley, in which the latter said that Congress passed
the bill considering it as a relief measure. Mr. Farley said
that he did not feel it proper "for the Post Office Department
to function as a relief agency" in this instance.
President Roosevelt's veto message is given below:
To the House of Representatives:
I return herewith, without my approval, H. R. 7483, entitled "An Act
to Provide Minimum Pay for Postal Substitutes." The bill is contrary
to public policy in that it provides compensation to a certain class of employees regardless of the need for their services. It is discriminatory and
establishes a precedent which, if followed, would undoubtedly lead to
many abuses.
As a result of the depression the postal business decreased to such an
extent that the Department has no need for the services of thousands of
its employees. By orderly processes this surplus is being reduced without
Injustice to the personnel. During the period of declining business and
with a surplus of regular employees the Post Office Department had little
or no need for the services of the substitutes, who are carried on the rolls
for replacement purposes and to augment the regular forces in emergencies.
However, at this time the postal revenues are increasing and more work is
being provided for the substitutes. Therefore,from a humanitarian standpoint there appears to be no need for legislation of this character.
Aside from any consideration of conditions in the postal service with
respect to its personnel, this appears to be a relief measure for a particular
class of our citizens and as such is clearly discriminatory.
This bill prohibits the Postmaster-General from determining the needs
of the postal service as to personnel in that it requires the Post Office
Department to retain on its rolls all substitutes of record at this time. It
fixes definitely the maximum number of substitutes that may be carried
in certain groups regardless of conditions and is therefore not in the interest
of good administration of the public business.
There is attached the Postmaster-General's statement, which sets forth
in detail the objections to this bill.
My disapproval of this measure is not based on the consideration of the
additional expenditures it would require, but on the deeper consideration
of public policy. I trust that the Congress will continue to co-operate with
me in our common effort to establish and follow policies that will be beet
for all of our people.
FRANKLIN D. ROOSEVELT.
The White House, Apr11301934.

The White House on May 1 issued the following statement
explaining the President's position:

In disapproving H. R. 7483, entitled "An Act to Provide Minimum
Pay
for Postal Substitutes," the President wants it made perfectly clear
that
the disapproval is based not so much on the consideration of the
additional
expense involved should the bill become a law as on the broad
consideration
of public policy and the management of the postal service, the
largest of
the governmental functions.
Last year postal revenues had fallen off to such an extent and the
volume
of business transacted had reached such a low ebb that the
PostmasterGeneral found it necessary, in the interest of the taxpayers, to curtail
expenditures in every way possible. The reduced volume so affected
the
situation that it was obviously in the public interest to reduce deliveries in
cities, to curtail some transportation services and to furlough regular
employees, for the reason that such employees could not be fully
occupied.
It necessarily followed that the thousands of substitute or emergency
employees were not needed for actual duty. Therefore, allowances
for the
employment of substitutes were drastically curtailed.
However, within the past few weeks, as has been publicly announced
by the Postmaster-General, the revenues of the postal service have shown
a marked increase and the volume of business has improved to such an

Volume 138

Financial Chronicle

extent that the Post Office Department has found it proper to restore much
of the service that was curtailed, to eliminate the furloughs of regular
employees and again to make it possible for such employees to enjoy their
annual vacations with pay during the remainder of this fiscal year.
The service increases and the restoration of the vacations have resulted
In additional expenditures of approximately $6,000,000 over and above
what had been previously authorized for the months of April. May and
June. Allowances have been granted which will enable postmasters throngout the country to expend in excess of $3,500,000 additional for the employment of substitutes.
There is no doubt that substitute employees in all of the larger cities
and,indeed, in practically all of the first class offices, will be employed for
more than a hundred hours a month as a result of the service restorations.
This provides definite relief for this group of employees and there is every
indication that their employment, as above indicated, will be continued.
This bill contains so many provisions that would hamper the administration of the postal service in determining its personnel needs that, as a matter
of public policy and in the interest of good business management of the
postal service of the United States, the President is impelled to disapprove
the bill as presented.

Mr. Farley in his letter to the President, wrote in part:
The elimination of the furloughs and restoration of vacations, together
with the resumption of normal service to meet the essential needs of the
patrons, will provide immediate employment for substitutes, particularly
In the larger cities, where the unemployment of this group has been most
noticeable. I am confident that the changed conditions referred to herein
preclude the necessity for legislation of this character.
The Department objects to certain other provisions in this bill, wherein
the Congress definitely fixes the number of substitutes that may .be employed in the various groups and specifically provides that the number
now on the rolls shall be retained regardless of conditions. Experience
has shown that there are many local factors which materially affect the
operation of the postal service. Such factors are variable, no two Post
offices or units being identical in their requirements.
For this reason I am reluctant to agree to legislation which prevents
the Department from determining its need as to personnel, which in turn
might under some conditions seriously affect the service to be rendered
to the public.
In times of prosperity, large numbers of substitutes are needed for parttime work in order to expeditiously handle the mails. That number may
greatly exceed the ratios.provided in this bill in some instances. On the
other hand, the provisions of this Act compel the Postoffice Department
to pay for a minimum of 100 hours a month of service to all of the substitutes on its rolls, many of whom are in small towns where they could
not be gainfully employed.
Unquestionably, if this law is approved the Department will be deprived
of the opportunity to administer the affairs of the postal service as to
Personnel, along the lines ordinarily followed in the management of a
business of this size and importance.
The provisions of this Act are not in the interest of the public and postal
service, and, to some extent, are not in the interest of the employees that
the Act seeks to relieve. Of necessity the Department would be compelled
to transfer substitutes from points where they were not needed to places
where they could be properly employed, which would, of course, inconvenience the individuals and their families.

Payless Furloughs in Post Office Department and
Curtailment of Service Ended May 1.
The payless furloughs and curtailments in service affecting the Post Office Department were revoked as of May 1,
an announcement April 15 by Postmaster-General Farley,
stating he was able to take this action because of improvement in business which had substantially increased postal
revenues during the last two months and which offered
promise of continued gains. The furloughs and service curtailments were originally ordered March 2 and were to have
been effective until the beginning of the next fiscal year
on July 1. The only provision of the March 2 order retained
was the section 'which provided that vacations not yet taken
by employees be deferred until July 1. Mr. Farley's announcement follows:
Improved business conditions throughout the country have resulted in
such a substantial increase in postal revenues during the months of February
and March and offer such prospects of continued increases that I feel justified in revoking, effective May 1, my order of March 2 providing for payless
furloughs of postal employees and curtailment in service during the remainder of the fiscal year ending June 30 1934.
The only provision of the order not to be revoked is that which requires
that vocations which have not been taken by employees be deferred until
the beginning of the new fiscal year, July 1 1934.
Not only will further payless furloughs during the remainder of the fiscal
year be eliminated but beginning May 1 there will be a restoration of service
curtailment under the provisions of the order. Deliveries in residential
districts of cities will be increased from one to two daily, in business districts from three to four daily, and in mixed business and residential districts from two to three daily.
Longer hours for window service will be restored. Distribution crews
In large post offices will be increased and additional allowances for substitutes will be provided. The restoration of service will provide additional
employment for substitutes.
In my order of March 2 I stated:
This action Is imperative in order to keep the expenditures within budget allotments. In the event there should be a marked increase in the business of the department before June 30, I shall be most happy to rescind such parts or all of this order
as the circumstances may justify. In any event, the provisions of this order are
applicable only for a period of four months.
It is a source of much satisfaction to me that conditions have so
Improved that I feel justified in carrying out my purpose as set forth
above.
I take this occasion to express my appreciation to both the employees
of the postal service and the public for the sympathetic co-operation which
has been extended the department in its efforts to meet a trying and difficult situation. The department takes pride in the service which it gives
the public and every effort will be made to continue to improve this
service.
The increase in the volume of mail is regarded as an accurate barometer
of improved business conditions throughout the country, which, I am
confident, will bring much satisfaction to the people generally.




3025

Establishment of $2,000,000,000 Stabinzation Fund by
Treasury Department Under Gold Reserve Act of
1934.
The establishment by the Treasury Department of the
$2,000,000,000 stabilization fund for which provision was
made in the Gold Reserve Act of 1934, was made known on
April 30. No announcement was made by the Treasury Department in the matter, and Secretary Morgenthau when
questioned by newspaper men as to the move, was reported
as saying, "I have no comment whatever to make." The
action was revealed through the daily Treasury statement
dated April 27, and the creation of the fund was described in
a Washington dispatch (April 30) as having been brought
about principally by a simple new bookkeeping entry, transferring on the records and in the daily financial statement
$1,800,000,000 from the column of "Gold in General Fund"
to another headed "Exchange Stabilization Fund." The
other $200,000,000, said the Washington correspondent of
the New York "Journal of Commerce" was placed as a credit
to the Treasury in the New York Federal Reserve Bank where
apparently it will be used as an active fund in currency stabilization and other operations to be performed by the bank
as the fiscal agent of the Treasury.
From the same account we take the following:
Revealed in Statement.
The preparations that have been made by the Treasury for the protection
ofthe dollar were revealed statistically by the insertion in the daily statement
of the Treasury Department as of April 27, of various items having to do
with the so-called "gold profits" that came to the Government with the
reduction of the gold content of the dollar.
Under the heading "trust and contributed funds and increment on gold"
there was shown as an expenditure the item "exchange stabilization fund,
$2.000,000,000"from the "increment resulting from reduction in the weight
of the gold dollar" which was shown as $2,810,841.548.
The contribution from the latter to the "exchange stabilization fund" is
shown in another place in the statement in the amount of $1,800,000,000,
the remaining $200,000,000 being represented by the credit with the New
York Federal Reserve Bank.
It had generally been thought that the stabilization fund came automatically into being with the passage of the gold measure and so as to the action
now,as such,there is nothing unusual,it is said. However,since the action
segregating the money for the fund from its former category comes at a time
when there appears to be much speculative activity abroad,it becomes more
significant.
Hold President Ready to Act.
In effect, the fund stands as a threat to those who would embark in dollar
exchange transactions that the President is prepared to take "strong
measures"to defeat their purposes if they menace the success of his monetary
policies.

Items bearing on the enactment of the Gold Reserve
Act of 1934 appeared in these columns Feb. 3 1934, pages
741-749.
President Roosevelt Still Opposes Silver Remonetization Legislation—Secretary of Rev. C. E. Coughlin
Purchased Long Silver Contracts for $20,000—
President's Attitude Toward Goldsborough Monetary Bill—Silver Senators to Confer with President.
Advocates of legislation making mandatory the remonetization of silver gained little encouragement this week, as reports from Washington said that President Roosevelt had
not changed in his opposition to such legislation at this time.
On April 27 the President was indicated as having informed
Congressional advocates of remonetization that he was
willing eventually to have 30% of the currency backed by
silver, but that at the same time he opposed any mandatory
silver legislation at the present session of Congress.
Senators advocating silver remonetization planned to confer again with President Roosevelt to-day (May 5) at the
White House. Meanwhile plans to push the fight for silver
legislation in the Senate have been deferred pending this
conference. Leaders of the silver group intimated that if
the President failed to agree to some form of silvei• legislation
they might seek to amend the Glass industrial loan bill with
a silver measure.
Heavy purchases of spot silver and May contracts were
noted this week on the New York Commodity Exchange.
Newspaper reports referred to "the mysterious silver buyer,"
and it was rumored that the purchases of the metal might
be for the account either of the United States Treasury or
the British Government, but these rumors were not substantiated. Secretary of the Treasury Morgenthau admitted
May 3 that the stabilization fund could be used to purchase
silver, but refused to discuss rumors that it had so been
employed.
It was revealed April 28 that one of the holders of long
contracts in silver included in the lists submitted to the
Senate last week by Secretary of the Treasury Morgenthau,
is Miss Amy Collins, a Secretary to the Rev. Charles E.
Coughlin, who has been active in the movement in favor of
silver remonetization. Miss Collins issued a statement April

3026

Financial Chronicle

28 in which she saidrthatrcontracts for 500,000 ounces of
silver were purchased on margin with 820,000 of funds from
ofit2ie Little Flower as an "investment."
ti7liadio League!
s
ICE7rde7 17O-evelt's views were outlined as follows in
7
trssoc
au7g Preis advices from Washington April 27:
Congressional leaders said to-day they had been informed by President
Roosevelt that he was willing to have 30% of the Nation's money backed
by silver, but he wanted no mandatory legislation of that kind before the
next session of Congress.
At present, they said, the President told them, about 12% of the money
has silver reserves behind it and about 88% gold. They quoted him as
remarking that when William McKinley was President the percentage of
silver money was 22. and to-day Mr. Roosevelt had no objection to seeing
It go as nigh as 30%.
They said he added, however, conditions demanded that there be no
compulsion on the Government to buy additional silver such as the requirement in the Dies bill now before the Senate, or in the Goldsborough Monetary Authority Bill.
. Mr. Roosevelt was described as feeling that monetary conditions remain
unsettled, but that within nine months they should be clarified, and that
a decision upon a permanent monetary policy should be delayed until then
so the country could take advantage of its experiences.
Some of those who talked with the President said they undertsood it
was Mr. Roosevelt's plan to continue increasing the use of silver until it
had about reached the 30% level, but that he intended to do that gradually
and carefully, so as to avoid any drastic inflation.
Conferring with the President were Chairman Steagall of the House
Banking Committee and Representatives Goldsborough of Maryland,
Hancock of North Carolina, Busby of Mississippi. Cross of Texas and
Scrugham of Nevada, all Democrats.
They went to see the President to learn his attitute toward the Golds
borough bill, which would establish a Federal authority with full control
over all currency and prescribe the purchase ofsilver at the rate of 50,000,000
ounces a month.
The only comfort the President's visitors got was an endorsement of the
alms set forth in the bill: a declaration that the policy of the United States
would be to restore and maintain the "normal purchasing power of the
dollar." figuring normal as the 1926 level.
Some of the callers argued to the President that a recent drop in commodity prices was due to the understanding that nothing would be done
for silver.

The statement by Miss Collins on April 28 read:
is stale news to the American public that the Radio League of the
Little Flower invests in commodities. As for this corporation, no Treasury
Investigation is necessary.
"Approximately five'months ago—to be precise, on Dec. 17 1933—
Father Coughlin publicly announced over a national radio hook-up the
following statement, which was heard by many millions of people.
1...'"When, at certain times, contributions to the Radio League of the Little
Flower surpass the current expenditures, the surplus is temporarily invested where it will be safest.
"'While I raise my voice against gambling and speculation, the Radio
League shall continue to be its own financial agent and invest this surplus
League money safely in American commodities and securities.
"Our President has given his oficial promise that he will raise the prices
of American goods to the 1926 levels "This I will do one way or another.
but dolt I will,' said Mr. Roosevelt.
"That he will accomplish this is morally certain.
"My official duty as Treasurer of the Radio League of the Little Flower
Is to receive all moneys, to safeguard them, to make all expenditures.
"Neither Father Coughlin nor any other officer except myself in the
Radio League of the Little Flower is directly responsible for the handling
of its finances.
"Therefore, following the policy as pronounced by Father Coughlin
and believing implicitly in Mr. Roosevelt's oft repeated statement, I
Invested in the President's word in purchasing 20 contracts, or 500.000
ounces of silver, with an investment of $20,000, through the firm of Harriss
& Vase, New York.
"There is no secret about our financial activities. Approximately
$14,000 a week must be expended on broadcasting. During this past
year there was an additional expenditure of nearly $8,000 a week on building the new shrine.
"The investment in Mr. Roosevelt's word, and in these 20 contracts of
silver does not represent enough to meet one week's expenditures.
"But as long as it is the policy of the Radio League of the Little Flower
to place its surplus funds temporarily in prime commodities and investments
I shall continue to do in the future as I have in the past.
A. COLLINS,
"Secretary-treasurer of the Radio League
of the Little Flower."

Senate, by Vote of 45 to 28, Paszes Municipal Bankruptcy Bill—Measure Contains Some Restrictions
Not in Bill Approved by House.
—The Senate on May 1 passed the Administration's muof
nicipal baniiruptcy gill by a vote- 45 to 287 Tre measure,
r
which was passed by the House on June 9 of last year in a
•
somewhat different form, proposes a formula according to
;Rich insolvent cities, counties, towns and other political
subdivisions of"States may make debt adjustments with
creditors under the control of Federal courts. The bill provides that any political unit of the kind mentioned which
now,or within the next two years,is in an insolvent condition
may, with the approval of 51% in amount of its security
holders, file a petition in court, accompanied by a plan of
settlement agreed to by these creditors. A Washington dispatch of May 1 to the New York "Times" gave the following
additional details of the bill:
If the settlement plan meets the Judge's approval, he may order it
executed, but only after receiving consent in writing from two-thirds of the
holders in amount of each class of securities and of three-fourths in amount
of all creditors.
The measure provides further that any group holding as much as 5%
of any class of the combined indebtedness may demand hearing in court as
to its rights.
The bill as passed by the Senate differed from the one adopted by the
House. The latter provided that court action might be started by a taxing




May 5 1934

district with the consent of only 30% of the security holders and that a plan
of settlement could either be filed with the original petition or worked out
later under protection of the courts.
The House bill called for a two-thirds ultimate approval by creditors, as
did the Senate measure, but not the 75% "gross" consent.
Because of the differences in the bills a conference was immediately requested by the Senate. The changes were embodied in a single amendment
offered by Senator McCarran as a substitute for the entire House bill.

From a Washington dispatch May 1 to the New York
"Herald Tribune" we take the following:
Strong Opposition Ignored.
Pressure for the bill has come chiefly from cities that experienced booms in
the years before the 1929 crash. Detroit has been one of the leaders in the
movement for such legislation. Strong opposition has been voiced by the
American Bar Association. the American Bankers' Association and the
United States Chamber of Commerce.
A minority of the Senate Judiciary Committee, headed by Senator Frederick Van Nuys, Democrat, of Indiana, contended that the measure was
unconstitutional. A report signed by him, Senator Daniel 0. Hastings,
Republican, of Delaware: Senator Felix Hebert, Republican, of Rhode
Island, and Senator Pat McCarran, Democrat, of Nevada,said:
"Municipal securities have always been considered gilt edge investments.
They have ranked second only to the obligations of the Federal and State
Governments. Probate courts have for generations authorized and directed
guardians, trustees and administrators to invest the trust funds under their
control in municipal securities. The American Legion Endowment Fund
Corp. now has approximately four and one-half million dollars invested in
the bonds of municipalities and other political units. The capital of this
corporation was contributed by public-spirited citizens all over the United
States for the purpose ofcreating an income which is expended solely for the
rehabilitation and child welfare work in connection with the veterans of the
World War. The officers of this fund are strongly opposed to the passage
of this legislation. The funds of scores of fraternal insurance orders are
similarly invested and such fraternal orders have gone on record as opposed
to the bill.
"The most insistent demand for this legislation comes from cities which
were overdeveloped during boom days when real estate prices were pyramided and unreasonable and wholly unwarranted public improvements were
projected upon such pyramided values."

President Roosevelt Urges Enactment of WheelerHoward Bill Designed to Give Indian Tribes
Wider Self-Government.
"A new standard of dealing between the Federal Government and its Indian wards" was advocated by President
-7
0 1(3.
Roosevelt ina" letter to Senator Bui - ...Wheeler
Representative Edgar Howard;17197177igg AIiril-287
-Iii
his letter the President urged enactment of legislaTrat.
already introduced in Congress by Senator Wheeler and
Mr. Howard. This legislation, the President said, embodies"the basic and broad principles of the Administration7'
The bill, which is now before the Senate and House Indian
Committees, of which Senator Wheeler and Mr. Howard
are the respective Chairmen, would allow the various
tribes, after vote by their members and approval by the
Secretary of the Interior, to organize as "Indian communities" modeled somewhat after a municipal corporation.
The President's letter read as follows:
THE WHITE HOUSE.
Washington, April 28 1934.
-Howard bill embodies the basic
My dear Mr. Howard: The Wheeler
and broad principles of the Administration for a new standard of dealing
between the Federal Government and its Indian wards.
It is, in the main, a measure of justice that is long overdue.
We can and should, without further delay, extend to the Indian the
fundamental rights of political liberty and local self-government and
the opportunities of education and economic assistance that they require
In order to attain a wholesome American life. This is but the obligation
of honor of a powerful nation toward a people living among us and dePendent upon our protection.
Certainly the continuance of autocratic rule by a Federal department
over the lives of more than 200,000 citizens of this nation is incompatible
with American ideals of liberty. It also is destructive of the character
and self-respect of a great race.
The continued application of the allotment laws, under which Indian
wards have lost more than two-thirds of their reservation lands, while
the costs of Federal administration of these lands have steadily mounted,
must be terminated.
Indians throughout the country have been stirred to a new hope. They
say they stand at the end of the old trail. Certainly, the figures of impoverishment and disease point to their impending extinction as a race
unless basic changes in their conditions of life are effected.
I do not think such changes can be devised and carried out without
the active co-operation of the Indians themselves.
The Wheeler-Howard bill offers the basis for such co-operation. It
allows the Indian people to take an active and responsible part in the
solution of their own problems.
I hope the principles enunciated by the Wheeler-Howard bill will be
approved by the present session of the Congress.
Very sincerely yours,
FRANKLIN D. ROOSEVELT.
Hon. Edgar Howard.
House of Representatives.

President Roosevelt Creates Committee on National
Land Problems to Act in Advisory Capacity.
President Roosevelt, in an Executive Order of April 30,
created the Committee on National Land Problems, as an
initial step toward National planning for the most beneficial
use of agricultural land. The Committee will include one
representative each from the Departments of Interior and
Agriculture and the Federal Emergency Relief Administra-

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Financial Chronicle

tion, The Executive Order provided that it will "act in a
.capacity advisory to the President."
A Washington dispatch April 30 to the New York "Times"
gave further details of the order as follows:
He set forth in his order four specific courses to be followed in making
aa comprehensive survey and study of our national land problems." These
re: Improving practices in land utilization, better balancing our agricultural
production, aiding in the solution of human problems in land use and developing a national land program.
The Committee is thus charged with studying the conditions underlying
the agricultural depression that has persisted for almost eight years, as well
as carrying out a survey similar in many respects to one ordered in New
York State by Mr.tRoosevelt as Governor.

3027

Leonor F. Loree and James Speyer were re-elected trustees of the real estate of the Chamber for three years and Winchester Noyes re-elected commissioner for licensing sailors' hotels or boarding houses.

Jeremiah Milbank was Chairman of the Committee which
made the nominations, and the other members were James
C. Colgate, Charles W. Cox, Robert C. Hill. John B. Niven,
Arthur M. Reis and Percy S. Straus.

Howard Davis Re-elected President of American Newspaper Publishers Association—Convention Adjourns After Expressing Opposition to Tugwell
Bill and Newsprint Code, and Favoring Coinage of
Three-cent Pieces.
The American Newspaper Publishers Association concluded
New York Chamber of Commerce Opposed to Any
Change in Revenue Laws Which Would Prohibit its annual convention in New York City at a meeting, April 27.
Filing of Consolidated Returns of Corporations.
at which Howard Davis of the New York "Herald Tribune"
Any change in the revenue laws which would prohibit the was re-elected President. Among the resolutions adopted by
filing of consolidated returns of corporations and subsidi- those attending the meeting was one which urged revision of
aries is strongly opposed in a report presented at the 166th the Tugwell-Copeland Food and Drug bill to ease restrictions
annual meeting of the Chamber of Commerce of the State of on advertising. Other resolutions adopted opposed the newsprint control board under the NRA newsprint code as a
New York held on May 3.
The report, drawn by the Committee on Taxation of which monopoly harmful to the newspaper industry, supported the
Richard W. Lawrence is Chairman, declares that the elimina- coinage of three-cent pieces, and denounced the attempt of
tion of consolidated returns would result either in the dis- the Post Office Department arbitrarily to classify newspaper
solution of numberless corporations or in multiple taxation contents as advertising and non-advertising.
Previous reference to the convention was contained in our
which would tax both large and small enterprises of this
.
issue of April 28, page 2849. At the dinner on Apri1 26 Mrs.
type out of existence. The report says:
Franklin D. Roosevelt, wife of the President,said that women
Your Committee firmly believes it would be a serious mistake to take
sway the privilege of filing consolidated returns. Much of the business of
in the United States are to-day interested in the entire conthis country is done by large organizations doing business in more than one
tents of a newspaper, rather than the women's pages alone.
State. Either as a matter of business convenience, or by the compulsion of
She added that women are beginning to understand politics
State laws, they operate through subsidiary corporations which are owned
by the parent corporation. The method of doing business through affiliated
and are taking a greater interest in the government of their
corporations was in existence long before a Federal income tax law was first
country than ever before. Other speakers at the dinner inenacted.
cluded Mayor LaGuardia of New York and Professor William
The proponents of the change in corporation returns estimated it will
bring in additional revenue by preventing certain evasions and by Increasing
Llyon Phelps.
the number taxed. In any event, if it becomes a law, many corporations will
At an earlier meeting of the convention of April 26, Bainbe dissolved, and various changes made in corporation methods, for thou- •
bridge Colby, former Secretary of State, said that the newssands of corporations will be penalized beyond endurance. For example an
operating local company will be taxed on its earnings. The dividends it
print code seeks to promote monopoly, and that manufacdeclares to the holding company will again be taxed as a part of the earnturers operating under that code were seeking to accomplish
ings of the latter. Should this holding company only be State-wide and
with the protection of the Government and the NRA what
controlled by a parent corporation, a third tax will be imposed when the
parent corporation adds to its earnings dividends received.
the courts have prohibited.
Obviously, multiple taxation of this kind fulfills no public purpose, unThe New York "Times" of April 28 listed the officers
less of course it is to become the policy of the Government to tax out of
elected by the Association, in addition to Mr. Davis, as
existence both large and small 'enterprises of this character. It is inspossible to forecast the confusion and reorganization which will develop
follows:
from the elimination of the privilege of filing consolidated returns.

Thomas I. Parkinson Elected President of New York
State Chamber of Commerce, Succeeding James
Brown—C. T. Gwynne Re-elected Executive VicePresident—Chairman of Standing Committee
•
Named.
Thomas I. Parkinson, President of the Equitable Life Assurance Society of the United States, was elected the 44th
President of the Chamber of Commerce of the State of New
York at the 166th annual meeting of the Chamber held
• May 3; he succeeds James Brown who had served two terms.
Mr. Parkinson, who is 52 years old, is one of the youngest
'Presidents in the history of the organization which dates back
• to 1768. He became connected with the Equitable Life Assurance Society in 1920 as Second Vice-President, becoming
• Vice-President in 1926 and President the following year. Mr.
Parkinson is • a member of the Boards of Directors of the
Equitable, the Chase National Bank,The Equitable Trust Co.,
Western Electric Co., Inc., Electric Bond & Share Co. and The
Borden Co. He is also a member of the American Bar Association.
Four new Vice-Presidents were also elected at the annual
meeting of the Chamber namely: R. Fulton Cutting, Howard
Ayres and Frederick E. Williamson, to serve for four years,
and Elon H. Hooker, to serve for one year. Charles T.
Gwynne was re-elected Executive Vice-President. Other elections were announced as follows:
J. Stewart Baker elected Treasurer to succeed Junius S. Morgan, who had
served since 1927. William B. Scarborough re-elected Assistant Treasurer
• and Jere D. Tamblyn re-elected Secretary.
Lawrence B. Elliman re-elected Chairman of the Executive Committee.
John D. Dunlop, Howard C. Smith and James Brown elected members of
the committee at large for three years and Jacob H. Haffner for two years.
The following were elected Chairman of the other standing committees:
Finance and Currency—Edwin P. Maynard, re-elected.
Foreign Commerce and the Revenue Laws—Willeby T. Corbett, re-elected.
Internal Trade and Improvements—Thomas F. Woodlock.
Harbor and Shipping—Frederick E. Hasler.
Insurance—Leroy A. Lincoln.
Taxation—Richard W. Lawrence, re-elected.
Arbitration—Charles L. Bernheimer, re-elected.
Commercial Education—Charles E. Potts.
Public Service in the Metropolitan District—Alfred V. S. Olcott.
Sanitation—Leclanche Moen.
Admissions—C. Everett Bacon.




Jerome D. Barnum, of the Syracuse (N. Y.) "Post-Standard," was elected
as Vice-President in place of W. G. Chandler, of the Scripps-Howard newspapers. E. H. Harris, of the Richmond (Ind.) "Palladium-Item," and
Walter M. Dear, of the Jersey City "Journal," were re-elected as Secretary
and Treasurer, respectively.
W. G. Chandler, of the Scripps-Howard newspapers, was elected a director
In place of Jerome D. Barnum, of the Syracuse "Post-Standard," making an
exchange of positions for those two. Norman Chandler, son of Harry Chandler,
of the Los Angeles "Times," was elected a director in place of his father.
E. H. Butler, of the Buffalo "Evening News," John S. Parks, of the Fort
Smith (Ark.) "Times-Record," Charles A. Webb, of the Asheville (N. C.)
"Citizen-Times," and S. R. Winch, of the Portland (Ore'.) "Journal," were
re-elected as directors.

Omnibus Bill Passed By Senate Broadens Powers of
Reconstruction Finance Corporation.
On April 25 the Senate passed an omnibus bill broadening
Mel powers/of the Reconstruction Finance Corporation.
Amongrother things, the bill, it was stated in Associated
Press advices from Washington April 25, would empower
the RFC to compromise claims in connection with the
reorganization of railroads, was passed by the Senate to-day
and sentlto the House. These accounts added:
The bill would permit the RFC to accept new securities in adjustment
or compromise of claims against railroads in bankruptcy or receivership
In a Federal court. This part of the legislation was recommended by
Jesse H. Jones, Chairman of the RFC., with a statement that "without
such power, the ability of the Corporation to agree to any plan of reorganization which may involve reduction of the topheavy capital structure
of some of the railroads of the country is so restricted that reorganizations
which can be effected during the present depression must be extremely
limited."
The measure is expected by its advocates to facilitate the railroads in
carrying out the program recently outlined by President Roosevelt for
reduction of their capital structures.
Other sections of the omnibus bill would put the RFC on the same basis
for court proceedings as the Government itself in collection of debts and
liquidation of its loans, and liberalize the powers of the Corporation.

&Loans frOmithe RFCito industry and commerce for supplyialin orking capital, reducing and refinancing indebtedness
w
and making plantsimprovements and replacements are
authorized under the bill, it was stated in the New York
"Times" which reported that the Senate action on the bill
came just after Senator Robinson of Arkansas, the Democratic floor leader, stated that the measure would be added
to the legislative program for this session. The dispatch
also said:
This authorization was only a part of the bill which contains various
amendments to the present law, asked for by Jesse H. Jones. RFC Chair-

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Financial Chronicle

man, and which also raised from $50,000.000 to $100,000,000 the fund
to be used for refinancing drainage, irrigation and levee districts.
Senate Passes Bill Authorizing RFC To Aid in Financing for Exports and Imports.

Authority for the Reconstruction Finance Corporation to
aid in financing and•facilitate exports and imports and the
exchange of commodities between the United States and
other nations was voted on April 26 by the Senate, .The
New York "Journal of Commerce" noting the Senate's action
said:
The RFC would have legal right to establish and finance trading agencies
or banking corporations wholly owned by the United States, which would
assume part of the export-import credit risks.
The Corporation already has set up export-import banks but there are
certain inhibitions of law which make the proposed activities impossible.
Whereas now it is empowered to accept drafts and bills of exchange drawn
upon it in connection with export transactions, such drafts or bills are
eligible for acceptance only if they are at all times fully secured by "American securities" or guaranteed by a bank of "undoubted solvency." It is
further limited to the financing of sales in foreign markets of "surpluses"
only of agricultural products.
According to Chairman Jones of the Corporation these limitations have
made the privileges practically unworkable and no transactions have been
completed.

As passed by the Senate the bill reads as follows:
Be it enacted, etc., That the Reconstruction Finance Corporation Act, as amended (U.S.C., Supp. VII, title 15,
ch. 14), is amended by inserting before section 6 thereof
the following new section:
"Sec. Sc, With the approval of the President, the Corporation is authorized and directed, notwithstanding any other provisions of law, to establish
or to utilize export or import trading and banking corporations in which
the United States shall own, directly or indirectly, the entire beneficial
interest, and to subscribe for and purchase the common and preferred
stock and obligations thereof, for the purpose of aiding in financing and
facilitating exports and imports between the United States and other
nations or the agencies or nationals of either of them."
Senate Banking Committee to Consider Bill Authorizing
RFC to Lend $250,000,000 to Industry—Measure
Supplements Glass Bill, Providing $278,000,000,
Which Is Favorably Reported to Senate.

The Senate Banking and Currency Committee on May 7
will begin consideration of a revised bill which would provide for Federal loans up to $250,000,000, to be made to
industry through the Reconstruction Finance Corporation.
Loans could be made up to Jan. 1 1935 and would have
maturities of not more than five years. No more than
$1,000,000 would be loaned to any one borrower. This
measure is supplementary to the Glass bill, which was
approved by the Senate Banking and Currency Committee
April 28, and which would extend the facilities of the Federal
Reserve System to private industries. The new bill was
introduced in the Senate May 2. Under the Glass bill
the Federal Reserve banks can loan $278,000,000 to industry.
If both bills should pass Congress, loans of more than
$500,000,000 to industry would be made possible.
Senate contiideration of the Glass bill was deferred this
week when Senator Thomas on May 2 sought to add as
a rider a new silver remonetization measure. The Senate
then postponed action on the Glass bill, and it was later
intimated that Senator Thomas might abandon his attempt
at amendment after a conference of silver bloc Senators.
A Washington dispatch April 28 to the New York "Times"
outlined the principal provisions of the Glass bill as follows:
In its final form the Glass bill contained certain provisions suggested
by Mr. Black, but they were confined largely to the method of supplying
the capital necessary for the loaning operations.
Provision Made for Funds.
As stipulated in these sections, the funds to be lent would be provided
out of the combined surplus of the 12 Reserve banks and an appropriation
by the Treasury out of the "gold profits," equal to the amount of the
paid-in assessments of these banks to the Federal Deposit Insurance
Corporation. The aggregate is around $278.000,000, or twice the U39,299,558 paid in to the insurance fund which, under the law, is necessarily
half of the banks' combined surplus.
With the assistance of an advisory board of three or five members,
provided in the bill, loans would be made in instances where an established industrial or commercial business is unable to obtain the necessary credit in its own area "on a reasonable and sound basis, for the purpose of providing it with working capital," and for a period not to exceed
five years.
It is provided also in the bill that the several Federal Reserve banks
shall have the power to discount for, or purchase from, any bank, trust
company, mortgage company, credit corporation for industry or other
financing institution, the five-year obligations of industrial concerns,
provided each such financial house obligates itself to stand at least 20%
of the risk.
For Advisory Committees.
Advisory committees would be set up in each Federal Reserve district.
They would consist of at least three members, but not more than five,
each of whom "shall be actively engaged in some industrial pursuit within
the Federal Reserve district in which the committee is established."
The personnel of these committees would be selected by the bank in
each District, the appointments being subject to the approval of the
Federal Reserve Board. The committee in each district would be required to examine each loan application and to transmit it to the bank
with recommendations.




May 5 1934

The distribution of funds to the banks for lending purposes would be
on the basis of the par value holdings of each bank in the FDIC. In
consideration for leaving the stock intact with the banks, the Treasury
would require the banks to turn over to it (Treasury) all dividends and
other payments received from the stock, and not to further obligate this
stock in any manner.
Criminal penalties are provided in the bill for making material misstatements in loan applications and also for embezzlement and for paying
bonuses, omissions and other inducements for the procurement of loans.

Survey by Metropolitan Life Insurance Co. on Training
Activities for Specific Positions for Bank Employees.

Sixty prominent banking institutions contributed information to a survey conducted by the Policyholders' Service
Bureau of the Metropolitan Life Insurance Co. on the subject
of training and service provisions for employees. In a report
of the results of the survey it is pointed out that:
The nature of bank operations requires that great trust be placed in the
integrity and accuracy of employees as well as in their ability to maintain
friendly relations with customers and the public. Also of importance is the
well-being of employees, for the connection between health and the highest
degree of efficiency is generally recognized. Employee training programs
often are adopted to help develop and maintain these requisites.

According to the report, training activities often are conducted within the banks,though sometimes arrangements are
made for employees to take outside courses. Three types of
training activities were reported: Training for specific positions, continuation school training for boys, and general
education activities for all employees. Details are given of
the arrangements in typical banks. The measures taken by
these 60 banks to safeguard the health of their employees, as
presented In the report, include physical examinations, first
aid, health education, and vacations.
With regard to service activities, the report states:
Social, recreational and other employee activities frequently are included
in bank personnel programs. Although the results are indirect and often
intangible, many banks are of the opinion that such services pay dividends
in the form of greater satisfaction and, co-operativeness on the part of employees.

These specific items are dealt with: Employee clubs, social
and recreational activities, athletics, lunch rooms and cafeterias.
Benjamin M. Anderson, Jr., of Chase National Bank,
Finds"Grave Problem"for Institutions of Learning
in Demand By Students for "
Practicality" in
Training for Business andiBanking.

- According to Benjamin M. Anderson, Jr., Economist of
the Chase National Bank of New York, the demand for
narrowly practical training for business and banking, on
the part of students and their parents, has created a very
grave problem for our institutions of learning. Contemptuous of theory, contemptuous of general culture, says
Dr. Anderson, a too great proportion of students—happily
not nearly all—are applying a "cash value" test to the
instruction offered them. They demand of the professor of
psychology, for example, devices for advertising. They
attach slight importance to history, science, literature and
fine arts, and crowd into the courses in economics, where
the heart of the problem is focused.
Of the economist they demand, Dr. Anderson adds, not
the principles and the historical perspective which are the
most useful things which he can give the prospective business
man and banker, but rather a mass of factual details relating
to business and banking. These comments by Dr. Anderson
were made in an address delivered by him on April 30 at the
annual alumni dinner of the School of Business, Columbia
University. A summary of his further comments follows:
Theory and Practice.
This demand for "practicality" is self-defeating. I do not mean to
question the need for accurate, detailed knowledge of the job which one
is doing. But there are two ways of knowing facts: one may know them
by sheer brute force of memory with tremendous exertion, or one may know
them easily and adequately by seeing them hang together as the illustrations
of a body of principles. The man who knows principles gathers facts
easily because facts have meaning for him. He refrains from burdening his
memory with facts which have no meaning. Except in the light of principle,
there is no way of telling which facts are worth while,and which are not.
Theory without facts is empty. Facts without theory are blind.
Detailed methods of banking and business shift frequently. New devices
and new methods, which make for greater economy and efficiency, are
constantly being introduced. The principles the student has mastered in
college and the historical perspective he has gained there will be of use to
him throughout his life. The detailed practice which a student might learn
in college would be pretty surely out of date in a few years, if not already
out of date.
The Apprenticeship Method.
When it comes to the practical details of day by day work, the old
apprenticeship method of working with a master, learning from him,
watching him work, and learning from doing the job, is by all means the
best and most economical method of learning.
This is true for several reasons: (1) The institution of learning is rarely
in a position to know the actual current methods. (2) The mass of detail
is so great that, unless the student knows exactly what kind of work he is
going to do. he will waste a great deal of time in learning the wrong details.
(3) The student's interest in particular details, while the exact nature of

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Financial Chronicle

his future work is undetermined, cannot be great. When he is actually on
the job, however, his interest is at a maximum.
(4) The professor's interest in practical details is not ordinarily very
great. But the department head in a business is vitally interested in the
successful handling of the details by his organization. (5) It has always
been true, and is to-day increasingly true, that executives are judged in
large part by their ability to "develop their men."
If the institutions of learning will send to the business and banking
world men with good general education, with eager and inquiring minds,
and with an understanding of principles, the business and banking community will quickly teach them the particular jobs assigned to them.
Narrow Practicality and Morale.
The attitude of narrow practicality on the part of students is self-defeating from another point of view. It is an unwholesome thing that the
"cash value" spirit should manifest itself in the mind of the freshman or
the sophomore, and that he should appraise the rich field of human culture,
which the Institution of learning offers him, in terms of its cash value.
Youth at least should be a time for generous enthusiasms, for the play of
the mind, and for interest in great causes.
Even after the boy has left college and is at work,the cash-value attitude
toward the job is short-sighted and self-defeating. The man who really
gets ahead in a bank is the man who is working for the bank rather than
working for himself, and who is interested in the job and the problems of
the job. Business and banking demand loyalty and teamwork.
Practical Courses for Men on the Job.
While the student in college or school of business does well to avoid highly
concrete and specific courses dealing with particular lines of business,such
courses are definitely useful when given to men who are actually at work on
business and banking jobs, especially when such courses can be given by
men intimately familiar with the actual operations. And I am,of course,
raising no question at all about practical courses given in technical schools—
our concern here being solely with education for business and banking.
The "Case System" in Business Education.
As part of the program of practicality, it is proposed that the so-called
"case method," widely used in the beet American law schools, shall be
made the basis of instruction in schools of business and in courses in economics. Lecture and textbook have largely been displaced in the law
schools by study and discussion of actually decided cases in the language of
the judge who has made the decision. A similar revolution in teaching is
proposed for instruction in business, banking and economics.
I raise no question regarding experimentation with the case method by
great, well-equipped universities with advanced students, and particularly
with graduate students, who have already had general courses in economics.
But the effect upon economic and business instruction in the smaller institutions can be very serious as this method makes headway.
There are two main differences between the law, on the one hand, and
business and banking, on the other, which would serve to justify the case
method in law, but do not at all apply in economics and business: In the
first place, law, in those countries whose legal systems rest on the English
common law,is a matter of precedents. The judges demand actual citations
of decided cases, rather than general legal principles, from the lawyers.
The business man and banker, happily,face no such reverence for precedent.
In making their decisions, they do not need to consider seriously what some
business man may have decided under similar circumstances 15 years ago.
In the second place, teaching is an academic matter. It must work in
an academic way,that is to say, with clearly defined ideas and with materials
logically organized. Now, the cases which the law students study are
highly elaborated academic productions. The judge who wrote the decision
Is a learned man, schooled in the use of language, accustomed to making
his reasons explicit. He has had, moreover, the benefit of briefs prepared
by attorneys, themselves academically trained.
But no such organized body of logical doctrine, representing the best
thought of the masters of business and banking, is available to the student
of these subjects. Business decisions are not made in the atmosphere of
learned leisure which characterizes the writing of judicial opinions. Litigants must wait on the convenience of the court, but business opportunities
do not wait. Unlike the judge, moreover, the business man or banker
finds the justification for his decision in the balance sheet, rather than in a
well phrased document. The business man and banker thus have neither
time nor incentive for putting the reasons for their decisions into academic
form, suitable for discussion in the classroom.

Monthly Statement of RCC for April—$5,166,500
Liquidation Payment Made April 30—Total Repayments of $14,038,634 Made.
The Railroad Credit Corporation reported to the InterState Commerce Commission yesterday (May 4) that $14,038,634, or 19% of the $73,854,111 fund created by pooling
the proceeds of the emergency freight rates through March
31 1933, has been repaid to the participating carriers up to
April 30 this year. Seven distributions have been made to
the participating carriers since the RCC began on June 1
1933 the liquidation of its affairs, the largest refund having
been made on April 30, at which time it amounted to $5,166,500, or 7%, the report said. Of the total amount distributed by the Corporation, $5,986,357 has been repaid in
cash, and $8,052,277 has been credited on obligations due
the Corporation.
In a letter addressed to participating carriers and accompanying the report, Mr. E. G. Buckland, President of
the Corporation, said:
The Corporation's cash receipts during April aggregated $2,050.777;
consisting of $1,901,116 in reduction of loans, $148,813 for interest; and
$848 for miscellaneous items. The payments on loans, made in advance
of maturity, were sufficient to permit increasing the distribution authorized
for April 30 from 1% to 7%•
The seven distributions made since termination of the lending period
on June 1 1933, total $14,038.634, and represent a return to participating
carriers of 19% of their net contributions to the fund. Of this sum. $5.986.357 has been repaid in cash, and $8,052,277 has been credited on
obligations due the Corporation.

The Corporation's statement of condition as of April
30 follows:




3029

REPORT TO INTER-STATE COMMERCE COMMISSION AND PARTICIPATING CARRIERS AS OF APRIL 30 1934.
Net Change
During
Balance
Assets—
April 1934. Arpil 30 1934.
Investment In affiliated companies
d24,783,785.53 660,953.651.62
Loans Outstanding—
Other Investments
157,200.00
Cash (reserved for tax refunds, 2172,525.32)
4180,603.20
195,670.05
Petty cash fund
25.00
Special deposits
4147,106.25
300 000 00
. .
Reserre for Tax Refunds—
Miscellaneous accounts receivable
59,505.67
42,299.72
Duefrom Contributing Carriers—
Interest receivable
484,385.83
225,251.68
Unadjusted debits
64,838.72
43,956.77
Expense of administration
49,086.65
9,911.30
Total
n5,190,226.00 262,005.229.39
Liabilities-Non-negotiable debt to affiliated companies
Unadjusted credits
Income from securities and accounts
Intern! Accrued on Loans, &c.
Capital stock
Total
d Denotes decrease.
* Emergency revenues to Apr1130 1934
Less: Refunds for taxes
Distributions Nos. 1-7
Fund share assigned to RCC

435,195,924.48.159,769,691.26
43,781.55 1,914,972.17
9,48.0.03
319,365.96
1.200.00
425,190,226.00 262,005,229.39
75,424,524.16
21,570,413.02
14,038,634.42
45,78.5.46 15,654.832.90

$59,769,691.26
Aproved:
Correct:
E. R. WOODSON. Comptroller.
ARTHUR B. CHAPIN. TreatIffeT.
Washington, D. C., May 1 1934,(No. 26).

Rexford G. Tugwell Declares Administration Has Acted
to Curb Farm Production—Assistant Secretary of
Agriculture Says AAA is Farmer's "Bill or Rights."
Rexford G. Tugwell, Assistant Secretary of Agriculture,
said, on April 28, that "one of the major differences between
the agricultural and land policies of this Administration and
those of previous Administrations is the difference between
talk and action." Mr. Tugwell, who addressed the New York
State Bankers Association, at Buffalo, quoted from reports
of previous Secretaries of Agriculture, and declared that
every Secretary since the war "pointed to doing something
about the surplus" of farm products. He added that when
President Roosevelt assumed office
was evident that something more than persuasion was needed to curb the agricultural overproduction."
Mr.Tugwell praised the work of the Farm Credit Administration, and said that without its operations "the collapse of
farm guying power would have resulted in a wave of foreclosures far exceeding all previous experience." Such foreclosures, he said, would have placed the land "in the involuntary ownership" of banks and insurance and investment companies. He described the farm revival, aided by the work
of the Agricultural Adjustment Administration, and said
that farmers are paying off loans and in other ways spending
their money "judiciously."
Mr. Tugwell characterized the Agricultural Adjustment
Act as "an economic bill of rights for farmers," and said that
the "nearly 3,000,000 farmers voluntarily participating in the
adjustment plans sponsored by the Government are not complaining about 'regimentation."
Associated Press advices from Buffalo, April 28, added the
following from Mr. Tugwell's speech:
"This cry is corning rather from those who, during the years when farmere by the thousand were losing their homes, congratulated them on their
rugged individualism, and now that they have succeeded in retaining their
homes, commiserate them on losing their traditional American ways. If
you do net believe me, go and talk with farmers."
Dr. Tugwell again quoted former Secretary Hyde as having declared, in
1931, that" is recommended that land development enterprises be licensed
'it
and regulated. We are not thinking of agriculture nowadays as a local
problem. We must see this as a national problem, and as a whole.'"
"The Secretaries of Agriculture in the Coolidge and Hoover Administrations," Dr. Tugwell said, "perceived that the surplus was the heart of the
farm problem. They vehemently urged that production be reduced to a
balance with demand and that submarginal lands be taken out of cultivation.
"They talked a great deal about the necessity for action. And now, so
to speak, President Roosevelt and Secretary Wallace have followed their
advice and in this Administration we finally have action itself."
Regimentation Is Denied.
Some persons "have sought to condemn all these efforts by the mere use
of such words as 'collectivism' and 'regimentation,'" Dr. Tugwell added.
"But the Agricultural Adjustment Administration's plans and the kindred
programs of the Government are too fundamental and too pressing to be
dismissed in that way. All are based on the time-tried principles
of American
democracy, upon the self-government and self-discipline of country and
local
associations, and upon voluntary co-operation on a grand scale."
lie referred to previous handling of the agricultural problem as "an
economy of chaos," and added that "what we are building now is an
economy
of order, and provided selfish interests do not thwart our efforts
we shall
build an economy of abundance."
Adjustment of farm production is necessary at present, he declared,
since
"even though every hungry person in the United States should be
well fed,
there would still remain a surplus," and even though foreign markets
may be
regained, the process will take so long as to require restriction of
output
for some time to come.
"Underlying and interwoven with this whole adjustment program is
the
necessity for returning 50,000,000 acres from cultivated crops to grass
or
pasture or roughage," he said.

Financial Chronicle

3030

"These aims mean the conservation and not the wasteful exploitation of
our resources and our man-power. They contemplate care and thought about
the grave agricultural problems of the day, with devices to meet them, not
mere passive reliance in the name of rugged individualism upon the sheer
forces of economic compulsion."
4.

Death of William H. Woodin, Ex-Secretary of the
Treasury—Friend of President Roosevelt Held
Office During Banking Crisis.
William H. Woodin, who resigned as Secretary of the
Treasury on Dec. 20 1933 because of ill health, died May 3
at a hospital in New York City. He was 65 years old.
Funeral services will be held this afternoon (May 5) in
New York and the body will then be taken to his native
town of Berwick, Pa., for burial.
When President Roosevelt was informed of Mr. Woodin's
death he said that he was "very deeply shocked and distressed by the passing of my dear friend." The following
statement was issued at the White House May 3:
It is known that both the President and Mrs. Roosevelt have felt deep

concern for Mr. Woodin's health ever since the day in the spring of 1933
when he declined to take adequate care of an ulcerated throat and insisted upon working day and night during the financial crisis of the nation
and the many other problems which had to be solved.
No man in time of war showed greater devotion or made greater sacrifice than Secretary Woodin. He made a great place for himself in the
hearts of all Americans and especially among those who, knowing him,
loved him for himself.

At the time he accepted the post as Secretary of the
Treasury in President Roosevelt's Cabinet which took
office in March 1933, Mr. Woodin was head of the American
Car & Foundry Co. He was also Chairman of the J. G.
Brill Co., Chairman of the American Locomotive Co.,
Chairman of the Montreal Locomotive Works and Chairman of the Railway Steel Spring Co. The New York
"Times" of May 4 outlined the principal events during
his term as Secretary of the Treasury as follows:
A quiet, frail, smiling little man, Mr. Woodin helped make history
In the early days of the Roosevelt Administration. A personal friend
of President Roosevelt for many years, although a life-long Republican,
he accepted what was the key position in the Cabinet in view of the financial situation which ushered in the new Administration, at Mr. Roosevelt's
earnest behest and against his own inclinations.
Performed Herculean Tasks.
Throughout those nerve-wracking black days of the banking crisis
in March 1933, and afterward, Secretary Woodin performed herculean
labors day and night, helping to avert a National calamity, while all
the time the threat of his own personal tragedy hung over him.
Within a month of the inauguration, the alarming condition of his
health became known and reports of his impending resignation began
to spread. Yet he continued to work for hours on end, at his desk in
the Treasury Department from early in the morning until 3 or 4 o'clock
the next morning, day after day and week after week.
Not until long after the crisis was over, after the bulk of the closed
banks had been reopened, and after public confidence in the banking
system had been restored did he cease his great efforts.
All through the critical period in the financial situation, Secretary
Woodin stood out as a bulwark for a conservative fiscal policy and against
inflationary excesses.
Rift on New Deal Policy Denied.
After the banking crisis passed there were recurrent reports that Secretary Woodin was not in sympathy with President Roosevelt's monetary
policies, but these were always denied. Last November, while still in
the Cabinet, Mr. Woodin issued a public statement affirming his faith
In the New Deal and his loyalty to the President. . . .
Despite the loyalty on both sides between the President and his Secretary, it was widely believed that Secretary Woodin remained in favor
of a conservative fiscal policy and did not approve of experiments with
the currency. It was noted that he did not explicitly support such policies,
although he strongly supported the Roosevelt program as a whole.
Williamson Pell of United States Trust Co. and Linzee
Blagden of Bank of New York & Trust Co. Among
New Members of New York Chamber of Commerce.

Williamson Pell, Vice-President of the United States
Trust Co. of New York, and Linzee Blagden, Vice-President
of the Bank of New York & Trust Co., were elected members
of the Chamber of Commerce of the State of New York at
the annual meeting held on May 3 at 65 Liberty St. Other
new members elected were:
Fred, S. Burroughs, Vice-President Associated Gas & Electric Co.
George P. Ray, Vice-President Riverside & Dan River Cotton Mills,Inc.
W. deWilder Atkinson, Atkinson & Co., Inc.
Ferdinand Eberstadt, President F. Eberstadt & Co.
Duncan G. Harris, Senior Vice-President Brown,Wheelock, Harris & Co.
Cornelius J. O'Donoghue, C. J. O'Donoghue & Co.
George W. McGrath, McGrath, Doyle Phair.
C. Willard Young Jr., C. W. Young & Co.
John H. Grady, Manager General Accident Assurance Corp.
King Smith, Taylor & Hoe.
Edward S. Harkness, retired.

if;

James Brown, Retiring President of New York Chamber
of Commerce Expects Continued improvement in
Business if Latter Is Accorded Time to Accommodate Itself to New Laws and No New Regulations Are Imposed.
itself to present
If business is given time to accommodate
are imposed, it
laws and regulations before any new ones




May 5 1934

will continue to improve, according to James Brown, of
Brown Brothers Harriman & Co. Mr. Brown, who on
May 3 retired as President of the Chamber of Commerce
of the State of New York after serving two terms, said:
"This improvement in business has been going on notwithstanding
that laws in Congress and even in this State have been passed and measures
have been enacted that have in many cases interfered with business recovery. We may not agree with many of the measures I have referred to,
we may be very apprehensive about the enormous Government expenditures under the New Deal, we may be sceptical as to whether the New DeaL
will accomplish all that is hoped for. The results are still problematic,
and many adjustments will undoubtedly have to be made,and in my opinion,
will be made.
"Let us not belittle the progress that has been made. It is my conviction
that recovery is on the way irrespective of the New Deal, and perhaps in
spite of it. I rely on the experience and ability of business men in this
country, yes, on their traditional initiation to make recovery an accomplished fact."

James P. Warburg Criticizes Recovery Program—Asks
Abandonment of Monetary Experiments and Regimentation, in Favor of Encouragement of Private
Business—Does Not Believe in "National Planning" by Small Group of Men.
The Administration's recovery program, and particularly
the monetary measures adopted since March 1933, were
criticized by James P. Warburg, Vice-Chairman of the
Bank of Manhattan Co. of New York,in a speech before the
Wharton School of Finance and Commerce at the University
of Pennsylvania on April 30. Mr. Warburg said that most
people are dissatisfied with the results thus far achieved
by the New Deal. He outlined three courses which are
now open to the Administration, viz.:
1. It can continue a policy of inflation in the belief that
our basic troubles are monetary and are subject to monetary
remedies.
2. It can seek the goal of an "authoritarian State," in
accordance with its belief that a certain amount of Government planning and regimentation is necessary to recovery.
3. It can abandon both the plans mentioned above,
executing "an about-face in the direction of abandoning
monetary experimentation, and abandoning the idea that
Government initiative should partially or wholly supplant
private initiative." Such an about-face, Mr. Warburg
added, would be designed to stimulate private enterprise.
Mr. Warburg advocated that the Administration embrace
this third course. He denied that the depression had been
caused by the collapse of our monetary system or that
recovery can be brought about through raising prices by
currency depreciation. The depression, he said, was primarily caused by the war and by post-war failures to realize
the economic changes that had taken place. After mentioning the growth of trade barriers, excessive international
lending and the speculative excesses in the United States,
he said:
When the inevitable collapse came, bank assets froze and the gold standard mechanism broke down, and that accentuated the deflationary spiral
and led to the acute stage of the depression. In this connection it is essential to remember that the gold standard mechanism is a mechanism for
settling temporary disequilibria in tne balance of payment between nations.
What happened through the course of events which I have Just briefly
indicated was that the gold standard mechanism was used not to settle
temporary disequilibria, but in an attempt to compensate permanent
maladjustments. It is obvious that such an attempt would have to lead
first to a rnaldistribution of gold, and then to a complete breakdown of the
gold standard mechanism.
To say that the entire depression was caused by the breakdown of the
monetary system is to my mind like saying that measles are caused by a
rash. Given the destruction and maladjustment of a great war, given the
failure of human intelligence to grapple with the post-war problem, and the
various other factors briefly enumerated, it is hard to see how any monetary
system could have survived the strain.

Mr. Warburg asserted that it is unnecessary to raise all
prices in order to insure business recovery, and said that to
lighten the debt burden by depreciating the currency "is
to benefit a very small minority of the population at the
expense of a large majority." Recovery, he added, can
only be furthered by an increased volume of business done
in expectation of a reasonable profit.
Discussing the present monetary policy of the Administration, Mr. Warburg said:
Our present monetary policy creates uncertainty as to the future character
of money in that, under the Gold Reserve Act, the President has the power
either to return to a gold standard or to adapt some form of managed
commodity index dollar. Furthermore, so long as the Thomas Amendment
remains on the books, there is the additional uncertainty as to whether
greenbacks will be resorted to. The same thing is true of the permissive
powers vested in the President with regard to silver.
Uncertainty as to the future value of the dollar is created by the same
factors just enumerated as affecting its future character. In addition,
the program of government expenditure and the uncertain prospect of a
return to a balanced budget create further uncertainty as to the ultimate
extent to which depreciation will go.

Mr. Warburg mentioned two reasons which led him to
oppose a "planned economy." He said that it is incompatible with a democratic form of Government, and that he

Volume 138

Financial Chronicle

does not believe that "a given group of men can, if they are
given sufficient power, plan and regulate the lives of 130,000,000 people better than the 130,000,000 people can plan
and think and act for themselves."
Mr. Warburg then outlined his views regarding the third
course which is open to the Administration. He said that
if he were to write a political platform on the subject it
would appear somewhat as follows:
Article 1. We believe in maintaining the form of constitutional representative government which we have had in this country since the days of George
Washington.
Article II. We believe in an economic order based upon the freedom of
all individuals to think, to work, and to express themselves as they desire.
Such freedom means the freedom of each individual to improve his own
circumstances through his own efforts so long as he does not in so doing
encroach upon the similiar right of others.
We believe in a capitalistic system in this sense: a system in which there
Is reasonable reward for work or enterprise, but in which the strong are
prevented from taking unfair advantage of the weak. Such a system is
based upon the admission that all men are not created equal, and upon the
recognition that to be born with superior strength or intellect or material
advantage carries with it an obligation to use such strength for the general
welfare and not solely for selfish gain.
Article III. We do not believe in a so-called "planned economy" in
which the Government does all the thinking and spending and regulating.
Such a system, whether it be called Fascism or Socialism or Communism
means the end of that very liberty which our forefathers fought to obtain
for us and which the Constitution seeks to preserve.
It means the end of individual thought and expression.
It means that instead of our supporting sound self-government, we should
be asking government to support us—to think for us—to speak for us—
and to make us all regimented cogs in a bureaucratic machine.
Article IV. We believe that a "planned economy" pursued by a democratic Government, which must at frequent intervals submit itself to popular
approval, means a "planned economy" in which the plan changes with the
approach of each popular election. For this reason we believe that a
"planned economy" means either a zigzag course or the abandonment of a
democratic form of government.
Article V. We believe that if the traditional American order is to be
abandoned or changed, the people should directly express themselves in
favor of such a change—before, not after it takes place. We do not believe
that the election of 1932 constituted a mandate to establish a "planned
economy."
Article VI. We believe that the primary cause of the world depression
is to be found in the World War, and we are convinced that the primary
economic necessity of the future is the prevention of war.
Article VII. We believe that a policy of economic nationalism leads to
war, and that a policy of international co-operation and the promotion of
international trade leads to peace. To this end we favor international
agreements to reduce wherever possible the artificial barriers and restrictions to the free exchange of goods and services between nations. Such
agreements can only be made on the basis of international currency stability, and we therefore favor the early re-establishment of an improved international gold standard. We see in such promotion of international trade
the only lasting help that can be given to our agricultural producers.
Article VIII. Within the limits of our traditional form of government
and economy we favor reform wherever necessary to prevent unfair practice
or the exploitation of the weak by the strong.
We favor a reform of the banking system, but we are opposed to substituting Government banking for private banking and we are opposed to
political control of the money mechanism.
We favor a reform of the investment system, but we are opposed to excessive Government regulation, which win impede the free flow of the savings
of the people into the legitimate capital requirements of business enterprise.
We favor reform of the industrial system, elimination of social injustice
and unfair practice wherever possible, but we insist that private enterprise
and not Government enterprise must remain the motive power and that the
interests of the employer,labor, and the consumer be given equal protection.

Recovery Program Discussed by Speakers Before
United States Chamber of Commerce Convention—
Some Attack NRA, Others Criticize Banking Act,
Securities Act and Pending Stock Exchange Bill—
H. I. Harriman Sees Basis for "Conservative
Optimism"—General Johnson Announces Proposed
Drive to Stir Waning Public Interest in Codes.
The Administration's recovery program was the subject of
discussion May 2 and 3 by leaders of American industry
who addressed the sessions of the annual convention of the
United States Chamber of Commerce in Washington. Henry
I. Harriman, President of the Chamber, on the opening of
the meeting May 1,reviewed the progress made by business
and industry within the past year and, in speaking of the
future, said that there is much justification for "conservative optimism." He praised the National Recovery Administration in most of its accomplishments but criticized
some of its activities, including the application of codes to
businesses purely local in nature. None of the other speakers
advocated the abolition of the NRA and instead their principal attacks were centered on the Securities Act of 1933,
the Banking Act of 1933 and the pending Stock Exchange
Bill.
Points raised against the national recovery program at
the Chamber's session May 3, were summarized as follows
in a Washington account that day to the New York "Times":
1. The tax burden is becoming unbearable, if not confiscatory, according
to Silas H. Strewn of Chicago.
2. The Administration's railroad policy indicates a strong possibility
of Government ownership of the carriers, despite the help already advanced
to them, in the opinion of Harry A. Wheeler of Chicago.
3. The processing tax is causing an appreciable reduction in the wheat
consumption of the country, according to Fred J. Lingham of Lockport,
N.Y.




3031

4. Placing commodity exchanges underlGovernment control would work
havoc with prices for farm products, predicted Thomas Y. Wickham/of
Chicago.
5. The foreign trade program is doomed to failure unless those affected
are consulted, said James A. Farrell of New York,
6. Increased expenditures and reduced receipts will raise the national
public debt from $16,000,000,000 in 1930 to $32,000,000,000 in 1935,
according to Fred H. Clausen of Horicon, Wis.
7. Arbitrary regulations of the Public Works Administration are preventing any revival of the construction industry under the Government
expenditures authorized, in the opinion of Nick F. Helmers of St. Paul,
11111

8. Jurisdictional disputes and overlapping and conflicting ciaimsjare
being written into the NRA codes, according to Gilbert H. Montague
of New York.
9. Political affiliations play an important part in an applicant's qualifications for a loan or grant under the PWA,charged Henry Hart of Detroit.
10. The Securities Act and the proposed Stock Exchange ControliBill
have caused almost complete cessation of private investment, said Malcolm
Muir of New York.

A statement by President Roosevelt read before the
Convention May 3, is referred to elsewhere in these columns
to-day.
General Hugh S. Johnson,IRecovery Administrator, in a
press conference following a dinner May 2, given by the
American Trade Association Executives in connection with
the convention of the Chamber, said that plans were being
formulated for a campaign within 60 days designed to revive
waning public interest in the NRA and in code enforcement.
He added that this drive had been necessitated "due to a
lapse of public enthusiasm over the codes," and indicated
that public support was the only influence that could be
counted on to make the NRA effective.
Mr. Harriman, in the keynote speech of the convention,
pointed out that unemployment in the United States has
been reduced from about 13,000,000 to 7,000,000, that farm
income has risen from above $5,000,000,000 in 1932 to
between $6,000,000,000 and $7,000,000,000 in 1933, while
an index of general business activity has advanced from 61.7
in February 1933 to 78.5. He criticized assertions that the
recovery program is unnecessary and said that the economic
recovery in Great Britain has been accomplished through
"carrying out the reforms which the present economic crisis
has forced suddenly upon us." The NRA, he added, was
actually inspired by the United States Chamber of Commerce.
We quote in part from his address, and from talks by other
speakers before the convention, as given in a Washington
dispatch
-May 2, to the New York "Herald Tribune":
"If I rightly sense the judgment of business men on the workings of the
Industrial Recovery Act," he said, "it is that the law has done much good:
that many undesirable business practices have been eliminated, and that
the foundations have been laid for the orderly conduct of business. But I
also sense a very widespread fear that an act, based on the self-regulation of
business with Government approval of such regulations, may become an
autocratic act, for the regimentation of business by the Government."
Mr. Harriman went on to cite other criticisms. But he was convinced,
he said, that "in basic industries codes offair practice are essential, that the
chaos of unbridled competition cannot be permitted to return and that
some Federal agencies co-operating with business must continue to carry
out the major functions exercised by the NRA and the American Agricultural Administration. This does not mean a regime of bureaucratic control, but, rather, a regime of orderly economic freedom in which the industries themselves play their responsible part."
Mr. Harriman vigorously defended the coercion of recalcitrant minorities
under both the NRA and the AAA. Be said that our problems could not be
solved by "going backward or by standing still" and that change now
"seems to be imperative."
Urges Stressing Quality.
Robert H. Montgomery,of New York, who was head of the research and
planning division of the NRA, asserted that no satisfactory uniform cost
formula could be devised for the purpose of protecting "fair prices." He
analyzed briefly the various types of price-protecting mechanisms in the
NRA codes. He urged manufacturers to abandon an excessive preoccupation with competition in price, which, he said, had lead to the extensive
exploitation of inferior merchandise, and to concentrate on goods of higher
quality at a fair price.
"By raising the standards of quality in merchandise to-day, we will also
be raising the standards of living, by increasing employment and advancing
the general levels of wages," he said.
David Ovens, President of the National Retail Dry Goods Association,
and General Manager of the J. B. Ivey Co., Charlotte, N. C., announced
that should the NRA ask stores to increase wages another 10% and reduce
working hours an equal amount, his association would "respectfully decline
to agree." Department stores and specialty shops that are members of
the association had, he said, by compliance with the code, already increased
their pay rolls 15% and added nearly 14% more persons to their staffs.
"It is our belief," he said, "that we have done our share in solving the
unemployed problem in retailing and that strict attention for a longer trial
period should be given to seeing that a more widespread compliance to the
provisions of the present code is secured."
Planned Economy Backed.
A. W. Robertson, Chairman of the Board of the Westinghouse Electric
Manufacturing Co., said that "a planned economy is undoubtedly necessary" but that "better plans, not more plans" were needed. He confessed
that the scope of such planning as he attributed to A. A. Berle, Jr., a member of the original "brain trust" "takes my breath away."
"Human plans have to be run by average men," he said. "It makes
no difference whether they are Utopian or otherwise and just how a
Utopian plan can be run by a far from Utopian man, I have never discovered."
"In the future there is going to be more government in business and
more business in government, which will be beneficial to governmentlas
well as to business," he added.

3032

Financial Chronicle

S. T. Bledsoe, President of the Atchison Topeka & Santa Fe Ry., asked
that the railroads be protected from competition with subsidized means
of transportation and urged unified regulation of all transport systems.
Daniel C. Roper, Secretary of Commerce, asked for support of the
reciprocal tariff bargaining bill.
Coal Code Revision urged.
John L. Steinbugler, President of William C. Atwater & Co., of New
York City, urged an amendment to the bituminous coal code to Permit
control of production.
At a dinner given to-night by the National Association of Commercial
Organization Secretaries, Joseph B. Eastman, Federal Co-ordinator of
Transportation, outlined his work during the last year. He urged careful
thought of the problems of public ownership of the railroad system.
"In view of the difficulties ahead of the railroads," he said, "it is not at
all impossible that we may, like many other countries, find ourselves
in a situation where we can no longer depend on private enterprise to
carry on this public business of transportation. If that time should
arrive, we must be prepared for it. My own personal conviction, based
on considerable thought, research and experience, is that it is entirely
possible to devise a plan for public ownership and operation which will
avoid many of the dangers which are commonly believed to be inherent
in it."
He called the present period in transportation one of "accelerated evolution."

The Securities Act, the Banking Act of 1933 and the proposed Stock Exchange Bill were cited as factors retarding
business improvement in speeches by George H. Houston,
President of Baldwin Locomotive Works and B. A. Tompkins, Vice-President of the Bankers Trust Co. of New York.
Both speakers on May 2 expressed the opinion that recovery would proceed more rapidly if modifications were
made in these measures. Mr. Houston said the Securities
Act had resulted in "damming the flow of capital into private
enterprise," and had prevented the re-employment of millions of workers in the durable goods industries. Mr.
Tompkins said that, in prohibiting security underwriting
by National and Federal Reserve member banks after
June 16 in the Banking Act of 1933, Congress had reversed
the trend toward long-term financing, which had been the
most powerful aid in protecting most of the large private
corporations in the country from the banking crisis of 1933.
A Washington dispatch, May 2, to the New York "Times"
quoted further from these addresses in part as follows:
Mr. Houston said capital was being prevented from entering private
enterprise by two reasons, first, by the lack of confidence among investors
in the conditions under which American business must be conducted, and
second, by specific obstructions across the channel through which corporations must procure needed operating capital.
End of Regulation Is Asked.
, To remedy the first condition, he called upon the Administration to
make "a clear, unmistakable expression of intent:
"1. To encourage the profit motive in business.
"2. Not to interfere with business through further regulation, and
"3. To balance the budget as soon as possible and cease to compete
in the capital markets with private enterprise through a constantly expanding public debt. A balanced budget will also end any feeling of uncertainty with respect to monetary stability."
Mr. Houston described the Securities Act as the "chief barrier that
must be dealt with," since it imposed far-reaching and burdensome regulation of business in the issuance and offering of securities for sale by the
"extensive but uncertain liabilities" it placed upon officers of companies
participating in such offerings.
The law was intended, according to Mr. Houston, to "put the brakes
on future investment" due to a misapprehension of its authors that there
was an overproduction of durable goods. He quoted various authorities
to disprove the latter assumption.
He pointed out that while an average of $3,245,000,000 of new capital
went into private enterprise each year in the decade of the Twenties, the
amount had been reduced in the six months ended last March to $58,033,000.
Turning to the proposed Stock Exchange Bill, Mr. Houston said:
"Industry is in accord with the Administration's desire to regulate
the nation's securities exchanges and those trading on them for the correction of existing abuses and for the prevention of excessive speculation in

the future.

"It is opposed, however, to the indirect regulation of private business
whose securities are traded in, to the regulation of the securities of the
thousands ofsmall companies whose securities are not listed, or to the regulation of the ownership in such securities.
from
"It believes that these bills should limit the information called for
corporations to that duly and properly required for the protection of inbe
vestors and should not include what some commission may deem to
required in the public interest.
side
"Industry believes it would be advisable to err at this time on the
of under-regulation rather than over-regulation."
Mr. Tompkins Hits Banking Act.
Discussing principally the Banking Act of 1933, Mr. Tompkins asserted
national
that even if it were possible to transfer security underwriting from
of
and member banks to purely commercial institutions. "the advisability
is struggling to emerge
attempting such a drastic change, just as the country
students of
from a prolonged period of distress, is seriously questioned by
the problem."
As to the purported design of the measure to reverse the trend toward
he said:
the use of long-term credit by industrial corporations,
to their
"It cannot fairly be denied that our industrial corporations, due
policies, were much better able to weather the storm than
long-term credit
on short credit.
they would have been had they been substantial borrowers
they
"Strongly financed, and with no short maturities to bedevil them,
banking debacle of last year.
were only interested spectators from the
York district of $1,227,"They witnessed the withdrawal from the New
drain rose from $45,000,000
000,000 between Feb. 14 and March 3. The
the last day before the general closing.
on the first day to $341,000,000 on
Problems of Bank Holiday.
naturally, and quite properly,
"During that period these banks were
securities, discounting the scant
the interest of their depositors, selling
in
portfolios and calling loans.
supply of comm.scial paper in their




May 5 1934

"If, during that period, our great corporations had had substantial
maturities, the pressure of the banks to collect them would have added
materially to the chaos of those dark days. It is reasonable to believe that
severe casualties, even among important corporations, would have resulted.
"And yet, the Banking Act of 1933 makes it unlawful, after June 16,for
member banks to underwrite long-term credits. Nearly 8,000 of the
roughly 14.000 banks in the country are member banks, and in them are
marshaled over 80% of our total banking resources.
"To deny to industry the privilege of employing the underwriting power
of those institutions is to restrict industry in its efforts to move forward with
the capital expenditures that are so vital in any broad recovery movement.
"History has shown that in every crisis requiring the mobilization of the
investment capital of the country, not only the resources of the banks but
their machinery has been essential."

President Roosevelt Asks U. S. Chamber of Commerce
to Continue Co-operation with Recovery Efforts—
Message Read at Annual Banquet Asserts "It Is
Time to Stop Crying 'Wolf.'"
President Roosevelt, in a message to the annual convention of the Chamber of Commerce of the United States,
May 3, praised American business men for their patriotic
co-operation in the recovery program. At the same time the
President expressed the hope that this co-operation will
continue, and said that the people of the United States "as
a whole" will be impatient of those who complain and who
hold out false fears. "It is time," the President said, "to
stop crying 'wolf' and to co-operate in working for recovery
and for the continued elimination of evil conditions of the
past." President Roosevelt's message was addressed to
Henry I. Harriman, President of the Chamber, and was read
at the annual banquet. Its text is given below:
May 3 1934.
My dear Mr. Harriman:
Will you please convey to the members of the Chamber of Commerce of
the United States my very cordial greetings?
Since your last session widespread and significant improvements in our
economic life have taken place. In the main, American business men have
co-operated patriotically.
I hope that increasingly intelligent co-operation between the Federal Government and the commercial interests of the country will stimulate the
progress of our recovery.
Congress has been, and Is, doing its part, and within the next few weeks
there is every probability that the legislative program for this session
will be definitely completed. The Federal Government will continue its
unceasing efforts to stimulate employment, increase American values, and
bring about a more wholesome condition. Private business can and must
help to take up the slack.
Your membership largely represents those interests which, from motives
of self-interest as well as good citizenship, have a leading role to play.
The people as a whole will be impatient of those who complain and of those
who hold out false fears. It is time to stop crying "wolf" and to co-operate
in working for recovery and for the continued elimination of evil conditions
of the past.
I confidently count on the loyalty and continued support of the Chamber
of Commerce of the United States.
FRANKLIN D. ROOSEVELT.

833,500,000 of Bonds of Federal Farm Mortgage Corporation Used up to April 30 by Land Banks and
Land Bank Commissioner to Close Farm Mortgage
Loans.
Bonds of the Federal Farm Mortgage Corp. have been used
by the Land Banks and the Land Bank Commissioner as a
basis in closing farm mortgage loans amounting to approximately $33,500,000 to date, according to a statement issued
April 30 by W. I. Myers, Governor of the Farm Credit Administration. This represents a total of over 14,400 loans
closed between March 26, the day when bonds were first
substituted for cash in the closing of loans, and April 28.
"Reports just received from the 12 Federal Land Banks and
the Land Bank Commissioner indicate that the farmers and
their creditors are giving these bonds a very ready reception,"
said Governor Myers. ."Figures show a steadily increasing
volume of loans closed since the change from a cash to a bond
basis. In fact, last Friday (April 27) loans closed amounted
to $3,339,860." In an announcement issued by the FCA
it was further reported:
Governor Myers stated that loan applications number from 7,000 to 9,000
weekly and the total number of loans acted upon by the Banks continues to
exceed the number of applications, thus curtailing the backlog of applications. Governor Myers also stated that the number of applications which
the Banks have approved and which are waiting for the farmer and his
creditors or for recording or other technical action is around 275,000, whereas
the number of applications awaiting action in the Banks ranges from 7,000
to 22.000 weekly.
Appraisals of properties offered as security for loans are now nearly current, there being on hand and received each week only a sufficient number
to keep the appraisers busy for a short period, should no new applications
be received.
Governor Myers explained that the action of the securities markets and
the farmers' creditors toward Federal Farm Mortgage Corp. bonds was
anticipated correctly by the FCA since it was expected that if the bonds
of the Corporation bore 3g% per annum interest they would sell at par or
better. The Governor pointed out that the first bonds to be sold on the New
York market brought more than par and that since then quotations have
been above 100. He stated the bonds were quoted to-day at 101 bid and
101% asked.

A reference to counter trading on a "when issued" basis
in the bonds of the Federal Farm Mortgage Corp., was made
in our issue of March 31, page 2172.

Volume 138

Financial Chronicle

Fifty-Six Firms Surrender Blue Eagle As NRA Protest.

Associated Press advices from Harriman, Tenn., April 26,
reported as follows:
Fifty-six business and professional men in Harriman, a town of 4,700
population, sent a telegram to-day to President Roosevelt and National
Recovery Administration Administrator Hugh Johnson announcing they
had taken down their blue eagle "as a protest against the NRA's forceable removal of the eagle from the Harriman hosiery mills."

President Roosevelt Approves Code for Retail Tire and
Battery Trade—Contains Section Expected to End
Price Wars by Tire Dealers.

President Roosevelt on May 1 approved a code of fair
competition for the retail tire and battery trade, subject to
a proviso which gives General Hugh S. Johnson, Recovery
Administrator, the authority to determine the existence of an
emergency in the trade as a result of destructive price-cutting
and to fix "the lowest reasonable price at which products of
the trade may be sold during the emergency period." The
National Recovery Administration announced that such an
emergency will be declared prior to May 41, the effective
date of the approved code, and that until the emergency
passes no retailer will be permitted to sell tires below certain
"floor" prices which the NRA has established as reasonable.
Leaders in the tire industry hailed this provision in the retail
code as likely to end the price wars which have recently
been prevalent among tire dealers.
An announcement by the NRA May 1 described the other
principal provisions of the code as follows:
As approved by the President, the code provides for a minimum wage of
40 cents per hour for part-time employees or employees paid on an hourly
basis in Northern States and 35 cents per hour in Southern States. Minimums for salaried employees range from $12 per week in towns of less than
2,500 population to $15 in cities of 500,000.
Under the code employees are limited to 48 hours per week, with a restriction of 10 hours per day and 52 hours in any one week. Overtime in
excess of 48 hours shall be paid at the rate of time-and-one-third.
Thirty-four trade practice provisions, designed to eliminate various forms
of unfair competition, are set forth. These deal with misleading advertising, price guarantees, secret rebates, the sale of "seconds" and other mer—
chandise. A further provision requires the posting of prices in a conspicuous manner in the dealers' establishments for the guidance of consumers.
Supplemental codes for the wholesale tire and battery trade and the tire
rebuilding and retreading industry or trade, the code provides, may be submitted as part of this document at a later date.
In his letter transmitting the code to the President, General Johnson
pointed out that this trade "urgently needs" a code offair competition; and
declared that "the reclamation of this industry and trade from the destructive competition which has existed must be a continuing task over a long
period of time."

900 Silk Mills to Cease Operations for Week—Code
Authority Orders Shutdown in Hope of Stabilizing
Industry.

All production of silk textiles in the United States will
be suspended for the week of May 14 to 21 as the result of
an order May 2 by the Code Authority for the industry,
which decreed a complete shutdown of 900 mills employing
approximately 30,000 workers. The action was taken upon
what was described as "the insistent demand of an overwhelming majority of all divisions of the industry," and
was designed both to promote better prices and to "help
the industry to continue to pay code wages, spread employment more fairly and insure the gains which labor has
already made." Peter Van Horn, Chairman of the Code
Authority, said that "members of the industry were reluctant
to take this action, but could not do otherwise in the face
of drastically reduced selling prices and increased operating
expenses as a result of the 32% increase in wages paid to
labor in the silk industry, as compared to wages paid prior
to the signing of the code by the President." Mr. Van Horn
added that the wage increase amounted to more than $14,000,000 annually. He is further quoted as follows:
"In the face of serious over-production," he said, "the industry had no
alternative other than to order the curtailment of production, particulary
because of the drastically reduced seasonal demand at extreme low priced
levels. These conditions, together with increased costs through higher
wages paid to labor, made the curtailment inescapable.
"From the facts and figures available to me it is apparent that a large
portion of our industry is now selling its product below its cost. In the
absence of an adequate provision under our code at the present time to
prohibit selling under cost, our only remedy is to curtail production to
prevent further losses to mill operators and labor."
Mr. Van Horn also said that "the present curtailment would not permanently relieve the situation" and expected that "additional shutdowns
woUld follow unless market conditions improved."
Meeting of National Association of Mutual Savings
Banks in New York City May 16-17-18.
Officers and trustees of the National Association of Mutual
Savings Banks, representing some 13,500,000 depositors and
$9,500,000,000 of savings, will meet in the Hotel WaldorfAstoria, New York City, on May 16,17 and 18. In announcing




3033

the forthcoming meeting Philip A. Benson, President of the
Association, said that "the continued gain in employment and
generally favorable outlook makes it seem likely that savings are again on the upgrade. It is certain," he added,"that
new accounts are being opened in growing numbers, which
reflects both the will and the ability to save." The speakers
will include Henry Bruere, President of the Bowery Savings
Bank; Walter H. Bennett, President of the Emigrant Industrial Savings Bank; James P. Warburg, Vice-Chairman of
the Bank of the Manhattan Co., and others.
Meeting of Board of Governors of Investment Bankers
Association of America to Be Held at White Sulphur Springs May 19-23.
The regular spring meeting of the Board of Governors of
the Investment Bankers' Association of America will be at
White Sulphur Springs, May 19 to 23, inclusive, Robert E.
Christie Jr., President of the Association announced on April
29. In issuing the call for the meeting Mr. Christie asked the
Chairman of the Association's twenty standing Committees
to hold Committee meetings at White Sulphur Springs in
conjunction with the Board of Governors sessions. "The Investment Bankers' Code," he said, "has injected a new significance into the activities of all the Committees of the Association. It will be highly constructive to bring these Committees together, in the light of the provisions of the Code."
The Association's Committees have a total membership of
248, representing investment banking organizations in all sections of the United States and Canada. The Board of Governors numbers 39 and also is Nationally representative of
both countries. Mr. Christie said that he also expected to
see a large representation of past Governors of the Association at the spring meeting, which is customarily open only to
members of the Board, to past Governors and to members of
Committees that are asked to bold meetings at the time of the
Board's sessions. The first two days of the five-day meeting
will be devoted entirely to discussions in committees. In
his call for the meeting Mr. Christie said:
I feel that the Association and the investment banking business are on
the threshold of a new period which I hope will bring better things to this
business.

Investment Banking Under Federal Securities Act
to Be Discussed by Hugh Knowlton of Kuhn,
Loeb & Co. Before New York State Society of
Certified Public Accountants May 14:
Investment banking under the Federal Securities Act, and
also related phases of the proposed National Securities Exchange Act, will be the subject of an address by Hugh Knowlton, a partner of Kuhn, Loeb & Co., which will be delivered
at the annual meeting of The New York State Society of Certified Public Accountants. This meeting will be held in New
York City at the Waldorf-Astoria on May 14th and Mr.
Knowlton's address at the evening session will be part of an
afternoon and evening discussion of the two securities acts.
In addition to Mr. Knowlton's presentation of the banking
phase of the two securities acts, other speakers will discuss
these acts in their application to accountancy, law and business. The latter phase, of these acts, will be discussed by
the executive of a corporation which is a potential issuer of
securities. Mr. Knowlton joined the staff of Kuhn, Loeb &
Co. on January 1 1932 and became a partner In that firm during the year. Prior to that time Mr. Knowlton had given up
the active practice of law in 1926 to become Vice-President of
the International Acceptance Bank, Inc., which was formed
In 1921 by Paul M. Warburg. Later, Mr. Knowlton was VicePresident of the International Manhattan Company, the securities affiliate of the Manhattan Company group, and during that time he was also Vice-President and director of the
American & Continental Corporation.
Reopening of Closed Banks for Business and Lifting
of Restrictions.
Since the publication in our issue of April 28 (page 2863),

with regard to the banking situation in the various States,
the following further action is recorded:
COLORADO.

That the South Broadway National Bank of Denver,
Colo., was expected to reopen for business about May 1
under the name of the Union National Bank of Denver, is
learned from the Denver "Rocky Mountain News" of
April 28,from which we quote in part as follows:
Plans for reopening the South Broadway National Bank as the Union
National Bank of Denver were announced in Washington yesterday (April
27) by U. S. Senator Alva B. Adams.

Financial Chronicle

3034

The Reconstruction Finance Corporation informed Senator Adams it had
approved the reorganization plan under which it would loan the new
institution $92,000 in cash and purchase $50,000 worth of preferred stock.
About $200,000 in deposits which were tied up when the bank closed
under the moratorium of March last year will be released under the new
set-up.
Deposits of $50 or under will be paid in cash, 100 cents on the dollar.
For deposits of more than $50, payment will be made of 70% in cash
and 30% in common stock. . . .
W. L. Johnson of 305 S. Emerson St., who has been Chairman of the
depositors' committee for the closed bank, will become President of the
new Union National Bank, Washington dispatches said it was understood. . . .
The new institution will have a capital structure of $120,000, consisting
of$50,000 in preferred stock (to be owned by the RFC),$50,000 in common
stock, and a surplus of $20,000.
When it opens the bank is expected to have 2,200 depositors and assets
of $350,000.
Reopening of the bank will come as one of the biggest boons which
South Denver business men have received in the past year. In addition
to the large amount of deposits which were tied up; the closing of the bank
worked an undeniable hardship on the South Denver business section.
The Union National Bank will be the third Colorado bank to be reopened
in recent weeks with the aid of RFC funds. Others were the First National
Bank of Fort Morgan and the First National Bank of Fort Collins.
ILLINOIS.

The newly organized First National Bank in Lincoln, Lincoln,Ill.,replacing!the Lincoln National Bank,which has been
under a conservator since shortly after the banking moratorium, was to open on April 25, according to advices from
that place to the Chicago "Tribune," which added:
Thirty-five per cent of deposits, amounting to $360,000. of the Lincoln
National Bank will be released through the new bank.
INDIANA.

Greenwood, Ind., advices on Apr. 21 to the Indianapolis
"News" stated that at a meeting sponsored by the Business
Men's Association and attended by .200 depositors of the
First National Bank and the Citizens' National Bank of
Greenwood,a plan to liquidate the institutions was approved.
We quote furthermore from the dispatch as follows:
Both banks, reported solvent by officials in Washington, have been on
the restricted list for the last four months. The liquidation plan will involve
release of S150,000.
It also was decided to open a new bank on a stock subscription of$55,000.
No officials of the First National or Citizens National will be connected
with the new institution and no depositors of the latter banks will be
requested to take stock. Dr. J. E. Craig was Chairman of the meeting and
J. H. Harris, Secretary.
MISSOURI.

It is learned that the St. Louis "Globe-Democrat" of Apr.
29 that the recently reorganized South Side National Bank
of St. Louis, Mo., was to open for business on May 3 and
thereby release without restrictions approximately $3,500,000, or 70% of the old bank's deposits. An announcement
of the opening said:
"The new bank will open with cash and cash-equivalent assets amounting
to approximately 105% of its total deposit liability, a percentage believed
to establish a record for liquidity of reorganized banks. Deposits will be
insured in the manner and amount provided by the Glass-Steagall Banking
Bill."

The paper mentioned continued:
Total capital account of the reorganized bank is $840,000, of which the
Reconstruction Finance Corporation has subscribed $300,000 in preferred
stock. The common stock amounts to $400,000 and there is $140,000
paid-in surplus.
IP
Carl W. Sydow, now with the Mississippi Valley Trust Co., will become
Vice-President of the South Side National. Among the directors will be
Fred L. Hofman. Officers of the bank previously announced are Frank
J. Wiget, President; Adolph Etling, Cashier; W. R. Schery, Trust Officer,
and Albert A. Rehme, Assistant Cashier.
MICHIGAN.

The Old-Merchants National Bank & Trust Co. of Battle
Creek, Mich., said to be formerly the largest bank between
Detroit and Chicago, expects to reopen May 14 or May 21
under the title of the Security National Bank, with George
C. McKay, Chairman of the Board; Loan J. Karcher,
President; Waldo I. Stoddard of Ogden, Utah, Vice-President, and H. F. Conklin, Cashier. Upon reopening, the
institution will pay 65% to all depositors, and those having
deposits of $100 or less will be paid in full. The above
information is obtained from a Battle Creek dispatch under
date of Apr. 28, appearing in the Detroit "Free Press,"
which continuing said:
More than 20,000 accounts are affected by the decision to Pay small
depositors in full. This plan is made possible by the Kellogg and the
General Foods interests, which will advance the money, relying on the
liquidation of the old bank's assets for a return. The small deposits affected
amount to about $275,000.
Articles of association for the new bank were signed and forwarded to
Washington Saturday (Apr. 28).

That the Coldwater National Bank, Coldwater, Mich.
(which had been in the hands of a conservator), has reopened
is indicated in the following taken from the "Michigan Investor" of April 28:
With the opening of the Coldwater National Bank, 50% of deposits, or
$222,000, will be disbursed to depositors of the old bank. It is to the credit
of this bank that it has managed to resume business after having been closed




May 5 1934

twice. It was reorganized and reopened shortly before the banking holiday, and closed again during the national moratorium when further capital
was required.
The reorganized bank starts with $100,000 capital and $20,000 surplus.
Of this amount, $50,000 capital and $20,000 surplus was subscribed by
stockholders and depositors, and $50,000 by the RFC Branch county supervisors subscribed one-third of $75,000 which the County had impounded
in the bank, but the school board which had $40,000 was not a subscriber.
The opening of the Coldwater National provides the community again
with three banks. Officers of the new bank are M. T. Shaw, President;
Guvarie S. Coffman, Vice-President; Harry Van Dusen, Executive Vice.
President and Carl J. Martin, Cashier.

It is learned from•the Detroit "Free Press" of May 1 that
"payoff" hopes of the depositors of the closed First National
Bank in Detroit, Detroit, Mich., received a new setback on
April 30 when litigation upon which further Reconstruction
Finance Corporation loans depends was again postponed
indefinitely in the Federal Court in Detroit. The case had
been set for trial May 2 before Judge Charles I. Dawson of
Louisville, Ky. We quote in partfrom the paper mentioned:
Chairman Jesse Jones, of the RFC,revealed in Washington 10 days ago
that another loan of perhaps $90,000,000 to $100,000,000 might be made
upon the assets of the First National to permit the paying out of 630,000
claims under $1,000 in full, through voluntary subordination of the claims
of larger depositors.
He stipulated, however, that it would be necessary to clear the path by
disposing of a suit brought by depositors of the old Peoples Wayne County
bank to establish under State laws their right to segregation of savings
assets in the merged First National. If claims of these depositors are
upheld, they might gain preferential rights in $100,000,000 or more of
mortgage assets. . . .
The depositors suit involves eleven plaintiffs and intervenors and is
directed against Receiver Charles L. Thomas, of the First National,
Under State laws, segregation of assets in which savings deposits are
invested is required, giving such deposits a preferential status. National
Bank laws require no such segregation, and in cases of insolvency, call for
ratable dividends for all depositors as assets are liquidated.
The receiver's defense has been that after more than a year of operation
under Federal laws, it is impossible to segregate or follow through the original segregation of savings assets, and that the plaintiffs forfeited any State
statutory rights that they may have had by continuing their accounts in
the First National, keeping them alive by new transactions, and that they
have accepted pro-rated dividends of the 50% already made available.
Standing Master in Chancery, after hearing evidence, construed the
State and Federal statutes as not in conflict. Exceptions to his finding
have been taken by both plaintiff and respondent, however, and it awaits
judicial review.
The aggregate of all claims of the litigants is only $39,797, of which
half has already been made available.
Pending disposition of the case, steps which would free an additional
$90,000,000 for all depositors must be held in abeyance. That additional
loan would make possible a dividend aggregating perhaps 25% for the 11
litigants as well as more than 700,000 others.
4
Robert E. McKean, of the office of Buckley, Ledyard, Dickinson &
Wright,represents the plaintiffs.
McKean said his clients were aware that their action probably was holding
up the payofffor all depositors but said that even ifthe suit were withdrawn,
the question would remain undecided, to be raised by other depositors.
NEW JERSEY.

Concerning the affairs of the closed First National Bank
of East Orange, N. J., a dispatch to the New York "Times"
on May 1 contained the following:
Five suits for a total of $124,900 have been filed against stockholders
of the closed First National Bank of East Orange for alleged non-payment
of a 100% capital stock assessment, it was announced to-day by Joseph B.
Wilson, receiver for the bank. The suits were filed in Federal Court at
Trenton.
Defendants and the amounts concerned are John D. Everitt, President
of the bank when it was closed during the banking holiday in March, 1933.
$56,100; Henry L. Holmes, who was Vice-President and Cashier, $64,100;
City Commissioner Charles Ippolito of Orange, $4,000; Edward L. Davis.
Police Judge of Orange, $600, and A. Morton Riley of Bloomfield, $100.

The People's Bank & Trust Co. of Passaic, N. J., which
had been closed since the National banking holiday in
March 1933, resumed business on May 4, just 14 months
to the day after it was closed. In indicating the bank's reopening, advices from Passaic on May 3, printed in the New
York "Herald Tribune," went on to say:
It is opening with the consent of the majority of the 22,000 depositors
who will accept 30% in cash and 70% in preferred stock as a liquidation
of their money. The deposits at the time of the closing were more than
$18,000,000.
OHIO.

In regards to the affairs of the closed Union Trust Co. of
Cleveland, Ohio, a dispatch from that city on May 1 to
the "Wall Street Journal" stated that according to J. R.
Nutt, former Chairman of the Board, the trust company
would be open as a going bank to-day if the Governor of
Ohio or the Cleveland Clearing House had acted promptly
in calling a moratorium following the one in Michigan in
February 1933. "Even afterwards," Mr. Nutt said, "when
the Cleveland Clearing House failed to act had the Union
Trust Co. been given a license to reopen—and it is recognized
by those familiar with the situation that it should have been
given a license, or if the appraisal of assets had been on the
basis of solvency instead of liquidity—many of the troubles
that Cleveland has experienced would have been avoided."
The dispatch continued as follows:
In a statement Issued to newspapers, Mr. Nutt, who was national Treasurer of the Republican Party during the Hoover Administration, states

Financial Chronicle

Volume 138

that it is time the people of Cleveland know the truth as to why the Union
Trust Co. passed into liquidation. He sees eventual payment of depositors
In full.
Mr. Nutt was an officer and director of the bank and its predecessors for
31 years, although was not active in its management after the spring of
1932, he says.
Mr. Nutt. in his statement, traces the progress of the depression during
1931 and 1932, and the development of banking troubles in northern Ohio,
showing how the Union Trust Co., between Mar. 25 1931 and the bank
moratorium in Feb. 1933 had a shrinkage in deposits from $310,000,000 to
$145,000.000.
Mr. Nutt said: "The Union Trust Co. to-day closed and operated by a
liquidator with many of its best assets sold and its trust business fast being
dissipated is not only making money, but is operating at a very handsome
profit. Net profit after all expenses for the period June 15 1933 to Apr. 1
1934 amounts to $1,862,108, a profit, I believe, greater than that realized
by any Cleveland bank which is now open with but one exception.
"The Union Trust Co. was not looted from within. There was no dishonesty in the Union Trust Co. It had a long and honorable record for
service not only in Cleveland but throughout this great industrial district,
and its closing with all the hardships, suffering and heartaches that went
with it was one of the great tragedies of the year 1933.
"I am perfectly satisfied that even now, notwithstanding the throwing
away of the very profitable trust business and the other tremendous sacrifices
that must necessarily come through liquidation—if the liquidation is continued as it is now to be, carefully handled and extended over a reasonable
period of years—every depositor can be paid in full out of the present
assets."

Concerning the affairs of the closed Guardian Trust Co.
of Cleveland, Ohio, Washington advices on May 3 by the
United Press had the following to say:
"Management" by officers and directors was blamed for collapse of the
Guardian Trust Co. of Cleveland, in a report filed with the Senate Banking
Sub-committee. The bank closed a year ago.
The closing was attributed to speculation, payment of excessive bonuses
to officials and "milking" by means of "loans" and "investments," all of
which was carried on the books at their full value, "although many of them
obviously were not worth the paper they were written on," the report said.
The document was prepared under the direction of Ferdinand Pecora.
counsel for the Committee.
PENNSYLVANIA.

The Clifton Heights National Bank, Clifton Heights, Pa.,
a new institution which replaces the First National Bank of
Clifton Heights, which had been operating on a restricted
basis since the banking holiday in March of last year, was
to open for business on May 1, according to the Philadelphia
"Inquirer" of April 28, which went on to say:
The new bank will assume certain of the assets of the old institution and
will make available to depositors whose funds have been "frozen" 30%
of the money due them. The remaining 70% will be trusteed for liquidation and payments made as funds are accumulated on the trusteed assets.
The three principal industrial corporations in Clifton Heights will be
represented in the new bank by officers and directors. Everett L. Kent,
President of the Kent Manufacturing Co., has been elected President and
director of the institution; David H. Pleet, President of the Caledonia
Woolen Mills, is a Vice-President and director, and Joseph N. Susskind,
President of the Clifton Yarn Mills. is a director. J. Milton Lutz, who
had been President of the First National Bank of Clifton Heights, has been
chosen a Vice-President of the new bank, and C. C. Gamble, formerly
associated in Philadelphia banking circles, will serve as Cashier. The
Reconstruction Finance Corporation has purchased $25,000 of preferred
stock of the new bank, which also will have $50,000 of common capital and
825.000 surplus. Deposits on the opening day will approximate $700,000.

We learn from the Philadelphia "Inquirer" of April 28
that a Court decision on the status of two closed banks taken
over for liquidation by the Bankers' Trust Co. of Philadelphia, prior to its own closing, may be necessary before
the recently authorized $4,200,000 loan by the Reconstruction Finance Corporation to the latter institution can be
consummated. This was disclosed on April 27 by financial
interests familiar with the affairs of the Bankers' Trust Co.
We quote further from the paper mentioned as follows:

•

Despite the legal difficulty, however, RFC officials in this city and
Washington and officials of the State Banking Department are understood
to be hopeful of so arranging matters that the loan can be used to Pay
upositors within 60 days.
Approximately 120,000 depositors are still owed $16,101,312.
It is considered possible that a court will be asked to decide whether the
money should be distributed to depositors of the Bankers' Trust Co. as
well as the two other institutions, or whether separate loans will have to
be obtained in the case of those two banks.
They are the Bank of Philadelphia & Trust Co., whose deposit liability
was assumed by the Bankers' Trust, July 21 1930, and the Metropolitan
Trust Co. of Philadelphia, whose affairs were taken over by the Bankers'
Trust in June 1930.
It was pointed out that, following the closing of the Bankers' Trust,
the State Banking Department handled a number of legal matters for the
other two companies under their own names, because their association with
the Bankers' Trust was not consummated through mergers. The complication was discovered, it was said, when legal experts for RFC began a
study of Bankers' Trust Co. mergers and absorption of other banks.

Releasing 40% of the "frozen" assets in cash, the Hazelwood Bank, which succeeds the Hazelwood Savings & Trust
Co. of Pittsburgh, Pa., opened for business on May 1,
according to the Pittsburgh "Post-Gazette" of that date,
from which we quote further as follows:
The new bank also paid all accounts of $100 or under in full and paid out
all Christmas savings and other purpose club funds, besides making 16%
of the "frozen" deposits available as stock in the new bank.
The new bank, according to State Banking Secretary William D.Gordon,
has capital of $200,000, surplus of $100.000, undivided profits of $20.178
and deposits of $720,270.51. Dr. 0. C. Schlag is President of the new
bank, George E. Multi° and David G. Morgan, Vice-Presidents, and A. G.
Beal, Vice-President and Cashier.




3035

Referring to the Bank of America Trust Co. of Pittsburgh,
Pa, which was placed on a restricted withdrawal basis on
Apr.19 by Pennsylvania banking authorities,the Pittsburgh
"Post-Gazette" of May 1 had the following to say:
Intimation of borrowers loomed up yesterday (Apr. 30) as an obstacle
to the investigation into affairs of the Bank of America Trust Co., whose
President, W. P. Ortale. is accused of embezzling $106,700.
Some of the borrowers have refused to sign affidavits as to their negotiations with the bank because of the threats received, it was learned from a
reponsible source.
Bank examiners have been gathering affidavits to support their charges
of irregularities in the institution's affairs.
In the meantime Ortale continued to deny the accusations against him.
At his mother's home in Mt.Lebanon, where he is recovering from an illness,
Ortale said yesterday that the directors were "acting like a bunch of chickens
with their heads chopped off. "Employees of the bank," he said,"had
threatened to quit."
He accused the directors of ignorance in banking methods, but declared
they approved every loan made by the bank.
WISCONSI N.

With reference to the affairs of the closed Commercial
National Bank of Fond du Lae, Wis., advices from that city
to the Milwaukee "Sentinel" on April 25 said:
Harry D. Trelevan was named Chairman of a committee of stockholders
of the closed Commercial National Bank to-day (April 25). Attorney
Kenneth E. Worthing was named Secretary and Miss Julia Gibbons,
Treasurer. A subcommittee was authorized to seek from the receiver of
the bank information on operations said to have been denied individual
stockholders.

ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
Arrangements were made May 2for the transfer of a New
York Stock Exchange membership at $130,000. The previous transaction was at $140,000, on April 12.
Arrangements were comple-ted, April 28, for the sale of a
membership in the Chicago Stock Exchange at $3,500, down
$1,000 from the last previous sale.
The election on May 1 of Allan W. Ames as an Assistant
Vice-President was announced that day by the Marine

Midland Trust Co. of New York, New York City,

Benjamin F. Wollman, member of the New York Stock
Exchange firm of W. J. Wollman & Co., New York City,
died on May 1. Mr. Wollman's death was caused by
alheart attack. He was 62 years of age. Following his
graduation from the University of Michigan Law School,
Mr. Wollman began the practice of law in Kansas City as
a member of Wollman, Solomon & Cooper. In 1906 he
came to New York and became associated with his brother,
Henry Wollman, in the law firm of Wollman & Wollman.
He retired in 1922 to join another brother, W. J. Wollman,
in the brokerage house.
The Brooklyn Savings B- ank, Brooklyn, N. Y., has
appointed Leslie G. Cheshire an Assistant Comptroller
and William G. Smith an Assistant Cashier. Mr. Cheshire
has been with the bank for 16 years, while Mr. Smith
has served the institution 19 years.
Effective April 19, the Kings Park National Bank, Kings
Park, N. Y., capitalized at $50,000, went into voluntary liquidation. The institution was replaced by the National Bank of
Kings Park.
Grosvenor Walker Heacock, President of the Manufacturers' National Bank at Ilion, N. Y., died on April 28. In
addition to his banking interests, he was President at the
time of his death of the F. E. Hale Manufacturing Co. of
Herkimer and the Foster-Milburne Co. of Buffalo. Mr. Heacock was 50 years old.

• The First National Bank & T- rust Co. of New Haven, Conn.,
has called a special meeting of the stockholders for May 29,
to act on a recommendation of the'directors to reduce the
common capital stock of the institution from $1,260,000 to
$630,000, and to issue $630,000 of new prior preferred stock
and $920,000 of6% convertible preferred stock. Advices from

Hartford, Conn., on April 30, to the "Wall Street Journal,"
from which this is learnt, went on to say:
The Reconstruction Finance Corporation will take the prior preferred stock,
while the convertible preferred, to be of $100 par, would be offered to present
stockholders at $125 a share.

Judge John Rufus Booth,of the Superior Court, on Friday,
April 20, authorized the receiver of the City Bank & Trust Co.
of Hartford, Conn., to pay a 5% dividend in the savings department, beginning about May 1, according to the Hartford
"Courant" of April 21, which added:
The application was presented by the receiver, Howard W. Alcorn, who
said that $744,210.80 would be distributed. As soon as market conditions

3036

Financial Chronicle

improve the receiver will apply for permission to pay a dividend to commercial depositors.

Robert W. Dwyer, President of the Dime Savings Bank
of Hartford, Conn., died in that city on May 2. The
deceased banker was 71 years of age. As a young man he
entered the employ of the Dime Savings Bank and in 1903
was elected Secretary and Treasurer and a director of
the institution. On March 30 1932 he succeeded to the
Presidency of the institution, the office he held at his death.
Among other interests, Mr. Dwyer was a director of the
First National Bank and of the Hartford County Mutual
Fire Insurance Co., and a former director of the Bankers
Trust Co.
William F. Gaston, a Vice-President of the Passaic
NationaliBank & Trust Co. of Passaic, N. J., and a lawyer
in that city for 57 years, died at the Passaic General Hospital
on May 2. Mr. Gaston was graduated from Rutgers
University in 1874 and studied law in the office of the old
Jersey City law firm of Collins & Corbin. He was admitted to the bar in 1877 and five years later was elected
Assemblyman from Passaic County, serving for two years.
Mr. Gastonjwas 80 years old.
As of April 17, the South Side National Bank & Trust Co.
of Newark, N. J., capitalized at $300,000, was placed in voluntary liquidation. The institution was taken over by the West
Side Trust Co. of that city.
April
Effective April 17, the First National Bank in Lodi, Lodi,
N. J., with capital of $100,000, went into voluntary liquidation. The institution was taken over by the People's Trust
Co. of Bergen County, Hackensack, N. J.
The Comptroller of the Currency on April 23 granted a
charter to the National Bank of Olney at Philadelphia, Philadelphia, Pa. The new institution succeeds the National Bank
of Olney, in Philadelphia, and is capitalized at $200,000, consisting of $100,000 preferred stock and $100,000 common
stock. Walter D. Jennings and Floyd E. Brink are President
and Cashier, respectively, of the new bank.
On April 17 the National Bank of Ellsworth, Ellsworth,
Pa., capitalized at $25,000, went into voluntary liquidation.
There is no successor institution.
Effective April 18, the First National Bank & Trust Co. of
Tarentum, Pa., was placed in voluntary liquidation. The institution, which had a capital of $200,000, was succeeded by
the First National Bank in Tarentum.
The Pennsylvania Supreme Court on April 23 freed Charles
A. Bardolph,former President of the closed Franklin Savings
& Trust Co. of Pittsburgh, Pa., on alleged charges of false
entries in the bank's accounts. The decision, which was
handed dawn in Philadelphia, sustains the majority opinion
of the Superior Court, which last December overruled Mr.
Bardolph's conviction in the Criminal Court, in March 1933.
The Pittsburgh "Post-Gazette" of April 24, in noting the
above, also said in part:
The former bank head was indicted in April 1932, seven months after the
bank was closed by the State with a loss of approximately $1,700,000, or
half of its resources, to the 8,000 depositors.

A charter was issued on April 26 by the Comptroller of
the Currency to the Union National Bank in Mount Wolf,
Mount Wolf, Pa., capitalized at $50,000, half of which is pref' red and half common stock. It succeeds the Union National Bank of the same place. W. 0. Knaub and Chas. H.
Krebs are President and Cashier, respectively.
The First National Bank at Beaver Falls, Beaver Falls,
Pa., capitalized at $100,000, was chartered by the Comptroller of the Currency on April 21. The new bank replaces
the First National Bank of Beaver Falls. E. C. Rebeske is
President and Bente S. Luce, Cashier.
The Clifton Heights National Bank, Clifton Heights, Pa.,
was granted a charter by the Comptroller of the Currency on
April 27. The new organization, which replaces the First
National Bank of Clifton Heights, is capitalized at $75,000,
made up of $25,000 preferred stock and $50,000 common stock.
C. S. W. Packard resigned as President of the Pennsylvania Co. for Insurance on Lives & Granting Annuities,




May 5 1934

of Philadelphia, Pa., on April 30, and was elected Chairman
of the board of directors, effective May 1. At the same
time C. S. Newhall, formerly Executive Vice-President
of the company, was elected President, and Wm. Fulton
Kurtz, a Vice-President, was elevated to Mr. Newhall's
former office. These changes in the personnel of the
institution were made at the weekly meeting of the directors.
The announcement as printed in the Philadelphia "Inquirer"
of May 1 said:
"Mr. Packard, at his own request, retires as President of the company
on completion of 35 years of service, having been elected to that office
In 1899."
Mr. Packard became associated with the company in 1893, when the
main office was at 517 Chestnut St., while Mr. Newhall, who has been
with the company 38 years, started as an assistant bookkeeper, and Mr.
Kurtz, who has been in the banking business for 26 years, became a VicePresident of the Pennsylvania Co. in 1930 when the Colonial Trust Co.
merged with the Pennsylvania Co. Previous to the merger, Mr. Kurtz
•was President of the Colonial Trust Co., having been elected to that
post in 1918.

Bruce Baird, who has been connected with the National
Savings Bank & Trust Co. of Washington, D. C., since 1919,
has been promoted to Trust Officer, it is learned from the
Washington "Evening Star" of April 22. Mr. Baird is a
graduate of the Georgetown Law School and a member of
the District of Columbia Bar. He practiced law in Washington before entering the banking field, it is stated.
Two Elkins, W. Va., banks—the People's National Bank of
Elkins and the Elkins National Bank—were placed in voluntary liquidation on April 16. The institutions, which were
both capitalized at $100,000, are succeeded by the Tygarts
Valley National Bank of Elkins.
An official indication that the Commerce Guardian Trust &
Savings Bank of Toledo, Ohio, now in liquidation by the
State Banking Department, expects to pay 100 cents on the
dollar was given depositors and creditors on April 21, in a
statement issued after the Common Pleas Court had approved
payment of a 5% dividend to depositors on that day. The
payment will mean distribution of $558,517.32. The Toledo
"Blade" of April 21, authority for the above, went on to say:
Checks of those who have accounts in the new bank (the Commerce Guardian Bank) were credited to the accounts of those depositors this morning.
These amount to about $490,000. The other checks were mailed to depositors.
The statement issued by the Banking Department says that of the approximately $27,000,000 due depositors at the time the bank closed, only $6,526,657.16 remains. This, the statement says, represents only 64.19% of the
book value of the remaining assets. The statement says on the matter of final
liquidation:
"Since the closing we, as the officials in charge of liquidation, have made
reappraisals at intervals of six months, and in our judgment the assets now
remaining on hand are still worth substantially more than the total of
liabilities."
The 5% payment authorized to-day means that the bank has returned to
depositors 55% of their deposits. The statement points out that the greater
part of the remaining assets is in real estate loans representing all types of
structures from the large downtown building to the modest home.
The statement estimates that at least $500,000 of these assets may be refinanced through the Rome Owners' Loan Corp. and another dividend will
he possible shortly. In addition, the bank is seeking authority to borrow
up to $3.000,000 from the Reconstruction Finance Corporation, which would
enable it to pay a substantial dividend as conditions warrant.

It is learned from the Chicago "Tribune" of April 26 that
the Halsted Exchange National Bank of Chicago, Ill.,
has started a foreign exchange department under the direction of I. Papernick.
A charter was granted by the Comptroller of the Currency
on April 23 to the First National Bank in Lincoln, Lincoln,
Ill., with capital of $100,000. It replaces The Lincoln National Bank. George M. Knochel and W.H. Berger are President and Cashier, respectively, of the new organization.
Depositors of the closed Fillmore Bank of Fillmore, Montof
gomery County, Ill., will have been paid 70% of the amount
of their deposits on receipt of checks for a 10% dividend
mailed by Receiver Edward A. Murray, according to Associated Press advices from Hillsboro, Ill., on April 19, which
added:
The receiver expressed: confidence depositors will be paid in full if business improvement continues. The bank closed in March 1932.
•—•—•

The First National Bank of Utica, Utica, Mich., capitalized
at $50,000, went into voluntary liquidation on April 17. It
was succeeded by The Utica National Bank.
The Grundy County National Bank of Grundy Center,
Iowa, with capital of $50,000, was placed in voluntary liquidation on April 20. It was replaced by The Grundy National
Bank of Grundy Center.

Volume 138

3037

Financial Chronicle

Advices from Little Rock, Ark., on April 30, printed in
the Memphis "Appeal" stated that dividends totaling 45%
had been paid by the American Exchange Trust Co. of
Little Rock since it closed in November 1930, according to
the first quarterly report filed in the Chancery Court in
Little Rock on that day by Sam Wilson, special Deputy
Bank Commissioner in charge of the liquidation of the
institution. The dispatch went on to say:
OA large part of the remaining assets of the bank has been Pledged to
the Reconstruction Finance Corporation to repay a loan of $1,000,096.31.
secured to pay dividends. The bank still has liabilities of $4,244,917.25 in
deposits.

The plan of the First National Bank of St. Louis, Mo., to
sell $4,000,000 preferred stock to the Reconstruction Finance
Corporation will become effective before June 1, according
to the St. Louis "Globe-Democrat" of April 26, which continuing said:
•
The plan was ratified at the special stockholders' meeting on April 23,
when also the bank received enough consents for distribution of the stock
of First National Company.
The preferred stock will be 4% retirable, with semi-annual dividend dates
Aug. 1 and February 1.
Out of a possible total of 600,000 shares of First National Bank, there
were 525.205 voted at the special meeting, of which 525,172 were voted
in favor of the plan to sell the preferred stock and reduce the par value of
the common from $20 to $17. Thirty-three shares owned by one person
were voted in the negative.

The First National Bank of Butler, Butler, Mo., was
chartered by the Comptroller of the Currency on April 23.
It is a primary organization and is capitalized at $50,000,
half of which is preferred and half common stock. Carl J.
Henry heads the new institution with H. H. Lisle as Cashier.
Irving A Vant, President of the St. Joseph Stock Yards
Bank, St. Joseph, Mo., died at his home in that city on
April 26 after an extended illness. Mr. Vant began his

career at the age of 22 when he entered the banking department of Swift & Co. in Chicago. Later he was sent to
Denver where he was President of the Stock Yards Bank for
several years. In 1908 he went to St. Joseph to become
President of the St. Joseph Stock Yards Bank, the office he
held at his death. The deceased banker held directorate
memberships in more than 20 Middle Western concerns.
He was 63 years of age.
Regarding the affairs of the defunct Planters' Bank of
Wilson, N. C., advices from that place on April 21, appearing
In the Raleigh "News and Observer," had the following to
say:
R. H. Stevens, receiver and liquidator for the closed Planters' Bank of
Wilson, is preparing to pay a dividend of 15% to depositors which will
amount to $60,179.92.
He has collected $117,985.94 from all sources and has paid in preferred
claims $68,375.98. He has paid dividends amounting to $43,652.11, or 5%
of the unsecured claims, and above the running expenses of the bank during its liquidation, this income being derived from rents, interest or investment and miscellaneous items.

A dispatch from Melbourne, Fla., on April 21 to the
"Florida Times-Union" stated that a new institution has been
organized in that place under the title of the Bank of Melbourne with capital of $25,000 and a cash surplus of $1,500,
and will open for business as soon as arrangements can be
completed and organization details approved by the Federal
Government, which will insure deposits in the new institution. Officers chosen for the new bank, it was stated, were:
C. H. McNulty, President; Harvey Huggins, Vice-President;
John DeBarry, Cashier, and Gene Tucker, Assistant Cashier.

Dec. 27 last. It has been absorbed by the Sebastopol Savings Bank of the same place.
Effective Feb. 13 1934, The National Bank of Hardwick,
Feb.
Hardwick, Calif., capitalized at $25,000, went into voluntary
liquidation on Feb. 13. This institution was absorbed by The
First National Bank of Riverdale, Calif.
As of April 2, The First National Bank of Bremerton, Bremerton, Wash., capitalized at $100,000, was placed in voluntary liquidation. The institution was absorbed by The National Bank of Commerce of Seattle, Wash.
A condensed balance sheet of The Mitsui Bank, Ltd. (bead
office Tokyo, Japan) as of Dec. 31 1933, shows net profits
for the six months ending that date of 12,926,393 yen (including balance from last account of 6,960,799 yen and transfer from pension fund of 665,171 yen) which was allocated as
follows: 2,400,000 yen to take care of dividend to shareholders; 1,000,000 yen added to reserve fund; 559,800 yen contributed to pension fund, and 280,000 yen to pay a bonus,
leaving a balance of 8,686,593 yen to be carried forward to the
current half year's profit and loss account. Total assets are
shown in the statement as 926,774,905 yen, of which loans and
discounts amount to 409,395,376 yen; Japanese and Foreign
Government bonds to 177,191,543 yen; municipal and other
bonds to 103,856,294 yen; foreign bills purchased to 67,438,154 yen and cash in hand and at the Bank of Japan, etc.,
to 55,485,933 yen. On the debit side of the statement deposits
are given as 715,288,952 yen, this being a gain of 18,326,516
yen over those of six months ago. The paid-up capital of the
Institution is 60,000,000 yen and its reserve funds and undivided profits aggregate 63,486,593 yen. The New York
agency of The Mitsui Bank, Ltd., is at 61 Broadway.

Course of Bank Clearings.
Bank clearings this week will again show a substantial
increase as compared with a year ago. Preliminary figures
compiled by us, based upon telegraphic advices from the
chief cities of the country, indicate that for the week ended
to-day (Saturday, May 5) bank exchanges for all cities of
the United States from which it is possible to obtain weekly
returns will be 21.0% above those for the corresponding
week last year. Our preliminary total stands at $6,079,519,230, against $5,026,123,708 for the same week in 1933.
At this center there is a gain for the five days ended Friday
of 19.3%. Our comparative summary for the week follows:
1934.

1933.

Per
Cent.

New York
Chicago
Philkdelphla
Boston
Kansas City
St. Louis
San Francisco
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans

$3,532,157,187
201,442,365
263,000,000
182,000,000
62,066,592
59,900,000
100,413,000
89,113,225
69,122,151
51,302,658
48,920,225
23,034,000

$2,959,673,979
175,372,838
192,000,000
185.000,000
47,221,008
49,000,000
75,620,000
58,372,954
6,342.036
32,573,182
31,839,704
10,184,577

+19.3
+14.9
+37.0
-1.6
+31.4
+22.2
+32.8
+52.7
+989.9
+57.5
+53.6
+126.2

Twelve cities,5 days
Other cities, 5 days

$4,682,471,403
467,127,955

$3,823,200,278 +22.5
439,414,405 +6.3

Total all cities,5 days
All cities, 1 day

$5,149,599,358
929,919,872

$4,262,614,683
763,509,025

+20.8

86.079.519.230

85.026.123.708

+21.0

Cleartnos-Returns by Telegraph.
Week Ended May 5.

Total allcitles for week

+21.8

Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
last day
Dr. T. R. Henderson, President of the Bank of Commerce until noon to-day. Accordingly, in the above the
of the week has to be in all cases estimated.
of Greenwood, Miss, died suddenly in that city on April
In the elaborate detailed statement, however, which we
28. Dr. Henderson was born in 1854, began the practice of
present further below, we are able to give final and complete
medicine following his graduation from college, but retired
results for the week previous
-the week ended April 28. For
from active practice 40 years ago to engage in banking and
that week there is an increase of 27.3%, the aggregate of
planting. He had been President of the Bank of Commerce
clearings for the whole country being $5,199,104,746, against
since its organization in August 1904. Among other in$4,082,946,293 in the same week in 1933.
terests, he was Chairman of the board of the Greenwood Light
Outside of this city there is an increase of 34.7%,the bank
& Water Commission, an office he had held since 1905.
clearings at this center having recorded a gain of 23.8%. We
The State Bank Commissioner of Colorado on April 17 au- group the cities according to the Federal Reserve districts
in which they are located and from this it appears that in the
thorized the payment of a 10% dividend, amounting to $2,New York Reserve District, including this city, the totals
263,08, to the depositors of the Hartman State Bank at Hartrecord an increase of 23.3%, in the Boston Reserve District
man, Col., according to the Denver "Rocky Mountain News"
of 11.2% and in the Philadelphia Reserve District of 44.5%.
of April 18, which went on to say:
In the Cleveland Reserve District the totals are larger by
Checks were mailed to 135 depositors. It was the fourth dividend paid
38.5%, in the Richmond Reserve District by 41.0% and
to depositors of the institution.
in the Atlanta Reserve District by 40.3%. The Chicago
First
The First National Bank of Sebastopol, Sebastopol, Calif., Reserve District enjoys a gain of 58.7%, the St. Louis
with capital of $100,000, went into voluntary liquidation on Reserve District of 58.0% and the Minneapolis Reserve




Financial Chronicle

3038

District of 7.6%. In the Kansas City Reserve District the
totals record an improvement of 26.0%,in the Dallas Reserve
District of 40.9% and in the San Francisco Reserve District
of 28.5%.
In the following we furnish a summary of Federal Reserve
districts:

Our usual monthly detailed statement of transactions on
the New York Stock Exchange is appended. The results
for April and the four months of 1934 and 1933 are given
below:
Itionth of April.

1934.

1933.

Federal Reserve fists.
$
223,894,352
lat Boston_ _ _ _12 cities
3,479,385,781
2nd Newyork._12 ••
302,591,519
3rd Philadelpla 9 "
202,042,546
4th Cleveland__ 5 "
91,212,662
6th Richmond _ 6 "
93,209,936
6th Atlanta_...10 "
340,232,205
7th Chicago _ _ .19 "
87,999,024
8th St.Louls___ 4 "
68,265,179
9th Minneapolis 7 "
94,092,008
10th Kansas City 10 "
5 "
11th Dallas
42,715,383
176,464,151
12th San Fran_ _13 "
112 cities
Total
Outside N. Y. City

5,199,104,746
1,801,757,304

(lanntia --------32 nIt164

203 270 sst

2
201,319,518
2,821,465,039
209,468,860
145,852,747
64,705,804
64,301,686
214,409,129
55,691,469
63,439,256
74,673,222
30,314,718
137,304,844

Inc.or
Dec.

1931.

1932.

4,642,416,155 10,235,049,364
1,813,004,394 3,092,465,558

4,033,946,293 +27.3
1,337,724,392 +34.7
225.169.066

1934.

2
$
%
482,449,539
273,061,693
+11.2
+23.3 2,920,537,857 7,291,297,347
459,144,610
277,646,500
+44.5
188,137,734
+38.5
336,337,501
96,048,985
+41.0
154,217,052
+40.3
121,819,826
97,466,302
692.909,201
356,896,897
+58.7
+58.0
78,997,313
128,551,538
106,613,751
61,636,761
+7.6
91,430,326
+26.0
139,187,721
+40.9
50,712,331
34.962,034
+28.5
271,808,947
165,593,753

-1.7

210.459.008

369.453.087

We also furnish to-day a summary of the clearings for
the month of April. For that month there is an increase
for the entire body of clearing houses of 46.0%, the 1934
aggregate of clearings being $24,362,546,015, and the 1933
aggregate $16,691,338,654. In the New York Reserve
District the totals record an expansion of 48.1%, in the
Boston Reserve District of 25.8% and in the Philadelphia
Reserve District of 48.5%. The Cleveland Reserve District
records an improvement of 41.3%, the Richmond Reserve
District of 45.4% and the Atlanta Reserve District of 41.9%.
In the Chicago Reserve District the totals are larger by
66.7%, in the St. Louis Reserve District by 39.2% and in
the Minneapolis Reserve District by 22.9%. The Kansas
City Reserve District has to its credit a gain of 38.5%, the
Dallas Reserve District of 28.7% and the San Francisco
Reserve District of 30.4%.
April
1934.

April
1933.

Inc.or
160.or

Federal Reserve Foists.
$
2
%
1st Boeton_ _ _ _14 citt66
981,507,285
780,120,528 +25.8
2nd NewYork_13 " 16,469,617,332 11,117,735,653 +48.1
1,339,502,297
3rd Philadelpla 12 "
901,942,744 +48.5
863,097,958
610,901,708 +41.3
4th Cleveland_ _13 "
416,220,040
286,334,272 +45.4
5th Richmond _ 8 "
439,536,980
309,644,173 +41.9
6th Atlanta____15 "
1,456.805,387
874,122,617 +66.7
7th Chicago _ _ _25 "
314,617,183 +39.2
437,975,789
8th St.Louis_ _ _ 6 "
323,210,153
9th Minneapolls13 "
263,069.542 +22.9
539,046.433
389,200,774 +38.5
10th Kansas City 14 "
290,179,627
225,545,194 +28.7
11th Dallas
10 "
805,894,734
618,104,266 +30.4
12th San Fran_ _22 "

April
1932.

April
1931.

$
$
1,178,420,925 2,013,404,731
14,438,640,086 27,033,407,306
1,355,602,200 1,834,379,145
916,271,764 1,448,813,355
477,998,929
652,123,657
427,151,368
557,459,018
1,688,190,760 2,962,589,497
404,472,276
579,033,669
308,630,266
422,842,317
544,508,203
754,233,585
258,214,563
376,143,564
828,271,233 1,218,051,622

Total
165 cities 24,362,546,015 16,691,338,654 +46.0 22,826,372,573 39,712,451,460
8,273,931,313 5,902,515,643 +40.2 8,557,550,480 13,331,643,296
Outslde N. Y. City
rnmtrin

22 riling

1 009 ATI 181

010 040 887 -4-987

1

ay, 6701 40

1 118 71111 811

We append another table showing the clearings by Federal Reserve districts for the four months for each year
back to 1931:
4 Months
1934.
Federal Reserve Dints.
1st Boston_ _ _ _14 cities
2nd NewYork__13 "
3rd Philadelplal2 "
4th Cleveland-13 "
5th Richmond. 8 "
6th Atlanta___ _15 "
7th Chicago...25 "
8th St.Louis_ __ 6 "
9th 51inneapolls13 "
10th Kansas Clty14 "
10 "
11 ttt Dallas
12th San Fran. _22 "

2
3,759,344,596
59,836,673,482
4,856,797,264
3,228,473,895
1,591,225,443
1,753,138,234
5,369,071,117
1,723,338,006
1,252,628,492
2,120,515,633
1,990,077,799
3,114,265,824

4 Months Inc.or 4 Months
1933.
Dec.
1932.
2
3,160,137,415
48,454,061,649
4,265,628,523
2,586,172,441
1,268,275,157
1,204,136,821
3,702,209242
1,246,041,009
944,267,413
1,571,642,431
875,964,023
2,382,072,261

%
+19.0
+23.5
+13.9
+24.8
+25.5
+45.6
+45.0
+38.3
+32.7
+34.9
+36.9
+30.7

4 Months
1931.

$
4,681,301,734
61,345,596,837
5,338,134,718
3,754,391,831
1,940,324,373
1,716,970.278
6,670,109,088
1,673,104,306
1,227,773.139
2,218,345,172
1,127,295,791
3,400,496,186

2
7,405,371,234
101,478,090,124
7,346,209,608
5,739,750,272
2,541,882,968
2,316,140,369
11,586,215,131
2,326,182,406
1,671,390,602
3,093,070,462
1,540,228,608
4,725,079,792

165 cities 89,805,549,785 71,660,608,485 +25.3 95,093,843.453 151,440,046,576
Total
31,503,411,635 24,605,818,385 +28.0 35,612,717,143 52,367,119,661
Outside N. Y. City
nntmrin

22 tlitiP0

4 677 540 100

A WA RI/ 671 4-218

4 176 116 nan

g 6.700 911

Four Months.

Description.

SUMMARY OF BANK CLEARINGS.

Week Ended Apr. 28 1934.

May 5 1934

1933.

1934.

1933.

Stocks, number of shares. 29,845,282 52,896,596
171,141,487
111,025.645
Bonds.
RR. At miscell. bonds... $256,884,000 $144,626,000 $1,033,636,000 $ 526,237,900
State, foreign, &c.. bonds 49,681,500 66,992,500
275,542,500
234,187,500
U.S. Government bonds. 55,635,100 59,678,700
197,498,300
198,183,800
Total bonds

2362,200,600 2271.297,200 21,507,362,300

2957.923.700

The volume of transactions in share properties on the
New York Stock Exchange for the four months of 1931 to
1934 is indicated in the following:
1934.
1933.
1932.
1931.
No. Shares. No. Shares. No. Shares. No. Shares.
Month of January
February
March

54,565,349
56,829.952
29,900.904

First quarter

18,718,292
19,314,200
20.096,557

34,362,383
31,716,267
33,031,499

141,296,205

58.129,049

99,110,149 172,263,252

29.845.282

52.896.596

31.470 916

And'

42,423,343
64,182,836
65,658,034

54 248 838

The following compilation covers the clearings by months
since Jan. 1 1934 and 1933:
MONTHLY CLEARINGS.
Clearings, Total All.

Clearings Outside New York.

Month.
1933.

1934.

1934.

1933.

$
Jan__ 21,405,271,488 20,122,335,279 +6.4 7,853,017,094 7,476,410,254 +5.0
Feb_ _ _ 20,514,521,753 18,384,063,574 +11.6 7,014,619,755 6.220,346.776 +12.8
Mar _ _ 23,523,210,529 16,462,870,978 +42.9 8,364,843,473 5,006,545,712 +67.1
1st qu_ 65,443,003,770 54,969,269,831

+19.1 23,232,480,322 18,703,302,742 +24.2

April._ 24,362,546,015 16.691.338.654 +46.0 8,273,931,313 5,902,515,643 +40.2

The course of bank clearings at leading cities of the country
for the month of April and since Jan. 1 in each of the last
four years is shown in the subjoined statement:
BANK CLEARINGS AT LEADING CITIES IN APRIL.
April
Jan. 1 to April 301934. 1933. 1932. 1931. 1934.
(000.000s
1933.
1932.
1931.
omitted.)
$
$
$
$
$
$
$
$
16,089 10,789 13,969 26,381 58,299 47,055 59,481 99,073
New York
Chicago
934
691 1,112 1,901
3,406
2,692
4,264
7,401
Boston
851
677 1,023 1,804
3,268
2,734
4,059 0,596
Philadelphia
1,285
859 1,279 1,697 4,644
4,065 5,028
6,820
St. Louis
272
286
410
212
1.091
823
1,124
1,654
Pittsburgh
626
1,380
371
372
264
1,118
1,538
2,481
San Francisco
459
451
654
357
1,735
1,378
1,873
2,534
Baltimore
249
224
344
144
831
633
1,023
1,341
Cincinnati
182
252
137
691 . 550
187
761
1,011
Kansas City
274
367
202
1,084
278
823
1,135
1,569
Cleveland
463
301
250
163
923
741
1,220
1,818
Minneapolis
207
178
200
267
786
620
790
1,061
New Orleans
134
97
168
59
402
294
511
739
59
Detroit
591
1.157
34
310
383
294
2,347
Louisville
96
102
66
396
75
269
317
404
Omaha
98
110
153
70
469
263
406
620
Providence
34
51
28
41
134
111
159
197
Milwaukee
69
104
58
42
211
166
295
411
Buffalo
117
199
89
111
433
361
482
697
St. Paul
91
53
66
80
327
208
266
359
Denver
65
83
84
119
292
253
332
417
Indianapolis
47
34
53
73
184
150
224
299
Richmond
113
111
140
90
455
372
462
593
Memphis
54
55
36
49
229
139
196
224
Seattle
92
101
141
76
359
287
414
557
Salt Lake City_ _
42
32
38
65
162
133
170
250
Hartford
41
37
54
31
141
120
149
209
Total
22,772 15,478 20,833 37,281 83,489 66,741 86,978 141,682
Other cities
1,591 1,213 1,993 2,431
6,317
4,920 8,116
9,758
_
Total all
24,363 16,691 22,826 39,712 89,806 71,661 95,094 101,440
Outside N. Y. City 8,274 5,903 8,858 13,332 31.506 24,606 35,613
52,367

We now add our detailed statement showing the figures
for each city separately for April and since Jan. 1 for two
years and for the week ended April 28 for four years:

CLEARINGS FOR APRIL, SINCE JANUARY 1, AND FORWEEK ENDING APRIL
28.
Month of .4pr U.

Four Months Ended April 30.

1934.

1933.

Inc. or
Dec.

2

$

%

First Federal Reser ye District- Boston
-Bangor
2,056,316
1,542,852
Me.
7,441,359
Portland
3,48.8314
-Boston
850.737,651
676,572,754
Mass.
2,777,264
2,147,290
Fall River
1,653,219
1,415,153
Holyoke
1,187,501
992,936
Lowell
2.563,329
1,907,481
New Bedford
11,227,791
11,400,961
Springfield
3,816,715
5,120,960
Worcester
30,956,239
40,761,567
-Hartford
Conn.
14,821,876
13,112,913
New Haven
3,316,500
4,814,400
Waterbury
27,825,800
34,263,000
Providence_ _ _
R. I
1,624,620
2,081,052
-Manchester
N.20.
Total (14 cities)._




981,507,285

1934.
$

+33.3
8,236,946
+113.3
29,064,602
+25.7 3,268,198,569
+29.3
10,265,968
+16.8
5.879,969
+19.6
4,757,087
+34.4
9,909.590
-1.5
44,434,031
+34.2
20,389,122
+31.7
140,819,586
+13.0
57,786,195
+45.2
18,420,400
+23.1
133,659,000
+28.1
7,523,531
780,120.528 +25.8 3,759,344,596

. 1933.
$

Week Ended April 28.

Inc. or
Dec.

1934.

1933.

0

Clearings at
-

$

$

5,619.276
21,175,831
2,734,047,045
8,773,656
5,217.394
4.059,536
7,788,268
43.339,376
20,942,767
119,854,699
57,509,937
13,756,800
111,433,900
6,618,930
3,160,137,415 +19.0

489,671
1.835,164
194,739.582
650,415

402,248
915,733
177,000,000
520,216

Inc. or
Dec.
1932.
%
$

1931.
$

+21.7
+100.4
+10.0
+25.0

339,400
1,845,649
244,000,000
583.791

655,800
3,183,882
435,586,006
1,141,028

266.874
502,247
2,754,610
1,290,634
9.827,325
3,521,777

248,420 +7.4
465,430 +7.9
2,290,622 +20.3
1,110,000 +16.3
8,150,031 +20.6
3,223,542 +9.3

330,755
578,458
3,247,101
1,962,395
7,674,753
4,935,657

517,529
935,583
4,552.124
3,453,927
12,633,064
7,615,763

7,569,700
440,353

6,504,400 +16.4
488,876 -8.7

7,120,600
443.044

11,597,400
577,435

223,894,352

201,319,518 +11.2

273,061,693

482,449,539

3039

Financial Chronicle

Volume 138

CLEARINGS-(Continued).
Four Months Ended April 30.

Month of April.

Week Ended April 28.

Clearings at
1934.

1933.

Inc. or
Dec.

1934.

%

$

$
$
Second Federal Res erve District -New York
32,543,111
-Albany
Y.
28.831,830
3,065.035
Binghamton
3,406.38.5
89,210,416
Buffalo
111,153,222
2,451,499
Elmira
2,046,484
1,300,076
Jamestown
1.971.180
16,088,614,702 10,788,823,011
New York
25,938,023
23,413,976
Rochester
11,703,846
14.196.234
Syracuse
10.395,292
9,221,517
onn.-Stamford
. 1.
1,418.789
1,000,000
-Montclair
59.946,466
72,568,278
Newark
Northern N. J
105,078,316
91,611.063
3,998,597
Oranges
3,445,637

1933.

Inc. or
Dec.

1934.

1933.

Inc. or
Dec.

1932.

1931.

$

%

$

$

%

$

$

146,015,360 +4.8
153,070,182
-11.4
6,736,468
8,768.609
14.988,282
12.800,415 +17.1
+11.1
624,368
636,290
433,395.842
361,227,693 +20.0
20,318.142
+24.6
26,208,654
8,917,131
10,225,870 -12.8
522,573
-16.5
501,359
7,669,269
6.485,622 +18.3
+51.6
440,426
250,678
+49.1 58,299,138.150 47,054,790,100 +23.9 3,397.347,442 2,745,221,901
105,950,565
9,5,727,224 +10.7
+10.8
5,222,843
5,194.264
51,381,046 +11.6
57,340,025
+21.3
3,388,344
3,216,486
42.249,445
37,681,537 +12.1
+12.7
2,057,920
2.307,705
6,181,999 -1.3
6,099,516
+41.9
254,131
300,000
275,004,203
+21.1
260,962,791
+5.4
14,415,782
15.021.899
419,718,322
396,821.080 +5.8
+14.7
21,332,142
20.562.394
13,760,912 +2.7
14.132.550
+16.0

7.030,078
5,932.582
-23.2
1.114.599
631,049
-1.9
41,865,682
23,462,336
+29.0
971.646
-4.1
631,381
873,324
505,553
+75.7
+23.8 2,829,411,761 7,142,583,806
12,055,087
+0.6
6,198.547
6,830.985
3,459,767
+5.3
2,770.147
2,632.907
+12.1
703,544
-15.3
433,278
35,270,184
21.648,432
+4.2
39.228.265
25.590,264
+3.7

Total (13 cities)... _ 16,469,617,332 11,117.735,653 +48.1 59,837,673,482 48,454,061,649 +23.5 3.479,385,781 2,821,465,039 +23.3 2.920,537,857 7,291,297.347
Third Federal Rese rve District- Philadelphia-Altoona
9,
1,471,145
1,132,485 +29.9
b
b
Bethlehem
b
Chester
1,239,831
1,033,958 +19.9
Harrisburg
7,156.968
6.565,895 +9.0
Lancaster
3,724,481
2,867,512 +29.9
Lebanon
1,407,873
1,264,516 +11.3
Norristown
1,918,532
1,514,453 +26.7
Philadelphia
1.285,000,000
858,704,000 +49.6
Reading
3,836,839 +15.8
4,441,797
Scranton
9.167,811
6,917,163 +32.5
Wilkes-Barre
6,137,492 -4.2
5,878,300
York
3,796,431 +26.8
4,815.059
Trenton
8,172,000 +62.5
13,280,500

5.541,443
b
4,577,329
26,118,820
12,600.388
4.820,193
7,110,115
4.644.000,000
17,553,761
36,401,290
23,878.719
16,408,106
57,787,100

3,492,865
b
3,874,435
27,477,440
11.956,403
4,497,712
6,117,006
4,064,666,000
18,952,999
32,264,692
23,028,644
14,319,727
54.980,600

+58.7
b
+18.1
-4.9
+5.4
-7.2
+16.2
+14.3
-7.4
+12.8
+3.7
+14.6
+5.1

901.942,744 +48.5

4,856,797,264

4,265,628,523 +13.9

Fourth Federal Res erve District- -Clevelandc
c
hlo-Akronc
2,832,023 +76.9
Canton
5,010,536
137.366,656 +32.4
Cincinnati
181.862.818
163,021,266 +53.6
Cleveland
250,346,991
28,604,900 +20.0
Columbus
34,335,600
1,521,189 +3.1
Hamilton
1,568,914
261,742 +109.8
549.231
Lorain
Mansfield
3,343,753 +43.5
4.796,867
b
b
Youngstown
b
a.
595,772 -7.7
-Beaver Co
.550,000
Franklin
247,000 +46.0
360,573
Greensburg
525,163 +51.6
796.295
Pittsburgh
263,542,625 +41.1
371,741,024
:y.
-Lexington
3,350,556 +6.4
3,566,415
7. Va.-Wheeling_ _ _ _
5,689,113 +32.9
7,562,694

c
18,757,725
691.259,706
922,923,997
135,651,900
6,166.028
2,055,946
18,228.156
b
2.141,018
1,343,597
2,664,930
1,379,909.943
22,723,998
24,646.951
3,228,473,895

c
11,160,532
549,996,439
741.410,827
103,239,050
5.362,487
1,177,023
11.854.424
b
2,244,277
1,002,014
2,669.559
1,117,840,017
16,990.739
21,225,053
2,586,172,441

+55.0
+19.7
b
+57.3

2,148.047
31.751,000
454,570,245
c
14.477,956
24,782,515
831,141,698
4,017,553
b
228,336,429

4,057,078
34,601,000
372,471,799
c
9,936,257
d6.205,325
632,745,550
3,073,141
b
205,185,007

286,334,272 +45.4

1,591,225.443

Total(12 cities)

1,339,502,297

Total (13 cities).---

863,047,958

610.901,708 +41.3

Fifth Federal Reser ye District- Richmond
7. Va.-Huntington_.
524,987
538,764
a.
-Norfolk
8,832,000
8.175.000
Richmond
90.229.375
110.624,614
l. C.
-Raleigh
c
c
. C.
-Charleston..,_
3.776,856
2,485,240
Columbia
b
6,913,900
Id.
-Baltimore
223,824,809
144,409,596
Frederick
1,068,763
892,556
Hagerstown
b
b
I. C. Washington.- - 61,297.334
38.960.518
Total (8 cities)

416,220,040

Sixth Federal Reset ye District- Atlantaenn.-Knoxville
9.948,247
17,249,238
Nashville
48,940,703
34,758,111
a.
-Atlanta
157,200,000
110.800,000
Augusta
4.199,242
3,595,022
Columbus
2,171,563
1,673,024
Macon
2,127.188
1.677,327
la.
-Jacksonville 47,639,049
32,578,771
1%Tampa
3,405,026
4,699.867
la.
-Birmingham____
36,112,819
53,711,689
Mobile
3,023,602
4,119,911
Montgomery
1,845,855
2,828,388
fiss.-Hattlesburg ... _
2.730,000
3.507,000
Jackson
b
b
Meridian
1,015,555
1,048,343
Vicksburg
386,484
440,984
a.
-New Orleans
96,954.808
58,793,339

+2.6
-7.4
+22.6
c
+52.0

272.133
b
318,136

257,360 +5.7
b
b
250,230 +27.1

398,852
b
405,610

760,080
b
905,315

821,843

685,193 +19.9

1,063,113

1.543,107

292,000,000
868,733
1,920,483
1,162,214
960,177
4,267,800

202,000,000 +44.6
1,050,937 -17.3
1.381,500 +39.0
1,483,163 -21.6
882.477 +8.8
1,478,000 +188.8

265,000,000
2,316,813
1.975,627
1,559,225
1,149.260
3,778,000

436,000,000
4,102,285
5,361,983
3.543,614
1,947,226
4,981,000

302,591,519

209.468.860 +44.5

277,646,500

459.144,610

c
48.1
c
+25.7
41,182,194
+24.5
61,682,011
+31.4
7,707,400
+15.0
+74.7
+53.8
1,047,968
b
b
-4.6
+34.1
-0.2
+23.4
90,422,973
+33.7
+16.1
+24.8 202,042,546

c
c
c
c
29.975.477 +37.4
45.606,337 +35.2
5,908,500 +30.4

c
c
37,703,038
61,384,208
6,551,600

59,004,871
106,453,385
12,951,800

756,535 +38.5
b
b

807,614
b

1,293.151
b

63.605,898 +42.2

81,691,274

156.634.294

145,852,747 +38.5

188,137.734

336,337.501

300,000 -64.6
2.031,000 -14.7
22,776,793 +21.1

385,819
2,581,104
26,480.923

571,702
4.083,946
36,166.275

-47.1
-8.2

422.0

106.318
1,733,000
27,589.960

c

c
+45.7
+299.4
+31.4
+30.7
b
+11.3

778,420

578,795 +34.5

761,697

1,720,234

48,961,394

32.092,188 +52.6

48,533,935

87,589,464

12,043.570

6.927,030 +73.9

17,305,507

24,085,431

1.268,275,157 +25.5

91,212,662

64.705,804 +41.0

96,048,985

154.217.052

+11.5
+37.4
+55.6
+47.7
+27.2
+72.3
+37.5
+24.1
+65.4
+35.2
+47.8
+28.0
b
+5.4
+21.4
+36.5

2,023,017
10,336.312
33,300,000
852,062

3,325,550 -39.2
7.765.519 +33.1
24,000,000 +38.8
844,046 +0.9

1,789.188
8.190.915
25,900,000
690,035

2,500.000
12,647,135
36,559,040
1,520,902

441,510
10,025,000

412,431 +7.1
6,866.022 +46.0

485,068
8,572.754

818,380
11.354,035

11,303,705
861,839

8,072,673 +40.0
657,844 +31.0

8,615,269
767.319

13,862,244
1,406.777

89,902
20.976,589

77.499 +16.0
12.280,102 +70.8

85,232
42,370,522

124,715
41.026,598

31,249,238
135,891,299
404,200,00C
11,940,107
6,329,929
5,848,902
128,880,77
14,931,629
133,981,849
12,294,69f
6,751.87l
11.337.00C
b
4,528,591
1,696,688
294.274.261

-42.3
+40.8
+41.9
+16.8
+29.8
+26.8
+48.2
+38.0
+48.7
+36.3
+53.2
+28.5
b
+3.2
+14.1
+64.9

34,854,246
186,707,892
628,900,000
17.629,915
8.052,080
10.079,236
177,227,514
18,531,668
221,663,495
16,624,592
9,980.773
14,515,000
b
4,772,417
2,060.197
401.539,209

309.644,173 +41.9

1,753,138,234

1,204,136,821 +45.6

90,209,936

64,301,686 +40.3

97,466,302

121,819.826

Seventh Federal Re serve District -Chicagofich.-Adrian
b
237,342
Ann Arbor
1,982,843 -3.1
1,921.209
Detroit
34,009,701 +811.6
310,036,802
Flint
5,993,263
1,880,035 +218.8
Grand Rapids
3,099,857 +112.6
6,590,096
Jackson
3,751,545 -67.0
1.237.922
Lansing
855,437 +419.6
4,444,735
nd.-Ft. Wayne
1,580.651 +55.6
2,459,963
Gary
6,716,321
5,314,008 +26.4
Indianapolis
34,158,000 +36.4
46,577,000
South Bend
3,325,097
1,631.444 +103.8
Terre Haute
15,133,773
11,837,388 +27.8
Via -Madison
1,974,654
1,187,339 +66.3
Milwaukee
58,463,311
42,415,642 +37.8
Oshkosh
1,265,000
473,258 +167.3
-Cedar Rapids
b
1,293,039
a.
b
Davenport
b
b
23,340,669
15,395,764 +51.6
Des Moines
b
h
b
Iowa City
9,637,512
7.100.755 +35.7
Sioux City
b
b
b
Waterloo
913,351
617,282 +48.0
11.-Aurora
Bloomington
1,613,848
902.887 +78.7
690.838.725 +35.2
933,758,512
Chicago
2,166.621
1,721.432 +25.9
Decatur
7,594,717 +41.7
10,759,600
Peoria
3,353,202
2.420,096 +38.6
Rockford
3,592.485
3,353.83
+7.1
Springfield

935.068
8,155,770
1,157,417,377
22,163.524
25.504,044
4,951.915
14,816,48
9,199,259
26.456.525
184,442,000
12,010,212
61,973,401
7,273,843
211,196,592
4,855,914
4,803,544
b
87.171,485
b
38,013.570
b
3,322.932
5,521,723
3,406,492,719
8,247.907
41,128,589
9,665,241
13.351,675

521,243 +79.4
8.777,869 -7.1
383,470.523 +201.8
10,897.027 +103.4
21,132,753 +20.7
9,290,998 -46.7
4,779,675 +210.0
8,921,825 +3.1
19,218,212 +37.7
149,562,715 +23.3
10,693,223 +12.3
49,521,065 +25.1
3,831,940 +89.8
166.113,904 +27.1
1,542,912 +214.7
2,023,858 +137.3
b
b
66,840,027 +30.4
b
b
26,423,878 +43.9
b
b
2,042.374 +62.7
6.885,409 -19.8
2.692.432.499 +26.5
5,819,545 +41.7
29,544,233 +39.2
7.704,425 +25.5
14,217,210 -6.1

43,000
282,849
81,726,345

b
383,178 -26.2
7,264,798 +1025.0

85,690
608,111
66,758,472

151,762
427,355
144,051.619

1.447.308

692,486 +109.0

2,427,476

5,293,265

1,092,182
556,277

252,300 +332.9
491.119 +13.3

1,891.200
1,036.976

2,498,000
3,200.736

10,543,000
765,523
3,629,546

8,179,000 +28.9
435,727 +75.7
3,160,987 +14.8

11,221,000
954,739
3,080,225

18,960,000
2,313,548
4,190,336

11,832,025

10,364,222 +14.2

14,652,425

22,192,480

425,824
215.705,898
469.243
2,560,771
880,435
915,848

248,157
174,377,995
494,336
1,927,778
669,171
665,014

5,369,071,117

3,702,209,342 +45.0

340,232,205

Total (15 cities)__

Total (25 cities)

__

439,536,980

1,456.805,387

874,122,617 +60.7

Eighth Federal Res erve District- -St. Louis
b
b
ad.-Evansville
b
b
New Albany
211,821,455
286.379,886
rich-St. Louis
66,243,659
iy.-Loulsville
96,088,384
b
b
Owensboro
b
b
Paducah
35,711,854
renn.-Memphis
53,696,151
170,388
b
IL-Jacksonville
1,641,000
840,215
Quincy
Total (6 cities)




437,975,789

+96.3

b
b
1,091.369,654
396,159,827
b
b
229,424.965
622.560
5,761,000

314,617,183 +39.2

1,723,338,006

b
b
+35.2
+45.1
b
b
+50.4

b
b
823,059,888
269,436,488
b
10.840,020
139,302,108
e258,213
3,144,292

b
b
+32.6
+47.0
b

b

263,111

b

b

b

b

720,291

b

2,588,623

5,055,076

3,234,609 +56.3

5.840,508

6,954,946

2.037.944
b

1,668,252 +29:9
b
b

2,600,175
b

4,621.263
b

+71.6
+23.7
-5.1
+32.8
+31.6
+37.7

1,007,289
238,260,060
633,296
2,457,760
1,030.449
1,630,755

1,558.879
463,136,632
1.174.288
4,165.266
2,609,560
2,820,643

214,409,129 +58.7

356,896,897

692,909.201

b

b

Is

b

b

66,200,000
19.790.593

39,700,000 +66.8
14,991,469 +32.0

55,100,000
15.296,771

94,000,000
21,992.156

+64.7
+141.1
+83.2

1,624.431
b
384,000

600,000 +170.7
Is
b
400,000 -4.0

8,049,849
Is
550,693

11,682,500
b
876,882

1,246,041,009 +38.3

87.999,024

55.691,469 +58.0

78,997.313

128.551,538

3040

Financial Chronicle

May 5 1934

CLEARINGS-(Concluded.)
Month of April.

Four Months Ended April 30.

'Week Ended April 28.

Clearings at
1933.

1934.

1933.

Inc. or
Dec.

$

$

%

1934.
$

$

Inc. or
Dec.

1932.

1931.

%

1933.

$

$

MinC.J..CD1.365b.L.14,6

S
$
Ninth Federal Res ?. rye District- MinneapolisMinn.
-Duluth
•
8,598,371
8,387,798
Minneapolis
206,685,902
177,557,137
Rochester
•
707,339
719,929
St. Paul
79,893,501
52,510,856
N. D.
-Fargo
6,972,194
5,760,312
Grand Forks
3,198,000
2,527,000
Minot
527,848
537,000
S. D.
-Aberdeen__ _ _
1,736,495
1,973,270
Sioux Falls
3,453.076
3,347,910
1,413,640
1.014,613
Great Falls
1,754,974
1,067,122
Helena
8.120,783
7,515,655
Lewistown
148,030
150,940

,

1934.

Inc. or
Dec.

31,825,477
786,245,082
2,822,248
326,857,157
25,738,596
12,380,300
1,987,725
6,907,338
13,604,782
5,339,967
6,543,715
31,809,326
566,779

1,656.542

1,641,495

+0.9

1,488,996

2,332,300

263,069,542 +22.9

1,252,628,492

944,267,413 +32.7

68,265.179

63,439,256

+7.6

61,636,761

106,613,751

Tenth Federal Res:rve District- Kansas City- Neb.-Fremont
347,158
193.924 +79.0
•
.300,000
b
b
Hastings
•
8,518,318
6,139,492 +38.7
Lincoln
Omaha
110,180,109
69,938,721 +57.5
6,258,184
Kan.
5,357,797 +16.8
-Kansas City - •
Topeka
6,884,406
5.828,151 +18.1
•
9,024,283
6,352,062 +42.1
Wichita
•
1,361,611
1,059,068 +28.6
Mo.-Joplin
274,484.339
202,414,211 +35.6
Kansas City
•
11,338,073
St. Joseph
9,028,000 +25.6
Okla.
-Tulsa
22,058,167
14,576,613 +51.3
Cob -Cob. Springs_
1,896,000
2,001,267 -5.3
84,454.086
64.636,449 +30.7
Denver
1,941,699
Pueblo
1,675,019 + 15.9

1,233,028
1,180,304
33,682,035
469.260,999
23,914,170
27,596,034
33,300,570
5,282,800
1,084,496,868
47,569,604
85,922,370
7,486,703
292,062,226
7,527,922

1,111.309
950,000
23,834,584
263,276,375
21,818,122
24,272,941
39,093,776
4,532,685
823,235,627
36,670,604
59,811,940
8,688,888
252,614,872
11,730,708

81,928
52,184
1,653,918
22,363,809

46,469 +76.3
b
1,571,440 +5.2
19.332,396 +15.7

162.859
134,497
2,200,172
21,951,300

278,045
358,030
2,974,549
38,131,072

1,778,480
2,173,515

1,203,049 +47.8
1,380.617 +57.4

1,526,528
3,481,776

2,666,554
4,649,299

62,603,462
2,625,033

48,330,239 +29.6
2,030,878 +29.3

58,283,575
2,523,558

84,144,179
4,110,569

Total (13 citles)__-.

Total (14 Mies)__ .

Eleventh Federal
Texas-Austin
Beaumont
Dallas
El Paso
Fort Worth
Galveston
Houston
Port Arthur
Wichita Falls
La -Shreveport

323,210,153

539,046,433

389,200,774 +38.5

: eserve Distric t-Dallas
3,612,273
2,853.095
2,424,518
2,306.485
•
138,576,780
93,867,646
10,176,835
7,831,642
•
7,959,024
16,914,345
•
7,854,000
5,808,000
•
96,875,062
84,980,827
1,113,377
997,689
2,610,045
1,841,000
•
8,977,713
8,144,565

2,120,515,633

27,579,622
620,386,022
2,599,456
207,634,555
21,871,797
8,216,000
1,857,596
7,354,352
11,173,914
3,781,866
4,604,499
26,727,987
479,747

+15.4
+26.7
+8.6
+57.4
-1-17.7
+50.7
+7.0
-6.1
+21.8
+41.2
+42.1
+19.0
+18.1

+11.0
+24.2
+41.3
+78.2
+9.6
+13.7
-14.8
+16.5
+31.7
+29.7
+43.7
-13.8
+15.6
-35.8

1,571,642,431 +34.9

13,247,215
11,179,618
551,277,041
43,222,352
80,727,717
35.659,000
415,642,331
4,618,979
10,001,433
33,502,113

11,100,170
9,387.536
377.741,823
33,725,840
67,303,735
27.546,000
306,773,595
3,461,076
7,720,000
31,204,248

225,645,194 +28.7

1,199,077,799

875,964,023

Twelfth Federal R serve District -San Franci see
Wash.-13ellingham_ _
.4,000,000
1,174,000 +240.7
Seattle
91.903,396
76,964,852 +21.0
Spokane
24,791,000
13,348,000 +85.7
Yakima
1,658.555
936,170 +77.2
Ida.
-Boise
3,364,788
1,830,109 +83.9
-Eugene
Ore.
597.000
341,000 +75.1
Portland
86,523,486
62,219,148 +39.1
1,867,508
Utah-Ogden
1,382,169 +35.1
41,910,260
Salt Lake City
32,161,696 +30.3
-Phoenix
Ariz.:
7.972,966
6,080,620 +31.1
•
2,981,946
Calif.-Bakersfield_
2,078,234 +43.5
Berkeley
18,658,562
10,876,120 +71.6
Long Beach
12,670,434
11,292,926 +12.2
Modesto
1,776,308
1,166,849 +52.2
Pasadena
11,930,056
10,319,194 +15.6
Riverside
3,085,105
2,862,702 +7.8
Sacramento
18,436,465
10,524,743 +75.2
San Francisco
451,270,375
357,287,913 +26.3
San Jose
7,444,818
5,508,173 +35.2
Santa Barbara
4,596,688
3,680,236 +24.9
Santa Monica
3,500,714
3,162,196 +10.7
Stockton
4,956,304
3.907,216 +26.9

8,429,000
359,036,610
100,616,000
7,229,385
12,771,773
2,023,000
336,663,989
7,783,704
162,477,554
33,178,550
12,428,188
88,791,572
46,416,514
7,633,810
46,593,463
11,153,533
59,713,110
1,735,241,916
26,704,163
16,439,523
13,735,566
19.204,901

4,489,000
286,623,600
52,891,000
4,023,304
7,985,904
1,312,000
221,982.880
5,506,680
132,940,803
22,610,068
8,487,933
44,672,123
41,522,202
4,780,768
42,141,909
9,189,530
51,866,056
1,378,137,316
19,916,108
13,561.392
12,341,946
15,089,739

Total (10 citlea)___ •

290,179,627

+19.3
+19.1
+45.9
+28.2
+19.9
+29.5
+35.5
+33.5
+29.6
+7.4

2,544,636 -32.4
44,211.437 +5.7

2,044.657
42,257,813

3,143,052
76,611,723

15,889,183
1,531,962

13,012,164 +22.1
1,332,117 +15.0

13,479,854
1.540,584

21,408,863
1,693,914

373,124

450,865 -17.2

574,063

880,187

341,842

246.542 +38.7

250,794

643,712

328,460

440,992 -25.5

536,054

504,041

431.219

337,143 +27.9

630,007

1,371,383

94,092,008

74,673,223 +26.0

91,430,326

139,187,721

719,459

578,109 +24.5

932,938

1,616,040

34,062,870

22,865,895 +49.0

24,464,247

35,808,689

4,224,874
1,817,000

3,926,446 +7.6
1,331,000 +36.5

6,143,732
1,549,000

7,285,740
2,311,000

1,891,180

1,613,268 +17.2

1,872,117

3,689,962

42.715,383

1++++++++++++1++++++++

+26.6
+5.1
+47.6
+29.9
+6.2
+35.2
+14.0
+11.6
+41.8
+10.2

1,721,324
46,751,202

30,314,718 +40.9

34,962,034

50,712,331

21,097,016
5,148,000
356.516

18,107,003 +16.5
3,111,000 +65.5
235,909 +51.1

19,741,005
4,924,000
345,979

31,703,430
8,562,001
763,381

19,526,172

13,963,027 +39.8

15,609,177

29,632,619

9,822,057

7,584,911 +29.5

8,020,087

13,868.800

3,255.402

2,692,050 +20.9

3,021,481

5,620,676

2,743,160

2,238,859 +22.5

2,754,430

5,061,915

+28.0
6,717,669
+22.3
99,645.466
+24.1
1,818,411
+45.8
940,516
+14.5
926,066
+25.2
1,130,466
137,304,844 +28.5 165,593,753

7,366,004
161,324,890
2,495,178
1,842,949
1,792,205
1,774,900

3,281,990
106,185,504
1,926.137
1,131,895
814,671
1,175,631

2,563,847
86,829,865
1,552.156
776,248
711,205
938.764

Total (22 cities)._ _ _
805,896,734
176,464,151
618,104,266 +30.4 3,114,265,824 2,382,072,261 +30.7
271,808,947
Grand total (165 cities) 24,362,546,015 16,691,338,654 +46.0 89,805,549,785 71,660,608,485 +25.3 5,199,104.746 4,082,946,293 +27.3 4,642,416,155 10235049,364
Outside New York.. _ _ _

8,273.931,313 5,902,515,643 +40.2 31,506,411,635 24,605,818,385 +28.0 1,801,757,304 1,337,724,392 +34.7 1,813,004,394 3,092,465,558

CANADIAN CLEARINGS FOR APRIL, SINCE JANUARY 1, AND FOR WEEK ENDING APRIL 26.
Month of April.

Four Months Ended April 30.

Week Ended April 26.

Clearings at
1934.
CanadaMontreal
Toronto
Winnipeg
VAncouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William
New Westminster
Medicine Hat
Peterborough
Sherbrooke
Kitchener
Windsor
Prince Albert
Moncton
Kingston
Chatham
Sarnia
Sudbury

S
367,765,764
457,713,480
137,785,696
63,305,563
17,874,515
15,872,023
8.867,857
16,975,107
17,973,542
6,906,924
6,220,686
10,640,869
15,342,527
11,591,313
1,211,886
1,558,806
4,757,865
1,817,863
3,188,339
2,333,050
2,029,844
824,532
2,642,144
2,463,796
4,227,424
9,399,267
1,053,896
2,740,987
2,158,473
1,813,536
1,776.772
2,837,858
1,203,673,104

Total (32 cities,
*Estimated:

1933.
$
275,086,295
318,660,718
160,218,793
44,578,751
14,402,892
13,964,051
7,442.785
12,694,469
18,137,775
5,314,119
4,880,877
8,741,696
13,234,527
12,678,528
1.084,408
1,204,647
4,278,275
1,765,290
2,784,325
1,963,594
1,555,961
698,515
1,968,700
2,114.714
2,976,732
7,915,019
850,850
2,231,180
1,773,046
1,485,667
1,377,427
1,878,021

Inc. or
Dec.

1934.

%
+33.7
+43.6
-14.0
+42.0
+24.1
+13.7
+19.1
+33.7
-0.9
+30.0
+27.5
+21.7
+15.9
-8.6
+11.8
+29.4
+11.2
+3.0
+14.5
+18.8
+30.5
+18.0
+34.2
+16.5
+42.0
+18.8
+23.9
+22.8
+21.7
+22.1
+29.0
+51.1

IS
1,409,759,025
1,819,870,711
540,364,157
242,222,837
67,567,410
59,973,746
32,861,603
60,060,846
70,412,837
25,600,642
24,631,773
39,410,604
58,398,625
43,837,281
4,306.478
5,889,584
17,472,380
7,181,289
12,189,837
8,613,115
7,627,740
3,135,979
9,679,373
8,636,670
16,676,947
34,732,478
4,112,332
10,630,672
7,916,813
7,045,359
6,670,752
10,050,516

949,942,647 +26.7

4,677,540,309

1933.
$
1,123,163,595
1,285,742,289
568,177,786
182,057,767
57,495,292
56,313,376
29,810,826
50,059,217
70,686,990
22,064,083
19,515,403
35,078,753
52,275,973
46,763,688
3,998,715
4.668,232
16,847,699
7,256,303
10,696,182
7,286,020
6,115,685
2,619,437
7,984,249
7,903,943
11,970,654
31,107,504
3,407,456
9,116,844
7,239,096
6,284.996
5,384,902
6,749,569

Inc. or
Dec.
%
+25.5
+41.5
-4.9
+33.0
+17.5
+6.5
+10.2
+20.0
-0.4
+16.0
+26.2
+12.3
+11.7
-6.2
+7.7
+26.2
+3.7
-1.0
+14.0
418.2
+24.7
+19.7
+21.2
+9.3
+39.3
+11.7
+20.7
+16.6
+9.4
+12.1
+23.9
+48.9

3,755,832,524 +24.5

1934.
$
81,225,566
108,090,865
36,622,974
15,246,817
4,017,653
3,539,613
1,933,013
3,505,785
4,089,010
1,664,709
1,411,445
2,340,339
3,374,178
2,568,889
238,196
330,963
1,093,765
367,161
714,078
451,092
433,040
169,018
624.049
527,123
848,452
1,967.854
241,764
759,205
454,508
423,975
363,608
632,154
280,270,851

Inc. or
Dec.

- 1932.

S
76,681,029
96,486,918
63,238,662
11,667.087
3,581.905
3,264,389
1,807,387
3,096,660
4,870,586
1,289,231
1,187,458
2.244,868
3,098,991
2,801,378
259,765
268,818
1,001.533
396,672
678,255
414,018
378,632
168,305
467,853
511,054
689,482
2,050,188
198,291
662.377
437,803
366,000
373,840
561,833

%
+5.9
+12.0
-42.1
+30.7
+12.2
+8.8
+7.0
+13.2
-16.0
+29.1
+18.9
+4.3
+8.9
-8.3
-8.3
+23.1
+9.2
-7.4
+5.6
+9.0
+14.4
+0.4
+33.4
+3.1
+23.1
-4.0
+21.9
+14.6
+3.8
+15.8
-2.7
+12.6

$
67,917,881
63,273,620
30,069.683
10,849,133
3,981,364
3,661.620
1,872,734
3,752,401
3,920,224
1,527,850
1,120,291
2,808,413
3,285,892
2,421,289
288,380
127,489
1.166,825
365,713
647,699
452,452
431,509
179,285
590,211
574,075
721,032
2,039,292
203,237
606.538
480,240
382,105
325,736
434,795

285,189,066

-1.7

210,459,008

1933.

b No clearings available. c Clearing house not functioning at present. d Cleanses for two months. e Three months figures.




1931.
S
125,322,533
129,433,345
44,266,692
15,616,555
5,983,884
5,863,364
2,750,365
4,688,664
6,121,398
2,257,947
1,692.403
2,661,889
3,922,304
4,062,097
, 351,156
371,427
1,389,357
b 958,792
1,001,748
537.580
11632,259
185,769
7701.557
'717,026
1.009.033
,3,765,841
i 406,562
690,993
701,537
468,205
393,677
628.108

r

r

369,453,087

THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
April 18 1934:
GOLD.
The Bank of England gold reserve against notes amounted to £191.170,551 on the 11th inst., as compared with £191,080,514 on the previous
Wednesday.
_MO
Diming the past week supplies of gold have on the whole been offered
a little more freely, and on several days the price was fixed slightly under
the dollar parity, with the result that moderate purchases have been made
for shipment to New York. The steady demand from the Continent for
private account still continues.
Quotations dueing the week:
Equivalent Vary°
Per Fine
In Londonof £ Sterling.
Ounce.
Apr. 12
125. 7.22d.
134s. 10d.
12s. 7.31d.
Apr. 13
134s. 9d.
Apr. 14
A
12s. 7.08d.
134s. 11%cl.
Apr. 16
12s. 7.17d.
1348. 10%cl.
Apr. 17
12s. 7.36d.
134s. 8%d.
A
Apr. 18
12s. 6.66d.
135s. 4d.
Average
125. 7.13d.
134s. 10.92d.
The following were the United Kingdom imports and exports of gold
registered from mid-day on the 9th inst. to mid-day on the 16th inst.:
Exports.
Imports.
£47,381
Netherlands
£22,652 France
3,619
Belgium
22,561 Switzerland
154,336
France
221,093 U. S. A
1,348
Switzerland
Germany
373,406
432
British South Africa
1,572,210 Other countries
Cuba
4,613
Nicaragua
2,851
British India
271,122
Tanganyika Territory
9,232
Australia
94,792
British Guiana
5,484
Other countries
7,558
£207,116
£2,607,574
The latest advices of shipments of gold from Bombay give a total of
£652,000. The SS. Strathnaver carries £527,000, of which £412,000 Is
consigned to London, £20,000 to Amsterdam and £95,000 to New York;
While the City of Cairo has on board £125,000 destined for London.
SILVER.
Conditions ruled very quiet in the early part of the week and business
was on a small scale. On the 16th inst., however, after poor supplies had
led to a rise of 1-16d, in the fixed quotations, heavy liquidation followed
the report, which circulated in the afternoon, that the United States Administration did not favor any major silver legislation during the current
session of Congress. Dealings took place on that day down to %d. under
the fixed prices of 20%d. and 20%d., and quotations yesterday at 19%.1.
for cash and 19%d. for forward delivery marked this same low level.
A sharp reaction has occurred to-day to 203-16d. and 20%d. for cash
and forward deliveries, but at this level the market appears top heavy.
Transatlantic influences seem likely to continue, and in consequence
further fluctuations may be anticipated.
The following were the United Kingdom imports'and exports of silver
registered from mid-day on the 9th inst. to mid-day on the 16th inst.:
Imports,
Germany
Hongkong
Soviet Union (Russia)
British India
Australia
Other countries

£10,764
82,660
71,800
29,100
19,750
95

Exports.
Syria
Persia
British India
Sweden
Germany
Other countries

£12,855
6,750
34,220
1,450
1,184
1,688

£214,169
£58,147
Quotations during the week:
IN LONDON.
IN NEW YORK.
-Bar Silver per oz. std.
(Per ounce .999 fine.)
Cash Deliv.2 Mos.'Delis.
Apr. 12......203-16d.
20%d.
Apr.11
4614c
Apr. 13...20 3-16d.
Apr.12
20 5-16d.
4634c.
Apr. 14...20 3-16d.
Apr.13
20 5-16d.
4634c.
Apr. 16__-20
Apr.14
20%d.
46%c.
Apr. 17___19.14d.
/
Apr.16
193 sd.
45%c.
Apr, 18__-20 3-16d.
Apr.17
20%d.
45%c.
Average.--20.125d.
20.229d.
The highest rate of exchange on New York recorded during the period from
the 12th inst. to the 18th inst. was $5.16( and the lowest $5.12i.
INDIAN CURRENCY RETURNS.
(In Lacs ofRupees)
Afar. 31.
Apr. 7.
Mar. 22.
Notes in circulation
17,721
17,708
17,674
Silver coin and bullion in India
9,799
9,782
9,785
Gold coin and bullion In India
4,156
NI 4,152
4,153
Securities (Indian Government)
2,945
2,945
3,736
Securities (British Government)
[825
825
The stocks in Shanghai on the 17th Inst. constited of about 133,800,000
ounces in sycee, 371,000,000 dollars and 22,000,0001 ounces In bar silver,
as compared with about 135,100,000 ounces In sycee. 369,000,000 dollars
and 21,000,000 ounces In bar silver on the 7th inst.

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:
Thurs.,
Wed..
Sat.,
Mon.,
Tues.,
Apr. 28. Apr. 30. May 1.
May 3.
May 2.
Silver, per oz__ 19 1-18d. 18 13-16d. 18 3-16d. 18 11-16d. 18 11-16d.
Gold, p.fine oz. 1358.9d. 13513.8d. 1358.11340 136s.334d. 138s.3340
7934
Holiday.
79%
Consols, 234% 7832
793.(
British 334%Holiday.
1023.1
1021
10234
10234
W. L
British 4%Holiday,
113%
1133.
1960-90
1133j
French Rentes
78.50
78.75
78.90
78.90
on Faris)3%fr. 76.40
French War L'n
On Paris)5%
114.10
112.10
113.40
114.60
114.60
1920 amort

Frt.,
May 4.
18%d.
135s.10d.
7911-16
103
113%
78.25

114.20

The price of silver in New York on the same days has been:
Silver in N.Y
per oz. (ctS.)

4334




3041

Financial Chronicle

Volume 138

423

413'l

4234

4234

423.1

PRICES ON PARIS BOURSE.
Quotations of representative stocks on the Paris Bours6
as received by cable each day of the past week have been
as follows:
Apr.28 Apr. 30 May 1 May 2 May 3 May 4
1934.
1934. 1934. 1934.
1934. 1934.
Francs. Francs. Francs. Francs. Francs. Francs.
Bank ot France
11,300 11,500 12,100 12,600 12,400 12,800
---Banque de Paris et Pays Bag_ _ _ 1,433 1,452 1,513 1,547 1,526
182
171
187
135
Banque d'Union ParLsienne
168
265
264
255
255
253
267
Canadian Pacific
Canal de Suez
18,400 18,400 18,300 18,800 18,800 18,800
2,440
Cie Distr d'Electricite
2,370 2,385 2,400 2,450
Cie Generale d'Electricite
1,820
1,810
1,850
1,910 1,920 1,950
25
25
25
25
27
Cie Generale Transatiantique
25
187
---Citroen B
195
180
189
178
Comptoir Nationale d'Electricite 1,016 1,028 1,065
1,085 1,070
160
160
160
170
160
Coty SA
160
295
312
328
325
Courrieres
331
739
775
Credit Commercial de France
729
749
779
Credit Lyonnais
2,090
2,120 2,180 2,220
2,190 2;200
2,510 2,500
2,540 2,890 2,700 2,700
Eaux Lyonnais
690
715
716
-Energie Eleetrique du Nord
690
700
852
Energie Electrique du Littoral_
824
880
925
916
611
Kuhlmann
626
646
629
810
L'Air Liquide
760
780
790
800
790
Lyon (P L M)
1,042 1,064 1,080 1,095 1,067
1,445 1,485 1,474 1,488 1,460
Nord RY
"oii
Orleans By
856
890
896
900
68
74
Pathe Capital
68
75
73
Pechlney
1,077 1,095 1,119 1,154 1,130
8
76.40
78.50 78.75 78.90 77.90 7 :2E
Recites, Pergetuel 3%
Rentea 4% 1917
82.90 84.70
85.10
85.60
85.30 85.70
82.60 84.25 84.90 85.25 84.90 85.30
Rentes 4%,1918
88.90
88.50 91.20 91.80
Rentee 4%% 1932 A
90.60 90.90
87.90 89.25 90.00
90.30 89.00 89.70
Rentes 4%%,1932 B
112.10 113.40 114.10 114.60 113.50 114.20
Rentes 5%, 1920
1,510 1,500 1,510 1,580 1,600 1,620
Royal Dutch
1,295 1,317 1,340 1,360 1,338
Saint Gobain C & C
Schneider & Cie
1,650 1,630 1,654 1,665 1,660
Societe Francalse Ford
57
57
56
58
57
60
86
68
72
82
Societe Generale Fonciere
80
Societe Lyonnalze
2,510
2,500
2,550 2,670 2,670
520
520
525
529
Societe Marseillaise
530
139
138
145
147
Tubize Artificial Silk pref
150
728
741
775
779
Union d'Electricite
792
93
93
95
Wagon-Lits
97
96

THE BERLIN STOCK EXCHANGE.
Closing prices of representative stocks as received by
cable each day of the past week have been as follows:
Apr.
28.
149
Reichsbank(12%)
85
Berliner Handels-Gesellschaft(5%)
44
Commerz-und Privat Bank A 0
Deutsche Bank und Disconto-Gesellachaft 56
61
Dresdner Bank
Deutsche Reichsbahn (Ger Rys)met(7%).._112
25
Allgemeine Elektrizitaeta-Gesell(A E G)
129
Berliner Kraft u Licht(10%)
124
Dessauer Gas(7%)
99
Gestuerel(5%)
113
Hamburg Elektr-Werke (8%)
134
Siemens dc Halske(7%)
138
I G Farbenindustrie(7%)
138
Salzdetfurth (734%)
218
Rheinisehe Braunkohle(12%)
113
Deutsche Erdoel(4%)
66
Mannesmann Roehren
23
Hapag
27
Norddeutacher Lloyd

Per Cent of Par
Apr, May May May
30.
1.
2.
3.
148
149 147
85
85
85
42
42
41
56
55
55
59
CO
60
112
112
113
23
24
24
128 128
129
Roll- 123 122
124
98
day 96
99
114
114
115
132 133
134
130 129
138
140
140
214
215
113
112 112
64
65
66
20
24
22
25
27
26

May
4.
147
85
40
52
58
112
23
128
122
96
113
131
129
218
110
63
19
24

In the following we also give New York quotations for
German and other foreign unlisted dollar bonds as of Friday
May 4 1934:
Bid. Ask.
33
/31
Anhalt 75 to 1946
Argentine 5%, 1945, $100
92
pieces
f28
32
Antioquia 8%. 1946
Austrian DefaultedCoupons 1100
211t- 2
Basket Colombia, 7%,'47 119
2012
Bank of Colombia, 7%,'48 119
43
f41
Bavaria 6%s to 1945
Bavarian Palatinate Cons.
f31
34
Cit. 7% to 1945
Bogota (Colombia) 654.'47 117
20
Bolivia 8%, 1940
9
17
Buenos Aires scrip
f24
27
Brandenburg Elec. 6s. 1953 j42
45
6012
Brazil funding 5%, "31-'51 59
Brazil funding scrip
159
6012
13ntish Hungarian Bank
7345, 1962
1561
:
Brown Coal Ind. Corp.
634s, 1953
62
/57
Call (Colombia) 7%, 1947 /13
14'2
Callao (Peru) 73.4%, 1944 /5
9
Ceara (Brazil) 8%, 1947_ _ 1 6
10
Columbia scrip issue of '33 135
37
issue of 1934
/33
35
Costa Rica funding 5%,'51 145
---COBta Rica scrip
f44
_
City Savings Bank, Budapest, 78, 1953
fF,4
Dortmund Mun Util 6s,'48 f53
.55
Duisburg 7% to 1945
33
f31
Dueaseldort 78 to 1945._ _ _ 131
34
Etta Prussian Pr. 68, 1953_ f51
53
European Mortgage dr Investment 7345. 1966_
__
French Govt. 514s, 1937.. f163 169
167-French Nat. Mall SS.63.'52 f157 163
Frankfurt Ts to 1945
f32
36
German AU Cable 75. 1945 149
51
German Building dr Landbank 634%,1948
f491
5112
German defaulted coupons. f65_
German scrip
1
/191 2
German called bonds
f37
43
Haiti8% 1953
70
Ilamb-Am Line 6345 to '40 185
89
Hanover Ears Water Wks.
6%. 1957
136
39
Housing & Real Imp 7s,'48 f43
48
Hungarian Cent Mut 78.'37 f471
4912
Hungarian Discount dr Exchange Bank 7s, 1963
/4112 43ti
f Flat price.

Bid.
Hungarian defaulted coups 190
Hungarian Ital Bk 734s,'32 /80
30
Jugoslavia 55, 1956
137
Jugoslavia coupons
/62 2
,
Koholyt 6348, 1943
Land M Bk, Warsaw 85,'41 /70
Leipzig Oland Pr. 634s.'46 f63
Leipzig Trade Fair 78, 1953 14912
Luneberg Power, Light di
156
Water 7%.194
8
Mannheim & Palat 78, 1941 153
f36
Munich 75 to 1945
Munk Bk,Hessen, 78 to'45 f31
Municipal Gas & Elea Corp
Recklinghauaen, 7s, 1947 151
,
Nassau Landbank 634s.'38 /58 z
Natl. Bank Panama 634%
/41
1946-9
Nat Central Savings Bk of
Hungary 7345. 1962---- 157
National Hungarian dr
./6212
Mtge.7%,1948
130
Oberpfalz Elec.7%,1946
Oldenburg-Free State 7%
to 1945
Porto Alegre 7%. 1968..... 11712
ProtestantChurch (Ger/41
many). 7s, 1946
,
Prov Bk Weetphalla 6s,'33 /52 2
8'
Prov Bk Westphalia 6. 38 ./52
Rhine Westph Elea 7%,'36 /76
,
Rio de Janeiro 6%, 1933.. f24
BornCath Church 634s,'46 /61
C Church Welfare 7s,'46 f411
Saarbruecken Id Bk 68,'47 f80
Salvador 7%, 1957
128
Salvador 7% ctf of dep '57 f24
Salvador scrip
114
Santa Cattarina (Brazil)
/23'a
8%. 1947
Santander(Colom) 7s, 1944 fl1
Sao Paulo (Brazil) 68, 1943 f23
Saxon State Mtge. 68, 1947 /65
30
Serbian 58. 1956
Serbian coupons
f37
Siam & Halske deb es, 2930 f340
Stettin Pub Utll 78, 1946._. f49
Tucuman City is. 1951_ _ - 138
Tucuman Prov. 7s, 1950- 159
Vesten Elea Ry 7s, 1947- 127
Wurtemberg 72 to 1945_- f3612

/31

Ask.

If
33
40
65 2
,
73
66
5012
59
59
39
34
54
60 z
,
42

35
34
1912
44
- 5‘
79 s
,
26
64
431a
86
2912
2512
17
2512
13
24
69
33
40
355
5012
40
62
30
38 2
,

3042

Financial Chronicle

THE WEEK ON THE NEW YORK STOCK EXCHANGE.
Speculative activity in the New York stock market was
quiet and price movements generally,downward during most
of the present week. There were occasional periods of
strength and prices have, at times, showed modest gains,
but the rallies failed to hold and the trend of the market
was mostly toward lower levels. Metal shares made the best
showing, particulaily the silver group which_has shown substantial gains. Public utilities have_been under pressure
.
fro=e
-tolime and many sfocks in
-fthis group have dipped
to new lows for the year. Motor issues were heavy during
the forepart of the week, but showed moderate improvement on Thursday. Specialties attracted moderate buying,
but the gains in this group were not especially noteworthy.
Call money renewed at 1% on Monday and continued unchanged at that rate throughout the week.
Stock market transactions were quiet and few changes were
apparent during the brief session on Saturday. Pivotal
stocks sagged and motor shares reflected pressure, though
most of the losses were confined to fractions. The weakness
in these issues was due largely to the news from the motor
center indicating that labor troubles were still interfering
with production schedules. General Motors was down %
of a point and Hudson Motors dipped 13/b points to 163%.
Metals shares were slightly improved in tone as a result of
the further rally in silver, and Consolidated Gas (3) was
fractionally higher on the day. There were a few isolated
strong sports, notably Schenley Distillers which got up
to 353% at its top for the day, though it lost part of its gain
before the close. Austin Nichols pref. A (4) was up 3
points at 64 and General Cigar pref. (7) improved 13
%
points to 110. The changes in the general list were largely
on the side of the declines, the recessions including among
others, American Bank Note pf.(3),3 pts. to 463%; Detroit
Edison Co. (4), 2 points to 81; Duplan Silk pref. (8), 33%
points to 1063%; Illinois Central pref., 2 points to 45; Pitts1
burgh Steel pref., 33% points to 35%,and New York Chicago
and St. Louis, 23% points to 223%.
The stock market had another setback on Monday and
losses ranging from 2 to 3 or more points were registered by a
goodly number of active stocks. Practically every group
was affected to some extent by the general selling movement
which was in evidence until the closing hour. Mining shares
were particularly weak, Homestake Mining (16) breaking
223% points to 3513%. Most of the selling centered in the
merchandise and motor stocks, though pressure was also
apparent in the steel issues. Rubber shares were fairly
steady during the early dealings due, in part, to the agreement to limit world rubber production, but joined the decline
later in the day. United States Steel and Montgomery
Ward broke through to new lows and sales were especially
heavy in Chrysler. As the market neared the close, some
of the public utilities and specialties showed improvement,
but the gains were small and not especially noteworthy.
The principal losses were American Hide & Leather pref.
53% points to 353%„ Baldwin Locomotive pref. 5 points to
53, A. M. Byers pref. 43% points to 623%, Central RR. of
N. J. 3 points to 75, Fairbanks Morse pref. 3 points to 55,
Pere Marquette pr. pref. 43% points to 40, Phillips Jones pref.
(7) 3 points to 65, United States Smelting Refining & Mining
(53%) 4 points to 115, West Penn Electric [pref. (7) 5 points
to 72 and Wright Aero 23% points to 53X•
Narrow and irregular movements characterized the trading
on Tuesday, and while there were occasional gains scattered
through the list, liquidation was in evidence in some of the
utilities and specialties. Public participation was light,
however, the bulk of the trading being transacted for professional account. The losses ranged from fractions to 2 or
more points; stocks like Amer. Tel. & Tel., American Tobacco B, Liggett & Myers, Union Pacific, Douglas Aircraft
and Cerro de Pasco being among the hardest hit. Moderate
short covering was in evidence toward the end of the session
and there was a slight improvement all along the line, but
the advances were insufficient to make much change in the
final prices. Among the recessions were such active stocks
as American Water Works 1st pref. (6), 4 points to 76;
Bethlehem Steel pref 2 points to 72; Bon Ami (5), 23%
points to 79; Crucible Steel, 2 points to 28; Ingersoll Rand
(13%), 43% points to 603%; International Printers Ink pref.
(6), 6 points to 80; National Lead (5), 6 points to 145;
Norfolk & Western (10), 4 points to 176, and Worthington
Pump pref. A, 33% points to 46.




May 5 1934

Fractional gains were recorded during the early dealings
on Wednesday, but the rally failed to hold and the entire
list again turned downward, the decline ranging up to a
point or more. Amer. Tel. & Tel. dropped sharply downward following the announcement that the Public Service
Commission planned to investigate phone rates and most of
the utilities followed suit. Siigalties also were among the
weak stocks, Spiegel
-May-Stern slipping back over 8 points
before the close. Motor shares joined the decline and both
General Motors and Chrysler registered losses of a point.
Trading was unsually dull during the morning, but the volume expanded as the day progressed. The outstanding
losses included American Safety Razor, 43% points to 493%;
Amer. Tel. & Tel. (9), 33% points to 114; Brooklyn Union
Gas (5), 43% points to 64; Central RR.of N. J., 4 points to
71; Johns-Manville, 33% points to 513%; National Lead (5)
43% points to 1403%, and Western Union Tel., 23% points
to 49%.
_Dealings on the New York Stock Exchange were marked
by narrow price movements and small transactions on Thursday, and while a few of the more active stocks were able to
show small gains at the end of the session, the list, as a
whole, showed little change from the previous close. The
best gains were recorded in the metal group due largely to
the improvement in the silver shares, and while the advances
in this section were fairly substantial at times, a part of the
gains were erased before the close. Stocks closing on the
side of the decline included Cluett, Peabody & Co. (1), 2
points to 37; Corn Products Refining (3), 13% points to
673%; Gotham Silk Hosiery pref. (7), 7 points to 63; Homestake Mining Co. (17), 33% points to 3513%; Jewel Tea (3),
23% points to 48; Laclede Gas pref. (5), 33% points to 523%;
Millet o. (23%),3 points to 42; Pere Marquette pref. 63%
points to 333% and United States Steel pref. (2), 1% points
to 91.
The general list was fairly brisk during the early trading
,
on Friday and many of The active stocks showed strong
s
:and- some of the
rallying Elencies. Pilblie7utifitiek
specialti=d not participate iri-the gains, American Telephone & Telegraph and Consolidated Gas both moving
erratically on account of the uncertainty in regard to the
rate-cutt;ng possibility .in the public utility field. Oil
sTrres were in light demand, though there was some improvement late in the day following rumors that gasoline
price-cutting in Brooklyn was about to end._Copper stocks
were slightly higher and moderate recovery was apparent
in the motor group and in the railroad stocks. The changes
at the close were slightly more numerous on the side of
the decline, the recessions including among others, Allied
Chemical & Dye (6), 134 points to 1433%; American Commercial Alcohol, 2 points to 45; American Tel. & Tel. (9),
2 points to 112; J. I. Case Co., 534 points to 5934; New
York & Harlem pref. (5), 5 points to 115; Brooklyn Union
Gas (5), 1 point to 62; Radio Corp. prof. A, 13/2 points to
363%; United States Leather pref.(33 h),63% points to 583%,
4
and Lorillard pref. (7), 2 points to 111.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.

Week Bided
May 4 1934.

State,
Stocks,
Railrorcr
Number of and Miscell. Municipal ct
Porn Bonds.
Bonds.
Shares.

Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
TrIfill

Sales at
New York Stout
Exchange.

563,630
1,486,590
1,339,380
1,338,424
1,110.100
840,300

$4,580,000
7,874,000
8,171,000
7,957,000
7,314,000
7,472,000

$1,872,000
1,727,000
1,410,500
1,552,000
1,741,000
2,529,000

Total
Bonds
Sales.

$390,500
1,767,500
3,730,000
6,351,500
1,265,600
1,642,500

$6,312,500
11,368,500
13,311,500
15,860,500
10.320.600
11,643,500

a 575 514 S43.338.000 $10.831.500 El5 147 cm grin
Week Ended May 4.
1933.

1934.

6.678.514 27,570,607
Stocks
-No,of shares_
Bonds.
Government bond.- _ _ $15,147,600 $10,379,500
10,331,500
19.772,000
State & foreign bonds_
Railroad & misc. bonds 43,338.000 65,350,000
Total

United
States
Bonds.

217

Inn

ler
eft
liaJan. 1 o blay:4.
1934.

1933.

175,778,781

135.208,782

$211,173,400
282,775,000
1,064.550.000

$206,863,300
252,189.000
586.139,900

$68,817,100 $95,801,600 $1,558,498,400 $1,045,192,200

DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston.
Week Ended
Mat,4 1934.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Aral, evaalr 1.991.9.1

Philadelphia,

Baltimore.

Shares. Bond Sala. Shares. BondSales Shares, BondSales
.
.
11.488
25,477
31,037
28,885
23,026
5,387

$9,000
8,000
6,000
4,550
3.000
1,000

6,538
15,143
13,640
15,910
11,101
9,650

$6,000

126,200
192 021

$31,550
tAit

71,982

Ann

79 270

870
1,860
1,753
2,429
777
3,074

$2.000
22,100
9,800
I? 2.000
19,000
3,000

$11,000

10,763

$57,900

99.. tan

In no.

ono Ann

2,000
3,000

Volume 138

Financial Chronicle

3043

or more. A number of the oils and mining shares also showed
modest gains during the morning, though some of the
advances were canceled before the market closed. Public
utilities were dull and few changes were apparent in this
section of the market. Liquor stocks showed both advances
and recessions, while the industrial issues were practically
unchanged. As compared with Friday of last week, many
of the leading shares were lower, American Superpower clos/
5
ing on Friday at 2 s, against 3% on Friday of last week;
Atlas Corporation at 12%, against 127 ; Central States
%
Electric at 1%, against 1; Cities Service at 27 against
%
3%; Commonwealth Edison (4) at 553, against 56; Consolidated Gas of Baltimore (3.60) at 574, against 59; Electric Bond & Share at 145 ,against 16%; Ford of Canada A
%
%
(pl.) at 223 ,against 23%; Gulf Oil of Pennsylvania at 64,
against 65%; Hudson Bay Mining & Smelting at 13%,
against 133.; Humble Oil (New) at 43, against 45; New
York Telephone pref.(6%) at 115%, against 1183;Niagara
Hudson Power at 6, against 6%;Pennroad Corporation at 3,
against 33; A. 0. Smith at 263j, against 204; Standard
Oil of Indiana (1) at 263 , against 273/s; Swift & Company
%
(M)at 16%,against 17%; Teck Hughes (.60) at 6%,against
6%; United Gas Corporation at 27s against 33; United
/
/
Light & Power A at 33j,against 35 s; United Show Machinery
at 663 ,against 673t, and Utility Power at M,against 1%.
%
A complete record of Curb Exchange transactions for-the
week will be found on page 3069.

THE CURB EXCHANGE.
Desultory price movements and dull trading have been
the outstanding characteristics of the daily dealings on the
Curb Exchange during the present week. The volume of
transactions was small and most of the changes were unimportant and made little impression on the market trend.
Considerable selling has been in evidence, and while there
have been occasional rallies, these were not maintained for
any great length of time.
On Saturday trading was extremely dull and the market
was without definite trend. Selling developed toward the
end of the session and practically the entire list lost ground,
some of the higher priced specialties dipping as much as two
points, while other popular issues lost part of their early
gains. Mining shares were weak and showed fractional
declines at the close. During the first hour there were some
small gains on light buying orders, the most active stocks
including such issues as Parker Rust Proof,Sherwin Williams,
and Pittsburgh Plate Glass. Oil issues and power and light
shares were at a standstill.
Share values showed little change on Monday as the market
continued dull and price fluctuations narrow. Group movements were without special significance as small gains and
losses were about evenly distributed among the more active
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE.
issues. The turnover was small, a goodly part of the trading
Stocks
Bonds (Par Value).
(Number
Week Ended
centering around some of the recent favorites. Oil stocks
of
Foreign
Foreign
May 4 1934.
Shares). Domestic. Government Corporate.
Total.
showed losses ranging from fractions to a point or more and
120,594 $2,568,000
$66,000
$56,000 $2,690,000
mining shares like Aluminum Co. of America, Newmont Saturday
252,085 4,837,000
108,000 5.012,000
67.000
Monday
229,385 4,847,000
55,000 4,974,000
and Lake Shore Mining were down from 1 to 3 or more Tuesday
72,000
203,950 4,387,000
28,000 4,813,000
398,000
Wednesday
178,725 4,623,000
236,000
48.000 4,907,000
points. Lower prices were also recorded in shares like Elec- Thursday
147,815 4.685,000
544,000
103,000 5,332,000
Friday
tric Bond & Share, American Gas & Electric and Niagara
1,130,5M $25,947,000 $1,383,000 $398,000 827,728,000
Total
Hudson. Liquor stocks were fairly steady in the early tradWeek Ended May 4.
Jan 1 to May 4.
Sales at
ing, but sold off before the close. Industrial issues displayed
New York Curb
1934.
1934.
1933.
1933.
Exchange.
little trend, Great Atlantic & Pacific being fairly steady,
31,279,222
1,130,534
2,880,157
16,907,778
-No.of shares_
Stocks
while Sherwin Williams moved fractionally lower.
Bonds.
$25,947,000 $23,339,000 $428,106,000 $289,285,000
Domestic
The curb list idled along without definite trend on Tuesday. Foreign government-- 1,383,000
16,193,000
11.735.000
541,000
13.782,000
16.099,000
398,000
871,000
Selling pressure was in evidence and speculative activity was Foreign corporate
$27.728,000 $24,751,000 $458,081,000 8317.119.000
Total
entirely lacking. Oil shares were generally easier, Humble
Oil yielding around a point, while Gulf Oil of Pennsylvania
NATIONAL BANKS.
and Standard of Indiana moved narrowly in small volume.
The following information regarding National banks is
Mining and metal issues declined around 2 points in some
Currency, Treasury
of the more active shares with a smaller loss in Lake Shore from the office of the Comptroller of the
Department:
Mines and Newmont. In the public utilities group, American
CHARTERS ISSUED.
Capital.
Gas & Electric and Niagara Hudson showed fractional gains, Apr. 21-Coldwater National Bank, Coldwater, Mich
$100.000
Capital stock consists of $50,000 common stock and $50,000
but elsewhere in the list prices were easier. During the final
Preferred stock. President, Marvil T. Shaw; Cashier,
hour the market was somewhat inclined to rally but the gains
Carl J. Martin. Will succeed No. 1235, The Coldwater
National Bank.
were not particularly noteworthy.
Apr.21-First National Bank at Beaver Falls, Beaver Falls,Pa_ _ $100,000
President, E. C. Rebeske; Cashier, Bente S. Luce. Will
Trading was in thin volume on Wednesday as the market
succeed No. 3356, The First National Bank of Beaver Falls.
continued to move more or less irregularly. In the liquor Apr. 23-First National Bank in Lincoln, Lincolm, Ill
100,000
President, George M. Knochel; Cashier W. H. Berger.
group Hiram Walker sagged around a point as the directors
Will succeed No. 3369, The Lincoln National Bank.
declared a quarterly dividend of twenty-five cents on the Apr. 23-The First National Bank of Butler, Butler, Mo_
50.000
Capital stock consists of $25,000 common stock and $25,000
preferred stock but omitted any reference to the common
preferred stock. President, Can J. Henry; Cashier, H. H.
Lisle. Primary organization.
stock. Gold mining shares were moderately stronger but
-National Bank of Olney at Philadelphia. Phila23
the turnover continued small. The active issues included Apr.delphia, Pa
200,000
Capital stock consists of $100,000 common stock and $100,000
Pioneer Gold and Lake Shore Mining, both of which were
preferred stock. President, Walter D. Jennings; Cashier,
slightly higher. Oil stocks made little progress, Humble
Floyd E. Brink. Will succeed No. 12931, The National
Oil and Standard of Indiana moving within a narrow channel Apr.Bank of Olney in Philadelphia.
50.000
-Union National Bank in Mount Wolf, Mount Wolf,Pa _
26
Capital stock consists of $25,000 common stock and 325,000
during most of the session. In the industrial group, National
stock. President, W. 0. Knaub; Cashier, Chas.
preferred
Container, Safety Car and Sherwin Williams lost major fracH. Krebs. Will succeed No. 9361, The Union National
tions and a few stocks like American Cyanamid B and Pitts- Apr.Bank of Mount Wolf.National Bank, Clifton Heights, Pa_ _ 75,000
-Clifton Heights
27
Capital stock consists of $50,000 common stock and $25,000
burgh Plate Glass were slightly firmer at the close.
preferred stock. President, Everett L. Kent; Cashier, C. C.
Market trends were somewhat mixed on Thursday, the
Gamble. Will succeed No. 6275, The First National Bank
of Clifton Heights.
gains and losses being about equally divided. Fluctuations
VOLUNTARY LIQUIDATIONS.
ranged up to 2 or more points, though trading was rather
National Bank of Elkins, Elkins, W.Va.thin on either side. Mining and metal issues were moder- Apr. 20-The Peoples1934. Lin. Committee, C. M. Marstiller, 50,000
Effective April 16
Sheffey Taylor and C. B. Whetsell, care of the liquidating
ately firm, particularly Lake Shore and Newmont, and a
bank. Succeeded by The Tygarts Valley National Bank
substantial gain was recorded by Aluminum Co. of America.
of Elkins, Charter No. 14002.
Ellsworth, Ellsworth, Pa
Small advances were registered by Standard Oil of Indiana Apr. 21-National Bank ofLig. Agent, J. W.Dague, Ellsworth, 25,000
Effective April 17 1934.
Pa. No absorbing or succeeding bank.
and Humble Oil, while Gulf Oil of Pennsylvania was off
Utica, Mich
on the day. In the alcohol group, Distillers Seagrams was Apr. 21-The First National Bank of Utica,Arthur N. Chapo- 50,000
Effective April 17 1934. Liq. Committee,
ton, Jack Harvey and Wm. E. Malow, all of Utica, Mich.
fairly steady and Hiram Walker was somewhat easier. The
Succeeded by The Utica National Bank, Utica, Mich.,
Charter No. 14022.
specialty list was entirely without feature, most of the active
-The First National Bank of Bremerton, Bremerton,
23
trading favorites moving within a comparatively narrow Apr.Wash
100.000
Effective April 2 1634. Liq. Agent, Herbert A. Babcock, care
channel.
of the liq. bank. Absorbed by The National Bank of ComSome of the more active stocks were in moderate demand
merce of Seattle, Wash., Charter No. 4375.
Bank, Kings Park, N.
on Friday, though trading interest did not extend to all Apr. 23-Kings Park NationalLiq. Committee, JudgeYWm. F. 50,000
Effective April 19 1934.
Flynn, C. E. Biggs and Martin J. Hartney, care of the
parts of the list. The specialties group was the strongest,
liquidating bank. Succeeded by The National Bank of
Kings Park, N. Y.. Charter No. 14019.
a few of the highest priced stocks showing a gain of a point




3044

Financial Chronicle

Apr.23
-The South Side Nation.1 Bank & Trust Co. of Newark,
N..7
Effective April 171934. Liq. Committee, Thomas C. Wallace,
Adolph Kileinwaks and William L. Morgan, care of the
liquidating bank. Absorbed by The West Side Trust Co.,
Newark, N. J. The liquidating bank had authority for
operation of two branches.
Apr. 23
-First National Bank in Lodi, Lodi, N.5
Effective April 17 1934. Lieu Agent, Cyril J. Mason. care
of the liquidating bank. Absorbed by Peoples Trust Co.
of Bergen County, Hackensack. N. J.
Apr. 23
-First National Bank & Trust Co. of Tarentum, Pa
Effective April 18 1934. Liq. Committee, S. C. Stockdale,
Wm. R. Loynd and W. A. Givens, care of the liquidating
bank. Succeeded by "First National Bank in Tarentum,"
Charter No. 13940.
Apr. 23
-The First National Bank of St. Charles, St. Charles,
Minn
Effective April 17 1934. Liq. Agent, Noble Robinson, St.
Charles, Minn. Succeeded by "First National Bank in
St. Charles," Charter No. 13973.
Apr. 24
-The La Rose National Bank, La Rose, Illinois
Effective March 28 1934. Liq. Committee, G. B. Herber
and Charles J. Potter, La Rose, Ill. Absorbed by The
Citizens National Bank of Toluca, Ill.. Charter No. 11333.
Apr. 24-Fannettsburg National Bank, Fannettsburg, Pa.
-Effective April 16 1934. Liq. Agent, The National Bank of
Chambersburg, Pa. Absorbed by The National Bank of
Chambersburg, Pa., Charter No. 593.
Apr. 24
-The Tanners National Bank of Woburn, Woburn,
Mass
Effective April 17 1934. Liq, Agent, Richard Bancroft, care
of the liquidating bank. Succeeded by the "Tanners
National Bank in Woburn," Charter No. 14033.
Apr. 24
-The Elkins National Bank, Elkins. W. Va
Effective Apr1116 1934. Liq. Committee, A. C. Merrill, Don
Harper and Paul M. Crouch, care of the liquidating bank.
Succeeded by The Tygarts Valley National Bank of Elkins,
Charter No. 14002.
Apr. 24
-The First National Bank of Sebastopol, Sebastopol,
Calif
Effective Dec. 27 1933. Liq. Agent, W. C. Marshall, care
Transamerica Corp., 460 Montgomery St., San Francisco,
Calif. Absorbed by the Sebastopol Savings Bank, Sebastopol, Calif.
Apr. 24
-The First National Bank of Hardwick, Hardwick,
Calif
Effective Feb. 13 1934. I.iq. Agent, J. L. Sharp, care of the
liquidating bank. Absorbed by The First National Bank
of Riverdale, Calif., Charter No. 10200.
Apr. 25
-The Grundy County National Bank of Grundy
Center, Iowa
Effective April 20 1934. Liq. Committee, V. F. Sieverding,
E. E. Groote and Ferdinand Henze, care of the liquidating
bank. Succeeded by The Grundy National Bank of
Grundy Center, Charter No. 14066.
Apr. 27
-The First National Bank of DeKalb, DeKalb, ILL
Effective April 24 1,934. Liq. Agent, S. E. Bradt, De Haiti
.
,
Ill. Succeeded by "First National Bank in DeKalb,
Charter No. 14008.
Apr. 27
-The First National Bank of Winthrop, Winthrop,
Minn
Effective April 25 1934. Liq. Agent, A. L. Olson, Winthrop,
Minn. Succeeded by "First National Bank in Winthrop,"
Charter No. 14042.
Apr. 27
-The First National Bank of George West, George
West, Texas
Effective April 16 1934. Lich Committee. R. C. Lyme, C. L.
Tullis and Arthur E. Probst, all of George West, Texas.
Succeeded by "First National Bank in George West," Charter
No. 14012.
BRANCHES AUTHORIZED.
•
-The Merchants National Bank of Terre Haute, Terre
Apr. 25
Haute, lnd.
Location of branch: 1284 Lafayette Ave., Terre Haute, Ind.
Certificate No. 981A.
Apr. 25
-The Boardwalk National Bank of Atlantic City,
Atlantic City, N. J.
Location of branch: Northeast corner of New York and Atlantic
Ayes., Atlantic City, N. J. Certificate No. 982A.

Capital.
$300,000

Per Shares.
$0.10

100,000

200,000

25,000

25.000

25,000

100,000

100.000

100,000

25.000

50,000

100,000

25,000

50,000

Shares.
Stocks.
Per Share.
1 Scarsdale Leasing Corp.(N. Y.), class A. no par; 5 Scarsdale Leasing Corp.
N. Y., class B. no par
8800 lot
2 Nassau Union Bank of Glen Cove, L.I
40
$75,000 aggregate principal amount of the 8% and participating secured gold
notes of Island 011 & Transport Corp., due June 15 1926, being notes Nos.
3704 to 3778, both inclusive, in the principal amount of $1,000 each._ _$5,000 lot

By Adrian H. Muller & Son, Jersey City, N. J.:
No sales.

By R. L. Day & Co., Boston:
Shares.
Stocks.
Per Share.
4 Brookside Mills. par $100
7%
225 Kreuger & Toll, common, 100 Kronens
$1 lot
42 The Nledlicott Co
914
15 Waltham Masonic Building Association, par $10
$12 lot
262 Kreuger & Toll, common, 100 Kronens
$2 lot
10 State Street Investment Corp. B
8714
15 Plymouth Cordage Co, par $100
70
47 Kreuger J. Toll, comm, 100 Kronens
$1 lot
50 Royal Tiger Mines Co., par 01 cent; 30 Thomas F. Galvin, Inc., 7 cum.
$100; 99 Acusbnet Mills, $5% paid in liquidation: 20 Babson Dow
Pref.. par
Mfg. Co., common, par $10; 26 Babson Dow Mfg, Co., 1st pref., par $100;
5 Babson Dow Mfg. Co.. 2nd pret., par $100: 250 Beecher Falls Co., Inc.,
class A; 500 Federal Mills Products Co., par $30; Montana Southern Ry.
Co., $6 pref.. par $100
$125 lot
112 Kreuger J. Toll, common, 100 Kreonens
$1 lot
40 Charles Street Garage, preferred
514
BondsPer Cent.
$1,000 Lawyers Mortgage Investment Corp., 550, March 15 1940
4134 flat

By Crockett & Co., Boston:
$ per Share.
294
93
112
2114
$9 lot

as
8
s

By Barnes & Lofland, Philadelphia:
t per Share.
Stocks.
Shares.
$3 lot
20 the Federated Loan Association, par $100
Club Association, Pasadena, Calif., common, par $100
$1 lot
4 Pasadena Golf
12 Pennsylvania Company for Insurances on Lives and Granting Annuities,
3034
Par $10
48 ex-div.
100 Fire Association of Philadelphia, par $10




Per Cent.
314 flat
814 flat

By A. J. Wright & Co., Buffalo:
Shares.
Stocks.
5 Zenda Gold Mines

AUCTION SALES.
Among other securities, the following, not actually dealt
in at the Stock Exchange, were sold at auction in New York,
Jersey City,Boston,Philadelphia,and Buffalo on Wednesday
of this week:
By Adrian H. Muller & Son, New York:

Stocks.
Shares.
4 Merchants National Bank,Boston, par $100
1 Northern Railroad of N. H., par $100
4 Vermont & Massachusetts Railway Co. par $100
20 Garfield land Co
2,000 Etna Lead & Zinc Corp., par $1
S Quincy Market Cold Storage St Warehouse, preferred, par me
14 Rockland Light & Power Co., voting trust certificates, par $10
10 Rockland Light .1. Power Co., voting trust certificates, par $10

May 5 1934

Bonds83,500 the Belden,634%.first mortgage,certificate of deposit
$1,000 the Pearson,
%,first mortgage, certificate of deposit

DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the
current week. Then we follow with a second table in
which we show the dividends previously announced, but
which have not yet been paid.
The dividends announced this week are:
Name of Company.

Per
When Holders
,Share. Payable. ofRecord.

Affiliated Products, Inc.. corn.(monthly)
Sc June 1 May 17
Allentown Bethlehem Gas,7% pref.(quar.)-8734c May 10 Apr. 30
American Business Shares (quar.)
2c June 1 May 15
American Capital Corp., $534 pref.(quar.)_ $114 June 1 May 15
American Home Products Corp.(monthly)
20c June 1 May 14a
American Steel Foundries, 7% pref. (quar.)
50c June 30 June 15
Archer-Daniels-Midland Co., corn. (guar.)
25c June 1 May 21
Associated National Shares
9.594c May 15 Apr. 30
Atlas Powder Co.,corn.(quar.)
50c June 11 May 31
Badger Paper Mills. pref. (quar.)
75c May 1 Apr. 24
Banditti Petroleum (monthly)
Sc May 20 Apr. 30
Bankers National Investing (Del.) (quar.)---Sc May 25 May 14
Class A and B (quarterly)
32c May 25 May 14
Preferred (quarterly)
15c May 25 May 14
Belding-Corticelli. Ltd., prof. (quar.)
$114 June 15 May 3
me
1
Birmingham Electric, $7 preferred
1153
$6 preferred
May 1
h50c May 1 Apr. 28
Blue Ribbon, 634% preferred
$1 May 15 Apr. 30
Boss Mfg. Co.,common
Boston Woven Hose & Rubber Co.(no common dlviden d action)
Preferred
$3 June 15 June 1
25c May 21 May 15
Bourjois, Inc., corn. (quar.)
250 July 20 July 1
Bower Roller Bearing Co.,(quar.)
10c June 1 May 12
Brach (E.J.)& Sons,common (quar.)
15c July 2June 15
Brillo Mfg.Co.,Inc., corn,(quar.)
50c July 2June 15
Class A (quar.)
Broiaxville Trust Co.(N. Y.)(quar.)
May 1 Apr. 25
$2
Brown Shoe Co., common (quar.)
75c June 1 May 21
1234e May 15 May 5
Byron Jackson
Cabot Mfg.(quarterly)
$2
May 15 May 3
37c June 15 May 31
Canada Malting, Ltd. (quarterly)
Canadian 011 Co., Ltd., corn (guar.)
1234c May 15 May 1
2 July 1 j e 23
Preferred (quar.)
Jun 20
une
Carolina Tel. & Tel.(quar.)
m li 2
I254 Juey 22
-a.)---1
Catawissa RR., 1st & 2nd preferred (s.
May 10
Central Vermont P. Service Corp.,$6 pref.(qu.)
54 May 15 Apr. 30
Champion Coated Paper Co., corn. (quar.)-May 15 May 10
1st and special preferred
July 1 June 20
Champion Fiber Co., pref. (quar.)
July 2 June 20
Champlain Oil Products, pref. (quar.)
150 May 15 Apr. 30
Chartered Investors. $5 pref. (quar.)
$134 June 1 May 1
Chase (A. W.),6% preferred
50c May 10 Apr. 30
Chester Water Service, preferred (quar.)
$114 May 15 May 5
Chestnut Hill RR.(quar.)
75c June 4 May 20
Chrysler Corp. corn. (quar.)
25c June 30 June 1
Common extra
25c June 30 June 1
,Clark Equipment Co., corn, (quar.)
20C June 15 May 30
Clear Spring Water Service, pref. (quar.)
$114 May 15 Ma. 3
Apr 5
y 0
Columbian Carbon Co.(quar.)
75c Je 1 May 15
June
Cosmos Imperial Mills Ltd., 7% pref
May 13
$1
une 5
Crown Cork & Seal Co., Inc., pref. (quar.)- June
Crown Zellerbach Corp.. $6 ci. A & B cum
h376Ac June 1 May 34
11
Crum & Forster Insurancesharee Corp.
Class A & B (quarterly)
15c May 31 May 21
Class A & B (extra)
10c May 31 May 21
7% preferred (quarterly)
$194 May 31 May 21
Cushman's Sons, Inc.. corn.(quar.)
250 June 1 May 15
7% preferred (quar.)
$134 June 1 May 15
$8 preferred (quar.)
12 June 1 May 15
Dayton l'ower & Light Co.,6% pref. (monthly)
50c June 1 May 19
Deposited Bank Shares of N. Y.(s.
-a.)
July 2 May 15
234
Dominion Textile Co., Ltd.,common (quar.)_- _
1134 July 3 June 15
Preferred (quarterly)
$134 July 16 June 30
zw8
Dunlop Rubber Co., common
Eastern Utilities Assoc., corn. (quar.)
25c May 15 May 7
Employers Reinsurance (liar.)
40c May 15 Apr. 30
Erie & Pittsburgh RR.,7 guaranteed quar.) 874c June 1 May 31
ar
European Electric Corp., td., Cl. A & B com_ _
15c May 15 May 4
Fall River Gas Works (quar.)
600 May 1 Apr. 27
Federal Light& Traction Co., pref.(quar.)
$135 June 1 May 15a
Ferro Enamel Corp., corn. (quar.)
10c Jane 20 June 9
Common (extra)
Sc June 20 June 9
Fitz-Simon's & Connell Dredge & Dock
Common (quarterly)
1254c June 1 May 21
Food Machinery, 634% pref. (monthly)
50c May 15 May 10
61 % preferred (monthly
‘
,
50c June 15 June 10
6 % preferred monthiy
50c July 15 July 10
Ford Motor Co. of Canada. IAA.. class A.& B- _
50c May 28 May 8
Gas Securities Co.,corn.(monthly)
(134 of 1% May 1 Apr. 14
Preferred (monthly)
50c May 1 Apr. 14
Globe Dem Publishing. pref. (guar.)
$114 June 1 May 19
Goodyear Tire & Rubber Co.,7% pref. (quar.)_
July 2 June 1
Great Atlantic & Pacific Tea Co. of America
Common (quar.)
UN June 1 May 4
250 June I May 4
Extra
7% preferred (quar.)
5134 June 1 May 4
Great Lakes Dredge & Dock Co.(quar.)
z25c May 15 May 5
Guelph Carpet & Worsted, pref. (quar.)
$114 May 1 Apr. 20
Hires (Chas. E.) Co., class A com.(quar.)
50c June 1 May 15
Hollinger Consolldated Gold Mines (monthly)-5c May 21 May 4
Extra
Sc May 21 May 4
Homestake Mining Co.(monthly)
$1 May 25 May 19
Extra
Si May 25 May 19
I. G. Farbenindustrie (conpar No. 12)
k7%
Investment Corp. of Phila
50c June 15 June 1
Keystone Custodian Funds, ser E-1
82c May 15 Apr. 30
Series F
23.4c May 15 Apr. 30
Lansing (quarterly)
250 May 10 May 1
Lanston Monotype Machine Co. (quar.)
$1
May 31 May 21
Lee(H. D.) Mercantile Co
350 May 10 May 4
Loew's London Theatres, Ltd., 7% pref
h35c May 15 May 5
Ludlow Manufacturing Association (quer.)
i June 1 May 5
Mallory Hat Co.. 7% pref. (quar.)
114 May 1 Apr. 21
Manufacturing Casualty Insurance (quar.)---- 37340 May 15 May I
May Department Stores, corn. (quar.)
400 June 1 May 15
McColl Irrontenac Oil Co., common (guar.)._ _ _
20c June 15 May 15
McKesson & Robbins, Ltd.. common (s.
-a.). _ _ _
r25c May 1 Apr. 20
Merchant. Refrigerating, $7 pref. (quar.)
$114 May 1 Apr. 27
Metal Textile Corp., partic. pref. (quar.)
8134c June 1 May 21
Metro-Goldwyn Pictures Corp., pref. (quar.)-- 134% June 15 May 25
Midland Life insurance
SOc May 1 Apr. 25
Midland Royalty. $2 preferred
h50c May 15 May 5
$2 preferred
11250 June 15 June 5
Mobile & Birmingham RR., 4% gtd (s-a)
2
July 2 June 1
Mohawk-Hudson l'ower Corp., pref. (qu.)
134 May 1 Apr. 28
National Bond & Share Corp
250 June 15 May 31
National Enameling & Stamping Co
50c June 30 June 4
New Rochelle Water,7% pref. (quar.)
$114 June I May 20
Northwestern Public Service Co
7% cumulative preferred
8734c June 1 May 21
6% cumulative preferred
75c June 1 May 21

111

I

I

Financial Chronicle

Volume 138
Name of Company.

Per
When Holders
Share. Payable. ofRecord.

1900 Corporation, class A (quarterly)
50c Aug. 15 Aug. 1
Class A (quarterly)
50c Nov. 1 5No. 1
Nova Scotia Light & Power,6% pref.(quar.)_ _ _
$1.3. June I May 16
Ohio Power Co., 6% prof. (quar.)
$131 June I May 7
Pantheon Oil (quarterly)
231c May 28 May 18
Parker Rust Proof Co., common (guar.)
75c May 21 May 10
Common (stock dividend)
e10% May 21 May 10
Preferred (semi-annual)
35c May 21 May 10
Parker (S. C.)& Co., class A (quar.)
10c May 1 Apr. 25
Penn State Water, $7 pref. (quar.)
3131 June 1 May 20
Peoples Telephone Corp., 7% pref. (quar.)
3131 June 1 May 31
Philadelphia Suburban Water Co., pref. (quar.) 8131 June 1 May 120
Phoenix Hosiery Co., 7% 1st pref. (quar.)
8711c June 1 May 19
Pogue (II. & S.),6% pref.(quar.)
$136 May 1 Apr. 15
Portland & Ogdensberg Ry. (quar.)
50c May 31 May 21
Potomac Electric Power,6% pref. (quar.)
3131 June 1 May 12
% preferred (quarterly
$1% June 1 May 12
Purity Bakeries Corp., common (quar.)
25c June 1 May 15
Rolland Paper 6% preferred (quar.)
3131 June 1 May 15
Savannah Electric & Power 8% pref. A (quar.)_ _
$2 July 2 June 15
7% %
preferred B (quar.)
$11 8 July 2 June 15
/
7% preferred C (quar.)
3131 July 2 June 15
/ July 2 June 15
% preferred B (quar.)
31 5
Socony Vacuum Corp
15c June 15 May 11
Southern California Edison Co., Ltd.
7% series A preferred (quar.)
1%% June 15 May 20
6% series B preferred (guar.)
1 , % June 15 May 20
)
6
Southeastern Cottons
$4 July 1
7% preferred
33% July 1
Southington Hardware (quar.)
25c Apr. 30 Apr. 24
Standard Oil of California (quar.)
25c June 15 May 15
Standard Oil of Nebraska (quar.)
25c June 20 May 23
Standard Oil of New Jersey $25 par (s.
-a.)
50c June 15 May 16
$100 par (semi-annual)
$2 June 15 May 16
Sterling Products, Inc. (quar.)
95c June I May 15a
Superior Oil of California preferred
h231% May 20 May 1
Superior Portland Cement
h55c May 1 Apr. 23
Texas Gulf Producing (monthly)
234% June 16 May 18
Tide Water Oil Co.,5% pref. (quar.)
314 May 15 May 10
3
Tinken Detroit Axle Co., pref. (quar.)
$1% June 1 May 20
Timken Roller Bearing Co
25c June 5 May 18
Union Tank Car Co., corn.,(quar.)
30c June 1 May 15
United Carbon Co., common (quar.)
44c July 2 June 16
United Verde Extension Mining
25c May 1 Apr. 3
U. S. Electric Light & Power Shares B
3c May 15 Apr. 30
Universal Winding 7% pref. (quar.)
$1% May 1 Apr. 26
Utica Gas & Electric Co., 7% pref. (quar.)- - 3131 May 15 May 1
,
quar.)
$131 May 1 Apr. 20
$6 preferred(
x5%
Venezuela Oil oncessions, Ltd., com. (final).—
50c June I May 16
Vick Chemical Co., common (quar.)
Common (extra)
10c June I May 16
Walker (H.), Gooderham & Worts, Ltd.—
250 June 15 May 30
Preference (quarterly)
$3
June 1 May 17
Washington R. & Electric (quar.)
5% preferred (quarterly)
313.1 June 1 May 17
Washington Water Power, $6 pref. (quar.)...._
3131 June 15 May 25
Watab Paper 8% preferred (quar.)
$1 May 15 May 15
Westvaco Chlorine Products Corp.,corn.(quar.)
10c June 1 May 15
Will & Baumer Candle Co., Inc., common
10c May 15 May 1
Williamsport Water $6 pref. (quar.)
$131 June I May 20

Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week,these being given In the preceding table.
Name of Company.

Per
When Holders
Share. Payable. of Record.

Acme Gas & Oil
Alabama Power Co., $7 pref. (quar.)
$6 preferred (quar.)
$5 preferred (quar.)
Albany & Vermont R.R. Ca.
Allen Industries $3 preferred
Allied Laboratories preferred (quar.)
Alpha Shares, Inc. (s a.)
Aluminum Mfg. (guar.)._ Quarterly
Quarterly
7% preferred (quar.
7% preferred (guar.
7% preferred (guar.
American Arch (quar.
American Can Co. corn. (quar.)
American Chicle (quarterly)
American Envelope. 7% pref. (quar.)
7% preferred (quar.)
7% preferred (quar.)
American Factors. Ltd.(monthly)
Monthly
American & General Securities class A common_ _
$3 series cumulative preferred
American Hardware Corp.(quar.)
Quarterly
Quarterly
American Investors, Inc., $3 pref.(quar.)
American News (hi-monthly)
American Re-Insurance Co. (quar.)
American Smelting & Refining, 7% 1st pref
American Tobacco Co. corn. & corn. B (quar.)_
Amparo Mining
Artloorn Corp. cumulative preferred (quar.)_ _
Atlas Corp..$3ref. A (guar.)
preferreduer.
(quar.
$3 eferred (quar.
33
Bamberger (L.) & Co.6ti% pref.(quar.)
Bangor & Aroostook RR.Co.coin.(quar.)
Preferred (quar.)
Bankers & Shippers Ins. of N. Y.(quar.)
Barber(W.H.)& Co.. pref.(quar.)
Preferred (quar.)
Preferred (guar.)
Beacon Manufacturing Co.6% preferred (quar.)
Best & Co. common (quar.)
Bigelow-Sanford Carpet, pre('
Blackstone Valley Gas & Elec. Co., pref.(s -a.)..
Blaumer's, Inc., common (quar.)
Preferred (quar.)
Block Bros. Tobacco (quar.)
Quarterly
Quarterly
Preferred
Preferred quer.
Preferred(quar.
Blue Ridge Corp..$3 optional cony. pref.(quar.)
Borden's, common (quar.)
Boston & Providence R.R. Co.(quar.)
Quarterly
Bourjois, Inc., preferred (quar.)
Bridgeport Gas Light (quar.)
Bristol Myers Co.common (quar.) •
Extra
Brooklyn Edison (quar.)
Brooklyn Union Gas Co.(quar.)
Buckeye Pipe Line (quarterly)
Buck Hill Falls (quar.)
Burroughs Adding Machine Co. (quar.)
Calamba Sugar Estates (quar.)
7% preferred (quar.)

May 15 May 5
July 2 June 15
July 2 June 15
Aug. 1 July 16
May 15 May I
June 1 May 31
July 1 June 26
May 10 Apr. 30
June 30 June 15
Sept.30 Sept. 15
Dec. 31 Dec. 15
June 30 June 15
Sept.30 Sept. 15
Dec. 30 Dec. 15
June 1 May 21
May 15 Apr. 24a
July 2 June 12
June 1 May 25
Sept. 1 Aug. 25
Dec. I Nov.25
May 10 Apr. 30
June 9 May 31
June 1 May 15
June 1 May 15
July 1
Oct. 1
Jan 1'35
750 May 15 Apr. 30
250 May 15 May 5
50c May 15 Apr. 30
h$431 June 1 May 14
$131 June 1 May 10
lc May 10 Apr. 30
h$1% June 1 May 15
75c June I May 19
75c Sept. 1 Aug. 20
75c Dec. 1 Nov. 20
$1% June 1 May 15
62c July 2 May 31
$1% July 2 May 31
75c May 9 May 7
$1% July 1 June 20
$1% Oct. 1 Sept.20
$1% Jan F35 Dec. 20
May 15 May 1
31
May 15 Apr. 25
2
$2 June 31 May 10
$.3 June I May 15
25e May 15 May I
75c May 15 lay 1
37%c May 15 May 11
3735c Aug. 15 Aug. 11
3731c Nov. 15 Nov. 11
$131 June 30 June 25
$131 Sept.30 Sept. 25
$1)4 Dec. 31 Dec. 24
June 1 May 5
40c June 1 May 15
32.125 July 2 June 20
$2.125 Oct. 1 Sept. 1
68%c May 15 May 1
60c June 30 June 15
50c June 1 May 10
10c June 1 May 10
$2 June 1
$1% July 2 June 1
75c June 15 May 31
12)ic May 15 May I
10c June 5 May 5
40c July 1 June 15
35c July 1 June 15




2c
$131
$135
$1 31
$14
h75c
87%c
I5c
50c
50c
50c
$1%
$191
$1%
25c
$1
75c
$1%
$1%
$1%
10c
10c
7%c
75c
25c
25c

Name of Company.

3045
Per
When Holders
Share. Payable. ofRecord.

Cables & Wireless, Ltd., preference
w2%% June 4 Apr. 20
California Packing Corp
37tic June 15 May 31
California Water Service Co.,6% pref.(guar.)_ _
$136 May 15 Apr. 30
Canadian Converters, Ltd., corn. (quar.,
50c May 15 Apr. 30
Canadian Hydro Electric Corp.. let pref. (qu.)_ r$13.4 June 1 May 1
Carnation Co preferred (quar.)
$1% July 2
Preferred (guar.)
$1% Oct. 2
Preferred (guar.)
$1 31 Jan. I
Caterpillar Tractor Co
12%c May 31 May 15
Cedar Rapids Mfg.& Power (quar.)
75c May 15 Apr. 30
Central Cold Storage (quar.)
123 c May 15 May 5
,
Central Franklin Process, let & 2nd pref. (qu.)- $1% July 2 June 30
Central Mass. Light & Power 6% pref.(quar.)
May 15 Apr. 30
$1
Centrifugal Pipe Corp. (guar.)
10c May 15 May 5
Quarterly
10c Aug. 15 Aug. 5
Quarterly
be Nov. 15 Nov. 5
Century Ribbon Mill, Inc., preferred (near.)
$1% June 1 May 19
Chain Belt Co. (quarterly)
10c May 15 May 1
Chartered Investors, pref. (quarterly)
$1% June 1 May 1
Chesapeake & Ohio R.R. preferred (semi-ann.)
$3% July 1 June 8
Chicago Flexible Shaft Co., corn. (quar.)
25c June 30 June 20
Chicago Mail Order
250 May 10 May 1
Chicago Yellow Cab (guar.)
25c June 1 May 21
Cincinnati Union Terminal,4% pref.(quar.)
$131 July 1 June 20
4% preferred (quar.)
$1% Oct. 1 Sept.20
4% preferred (quar.)
$1% Jan1'35 Dec. 20
Cleveland & Pittsburgh, reg. gtd. (quar.)
8731c June 1 May 10
Registered guaranteed (quar.)
87 Ac Sept. 1 Aug. 10
Registered guaranteed (quar.)
87%c Dec. 1 Nov. 10
Special guaranteed (quar.
50c June 1 May 10
Special guaranteed (quar.
50c Sept. 1 Aug. 10
Sepcial guaranteed (quar.)
50c Dec. 1 Nov. 10
Columbia Gas & Electric Corp.. common
J12%c May 15 Apr. 20
5% cumulative & convertible pref. (quar.)
$1% May 15 Apr. 20
6% preferred (quarterly)
% May 15 Apr. 20
Concord Gas preferred (guar.)
$1% May 15 Apr. 30
Confederation Life Association (guar.)
31 June 30 June 25
Quarterly
$1 Sept.30 Sept.25
Quarterly
$I Dec. 31 Dec. 25
Connecticut Light & Power,631% pref. (quar.)_ $1% June I May 15
% preferred (guar.)
$1% June I May 15
Connecticut Power Co., corn. (quar.)
62)6c June 1 May 15
Connecticut By.& Lighting (quar.)
51.125 May 15 Apr. 30
31.125 May 15 Apr. 30
% preferred (guar.)
Consolidated Cigar Corp., pref. (quar.)
$1% June 1 May 15
Consolidated Gas Co. of N.Y.common (quar.)_
50c June 15 May 11
Consolidated Oil Corp.8% pref. (quar.)
$2 May 15 May 1
Consolidated Paper
I5c June I May 21
Consumers Power Co.,$5 pref.(quar.)
$1% July 2 Tune 15
$1.65 July 1 rune 15
6.6% preferred (quar.)
7% preferred (quar.)
$154 July 1 rune 15
6% preferrd (monthly)
50c June 1 Aay 15
6%Feferred (monthly)
50c July
rune 15
6.6 preferred (monthly
onthly)
55c June 1 tlay 15
55c July 1 tune 15
6.6 preferred monthly)
Continental Can Co.. Inc., corn. (gear.))
75c May If 1pr. 25a
Cresson Consol. Gold Mining & Mill Co.(quar.)
3c May 11 Xpr. 30
Crown Cork & Seal. pref. (quarterly)
68c June lb %lay 3I0
Crum & Forster, 8% preferred (quar.)
$2 June 30 lune 20
Cuneo Press,Inc.. preferred (quar.)
$1% June 11 rune 1
h5c June 1 May 15
Deere & Co., preferred
Denver Union Stockyards (quar.)
50c July 1
Quarterly
50c Oct. 1
Quarterly
50c Jan. 1
7% preferred quar.)
$1% June 1 May 20
7% preferred quar.)
$1%. Sept. 1 Aug. 20
7% preferred guar.)
$1% Dec. 1 Nov.20
Detroit Hillsdale & Southwestern (semi-ann.)—
$2 July 7 June 20
Diamond Match Co. common (quar.)
25c June I May 15
Dictaphone Corp.,preferred (guar.)
32 June 1 May 18
Diem & Wing Paper pref. (quar.)
$1% May 15 Apr. 30
15c June 1 May 15
Doctor Pepper Co.(quar.)
Quarterly
15c Sept. 1 Aug. 15
Quarterly
150 Dec. 1 Nov. 15
r50c May 15 Apr. 30
Dominium Bridge Co., Ltd.. common (guar.)
e50% July 2 June 16
Dow Chemical
Quarterly
50c May 15 May 1
Preferred (quarterly)
$1% May 15 May 1
East Mahanoy RR. (s. a.)
$134 tune 15 June 5
150 rune 1 May 15
Eastern Gas & Fuel Associates, corn. (quar.)
Prior preferred (quarterly)
$1.125 fitly 1 June 15
$1% lulY 1 June 15
$6 preferred (quarterly)
Eastern Shore Public Service 3631 pref. (quar.)_ $1% rune 1 May 10
$1% lune 1 May 10
$6 preferred (quar.)
Eaton Manufacturing (quar.)
250 Viay 15 May 1
Electric Household Utilities Corp., corn. (quar.)
25c lay 15 May 7
Elizabeth & Trenton (s-a)
31 3ct. 1 Sept. 20
5% preferred (s-a)
$1% 3ct. 1 Sept. 20
Empire & Bay State Teleg.,4% guar.(quar.)_ _ _
$1 June, 1 May 22
4% guaranteed (quar.)
$1 Sept. 1 Aug. 22
$1 Dec. 1 Nov. 21
4% guaranteed (quar.)
Empire Capital, series A (quar.)
10c May 31 May 21
June 1 Apr. 30
Empire Gas & Electric,6% pref.(quar.)
$1
7% preferred C (quar.)
$1% June 1 Apr. 30
$13.4 June 1 Apr. 30
6% preferred D (quar.)
Empire Power Corp., participating stock
50c May 10 Apr. 30
$2 Aug. 1 July 25
Eppens, Smith (semi-annual)
Escanawba Power & Traction,6% Pref. (guar.).. $13.4 Aug. 1 July 27
$135 Nov. 1 Oct. 26
6% preferred (quar.)
250 June 1 May 15
Faber Coe & Gregg (quarterly)
Quarterly
250 Sept. 1 Aug. 15
Quarterly
25c Dec. 1 Nov. 15
250 3-1-35 2-15-35
Quarterly
h3.3% May 15 May 5
Fair (The), 7% preferred
Farmers & Traders Life Insurance Co.(quar.)-- $231 July 1 June 10
$231 Oct. 1 Sept. 10
Quarterly
Sb MaY.15 Apr. 27
Fire Association of Philadelphia (semi-annual)_ _
8734c June I May 15
Florida Power Corp., pref. (quar.)
Sc May 10 Apr. 25
Fort Pitt Brewing (quar.)
50c June 1 May 15
Freeport Texas Co.(quarterly)
6% preferred (guar.)
$131 Aug. 1 July 12
General Cigar Co., Inc.. preferred (guar.)
$1% June 1 May 23
Preferred (guar.)
$1% Sept. 1 Aug. 23
Preferred (guar.)
$1% Dec. 1 Nov.22
Generale d'Electricite
80 fr.
General Foods Corp.(quar.)
45c May 15 May I
General Italian Edison Electric Amer. Shares..
33.39
Godman (H. C.). 1st preferred (quar.)
$134 June 1
Gottfried Baking Co., Inc., preferred (quar.)
131% July 2 June 20
Preferred (quar.
% Oct. 1 Sept. 20
Preferred (guar.
% Jan. 2 Dec. 20
Grace(N.R.)6% irst pref. (semi-annual)
June 30 June 28
6% first preferred (semi-annual)
Dec. 29 Dec. 27
Grand Rapids & Indiana By.(semi annual)
$2 June 20 June 9
Grand Union Co., pref. (quar.)
75c June 1 May 10
Great Western Eiectro-Chemical (quar.)
El Aay 15 May 5
Green & Coats Street Phila. Passenger By., pref.. $1.; July 7 June 22
,
5
Preferred
$131 Oct. 6 Sept.22
Guggenheim & Co., 1st pref. (quar.)
$1% May 15 Apr. 29
Ilackensack Water Co.common (semi ann.)__
75c June 1 May 16
7% preferred class A (auar.)
43%c June 30 June 18
Hale Bros. Stores. Inc.(guar.)
150 June 1 May 15
Quarterly
150 Sept. 1 Aug. 15
Quarterly
15c Dec. 1 Nov. 15
Harbauer Co., 7% preferred (quar.)
31
Aug. 1 July 21
7% preferred (quar.)
Oct. 1 Sept.21
31
7% preferred (quar.)_
$I
Jan 1'35 Dec. 21
Hardesty (R.) Mfg.,7% pref.(quar.)
51% June 1 May 15
7% preferred (quar.)
$1% Sept. I Aug. 15
7% preferred (quar.)
$191 Dec. 1 Nov. 15
Hartford Times, Inc., $3 pref. (quar.)
75c May 15 May 1

:3

Financial Chronicle

3046
Name of Company.

Per
When Holders
Share. Payable. of Record

25c June 1 May 22
Harbison-Walker Refractories common
July 20 July 10
Preferred (guar.)
"
la June 30
Hawaii Consolidated Ry.. Ltd.. 7% pref. A.
HerculesPowder Co., preferred (guar.)
$1 h May 15 May 4
Hershey Chocolate Corp., corn. (quar.)
75c May 15 Apr. 25
Convertible preferred (quar.)
$I May 15 Apr. 25
10c May 25 May 18
Hibbard, Spencer. Bartlett& Co.(quar.)
10c June 29 June 22
Quarterly
25c June 1 May 18
Hobart Manufacturing Co.. corn. (guar.)
123ic May 15 Apr. 30
Hollander (A.)& Son, Inc.,common
150 May 20 May 12
Honolulu Gas(monthly)
150 June 20 June 12
Monthly
Honolulu Plantation Co.(monthly)
25c May 10 Apr. 30
Hooven & Allison Co.7% preferred (quar.).,
$1% June 1 May 15
Hormel(Geo. A.)& Co., common (quar.)
25c May 15 Apr. 28
May 15 Apr. 28
$1
Class A preferred (guar.)
Horn & lIardart Co. of N. Y.. pref. (quar.)
$134 June I May 12
$1.05
Household Finance,pref.(guar.)
75c
Quarterly
10c May 5 Apr. 30
Hutchinson Sugar Plantation Co.(monthly)
Illuminating Power Security (quar.)
SIX May 10 Apr. 30
May 15 Apr. 30
7% preferred ((mar.)
5% June 8
Imperial Chem.Ind. Amer.dep.rec.for ord.she.
1% June 1
Deferred shares
July 3
Imperial Life Assurance (quar.)
Oct. 1
Quarterly
Jan.1'3$
Quarterly
r 25c June 1 May 15
Imperial Oil(s-a)
r15c June 1 May 15
Extra
$1
June I May 1
Indiana Hydro Elec. 1st pref. (quar.)
15c May 15 Apr. 27
Indiana Pipe Line
$IX Aug. 1 July 27
Industrial cottonMills(R.II..S.C.).7%pf.
(qr.)
150 June 1 May 15
Industrial & Power Security Co.(guar.)
3755c June 1 May 7
Ingersoll-Rand Co., corn. (quar.)
June 1 May it
International Harvester Co. preferred (guar.).- _ $1
r56c June I May 15
International Petroleum(s-a)
r44c June 1 May 15
Extra
50c May 15 May 1
Interstate Hosiery Mills (quar.)
50c Aug. 15 Aug. 1
Quarterly
50c Nov. 15 Nov. 1
Quarterly
20c June 1 May 10
Iron Fireman Mfg. Co., corn. (quar.)
20c Sept. 1 Aug. 10
Common (quar.)
20c Dec. 1 Nov. 10
Common (quar.)
15c June 30 June 20
Kalamazoo Vegetable Parchment Co. (quar.)-15c Sept.30 Sept. 20
Quarterly
15c Dec. 31 Dec. 20
Quarterly
May 15 May 5
Si
Kelvinator of Canada, Ltd.'7% pref. (quar.)
June 1 May 10a
Kendall Co., partic. pf.ser. A (quar.)
92c June 1 May 10a
Partic. preferred series A (partic. div.)
Keystone Steel & Wire Co., 7% pref
/41if May 15 May 5
25c July 2 June 20
Klein (D. Emil) Co., common (quar.)
25c June 1 May 10
Kroger Grocery & Baking, common (quar.)
$13i July 2 June 20
6% preferred (quarterly)
7% preferred (quarterly)
$1h Aug. 1 July 20
Landers, Frary & Clark.corn.(quar.)
370 June 30
37Sic Sept.30
Common (quar.)
Common (quar.
373Sc Dec. 31
Landis Machine. pref. (quar.)
June 15 June 5
Preferred (guar.)
Sept. 15 Sept. 5
Dec. 15 Dec. 5
Preferred (quar.)
Si
Langley's. 7% preferred
/151% May 15 Apr. 30
Lehigh Coal& Navigation
25c May 31 Apr. 30
Lehigh Power Security Corp.(quar.)
25c June I May 19
Lehn & Fink Products,corn.,(quar.)
50c June 1 May 15
30c June 15 May 31
Libby-Owens Ford-Glass (quar.)
40c June 1 May 1
Life Savers Corp. (quar.)
Liggett & Myers Tobacco Co.,corn (quar.)
$1 June 1 May 15
$1 June I May 15
Common B (quarterly)
30c Aug. 1 July 26
Lincoln Nat.Life Ins.(Ft. Wayne)(guar.)
300 Nov. 1 Oct. 26
Quarterly
Lincoln Telep. & Teleg.,6% pref. A (quar.),,.... $15i May 10 Apr. 30
SI h May 10 Apr. 30
5% special preferred (quar.)
10c June 1 May 15
Link Belt Co., common (guar.)
$14S July 2 June 15
Preferred (quar.)
50c June 9 May 25
Little Miami RR.special guaranteed (guar.). $1.10 June 9 May 25
Original
Loblaw Groceterias Co., Ltd., class A & B (qu.) r25c June 1 May 14
r15c June 1 May 14
Class A and B (bonus)
51% May 15 Apr. 28
Loew's.
$6.ii preferred (quarterly)
31% July 1 June 18
Loose Wiles Biscuit Co.. pref. (quar.)
Inc.'
June 1 May 17
Lord & Taylor preferred (quar.)
May 15 Apr. 30
Los Angeles Gas & Electric Corp., pref. (guar.) $1
12;ic May 15 May 5
Lunkenheimer
ommon (quar.)
$1% July 1 June 22
634% preferred
Co.,(gnarl
51% Oct. 1 Sept.21
6% preferred (quar.
h
Jan. 2 Dec. 22
Si
636% preferred (quar.
,
51% May 15 Apr. 30
Luzerne County Gas & El.$7 1st pref. (quar.)
May 15 Apr. 30
51
$6 1st preferred (quar.)
50c May 15 May 5
Lynch Corp. (quar.)
100fr.
Lyonnaise deft Eaux
25c May 15 May 15
MacMillan Co.(quar.)
May 8 May 8
31
$6 preferred (guar.)
Soc May 15 Apr. 20
Macy (R. H.)& Co.(quar.)
51.35 May 15 May 5
,
Magnin (I.) & Co., preferred (quar.)
$1)5 Aug. 15 Aug. 5
Preferred (quar.)
Nov. 16 Nov. 5
$1
Preferred (quar.)
Sc May 15 May 1
Managed Investment (guar.)
15c June 1 May 15
Manhattan Shirt Co.. corn. (guar.)
750 July 2 June 15
Mapes Cense' Mfg.(quar.)
zw6%
Marconi's Wireless Teleg. Co.. Ltd., corn
$135 May 15 May 10
,
Matson Navigation Co.,(guar.)
43%c May 31 May 30
McClatchy Newspapers,7% pref.(guar.)
25c June I May 1
McIntyre Porcupine Mines (quar.)
250 June I May 1
Bonus and extra
375ic May 15 Apr. 30
Meadville Telephone Co.(quarterly)
51X May 15 Apr. 30
Mercantile Stores Co.,7% pref. (quar.)
250 May 15 Apr. 11
Mid-Continent Petroleum
$20 Apr. 30 Apr. 28
Mid vale Company
$3 JulyJune 20
Milland Grocery 6% preferred (semi ann.)
50c May 15 May 4
Minneapolis-Honeywell Regulator Co., com
Si Vi May 15 May 1
Monmouth Consolidated Water,7% pf.(qu.)
25c June 15 May 25
Monsanto Chemical Works (quar.)
1735c May 10 Apr. 10
Montgomery & Erie (semi-annual)
$2 May 15 Apr, 30
d Montreal Light. Heat & Power Co.(quar.)--r37c Apr. 30 Mar.31
Montreal Light. Heat & Power Consol. (quar.)_
75c May 15 May 1
Moody's Investors Service, partic. pref. (quar.)
July 1 July 1
$1
Moore Dry Goods Co.(guar.)
51;i Oct. 1 Oct. 1
Quarterly
Jan. 1 Jan. 1
$1
Quarterly
July 1 June 20
Si
Morris 5 & 10c. Stores,7% pf.(quar.)
$1% Oct. 1 Sept.20
7% preferred (quar.)
$1 June 1 May 26
Morris Plan Ins. Soc.(quar.)
Si Sept. 1 Aug. 25
Quarterly
$I Dec 1 Nov.26
Quarterly
50c May 15 Am. 26
Morse Twist Drill& Machine Co
June 1 May 19
$1
Muskogee Co.. 6% cum. pref. (quar.)
$154 June 28 June 21
Mutual Chem.of America, pref.(quar.)
$1 Yi Sept.28 Sept.20
Preferred (quar.)
135 Dec. 28 Dec. 20
Preferred (quar.)
Sc May 20 May 5
Mutual Telephone (Hawaii) (monthly)
41% June 1 May 15
National Automotive Fibers 7% preferred
May 31 May 17
$1
National Biscuit Co., pref. (quar.)
$1 May 15 Apr. 28
-a.)
National Casket Co.. corn. (s.
50c June 1 May 10
National Container Corp. common (initial)---50c June 1 May 15
Preferred (guar.)
h50c June 1 May 15
Preferred
50c Sept. 1 Aug. 15
Preferred (guar.)
h50c Sept. 1 Aug. 15
Preferred
50c Dec. 1 Nov. 15
Preferred (quar.)
h50c Dec. 1 Nov. 15
Preferred
$1,1 June 15 June 1
National Lead Co., class A pref. (quar.)
20c June 1 May 7
National Power & Light




$94

Ii

Name of Company.

May 5 1934
When Holders
Per
Share. Payable. of Record.

40c June 15 May 25
National Transit Co. (semi annual)
51)4 June 1 May 16
Newberry (J. J.) Co., preferred (guar.)
5: Niay 10 54a. 20
5
May 5 A pry 1
New Jersey Zinc Co.(quar.)
30c June 1 May 15
New York Steam Corp.common
1900 Corporation, class A (quar.)
250 May 15 May 1
Class B (quar.)
Norfolk & Western Ry.common (quar.)
$2 June 19 May 31
$1 May 19 Apr. 30
Adjustment preferred (quar.)
75c June 1 May 15
Northam Warren Corp.cony. pref.(quar.)
$134 June 1 May 15
North American Edison Co., pref. (guar.)
15c June 11 June 1
North River Insurance Co. (quar.)
Sc June 11 June 1
Extra
Northern RR.of N.J.4% guaranteed (quar.)
51 June 1 May 21
Si Sept. 1 Aug. 22
4% guaranteed (quar.)
51 Dec. 1 Mar.21
4% guaranteed (quar.)
87;
,
ic July 2 June 22
Norwalk Tire & Rubber Co. pref. (quar.)
July 2 June 20
Norwich Pharmacal Co. (quar.)
81
Quarterly
$134 Oct. 1 Sept.20
gl.
Jan 1'35 Dec. 20
Quarterly
15c June 15 June 11
Oahu By.& Land (monthly)
10c May 14 May 5
Oahu Sugar, Ltd. (monthly)
20c May 20 May 10
Onomea Sugar Co. (monthly)
% June 1 May 1
Ontario & Quebec Ry., deb. (s.
-a.)
$3 June I May 1
Semi-annual
O'Sullivan Rubber
10c June 30 May 31
Owens-Illinois Glass Co., corn. (quar.)
75c May 15 Apr. 29
75c May 7 May 5
Pacific Fire Insurance Co
3734c May 15 Apr. 30
Pacific Gas & Electric. 6% pref. (quar.)
34%c May 15 Apr. 30
% preferred (quarterly)
Pacific Lighting Corp.. corn. (guar.)
750 May 15 Apr. 20
Pechiney Chemicals Co
30 fr
Ponder (David) Co., class A (quar.)
8734c June 1 May 19
Peninsula Telephone Co., 7% pref. (quar.)..--- 51
May 15 May 5
51% Aug. 15 Aug. 6
7% preferred (quar.)
Penman's, Ltd.,6% preferred (quar.)
51;i May 15 May 5
Ma y 21
m
Pennsylvania Power Co.,$6.60 pref.(monthly)- 31 5c June
534
$6 preferred (quar.)
25c May 14 Apr. 12
Phillips Petroleum Co
50c July 10 July 1
Phoenix Finance, pref. (quar.)
50c Oct. 10 Oct. 1
Preferred (quar.)
50c Jan. 10 Jn 1 '35
Preferred (quar.)
750 July 10 June 30
Piedmont & Northern (quarterly)
40c June 1 May 15
Pillsbury Flour Mills. Inc., corn. (guar.)
750 Oct. 1 Sept. 15
Pittsburgh Bessemer & Lake Erie R.R.(s.
-a.)
Pittsburgh Fort Wayne & Chicago,R.R.(quar.)_ sly July 3 June 11
$114 Oct. 2 Sept.10
Quarterly
1-1-35 Dec. 10
81
Quarterly
July 3 June 11
$1
7 preferred par.)
Oct. 2 Sept. 10
$1
7 preferred quar.)
1-1-35 Dec. 10
51
7V preferred guar.)
31
May 15 May 5
Pittsburgh Suburban Wat. Serv.,$534 pf.(qu.)
Pittsburgh Youngstown & Ashtabula R.R.JUDO 1 May 21
51
7 preferred (quar.
51
Sept. 1 Aug. 20
7% preferred (guar.
7
SI
Dec. 1 Nov.20
Preferred (quar.
7
15c June 1 May 15
Pleasant Valley Wine Co. (initial)
2134 June 15
Pollock Paper & Box Co.. pref. (quar.)
513 Sept.15
Preferred (quarterly)
5134 Dec. 15
Preferred (quarterly)
51
June 1
Powell River, 7% pre erred
$134 Sept. 1
7% preferred
$194
7% preferred
May 15 Apr. 25
3734cM
Dec. 1
Procter & Gamble, corn. (quar.)
50c May 31 May 1
Public Service Corp. of N. J.. 6% pref.(mo.)
75c May 15 Apr. 24
Pullman Inc. (guar.)
5134 May 31 May 1
Quaker Oats Co.. 6% preferred (quar.)
r25c May 25 Apr. 25
Quebec Power Co.(quarterly)
e2% May 15 Apr. 30
Railways Corp
250 May 10 Apr. 12
Reading Co.. common (guar.)
50c June 14 May 24
1st preferred (guar.)
25c June 15 May 31
Reeves(Daniel)(quar.)
5194 June 15 May 31
634% preferred (quar.)
20c May 10 Apr. 30
Republic Insurance, Texas (quar.)
20c Aug. 10 July 31
Quarterly
20c Nov. 10 Oct. 31
Quarterly
25c July 5 July 2
Republic Supply Co. (quar.)
250 Oct. 5 Oct. 2
Quarterly
m25c June 1 May 15a
Reynolds Metals Co.(Del.)
$30 May 10 Apr. 30
Rhode Island Hospital Trust (It. I.)(quar.)_
30c May 15'
,
Rich's, Inc. (quar.)
lay 1
S1)4 June 30 June 15
636% preferred (quar.)
,
Rochester Gas & Electric Corp.—
51)4 June 1 Apr. 27
Class B 7% preferred (quar.
zw51 % June 1 Apr. 27
23
:
Class C & D 6% preferred (guar.)
rw12% May 23 Apr. 11
Rolls-Royce, Ltd., ordinary register
zw12% May 31 Apr. 11
American depositary receipts, ord. register
50c May 31 May 18
Royalite Oil Co., Ltd
Rubber Plantations Invest. Trust common
30c May 15 May 7
Scotten Dillon Co
15;lic May 15 May 5
Seaboard Ins. Co. (Bait.) (quar.)
75c June 1 May 15
Second Investors $3 preferred (quar.)
75c Juno 1 May 15
Second Investors Corp. (It. I.), pref.(quar.)__
20c
Second Twin Bell 011 Syndicate (monthly)
5 Apr. 30
1 m
Shawinigan Water & Power Co. common (quar.) r12c May 15 Apr. 25
5
Juno
Shenango Valley Water 6% preferred (quar.)_
A vry 30
a. 2
0
Sherwin-Williams Co., com.(quar.)
50c May
Preferred AA stock (anal%)
June I May 15
51
Sierra Pacific Electric 6% preferred (quar.)
5134 June I May 20
$P
Sioux City Gas & Elec. 7% pref. (quar.)
May 10 Apr. 30
Sioux City Stockyards Co., pref.(quar.)
5134 May 15 May 14
Preferred (guar.)
Aug. 15 Aug. 14
Preferred (guar.)
Nov. 15 Nov. 14
Smith (S Morgan) Co.(guar.)
Si Aug. 1
Quarterly
$1 Nov. 1
Smith (A. 0.) Corp preferred (quar.
ET May 15 May 1
Solvay American Invest. Corp., 53.4% f.(u.
May 15 Apr. 16
, ,
,
1 c May 29 May 18
South American Gold & Platinum Co, ,,,,
Southern California Edison Co.. Ltd. coin
May 3151
30
2
0
Southern Calif. Gas Corp.. $654 cum. pf.(qu.)
$134May
Apr.
Southern Canada Power Co.. Ltd., corn. (guar.)
May 15 Apr. 80
Southern Pacific Golden Gate Co., A & B (quar.) 373.4c May 15 Apr. 30
6% preferred (a uar.)
$134 May V Apr. 30
Stamford Water Co. (guar.)
$2 May 15 May 5
Standard Corp.(quar.)
4c May 15 Apr. 20
Standard Oil Co. of Kansas(quar.)
50c July 31 July 2
Stanley Works, 6% preferred (quar.)
373.4c May 15 May 5
Strawbridge & Clothier. pref. A (quar.)
5134 June I May 16
Sun Oil Co., common (quar.)
25c June 15 May 25
Preferred (quar.)
51
June I May 10
Susquehanna Utilities 6% pref. (quar.)
June 1 May 19
$l..
Syracuse Storage,8% pref.(quar.)
$2 May 15 Apr. 20
634% preferred (quar.)
3134 May 15 Apr. 20
6% preferred (quar.)
$134 May 15 Apr. 20
Tampa Electric Co., common (guar.)
56c May 15 Apr. 30
Preferred, series A ((uar.)
$194 May 15 Apr. 30
Telephone Investment Corp.(monthly)
20c June 1 May 20
Monthly
20c July 1 Tune 20
Tennessee Elec. Power Co.5% pref.(quar.)
July 2 June 15
51
6% preferred (quar.)
$134 July 2 June 15
7% preferred (guar.)
513i July 2 June 15
7.2% preferred (quar.)
$1.80 July 2 June 15
6% preferred (monthly
50c June I May 15
%
6referred (monthly
50c July 2 June 15
7.2 preferred (monthiy)
60c June I May 15
7.2 preferred (monthly)
60c July 2 June 15
Thatcher Mfg. Co.,cony. pref.(guar.)
90c May 15 Apr. 30
Thompson (John R.) Co
1234c May 14 May 5
Tide Water Power Co
55134 June I May 10
Tobacco Securities Trust Co., corn. (interim)
wx5% May 22 Apr. 24
Toburn Gold Minee, Ltd
2c May 22 Apr. 28
Troy & Greenbush, RR. Assoc. (semi-ann.)..
$134 Juno 15 JUDO 1
Trunz Pork Stores(quar.)
250 May 10 May 3

3047

Financial Chronicle

Volume 138

When Holders
Per
Share. Payable. of Record.

Name of Company.

$2
Twin Bell Oil Syndicate (monthly)
25c
Union Oil of Calif. (guar.)
40c
United Biscuit Co.of Amer.,corn.(guar.)
$111
Preferred (quarterly)
-a.)
$33(
United Carbon Co.. preferred (s.
$2
United Companies of N. J.(quar.)
25c
United Engineering & Foundry Co. corn. (guar.)
$1
Preferred (quar.)
30c
United Gas Improvement Co.common (quar.)
$13(
Preferred (quar.)
United Light & Rys.(Del.).7% prior prof.(mo•) 53 1-3c
53 1-3c
7% prior preferred (monthly)
53c
6.36% prior preferred (monthly)
53e
6.36% prior preferred (monthly)
50c
6% prior preferred (monthly)
500
6% prior preferred (monthly)
$2
United N. J. RR.& Canal (quar.)
,
$235
Quarterly
$2
Quarterly
lc
U.S. Petroleum Co.(guar.)
lc
Quarterly
lc
Quarterly
12%c
U. S. Pipe & Foundry Co., corn. (quar.)
123.c
Common (quar.)
12 c
Common (quar.)
Preferred (quar.)
30c
Preferred (quar.)
30c
Preferred (guar.)
25c
United States Playing Card ((war.)
%
United States Steel Corp. pref.(quar.)
815.1c
United Stores Corp.. preferred (quar.)
$1.
Upper Michigan Pow.& Lt.pref.(quar.)
$1.54
6% preferred (quar.i
$1%
6% preferred (quar.
$13(
6% preferred guar.
3
$1 4
$5 prior stock
Utility Equities Corp.o
25c
Vanadium Alloys Steel Co
h33%
Vapor Car Heating Co., Inc.. 7% prof
h$334
7% preferred
25c
Virginia Coal & Iron (quar.)
6234c
Vortex Cup Co.. class A (quar)
1%5
Vulcan Detinning Co.. preferred. ((mar.)
Preferred (guar.)
Wailuku Sugar(monthly)
31
Wesson Oil & Snowdrift Co.. Inc., pref. (quar.)_
$134
Western Cartridge Co.6% pref. (quar.)
$134
West Penn Electric Co.,6% pref. (guar.)
$1
7% preferred (quar.)
$1 Si
West Virginia Pulp & Paper Co. prof. (guar.)._ _
62
Wilcox-Rich Corp., class A (quar.)
20c
Class B stock (quar.)
$134
Winstead Hosiery (guar.)
$154
Quarterly
110%
Woodley Petroleum Co
60c
Woolworth (F. W.) Co.(guar.)
$134
Worcester Salt,6% preferred (quar.)
25c
Wrigley (Wm.) Jr. Co. (monthly)
25c
Monthly
25c
Monthly
25c
Monthly
25c
Monthly

1

May 5 Apr. 30
May 10 Apr. 19
June 1 May 9
Aug. 1 July 16
July 2 June 16
July 10 June 20
May 11 May 1
May 11 May 1
June 30 May 31
June 30 May 31
June 1 May 15
July 2 June 16
June 1 May 15
July 2 June 16
June 1 May 15
July 2 June 16
July 10 June 20
Oct. 10 Sept. 20
1-10-35 Doc. 20
June 10 June 5
Sept. 10 Sept. 5
Dec. 10 Dec. 5
July 20 June 30
Oct. 20 Sept. 29
Jan. 20 Dec. 31
July 20 June 30
Oct. 20 Sept. 29
Jan. 20 Dec. 31
July 2 June 20
May 29 May 1
June 15 May 25
May 15
Aug. 15
Nov. 15
2-1-35
June 1 May 15
May 15 May' 5
June 10
Sept. 10
June 1 May 15
July 2 June 15
July 20 July 10
Oct. 20 Oct. 10
May 20 May 15
June 1 May 15
May 19 May 1
May 15 Apr. 20
May 15 ADC. 20
May 15 May 1
June 30 June 20
May 15 May 1
Aug. 1 July 15
Nov. 1 Oct. 15
Sept.30 Sept. 15
June 1 Apr. 23
May 15 May 1
June 1 May 19
July 2 June 20
Aug. 1 July 20
Sept. 1 Aug. 20
Oct. 1 Sept. 20

t The Now York Stock Exchange has ruled that stock will not be quoted
ex-dividend on this date and not until further notice.
j The New York Curb Exchange Association has ruled that stock will
not be quoted ex-dividend on tnis date and not until further notice.
a Transfer books not closed for this dividend.
d Correction. s Payable in stock.
f Payanle in common stock. y Payable in scrip. h On account of accumulated dividends. i Payable in preferred stock.
I I. G. Farbenindustrie 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 I new share for each 4 shares held
(subject to approval of listing application by New York Stock Exchange).
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. r A unit. to Less depositary expenses.
X Less tax. y A deduction has been made for expenses.
z G. L. D. & D. Co. stock books will be closed from May 6 to 15, both
dates inclusive.

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, APRIL 28 1934.

Clearing House
Members.

• Capital.

• Surplus and
Undivided
Profits.

Net Demand
Deposits,
Accra's.

Time
Deposes,
Aura's.

$
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

$
$
86,833,000
9,885,400
299,695,000
31,931,700
35.561.900 a927.537.000
308.677,000
47,510,600
177,660.100 b992,068,000
237,571,000
10,297.500
518,178,000
61,291,500
181,858,000
16.083.700
381,125,000
73,717,000
366,361,000
57,612.800

$
10,716,000
31,392,000
158,136,000
28,798,000
48,341,000
100,644,000
44,932,000
22,164,000
14,600,000
10,753,000

4,000.000
Continental Bk & Tr Co..
e150.270,000
Chase National Bank
500,000
Fifth Avenue Bank
25,000,000
Bankers Trust Co
10,000,000
Title Guas & Trust Co.._
5,000,000
Marine Midland Tr Co
New York Trust Co
12,500.000
7,000,000
Coram'l Nat Bk & Tr Co
Public Nat Bk & Tr Co_
8.250,000

26,812.000
3.467,400
e59,526,800 1,223,546.000
42,608.000
3,148,900
60.610,800 4553,257,000
19,320,000
10,655,800
47,363,000
7,314,700
206,661,000
21.490,900
49,705,000
7,572,600
45,327,000
4,860,600

2,089,000
88,405,000
852.000
36,363,000
304,000
4,955,000
18,326,000
2,931,000
33.394,000

614.955.000

700.200.700 6.514.502.000

658.095.000

Bank of N Y & Trust Co
Bank of Manhattan Co_
National City 13ank_ __
Cnem Bank & Trust Co..
Guaranty Trust Co
Manufacturers Trust Co
Cent Hanover Bk & Tr Co
Corn Rich Bank Tr Co_
First National Bank....
Irving Trust Co

Totals

Includes deposits in foreign branches as follows: (a) 3221,095,000;(b) 362.310.000;
(c) 870,869,000; (4) 316,803,000.
•As per official reports: National, March 5 1934; State, March 31 1934; trust
companies, March 31 1934; c aa 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 for the week ended April 27:
INSTITUTIONS NOT IN THE CLEARING HOUSE WITH THE CLOSING
OF BUSINESS FOR THE WEEK ENDED FRIDAY. APRIL 27 1934.
NATIONAL AND STATE BANKS—AVERAGE FIGURES.
Loans
Disc. and
Investments,

3
Manhattan—
23,377,500
Grace National
Trade Bank of N. Y., 2,877,866
Brooklyn—
Peonies National

5.144.000

Res. Dep., Dep. Other
N. Y. and Banks end
Elsewhere. Trust Cos.

Cash.
3
117,300
119,192

$
1,542,300
720.415

83.000

312.000

Gross
Deposits.

$
3
1,468,800 21,840,600
310,823 3,370,671
34.000

4.842.000

TRUST COMPANIES—AVERAGE FIGURES.
Loans,
Disc. and
Incest.

Res. Dep., Dep. Other
N. F. and Banks (Hui
Elsewhere. Trust Cos.

Cash.

Gross
Deposits.

Manhattan—
Empire
Federation
Fiduciary
Fulton
Lawyers County
United States

$
$
$
62.867,400 *4.141,100 6,829,500
454,740
81,225
6,683,942
457,090
.550,542
8,833,432
399.300
17,338,000 .2,151,500
463,000
30,626.300 .4,897,100
66,054,029 6,400,000 14,408,115

$
$
1,271,500 62,927,900
391,493 5,991,512
64,368 7.887,833
325,300 15.200.200
33.228.900
58.821,272

Brooklyn—
Brooklyn
Wing:n:1 OnlIntv

93,346,000
95 :128 (100

2,395,000 19,148,000
R IRI 10:I
I 831 281

224,000 98,435,000
28 7(14 MR

•Includes amount with Federal Reserve as to lows: Empire.$2,885,500; Fiduciary.
$320,935; Fulton, 52,000,600; Lawyers County, $4,187,200.

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 2 1934, In
comparison with the previous week and the corresponding date last year:
Ana —
,
Gold certificates en hand and
from U. B. Treasury (x)
Gold
Redemption fund—F. Tr.. notes
Other cash

due

Total reserves
Redemption fund—F.It. bank notes__
Bills discounted:
Secured by U.S. Govt. obligations
Other bills discounted

May 2 1934. Apr. 25 1934. May 3 1933.
3
S
$
1,503,219,000 1.476,282.000 269,856,000
388,000
641,
10,485,000
2.427,000
2,071,000
90,366,000
66,947,000
63,604.000
1,568,894,000 1,545,656,000 1,012,195,000
2.354,000
1,600.000
2,327,000
4,204,000
12,944,000

4,559,000
14.116,000

42,780,000
48,546,000

Total bills discounted
Bills bought in open market
U. S. Government securities:
Bonds
Treasury notes
Certificates and bills

17,148,000
2,285,000

18,675.000
2.331,000

91,326,000
23,084,000

149,331,000
398,347,000
239,077.000

149,330,000
391,918,000
245,507.000

188,224,000
232,513.000
309,637.000

Total U.S. Government securities
Other securities (see note)

786,755,000
40,000

786,755,000
40,000

806,228,000

807,801.000
1,193,000
4,458,000
106,792,000
11,434.000
42.529.000
26,507,000

1,347,000
5,807,000
88,860,000
12.818,000

1,621,107,000 1,607,917,000

988,903,000

112,563,000
59,712.000
45,217.000

105,083,000
59,724,600
45,217.000

86,562,000
58,491,000
85,058,000

47,266.000
14,396,000

47,266,000
13,939,000

1,667,000
6,145,000

849,766,000

1,194,0A
5,348,000
114,249,000
11,434,000
42,529,000
28,309.000

Total deposits

730,374,000
4,982.000

Total bills and securities (see note)
Gold held abroad
Due from foreign banks (see note)
F. R. notes of other banks
Uncollected items
Bank premises
Federal Deposit Insurance Corp.stock_
All other assets

May 2 1934. Apr. 25 1934. May 3 1933.
Liabilities—
638,514,000 626,705,000 738.740,000
F. It. notes In actual circulation
28,245,000
42.873,000
41,737,000
F. R. bank notes In act, circulation net_
bank reserve acc't 1,420.459,000 1,561.618.000 910.709.000
Deposits—Member
42,887.000
1,105.000
152,508,000
Government
9,210.000
2,578,000
2,512,000
Foreign bank (see note)
26.097,000
42,616,000
45,628,000
Other deposits

Total assets

Deferred availability Items
Capital paid in
Surplus
Reserves (F. D. I. C. stock, self loans"
taco, &c.)
All other liabilities
Total liabilities

2.580.512,0002.548.724.050 1,993,811,000

Ratio of total reserves to deposit and
F. R. note liabilities combined

69.4%

69.2%

Contingent liability on bills purchased
for foreign correspondents

1,451,000

1,440,000

,
58.6 0

21,418,000

2,580,512,000 2,548.724,000 1.993,811,000

13.511,000

•"Other cash" does not Include Federal Reeerve notes or a bank's own Federal Reserve bent 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
Credit bank debentures, was changed to
to foreign correspondents. In addition, the caption "All other earning assets," previously made up of Federal Intermediate
"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
therein.
dismount aosseptances and securities acquired under the provisions of Sections 13 and 14 of the Federal Reserve Act, which It was stated are the oily Items included
x These an certificates given by the Cl. S. Treasury for the gold taken over from the Reserve Banks when the dollar was on Jan. 31 1934 devalued from 100 oents to
69.06 oents, these certificates being worth lees to the extent of the difference, the difference Itself having been appropriated 83 profit by the Treasury under the provisloas
et the Gold Reserve Act 01 1934.




3048

Financial Chronicle

May 5 1934

Weekly Return of the Federal Rese;ve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, May 3,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 2 1934.
May 2 1934. Apr. 25 1934. Apr. 18 1934. Apr. 111934. Apr. 4 1934. liar. 28 1934. Mar.21 1934. Mar.14 1934. May 3 1933.
ASSETS.
Gold etre. on hand & due fr. U.S.(1)
Gold
Redemption fund (F. R. notes)
Other cash •
Total reserves.

$
5
$
5
$
$
$
$
1,586,500,000 4,490,358.000 4,476.979,000 4.386,837.000 4,309,575,000 4,281,197,000 4,270,695.000 4,252,321,000
31,144,060
232,267,000

31,498.000
241,262.000

31,498,000
224,832,000

32,988,000
33,749,000
225,771,000 215.178.000

32,911.000
220,886.000

33,568,000
220,181.000

$
954,555,000
2,418,515,000
34,044,000
62,500,000
217,411,000 312,315,000

4,849.911.000 4.763.118,000 4.733,309.000 4.645.596,0004,558,502,000 4,534.994.000 4.524.444,0004,503,776.000 3,747,885,000

Redemption fund-F. R. bank notes-.
Bills discounted:
Secured by U. S. Govt. obligations
Other bills discounted

6,022,000

7,768,000

8,226,000

8,362,000

7,388,000
30,924,000

7,903,000
32,410,000

68,441,000
632,032,000

9,276,000
33,975,000

9,038,000

10,868,000

11.495,000

3,618,000

13,592,000
38,987,000

11.(35,000
,
39,807,000

12.607,000
42,280.000

97,976,000
302,126,000

Total bills discounted
Bills bought in open market
U.S. GovernmentsecurIties--Bonds
Treasury notes
Special Treasury certificates
Certificates and bills

38,312,000
40,313,000
40,473,000
51.412,000
43,251,000
52,579,000
47,529,000
54.887,000
13,499,000
10,163,000
8.379,000
17,059,000
33.250.000
29,359.000
26,045,000
37.459,000
407,858,000 406.204,000 406.277.000 431.225,000 442,795,000 442,928,000 442,865.000 442,875,000
1,242,591,000 1.221,099,000 1.207,603,000 1,179.900,000 1.222,681,000 1,214,246,000 1.224,043,000 1,092,063,000

400,102,000
144,152,000
421.576,000
588,972,000

Total U. S. Government securities
Other securities

2,431,819,000 2,430,173,000 2.430.264.000 2.431,979,000 2.431,762,000 2,431,886,000 2.431.895.0002.431,840,000 1,837,278,000
562,000
747,000
548,000
562,000
.563.000
563.000
653,000
563,000
5,641,000

781.370,000

802,870,000

816,384,000

820,848,000

8,513,000
12.244.000
35,285,000

766,286,000

774,712,000

764.987,000

896,902,000

826,730,000

Total bills and securities
2.479.157,000 2,481,197,000 2,484.798,000 2,492,851.000 2,505.899,000 2.514,387,000 2.517,120,000 2,524,839,000 2,387,173,000
Gold held abroad
Due from foreign banks
3,131,000
3,130,000
3,131,000
3,130,000
3.132,000
3,131,000
3,131,000
3,132,000
3,656,000
Federal Reserve notes of other banks __ -.
16,846,000
15.905,000
17,317,000
14,831,000
17,340,000
15,907,000
15,876,000
16.551,000
19,471,000
Uncollected Items
456.805,000 428.684,000 493,347,000 418,780,000 427,938,000 395.844,000 449,448,000 482,658,000 337.157,000
Bank premises
52.556,000
52,558,000
52,569,000
52,431,000
52.431,000
52,556,000
52.432,006
52,503.000
54,250,000
Federal Deposit Insurance Corp. stock
139,299,000 139,299,000 139.299,000
69,650,000
69,650,000
69.650,000
69.650,000
69,650.000
All other resources
44,657,000
41,879,000
48,984,000
52,677,000
43,078,000
50.965,000
49.910,000
51,349,000
44,673,000
Total assets
8,048,397,000 7,936.150,000 7,972,449,000 7,760,942,000 7.694,036.000 7,645,262.000 7.690,908.000 7,714.853,000 6,597,883,000
LIABILITIES.
F. It. notes In actual circulation
3,058.777,0003.030,216.000 3,029,647,000 3,025,812,000 3.032,016,000 2,997,036,000 2.984,943,000 2.989,052,000 3,395,369,000
F. R. bant notes in actual circulation
70,197,000
77.767,000
83.102.000
88,336,000 106.552,000 122,743,000 143,877,000 159,371,000
56,059,000
-Member banks'reserve account 3,570,283,000 b3,743,597,000 3.809,177.0003.560.025,000 3,449,803,000 3,438.948.000 3,449,269,000 3,454,492,000 2,033,939,000
Deposits
Government
68,977,000
17.644.000
242,776,000
29.395,000
56,443,000
66.883,000
24,009,000
16,128,000 144.406,000
Foreign banks
4,565.000
5.347.600
6.585.000
4.623,000
6,138,000
5,049.000
7,378.000
8,994,000
27.272,000
-Member bank
Special deposits
20,996,000
22,347,000
24,106.000
25,316,000
Non-member bank
4 9.958,000
10,952,000
11,036,000
11.405,000
Other deposits
173,765,000 6161.916.000 158.178,000 143,705,000 104.109,000 121,924,000 111,838,000
97,747,000 154,484,000
Total deposits
3,993,409,000 3,928.504,000 3,900,897,000 3.737,748.000 3,656.798,000 3,658,752,000 3,627,636,000 3.614,082,000 2,360,101,000
Deferred availability Items
454,807,000 427,495,000 488,075,000 422.619,000 427,984,000 394,468.000 462.158,000 478.730,000 331,621,000
Capital paid in
146,300,000 146.449,000 146,383,000 146.389.000 146,273,000 145,586.000 145.731,000 145,820,000 150,187,000
Surplus
138,383,000 138,383,000 138,383,000 138.383,000 138,383.000 138,384.000 138,383,000 138.383,000 278,599,000
Reserves (F. D.I. C. stock. self Ins. &C.):
161,831,000 161.829,000 161,829,000 161.829.000
12,205,000
Pald
69.650,000
69,650,000
69,650,000
69,650,000
Called for payment April 15
I 69,650,000
69,650,000
69,650,000
69,650,000
24,133,000 b39,826,000
25,507.000
24,693,000
All other liabilities
46,730.000
50.993,000
48.880,000
50,115,000
13,742,000
Total liabilities
8,043,397,000 7,936,150,000 7,972,449,000 7,760,942,000 7,694.036.000 7.645,262,000 7.690,908,000 7,714,853,000 6, 7,883.000
59
Ratio of total reserves to deposits and
Ss 1
68.8%
F. R. note liabilities combined
68.7%
68.3%
68.4%
68.2%
68.2%
68.4%
68.2%
165.1%
liability on bills purchased
Contingent
4.669,000
4.669,000
for foreign correspondents
4,669,000
4,261,000
4,771,000
4.935,000
4,935.000
4,939,000
42,189,000
Maturity Distribution of Bills and
Short-term Securities
1-15 days bills discounted
16-30 days bills discounted
31-60 days bills discounted
61-93 days bills discounted
Over 90 days bills discounted

s

$

s

$

$

3

3

$

S

28,004,000
3,177,000
5.930,000
978.000
223,000

30,146,000
1,880,000
6,814,000
1,251,000
222,000

29.822,000
3,028,000
4,818,000
2.569.000
236,000

30,600,000
4,600,000
3,086,000
4,725.000
240,000

32.998,000
4,160,000
4,792,000
5,330,000
249.000

37,565,000
2,854,000
5.081.000
6,782,000
297,000

36,605,000
2,964,000
4,757,000
6,774,000
312.000

40,825,000
2.332,000
5,358,000
6,045,000
327,000

Total bills discounted
1-15 days bills bought In open market_ _ 16-30 days bills bought in open market.31-60 days bills bought In open market_._
61-90 days bills bought In open market_
Over 90 days bills bought In open market

38,312,000
3,238.000
910,000
272,000
3,859,000

40,313,000
4,111,000
2,048,000
298,000
3.706,000

40,473,000
9,127,000
3,371,000
823,000
178,000

43.251,000
11,427,000
3,365,000
2,206,000
61,000

47,529,000
13,193,000
7,884,000
3,442,000
1,526,000

52,579.000
13,712,000
6,634,000
7,381.000
1.632.000

51,412,000
9,374.000
12,346,000
7,677,000
3.853,000

54,887,000
9,966,000
13,973,000
8,992,000
4,528.000

Total bills bought in open market
1-15 days U. S. certificates and bills.-16-30 days U. S. certificates and bills_ 31-60 days U.S. certificates and bills
61-90 days U. S. certificates and bills......
Over 90 days U.S. certificates and bills-

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
618.174.000

13,499,000
116,831,000
62,180,000
99,306,000
42,210,000
495,857,000

17,059,000
90.229.000
115,530,000
38,975,000
117,466,000
458,648,000

26,045,000
65,338.000
107,179.000
55,075,000
116,816.000
421,878.000

29,359,000
61,190,000
76,578,000
129,575,000
112,861,000
394,508,000

33,250,000
37,459,000
90,095,000 205,720,000
65,338,000
61,190,000
137,939,000 147,928,000
106,816,000
29,325,000
364.808,000 452,730,000

144,152,000
52,400,000
86.600,000
164,360,000
56,000,000
467.370,000

Total U. S. certificates and bills
1-15 days municipal warrants
18-30 days municipal warrants
31-60 days municipal warrants
61-90 days municipal warrants
Over 90 days municipal warrants

781,370,000
499,000
8,000
5,000

802,870,000
508,000

816,384,000
509.000

820,848,000
500.000
9,0000

766,286,000
510.000

774,712,000
510,000

764,987,000
510.000

35,000

5,000
35,000

17,000
36,000

17,000
36,000

17,000
36,000

53,000

53,000

53,000

826,730,000
5,401,000
51,000
152,000
10,000
27,000

047,000

548,000

562,000

562,000

563,000

563,000

563.000

653.000

Total municipal warrants

896,902,000
590,000
10,000

255,564,000
27.458,000
47,382,000
62,530,000
7.168,000
400,102,000
73,716,000
60,00,000
4,252,000
5,73',000
,
50,000

5,641,000
Federal Reserve Notes
Issued to F. R. Bank by F. R. Agent---- -3,323,359,00)) 3,310,532,000 3,309,708.0003,304.860,000 3,310,909,000 3,250.398.0003.249.820,000 3,244,280,000
3,671,321,000
Held by Federal Reserve Bank
264,582,000 280,316,000 280,081,000 279,048,000 278,953,000 253,362,000 264,886,000 255,228,000 275,952,000
In actual circulation

3,058,777,000 3,030.216,000 3,029,647,000 3,025,812,000 3,032,016,000 2,997,036,000 2,984,943,000 2,989,052,000 3,395,369,000
-Collateral Held by Agent as Security for
Notes Issued to Bank
Gold ctfs.on hand & due from U.S.Tress
By gold and gold certificates
' .983.271,000 2,989,271,000 3.003.471,000 3,042,896,000 2.924.345.000 3.875.218,000 2.884,152.003 2,897,118,000 1
,
323269000
Gold fund-Federal Reserve Board
1341835000
By eligible paper
22,151,000
29,332,000
25,290,000
31,418,000
47,068,000
54,148.000
56.471,000
63,030,000 371,749,000
U.S. Government securities
355.400,000 331,400,000 313,400,000 275,400,000 376.000,000 351.700,000 346.700.000 326,400,000
659,400,000
Total collateral
3380.822.000 3 345 967 000 3.346.203.000 3.352.714.000 3_347 413 non 1 281 008000 2 987 f493 non 2 950 gdfl nnn
•"Other cash" does not include Federal Reserve notes or a bank's own Federal Reserve bank notes. b Revised.
a 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 previsions
of the Gold Reserve Act of 1934.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS
MAY 2 1934
Two Ciphers (00) Omitted.
Boston. New York. Phila. Cleveland. Richmond Atlanta. Chicago, St. Louis. ItInneap, Kan.City,
Total.
Federal Reserve Bank ofDallas. San Fran.
$
ASSETS.
$
S
S
s
S
S
Gold certificates on hand and due
4,586,500,0 385.157.0 1,503,219,0 259,131,0 350,137.0 224,451,0 119,680.0
from U. S. Treasury
2,071,0 3,089,0 3,102,0 1,012,0 3,290,0
31,144.0 2.545,0
Redemption fund-F. It. notes
63,604,0 35,013,0 13,831,0 8,812,0 11,619,0
232,267.0 15,819,0
Other cash




4 849 911.n 403.521.0 1.568.894.0 297.533.0 367.070.0 234.275.0 134.589.0

S
S
5
S
5
$
947.205,0 175,969,0 102,109,0 149,685,0 86,323,0 283,134,0
6,897,0 1,134,0 1,349,0 1,166,0
629,0 4,860.0
33.579,0 8,993,0 10,875,0 10,541,0 8,738,0 12,843,0
987.681.0 188.096.0 114 333 n int 309(1 02 non n qnn 82, n

Financial Chronicle

Volume 138

3049

Weekly Return of the Federal Reserve Board (Concluded).
Two Ciphers (00) Omitted.
RESOURCES (Concluded)
Ream.fund-F. R. bank notesBills discounted:
Sec. by U.S. Govt. obligations
Other bills discounted
Total bllls discounted
Bills bought in open market
U.S. Government securities:
Bonds
Treasury notes
Certificates and bills

Total.

Boston. New York

$
6,022.0

S
250.0

7,388,0
30,924,0
38,312,0
8,279,0

Phila.

$
2.327,0

Cleveland. Richmond Atlanta.

Chicago.

$

$

$
858,0

$
1,215,0

316,0
680,0

4,204,0 1,415,0
12,944.0 11,255,0

380,0
1,500,0

203,0
1,178,0

287,0
700,0

17,0
1,208,0

996,0
537,0

17,148,0 12,670,0
2,285,0
701,0

1,880,0
753,0

1,331,0
294,0

987,0
273,0

1,225,0
938,0

407,858,0 22.989,0
1,242,591,0 82,607,0
781,370.0 52,084,0

$

St. Louis. Efenneap. Kan.Cifv. Dallas. Sas Fran.
$

$

$
474,0

il
764.0

361,0
74,0

10,0
477,0

5,0
264,0

8,0
239,0

182,0
405,0

435,0
245,0

487,0
212,0

269,0
268,0

247,0
1,018,0

587,0
755,0

$
134,0

149,331,0 25,603,0 30,247,0 13,287.0 12.309,0
398,347,0 87,193,0 112,096,0 49,233,0 45,364,0
239,077,0 54,324,0 70,682,0 31,043,0 28,607,0

67,490,0 13,663,0 15,792,0 14,798,0 18,730,0 23,619.0
220,312.0 48,780,0 30,550,0 48,235,0 32,349,0 87,525,0
149,541,0 30,757,0 19,261,0 30.411,0 20,396,0 55,187,0

Total U.S. Govt. securities_ 2,431,819,0 157,680,0
Other securities
747,0

786,755,0 167,120,0 213,025.0 93,563,0 86,280,0 437,343,0 93,200,0
40.0
507,0
200,0
Total bills and securities
2,479,157,0 159.213,0 806,228,0 180,998,0 215,658,0 95,238,0 87,740.0 439,506,0 93,880,0
Due from foreign banks
3,131,0
1,194,0
237,0
342,0
300,0
119,0
110.0
414,0
10,0
Fed. Res. notes of other banks16,846,0
5,348,0
419,0
385,0 1,037,0 1,147,0
1,036,0
3,316,0
837,0
Uncollected items
456,805,0 48,206,0 114,249,0 35,064,0 45,188,0 40,935,0 15,964,0
60.476.0 20,386,0
Bank premises
52,569,0 3,224,0
11,434,0 4,133,0 6,788,0 3,128,0 2,372,0
7,382,0 3,121,0
Federal Deposit Ins. Corp.stock_ 139,299,0 10,230,0
42,529,0 14,621.0 14,147,0 5,808.0 5,272,0
19,749,0 5,093,0
All other resources
44,657,0
28,309,0 4,632,0
889,0
1,459,0 1,990,0 2,619,0
1,026,0
330,0
Total resources
8,048,397.0 626,189,0 2,580,512,0 538,566,0 652,862,0 382,640,0 249.702.0 1.519,550.0 309,887,0
LIABILITIES.
F. R. notes In actual circulation 3.038.777,02
44,161,0 638.514.0245.158,0 303,328,0 142,951,0 131,024,0
F.R.bank notes In act'l cireurn_
70,197,0 2,135,0
41,737,0 6,907,0 .12,704,0
Deposits:
Member bank reserve account 3,570,283,0 284,015,0 1,420,459,0 182,678,0 232,247,0
165,578.0 69.883,0
Government
242,776,0 10,282,0 152 508,0 6,347,0 5,409,0 2,845,0 5,149,0
Foreign bank
2,512,0
6.585,0
448,0
648,0
598,0
237,0
218.0
Other deposits
173,765,0 3,888,0
45,628,0 16,552,0 11,236,0 14.026,0 10,208,0
Total deposits
3,993,409,0 298,633,0 1,621,107,0 206,225,0 249,490,0 182,686,_ 85,458,0
Deferred availability items
454,807,0 48,918,0 112,563,0 33,567.0 43,541.0 39,759,0 15,486.0
Capital paid In
146,300,0 10,701,0
59.712,0 15,610,0 12,627,0 4,956,0 4,372,0
Surplus
138,383,0 9,610.0
45,217,0 13,352,0 14,090,0 5.171,0 5,145,0
Reserves: FDIC dock,self Insur
ance .to
161,831,0 11,283,0
47,266,0 17,121,0 16,447,0 6,963,0 7,851.0
All other liabilities
24,693,0
748,0
14,396,0
631,0
635,0
154,0
366,0
Total liabilities
8,048.397,0 626,189,0 2,580,512,0 538.566,0652.862,0 382,640,0 249,702,0

65,603,0 93,444,0 71,475,0 166,331,0
66,302,0 93.981,0 72,740,0 167,673,0
7,0
88,0
222,0
88,0
596,0
729,0
325,0 1,671,0
11,157,0 26,718,0 15,026.0 23.436,0
1,657,0 3,485.0 1,755,0 4,090,0
3,510,0 4,131,0 4,359.0 9,850,0
1,195,0
506,0 1,023,0
679,0
198,757,0 291,030,0 189,480,0 509,222.0

776.426,0 135,180,0 96,343,0 107,282.0 39,331,0 199,034,0
2.361,0
2,916,0 1,437.0
571,111,0 111,636,0 67,273,0 134.118,0 108.309,0 222.976,0
32,907,0 7,861,0 4,157,0 4,896,0 3,233,0 7,182,0
785,0
206,0
143,0
174,0
174,0
442,0
17,031,0 17,312,0 8,133,0 5,526,0 1,918,0 22,307.0
621.834,0 137.015,0 79,706,0 144.714,0 113.634.0252,907.0
62,880,0 19,828,0 11,453,0 26,171,0 16,951,0 23,690,0
12,531,0 4,025,0 7,006,0 4,163,0 3,950.0 10,647,0
20,681,0 4,756,0 3,420,0
3,613.0 3,083,0 9.645,0
22,718,0
2,480,0

5,946,0
776,0

4,535,0
294.0

4,747,0
340,0

5,489.0 11,465,0
3,526.0
347.0

1,519,550,0 309.887,0 198,757,0 291,030,0 189,480,0 509,222,0

Memoranda
Ratio of total res. to dep. dr F. It
note liabilities combined
68.8
74.3
69.4
65.9
66.4
71.9
62.2
Contingent liability on bills
oilseed for for'n correspondent
4_261.0
309.0
1.451.0
447,6
413,0
163,0
150.0
"'Other cash" does not Include Federal Reserve notes or bank's own Federal Reserve
bast note*.

70.6

68.4

64.9

64.0

61.2

542,0

142,0

99,0

120,0

120,0

66.6
305.0

FEDERAL RESERVE NOTE STATEMENT.
Two Ciphers (00) Omitted.
Federal Rate708 Agent at-

Total.
Boston. New You. Phila. Cleveland. Richmond Atlanta.
Federal Reserve notes:
$
s
s
$
5
$
$
Issued to F.R.Bk. by F.R.Agt. 3,323,359,0
261,375,0 725,745,0 260,050,0 318.252 0 151,463.0 147,491,0
Held by Fed'I Reserve Bank...
264 582,0 17,214,0
87,231,0 14,897,0 14,924,0 8,512,0 16,467.0
In actual circulation
3,058,777,0244,161,0 638,514,0 245.153,0 303.328,0 142,951,0 131,024,0
Collateral held by Agent as security for notes tanned to bks:
Gold certificates on hand and
due from U.S.Treasury_....
2,983,2710266.117,0 723.706,0 207,000,0 261,931,0 152,340,0 92,385,0
Eligible paper
22,151,0 1,071,0
10,866,0 3,897,0 1,311,0
884,0
644,0
U. S. Government securities
355,400.0
50.000,0 60,000,0
57,000,0
Total collateral
3.360.822 n 267 1RR n 7t4572 n 260 R07 0 323.242.0 153.224.0 150.029.0

Chicago.

St. Louts. Mimeo,. San.CEII. Dallas. Ban Fran,

8
$
$
$
5
i
813,680,0 139,773,0 101,211,0 113,641,0 44,188.0 246,490,0
37,254,0 4.593,0 4,868,0 6.359,0 4,857,0 47,406,0
776,426,0 135,180,0 96,343,0 107,282,0 39,331,0 199,084,0

742,513,0 126,936,0 79,615,0 97,290,0 44,675,0 188,763,0
501,0
545,0
248,0
279,0 1,123,0
782,0
75.000,0 13,000,0 22,400.0 20,000,0
58,000,0
818,014.0 140,481,0 102,263,0 117,569.0 45,798,0 247.545,0

FEDERAL RESERVE BANK NOTE STATEMENT.
Two Ciphers (00) Omitted.
Federal Reserve Agent al-

Total.

Boston. New York.

Phila.

Cleveland. Richmond Atlanta.

Federal Reserve bank notes:
Issued to F. It. Bk.(outstdg.):
Held by Fed'I Reserve Bank__

$
85,190,0
14,993.0

3,111,0
976,0

43,261,0 16,035,0 13,255,0
1.524,0 9,128,0
551,0

In actual oiroulation-net.•
Collat, pledged eget.°inst. notes:
Discounted dc purchased bills__
U. S. Government securities--

70,197,0

2,135,0

41,737,0

5,000,0

107.7830

5000.0

Chicago.

6,907,0 12,704.0

9,0
107,774,0

Total collateral

s

s

$

$

S

$

$

St, Louis. MOureap. Ran.City. Dallas. San Frew.
$
2,534,0
173.0

$

$

3
3,540,0
624.0

3
3,454,0
2,017,0

2,361.0

2.916,0

1,437,0

44,274,0 16,500,0 15,000,0

9,0
5,000,0

7.000,0 15,000.0

44 274 n 16 ;on n

A 000 n

i s Ann n

7,000.0 15000.0
• Does not Inolude $92,227,000 of
Federal Reserve haat notes for the retirement
the United States.
of which Federal Reserve banks have deposited lawful money with the Treasurer of

Weekly Return for the Member Banks

of
Following is the weekly statement issued by the Federal Reserve the Federal Reserve System.
Board, giving the principal items of the resources
and liabilities of the reporting member banks from which weekly
behind those for the Reserve banks themselves. Definitions of thereturns are obtained. These figures are always a week
different items in the statement were given in the statement of Dec. 14 1917, published in the "Chronicle" of Dec. 29 1917,
page
the figures for the latest week appears in our department of "Current Events 2523. The comment of the Reserve Board upon
we also give the figures of New York and Chicago reporting member banks and Discussions," immediately preceding which
for a week later.
Beginning with the statement of Jan. 1929,
loan figures

9
the
exclude
all real estate mortgages and mortgage loans held by the bank. previously"Acceptances of other banks and bills of exchange of drafts sold with endorsement" and include
of the banks Included mortgagee in investments. Loans secured by U. S. acceptances of other banks and bills sold with endorsement were Included with loans, and some
given. Furthermore, borrowing at the Federal Reserve is not any more Government obligations are no longer shown separately, only the total of loans on securities being
subdivided to show the amount secured by U.S. obligations and those secured
only a lump total being given. The number of reporting banks formerly
by commercial paper,
moratoria early In march 1933. Publication of the weekly returns for thecovered 101 leading cities, but was reduced to 90 cities after the declaration of bank holidays or
reduced
them is to be found in the Federal Reserve Bulletin. The figures below are stated number of cities was omitted In the weeks from March I to May 10, but a summary of
In round millions.
PRINCIPAL RESOURCES AND LIABILITIES OF WEEKLY REPORTING
MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT AS
AT CLOSE OF
BUSINESS APRIL 25 1934 (In Millions of
Dollars).
Federal &SIM DistrictLOADS and Investments
-total
Loans
-total
On securities
All other
Investments
-total
U.B.Government secwitiea
Other securities
Reserve with F. R. Bank
Cash in vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
ri.........A*Si.. twurn V 0 Rardir




Total

Boston. New York

Phila.

Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap.
Kan.City. Dallas. ban Fran.
$
$
5
8
$
$
$
$
$
1,172
342
333
1,796
503
338
546
402
1,755
8,120
670
3,786
499
432
169
179
758
211
161
198
185
874
- - -- -- --- -3,516
259
1,897
233
208
58
60
343
78
40
61
61
218
4,604
411
1,889
266
224
111
119
413
133
121
137
124
656
9,351
510
4,277
542
740
173
154
1.040
292
177
348
217
881
$
17,471

$
1,180

6,282
3.069

339
171

2 897
1,380

300
242

546
194

122
51

103
51

701
339

195
97

123
54

237
111

166
51

553
328

2,779
242
12,272
4,477
1,177
1,170
3,595
"

209
49
831
341
107
136
200

1,413
49
6,467
1,108
686
133
1 616
'.

119
12
656
323
58
140
207

130
19
606
453
53
98
174

47
11
211
134
9
80
89

28
6
169
132
26
81
80

432
50
1,499
492
53
235
451

84
8
343
165
28
91
143

36
4
200
123
6
83
101

77
11
407
172
23
176
225

70
9
275
120
48
128
125

134
14
608
914
80
189
184

$
$
8,063
1,041

Financial Chronicle

3050

TITE, uLi stnanfiat
otamintroza anntirle

U. S. Treasury Bills-Friday, May 4.
Rates quoted are for discount at purchase.
Bid.

PUBLISHED WEEKLY

Terms of Subscription-Payable in Advance
6 Mos.
12 Mos.
Including Postage36.00
$10.00
United States, U. S. Possessions and Territories
6.75
11.50
In Dominion of Canada
South and Central America (except Argentina), Spain,
7.75
13.50
Mexico and Cuba
Great Britain, Continental Europe (except Spain), Asia,
8.50
15.00
Australia. Africa and Argentina
NOTICE. On account of the fluctuations In the rates of exchange,
remittances for foreign subscriptions and advertisements must be made
In,New York funds.

Terms of Advertising
45 cents
Transient display matter per agate line
On request
Contract and Card rates
t
0 ye tr 6i
.apeerrirtive.
of
CHICAGO:9/71C2- n char
pt.
y
. te7ee
South
208 h
1
LONDoNIOrslcz-Edwards & Smith, 1 Drapers' Gardens, London..E.C.

WILLIAM B. DANA COMPANY, Publishers,
William Street, Corner Spruce, New York.

Wall Street, Friday Night, May 4 1934.
-The Review of the
Railroad and Miscellaneous Stocks.
Stock Market is given this week on page 3042.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
STOCKS.
Week Ended Apr. 4.

Sales
for
Week.

Range for Week.
Lowest.

Highest.

Range Since Jan. 1.
Lowest.

Highest.

per share. $ per share $ per share.
Par. Shares. $ per share.
RailroadsApr
Apr 7
10 6% May 1 63.4 May 1 5
z Chic Ind & St Lpf 100
Feb fi% Apr
20 5 May I 5% May I 5
Chic St I'& Om ____100
Jan 11% Feb
100
30 834 May 1 10% May 1 5
Preferred
Jan 44% Apr
20 44% Apr 30 44% Apr 30 38
Cleve & Pitts special_50
% Jan 194 Apr
1001 I% May 1 1% May 1.1
100
Duluth S S & Atl
Jan 2% Apr
1
100
4001 1% May 3 1% May 1
Preferred
May
Jan 60
50
10, 60 May 1 60 May 1 50
Erie de Fitts
Jan 8% Apr
5% Apr 30 3
20 5% Apr 3
HavanaElec fly pref100
Apr
Jan 7
30 5 May 1 5 May 1 3
Int Rys of Cent Am___.
20 4% May 1 4% Apr 30' 3% Mar 6% Apr
Certificates
100
80 isy, May 2 20 May 4' 7% Jan 22% Apr
Preferred
% Jan 235 Mar
100
70 1% May 1 1% May 1.1
MarketSt fly
Mar 8.si Apr
100
90 5 Apr 30 5% Apr 313 5
Preferred
Jan 4% Apr
100
50 2% May 3 3% Apr 301 1
2d preferred
Feb
10 15 Slay 3 15 May 3 11% Jan 25
z New OrTex & Mex100
New York Cent rts___ 271,900 1% Apr 30 2 Apr 28 1% Apr 2% Mar
May
May 15
10 115 May 4115 May 4 115
NY de Harlem pref..50
Mar 863.4 may
100 86% May 4 86% May 4 81
Northern Central____50
Feb124% May
10124)4 May 1124)4 May 1 114
Rensselaer & Sara..100
May
May 76
Vicksbg Shrev & P-100
501 78 May 1 76 May 1 76
Indus. & Misc.Abrah'm&Strauspfd100
Amer Coal Co of N J
(A ilegh County)...25
Am Mach& Mats ctfs_•
100
Sanitary pref
Art Metal Construct_10
All G & WI SS Lpfd100
Austin Nichols prior A *
Bloomingdale 7%_..l00
Blumenthal St Copfd100
•
Bon Ami class A
Briggs & Stratton_ - *
Chicago Yellow Cab...•
Collins&Alkman pfd100
•
Conde Nast Pub
Consol Cig pref (7)_100
prior pref x-warr.100
,
CushmSonspfd(7',e)100
Devoe&Ray lot pfd 100
Duplan Silk
100
Preferred
Durham Hos M pfd_100
Fairbanks Co pf ctrs 100
Foster Wheeler prat _•
Gen fly Signal pf 100
Greene Cananea Cp 100
Guantanamo Sug pf 100
Harbison Walk Refrac
100
Preferred
Helme (G W) pref.100
10
Indian Refining
Island Creek Coal p1..1
Kans City L& P pf
Kresge Dept Stores__1
ise
Preferred
Mackay Cos pref_ _100
Mathleson Alkali Works
100
preferred
Maytag pref x-war's_ _•
Mexican Petroleum_ 100
Omnibus Corp pref.100
•
Outlet Co
Peoples Drug Stores_
6,3i% cony pref...1
Revere Cop & Br p1.100
Rhine Westphal El & Pr
South'n Dairies cl A •
Standard Brands pref_*
100
The Fair pref
United Amer Bosch._ _ •
United Dyewood pf.100
100
U S Express
Union Pipe & Rad pf100
_..100
Vadsco Sales pref.

801106

Jan,1073.4 Apr

May I 1073.4 Apr 30 89

10 26 Apr 30 26 Apr 30 22
400, 734 Apr 28 73-4 Apr 28 4%
10119)4 May 3119)4 May 3111)4
330, 7% Apr 30 734 Apr 30 5
400 21% May 4 23% Apr 28 20
160 60 Apr 30 64 Apr 28 393.4
70 98 Apr 28 98 Apr 28 83
70 45 Slay 2 4734 May 3 45
100 79
May 1 79 May 1 78
1.700 23 May 1 24% Mal 4 15
800. 13% May 2 14% May 2, 11%
330' 893.4 Apr 30 90 May 1 79
1,700 10 May 3 11% Apr 28 734
1001 57 May 1 58 Apr 30 31
50 55 May 3 5534 May 3, 49
40, 90% May 4 91 May 1 8034
10 109 May 1 109 May 1 99
700; 17 May 1 19% Apr 28, 1634
150106 Apr 30 10634 Apr 281 100
10, 30 May 4 30 May 41 21
201 6% May 2 7% Apr 30 3
la 76% M ay 1 76% May 1 60
20 90 May 2 90 May 2 90
10 55 May 3 55 May 31 18
10 243-4 Apr 30, 24% Apr 30 73,4

Apr 353.4
Jan 8
Jan 120
Jan 9%
Jan 24
Jani 64
Jan 100
May] 56%
Apri 83
Jan 24%
Apr 1434
,
Jan 94
Jan 13%
Jan 59
Feb 59
Marl 91
Feb 109
Jan! 23
Feb 110
Feb 30
Feb 9%
Jan 80
May'10134
Jan 59
Jan 31

Feb
Feb
Apr
Apr
Apr
Apr
Mar
Feb
Apr
Apr
May
Apr
Apr
Apr
Apr
May
Mar
Feb
Mar
May
Apr
Mar
Feb
Apr
Feb

May 3! 87
Apr 30123)4
May 2 2%
May 11 90
May 1 973-4
Apr 28, 2%
May 2 19
May 2 29

Jan 100
Nfar1145
Jan1 4%
Jan 105%
Jan1 1113
Jan 7%
Jan 55
Apr 33

Jan
Apr
Apr
Apr
Apr
Feb
Apr
May

Jan 126
Jan 26%
May 63%
Feb 95
Feb 45
Jan 45%
Jan 107
Jan 85
Feb 23
Mar 9%
Jan 124%
Jan 83
Jan 17
Mar 75%
Mar 1%
Jan 24
Jan 2134

Apr
Apr
Jan
Jan
Apr
Apr
May
Apr
Mar
Mar
Apr
Apr
Feb
May
Apr
Apr
Apr

101 96
10 140
400 3
30 105
30,108
4001 4
160 44
70 32

May 3 96
Apr 30140
May 3 3
May 1,105
Apr 30 110
May 1 5
May 1 45%
May 2 33

80125 May 2 126 Apr 30 110
iol 25 Apr 30 25 Apr 30 9
101 60 May 4 60 May 4 60
100 90 May 1 90 May 1 89
30 42 May 3 45 May 4 30
1,500 4134 May 2 4534 Apr 30 21
70 107 May 1 107 May 1 86
770 83% Apr 28 85 Apr 30 46
May 3 22
200._. May
70 8% May 4 934 Apr 28 73,4
100123)4 May 2123)4 May 2 121%
50 7834 May 4 83 Apr 30 50
790 13 May 2 1434 Apr 281 10
30 70% May 1 7534 May 2 59;1
%
% Apr 30 I May 3
1,500
10 21 Apr 28 21 Apr 28 43,4
200 20% Slay 3 21 May 4 20

• No par value. z Companies reported in receivership.

Quotations for United States Treasury Certificates of
-Friday, May 4.
Indebtedness, &c.
Maturity.

frit.
Rate.

Bi4.

June 15 1934_
Sept. 15 1934...
Aug. 1 1935-Aug. 1 1934.-Dec. 13 1934.-Mar. 15 1935._
Dec. 15 1935_
Feb. 1 1938_
Dee. 16 1938_

34%
1)4%
155%
23-1 %
2)4%
2)4%
2%%
2)4%
255%

100":2
100022
1011122
1003322
101022
1020.3
1023322
1023122
10310s1




Asked.
100113s
1012.22
101022
102'33
1023322
1021322
103,03:

May 5 1934

Maturity.

DU.
Rate.

Bid.

Asked.

Apr. 15 1938.
June 15 1938June 16 1935._
Feb. 15 1937_
Apr. 15 1937___
Mar. 15 1938_
Aug. I 1938_
Sept.15 1937_

215%
2)4%
3%
37
3%
3%
33.4 %
33,4 %

103.322
103322
103322
103",,
103022
103,04,
104.322
104322

1032022
103322
103322
103.3n
103.822
103"33
194"
104712

May 9 1934
May 18 1934
May 23 1934
June 20 1934
June 27 1934
July 3 1934
July 11 1934
July 181034
July 25 1934
Aug. 11934

Bid.

Asked.

0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
7.
0.200

0.05%
0.05%
0.05%
0.05%
0.05%

Asked.
Aug. 8 1934
Aug. 15 1934
Aug. 291034
Sept. 5 1934
Sept. 26 1934
Oct. 3 1934
Oct. 10 1934
Oct. 17 1934
Oct. 24 1934
Oct. 31 1934

0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%

United States Government Securities on the New
-Below we furnish a daily record
York Stock Exchange.
of the transactions ill Liberty Loan, Home Owners' Loan,
Federal Farm Mortgage Corporation's bonds and Treasury
certificates on the New York Stock Exchange:
Daily Record of U. S. Bond Prices. Apr. 28 Apr. 30 May I

May 2 May 3 May 4

104.22 104
High 1033322 1033322 1033.22 101
First Liberty Loan
33-4% bonds 011932-47_ Low_ 1033322 1033322 1033322 1033322 1033.2 103332
103013
2
10,
Close 10333,, 103"-, 1030,32 101
(First 33.4,)
122
22
4
159
152
IS
Total sales in $1,000 units__
Converted 4% bonds of1High
1932.47 (First
---- ----------Total sales in $1,000 units__
10 1
101322 104322 10
-4322 10102
Converted 434% bonds1High 104
00
3
3.:2 01
0 324,
1 01
3 •4
.
of 1932-47 (First 454s) Clo8e 1031 , 103:::: 103. 101.„ 1 01::: 104,
Lo w 1 0, 2
Total sales in $1,000 units__
Second converted 434% Hie)
bonds 011932-47 (First Low_
Close
Second 43422)
Total sales in $1,000 units ___
High
Fourth Liberty Loan
1.0w.
04% bonds of 1933-38
Close
(Fourth 411s)
Total sales in $1,000 units__
I
Fourth Liberty loanHigh
4;1% bonds (2d called)_ Low_
Close
Total sales in 51,000 units__
me;
Treasury
Low.
43411 1947-52
Close
Total sates in $1,000 units__
(High
31.0W_
4s. 1944-54
[Clow
Total sales in $1,000 units__
High
1ow.
454.-334s. 104345
Close
Total sales in $1,000 units ___
High
Low_
354s, 1948-58
Close
Total sales in $1,000 units _ _ _
High
Low_
,
334 . 1943-47
Close
Total sales In $1,000 units _ _ _
High
Low_
3s, 1951-55
Close
Total sales in $1,000 units__
High
Low_
334s. 1940-43
Close
Total sales in $1.000
High
units__Low.
334s, 1941-43
Close
Total sales In $1,000 units._
Mali
Low.
334,1046.40
Close

Total sales in $1,000 units__
mail
Low_
Close
Total sales in 51,000 units__
{High
Low_
3;i22, 1044-46
Close
Total sales in $1,000 units_
Ina
7ederal Farm Mtge
Low _
350 1964
Close
Total sales in 31,000 inits
(High
lome Owners Loan
4 Low,
48 1951..
(Close
Total sales in 31.000 units _ _ _ _
33511. 1941

12

31

26

9

21

34

----

----

-___

____

____

____

-- 101322
101322
101032
131
103.322
1021332
1021031
83
1100032
111322
111 032
518
1073022
107",,
107"33
213
1020032
1023322
1022322
152
1053322
.22
1053
1053322
432
103022
103322
103'',,
130
,
10003
100
100.ss
211
103003,
1033.,,
.0
1033
130
103"31 1033032
103,732 1030032
1031032 1030132
225
49

-- - 101322
10 it22
101033
22
102",,
1021032
1021032
40
III",,
111322
111 1032
69
1073022
1071033
107"32
15
1020032
1023322
022
102
40
106
105022
106
28
103.322
103,322
103'',,
21
100032
1000,2
100033
141
1033322
1032322
1033322
100
103003,
103001,
103022
26

---.
10432.2
101322
101°33
14
10202
102.3,.
102,03.
21
1111.3,
111322
111"3.
200
107332,
107"r

--101 322
101322
101322
28
1021433
1023322
1023322
48
1100033
1101322
110022
73
10113.22
1063.22
1060032
2
102022
102022
102.322
5
___.
--__
--__
--____
__---_
---093322
9900t,
991322
75
___
____
____
1031032
103.322
103.322
10
101822
101 1s,

--- 1114322
104322
104322
7
102103
102'3,,
102,031
26
110003,
1103322
1103322
179
1053.22
1063322
1060,31
11
102.322
102.322
102.022
253
1053322
105.322
105022
38
103322
103322
103322
54
990032
99":2
993322
121
103",,
103022
103.322
137
103°3,
103.322
1031,32
19
101',,
32
101,

- --101322
101',,
1010st
19
102022
102".
1021031
75
1100,32
110"22
1103322
30
107322
107
107032
57
1022,31
1023022
1023322
176
105022
101.32
105.32
44
10322
103322
103322
44
10002,
99"h
100'32
1,184
10300:2
103.322
103022
63

101.31,

101."31

101'31

101031

101'',,

101. 31
.

31
101.

101'31

101'31

101'',,

101..3/

101.
'31

16
103,012
103322
1033322
35
22
1011,
1010032
J01",,
63
____
___
____

186
103,032
1033322
1033322
261
3,
102,
1010032
102
286
____
___
--

-___
-___
____
___ _

-__
____
___ .
__ _ _

149
032
103'
1031732
10310,2
200
102012
3,
102,
102322
454
1010032
101'
012
1013322
195
1003322
10012c
100.322
518

417
1031032
'
10f0 01g
11 31
4
1
/
sva
102,032
102012
1023.22
2,516
102',,
1013322
102322
176
100.322
100.2ii
100,032
401

59
1031032
1031033
10302
77
1021032
102,083
102022
325
1020n
102
102322
68
100.322
1001.n
10010:2
170

55
103"32
1031321
1031122
85
1021031
102"31
102.322
140
102.31
102322
102322
20
1003322
100.322
1002032
346

101'31

101.'1,

107223.

109
:2
1023
10233e
1023.21
61
106
1052321
106
200
103.32.
103.121
1031°3,
24
100032
100.32
10042
54
1032321
1033321
10313u
65
103"31
1033322
1033321
186

-The above table includes only sales of coupon
Note.
bonds. Transactions in registered bonds were:
1040:3 to 10403,
1 1st 434, 1932 '47
22
97
7
227
15
2

9th 43-4s (uncalled)
4th 4 Sfs (2d called)
Treasury 334s
Treasury 3s
Treasury 33.is 1940
Treasury 3Sis 1941

104
to 104322
102022 to 102.322
1051322 to 105.322
993422 to 100
__1(133032 to 1033•22
1031031 to 10333as

Foreign Exchange.
To-day's (Friday's) actual rates for sterling exchange were 5.1134 @5.123-4
for checks and 5.11%65.123/, for cables. Commercial on banks: Sight,
5.11; 60 days, 5.103'I; 90 days, 5.09%, and documents for payment, 60
.
days, 5.103-4. Cotton for payment 5.11%
To-day's (Friday's) actual rates for Paris bankers' francs were 6.62%16
6.623,4 for short. Amsterdam bankers' guilders were 68.00(.968.04.
Exchange for Paris on London, 77.25 week's range, 77.40 francs high
and 77.17 francs low.
Checks.
Sterling. ActualCables.
High for the week
5.153,4
5.153-4
Low for the week
5.11
5.1034
Paris Bankers' Francs
6.643,4
High for the week
6.65
6.62%
Low for the week
6.6234
German Bankers' Marks
39.74
High for the week
39.75
39.52
39.54
Low for the week
Amsterdam Bankers' Guilders
68.22
68.24
High for the week
67.99
68.00
Low for the week

-The review of the Curb Exchange is
The Curb Exchange.
given this week on page 3043.
A complete record of Curb Exchange transactions for the
week will be found on page 3069.

3051

,
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages-Page One
-,..
Fir FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE PAGE PRECEDING.
NOTICE.
-Cash and deferred delivery sales are disregarded In the day's range, unless they are the; only transactions of the day. No account is taken of such
sales In computing the range for the year.
HIGH AND LOW SALE PRICES
-PER SHARE. NOT PER CE.VT.
Saturday
Apr. 28.

Monday
Apr. 30.

Tuesday
May 1.

1Vednesday
May 2.

$ Per share $ per share $ per share
per share
673 6812 65
4
677
64% 66
6334 6612
*8612 87
8614 8612 857 8614 85
85
46
46
4414 45
4312 44
43% 4318
283 283
8
4 27
2834 2612 2714 2614 2718
3183 3214 31
4
3183 303 31
3012
30
*4314 44
4312 4312 .42
4212 4212 4212
*106 109 *106 109 *106 109 .106 109
7 14
13
*1312 153 .1314 17
4
13
1314
614 614
4 *534 612 *553 612
53
4 53
*5318 57
547 547 *5012 517 *50
8
5412
8
37
377
353 37
4
354 3634 353 37
4
9412 943
9318 9318 9318 9318 •903 9334
4
1814 1612 157 1683 1618 1683 165 1718
8
8
*8812 9112 *88
91
.88
9012 *88
91
*7518 79
75
75 .73
73
80
71
4614 47
453 4614 4512 4614 4514 4614
4
*5
512 .5
512 85
512
.412
5
.45
8 512 *412 514 *412 5
*412 5
*4
414
4
4
334 33
4
4
33
4 33
10% 1014 10
912 93
4
1014
93
4 93
4
.
6
612
534 6
534 6
634 612
4
105 109
8
912 1012
9
93
4
934 93
125 124 117 1283 1112 12
8
1034 11%
8
2314 2314 22
21
22
217 2214 21
8
414 414
418 418 *4
414
4
418
•7
8
.7
8
7
7
714
7
* 8 67
61
6
8 .6
614
6
6
.5
34% 36
34
34 .3312 35
34
33
*27
28
24
23
27
2514 2514 23
*2314 25 .2314 24
2314
*2314 24
23
.434 5
412 5
*412 488
45
8 434
77
*7
*612 77
8 *612 77
8 *7
77
8
.64
65
63
64
62 62
6114
60
27 2712 257 27
8
2518 26
2534 28
103 1034
93 10
4
.934 115
4
9
93
213 2218 2012 2112 2038 203
4
8 20
2012
2534 2534 21
263
8 237 2434 24
247
8
8
•20
2112 20
20
197 197 .18
20
2714 28
2534 2712 25
261
2418 253
4
.1218 1312 .11
14
14
*11
1234 •11
.31
33
31
31
2912 293 .2812 32
18 134
.% 18 .1
13
8 .1
1%
.834 93
*8s8 8%
85
8 834
812 812
3118 318 30
3114 2912 3014 283 30%
4
45
45
*44
45 .44
48
.41
47
6312 6312 6414 6414 *633 70
4
66
66
*2012 213 *20
8
2138 20
203
8 195 19%
8
83
4
8%
83
83
9
812 83
4
83
4
1612 1712 16
1612 153 1614 153 153
4
8
8
•2318 25
23% 2314 23% 2314 23
23
1814 1812 1734 1818 1714 1712 1734 1712
60
61
60
61
60
60
58% 59
•27
2912 •27
2912 *27
2912 *27
2912
17
17
17
17
163 1718 163 165
4
8
8
•10
12
10
10
.9
12
10
10
72

•238
*4
*673
115
8
.2834
.412
*734
38
*13
4
*38
333
4
225
8
373
4

78

7
8

7
8

25
*218 234
*37
51
51
61
6
6
115g 103 1114
4
29
275 241
8
4'2 413
43
77
712 734
38
*38
42
17
8

•
04

17
8

3
4
8
9
,
a
3412 y3018 3112
225
213 213
4
4
38
3514 3712
•12012 1267 .121 1267
8
1814 1812 1712 18%
.31
3112 30
3014
*9
918
87
8 9
.118
13
4 .1
13
4
314 314
3% 314
180 180 *178 180
.92
94 .92
94
331g 34
3114 3312
434 514
412 412
87 10
8
834 912
54 6
5
5
323 3312
4
3334 34
*512 7% *512 714
.2912 33
29
2912
*4312 48
40
4112
.3218 38
*3018 3483
5
518 *43
4 534
133
133 141 1
4
8
13
25
*22
*2014 35
52
503 52
52
.39
4034 *39
404
.3814 3012 *3814 391s
.1034 144 *1012 1418
.4 4
33
334 33
5
514
478 5
*18
22
22
•18
114
114
8
•114
13
234 23
4
4
234 23
274 27% 2514 2612
323
8 2912 313
32
8
39
39 14 3714 373
4
4512 4612
46
48
*323s 34
.3258 35
67
*613 7
s 7
7
7
63
4 63
4
357
8 3334 34
34
129 129 .127 12813
83
83
*833 84
8
.4
4
414
4
712 712
634 71
15
14
143
4
15
1912 19
19
•19
*53
4 6'8 *53
4 618
113 127
13
13
s

Friday
May 4.

3 per share 3 per share
8 643 66%
4
6418 653
*8212 85
84
84
4318 43
44
43
8 2612 27
2834 267
3012 31
*304 32
42 .43
4418
42
109 109 *106 1087
8
15
.1234 15 .12
.534 612 *534 612
5412 *50
5412
.50
3534 37% 3712 3818
93
93
9283 93
4
1683 18% 163 1678
91
•88
91
.88
75
7018 7018 *70
4514 4512 453g 4618
.412 5
*412 5
4
4 12
*412 5
33
4 334
.33
4 4
914 9% *918 912
512 6
4
512 53
9 4 912
,
914 93
103 11 8 107 1112
4
8
2034
33
4
612
.5
3212
*2312
23
414
*612
5912
2514
9
21
2412
20
2412
1114
*2812
*1
814
28%
.41
*633
4
•183
4
*85
8
1534
.21
171
58
*27
163
8
.912

2018
4
612
6
3212
26
23
434
77
607
2612
9
22
2512
20
2534
1114
291
13
8
8'3
2914
47
66

21
.33
4
*612
5
.32
*23
.23
.414
.612
6012
2512
9
2114
2534
.1812
2418
.117
.2812
.1
814
2934
.41
.64

2114
4
7
5
3412
26
25
47
77
6012
26
9
2114
253
4
21
2538
13
30
8
13
814
297
8
47
60
21
4
93
18
23
177g
5914
27
1712
10
118
234
514
61t
1134
2714
413
714
42
2

2138 •18
93
9
155
8 16
.21
23
1712 1714
5812 59
2912 27
1612 17
912
1034
*7
8
1
1
1
1
7
8
7
8
238 23
8 .2
234 .2
25
8 *2
*37
518 .3% 518 *37
514 .37
618 618
614 614
534 534 .518
1018 111
1014 1112 103 1034 103
4
27
278
8 268 277
8
8 26
2612 263
8
414 412
414 43
8 *43
8 412
412
7
67
7 14
7
71.2
714
67
8
.34
3712 .37
3712 *3612 42
*32
134
13
4
.134 2
.114 2
.114
"s
3
4
153
r's
*5
8
3
4
*5
8
3
4
3018 31
2934 3114 30
30
303
3118
21
21
194 21
21
2112 22
22
347 36
3412 3612 34
38
3514 36
121 121 .12214 127 .121 127 *121 127
1718 1734 183 1712 1633 1714
4
1633 17%
2912 30
29
3014 29
29'z 30
3014
818 834
734 834
8
77
8 8
8
.1
13
4 *I
13
4 *1
13
.1
13
4
*23
4 338 *278 3
3
3
314 314
176 17812 176 176
17612 1771z 177 178
94
94
92 92
93
93 .92
93
3112 323
4 31
3214 303 313
4 307 3214
8
8
.4
512 *3
512 *3
5
*3
478
.7% 83
4 'VI 83
*612 - •G12 13
.
412
434 512 .415
*418
6
.4
534
3218 323
4 313 327
8
3112 32
3134 3234
*512 7% *512 612
512 51
.4
612
2814 2814 28
28125.275 30
8
*2812 30
*40
45 .38
45
4014, 401 .4014 43
.30% 40
*3018 3312 3312 33'2 36
30
•5
51
4
512 512
514
534
5
5
.1212 13
13
13
*1214 127
1214 1213
.2014 35
*2014 35 .2014 251 .2014 2534
.49% 5012 48
43
*46
51
*4712 50
.3712 4014 .40
4014 .40
4014 40
40
3812 38% .3812 3918 3814 391 .38
39 4
3
•1034 1412 .1034 1412 .11
14
.11
14
.35
8 4
33
4 33
4
334 334
334 334
434 434
458 43
4
4% 43
412 434
.18
22 .18
22 .18
22
•18
22
114
13
138
134
114
114
114
13
8
*212 23
4
212 234
212 2%
27
8 278
2514 2618 2418 26
2412 2512 2412 2534
2912 3014 28
303* 28
29
2812 293
35% 383
4 35
35
363
3512 3512 363
8
.44
46 .44
47
44
44
44
44
325 3234 *25% 3258 •26
8
325 •2618 32
*614 7
.6% 7
6% 614 *614 7
614 61 2
4
534 55
6
618
8
534 53
•2978 35
*2978 36
*2812 37
*28
37
12714 12812 128 128
128 12914 129 130
83 83
82 82
82
82
8214 8214
4
4
3% 37
312 33
4
312 35
65
6%
6% 7
*65
8 63
4 7
4
63
1312 13% 1318 133
4 1318 1334
131k 133
4
1814 1812 18
18 .1712 1918 .1712 18
4 514
53
5
53
4
5% 518
514 514
113 1214
1112 12
4
1133 1218 117 1213

•Bid and, asked prices, no sales on this day.




Thursday
May 3.

Sales
for
the
Week.

STOCKS
NEW YORK STOCK
EXCHANGE.

PER SHARE
Range Since Jan. 1.
On basis of 100
-share tots.
Lowest.

Hithest.

PER SHARE
Range for Previous
Year 1933
Lowest.

Highest.

Shares.
25,700
800
2.800
23,600
2.300
500
20
400
200
100
31,400
800
43,400

Railroads
Par $ per share
$ per share $ per share $ per share
Atch Topeka & Santa Fe__100 54 Jan 6 735 Feb 5
3453 Feb 80% July
Preferred
100 7018 Jac 5 874 Apr 27
50
Apr 795 June
Atlantic Coast Line RR
100 39 Jan 6 5414 Feb 16
1812 Feb 59 July
Baltimore & Ohio
7
100 2214 Jan 4 3412 Feb 5
814 Feb 37 July
Preferred
100 2412 Jan 9 373 Feb 6
8
912 Apr 3914 July
Bangor & Aroostook
50 3912 Jan 9 4618 Feb 1
Jan 4134 Dee
20
Preferred
100 9518 Jan 5 110 Apr 20
6883 Jan 110 Aug
Boston & Maine
100 11 Jan 11
1912 Feb 5
6
Apr 30 July
Brooklyn dr Queens Tr_No par
472 Jan 8
8
83 Feb 7
312 Mar
934 July
Preferred
No par 41 Jan 18 5814 Apr 26
3534 Apr 6018 July
Bklyn Mash Transit
No par 2814 Mar 27 391 Apr 21
213 Feb 4114 July
4
$O preferred series A_No par 8218 Jan 4 943 Apr 28
4
64 Mar 8312 June
Canadian Pacific
4
25 123 Jan 2 1814 Mar 12
8
712 Apr 207 July
Caro Clinch & Ohio stpd__100 70 Jan 6 88 Mar 14
5014 Apr 7912 July
500 Central RR of New Jersey_100 70 Jan 15 92 Feb 3
Apr 122 July
38
13,200 Chesapeake & Ohio
25 3912 Jan 5 477 Apr 12
2483 Feb 4914 Aug
:Chic & East III Ry Co____100
234 Jan 15
7 Feb 17
12 Apr
8 July
400
8% preferred
100
17 Jan 9
8
8 Feb 16
12 Apr
812 July
1,100 Chicago Great Western
100
27g Jan 3
512 Feb 1
138 Apr
73 July
8
1,400
Preferred
100
6, Jan 4 117 Feb 19
4
8
212 Apr
1478 July
4,900 Chia Milw St P& Pao_ _No pat
414 Jan 2
812 Feb 5
1
Apr
113 July
4
14,700
Preferred
100
6% Jan 8 1314 Feb 5
1% Feb
1814 July
21,600 Chicago & North Western_IGO
65 Jan 3 15 Feb 5
8
114 Apr
16 July
1,500
Preferred
100 13% Jan 3 23 Feb 16
2
Apr 24114 July
1,200 :Chicago Rook lid & P4'000100
23 Jan 3
614 Feb 7
2
Apr
1018 July
800
7% preferred
434 Jan 3
100
93 Feb 8
8
312 Apr
1912 July
700
6% preferred
8
100
37 Jan 2
8 Feb 6
2.8 Apr
15 July
180 Colorado & Southern
100 27 Jan 4 4034 Feb 1
15% Feb
51 July
4% 1st preferred
70
100 20 Jan 4 3314 Feb 9
1212 Apr 423 July
4
100
4% 2d preferred
100 20 Jan 12 30 Feb 3
10 Mar 30 July
21g Jan 5
1,500 Consol RR of Cuba pref.. _100
114 Feb
64 Feb 5
1034 June
Cuba RR 6% prof
100
314 Jan 15 1012 Jan 23
212 Jan
16 June
3,500 Delaware & Hudson
100 53 Jan 5 7312 Feb 1
4
3734 Feb 933 July
14,000 Delaware Lack & Western_50 2212 Jan 6 333 Feb 5
4
1714 Feb 48 July
1,200 Deny &Rio Or West pref 100
534 Jan 19 1314 Mar 24
2
Feb
194 July
4.600 Erie
100 137 Jan 8 247 Feb 5
8
2
3 4 Apr 2534 July
3
First preferred
3,100
100 18 Jan 3 '2814 Apr 26
412 Apr 2912 July
400
Second preferre I
100 12 Jan 3 23 Apr 21
212 Apr 2314 July
42,700 Great Northern pref
100 1883 Jan 4 3212 Feb 5
333 July
4
434 Apr
57 Jan 10 1614 Feb 20
100 Gulf Mobile & Northern 100
14 Mar
1112 July
Preferred
500
100 15 Jan 11 353 Feb 21
4
212 Mar 2312 July
7 Feb 13
3
200 Havana Electric Ry Co No par
38 Dec
1% Jan 23
23 June
4
1,000 Hudson & Manhattan
100
712 Jan 2 1218 Feb 7
812 July
19 June
100 2412 Jan 6 347 Feb 5
12,800 Illinois Central
812 Apr 503 July
4
100
100 35 Jan 13 50 Apr 26
18 Mar 6018 July
8% pref series A
60
100 48% Jan 5 06 Slay 2
Lease 1 Ilnes
31 Mar 60 July
412 Apr
RR See Ws series A 1000 1712 Jan 8 2414 Feb 6
210
34 July
77 Mar 31 138 Jan 2
4
418 Feb
1.200 :Interboro RapidTran v t o 100
138g Dee
100 11 Jan 8 193 Apr 21
1,600 Kanaas City Southern
4
8
612 Feb 247 July
Peen rred
400
4
100 153 Jan 5 2712 Apr 21 z12 Mar 3414 July
4,600 Lehigh Valley
50 13 Jan 4 2114 Feb 5
834 Feb 2734 July
21% Jan 6712 July
1,600 LoutsvIl e & NasbvIlle____100 4814 Jan 4 6212 Apr 20
10 :Manhattan Ry 7% guar _100 20 Jan 3 3212 Mar 29
12 Mar 28
Oct
Mod 5% guar
100 15 Jan 3 1983 Jan 12
2,000
Jan 20
6
Oct
400 Market St Ry prior pref.. _100
47 Jan 16 1214 Apr 24
g
1% Star
8 June
1,700 :Minneapolis & St Louts_ 100
12 Jan 11
18 Mar 24
8
18 Jan
214 July
358 Feb 6
17 Jan 2
583 July
8
100 Minn St Paul & SS Marle_100
12 Mar
7% preferred
518 Apr 20
134 Jan 8
100
3 Apr
812 July
4
712 Mar 10
4% leased line ells
3% Jan 2
190
100
212 Dec 1412 July
2,800 Mo-Kan-Texas RR----No Par
53 Jan
4
1718 July
8 Jan 2 147 Feb 5
Preferred series A
3,000
100 17% Jan 5 3438 Feb 6
1112 Jan
3714 July
1,000 :Missouri Pacific
3 Jan 2
100
6 Feb 5
118 Apr
1014 July
Cony preferred
5,100
412 Jan 3
100
93 Feb 7
4
133 Apr
1514 July
10 Nashville Chatt & St Louis 100 32 Jan 2 46 Jan 24
13
Jan
57 July
11 Jan 22
30 Nat Rys of Mex 1st 4% pf_100
214 Feb 23
312 June
18 Mar
2d preferred
3 Jan 5
200
8
100
1 Mar 7
18 Jan
13 June
8
01 iy 2 4514 Feb 5
79,900 New York Central
100 291
14
Feb 5812 July
1,800 N Y Chic & St Louis Co.. _100 15 Jan 3 267 Apr 24
8
218 Jan
2734 Aug
Preferred series A
5.700
100 1712 Jan 3 4314 Apr 23
234 Apr • 3414 July
20 N Y dc Harlem
50 103 Jan 2 139 Feb 1 100 Mar 1583 June
10,800 N Y N H & Hartford
100 141 Jan 3 2418 Feb 5
1118 Feb
3478 July
Cony preferred
4,300
100 2312 Jan 6 3734 Feb 5
18
Apr 56 July
6,000 NY Ontario & Western
8‘lay 1
78
100
71 Dec 15 July
1134 Feb 5
18 Jan 18
NY Railways pref
18 Mar
No par
1 Mar 21
312 July
700 :Norfolk Southern
12 Apr
47 July
8
100
418 Apr 20
114 Jan 3
1,000 Norfolk & Western
100 181 Jan 5 182 Apr 19 11113 Mar 177 July
Adjust 4% pref
90
74 May
3712 Sept
100 82 Jan 8 9412 Apr 10
30,400 Northern Pacific
100 2118 Jan 6 363 Apr 11
4
933 Apr 347 July
360 Pacific Coast
1
Jan
2 Jan 4
7 July
10
83 Mar 14
8
310
lot preferred
10 July
No par
33 Jan 19 1114 Apr 20
4
133 Feb
150
2d preferred
7 July
Feb
1
612 Mar 14
No par
2 Jan 3
25,100 Pennsylvania
133 Jan 4214 July
4
50 2914 Jan 4 377 Feb 19
100 Peoria & Eastern
7 Feb
4 Jan 18
8
9 July
100
8 Feb 17
700 Pere Marquette
37 Mar 37 July
8
100 1612 Jan 10 34 Apr 24
600
Prior preferred
Jan 4412 July
6
100 18 Jan 13 5112 Apr 23
200
Preferred
3412 July
412 Feb
100 1612 Jan 10 43 Apr 23
180 PhIladelphia Rap Tran Co _50
8
57 July
2 June
3 Feb 8
6 Apr 25
379
7% preferred
3 Dec 10 July
412 Jan 12 16 Apr 24
50
PIttsburgh & West Virginia 100 15 Jan 3 27 Feb 21
612 Apr 353 July
700 Reading
2312 Apr 6212 July
50 43 Jan 2 563 Feb 5
8
100
1st preferred
25
Apr 38 July
8
50 337 Feb 7 4018 Apr 23
400
2d preferred
2312 Mar 37 July
50 2918 Jan 11 3918Slay 3
Rutland RR 7% pref
100
8 Jan 4 15 Feb 7
Jan
6
1812 July
1,000 :St Louis-San Franaisco....100
93 July
% Jan
23 Jan 2
8
434 Feb 6
3,300
1st preferred
234 Jan 4
100
618 Apr 4
1
Apr
914 July
St Louis Southwestern__ _100 1212 Jan 19 20 Mar 8
5% Mar 22 July
1.100 :Seaboard Alr Line ____No par
1 Jan 2
2 Feb 6
'4 Jan
3 July
1,000
Preferred
100
% Mar
18 Jan 11
318 Feb 21
47 July
8
44,200 Southern Pacific Co
100 1812 Jan 5 333 Feb 5
11% Feb 383 July
4
25,900 Southern Railway
100 238 Jan 6 3612 Feb 5
418 Mar 36 July
5,200
Preferred
100 273 Jan 6 4114 Apr 26
4
58 Jan 49 July
700
Mobile & Ohio etk tr ctfs 100 39 Jan 19 4734 Apr 20
8
Jan 4014 July
400 Texas & Pacific Ry Co_.._100 185 Jan 3 431 Feb 1
15 Apr 43 July
8
300 Third Avenue
100
8 Mar 1
418 Feb
1218 June
814 Jan 12
2.000 Twin City Rapid Trans No par
43 June
13 Jan 10
8
812 Apr 24
3 Dec
4
220 Preferred
100
6 Jan 12 39 Apr 24
412 Dec
15 June
2,200 Union Pacific
100 11012 Jan 4 1337 April
8
8114 Apr 132 July
800 Preferred
100 713 Jan 18 84 Apr 26
Apr 7512 July
56
1,600 :Wabash
100
47 Jan 30
214 Jan 5
712 July
112 Jan
2,900
Preferred A
100
31e Jan 2
97 July
8
118 Apr
834 Apr 26
7.400 Western Maryland
100
834 Jan 2 1714 Feb 20
16 July
4 Feb
600
2d preferred
100 12 Jan 9 23 Feb 20
1912 July
533 Jan
1,100 Western Pacific
100
23 Jan 2
4
912 July
Apr
812 Mar 29
1
4,820
Preferred
17 Mar 18 July
100
434 Jan 5 1712 Mar 28

:Companies reported In receivership. a Optional sale. c Cash sale. s Sold 15 days. z Ex-dlvidend.

y Ex-rights.

New York Stock Record-Continued-Page 2

3052
car

May 5 1934

FOR SALES DURING THEtWEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE SECOND PAGE PRECEDING.

-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday
Apr. 28.
$ per share
95
8 95
8
7514 7514
32
3212
97
97
*612 714
*73
4 77
8
10018 1013
4
318 314
20
2038
*7
712
318 314
1518 1512
1414 1414
14
1414
*197 21
8
146 146
*126 12614
8
1918 195
*153 16 1
4
*512 6
*37
3812
51
51
32% 323
4
223 2414
4
463 4912
4
115 114
8
6512 66
*30
31
*108 10912
10112 102
*1405* 143
2758
27
*473 513
4
4
*912 1014
39
*37
*583 593
8
4
512 559
4814 4814
312 3 2
,
*714 814
95* 93
4
2312 2312
*1359 134
19
19
*173 18
4
*812 94
*3718 39
*35
353
4
*9
918
*433 47
8
812 83
4
1
118
7 2 712
,
31% 315
8
*655 67
8
*1618 1612
73
4 7%
23
2378
*85
8812
*283 295
4
8
85
8 83
4
254 2614
23 23
1518 153
8
234 233
4

Monday
Apr. 30.

Tuesday
May 1.

Wednesday I Thursday
May 2.
May 3.

Friday
May 4.

$ per share $ per share $ per share $ per share S per share
9
938
83
4 9
9
918
918 93
4
93
8
918
_
4
__ *743
*74
*743 - - *7434 -- 4
2914 30
0
04 3 4 2914 3
30 4 303
,
3012 114 *7412-- 8 293 - - 3
3
914 914
93
912
93
8 958
93
8 93
8
958 93
4
6
6
6
6 18
612 612
*612 7
*55k 6
77
712 712
712 73
8
734 73
4
712 78 *75
4
8
10114 1023 1013 1025
4
99 1007 10012 102
8
994 101
27
27
8 218
3
4 27
8 02 3 3
23
27
3
34
193* 195
1912 20
8 1914 194 1918 1912 1918 1912
*6
7
7
6% 65
8 *6
*612 718
7
7
3
3 18
3
3 18
3
3 18
34
3
3
314
1312 1414 133 1418 1314 1414
143* 1514 1312 14
4
123
4 1212 1212 1212 128
123 123
4
4 1212 123 *12
127 1312
8
13
123
4 13
8
4
123 123
4
4 123 123 .12
21
4
2012 204 203 *18
203* 2038 *17
*197 21
1433 146
14312 14512 14314 145
4
144 1453 14312 145
126 126 *1243* 12712
1257 126 *12514 126 *123 126
8
3
17
1712 173* 177
18
8
1812 1918 175 1818 17
1512 15
1413 144 1414 1412 *1414 15%
15
15
5
5
5 18
51, 512
5
512 512
043
4 5
*35
3812
37
3612 3612 37
*3612 38
37
37
3 50
5012 51
49
483 497
4
8 4812 50
49% 51
338
4 33
,
3214 327
8 3214 3212 324 32 2 3258 323
8 2012 2114
1912 21
193 203
21
20
217
8 20
46% 4512 4612 4612 4612
4612 464 4512 4612 46
114 103 1118 1114 1112
4
1118 119 1118 1114 11
6518 653
4
4
3
4 633 64
6312 6414 63 4 633
65 65
*283 293
4
293
8 2812 30
4
30
3014 297 29% 29
108 108 *10312 10912 *10312 10912 *10312 107 *10312 107
8 99
998 9914 10014
10018 1013
8 994 10012 9812 1003
1413 1413 *140 143
4
4
14214 14214 *14014 143 *141 143
2514
8 25
2614 2514 26
2518 253
26
2618 *26
5 4559 4512 4512 4512 4512
45
4612 4612 04512 51
912 912
*814 912
9
9
912
912 912 *9
.30
35
34
36
3612 3414 3414 34
37
*36
58
58%
8
585
8 58
58
585* 585 *5418 5812 *55
8 55* *45* 512
4 *45
43
4 43
4 513
4 53* *43
*43
463
8 4612 4734 4434 47
4658 4812 465 4612 46
318 314
3
3
34 314
314 314
314 314
4 712 *64 712
3
*65
8 78 *64 7 4 *63
7
7
83
8 9
83 9 8
87
8 918
914
,
87
912
9
2112 22
22
2112 2112 *205* 2112
2118 224 22

Sales
for
the
Week.

STOCKS
NEW YORK STOCK
EXCHANGE.

Industrial & Miscel. Par
Shares.
No pat
12,200 Adams Express
100
Preferred
100
No par
4,500 Adams MIllle
10
1,700 Address Multigr Corp
No par
600 Advance Rumely
1,100 Affiliated Products Inc _No par
No par
10,900 Air Reduction Ino
1,200 Air Way Elea Appliance No par
18,500 Alaska Juneau Gold Mm.__10
No par
200 A P W Paper Co
No par
21,800 Allegheny Corp
Pref A with $30 warr___100
6,600
Pref A with $40 warr___100
800
Fret A without warr___100
1,200
No par
200 Allegheny Steel Co
5,600 Allied Chemical & Dye_No par
100
300 Preferred
12,600 Allis-Chalmers Mfg____No par
900 Alpha Portland Cement No poe
1
500 Amalgam Leather Co
50
7% preferred
300
No par
6,100 Amerada Corp
8,800 Amer Agile Chem (Del) No par
10
20,700 American Bank Note
50
Preferred
500
4,000 Amer1can Beet Sugar_ _No par
100
7% preferred
580
1,400 Am Brake Shoe dr Fdy_No par
100
Preferred
30
25
10,500 American Can
100
Preferred
200
.
3,300 American Car & Fdy __No par
Preferred
100
900
No par
300 American Chain
100
7% preferred
400
No par
400 American Chicle
10
300 Amer Colortype Co
6,400 Am Comml Alcohol Corp 20
1,100 Amer Encaustio Tiling_No par
300 Amer European Sec's__No par
11,800 Amer & For'] Power__ _No par
No par
Preferred
1,300

PER SHARE
Range Since Jan. 1.
On basis of 100-share lots.
Lowest.
$ Per share
65 Jan 6
8
7014 Jan 25
16 Jan 5
7 4 Jan 5
3
518 Feb 10
64 Jan 13
933
4Mar 27
17 Jan 3
19185iay 3
5 Jan 13
23 Mar 16
4
57 Jan 4
55 Jan 3
8
514 Jan 6
1712 Jan 2
14314MaY 3
12218 Jan 16
1612 Jan 8
4
123 Jan 2
4 Jan 15
25 Jan 6
4112 Jan 4
2514 Jan 4
1413 Jan 4
40 Jan 4
712 Jan 4
4612 Jan 4
28 Jan 5
96 Jan 10
9418 Jan 5
12812 Jan 6
2314 Jan 8
3814 Jan 8
612 Jan 11
2012 Jan 10
4614 Jan 8
33 Jan 29
4May 4
443
8
23 Jan 6
6 Jan 3
3
7 4 Jan 3
17 Jan 4

Highest.

PER SHARE
Range for Previous
Year 1933.
Lowest.

Highest.

$ Per share 5 per share $ per share
117 Feb 5
8
3 Feb
1314 July
7712 Apr 19
39
Apr 71 June
347 Apr 5
8
8 Apr 215 July
113 Feb 6
8
64 Alg' 1212 June
75 Feb 5
93 July
13 Feb
4
95 Feb 6
53 July
113 May
8
14 Jan 24
4712 Feb 112 Sept
106
33 Apr 26
4 May
12 Feb
237 Jan 15
8
1118 Jan 33 Aug
77 Apr 24
1
Jan
95* July
514 Feb 1
814 July
% Apr
1618 Apr 10
1
Apr 2178 July
113 Apr 21 July
145 Apr 10
8
143 Apr 9
8
114 Mar 20 July
5 Mar 28 July
234 Feb 23
703 Feb 152 Dec
4
4
1603 Feb 17
12914 Apr 5 116 Apr 125
Oct
233 Feb 5
8
6 Feb 263* July
2018 Feb 5
53 Jan 24 July
4
73 Mar 12
4
3 Feb
8
914 July
45 Mar 13
5 Feb 40 July
1812 Mar 475* Nov
533 Apr 5
4
38 Jan 24
714 Mar 35 July
2514 Apr 27
8 Mar 2812 July
5012 Apr 27
34 Apr 497 June
1234 Feb 3
1
Jan
163 July
4
71 Apr 12
23 Jan 64 Sept
4
33 Feb 6
94 Mar 4212 July
11012 Apr 18
60 Mar 108 Aug
1073 Feb 15
4
4912 Feb 10012 Dec
14512 Apr 13 112 Feb 134 July
337 Feb 5
818 Jan 393 July
4
15 Feb 593 July
5612 Feb 5
4
1214 Feb 27
15* Mar 14 July
40 Apr 24
312 Mar 31 12 July
34 Mar 5114 July
60 Apr 20
2 Feb
64 June
612 Feb 5
13 Feb 897 July
6212 Jan 31
1
Jan
6 June
5 Feb 16
37 Apr
13 July
1012 Feb 3
37 Feb
2
193 June
8
133 Feb 6
4
8
714 Apr 447 June
30 Feb 7
2714 June
43* API
1712 Feb 6
25 Feb 6
618 AM
3558 July
418 Jan
22 8 Feb 16
5
2112 July
212 Mar 16 June
1012 Feb 5
1312 Feb 5712 June
4214 Mar 15
243 Dec 4212 May
4
363 Apr 26
8
33 Feb
4
1712 June
10 Feb 5
25 Feb 677 June
4514 Mar 26
8
11 Feb 6
414 Feb
1518 July
112 Apr 4
312 June
14 Apr
8 Apr 3
12 June
114 Jan
57 Jan 3918 July
383 Feb 6
4
8
1714 Jan 83 July
745 Mar 13
1934 FebFeb1
834 Feb 223* July
b 5
93
8
Jan
6 June
275 Feb 15
8
318 Feb 233 July
8
91 Feb 15
1512 Jan 757 Nov
2
17
343 Mar 13
4
Jan 3012 July
4
124 Feb 6
Feb
197 July
97 Apr 4118 July
8
297 Feb 6
8
9
Apr 35 July
2614 Feb 7
175s Feb 1
19 July
458 Feb
2814 Feb 19
6 4 Mar 317 July
3
8
2018 Apr 4734 July
543 Apr 26
4
738 Feb 19
7 M af 364 18 jj nly
8 Apr
7314 .ltunn ee
2 i
1
25* Jan 30
1112 Mar
30 Jan 30
5114 Feb 15
10% Feb 5312 Sept
31
123 Apr 12
Jan 9912 Deo
9434 Apr 11
2012 Jan 73 July
58 Apr 27
3213 Jan 5114 Sept
12312Slay 3 10218 Jan 112 July
45* Feb 27 July
2612 Feb 5
375 Mar 85 July
8
81 Jan 30
30
Feb 477 July
4414 Feb 7
8
2112 Jan 74 July
61 Feb 6
80
Jan 11214 July
11518 Apr 23
6
Jan 26 July
8
205 Mar 13
864 Apr 1345 July
12514 Feb 6
49 Feb 90% July
8
823 Feb 6
503 Feb 94% July
4
8412 Feb 5
4
12312 Apr 10 1023 Mar 120 July
218 Dee 25 July
13 Feb 21
7
4
Oct 377 July
283 Feb 21
10% Apr 4314 July
2758 Feb 7
35 Mar 80 June
80 Feb 5

93 Jan 4
4
No pa,
2nd preferred
1,200
13
1212 1214 1214 *12
4 12
1212 123
13
12 Jan 4
No par
1812 1812 18
$8 preferred
1814 *1712 1812 1,500
1912 1812 19
16
17
18
163 163
4
4 1,700 Amer Hawaiian S S Co____10 16 May I
16
16
16
16
7 4 Jan 12
,
500 Amer Hide & Leather_No par
73
4
712 712 "7
4
8
813
73
4 73
8
8
100 307 Jan 8
Preferred
34
344 *315* 34
3212 327
8 1,400
374 3412 35
2618 Jan 5
1
333
8 33
3314 323 34
33
3414 3414 2,600 Amer Home Products
8
35
618 Jan 4
No par
8 2 85
,
87
814 84 3,400 American Ice
812 83
4
8
812 8%
100 3514 Jan 8
6% non-oura pref
300
*4218 45
*42
45
*4218 45
4312 *4214 45
612 Jan 8
8
8 18
812
814 812 9,700 Amer Internet Corp_ __No par
8
814
8
83
4
3 Jan 5
4
1,600 Am L France & Foamite No par
1
1
*1
1
1
1
1
I
118
4 Jan 18
100
12
Preferred
220
7
7
712
71.2 *7
7
7
7
7
2,400 American Locomotive__No par 2614 Jan 4
2912 30
30
30
4
3159 304 3014 293 30
100 50 Jan 8
Preferred
400
6612 6612
6558 653
*653 67
8
67
8 65 65
13 Jan 4
16
16
*153 16
4
1618 153 16
155 154 1,900 Amer Mach & Fdry Co_No par
8
314 Jan 3
738 73*
712 712 1,400 Amer Mach & Metals__No par
712 712
8 714
714
67
18 Jan 4
235
8 4,700 Amer Metal Co Ltd___No par
2314 2214 227g 22
4
* 223 2318 23
227
100 73 Jan 2
8% cony preferred
200
8812 8512 8512 8514 8514
8812 .85
8812 *85
1,190 Amer News Co Ine____No par 21 Jan 3
277 29
8
2834 28
2277 277
28
28
29
57 Jan 4
14,300 Amer Power & Light__No par
4 8
73
734 8
8
83
8
814 812
83
8
133 Jan 6
4
No par
$6 preferred
2,100
24
23
24
24
24
25
24
24
25
127 Jan 5
8
No par
$5 preferred
20
2018 1,800
20
20
2112 2114 2114 2018 21
133 Mar 20
4
8
8
4 1418 1412 1414 1412 143 147 37,400 Am Rad dr Stand San'y No par
154 1414 143
25 1712 Jan 6
4
223 24,707 American Rolling Mill
8 22
8
8 2112 2238 2138 223
2318 213 223
1,300 AmerIcan Safety Razor No par 38 Jan 13
8
5412 5412 537 5418 *5118 5312 4912 5118 4914 5012 *4912 54
314 Jan 10
600 American Seating v I ct..No par
412 412 *45
45g 45
8
45
8 43
4
0434 514
8 55
43
4 5
8
1 Jan 4
4 2,900 Amer Ship &Comm __ _No par
13
4. 13
158
13
4
13
8 13
4
13
8 13
4
1% 1%
1% 1%
1914 Jan 4
410 Amer Shipbuilding Co_No par
2514 2514
2612 2412 25
*2612 2759 25
2512
243 2512 25
8
32,200 Amer Smelting & Relg_No par 3812May 2
4
4014 393 41
383 397
4
4112 4214 3912 41
8 3812 403* 39
100 100 Jan 2
Preferred
1,100
122 123
*120 123 *120 123
1213 123 x116 11614 11612 118
4
100 7114 Jan 2
2nd preferred 6% cum
92
900
90
*90
92
*90
92
90
90 - 92
9014 90
90
4
25 483 Jan 5
600 American Snuff
58
58
58
58
*57
59
5714 5612 5612
5712 5713 57
100 106 Feb 2
Preferred
40
12312 12312 12314 12312
.•12312
*12212__ 12212 12212 *12312
__
18 May 2
4,500 Amer Steel Foundries__No par
19
1918 1912 1812 193
1812 - -1912 18 -18% 1814 1914 19
Preferred
100 68 Jan 4
210
76
*77
79
7612 77
•77
79
*73
76
76
76
76
No par 37 Jan 3
600 American Stores
4
8
4212 4212 4214 423 *4214 423 *4214 423 *4214 4212 4214 423
4
4
100 46 Jan 3
483 495
4814 49
4
4
8 48
49
51
50
5012 5214 5218 533 11,900 Amer Sugar Refining
100 10312 Jan 3
Preferred
600
8
4
*11212 11312 1147 1147 *113 1143 1145* 1143 *11312 11412 11412 1143
4
8
1512 Jan 5
8 1,900 Am Sumatra TobaccoNo par
1712 18
18
18
8
1714 1712 17
177
8 1718 1714 175 175
4
100 1073 Jan 4
120 1203* 11838 120
11612 11814 11314 117
1135 11514 112 11434 83,600 Amer Telep & Teleg
8
25 6514 Jan 6
2,200 American Tobacco
714 6914 693
704 704 70
6914 70
69 69
89
4 69
25 67 Jan 8
Common class B
7214 7,700
7114 7112 7114 7112 7014 707
71
8
8 703 7112 7014 72
Preferred
100 10714 Jan 3
123 123 *122 124
700
12112 12112 12318 12318 122 1223 12212 12212
4
47 Jan 3
*85* 9
900 :Am Type Founders__ _No par
*812 10
"71
. 83
4
8
8
8
8 12
*812 9
78g Jan 6
Preferred
100
670
19
1914 20
4
2012 183 1912 *1814 20
215* 2212 1912 21
4
197 2012 193 2014 193 2012 193 20
8
2012 21
4
197 22,000 Am Water Wks dr Eleo_No par x163 Jan 4
19
8
8
1s1 preferred
No par 64 Jan 3
100
80
*78
80' *76
*72
80
76
76
•72
76
*70
76
17 JulY
312 Mar
113 Jan 8 1718 Feb 5
No par
4
8 123 133
1312 133
4 1314 133
8 1214 127
8
4 1212 125* 5,100 American Woolen
8 123 123
225 Feb 6712 Dec
*
4
100 6158 Jan 4 833 Feb 7
Preferred
723 723
4
73
73
2,400
68
68
4 67
4 6912 723
68
68
69
418 June
so Feb
414 Mar 14
114 Jan 10
I
27
3
3
3 14
4,600 Am Writing Paper
318
25
8 3
23
4 27
8
3
25* 234
14% July
3 Feb
4
54 Jan 6 1712 Apr 23
No par
Preferred
12
1214 127
8 12
123 13
8
118 127
8 1112 1218 12% 1214 3,300
10% July
53 Jan 4
24 Feb
9 Feb 16
2,800 Amer Zinc Lead dr Smelt_1
7
7
714 7,
2
712 712
7
7
7
718
718 74
20 Feb 60 July
25 3712 Jan 4 5018 Feb 16
Preferred
*40
4812 *4412 49
*42
50
300
44
4412 45 45
*40
50
8
5 Feb 227 July
8 1514 1618 1518 1512 14% 1512 15
1618 165
4
153
8 1514 153 52,400 Anaconda Copper Mining 50 1312 Jan 8 1734 Apr 11
1512 June
418 Jan
914 Jan 12 12.51 Apr 26
1134 *1112 1214 1112 1112 *12
100 Anaconda Wire & CableNo par
•11
1214 *11
8
*12
127
13
8
Jan 3914 July
18 Jan 8 24% Jan 31
No par
2114 2112 2012 21
*22
24
2214 1,600 Anchor Cap
2012 203
4 2012 2012 21
6212 Jan 90 June
$8.50 cony preferred _No par 84 Feb 5 100 Apr 17
230
9912 997
8
.9918 993
4 9918 9918 *994 997
997 100
2
997 997
93 Mar 2914 July
4
3318 3,400 Archer Daniels Mbil'cl_No par 2814 Jan 9 34 Apr 23
313 3212 31
4
3212 33
8 32
3112 3118 3112 3112 315
95 Feb 115 July
100 110 Jan 24 115 Apr 12
7% preferred
20
4
11212 11212 *11214 1123 1123 1123
4
4
*112 115 *112 115 *11214 113
41
Jan 90 July
,
700 Armour & Co (Del) pref 100 76 4 Jan 2 9314 Apr 26
9114
9214 9214 "914 923 913 913
93 93
913
4 91
4
4 91
*
1 18 Feb
73 June
4
8 Apr 13
414 Jan 3
65* 612
614 612
614 64
64 6%
612 6% 21,900 Armour of Illinois class A__25
63* 638
5 July
3 Feb
4
25 •214 Jan 6
38 Apr 12
Class B
14,000
3
3
3
3 18
27
8 318
3
3 18
3
314
318 314
5 Apr 13
7 Feb 93 July
100 56 Jan 3 75
Preferred
6712 687 15,700
8
6712 69
4
8
4 663 69
7014 675 683
7018 7012 68
7 July
118 Jan
8% Feo 9
35 Jan 10
8
5
4 3,100 Arnold Constable Corp
53
4 53
614 63
612 63
8
*65
8 6%
53
4 58
7
53
4 6
8
2 Mar
912 June
414 Jan 5 1012 Apr 21
No par
140 Artloom Corp
914
838 *73
77
8 77
8 *8
4 814
814 812 *8
*812 914
312 F .b 16
1 Jan 9
514 June
34 Apr
1,000 Associated Apparel Ind No par
2
2
2
2
2
2
2
2
214
"24 212 *2
312 Feb 20 July
1118 Jan 3 1814 Feb 6
1
1414 3,800 Associated Dry Goods
4
1414 143
4
4 133 1414 14
8 143 15
157 157
8
8 1518 155
18
Feb 6112 July
100 50 Jan 1 7712 Apr 20
6% 1st preferred
200
75
*64
*64
67
*68
75
*68
77
73
73
*7312 77
4
15
Jan 513 July
100 50 Jan 4 64% Apr 20
7% 2d preferred
100
*56
59
59
*59
66
*60
62
*62
64
59 4 *5612 5914
,
6% Mar 3512 July
25 2912 Jan 5 4012 Apr 25
10 Associated 011
*3812 41
*3814 42
42
3814 3814 *3812 41
*3912 414 *39
412 Mar 26 July
1214 Jan 2 16 Apr 12
At a & W I SS Lines__No par
*16
21
016
21
*13
20
*14% 22
*13
22
*13
22
123 Feb 3212 Nov
8
25 26125i.ty 3 3514 Feb 5
12,900 Atlantic Refining
4
267 2714 263 271 1 2612 26% 263 27
8
4
2734 2818 2718 28
9 Feb 3918 July
No par 3514 Jan 8 5512 Mar 13
800 Atlas Powder
50
4812 4712 4712 *46
49
495* 475* 475* 48
.49
.50
60
Apr 8318 Sept
100 83 Jan 9 10112 Apr 17
Preferred
99
230
9812 9812 99
9812 9812 9812 9812 9812 99
983* 983
112 Feb 343 Dec
712 Jan 15 1614 Mar 14
4
No par
4 1,400 Atlas Tack Corp
8
103 103
4
4 1012 103
104 103 *105 11
4
105* 11
•11
12
31
Oct 8414 July
No par 3912 Apr 24 573 Mar 13
4 4112 433* 4118 4312 4012 4314 23,700 Auburn Automobile
4114 4014 413
41
4114 40
7 Jan 4 16% Mar 5
74 Feb 9,4 July
No par
4
1418 133 134 2,100 Austin Nichols
8
7
143 1518 1418 1412 134 13 8 137 1412 14
4
611 Feb
163 July
8
53* Feb 10 104 Jan 31
77
712 77 20,900 Aviation Corp of Del (The)_5
8
74 75*
7% 73
4
712 75
75
8 8
8
11 Jan 8 16 Feb 5
173 July
8
312 Apr
4 1214 123 26,900 Baldwin Loco Works No par
8
8 1218 123
8 1258 127
135* 13% 127 1312 1212 127
912 Apr 60 July
100 35 Jan 8 644 Apr 21
Preferred
53
52
54
53
1,900
54
53
5512 53
53
55
58
58
6814 Feb 997 Aug
8
590 Bamberger (L) & Co pref 100 8812 Jan 9 99 Feb 23
97
97
9612 97
*953 97
4
96
96
96
9712 96
.96
012 Feb 5
3 Jan 2
714 JUI10
518
45
8 5
% Jan
No par
518 *434 54 3,600 Barker Brothers
518
518
514
5
512
5
518 Apr 2414 July
65i % cone preferred___100 164 Jan 9 3812 Apr 12
360
3318 3318 3318 3318
34
34
35
3514 34
34
3512 36
5
11 July
3 Mar
759 Star 27 10 Jan 22
814 83 12,800 Barnsdall Corp
8
818 858
8
8%
814 83
8
814 85
8
812 87
314 Jan 5212 July
No par 27 Jan 3 39 Feb 5
400 Bayuk Cigars Inc
33
*32
*31
32
32
32
*32
34
33
3312 331 2 33
27
Jan 100 July
100 89 Jan 15 98 Mar 18
lot preferred
10
4 9"
9434 943 *903 95
0903
4
4
*90 4 95
3
4
*903 95
4
*903 95
7 Mar 27 June
3
25 10 8 Jan 6 1834 Apr 21
8 2,400 Beatrice Creamery
8
4 157 163
1512 1618 1512 153
8
165
8 153 16
164 164 16
4
45 Feb 85 May
100 55 Jan 13 863 Apr 21
Preferred
8712 *847 8712 .8478 875*
871 *84
8
8712 *85
8712 *85
*85
45
Jan 7012 June
20 58 Star 2 67 Apr 23
100 Beech-Nut Packing Co
671 *6212 671 *6212 6712 *6212 6712
6712 *61
65 .60
65
87 Jan 3 1514 Apr 24
8
312 Feb
1212 July
133
8 1318 1338 1314 1312 8,400 Belding Iteminway Co_No par
1418 143* 13s 1414 1318 134 13
6214 Apr 10114 Nov
Belgian Nat RY8 Part prof... 9512 Jan 9 11914 Apr 24
4
11638 1163 11612 11612 *1163 11714
8
500
4
s
s
1167 1167 *1163 11718
*1163 118
4
618 Feb 2114 July
6 164 Jan 3 23% Feb 1
8 1652 1758 21,900 Bend!: Aviation
1614 167
18% 1712 1814 16% 173* 1612 171g
18
1314 Sent
1918 Apr 26
15 Aug
1261 Jan 31
17
173
8 171g 175o 8.000 Beneficial Indus Loan_ _No par
171, 1758 1718 173
17% 1812 171 1 181 1
Optional sale. e Cash sale. z Ex-dIvidend. y 1 x-rights,
•Bid and asked Prices, no sales On this day. 5 Companies reported in receivership. a
1212
*1812
17
812
3514
3314
85
8
4312
814
1
712
31
*6518
157
8
714
225*
*85
2814
812
25
21
143
8
2114




3053

New York Stock Record-Continued-Page 3

32fir FOR SALE DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE THIRD PAGE PRECEDING
-PER SHARE, NOT PER CENT.
111811 AND LOW SALE PRICES
Saturday
Apr. 28.

Monday
Apr. 30.

Tuesday
May 1.

Wednesday
May 2.

Thursday
May 3.

Friday
May 4.

Sales
for
the
Week.

STOCKS
NEW YORK STOCK
EXCHANGE.

PER SHARE
Range Since Jan. 1.
On basis of 100-share lots.
Lowest.

Highest.

$ Per share $
Indus. 8c Miscell.(Con.) Par $ per share
No par 2612 Jan 8 3414 Apr 10
Best & Co
3
Bethlehem Steel Corp No par 34 4 Jan 4 4913 Feb 19
100 6514 Jan 4 82 Feb 19
7% preferred
Btgelow-Sanf Carpet Inc No par 27 Jan 4 40 Feb 5
1053 Jan 4 1614 Jan 30
Blaw-Knox Co
No par
Bloomingdale Brothers_No par
18 Jan 12 28 Feb 7
4
.5 65 Jan 8 683 Jan 24
Bohn Aluminum & Br
5,900
25 194 Jan 6 2712 Feb 5
17,800 Borden Co (The)
4
10 203 Jan 3 2858 Feb 5
11,700 Borg-Warner Corp
3 Feb 9
1 Jan 2
800 :Botany Cons Mills class A_50
12 Jan 6 194 Apr 26
37,600 Briggs Manufacturing_No par
5 28 Jan 4 374 Apr 26
3,400 Bristol-Myers Co
2,800 Brooklyn Caton Gas___No par 61 Jan 4 8012 Feb 6
1,200 Brown Shoe Co
No par 5014 Jan 5 61 Feb 16
8
7 Jan 5 107 Mar 17
3,400 Bruns-Balke-Collender_No par
938 Feb 5
10
85 Jan 9
8
900 Bucyrus-Erie Co
5 10 Jan 2 1412 Apr 24
1,400
Preferred
40
7% preferred
100 6312 Jan 9 75 Jan 15
4
73 Apr 25
53 Jan 3
8
15,300 Budd (E 0) Mfg
No par
100 25 Jan 2 44 Apr 25
250
7% preferred
8
33 Jan 5 5 3 Jan 30
8
No par
5,700 Budd Wheel
612 Apr 28
24 Jan 9
No par
700 Bulova Watch
7 4 Jan 4 1512 Feb 18
3
No par
3,500 Bullard Co
14 Jan 26
6 Feb 21
.Vo par
100 Burns Bros class A
4 Jan 9 1512 Feb 20
100
280
7% preferred
8M1y 1 31933 Feb 1
143
9,600 Burroughs Add Mach__No par
373 Feb 9
24 Jan 2
100 /Bush Term
No par
6 Mar 8
Debenture
312 Jan 20
100
100
3
80 Bush Term BI gu prof ctfs_100
518 Jan 3 15 4 Feb 23
218 Feb 16
400 Butte & Superior Mining__10
112 Jan 13
3 Feb 18
2 Jan 2
6
900 Butte Copper es Zino
43 Feb 1
4
900 Butterick Co
No par
21s Jan 2
4,900 Byers Co (A M)
217 Jan 6 324 Feb 7
8
No par
8
200
Preferred
100 4714 Jan 15 677 Apr 23
4
29,900 California
_ __No par
183 Jan 4 3412 Apr 30
78
78
1,000 Callahan Zino-Lead
10
7 Jan 9
4
13 Jan 23
4
Packing658 Fen 5
4 Jan 3
9,400 Calumet & Hecht Cons Cop_25
44 5
912 Jan 4 1578 Feb 23
1112 1112 1,500 Campbell W & 0 Fdy __No par
2412 2512 7,700 Canada Dry Ginger Ale __5 2414 Jan 4 2912 Apr 24
34
34
1,200 Cannon Mills
2812 Jan 4 38 Apr 2
No par
600 Capital Admirds el A
1
53 Jan 2 10 Apr 13
8
812 83
4
120
Preferred A
*3512 36
10 283 Jan 24 39 Apr 20
4
100 5834May 4 8634 Fen 6
583 643 11,300 Case (J I) Co
4
4
10
68 Jan 5 8412 Feb 6
'73
76
330
Preferred certifIcate8
2312 Jan 4 333 Apr 21
8
16,500 Caterpillar Tractor___No par
2914 31
8
37,400 Celanese Corp of Am__No par 2858 Apr 30 447 Feb 5
293 31
4
45 Apr 12
8
No par
214 Jan 9
34 34
500 :Celotex Corp
No par
114 Jan 9
4 Apr 12
400
Certificates
23
4 23
4
8
310
Preferred
100
612 Jan 18 223 Apr 13
1512 16
1,100 Central Aguirre Asso_No par 24 Mar 22 3212 Feb 5
*2814 29
8
*1012 1118
300 Century Ribbon Mills_No par
7 4 Jan 16 123 Feb 19
3
10
Preferred
100 82 Mar 31 95 Jan 2
*85
93
305
8May 1 4014 Feb 15
4
323 334 23,500 Cerro de PaSco Copper_No par
314 Jan 2
73 Apr 5
4
534 6
3,300 Certain-Teed Producta_No par
100 1712 Jan 19 35 Apr 5
100
7% preferred
*28
30
8
No par
2,400 CRY Ice & Fuel
1714 Jan 5 243 Jan 30
207 21
8
100 87 Jan 3 86 Apr 23
200
Preferred
8418 8418
No par
34 Jan 4 487 Apr 21
8
4 6,000 Chesapeake Corp
453 453
4
97 Feb 5
4
814 Jan 6
75
8 758 1,900 Chicago Praeumat Tool_No pa
Cony preferred
No par
1812 Jan 12 2834 Apr 24
233 243
4
4 5,500
4
10 194 Jan 8 303 Feb 5
900 Chickasha Cotton 011
*254 28
No par
6 Jan 6 114 Feb 19
714 712 4,900 Childs Co
10 Chile Copper Co
25 13 Jan 13 1758 Apr 9
*1418 173
4
8
8 44121gay 2 603 Feb 23
453 4714 179,400 Chrysler Corp
4
No par
7 Jan 5
8
218 Feb 6
114
114 3,000 City Stores
114 Feb 6
5g
5
8
*12
5
8
*12
5
8
12
12
12 Apr 20
58
58
58
900
Voting trust certlfs No par
5*
55 Feb 6
8
No par
33 Jan 9
4
Class A
*35
8 5
*35
8 478 *35
8 47
8 "35
8 47
8 *35
8 47
8 "35
8 47
8
No par
3 Jan 12
518 Feb 21
100
ClassAvtc
"35
8 4
*33
4 4
*33
4 414 *37
*35
8 4
8 4
34 34
4
No par
83 Jan 5 213 Mar 5
4
18
18
17
700 Clark Equipment
1712 *1618 18
1618 1618 163 163
8
8
8 163 163
8
28 Jan 3 45 Apr 7
'3812 393
4 38
38
*3714 393
3812 '37
39
700 Cluett Peabody & Co No par
4 39
39
37
100 95 Jan 17 115 Apr 23
*110_ *
__ _ _ _ ___
Preferred
11514 '100 116 *100
_ __ *100 12912 *100
1225 12314 19
8
122
119 1193 1174 11918 1173 1173 *11714 11912 2,800 Coca-Cola Co (The)___N0 par 9514 Jan 2 127 Apr 24
4
s
s
Class A
No par 5018 Jan 11 54 Apr 16
54
54
300
*5312 537 *5312 537 *5312 534 537 537 *533 54
8
8
8
8
4
167 17
8
93 Jan 3 1818 Mar 13
8
1614 167
8 16
1614
4
153 163* 155 1614 153 1618 14,900 Colgate-Palmolive-Peet No par
4
8
'92
100 6812 Jan 8 9214 Apr 18
93
*92
8% preferred
93
9113 92
"90
91
90
300
90
*90
904
2212 223
18 Jan 8 2812 Feb 19
4 2112 2214 217 2214 2112 2218 213 2214 213 22
No par
3,300 Collins dc Allman
8
4
4
34 Jan 2
83 Feb 6
4
618 618
514 6
*53
8 6
514 55
8
54 53 '514 512 1,200 :Colorado Fuel & Iron_No par
8
72
73
70
7214 6912 71
695* 7112 70 703
8
4 707 7112 13.500 Columbian Carbon vie No par 58 Jan 8 7714 Apr 23
*2812 29
2818 285
8 2712 2812 28
285
8 275 28
8
28
283
8 3,000 Columb Pict Corp v t o_No par 23 Jan 8 31 Apr 6
15
1518 1412 15
Ills Jan 4 1914 Feb 6
8
35,700 Columbia Gas & Elec No par
8
137 143
8
8 137 143
8
8 137 1418 135 14
Preferred series A
100 52 Jan 5 7618 Feb 27
7314 72
*73
747
8 73
72
747 747
8
8 75
75
7412 7412 1,000
*6518 70 "6518 74 •__
100 41 Jan 9 71 Apr 24
10
5% preferred
70 •____ 68
*____ 70
68 68
3312 3334 3214 3338 313 3212 313 323
10 185 Jan 4 3518 Apr 21
8
4
8 3114 32
11,700 Commercial Credit
4
4 3112 317
"28
2812 '28
25 2312 Jan 5 29 Mar 3
2812 '28
7% lot preferred
2812 *2814 2812 2814 2812 2812 2812
50
*4812 49
*4812 49
Class A
50 38 Jan 3 50 Mar 9
4812 4812 48 48
481g 4818 *47
49
300
'2812 29
2812 287
8 2878 2878 *2814 287
Preferred B
25 24 Jan 3 30 Mar 3
8 283 29
8
*2814 2812
230
105 105
105 106
105 10518 105 105
10.5 105
105 105
330
6 SS% first preferred____100 9112 Jan 3 106 Apr 30
55
56
5414 56
4
5714 573
4 5413 57
55
58
4
5513 56
5,900 Comm Invest Trust___No par 353 Jan 4 593 Apr 11
*10612 10712 10612 10612 *106 10612 10612 10612 a106 10614 *10512 107
No par 91 Jan 3 10812 Apr 14
400
Cony preferred
2612 2714 2534 283
8 2518 2618 2412 255
45ba9' 3 3634 Jan 30
8 233 25
2
237 2412 62,000 Commercial Solvents No par 233
8
258 23
4
258 234
334 Feb 6
134 Jan 2
213 258
212 25
8
212 25
8
212 25* 39,100 Commonwlth & Sou__ _No par
48
487
8 4412 4612 4312 45
46
4
4412 4614 45
46
4738 8,300
36 preferred series_ No par 2112 Jan 2 523 Apr 23
28
28
27
273
2578 265
8 26
2618 2638 2718 4,200 Congoleum-Nairn Ine No par 23 Jan 9 3114 Feb 18
4 2612 27
14
14
.1213 1318 "1213 13
1318 "12
4
1212 1212 *12
1212
No par
93 Jan 12 1412 Mar 5
300 Congress Cigar
1218 1214
11
115
8 1013 11
8
1038 1114 1014 103
314 Jan 2 133 Mar 17
4 1012 1012 3,300 Consolidated Clgar____No par
5813 60
5513 60 '57
59
563 563
4
4 55
5512 *5213 55
250
Prior preferred
100 4514 Jan 2 60 Apr 11
43
8 43
8 .414 438
4
418
4
53 Feb 15
4
4
4
4 14
44 44 1,200 Consol Film Indus
1
212 Jan 2
1613 17
157 1612 153 16
8
4
8 1612 163
1618 163
8 163 165
8
4 5,100
No par
103 Jan 2 1712 Feb 15
8
Preferred
353 3614 3518 38
4
347 3514 34
8
34
345
8 3318 343 57,900 Consolidated Gas Co
35
8
No par 3318May 4 4733 Feo 6
8912 893
4 89
90
8812 883
895
8 90
907g 4,700
No par 82 Jan 4 9214 Feb 6
4 884 8914 89
Preferred
3
3
27
8 3
27
8 27
43 Feb 7
8
8
27
8 3
27
8 27
8
27
8 278 1,600 Consol Laundries Corp_No par
218 Jan 8
1212 1212 117 123
8
8 113 12
4
115 117
8
8 115 1178 31,500 Como! 011 Corn
8
115 12
8
93 Jan 8 1414 Feb 13
4
No par
11114 11112 *107 1113 '108 11112 *10814 1113 111 111
4
111 111
4
500
100 108 Feb 9 11112 Apr 28
8% preferred
114
13
8
114
218 Feb 7
114
118
114 11,300 Consolidated Textile___No par
118
Ps
114
7 Jan 4
3
114
114
118
113 113
4
, 1112 12
1158 1112 1112 7,200 Container Corp class A
1114 114 1114 1158 11
4
64 Jan 5 133 Apr 23
20
412 43
4
44 412
414 43
414 43
8
43
8 412 5,800
54 Apr 18
8
414 412
Class B
23 Jan 2
3
No par
1112 1112 103 11
4
*1058 11
10
105
8 1012 1012 1014 1014 3,300 Continental Bat class A No par
7 Jan 8 1458 Jan 24
15
8
13
4
112
15
8
112 15
Class B
238 Feb 7
8
15
8 15
8
15
8
15
8 4,800
1 Jan 1
15
8
15
8
No par
*61
6212 61
61
.61
61
*61
6212
6212 *61
200
Preferred
6212 61
100 4614 Jan 6 64 Feb 9
814 42
81
82
7918 81
787 793
8
8
4 787 8012 7912 803 10.700 Continental Can Ins
8
20 75 Jan 6 8314 Apr 21
1018 1034
93
4 93
4 *9
10
2,100 Cont Diamond Fibre
'
.
4
93
4
912 93
4
83
4 93
5
718 Jan 5 113 Feb 6
8 '9
34
34
3214 3312 31
33
3212 325
8 3,500 Continental Insurance_ __2.5
32
32
32'4
233 Jan 6 3512 Apr 20
8
112 14
112
112
1'2
112
112 112
112 11
112 112 8,300 Continental NIotors___No pa
238 Feb 21
118 Jan 2
21
213
4 2018 21
2014 207
4
4
8 2018 21
2018 2034 2014 203 36,300 Continental 011 of Del
5 1612 Jan 13 223 Apr 21
73
7318 7118 725
8 71
71
4 8.000 Corn Products 11efining____25 67125[ay 3 8412 Jan 28
69
707
8 6712 6913 6838 683
1434 14318 *143 145 *14213 145 '14212 145 *14212 145 *14212 145
30
Preferred
100 135 Jan 4 145 Apr 25
618 614
57
8 6
512 53
54 6
6
614 6,500 Coty Inc
94 Fen 5
4
55
No par
33 Jan 2
4
8 814
3312 333
4 33
333
8 33
33
327 3314 323 3318 3212 3234 2,700 Cream of Wheat cgs_ No par
8
4
28 Jan 3 35 Jan 31
1414 1414 133 1312 *1314 1312 1314 1312 134 1314 1318 1312 1,300 Crosley Radio Corp
8
No par
8 Jan 2 1518 Apr 13
*3112 32
303 3112 3014 3012 2934 3012 2914 2912 29
4
29
2,500 Crown Cork dr Seal
No par 2812Mar 27 3614 Feb 1
*4012 424 41
41
*40
43
*41
43
41
41
'40
43
500
$2.70 preferred
No par 3512 Jan 2 4114 Apr 20
64 614
55
8 6
55
8 6
534 6
53
4
54
3
8,500 Crown Zellerback v t o_No par
658 Apr 27
*5 4
3
57
8
37 Jan 6
8
"29
3112 '2818 29
28
800 Crucible Steel of America__100 213 Jan 4 383 Feb 19
8
28
8
2814 2814 28
2812 275 2818
8
.63
70
"63
70
*63
70
"6413 70 "64
70
"61
70
Preferred
100 48 Jan 12 71 Apr 19
*17
8 2
17
8
17
8
14
17
8
318 Feb 9
2
2
17
8 2
17
8
17
8 1,000 Cuba Co (The)
1 Jan 2
No par
7
7
63
4 7
7
7
7
714
7
97 Feb 8
8
75
8
78
5
74 5,300 Cuban-American Sugar_ ___10
34 Jan 10
42
42
42
42
42
42
4712 1,020
42 42
42
45
45
Preferred
4
100 2018 Jan 9 473 Feb 8
8
4614 481 1 455 455
8 46
46
*46
4758 4814 4614 463 4714 1,000 Cudahy Packing
4
3
50 37 Jan 2 50 4 Feb 16
2612 27
244 2614 23
243
4 2314 24
4 24
243
4 9,500 Curtis Pub Co (The)___No par
8
234 233
1312 Jan 8 293 Apr 12
4
8 7712 78
794 8014 773 787
77
78
7618 77
7818 7918 2,400
Preferred
No par 4312 Jan 3 8414 Apr 13
4
4 18
37
8 4
33
4 4
35
8 34
33
8 358 56,700 Curtiss-Wright
35*
1
212 Jan 2
514 Jan 31
314
95 1014
8
8
103 103
8
912 93
4
914 93
4
812 9
Class A
8 4 914 20,000
,
1
514 Jan 3 1214 Apr 2
174 1712 1712 "17
1734
1713 "16
600 Cutler-Hammer Inc___No par 11 Jan 4 2112 Feb 21
1818
17
1612 1612 '17
$ per share $ Per share
323 323
4
4 323 333
8
4
4012
4014 4112 39
75
75
74
745
8
33
333
4 3112 3213
*1212 123
4 1212 1258
*20
25
*20
25
63
6414 62
64
2414 25
2358 2412
2412 243
4 233 2414
4
259
24
3
258
25
8
173 1812 17
4
18
35
36
3412 343
4
6812 6812 *6713 6814
*55
58
*55
58
914 10
8
93 103
4
714 73
8
*714 8
125 123
8
8 12
1212
68
66
*6514 683
4
7
74
612 7
4112 413
4 38
4114
438 43
8
414 43
8
6
6 12 *54 612
1112 114 1012 11
23
4 23
4 *23
4 4
10
10
10
1014
1518 1538 1412 1518
*212 3
*212 27
8
*412 6
412 412
*1214 1314
1214 1214
.2
1,
14
112 112
238 23
8
214
214
33
4 33
4
312 35
8
2638 263
8 2514 2614
*637 637
8
8 6212 6212
313 333
4
4 32
3412
7
8
7
8
1
1
51a 514
5
5 14
13
1212 1278
13
2714 2812 2512 273
8
347 35
8
34
343*
*93 10
8
*918 97
8
*37
3712 3612 37
683 683
8
4
4 6634 677
*77
7818 77
77
314 32
31
313
4
2958 3214 283 30
8
*312 412 *319 412
*23
4 338 *23
4 338
1612 163
4 1518 16
29
28
28
29
8
4
'1014 113
8 103 103
*85
93 '85
93
4
4
34
343
4 313 333
612
*612 7
6
*2914 33
*29
31
*22
2218 22 22
86
86
*8512 86
4614 4614 453 46
8
818 818
77
8 814
2612 273
8 2518 26
2712 2712 27
27
87
8 8 87
8 918
,
8
'153 163 *15
8
8
163
8
4818 50
457 4814
8
114 14
114
13*

per share $ per share $ per share
3238 33
3212 323
4 3214 3212
3834 395
8 377 395
8
8 374 3814
72
7112
724 70
713
4 70
3012 3013 2912 31
2912 2912
1212 123
1214
4 1212 1212 12
*18
25
•18
20
25
•18
615 6214 603 63
8
4
60
6112
2312 2412 235 2412 233 237
8
8
8
233 24
8
23
234 23
237
8
*2
23
8 *13
8 212
4 213 *15
17
1713 17
175
8 17
173
4
3414 343
4 3414 344 345 345
8
8
*6712 68
64
6712 63
63
57
57
57
57
*5512 57
87
8 9
9
914
83
4 83
4
7
714
7
718
7
7
117 12
8
1112 1112 12
1218
6514 654 *6312 674 *634 673
4
64 65
8
614 64
814 612
38
38
•33
41
*32
38
418 414
4
4 14
4
4
*53
4 63
4
53
4 6
53
4 6
103 103
4
4 1012 103
4 10
1012
*3
4
4
*3
4
*3
10
10
*97 10
8
978 97
8
143 147
8
8 1412 15
x1412 1478
212 212 '212 3
*212 278
*4
51.2 *4
6
*4
512
1214 1214 1212 1212 *1214 1314
15
8 Pg
112
15
8
112
.112
214 214
214 23
8
218 218
312
312
314 312
*312 334
25
2512 235 25
2438 2514
8
60
62 g 623
,
8 60
6212 *59
325 3412 323 3414 3258 3314
8
8
*7
8
1
7
8
7
8
7
8
1
4
47
8 5
43
4 43
47
8 54
1212 1258 12
1218 1112 1112
251g 26
2412 55
255* 26
3412 345* 3312 34
35
35
9
9
9
*83
4 912
9
36
353 353 *3513 36
4
4
36
66
867
8 85
6412 6512
66
77 77
*73
76
*73
76
307
8 3018 304 3018 303
4
30
8
3014 295 3114 29
3012
29
4
*312 412 *312 412 *3
27
8 27
3 *23
4 314
23
4 23
4
*1514 16
1514 1514 15
1512
2814 284 2812 283
4 2812 2914
*1014 1012 1014 1014 *1014 1012
*85
93
85 85
*85
93
305 32
8
3118 3214 317 334
8
6
6
534 6
53
4 618
29
29
*2812 30 "28
30
213 213
4
4 2112 2112 21
2114
8412 86
*84
8512 8512 8512
45
464 4418 453
4 44
4514
74 73
4
73
8 712
7 8 712
3
4
8 2312 2552 2318 24
243 253
2612 2612 26
26
2512 255
8
712 812
73
4 8
718 712
1518 1518 *1212 1712 *14
173
4
447 4618
8
453 463
4
4 4412 47
114
114
114
114
114
158

$

$ per share
3214 33
375 3814
8
7012 71
30
30
1212 1212
25
*18
603 62
4
24
243
4
24
247
8
*15
8 212
1712 1814
8
345 353
8
63
62
567 567
8
8
9
9
*612 7
1112 1112
*6312 673
4
64 63
4
*34
36
4
4 18
*53
4 6
*1018 1014
*3
4
94 93
4
143 147
s
8
.212 27
8
*4
514
*1214 1314
*1 2
,
158
*218 23*
33
8 33
8
2414 25
60
61
324 34

Shares.
3,000
43,000
3,400
320
1,200

PER SHARE
Range for Precotus
Year 1933.
Lowest.

8
Jan
977 Jan
Feb 5714 July
Dec
818 June
Dec 8012 June
8
Jan 275 July
18 June
Feb
4
Apr 193 June
Apr 85 June
4
53 May
Jan
143 May
4
Mar
Dec 644 June
Jan
Dec 99
512 Jan
Dec
4
Mar
153 July
Mar 108
Oct
Mar
314 July
Jan
1014 July
Feb
413 June
Mar 184 July
Jan
312 July
Jan 84 July
Feb 7838 Dec
Feb
1718 July
1012 Mar 3612 Jug
I Mar
4 June
44 Mar
195 Sept
8
45 8 Feb 905 Aug
3
8
11712 Mar 1454 Jan
23 Mar
8
712 June
23 Feb
3912 July
214 Mar
143 June
4
1414 Feb 65 July
3812 July
2412 Feb
1
Apr
812 July
9 Mar 3712 July
18
Feb 603 July
3
44 June
4 Feb
1112 May
14 Jan
10
Jon
88 June
203 Feb 5912 June
4
612 Mar 3214 June
Feb 68 June
30
44 July
112 Feb
Mar
8 July
2
414 Jan
21 July
84
9
114
173
8
78
3
612
312
31
13
4
57
3
34
8118
112
8
9512
14
Ils
4
3
12
38
3514
312

• Bld and asked prices, no sales on this day. (Companies reported in receivership. a Optional sale. c Cash sale. z Ex-dividend. y Ex-rights.
,.




Highest.

per share 5 per share
9 Mar 3318 Aug
1018 Mar 4914 July
2514 Feb 82 July
618 Apr
2912 June
312 Feb
1914 July
8 Feb 21 July
53
912 Mar 5813 Dee
18 Feb 3712 July
512 Feb 2214 Dec
4 May
412 July
258 Feb
1458 July
25 Dec 3814 Sept
60 Dec 8812 June
2812 Mar 5372 July
13 Mar
4
1813 June
2 Feb
127 June
8
5
4
19 8 June
23 Feb
2012 Mar 72 June
4 Apr
94 July
3 Mat 35 July
I
Feb
54 July
7 Mar
s
5 June
212 Feb
1314 July
5 June
12 Apr
134 Jan
13 June
618 Feb 204 July
1
Apr
8 June
I
Apr
912 June
418 Dee
8 Dee
I
Feb
24 June
18 Mar
44 June
114 Apr
713 June
812 Feb 434 July
3018 Mar 80 July
73 Mar 343 July
4
4
4 Jan
214 June
2 Feb
93 June
8
2 Feb
1614 July
712 Feb 4112 July
14
Feb 3512 July
1212 July
414 Oct
2518 Jan 3512 July
3012 Feb 10312 July
41
Feb 8614 July
512 Mar
294 July
412 Feb 587 July
8
12 Mar
57 July
8
3 Feb
8
43 July
8
14 Jan
124 July
14
Jan 41 July
2
Apr
115 July
8
52 Feb 100 Dee
57 Jan
3
443 Sept
4
1
Jan
73 July
8
4 Mar 3014 July
718 Mar 25 June
Apr
45
72 July
147 Jan
3
5212 July
218 Mar 124 July
512 Feb 254 June
5
Mar
34 July
2 Feb
1018 July
Apr
6
2112 July
73 Mar 5753 Dec
4
3 8 July
5
14 Feb
18 Ma
218 July
812 July
112 Jan
514 July
4 Nov
5
Mar
1414 June
Jan 4112 July
10
90
Jan 100 June
7312 Jan 105 July
44
Apr 51 Des
7 Mar 223 July
8
49
Apr88 Aug
3 Apr
26 Sept
27 Dec17 8 July
8
5
23 18 Feb7112 July
65 Mar 28 Nov
8
9
Mar 2818 July
60 Dec 83 June
7412 June
40 May
4 Feb19 Dec
14
1812 Mar 25 Sept
Feb 3912 Aug
16
184 Mar 254 Sept
70 Mar 957 Sept
4
18 Mar 4312 July

3054

New York Stock Record-Continued-Page 4

May 5 1934

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
Apr. 28.

Monday
Apr. 30.

Tuesday
May 1.

Wednesday
May 2.

Thursday
May 3.

Friday
May 4.

Sales
for
the
Week.

STOCKS
NEW YORK STOCK
EXCHANGE.

PER SHARE
Range Since Jan .1.
On basis of 100-share 4044.
Lowest.

Highest.

$ per share $ per share $ per share $ per share $ per share $ per share Shares. Indus.& Miscell.(Con.) Par $ Per share
$ Per share
714 '6
714
67
8 8
68 714 *Ca 714 *67
814 Feb 5
5
6 Jan 10
100 Davega Stores Corp
7
7
2814 2812 2612 2814 26
8May 4 3418 Feb 1
27
No par 217
2538 2618 247 2614 9.800 Deere & Co
2 24 26
6
8
1412 141 *14
1418 13% 137 *1312 133
1412 14
20 1114 Jan 2 1512 Jan 30
8 133 133
800
8
Preferred
8
81
8212 8014 81
*80
82
*80
100 6312 Jan 5 84 Feb 23
81
*79
80
700 Detroit Edison
*79
80
52 52
4912 5012 483 49
4
50
50
50
5014 5012 52
1,900 Devoe dr Reynolds A__No par 29 Jan 6 5518 Apr 25
2418 2412 24
24
.2312 24
2312 24
No par 23 Apr 3 2812 Jan 16
2314 233 *2312 24
2,900 Diamond Match
4
303 303 *31
4
4
4
3114 303 31
Participating preferred___25 2814 Mar 27 3112 Jan 24
2912 30
30
30
30 18 3018 1,200
37 377
36
8 3614 37
363
8
No par 32 Jan 25 407 Apr 2
8 3614 373
4 3612 3714 363 373 18.400 Dome Mines Ltd
4
8
*207 22
8
21
21
203 203
4
4 203 203 *2018 20 4 2012 2012
4
400 Dominion Stores Ltd...No par 19 Feb 10 23 Mar 10
4
3
223 2314 2112 2231
8
1912 22
1912 21
19 4 207
3
2014 2114 41.000 Douglas Aircraft Co Inc No par 1414 Jan 2 2812 Jan 31
1518 1518 1512 1512 944 1512 *1418 16
914 Jan 10 19 Feb 17
1414 1414 *14
400 Dresser(SR)Mfg conv A No par
16
*93 1012 .93 104
8
93
8 95
8
712 Jan 16 115 Mar 14
914 914
918 918 *918 912
Convertible class B No par
400
814 9
9
4
9
87
1
87
612 Jan 13 113 Mar 26
8
814 85
8
84
812 812 2,500 Dunhill International
10212 10314 *10212
_ 10112 10212 *10112 - - *102 _ __ 102 102
110 Duquesne Light lot pref__100 90 Jan 16 1038 Apr 14
4
518 Jan 3 123 Feb 19
-9
•87a "
912
9
93
4 97
94 1,500 Eastern Rolling MIlls_No par
8
922 _- -12
8
9
91
8
98
5
95
9514 93
9412 92
93
91
03
9012 9114 903 915
4,600 Eastman Kodak (N J)_No par 79 Jan 4 9614 Apr 20
4
134 134
*132 134
135 135 .135 140 *13415 140
100 120 Jan 16 140 May 4
140 140
60
6% cum preferred
2014 203
1314 Jan 3 2212 Apr 19
No par
4 193 197
8 19
8
8 194 197
193
1914 197
187 19 8 7,600 Eaton Mfg Co
8
3
935 955
92
8
9414 9112 935
913 9317 913 923
4
37.700 El du Pont de Nemours_ _20 9018May 4 1037 Feb 161
4 904 93
1213 1213 121 121
8
1197 12014 12012 121
100 115 Jan r 1211. Apr 26i
8
8% non-voting deb
2,000
121 12112 *12112 123
*14
1412 14
14
1314
500 Eltingon Schild new__No par
115e Jan 30 1914 mar 6
*1312 14
1312 1312 13
1318 *13
2518 257
8 2318 2518 23
5 1818 Jan 9 318 Feb 21
237
2278 2312 2318 245 26,800 Elec Auto-Lite (The)
8 225 24
*99 100
99
160
99
Preferred
99 .97
99
99
100 80 Jan 6 101 Apr 6
99
99
99
99
55
33 Jan 8
55
6
6
6
3
Electric Boat
512
53
712 Jan 29
4 534 3,700
53
8 58
7
512 512
73
75
72
73
75
73
23.400 Elec at Mus Ind Am shares__
8 May 4
734
73
4 8
44 Jan 3
712 77
73
8
95 Feb 7
67
8 718
612 67
8
612 7
413 Jan 3
614 6'2
614 9,100 Electric Power & Light No par
614
6
6
5 16
1712 1814
3,900
1612 1738 164 1612 157 1612 16
15
814 Jan 3 21 Apr 18
Preferred
No par
16
8
*1512 164 1412 1512 1414 144 14
143
3
8 Jan 2 19 4 Feb 7
14
$6 preferred
No par
1418 14
3.000
147
45 45
44
4414 *44
8Nlay 2 52 Jan 24
700 Elec Storage Battery
4512 4518 4518
No par 433
4414 435 44
*43
1
2
lls
*1
1,400 :Elk Horn Coal Corp_No par
1
1
17 Feb 21
118 •1
8
1
1
7 Jan 2
1
2
1
.218 214
218 24 *218 214
8 17
8 *13
500
33 Feb 23
4
114 Jan 10
6% part preferred
112 17
2
50
2'8
537g 5314 5314 54
*5314 5414 53
5314 053
54
5414 53
700 Endicott-Johnson Corp_ 50 5113 Jan 4 83 Feb 16
*12514 126 *12518 126
20
Preferred
12514 12514 126 126 *12514 126 *12514 126
100 120 Jan 3 126 Mar 20
4
53
53
53
*53
4 6
53
4 53
400 Engineers Public Serv_No par
5
*412 53
5
83 Feb 7
4
*5
412 Jan 10
•1712 20
1712 171 *16
300
112 Jan 3 2312 Feb 6
$5 cony preferred___No par
18
*1412 1714 *1412 1714
16
16
'17's 183 *17
18
1622
17
17
4
17
400
11 Jan 8 2412 Feb 5
1612 1718 *16
$534 preferred
,
17
No par
•1812 2118 *1712 201 *1712 203 *1712 20
18
18
8
$6 preferred
300
142 Jan 2 2512 Feb 5
1712 18
:
No par
73
724 7133,100 Equitable Office Bldg_No par
73
73
4 73
4
8
723
712 723
718 Apr 24 103 Jan 22
74 712
714
12
1218 1114 12
11
1112 1134 3,000 Eureka Vacuum Clean
1114
1118 118 11
5
74 Jan 8 1423 Feb 19
1123
2514 2612 2418 2514 24
2518 233 2512 233 243
8
4 2414 2514 37,600 Evans Products Co
4
5
9 Jan 3 2714 Apr 27
814 814
8
823 823
890 Exchange Buffet Corp.No par
8
*73
8 73
4
73
4 814
4 Jan 9 1012 Apr 2
712 8
.114 212 *14 218 •114 218 *14 218 *14 218 *14 218
Fairbanks Co
25
238 Apr 17
Ds Mar 9
•10
1114
923
912
9
812 823
9
Preferred
*7
914
9
90
1212 Apr 14
*7
100
414 Feb 14
•1418 1512 .1418 15
1418 1418 .133 14
1314 l3lz
700 Fairbanks Morse & Co_No par
1312 14
7 Jan 6 18 Feb 19
2
*55
57
55
5712 5312 56
51
Preferred
51
52
51
52
200
51
100 30 Jan 10 58 Apr 24
.87
914
83
4 81
814 812
8:4 1,200 Federal Light & Trao
84 838 •8
812 *8
15
714 Mar 9 1114 Apr 3
•__ _ _ 58 .__ 58 •_ 60 .__ 58 *____ 60
20
57
Preferred
57
No par 3418 Jan 12 62 Mar 13
*80
90
*75
90
*75
Federal Min & Smelt Co__ 100 85 Apr 16 107 Feb 14
85
*75
85
*75
*75
85
85
73
4 73
4
714 714
*7
714
700 Federal Motor Truck_No par
7
7
6 Mar 1
73
4
7
7
*7
83 Jan 30
4
43
8 43
8
414 438
37
44 414
4
4
4
4
1,800 Federal Screw Worte_No par
418
8
2 Jan 13
53 Feb 23
*212 2% *212 238
213 22
21. 24
8
24 212
212 21
1,200 Federal Water Elerv A__No par
12 Jan 5
4
4 Feb 6
*25
28
26
26
26 - 26
*23
25
25
27
25
300 Federated Dept Stores_No par 223 Jan 8 31 Mar 6
*23
3212 3212 32
3212 31% 31% 314 32
3212 1,900 Fidel Phen Fire Ins N Y__2.50 238 Jan 5 35 Apr 20
3212 32
32
*83
4 9
84 83
4
84 83
30 Fifth Ave Bus See Corp.No par
4 *812 9
*812 9
7 Feb 15 11 Jan 3
*812 9
*2614 30
*2614 29
*2614 30
*2214 28
Filene's(Wm)Sons Co_No par 25 Feb 1 2812 Apr 10
*13
30
*2214 28
*1043
8
__ .1043
8
_ *1043
8
__
*10438 _
_ .1043
8 _
100 87 Jan 10 105 Apr 25
63% preferred
2114 - 2112 2012 - 22
*104%- 4 2114 - -- 6:900 Firestone Tire & Rubber...10 18 Jan 6 2514 Feb 19
203 --122 2014 If
4 2
213
4
1
2023 21
84% 85
*837 86
8
*8514 87
300
*82
Preferred series A
86
86
86
86
1382
100 71 Jan 9 86 Apr 21
66% 6612 6512 66
6412 6512 6312 648 6318 633
4 3,100 First National StoresNo par
8 6312 643
5414 Jan 5 6712 Apr 23
*1112 1214 .1112 12
93 Jan 12 173 Feb 21
*11
1,700 Follansbee Bros
1014 1012 1014 11
No par
1123 104 11
8
1723 1818 1712 1712 17
173
8 1812 1812 19
194 197 21
4,000 Food Machinery Corp_No par
1012 Jan 9 21 May 4
19
19
1812 183
4
18
18
177 18
8
17
18
177
3.500 Foster-Wheeler
8 17
13 Jan 9 22 Feb 16
No par
*14
1412 1314 1414 1212 1318 1223 13
4
1212Mar 27 1714 Jan 30
4 2.300 Foundation Co
No par
1223 1314 123 123
233 233
4
2312 2312 223 2318 2212 223
8
4 2212 2212 .2223 2212 1,100 Fourth Nat Invest w w
1
193 Jan 5 2712 Feb 5
2
1618 163
4 157 163
8
8 153 1614 153 163
1512 164 18.800 Fox Film class A new__No par 124 Jan 5 1712 Feb 26
8 1514 16
*50
51
8 50
508 507
50
55
4914 4914 *49
80 Fkln Simon & Co 100 7% pf100 3618 Jan 12 63 Feb 7
55 .49
4434 448 443 443
8 4312 44
43 433
4212 43
4 423 43
8
3,800 Freeport Texas Co
10 4034Mar27 5023 Feb 19
30
32
*2912 32
31
2913 2912 •2914 347
*29
33
33
210 Fuller (G A) prior pref_No par
1612 Jan 19 3312 Apr 26
1912 1912 *15
1812 163 174 *163 1712 163 1634 1612 163
4
4
260
16 2d prof
4
No par
4
9 Jan 4 1923 Apr 26
*3
314
3
3
.23
4 3
23
4 23
4
43 Mar 12
8
23
4 23
23
4 234 1,000 Gabriel Co (The) cl A No par
24 Jan 52
1712 183
8 1812 181
.1814 1934 1814 1814 173 183
4
1712 19
610 Gamewell Co (The)
1112 Jan 18 20 Feb 19
No par
934
93
4 93
4
912
914
918 914 1,400 Gen Amer Investors. No par
912 '912 93
73 Jan 4 1112 Feb 6
8
4
91s 914
*83
87
*81
87
•82
8412 8412
87
87 .82
100
87
Preferred
•82
No par 79 Jan 29 87 Mar 13
4018 4012 38% 40
4
385 392 383 40
3712 3838 3812 38,78 5,300 Gen Amer Trans Corp
5 3318 Jan 4 4323 Feb 19
2112 217
s 2012 2118 2023 2123 2018 2123 2018 21
10 1518 Jan 4 231, Apr 24
2123 2123 10.100 General Asphalt
12
1218 117 121
1112 1112 11% 1112 1114 1112 3,100 General Baking
1123 12
.
2
5 11 Jan 3 143 Feb 5
103 103
103 103 .101 106 *101 104 *10012 103
103 103
$8 preferred
VO par 100'7Mar23 10812 Feb 7
170
83
4 88
812 8o
818 83
8
8
712 8
8
73
4 814 3,500 General Bronze
5
5 4 Jan 9 1018 Mar 9
3
*53
2 512
5
412 43
413 412
5
47
8 4%
8 1,400 General Cable
64 Feb 1
33 Jan 4
8
No par
438
438
•94 103
4 *83
4 934
914 914 *914 11
200
914 914 .818 10
Class A
No par
6 Jan 4 12 Feb 1
*2912 31
*2512 301 *2513 2912 2512 2512 2612 27
25
25
400
7% cum preferred
100 1412 Jan 9 33 Apr 20
7 36
3612 37
*3614 37 .36
373
8 36
1,300 General Cigar Inc
3612 35% 36
35
No par 27 Jan 2 3712 Apr 24
108 108
110 110
4
104312 1084 .10512 1083 *10512 1083 .10512 1083
4
100 97 Jan 8 110 Apr 28
150
7% preferred
2218 2238 2112 2218 2114 213
4 203 213
4
No par
4
8 21
1812 Jan 4 2514 Feb 5
2113 2118 213 78,650 General Electric
.123 1212 1223 121
8
1212 1212 1212 1212 1238 1212 1212 1213 9,100
Special
10 113 Jan 2 123 Feb 26
8
4
36
3618 y343 3514 343 353
4
2
8 9,500 General Foods
No par 323 Jan 2 367 Jan 30
4
333 343
8 343 3514 337 347
8
4
2
1
118
1
1
78
1
%
1
1
1
No par
13 Feb 6
4
7 11,600 Gen'l Gas & Elea A
8
7
2
4
2 Jan 2
15
*14
14 .13
*14
15
Cony pref series A No par
14
14
14 .12
100
*12
14
614 Jan 2 19 Mar 13
*1534 21
•153 21
4
*17
20 •____ 20 •____ 20
21 •
No par 12 Jan 29 21 Mar 13
17 prof class A
*17
25 .17
*20
25 .17
25
25
No par
25
*17
*17
14 Jan 19 22 Mar 12
$8 prof class A
25
100 Gen Ital Edison Elea Corp___ 50 Jan 24 6114 Feb 16
*5414
*5313
58
•5412
*543
4
5412 5412 .55
•547 8 55
5438 543 5514 5514 4 55
5612 5618 5618 3,100 General Mills
No par 531oMar20 6413 Jan 15
5513 56
'1085)____ 109 109
10818 10818 *10818 10814 10818 10818 •10818 109
400
Preferred
100 103 Feb 27 1011 Apr 30
10 3312 Jan 4 42 Feb 5
364 37% 36
367
8 36
4 35 8 3618 3512 3618 183,800 General Motors Corp
363
4 3512 363
3
No par 893 Jan 8 103 May 1
3,100
102 10212 10214 10212 1017 103
$5 preferred
8
4
10218 10212 102 10212 10112 102
300 Gen Outdoor Adv A....No par
834 Jan 5 21 Apr 14
1818 184
•1814 1914 *1812 1914 1812 1812 *18
18
187
8 18
•53
513
Common
No par
6
700
514 514
6
63 Apr 20
8
514
522 .
512
4
522
512
338 Jan 2
No par
640 General Printing Ink
1012 Jan 3 2512 Apr 23
21
217
4
8 2012 21
1912 1912 183 1938 1834 1914 1912 1913
160
16 preferred
89
No par 7312Mar 10 88 Apr 24
*85
88
*85
8612 *85
88
8612 85
89
88
.85
313 322
213 Jan 8
No par
5.2 Feb 7
3
34 314 1,400 Gen Public Servfoe
3% 312
34 314
*31
4 312
322
3
'2
900 Gen Railway Signal
No par 33 Jan 5 45 4 Mar 3
*40
4112 393 4014 *39
3912 4014 404
4
40
•37
3
385 39
178
178
238
218
178 17,000 Gen Realty & Utilities
238
13
4 2
1
8
17
8 2
17
8
18
138 Jan 3 3 3 Jan 30
$6 preferred
*1913 22
.2012 22
No par
*18
*18
*18
16 Jan 8 2
20
20
21
.183 21
4
638 Jan 30
200 General Refractories
19
19
18
No par
*17
1712 1712
1018 Jan 3 238 Feb 23
183 *1612 19
4
1812 *16
*16
Voting trust certifs_No par
5,300
173 174 163 171.1 164 161z 1618 167
8 1652 17
4
1214 Jan22 1912 Feb 21
8 1512 163
*42
4212
45
80 Gen Steel Castings prof No par 3012 Jan 13 4812 Mar 15
42
42
42
*40
4212 *40
42
423 •40
4
1078 11
1118 1114
10,500 Gillette Safety Itazor No par
10 4 11
812 Jan 6 1212 Feb 6
3
107
8 11
107
2 11
11
1114
603 601z 60
Cony preferred
8
6012 60
*60
60
No par 47 Jan 11 62 Apr 23
6012 6012 2,400
6012 60 60
.5
518
43
4 5
8
412 423 10412 43
4 2,100 Glmble Brothers
43
4 43
4
No par
438 43
412 Jan 4
638 Feb 5
26
26
•26
Preferred
27
24
2412 2412 *2214 25
27
25
800
24
100 1614 Jan 8 30 Feb 5
273 2818 2614 2738 253 2614 254 28
4
2518 2513 2518 253 13,200 Glidden Co (The)
4
8
No par
153 Jan 4 2838 Apr 26
2
Prior preferred
320
1027 1027 10012 1013 1003 10034 101 101
8
8
10012 10012 10012 10012
8
4
100 83 Jan 19 103 Apr 27
77
72
812 812
8,800 Gobel (Adolf)
812 812
74 8
3
77
8
712 8
714
5
512 Jan 2
92 Feb 27
2112 213
4 20% 2114
2014 21
2012 208 8,600 Gold Dust Corp vi o_ __No par 168 Jan 11 23 Apr 23
4 2014 21
2014 203
•1097 115 .110 115
8
10978 110 *10712 1097 109 4 1093 *10712 109 4
:6 cony Preferred___No par 9612 Jan 6 110 May 1
8
5
3
4
300
16
1612 153 163
19,100 Goodrich Co (13 F)
1513 16
153 157
8
8
4 1512 1614 15% 16
1238 Jan 8 18 Feb 19
No par
597 597
8 5612 5612 .5612 5738 56
4
4 55% 563
5612 *5512 563
900
Preferred
100 40 Jan 5 623 Apr 21
4
35
25,200 Goodyear Tire & Rubb_No par 3314May 3 4138 Feb 10
8 34
3412 3618 3412 353
8
4 338 3512 3314 343
4 348 353
1,300
81
81
81
8114 787 787
80
80
803 80
lot preferred
8
80
8 81
No par 75 Jan 2 8614 Feb 19
912 978
10
918 914
10
9,
8 914
9
914 .914 912 2,000 Gotham Silk Hose__No par
7 Jan 4 113 Feb 5
4
557
63 63
64
65
*70
70
7112 70
*63
110
Preferred
698 *63
100 4912 Jan 22 7123 Apr 26
34 314 10,800 Graham-Paige Motors
312 312
314 33
314 33
2
314 312
3
338 312
23 Jan 4
1
412 Feb 1
97 1014 3,000 Granby Cons M Sm & Pr__100
1118 1118 1012 1118 1018 103
8
934 97
93 1014
4
8 Jan 2 1338 Feb 16
8
7
67
7
8 67
67
8 7
7
63
4 63
7
4
7
7
1,500 Grand Union Co tr etfs
1
4 Jan 8
83 Jan 31
4
3914 3812 3812
39 .38
39 .37
3918 38
394 3918 39
800
Cony prof series
No par 23 Jan 6 40 Apr 24
5
.3018 31
304 3018
•3018 3114 3053 30
3118 3118 .3018 31
300 Granite City Steel
No par 23 Jan 15 3118 Apr 25
35
35
3614 3514 36
3512 3512 35
3512 1,300 Grant (W T)
*3612 374 36
No par 34 Jan 29 40 8 Feb 19
3
1312 1312 1312 131 133 1312 1314 1312 1314 1312 1314 134 3,400 Gt Nor Iron Ore Prop No par
2
11 Jan 2 1518 Feb 19
2814 29
284 29
28
29
28% 297
284 2914 2812 29
9.000 Great Western Sugar_No par
25% Mar 21
347 Jan 20
11014 11011 •11014 11012 11012 11012 11012 111
170
Preferred
100 102 Jan 2 11 1 Apr 26
11014 11014 .11014 111
218 .238 212
212
214 *2
2
2
23
8 23
8
700 Guantanamo Sugar____No par
214 214
54 Jan 2
312 Feb 8
3712 .30
3712 *30
*30
3712 *30
30
*30
Gulf States Steel
38
No par 24 Jan 2 42 Mar 13
.30
37%
70
*73
73
Preferred
73
73
120
76
73
.73
100 47 Jan 8 83 Apr 20
1
. 76
70
76 ._ _

PER SHARE
Range for Previous
Year 1933.
Lowest.

9712 Am 117
-10
75
1
1
318
712
612
21
18
3
8
26
107
34
3
11
11
12
612
3

July

Apr 2712 July
Oct 8812 July
Jan
84 July
413 1)ec
Feb
3
Feb 15 June
Apr 3612 June
Apr 3224 June
Feb 54 duly
Jan
4 June
Apr
6 June
Feb 627 July
Feb 123
Oct
Dec
1434 Juno
Dec 47 June
Dec 497 Juno
2
Dec 55 June
Mar 133 July
8
Apr
1814 July
10 Nov
7 Mar
8
312 Nov
1112 July
213 June
% May
1
Feb
814 June
212 Mar 1114 June
10 Feb 4212 Nov
43 Apr
4
1413 June
33 Dec 5912 July
15 Mar 103 Sept
3 Mar 113 July
4
47 July
1 Feb
4
14 Dec
6 4 June
,
712 Feb 30 July
1014 Mar 36 July
5 Mar
03 Nov
2
9 Apr 30 July
Apr 95 Sept
81
94 Apr 3112 July
42 Mar 75 June
43 Mar 703 July
4
19 June
212 Feb
612 Apr
16 July
412 Feb 23 July
2 Feb 2323 July
1323 Mar 2614 June
12
Oct 19 Sept
12
Jan 50 Aug
1618 Feb 493 Nov
8
9
Jan 31 June
4
Jan 23 June
1
Feb
514 Aug
612 Jan 207 Aug
21 Feb 12 June
42 Feb 85 July
134 Feb 4314 July
438 Mar 27 July
1012 Dec 207 July
2
9934 Mar 10814 Sept
218 Feb
1012 July
114 Mar
1113 June
214 Feb 23 June
612 Mar 46 June
244 Dec 485 June
90 July 112
Jan
1012 Feb 3014 July
107 Apr 1214 July
2
21
Feb 397 Sept
4 Dec
27 June
318 Apr
1612 June
634 Dee
1812 June
5 Apr 20 June
2414 Jan 55% Nov
3512 Mar 71 Juno
9213 Mar 10612 Sept
10 Feb 353 Sept
4
6513 Mar 95 July
big Jan 24 June
212 Mar 1012 June
314 Jan
17 June
31 Mar 82 Aug
2 Apr
814 June
134 Jan 4912 July
VI June
3 Feb
2
512 Jan 22: June
19 4
223 Feb
July
714 Sept 18 June
93 Feb 3812 June
8
7 8 Dee 2014 Jan
3
4512 Dec 75
Jan
34 Feb
738 June
5 14 Mar 33 July
3 4 Mar 21) July
3
48
Apr 9112 Aug
3 Feb
16 July
12 Feb27% July
0012 Dec 105 July
3 Mar 2112 July
9 Feb 03 July
94 Feb 4712 July
273 Mar 804 July
4
612 Oct
1712 June
41
Apr 73 July
Apr
5 8 July
,
1
31 Mar
15% June
35 Mar
8
103 June
8
8
20 Sept363 July
114 Mar 303 July
8
3612 Deo
154 Fel
518 Feb163 July
4
6% Jan 414 Sept
7213 Jan 110 Sept
412 May
14 Jan
63 Feb 38 July
4
1614 Jan 64 June

• Bid and asked prices, no sales on this day. 5 Companies reported in receivership. a Optional sale. c Cash sale. r Ex-dlvidend. y En rights.




Highest.

I per share $ per share
ltt Feb
83 July
4
24% July 49 July
614 Feb 183 Juno
8
48 Apr 9112 July
10 Mar 337 Aug
1712 Feb 2912 July
2618 Feb 31 July
12 Feb 3912 Sept
1012 Feb 263 July
8
1014 Feb 1814 July
63 Feb 18 June
4
24 Mar 103 June
4
72 Apr 1434 July
85 Nov 10218 June
118 Mar 10 July
46
Apr 893 July
4
110 May 130 Mar
34 Mar 16 July
3212 Mar 9623 Dec

rar FOR SALES

New York Stock Record-Continued-Page 5

111011 AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Apr.28.

Monday
Apr. 30.

Tuesday
May 1.

Wednesday
May 2,

Thursday
May 3.

Friday
May 4.

Sales
for
the
Week.

$ per share $ per share $ per share $ per share $ per share $ per share Shares.
.2518 26
25
2518 25
25
.25
26
2514 2514
*2514 26
700
.2914 30
*2914 291 *2914 2912 *2914 2912 *2914 2912 2912 297
70
8
63
4 63
4
612 65
8
614 612
6
0
6 14 8,400
614
612
6
473 481 *45
4
/
4
48
*451 463
/
4
4 45
4.418 45
46
8
447 447
900
8
83
8 81
/
4
8
83
8
75
8 8
712 75
712 778
8
7 8 73
5
4 3,900
1018 105
8
912 958 *93 1118 10
4
10
*912 10
300
*912 11
*53
60
*53
60
*53
60
52
52
53
*50
52 .50
30
"92
95
92 92
*91
92
91
92
92
180
9112 9112 92
*211 217
/
4
8 21
2112 2012 203
4 2018 21
2014 2012 2012 3,200
20
614 614
614 6
/ *512 614 *512 614 •5
1
4
300
/ 614 *54 6
1
4
/
1
*57
571
57
57
57
59
5712 5712 56
57'2 57
5612
220
4
/ 5
1
4
414 4
/
1
4
4
414
418 414
414 412
414 414 5.800
9414 9414 93
94
*91
924
/
1
93
92
SOO
92
9314 92
*91
*10712 115 *10712 115 *10712 115 *10712 115 *10714 114 *10714 114
•1014 12
*101 111 *103 111 1118 1118 1012 1012 *10
/
4
/
4
8
/
4
1118
400
7112 73
71
72
70
/ 703
1
4
8 683 70
8
7112 2,000
/ 68
1
4
/ 7112 71
1
4
•119 120
1194 120
/
1
11912 120
118 118
119 119 x1183 119
8
490
*61
623
8 62
6214 617 62
8
62 62
63
/ *6112 6312
1
4
*61
700
*91
92
91
91
91
94
92 •91
91
92
9212 93
600
014 91
83
4 9
83
8 9
812 83
4
814 83
812 83
4 4,600
1012 1012 10
10
.912 10
938 934
914 914
914 912 1,900
*355 37918 351 352
35112 35112 *353 360
350 3551, *350 368
900
195 20
8
*1912 20
700
19
1914 *18
1914
191 *18
1912 19
514 514
513 512
514 513
43
458 434
4 5
5
5
4,700
*5218 54
*52
54
*52
8
54
*517 54
52
*52
52
54
100
2512 2512 241 2512 243 244 2412 243
/
4
8
4 2412 2412 2414 2414 1,600
/
1
*458 5
41 41
/
4
/
4
41 41
/
4
/
4
438 4
414 412
458 41
/ 1,900
1
4
/
4
4814 4812 46
4712 453 463
8
4714 46
/
4
8 4518 4612 45
461 10,200
1612 174 154 164 1512 1618 1512 1614 154 1614 157 1612 53,200
/
1
/
1
/
1
8
/
1
412 41
/
4
414 412
414 412
412
4
4
414 414 12,900
412
74
7512 7218 735
8 7212 723
8
4 7312 7512 755 76
6,200
4 7312 733
65
65
"6314 65
x60
6012 6318 60
6114 3,000
61
61
60
46
46
453 46
4
*434 4412 1,500
/
1
45
434 44
4314 44
/
1
45
•514 51,
518
514
5
518
518
5
/
1
4
518 *5
5
1,300
5
*4
414 *4
414
418 418
900
418 418
418 418
41s 418
414 414
412 412
512 578 12,900
412 5
512 512
518 53
4
*83
3 9
814 83
8 *758 818
712 *712 812
900
7
712 712
*438 412
4
414
37
8 3
8 4.600
/
1
4
35
8 33
33
4 31
8
3
53 33
/
4
*2912 32
*2918 31
*2614 29
2812 29
28
800
2712 2712 .27
14312 1431 143 143
/
4
14212 14212 143 1433 *143 1444 •143 1447
/
1
8
s
800
97
8 94
/
1
9
9 12
/
87
4
8 9
4
814 814 *812 878 2,200
81 93
2812 29
28
2818 2612 28
2618 2618 2614 263
4 2,400
4 2614 263
4058 4114 39
8
4 373 385 19,400
4012 3812 3914 3818 3912 38
4
383
•12312 135 *12312 135 *12312 12518 12412 12412 *12112 135 *12112 12512
100
8
8
712 7
71g
/
1
4
7
7
71 4,200
/
4
74 712
/
1
714 712
•458 5
*45
412 412
8 5
300
434 43
412 412
4 *412 5
2834 2914 2758 283
/
1
273 284 273 28
4
28
4 2714 28
4
28 18 92,600
•121 1217 *1201 1211 1217 122 *12212 125
8
/
4
/
4
12218 12212 122 12212
900
8
2212 2312 2212 2212 2212 2312 2312 241 227 24
/
4
23
220
8
243
8
512 512
5
5
5
514 53
5 14 *5
512
518 518 1,500
8
3
3
23
4 27
8 *214 23
600
212 212
23
214 214
8 238
4
*218 238
218
214
214
218 218
2
2
2
218 214 2,400
2014 22
1914 211 1938 21
/
4
203 2212 2012 2214 2012 2214 15,100
8
22 22
2112 22
*20
2012 215
201 2,200
/
4
8 1912 2114 2014 21
*78
80 .78
80
80
80 80
330
80
80
793 80
4
80
28
28
*2712 29
600
28
4
28
/ 273
1
4
27
2614 28
27
27 .
*4414 45
4414 4414 44
600
.433 4414 433 43 4 *434 44
4
44
/
1
4
3
*3614 3712 34
3614 33
500
34
36
34
34
"31
*3212 36
*7912 81
79
7912 79
79
79
79
.75
250
78
78 .75
14
1414 1312 14
1312 133 1318 131 13
8
1312 1318 135 40,600
/
4
1412 141 135 1414 1312 14
/
4
8
6,200
14
1312 1418 1312 135
8 14
*9
93
4
9
9
*812 93
500
*812 9
812 812
812 812
28
28
2712 2712 2712 273
271 *2612 273 *263 27
/
4
4 27
600
/
1
4
4
4
*5012 5114 5012 5012 *48
49
*48
4912 48 48
300
.45
48
563 5714 5412 561 5414 5512 511 5512 52
3
/
4
20,900
53
/
4
5314 52
*11114 115
11112 11112 11114 112 *11114 118
100
11114 11114 11114 11114
*71
75 .71
75
*71
75
71
100
71
75
*65
70
70
87
8 9
*81 97
812 83
/
4
1,000
818 818 *814 9
812 812
8
1714 1714 1612 17
1618 10'2 16
1612 8.500
1614 1578 1618 16
314 314
3
3 14
3
3
314
3
318
3
318 4.600
3'o
1538 151 15
/
4
1512 15
154 •134 15
/
1
00
/
1
*1314 143 *1212 1412
8
*614 63
8
618 614 *512 6
400
*518 8
512 512 *514 8
*4
5
•4
5
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41
*4
5
*4
5
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5
1818 183
4 1712 1812 17
175
8 17
175
8 17
18
173 18'4 28,500
4
*87
93
*87
03
*87
93
*87
93
*87
10
93
8812 881
213 223
4
8 20
/ 22
1
4
.
2014 211s 191 211 201 2l's 2034 211 65,800
/
4
/
4
/
4
•1712 18
1712 1712 *1512 18
*1612 18
*1612 18
*1612 18
300
*63
4 718
612 6
6
/ 658
1
4
/
1
4
64 6'2
/
1
613 61
*618 612 1,000
•38
4234 38
38
*34
40
34
34
*32
38
*3212 36
200
201 2012 191 2012 195 20
/
4
/
4
8
1914 197
8 1914 191
1918 193 13.200
8
.108 11012 110 11012 11012 111
111 111 *108 111 *108 111
220
•58
60
*58
60
60
60
*58
61 .58
59
59
500
59
31% 325
8 311 3218 30
/
4
/ 311 3012 3114 3038 30
1
4
3
/
4
303 31
8
8,300
•42
44
*40
44 .40
42
*40
44
*40
42 .40
42
*5512 5912 *5512 57
5512 5512 *5214 55
524 5214 5214 53
/
1
80
267 27
*
263 267
4
8 2614 2612 26
2614 25
25's 2434 2518 4,700
•12
1312 •12
1312 1112 1112 113 111 *1112 127 *1138 1314
/
4
8
200
1312 135
8 1212 13
/ 13
1
4
133
8 123 13
4
13
13
123 13
4
5,500
17
17
*16
17
16
16
16
16
*1512 154 •15
/
1
1718
300
*81
85
*81
85
*81
85
*81
85
*81
85
*81
85
3 8 37
5
34 3
/
1
/
1
4
8
312 4
35
8 4
3 4 31
3
/
4
37
8 37
8 7,200
123 1312 1234 1338 12
4
123
4 123 13
4
1318 *1212 13
/ 13
1
4
7,900
71
73
74
7212 70
7012 7018 703
4 6914 70
70
71
2,800
223 2212 22
8
2212 211 22
/
4
213 22
4
217 22
8
22
221a 2.600
3512 354 35
/
1
3618 34
35
3334 3514 3358 3412 3314 345 11.720
8
23
23 .215 22
8
22
2212 22
2218 2114 2134 2134 213
4 2,700
•92
95
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4
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9412 0314 94
9214 93
9212 923
8 9238 92
/ 923 9312 5,500
1
4
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143 193
*142 143
142 143 *142 146
143 143 *142 146
600
4 211 2212 2114 2114 2114 213
223 223
,
8
21
2114 21
4 21
2.100
*271 2814 2618 2718 2612 2612 25
/
4
2614 .2412 273 *26
4
277
8 1,200
*14
1614 1614 1614 •_-_- 157 *15
8
153
4 153 154 1512 163
8
/
1
4
500
/
4
/
4
/
4
321 3312 311 321 303 32
8
3018 314 303 3112 31
/
1
8
32
13,200
311 321, 317 3212 311 327
32
/
4
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1
4
8
/
4
8 3218 33
8 315s 325
50,900
95
95
943 93
*9312 95
4
94
9412 *94
95
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/
1
900
214 2'2
214 214
214 214
23
8 212
238
238
2
/ 23
1
4
8 3,200
13
8
17
8
15*
184 *13
4 1%
14
17
15
8 15
4 1,300
8
134 13
*4118 4112 4112 42
4118 4118 4112 4112 41
413
8 4114 417
8 1,500
/
4
*12512 1261 12512 1251 12512 12512 *12114 125 •
40
121 14 12512 *12414 12512
17
/ 1818 1712 177
1
4
1814
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18
1718 175
173 173
8
8 7,900
/
4
4
*1093 113 *1091 113 •110 113 *110 113 *110 113
111 111
100
24 214
/
1
218 *2
2
218 214
214 214
218
2
2
1,600
18
*1518 193 .151 183 •1514 17
4 18
213
4
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/ *1518 213
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8
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/
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17
17
1718 167 167
8
8 1,800
16
154 16
/
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/
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/
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*1614 164 16
/
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4
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91
88
*88
88
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8714 8714 .86
90
90
91
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200
4
33
4
8 333 333 *3212 3312 33
33
341 345
33
/
4
3312 34
600
.•10218
-- •10218
__ •10218
•10218 --- •
1021s
3014 2918 --- 8 281 ---•10218293
/ 293
4
/ 3012 2912 -4
4 281 301 / 29
4
2814 2834 4,900
46
46
4512 4614 451 46
/
4
441 4614 441 4518 45
/
4
/
4
4512 6,600
6
65
8 *512 57
/
4
6
/ 61 *614 612
, 5,100
1
4
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53
4 7
6
/ 67
1
4
420 8 204 191 2014 19
/ 194 195 195 *19
1
4
3
/
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/
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/
4
8
203 203
4
8
/ 203
1
4
4 1,400
314
23
4 27
318
8
3
23
4 21
8
3
3
5,900
3
3
34 .15
24 .21
33 .15
2512 23
31
*21
35
23
130
•212 318 .212 3
212 231 •218 238
*212 24
212 212
100
8 914 •4
712 712 *414 91 1
*712 814
100
/ 914
1
4
*412 914 *45
.7
8
*7
7
8 *634 71
8
67
7
8 67
*63
4 712
200
4 1714 174 *1634 17
4
/
1
400
4
16'z 163 1654
/ 1812 173 173
1
4
/ *16
1
4
*17
3
314
212 212
21 25
/
3
4
3
8
23
8 '23
8
900
212 21
5
5
5
3,100
5
47
4 5
8 4
41 5
*41 5
/
4
/
4
/ *43
1
4
712 75
712 818
818 814
8
73
8 712
712 74
/
1
712 712 9,400
*26
*257 27
8
27
2)1
26
28
26
2,200
2618 2818 27
26
1614 164 163 164 16
1612 1678
/
1
/
1
4
8
1712 174 167 173
8
/
1
161 11,300
/
4
10
/
4
*914 9
/ •914 10
1
4
101 10
100
*914 10
•914 10
•I0

ni4

STOCKS
NEW YORK STOCK
EXCHANGE.

PER SHARE
Range Since Jan. 1.
On basis of 100-share lots.
Lowest.

Indus.& Miscell.(Con.) Par
Hackensack Water
25
7% preferred class A
25
Hahn Dept Stores____No par
Preferred
100
Hall Printing
10
Hamilton Watch Co___No par
Preferred
100
Hanna OM A) Co $7 pf_No par
Harbleon-Walk Retrao_No par
Hat Corp of America cl A__1
100
655% preferred
Hayes Body Corn
2
Hazel-Atlas Glass Co
,
5
Helme (0 W)
25
Hercules Motors
No par
Hercules Powder
No par
37 cum preferred
100
Hershey Chocolate____No par
Cony preferred
No par
Holland Furnace
No par
Hollander & Sons (A)
5
Homestake Mining
100
Boudaille-Hershey CIA No par
Class 13
No par
Household Finance part pf _50
Houston Oil of Tex tern ctfal00
Voting trust ctfs new____25
Howe Sound v to
5
Hudson Motor Car____No par
Hupp Motor Car Corp
10
Industrial Rayon
No par
Ingersoll Rand
No par
Inland Steel
No par
Inspiration Cons Copper_.._20
Insuranshares Ctfa Inc
1
Intercont'l Rubbar____No par
Interlake Iron
No par
Internal Agricul
Ns par
Prior preferred
100
Int Business Machines_No par
Internal Carriers Ltd
1
International Cement__No par
Internal Harvester____No par
Preferred
100
Int Hydro-El Sys cl A
25
Int Mercantile Marine_No par
Int Nickel of Canada__No par
Preferred
100
Internal Paper 7% pref__l00
Inter Pap & Pow cl A__No par
Class 13
Ns par
Class C
No par
Preferred
100
Int Printing Ink Corp_No par
Preferred
100
International Salt
No ar
International Shoe__ No par
International Silver
100
100
7% preferred
inter Telep & Teleg___No par
Interstate Dept Stores_No pa
Intertype Corp
No pa
Island Creek Coal
1
Jewel Tea Inc
No par
Johns-Manville
No par

3 per share
2013 Jan 9
27 Jan 4
5 Jan 5
254 Jan 9
/
1
312 Jan 8
/
1
4
3 Jan 26
25 Jan 15
84 Jan 8
1412 Jan 2
2 Jan 2
/
1
4
19 Jan 4
/
1
4
114 Jan 2
863 Nlar 28
4
101 Jan 9
9 Jan 4
59 Jan 4
111 Jan 4
4813 Jan 15
83 Feb 16
512 Jan 3
5 4 Jan 2
3
310 Jan 4
11 Jan 8
3 Jan 2
/
1
4
43 Feb 5
21 Jan 2
312 Jan 8
35 Jan 3
/
1
4
133 Jan 5
8
4 Jan 4
7212 Apr 30
5912 Jan 4
4012 Jan 3
413 Jan 4
21 Jan 2
/
4
2 Jan 15
/
1
4
6 Jan 3
2 Jan 8
15 Jan 8
132 Mar 27
55 Jan 11
8
2618alay 2
3753 Jan 4
11513 Jan 13
4 Jan 6
/
1
4
31 Jan 2
/
4
21 Jan 4
115 4 Jan 13
3
1012 Jan 5
4 Jan 4
13 Jan 4
4
13 Jan 4
8
1014 Jan 8
9 Jan 13
66 Jan 2
21 Jan 3
43 Mar 19
33 May 1
59 Jan 4
13 May 3
312 Jan 4
5 8 Jan 3
3
2434 Jan 29
33 Jan 9
5112May 2
101 Jan 4
62 Jan 2
612 Jan 3
134 Jan 4
/
1
2 Jan 5
/
1
4
11 Jan 2
4 Jan 13
23 Jan 2
3
111 Jan 4
/
4
6518 Jan 18
17s4Mar27
12 Jan 2
3 Jan 16
1313 Jan 6
133 Jan 2
3
101 Jan 4
36 Jan 3
2314 Jan 8
40 Feb 26
4212 Jan 17
224 Jan 4
/
1
5 Jan 8
8 Jan 3

Highest.

PER SHARE
Range for Previous
Year 1933.
Lowest.

Highest.

3 per share $ per share $ per share
26 Apr 18
15 Mar 254 July
/
1
30 Apr 23
25
Apr 287 Jan
8
84 Feb 15
/
1
11 Feb
/
4
912 July
523 Apr 21
4
9 Apr 3812 July
/
1
4
9 Feb 14
3 Feb 1012 July
/
1
4
117 Apr 20
8
212 Apr
9 July
5312 Apr 25
15 Feb 35 July
96 Apr 4
4512 Jan 85 Aug
243 Feb 21
4
2512 July
618 Feb
612 Apr 13
7 June
/
1
4
7 Mar
8
59 May 2
51 Apr 30 June
/
4
6 Feb 15
/
1
4
4
312 July
3 Feb
967 Apr 23
65 Jul) 9712 Der
8
107 Feb 4
6912 Jan 105 Dec
1213 Mar 15
3 Mar 17 July
75 Apr 24
15 Feb 684 Dec
/
1
120 Apr 17
85 Apr 11018 Dec
6312 Apr 26
3518 Mar 72 July
94 Apr 21
643 Apr 90 July
4
1014 Apr 23
312 Jan
1012 June
107 Feb 6
214 Mar
8
1012 June
388 Mar 29 145
Jan 373
Oct
2314 Jan 30
418 Apr 15 June
67 Jan 26
8
1 Max
63 June
4
54 Mar 12
43 Nov
5114 Jan
29 Feb 5
/
1
4
814 Mar 38 July
5 Apr 6
/
1
4
3
11 Feb78 July
/
4
5512 Apr 9
513 Jan 381 Dec
/
4
2414 Feb 5
3 Feb163 July
8
714 Jan 30
/
1
4
15 Mar
8
7 July
9638 Jan 24
Apr 85 Doe
24
733 Feb 3
4
1918 Feb78 July
493 Feb 21
4
12
/
1
4
Feb45 July
6 Feb 5
/
1
4
2 Feb912 June
414 Apr 25
114 Mar
37 June
8
57 1ay 4
85
5, Mar
4 July
/
1
4
1114 Feb 19
218 Mar 12 July
618 Feb 5
3
7 Feb5 8 July
3
37 Feb 3
/
1
4
5
Jan 271 July
/
4
14914 Jan 30
75 Feb15314 July
/
1
4
1218 Feb 21
27 Jan
8
107 July
8
37 Feb 5
/
1
4
61 Mar 40 July
/
4
467 Feb 5
8
135 Feb 48 July
8
12412 Apr 26
Jan 11918 Aug
80
9 18 Feb 7
212 Apr 137 July
8
6 Jan 24
8
114 Jan
67 June
291 Apr 27
/
4
6 Feb 2314 Nov
/
1
4
124 Apr 17
Jan 115 Dec
72
25 Apr 24
/
4
213 Jan 211 July
612 Apr 20
12 Apr 10 July
312 Apr 21
53 July
4
/ Apr
1
4
23 Apr 23
4
14 Jan
4 July
247 Apr 23
8
2
Apr 2213 July
25 Apr 21
14
312 Feb
Oct
86 Apr 21
35 Apr 71 Aug
3012 Apr 11
13 Mar 27 July
/
1
4
/
1
4
50 Jan 26
/
1
4
24
/ Jan 56 8 July
1
4
3
453 Feb 15
4
9 Feb 5913 July
/
1
4
8412 Apr 9
2412 Mar 711 July
/
4
17 Feb 6
/
1
4
518 Feb 213 July
4
1638 Apr 20
/
4
84 July
/
1
11 Mar
10 Feb 8
11 Jan
/
4
111 July
/
4
28 Feb 21
Feb 32 July
11
52 Apr 20
23 Feb 45 July
1214 Mar 634 Dec
/
1
664 Jan 30
/
1
112 Apr 18
42 Apr 10618 July
Feb 91 July
77 Jan 23
35
1018 Apr 13
9 8 June
3
253 Mar
1812 Apr 20
61 Feb
/
4
1912 July
412 Mar 12
/ Mar
1
4
618 July
20 Jan 30
6 Feb 311s June
8 May
2 Feb
10 Feb 16
63 June
712 Feb 16
112 Dec
4
2114 Mar 14
/
1
318 Feb 154 Sept
8812.May 4
Jan 73 July
30
23 Feb 5
73 Feb 26 Sept
3
1814 Apr 12
/
1
4
5 Apr 25 July
/
1
4
Apr
714 Apr 13
614 June
1
41 Apr 26
3
45 Feb30 July
512 Mar 167 July
223 Feb 5
3
4
111 afar 16
88 Apr 105 June
Jan 4414 J1119
61 Apr 27
27
1418 Feb35 8 July
33 8 Apr 23
5
5
30 Nov SO June
6312 Feb 13
60 Feb 9
3712 APr 61
Jan
311 Feb 5
193 Dec4118 July
/
4
8
1414 Apr 19
3 Feb1012 June
1412 Apr 26
8
34 Mar 123 July
/
1
20 Feb 23
5
/ Jan 27 June
1
4
81 Apr 26
34 Feb 78 Sent
63 July
3
Jan
5 Feb 21
1
1414 Feb 21
213 Apr 12 June
/
1
78 Feb 6
3712 Feb 794 July
14 Feb 2314 June
2312 Apr 19
8
/
1
4
4371 Jan 19
4 Mar 373 July
151, Oct 2218 Sept
8
24 Apr 23
49 Feb 98 Sept
96 Apr 23
/
1
4
49 Feb 99 Sept
/
1
4
97 Apr 18
143 Apr 30 121 Mar 14018 Sept
2312 Apr 18
13 Apr 2112 May
4
Jan 313 July
10
3614 Feb 5
4
6 Apr 193 July
/
1
4
1938 Feb 6
8
353 Apr 23
1014 Feb 50 July
812 Mar 3812 Sept
3518 Apr 12
9714 Apr 24
35 Apr 7818 July
414 June
112 Dec
3 Jan 31
13 Feb
512 June
2 Feb 20
/
1
4
/
1
x444 Jan 17
1914 Fob 444 Dee
/
1
Jan
128 Apr 14 11312M ty 120
1912 Feb 5
10 Feb 2514 July
53
113 Apr 11
8712 Feb 106 Nov

Preferred
100
Jones & Laugh Steel pref _100
Kaufmann Dept Stores $12.50
Kayser (J) dr Co
5
Kelly-Springfield Tire
5
6% preferred
No par
Kelsey Hayes Wheel conv.c1A1
Class 13
1
Kelvinator Corp
No par
Kendall Co pt LA ser A_No par
Kennecott Copper
No par
Kimberley-Clark
No par
Kinney Co
No par
Preferred
No par
Kresge (9 9) CO
10
7% preferred
100
Kress (S H)& Co
NO par
Kroger Groo & Bak
No par
Laclede Gas Lt Co St Louis 100
5% preferred
100
Lambert Co (The)____No par
Lane Bryant
No par
Lee Rubber & Tire
5
Lehigh Portland Cement___5
1312 Jan 3
7% preferred
100 73 Feb 23
/
1
4
Lehigh Valley Coal ____No par
213 Jan 8
Preferred
50
5 Jan 3
Lehman Corp (The)___No par 651 Jan 4
/
4
Lehn & Fink Prod Co
4
5 163 Jan 23
Libby Owens Ford Glass No par 33145l5y 4
Life Savers Corp
5 1714 Jan 8
Liggett & Myers Tobacco__25 73 Jan 6
Series B
25 7412 Jan 8
Preferred
100 129 Jan 13
Lily Tulip Cup Corp__No par
18 Jan 15
Lima Locomot Worlui__No par 25 May 2
Link Belt Co
No par
1214 Jan 3
Liquid Carbonic
Ns par 2612 Mar 1
Loew's Incorporated
No par 25 Jan 6
/
1
4
Preferred
No par 72 Jan 2
Loft Incorporated
No par
15 Jan 2
8
Long Bell Lumber A No par
114 Jan 12
Loose-Wiles Biscuit
25 3.812 Feb 26
7% 1st preferred
100 1193 Jan 11
4
Lorillard (P) Co
10 15 4 Jan 8
3
7% preferred
100 102 Jan 26
Louisiana 011
No par
11 Jan 10
/
4
33 Apr 4
8
Preferred
100
714 Jan 2 2312 Apr 4
Louisville Gas & El A.No par 15 Jan 9 21 Feb 7
Ludlum Steel
1
15 Jan 8 1912 Feb 20
Cony preferred
No par 871.0.1ay 2 97 Feb20
MacAndrews & Forbes
10 30 Jan 5 345 Apr 28
8
6% preferred
100 95 Jan 13 101 Apr 16
Mack Trucks Inc
No par 2818May 3 4134 Feb 6
Macy (R II) Co Ine___No par 44',,M ay 2 6218 Jan 30
Madison Sp Gard vi e_No par
258 Jan 2 7
Apr 27
Magma Copper
10 1512 Jan 17 22 Apr 16
Malltnson (H R)& Co_No par
11 Jan 2
/
4
414 Apr 24
7% preferred
100
753 Jan 9 333 Apr 24
8
/Manati Sugar
100
1 Jan 8
33 Jan 23
4
Preferred
100
11 Jan 3
4
914 Apr 26
Mandel Bros
No par
414 Jan 23
812 Jan 26
Manhattan Shirt
25 1214 Jan 4 2038 Feb 1
Maracaibo Oil Explor_No par
13 Jan 10
4
3 Feb 17
/
1
4
Marancha Corp
5
453 Jan 8
53 Feb 5
8
Marine Midland Corn
5
6 4 Jan 5
3
9 Feb 6
Marlin-Rockwell
No par 2113 Jan 8 32 Jan 25
Marshall Field de Co
1212 Jan 4 195 Apr 11
No par
8
Martin-Parry Corp_ _ _ _No par
612 Jan 24 124 Mar 3
/
1

•Bld aid asked prices, no sales on this day. I Companies reported In receivership.




3055

DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE FIFTH PAGE PRECEDING.

4 July
/ Jan
1
4
3 Feb 29 July
/
1
4
4
137 Apr 253 June
3
4 Feb 2018 July
143 Mar 9512 Dec
3
/
4
912 Feb 311 Dec
Apr96 Nov
74
8
13 Feb 463 July
/
1
4
2414 Feb 65 July
/
1
4
7 June
11 Mar
/
4
VS Ma
195* .
11113'
514 June
7 Feb
8
/
1
3 Feb 264 July
63 July
4
14 Jan
97 July
8
3 Jan
3
/
1
4
9 June
112 Jan
512 Apr 23 July
12 Jan
4 June
538 Nov
47 Nov
8
5 Dec 1112 Jan
Feb2314 Dec
ft
3
414 Jan 183 June
77 Dec
8
12 Jan

a Optional sale. c Cash sale. s Sold 15 days. z Ex-d vidend.

y Ex-rights.

New York Stock Record-Continued-Page 6

3056

May 5 1934

ga'FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE SIXTH PAGE PRECEDING.
111011 AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Apr. 28.

Monday
Apr. 30.

Tuesday
May 1.

Wednesday
May 2.

Thursday
May 3.

Friday
May 4.

Safes
for
the
Week.

STOCKS
NEW YORK STOCK
EXCHANGE.

PER SHARE
Range Since Jan. 1.
On basis of 100-share tots.
Lowest.

Highest.

PER SHARE
Range for Previous
Year 1933.
Lowest.

Highest.

S per share S per share $ per share $ per share 5 per share $ per share Shares. Indus.& 5fiscell.(Con.) Par 3 per share
$ Per share $ per share $ per Mars
3412 3412 3312 3412 3214 33
317 327
8
4
.
8 313 323
4
4 3218 323t 8,100 Mathleson Alkali WorksNo par 31317 1aY 3 403 Jan 24
14 Feb 465$ Nov
42
4212 41
4112 40
4012 397 4012 3912 40
8
39 4 4014 3,200 May Department Stores___10 30 Jan 2 4438 Apr 23
93 Feb 33 Sept
3
4
773
758 73
834 Feb 21
4 8 Jan 2
3
8
713 712
71
118 Apr
8
900 Maytag Co
No par
73
8 73
714
714
812 July
718 718
2712 2778 2718 2712 27
2714 2712 2712 *253 2712 2714 2714 1,800
10 Jan 2 2812 Apr 26
4
No par
Preferred
318 Apr 1514 Aug
76
76
76
76
*73
76
*74
76
*74
90
76
Prior preferred
76
77
No par 49 Jan 3 9212 Apr 3
15 Apr 58
Oct
*30
3012 297 3018 285 293
8
8
4 2812 2812 *2812 29
29
29
1,500 McCall Corp
No par 24 Jan 11 32 Apr 13
13 Mar 303 Sept
4
234 27
8
212 23
27
8 3
412 Feb 6
4
118 Jan 8
212 218
212 212
23g 27
8 4,000 :McCrory Stores classANo par
47 June
8
3 AM'
8
3
3
23
4 23
4
25
8 23
8
13 Jan 4
8
212 25
8 •258 3
414 Feb 6
118 Dec
Class B
*25
8 23
4 1,100
6
No par
Jan
22 2214 2012 2112 *2012 207 *1912 2012 20
8
514 Jan 2 2534 Mar 17
1,000
100
2018 *20
Cony preferred
212 Mar 21
21
Jan
9
9
*83
8 9
914 914
4 Jan 4 1012 Apr 21
*73
4 812
3 Apr
818 June
300 McGraw-IIIII Pub Co_No par
812 812 *77
8 98
5
4512 47
x44
4538 4312 4418 4414 46
45
463
8 4514 46
18 Mar 483 Oct
21,100 McIntyre Porcupine Mines_.5 3812 Jan 25 5014 Apr 2
8
*8712 90
86
8718 8614 8614 85
8514 8412 85
4412 Jan 953 Aug
4
85 12 8512 1,800 McKeesport Tin Plate_No par 8318 Mar 27 9414 Feb 21
814 85
8
818 838
918 Apr 10
8
5
814
412 Jan 2
8
814
73
4 8
13 Mar 1312 July
7
54: 8
4
13.700 McKesson & Robbins
3314 3418 315 33
3112 323
4 32
3312 32
323
Cony prat series A
4 3218 3312 12,400
35 Mar 25 July
8
8
50 117 Jan 2 3412 Apr 27
414 45
8
37
8 43
5 8 Mar 17
8
3 8 418
7
1 Jan 6
33
8 418
5
25,800 :McLellan Stores
33
4 38
3 3 July
3
No par
7
14 Feb
34 4
3
53
51
55
553
4 52
52
5114 5114 *503 5314 *5112 5314 1,100
912 Jan 2 56 Apr 27
8
100
218 Jan 227 July
8% cony pref ser A
8
3414 3414 33
34
33
26 Jan 2 36 Apr 25
333
4 3318 337 *3212 34
*3212 333
83 Feb 2834 Oct
4
8
4 2,200 Melville Shoe
No par
912 93
4
812 914
854 83
4
2 Mar 20 July
.4
9
85
8 914
9
3.400 Mengel Co (The)
8 8 87
3
1
8
63 Jan 13 11 Jan 22
*45
47
4412 4412 *45
47
*42
48
*36
43
*40
22
Jan 57 July
48
10
100 30 Mar 21 52 Apr 19
7% preferred
2412 24
24
2414 2418 2412 24
2512 24
243
5 1612 Jan 4 30 Feb 19
4 25
7 Feb 21 Sept
2512 2,900 Mesta Machine Co
26 Apr 18
*2512 2612 *2512 2612 *253 26
*2512 26
4
*2512 253
1312 Mar 22 Sept
253 26
4
4
200 Metro-Goldwyn Pict pref__27 21 Jan 5
524 53
8 *518 512
518 518
518 518
934 June
518 514
5
418 Jan 9
612 Feb 16
158 Mar
5
1,400 Miami Copper
5
8
133
8 123 1338 125 1338 1212 13
4
137 1418 13
4
8
115 Jan 9 143 Feb 5
1278 1278 5,800 Mid-Continent Petrol__No par
8
33 Mar 16 July
4
1614 165
8
1214 Jan 8 2178 Feb 19
3 Mar 173 July
8 151s 1512 1412 1514 1418 1518 1414 145 •143 153
4
4 3,300 Midland Steel Prod____No par
4
*83
85
83
83
*83
85
26 Mar 72 Sept
83
83
*82
400
85
8% cum 1st pref
*82
85
100 7012 Jan 12 8514 Apr 21
*4618 49
4618 4618 *44
*4614 49
*4414 48
4712 *4312 48
13 Apr 363 Dec
8
100 Minn-Honeywell Regu_No par 36 Jan 4 52 Feb 1
4
4
4
4
57 Jan 30
8
37
8 37
8
218 Jan 4
7 Feb
8
33
4 4
53 July
4
312 3 8
8 4,500 Minn Moline Pow Impl No par
7
312 35
*2814 30
2814 2814 *26
4
287 *26
8
6 Feb
287 .26
8
1718 Jan 11 353 Feb 1
30 July
28
27
2712
300
No par
Preferred
20
203
8 183 2012 1812 19
18
1938 18
8
7 Jan 22 July
4
185
8 1812 185
8 6,100 Mohawk Carpet Mills
20 1212 Jan 4 223 Apr 21
93 93
44
x46
25 Mar 83 Dec
4412 3,100 Monsanto Chem Co
45
4612 447 4514 43
4312 44
3
10 243 May 2 2'4612 Apr 30
3038 2714 283
8
3014 31
4 2718 2838 2718 277
838 Feb 287 July
28
8
8 2712 2814 141,500 Mont Ward & CIo Ino__No par 2114 Jan 4 355 Feb 15
*48
49
48
48
*46
49
25
*48
49
48
48
*46
Jan 56 July
48
300 Morrel (J) & Co
No par 37 Jan 4 5114 Apr 13
*7
8
1
7
8
218 June
7
8
7
8
7
8
141 Jan
3
4
13 Feb 8
8
5 Jan 8
8
3
4
2,700 Mother Lode CoalltIon_No par
3
4
54
7
3
7
s
9
1018 101s
93 10
8
912
87
8 93
8
9
914
918 95
87 Dec
8
714 Jan 6 12 Feb 21
14 Jan
8 8,200 Moto Meter Gauge &Eq____1
32
33
31
345 35
8
32
2838 31
4
2838 2938 2912 30
73 Mar 363 Sept
8:May 2 443 Feb 15
4
4
6.100 Motor Products Corp No par 285
123 1312 113 123
4
8
4 1114 113
4 1158 113
Ill Mar 113 July
4 1112 115
8
8 1112 1214 8,500 Motor Wheel
9 Jan 5 1612 Feb 16
5
14
14
125 1312 123 13
8
8
4
112 Mar 103 July
123 1314 1314 1314 1314 1312 2,000 Mullins Mfg Co
4
4
514 Jan 12 155 Apr 23
No par
38
*3518 4318 *3518 4318 *3518 43
*39
4312 38
5 Mar 25 June
*31
43
No par 1218 Jan 12 46 Apr 21
Cony preferred
*23 8 2512 2312 233 *23
5
8
24
6 Mar 183 June
2212 23
*22
24
8
*22
133 Jan 6 2514 Apr 13
4
233
4
No par
600 Munsingwear Inc
10
9
9 14
el, Jan 9 1158 Feb 16
87
8 918
85
8 83
4
15 Feb
8
812 83
4
1112 July
83
8 858
812 83 14,800 Murray Corp of Amer
4
193 •18
8
•18
1912 *18
Jan 2012 July
1914 •18
8
19
*17
183 *17
4
19
1518 Jan 2 2134 Feb 21
Myers F & E Bros
No par
2212 223
8 205 217
8
8 195 2012 1914 2018 1918 20
8
114 Apr 27 July
1918Niay 3 3214 Jan 30
No par
19 4 2053 26,500 Nash Motors Co
3
718 718
678 7
658 63
4
118 Feb
612 63
4
878 Feb 23
73 July
4
65
8 65
8 *65
414 Jan 9
8 7
1
5,800 Natlonal Acme
912 93
014
93 Dec 1018 Dee
8
75 Feb 13 1314 Jan 31
8
4
912 913
914 914
914
9
93
8 9 8 2,400 National Aviation Corp.No par
3
9
*9
912 *85
8 9
*85
8 912 *85
114 Jan
8 9
97 July
8
85
8 858 *8
83
8
314 Jan 6 1234 Mar 19
100 :National Hellas Hess pret_100
4114 403 4112 401g 4012 397 4014 3914 40
4
41
8
3112 Feb 605 June
8
3914 40
10 3914N122y 3 4912 Jan 16
19,300 National Biscuit
•142 14318 *143 14318 142 14214 •142 14318 *14214 14318 *14212 14318
100 131 Jan 3 148 Apr 2 118 Mar 145 Aug
400
7% cum prat
1712 167 177g 1678 1712 1712 1712 9,700 Nat Cash Register A___No par
1814 1812 1714 1818 17
8
8
518 Mar 233 July
8
1613 Jan 8 235 Feb 6
8
8 1618 163
165 167
8
4 16
8 163 167
1012 Feb 253 July
167
8 16
4
163
8 1614 1678 25,100 Nat Dairy Prod
No par 13 Jan 4 18 Apr 21
218
2
223
2
2
214 214
218 214
212 June
218
2
3 Mar 16
18 Mar
1 Jan 9
218 2,500 :Nat DepartmentStoreeNo par
213 22
4
1812 2014 1812 1912 1812 19
114 Feb
10 June
18
19
5 Jan 17 2212 Apr 18
100
1812 1812
830
Preferred
30
2878 2912 2858 293
2978 3058 29
8 275 2918 2778 287 78,100 Nati Distil Prod new......No par 2314 Jan 3 3158 Feb 1
207 Deo 3314 Nov
s
8
8
28
29
28
30
30
28
5 Feb
2714 29
8
193 Dec
*2714 30
8
1612 Jan 5 327 Apr 24
293 30
4
2,200 Nat Enarn dc Stamping_No par
145 145
*143 150 *145 150
14012 141
4314 Feb 140 Nov
141 14112 141 14214 1.300 National Lead
100 135 Feb 10 16012 Apr 18
*140 148 *14012 148
*14012 145
143 143
143 143 *14012 147
100 122 Jan 16 143 Apr 18 101 Mar 12814 Nov
Preferred A
200
8
*10912 11812 *109 1165 *109 11812 *109 1163 *109 1165 *109 11658
8
75 Feb 10918 July
8
100 10012 Jan 9 108 Mar 16
Preferred B
113 113
8
8 11
113
8 107 113
8
8 103 1114 105 103 x103 105 13,800 National Pow dr Lt____No par
4
812 Jan 4 1512 Feb 6
6 7 Apr 2012 July
8
8
4
8
8
4918 50 8 4712 49
3
4712 48
4718 4818 4718 473
15 Feb 5518 July
25 45 Mar 22 5814 Feb 5
4 48
4812 4,600 National Steel Corp
183 19
4
1753 18,
4
8 1712 1712 17
Apr
285 June
8
25 1112 Jan 10 211s Apr 24
1712 *163 1712 17
4
1773 2,900 National Supply of Del
*53
59
*51
55
*51
59
*5112 56
17
Feb 6014 June
*51
100 3312 Jan 4 60 Apr 23
55
*51
55
Preferred
1612 16
167 17
8
16
1614 1312 16
4
13 May 3 183 Feb 1
612 Jan 27 July
13
No par
133
4 1338 1414 7,700 National Tea Co
23
25
2114 24
2118 2212 22
227
8 22
112 Jan
1218 June
2214 22
612 Jan 4 3014 Apr 13
No par
2258 3,600 Nelaner Bros
4634 463
4 4614 465
8 45
46
44
46
8
4414 4414 44
44
2,000 Newberry Co (J J)_ _ No par 4112 Apr 2 497 Apr 10
•103 1041.2 *10312 105 .103 105
103 105 *103 105 *103 105
100 100 Apr 3 104 Apr 10
7% preferred
1018 10
101? 103
1014 10
4 10
1 Mar - -3- July
-38
1012
11 4
9 8 10
7
1, 6 Jan 10 13 Mar 6
10
10
3,100 Newport Industries
4
•1912 2112 1912 193 *19
1912 1918 1914 1918 1918 •19
'
.
618 Apr 2312 July
4
No par
15 Jan 5 243 Feb 7
2112
700 N Y Air Brake
.
*6
7
6
7
*6
7
6
6
*4
612 *5
254 Dec 117 June
814 Mar 19
8
100
3 8 Jan 11
5
612
400 New York Dock
*14
153 •14
8
16
*13
15
*13
15
*13
6
Oct 22 June
14
8 Jan 8 20 Mar 13
100
1314 1314
Preferred
100
53
3
4
3
4
3
4
3
4
3
4
3 Dec
8
12 Jan 2
33
3
4
23 June
114 Feb 7
4
58
3
4
113
3
4 2,200 IN Y Investors Ine__ __No par
1812 1812 18
183
8 18
18
173 1818 167 1712 1714 183
8
8
1158 Jan 3 2278 Feb 1
14 Jan 2212 Aug
3
8 3,900 NY ShIpbldg Corp part stk..1
85 85
*8312 84
*835 85
8
833 8358 *8310 8412 *8312 8412
8
31
Jan 90 June
4
20
100 7312 Jan 2 893 Apr 13
7% preferred
96
96
*96
*96
98
98
96
96
*9712 98
*9712 98
70 Nov 1017 Aug
8
No par 82 Jan 5 9912 Apr 10
20 NY Steam $6 pref
4
10818 10818 *10812 1083 10818 109 *109 1097 *109 1097 109 109
8
Jan
8
83 Nov 110
200
No par 90 Jan 15 109 May 9
47 let preferred
41
4214 393 403
4
4 393 4014 40
4
4114 3912 4012 3934 4038 13,000 Noranda Mines Ltd
8
173g Jan 387 Sept
No par 3314 Jan 4 4412 Apr 9
183 187
4
8 173 1812 1712 177
4
8 165 173
8
4 1634 1714 1718 1758 37,500 North American Co
1214 Dec 3612 July
133 Jan 9 2514 Feb 6
8
No par
*41
44
43 43
*417 4212 415 415
8
8
8 4014 4012 41
Jan
41
31 Dec 46
600
50 34 Jan 9 45 Apr 20
Preferred
57
8 6
53
4 57
8
512 53
4
514 53
4
.514 513
512 53 10,500 North Amer Aviation
9 July
4 Feb
834 Feb 1
8
1
458 Feb 10
74
74
73
7312 7212 7212 72
7218 707 707
8
39 Nov 70 July
1,000 No Amer Edison pref __No par 4712 Jan 4 74 Apr 28
8 6812 69
.42
43
*42
43
*42
43
43
43
42
42
*4218 - _
263 Apr 43 June
4
20 Northwestern Telegraph.
34 Jan 9 43 Apr 26
312 312
312 33
4
312 317
324 33
8
314 318
333 - -38 1,900 Norwalk Tire & Rubber No par
3
57 July
8
1 18 Feb
412 Feb 19
233 Jan 8
13
13
125 13
8
1212 125
; 1214 127
8 1218 1238 1214 125 26.700 Ohio Oil Co
8
175 July
8
8
1218May 3 157 Feb 5
4114 Feb
No par
47
8 47
8
43
4 43
4
45
8 43
8
438 43
8
4
438
358 Jan 4
37
83 July
7 Feb 5
4
118 Feb
8 414 4,900 Oliver Farm Equip
No par
*22
23 .213 22
4
2112 2112 21
2112 2012 21
8
20
314 Feb 303 June
2112
4
900
No par
Preferred A
12 Jan 8 273 Feb 5
518 518
47
8 47
s *5
53
8
5
5
5
13 Mar
4
83 July
4
514
47 Apr 30
8
614 Jan 2
900 Omnibus Corp(The)vto No gar
514 514
1312 133
4 13
1314 *1212 13
12
1212 113 1214 113 1212 3,000 Oppenheim Coll & Co No par
4
4
15 June
718 Jan 4 1453 Mar 31
212 Feb
16
1614 1512 153
4 1514 153
8 1514 153
4 1512 157
8 1514 155
1018 Feb 2514 July
8
No par
143 Jan 6 193 Feb 16
4
8 4,700 Otis Elevator
*993 100
4
*993 100
4
*993 100
4
993 993
4
4 993 993 *9912 993
9312 Apr 106 July
4
Preferred
100 92 Jan 18 101 Feb 27
4
30
4
1
62,
6
618
_61s
53
4 6
3 5,500 Otis Steel
,
512 53
512 554
418 Jan 4
8 Feb 19
514 51,
114 Mar
914 June
No par
t111
- 2118 215
8 193 20 f 183 1912 1914 1914 *1914 20 1 1914 2013 1,306
4
4
1
214 Feb 213 June
100
9 Jan 2 25 Feb 20
'
4
Prior preferred
85
85
84
85
84
84
8234 84
8218 8212 *82
3112 Mar 063 July
1,957 Owens-Illinois Glass Co____25 7814 Jan 3 94 Jan 30
4
83
1812 19
1814 1812 18
185
8 18
18
25 1512 Jan 6 2312 Feb 7
15 Dec 32 July
173 1814 *1818 1812 2,800 Pacific Gas dr Electric
4
333 343
4
8 3312 333
4 327 3314 3214 327
8
22 Dee 433 Jan
8 32
No par 2312 Jan 2 37 Feb 7
8
325
8 3212 3314 4,000 Pacific Ltg Corp
29
29
2712 283
8 27
27
27 27
100 2612May 3 34 Feb 5
6 Feb 20 July
2612 2612 2612 263
8
900 Pacific Mills
83 83
813 813
4
4 82
82
65 Mar 94114 July
100 72 Jan 11 8512 Mar 13
81
82
8112 8112 8012 8012
90 Pacific Telep dr Teleg
111 111 •110 112 *111 112
100 103 Jan 3 11212 Apr 26
111 111
9914 Nov 11112 Sept
110 110 *10912 112
6% preferred
80
6'z Mar 19
87 Apr 25
8
*73
8 75
4 8
8 •73g 8
53 Dee
4
733 77
g
75
8 75
75
8
912 Sept
712 73
4 1,700 Pac Western Oil CorpNo par
47
8 5
412 434
45
8 47a
65 Feb 23
8
412 43
4
8
13 Mar
4
37 Jan 4
412 45
8
412 45 47,600 Packard Motor Car___No par
8
67 July
8
•103 1118 11
4
11
4
103 103 *103 1118 *1034 1118 107 107
4
4
8 June
4
300 Pan-Amer Petr it Trana .......5 103 Jan 9 1112 Jan 30
8
8
14 July
27 27
*27
2912 •2612 30
1 24 Jan 4 3512 Feb 6
27
2718 2612 2612 26
6
Jan 363 Oct
26
1,000 Park-Tilford Inc
8
*114
13
8 *114
1 Jan 11
2 Feb 5
114 *114
138 *114
138
13
s
3 Mar
8
138 13
114
8
700 Parmelee Transporta'n_No par
3 July
17
8
114 Jan 2 2 12 Apr 6
17
8
17
8 17
8
13
4 13
4
15
8
15
8 *158
134
900 Panhandle Prod & Ref_No par
13
4 13
4
5 API'
8
424 June
*16
18
1512 16
1512 16
100 12 Jau 3 2112 Apr 6
8% cony preferred
531 Jan
15
15
150
16
16
*16
18
20 June
43
8 43
4
418 45
8
418 412
13 Jan 2
4
414 412
57 Feb 16
8
414 45
8
43
8 412 32,600 :Paramount Publix ctfs-10
18 Apr
212 June
412 438
4
4 12
67 Feb 15
8
1
314 Jan 11
37
8 414
33
4 418
354 4
4
3 Jan
4
414 July
458 23,500 Park Utah C M
23
4 27
8
25
8 27
4 14 Mar 2
No par
112 Jan 4
212 July
8
25
8 3
27
8 3
9,200 Falba Exchange
23
4 27
8
3
3
14 Jan
21
22
2012 2112 203* 223
No par
1012 Jan 4 2418 Apr 23
Preferred class A
4 213 2318 22
114 Jan
20,900
22
4
23
1414 Deo
23
4
4 18
1812 175 1818 1712 18
1738 1734
183 183
8
1734 18
6,100 Patine Mines & Enterpr No par
173 Jan 9 2112 Jan 2
53 Jan 25 Nov
8
8
418 414
3
2 Jan 2
4
4 14
458 Apr 23
4
4
4
4
37
8 4
5,500 Peerless Motor Car
37
8 4
918 July
3 Feb
4
*58
59
5814 583
No par 5618 Mar 27 64 Jan 30 32512 Feb 60 4 Deo
57
1,200 Penick & Ford
4 5712 5712 5718 5718 5712 58
57
3
623 623
4
4 61
60
62
6212 6014 62
7
5918 593
No par 5112 Jan 4 67 8 Mar 3
4 59
6014 9,100 Penney (J C)
1914 Mar 56 Dec
*1075 108
8
1075 1075 1075 10758 *1073 10812'1073 10812.1073 10812
8
8
100 10512Mar 8 108 Feb 19
8
200
8
8
l'referred
8
90
Jan 108 Aug
5
5
218 Jan 9
33
4 4
434 5
514 Apr 26
*334 414
4
4 18
4
4
1,200 Penn Coal & Coke Corp _ _50
95 July
8
3 Feb
4
*57
8 6
53
3 s Jan 6
7
4 53
73 Feb 5
4
4
512 53
4
512 512
514 514 2,000 Penn-Dixie Cement_ __No par
514 524
3 Jan
4
912 June
*2812 29
29
*24
*25
29
29
*25
*24
100 13 Jan 8 32 Apr 24
2812 *25
2812
Preferred series A
418 Mar 32 July
3518 3538 3312 3518 33
*3612 3718 355 36
8
4,400 People's 0 L & 0(0610_100 27 Jan 4 4378 Feb 6
335
8 33
33
25 Dec 78
Jan
•13
14
013
14
14
*1314 14
No par
*13
14
914 Jan 3 15 Feb 23
*13
*13
14
Pet Milk
612 Feb
1514 June
*12
4
5
1212 117 123
8
9 Jan 5 1414 Feb 3
1112 117
8
8 115 1158 •1112 12
3,400 Petroleum Corp of Am
8 113 117
8
658 Jan
IS July
1710 17
18
25 1458 Mar 27 187 Apr 26
173
1812 1714 1818 17
8 17
8
1738 1712 1712 16,500 Phelps
-Dodge Corp
412 Jan
187 Sept
8
34
3378 3378
3318 3318 *33
*335 34
8
34
34
400 Philadelphia Co 6% pref_ _50 2414 Jan 2 37 Feb 9
*33
34
2112 Nov
36 July
4
*6214 6212 *6214 6412 *6214 6412 6214 6214 *50
641 *6018 6412
100
No par 49 Jan 12 643 Feb 17
46 preferred
3814 Dec 62 July
458 5
45
8 45
8
518
45
8 47
8
638 Feb 21
412 45
*5
8
412 41
2,500 Phila & Read 0 & I
No par
314 Jan 4
912 July
2:2 Feb
8
1812 183 1838 18
183
8 1814 183
4 1812 19
4 18
3.500 Phillip Morris & Co Ltd___10 1112 Jan 3 2014 Mar 26
183 183
4
8 Feb 447 June
2
*17
1712 1612 1612 1514 1638 •1512 1712
4
100 Phillips Jones (7orp.__ _Ns par
9 Jan 5 21 Apr 2
*1712 183 *1718 18
3 Feb
163 July
4
7213
721 *55
65
06012 721 *61
721 *55
65
8
20
100 58 Feb 27 747 Apr 7
7% preferred
71
*65
35 June 35 June
4
1712 1814 18
183
8 1818 1812 185s 19
33,600 Philips Petroleum
No par
1512 Jan 9 z203 April
434 Jan
187 1958 1814 19
12
183 Sept
4
1312 Feb 3
8 Jan 11
•712 8'e
8
8
813 *8
100 Phoenix Hosiery
0712 81
•818 810 *8
5
812
15 Mar 173 Des
8
4
2 Jan 16
612 Feb 19
5
4
8
358 35
312 33
8
3 Dec
312 334 14,500 Pierce-Arrow Mot Car Co
33* 35
33
4 4
4
41 1
712 Nov
7
5 1,300 Pierce 011 Corp
118 Jan 30
25
3 Jan 4
4
3
4
3
1
1
3
4
3
4
3
4
3
4
3
14 Jan
4
17 June
3
4
3
4
3
8
3
4
814 83
Preferred
600
101)
712 Jan 15 1034 Feb 14
37 Feb
8
*714 9
*712 9
73
4 8
1 *8
*9
9
97
8
137 June
,
2 Feb 6
112 15
8
8
114 Jan 13
15
8
15
8
15
8 2,200 Pierce Petroleum
15
8
No par
112 13
112
112
112 Jan
23 June
4
*112
138
1812 Jan 8 273 Apr 27
2634 *2512 2638 2512 26
8
2612 2714 2614 2612 26
2,500 Pillsbury Flour Mills.. No par
93 Feb 267 June
8
8
2612 27
300 Pirelli Coot Italy Amer shares 7014 Jan 22 8412 Mar 24
751g 751
*7412 80
*7414 78
*7412 80
4
333 Apr 75 Nov
8
*743 85
•735 85
8
100 Pittsburgh Coal of Pa
*12
*12
14
14
*9
100
14
14
912 Jan 9 1812 Feb 11
4 Feb 23 July
1512 14
*12
16
•14
36
*33
100 30 Jan 8 4212 Feb 1
36
Preferred
36
*33
*33
36
*33
36
17
Jan 48 July
033
*3312 36
no sales on this day. 1 Companies reported in receivership. a Optional sale. c Cash sale. 8 Sold 15 days. z Ex-dividend. v Ex-rights.
• Bid and asked prices,




New York Stock Record-Continued-Page 7

3057

Or FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE SEVENTH PAGE PRECEDING.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Apr. 28.

Monday
Apr. 30.

i Tuesday
May 1.

Wednesday
May 2.

Thursday
May 3.

Friday
May 4.

Sales
for
the
Week.

STOCKS
NEW YORK STOCK
EXCHANGE.

S per share $ per share $ per share $ Per share $ Per share $ per share Shares. Indus.& Mlscell.(Con.) Par
9,
2 912 ,
4
834 9
qi
9
9 18
83
4 84
9
918 4,300 Pittsburgh Screw & Bolt No par
3514 38
371 3714 3512 3512 3312 3312 3312 3312 33
/
4
33
100 Pitts Steel 7% cum pref100
*212 3
3
3
23
4 3
3
3
3
3
1,100 Pitts Term Coal Corp
*3
314
100
133 1434 1312 1512 1312 15
4
16
14
14 .14
740
15
6% preferred
100
153
4
*312 37
312 312
312 312 *314 312
314 314 *318 313
300 Pittsburgh United
25
51
51
5012 5012 4912 5014 49
4812 4812
49
160
Preferred
49
49
100
*318 4
*3
4
*11
4
*2
4
.112 4
Pittston Co (The)
*112 4
No par
1314 1312 12% 1318 123 13
4
123 1314 1212 13
4
125 123
8
4 6,800 Plymouth 011 Co
5
•10
108 10
10
10
10
600 Poor & Co class B
912 10
3
9 4 93
3
4 *9 8 10
No par
*45
8 434
45
45
45
8 4%
412 412 1,300 Porto Ric
8 43
4
413 434 *43
-Am Tob Cl A_No par
*218 21
*218 212
213 218
Class B
500
2
No par
2
214
2
2
*2
2212 23
2118 22
21
2112 21
22
21
21
2112 2112 3,600 Postal Tel & Cable 7% prof 100
5
334 37
312 3
314 3%
33
8 33
8 1.900 :Pressed Steel Car
3
318 33
No par
8
318 3 8
17
17
*16
19
16
1612 16
16
16
*15
Preferred
1612 .15
300
100
353 3614 348 3512 337 3434 3418 3512 3414 35
4
3414 351i 9,800 Procter & Gamble
No par
*107 lO7Iz 107 107
107 107
10712 10712 10712 108 *107 10912
5% prof (ear of Feb 129)100
290
%
3
8
12
53
12
12 79,900 :Producers & Refiners Corp_ 50
5
8
3
8
14
12
14
3
8
314 314
3
318
11
23
4 3
13
27
4 2
8
112 13$
11,300
Preferred
50
3
38
3812 373$ 3818 371 373
83$ 387
4 387 3714 3618 3712 10,300 Pub Ser Corp of N J___No par
8
•81
82
*79
8218 *79
82 .80
82
812 817
$5 preferred
82
*81
8
100
No par
*96
97
*9512 97
*9512 963
4 9512 9512 943 943
8
300
6% preferred
100
4
4 943$ 945
.10414 10614 *10412 10512 *104 1045 *10212 10412 *10212 104 *10212 10414
8
7% preferred
100
.11712 121 *11612 121 *11812 121 *11812 121 .11812 121 *11812 121
8% preferred
100
*102 103 •102 1027 •102 1025 102 102 .102 1027 102 103
8
8
8
500 Pub Ser El & Gas pf 35_No par
56
5612 557 563
14 53 4 5412 5412 551 11,600 Pullman Inc
4 55
553
4 54
/
4
No par
3
55
12
3
8 1112 12
11
8
1112 11
115
8 1118 1138 1118 115 16,500 Pure 011 (The)
No par
737 737
8 74
74
731 7334 *7212 7312 7214 7212 7214 7284
/
4
260
8% cony preferred
100
1612 163$ 15
/ 1612 155 1614 1514 15
1
4
8
1514 1518 153
4 7,900 Purity Bakeries
No par
/ 1.3
1
4
818 814
77
73$ 818
712 8
77
8 814 123,500 Radio Corp of Amer
814
No par
8
812
3412 3514 333$ 3512 3312 3412 3614 39
Preferred
363 395 10,000
4
8
50
375* 39
303$ 3112 23
304 277 291 293$ 313
/
1
Preferred B
/
4
4 30
8
4
313
4 3013 313 74,000
No par
314
3% 318
3
3
3
338
27
318 3 8
3
3% 3
/ 21.600 :Radio-Keith-Orph____No par
1
4
2014 2014 20
2018 1918 1912 1814 1914 18
183
4 1814 1812 3,100 Raybestos Manhattan_No par
•11
113
4
11
11
1,300 Real Silk Hosiery
*912 10
11
1014 1014 .10
10
10
10
.58
6234 58
58
Preferred
10
.5612 58
*5613 58
100
*5612 58 .5612 58
414 414 .4% 414
4
4% 414
600 Reis (Robt) & Co____No par
4
*312 4
312 37
•25
3012 •25
100
3012 .253 3012 *245 2712 26
8
1st preferred
8
26
*26
100
30
113 117
4
11
115
8 10
10
1012 1014 10% 11,200 Remington-Rand
103 11
8
/ 11
1
4
1
.62
63
6112 6112 *6014 67 .61
300
1st preferred
6218
6214 6014 6014 .59
100
.60
67
2d preferred
•60
67
*58
67 .60
*58
67 •58
100
67
67
412 412
414 412
4
4
419
418 414
418 7,300 Reo Motor Car
4
418
5
21
2112 197 207
8
8
8 195 2014 1914 2038 183 1912 187 19% 41,300 Republic Steel Corp___No par
8
4
5818 581
553 573
4 52
4
4 55 553
5212 54
6% cony preferred
543
4 53
100
13,700
54
.12
1234 117 12
1218 *1114 1218
8
*1112 123 •11
5
4
500 Revere Copper & Brass
123
4 12
.2414 26
.2411 253
Class A
10
100
*2314 2512
4 2414 2414 .2418 26 .2418 26
2638 287
8 253 2812 25% 26
4
25
2612 25
2558 2518 2558 8,600 Reynolds Metal Co __No par
1214 1214 1218 1218 113 12
No par
1218 1214 1218 1218 12
12
4
2,100 Reynolds Spring
437
43
4212 43
4214 43
/
1
4238 4384 424 43% 434 4314 16,300 Reynolds (It J) Tob class B10
/
1
.57
60 .57
Class A
57
10
57
.57
30
60
60
57
57
*57
60
103 103
8
8 10
1014 1014 1014
No par
10
10
12
*948 1112 .10
700 Ritter Dental Mfg
*3134 32
315 3214 3158 315* 3112 317
4
8 31
31 12 303 3112 3,900 Roan Antelope Copper Mines_
*814 812
8
814
8
5
8
900 Rossia Insurance Co
8
8
8
814 .818 812
•33i4 3384 33
3338 3312 333
4 3412 3458 347 35
3538 3512 1,100 Royal Dutch Co (N Y ahares)
22
2214 2014 213
4 1912 203
10
8 19
/ 2012 203 207
1
4
2012 208 11,600 St Joseph Lead
8
543 543
8
4 533 5434 53
8
No par
533
4 5112 53
6,400 Safeway Stores
52 52
5212 53
•10312 104
104 104
100
104 104
104 104
340
6% preferred
10334 104
4
1033 1033
4
110 11012 110 11014 .110 11012 1097 11012 110 11014 11012 11012
100
570
8
7% preferred
.93 1014 .9
8
93
4
9
200 Savage Arms Corp____No par
9
.83
4 9
4 8
/
1
.834 87
4
8
S3
34
3518 3418 3518 3312 343
5
8 3212 3412 3214 3312 325 333 85,200 Schenley Distillers Corp
4
8
6
6
1
582 53
512 4,400 Schulte Retail Stores
4
514
55
8 53
512 512
4
582 512
28
2813 2614 28
253 26
100
4
Preferred
1,260
25
26
25
2413 25
24
.47
49
49
49 .48
49 .4813 49
No par
30 Scott Paper Co
49 49
49
49
36
3618 35
36
3412 3512 3414 3512 343 3514 353 36
5,900 Seaboard 011 Co of Del_No par
8
4
*35
8 418
33$ 33$
312 312 *314 418 .314 4
No par
400 Seagrave Corp
*314 4
4834 493
8 461 4838 461 4712 443 47
/
4
/
4
4618 53,900 Sears, Roebuck & Co No par
8 45
4
443 457
4
.258 27
212 23$
212
1
212
23$
900 Second Nat Investors
238
212
212
238
23$
•415 44
8
•415 435 .413$ 4412 .415 44
8
8
1
8
Preferred
200
4158 4158 .3812 44
.13
4 114
11 118
/
4
118
118
118
No par
118
114 2,200 :Seneca Copper
1%
114
118
8
884
7
/ 818
1
4
1
75
712 73
4
712 8
26,200 Servel Inc
8
7
/ 8
1
4
113 118 1114 113
4
4
11
1114
No par
103 1118 101.1 10 4 1014 10 8 8,100 Shattuck (F G)
8
3
5
•10
11
.10
11
.10
103
4 10
400 Sharon Steel Hoop
10
No par
10
8
8
10
*97 107
714 71
/
4
7
718
63
4 7
67
No par
8 7
2,200 Sharpe & Dohme
7
•63
4 67
7
8
.47
473
4 475, 475 *47
48
48
Cony preferred ser A_No par
48
49
49
700
4812 49
83
4 9
8
/ 9
1
4
83
4 9
83
4 9
12,700 Shell Union 011
No par
858 9
85* 88
*70
75 .68
751 .70
7512 *7312 77'z 75 75
100
Cony preferred
200
76
76
193 1938 1814 19
18
18
183
4 177 183
No par
4 173 18
8
4
1812 11,000 Simmons Co
.10
4
1014
95
8 93
912 95
10
8
982 98
10
1014 1,300 Simms Petroleum
93 10
4
.103 11
4
103 103
4
105 103
8
4 1012 1012 1012 101
25
103 1012 2,300 Skelly 011 Co
8
.012 693 •
6
4 6612 681 .67
6813 67
68
100
6812 6612 6612 661
Preferred
,
600
.25
20
.25
29
*25
29
25
25 .25
100 Sloss-Sheff Steel & Iron 100
29
*25
29 *35
40 .3314 38
*297 3818 .297 4018 .2978 38 .297 38
8
8
100
7% preferred
8
15
/ 163
1
4
8 1418 1512 15
4
1512 143 1512 1514 16
1512 17
23,900 Snider Packing Corp__No par
1614 163
8 153 163
4
8 155* 157
8 155s 16
1618 163 43,200 Socony Vacuum Corp
25
154 161
/
1
8
101 10112 *100 102
100 10114 1013 1013 101 1013 10112 10112 1,500 Solvay Am Invt Tr pref__100
4
4
4
3212 3212 3214 3238 32
3214 311 32
3113 313 3112 1.700 So Porto Rico Sugar ___No par
/
4
31
8
•126 130 .127 130 .1273 130 •1273 130 •12814 130 .12814 130
/
1
4
4
4
100
Preferred
1712 175
1712 173
4 173 173
8
4 1714 1712 1714 173
25
's 4,100 Southern Calif Edison
8 1712 172
•1114 12
•10
12 .10
12
*103 12
8
*1014 113 *1012 113
4
Spalding (AG)& Bros_No par
4
.70
7312 70
70
*59
68
.64
68 •60
65 •60
65
10
lot preferred
100
*1012 1412 *1012 14
.8
13
/ .1014 157
1
4
11
12
1114 1112
60 Spang Chalfant & Co Inc No par
•60
62
60
60
•50
60 .50
60 .50
60 •50
60
Preferred
70
100
7
74 73
/
1
4
738
63
4 718
8
63
4 7
65* 67
18,900 Sparks WithIngton____No par
65, 718
614 63
512 6
.43
8 57g •412 6
*412 6
.45
8 6
130 Spear & Co
No par
.2212 23
2184 2114 21
2114 21
21
2012 2012 .2012 2112
500 Spencer Kellogg & Sons No par
912 97
97 101
8
/
4
914 93
4
9
93
4
4
9
93
9
/ 9 8 52,300 Sperry Corp (The) v to
1
4
1
•l012 12
*9
12
*9
12
.8
12
*8
12
.8
12
Spicer Mfg Co
No par
31
3112 30
30
28% 29
2712 28
2713 2712 *28
Cony preferred A
30
200
No par
643 66
4
60
65
5913 6112 5012 6112 52
55% 5614 593 31,700 Spiegel-May-Stern Co_No par
4
2114 2112 21
213
8 21
2114 203$ 2112 205* 21
20 4 213 30,400 Standard Brands
3
8
No par
67
8 7
612 634
614 63,
6
612
614 612 3,100 Stand Comm Tobacco_No par
6
63
8
1212 125
8 1218 125
1118 12
8 113 1218
4
1114 1112 11
1138 8,800 Standard Gas & El Co_No par
14
143
8 13
137
8 13
1312 13
1312 1212 13
1214 13
8,000
Preferred
No par
2813 2813 27
2712 281 29
/
4
*26
28
25
/ 253
1
4
4 251 2518 1,200
$6 cum prior pref
/
4
No par
327 33
30
3212 *26
2612 28
30
28
29
2718 293
8 3,600
37 cum prior prof
No par
•13
8 112
112 112 *13
8
11
/
4
13
8
1%
13, 138
8
600 Stand Investing Corp No par
13, 13
10718 1077 108 108
8
10814 10814 .10812 10913 109 109 8 10912 1093
3
4 1,100 Standard 011 Export pref__100
3618 367
8 35, 3612 34
8
35
3318 35
3378 3412 3334 3412 23,400 Standard Oil of Calif
No par
.40
4014 40
40
•40
4014 40
40
•3934 401 *39 4 40
300 Standard 011 of Kansas_ __10
/
4
3
.
4514 455, 4455 4514 435 4455 43% 4412 434 4414 4414 4434 49,600 Standard 011 of New Jersey_25
8
/
1
.13
1312 125 123
8
4 1214 1212 12
1218 1134 1134
1214 1214
1,200 Starrett Co (The) L B No par
4 .59
5912 5755 .5814 583 5914 59
5912 603
4
5912 5912 593
4 6,200 Sterling Products Inc
10

PER SHARE
Range Stnce Jan. 1.
On basis of 100
-share lots.
Lowest.

Highest.

PER SHARE
Range for Precious
Year 1933.
Lowest.

Highest.

$ per share $ per share $ per share
$ per share
7 Jan 5 11% Apr 4
113 July
4
17 Feb
30 Jan 4 43 Feb 21
4
1014 Jan 383 May
312 Feb 21
2 Jan 19
67 July
12 Feb
818 Jan 4 1712 Feb 23
4
Jan 2312 July
2% Jan 2
5 Feb 19
612 July
/ Feb
1
4
37 Jan 2 597 Feb 19
154 Feb 84 July
/
1
13 Jan 4
4
5 Feb 21
7 June
% Apr
121231ay 3 163 Jan 30
4
175 July
8
63 Feb
4
8
984 Jan 2 147 Feb 5
13 Apr
4
1354 July
614 Jan 30
3 Jan 12
15 Mar
8
8 June
11 Jan 3
/
4
314 Jan 30
4 May
% Feb
21 Jan 3 292 Feb 6
4 Feb 40 June
/
1
4
512 Feb 16
17 Jan 5
8
513 June
5 Jan
8
7 Jan 5 22 Feb 17
6
Jan
18 June
3
337
8May 1
4114 Jan 23
19 8 Feb 4712 July
5
10212 Jan 22 109 Apr 3
97
Apr 1103 Nov
4
14 Jan 2
114 Mar 15
27 June
8
14 Jan
1187i1ay 2
137 Feb 19
8
2 Nov
13 June
34 Jan 4 45 Feb 6
325 Nov 57% June
8
87 Jan 2 84 Feb 6
597 Nov 8812 Jan
2
79 Jan 8 9614 Apr 27
75 Dec 101% Jan
90 Jan 8 106 Feb 21
84 Dec 11212 Jan
105 Jan 12 11912 Feb 17
Jan
99 Nov 125
90 Jan 10 103 May 4
83% Dec 10313 Jan
8
50 4 Jan 8 593 Feb 5
,
18 Feb 5818 July
1018 Jan 8 147 Feb 16
212 Mar
153$ Sept
583 Jan 9 80 Feb 6
4
30 Mar 697 Sent
1214 Jan 6 19 Feb 5
/
1
4
3
57 Feb 25 8 July
612 Jan 4
918 Feb 6
3 Feb
1214 July
8May 4
2314 Jan 4 395
1314 Feb 40 May
15 Jan 4 3434 Apr 18
612 Feb 27 July
214 Jan 9
4% Feb 17
1 Mar
53 June
4
16 Jan 9 23 Feb 5
5 Feb 205 Sept
8
83 Jan 9 14 Feb 8
8
8
512 Feb 207 June
45 Jan 23 6014 Apr 26
25
Jan 60 May
21s Jan 5
6 Apr 2
413 July
14 Jan
1312 Jan 3 3834 Apr 2
11 Jan
/
4
1812 June
8
1114 July
63$ Jan 6 133 Feb 23
213 Feb
323 Jan 5 6912Mar 14
8
712 Feb 3712 July
30 Jan 8 67 Mar 14
8 Feb 35 4 Dec
3
318 Jan 2
512 Feb 23
18 Feb
63 June
8
113 Jan 4 253 Feb 23
4
4 Feb 23 July
Jan 4 6713 Feb 23
39
9 Feb 5412 July
5 Jan 8 1412 Apr 11
114 Jan
12 June
1114 Jan 29 2812 Apr 11
214 Mar 25 June
1512 Jan 2 2734 Apr 26
6 Feb 2112 June
612 Jan 9 1312 Feb 25
112 Feb
15 July
/
1
4
3934Mar 21 4512 Jan 9
2613 Jan 35414 Sept
57 Jan 5 597 Jan 3
60
Jan 624 Jan
/
1
9 Jan 17 1312 Feb 8
1131 June
/
4
812 Feb
8
263 Jan 3 3318 Apr 26
233 Nov 2612 Nov
8
4 Jan 3 1014 Feb 8
2 Apr
107 June
8
33 Apr 30 3918 Feb 19
4
1738 Mar 393 Nov
1912513y 1
277 Feb 5
3
618 Feb 311 Sept
/
4
44 Jan 5 57 Apr 23
28 Mar 623$ July
/
1
4
84 Jan 3 1043 Apr 24
72 Apr 9412 July
4
9812 Jan 15 112 Apr 20
8084 Feb 105 Sept
8 Jan 13 1214 Feb 15
214 Apr
12 July
2614 Jan 6 387 Apr 11
8
4514 Aug
24 Nov
8 Feb 5
33 Jan 4
4
5 Mar 1014 July
8
15 Jan 2 303 Apr 16
4
3 Apr 35 4 July
/
1
4
3
41 Jan 10 50 Apr 5
28
Jan 447 July
8
25 8 Jan 6 38% Apr 11
3
8
15 Feb 433 Sept
2 8 Jan 18
3
478 Feb 7
43 July
4
1% Feb
4013 Jan 4 511 Feb 5
/
4
1213 Feb 47 July
114 Feb
414 Jan 26
2% Jan 2
5 June
Feb 48 July
32 Jan 8 45% Feb 2
24
1 Jan 6
2 Jan 22
/ Mar
1
4
35* June
Apr 24
43 Jan 8 0
4
112 Feb
713 July
8
6 Jan 2 137 Mar 9
/
/
1
1
4
4
5 Apr 13 July
/
1
4
1314 Feb 23
12 July
518 Jan 11
113 Feb
77 Feb 5
4 4 Jan 2
3
212 Feb
85 June
8
384 Jan 8 49 May 3
/
1
2114 Mar 41% July
11% July
312 Feb
77 Jan 3 1112 Jan 27
8
58 Jan 2 89 Jan 26
2812 Mar 61 July
43 Feb 31 July
17 Jan 3 2418 Feb 5
47 Feb
9 Jan 4 1112 Feb 5
123 June
8
77 Jan 10 1118 Apr 25
97 June
3 Feb
22 Feb 5712 July
6818 Apr 26
543 Jan
4
15 Jan 9 2712 Feb 17
35 July
7
Jan
2312 Jan 2 42 Apr 23
884 Feb42 July
63 Jan 3 17 May 5
4
5 Mar
8
94 July
/
1
1518 Jan 4 197 Feb 5
17 Nov
6 Mar
8
451ay 2
86 Jan 6 1013
58 Feb92 July
31 May 3 3938 Feb 5
15% Jan
485* July
115 Jan 16 130 Mar 20 112
Jan 132 July
Jan
1418 Nov
/
1
28
1514 Jan 4 224 Feb 7
3
4
Jan
117 July
5 4 Jan 10 13 Apr 21
8
301 Jan 11 74 Apr 21
2518 Mar 61 June
8
7 Jan 22 153 Apr 23
412 Feb1512 July
30 Jan 23 62 Apr 24
1712 Feb50 June
8 Feb 21
3 8 Jan 5
5
3 Feb8 June
4
77 Apr 18
2 Jan 3
512 June
13 Jan
15 Jan 5 2412 Feb 23
84
713 Apr 22 July
52. Jan 5 113, Apr 2
712 July
218 May
16 June
Jan
8 Jan 10 13 Feb 7
5
211 Jan 2 3112 Feb 20
/
4
111 Mar 3212 Jura
/
4
19 Jan 4 6712 Apr 25
Feb2112 Dee
1
8
20-1* Mar 27 2514 Feb 1
4
133 Mar 375 July
93, Aug
4 Jan 9
1
Jan
8 Mar 13
638 Jan 4 17 Feb 6
518 Mar 2212 June
78 Jan 8 17 Feb 6
/
4
7
61 Dec25 8 June
18 Jan 10 33 Feb 6
15 Dec61 June
1712 Jan 4 3812 Apr 24
15 Dec66 June
27 June
% Jan 13
12 Mar
17 Jan 5
,
9613 Jan 2 1093 ,,y 4
/
4
9212 Mar 1021 Sept
3M
331,May 2 4278 Jan 30
1912 Mar 45 Nov
334 Feb 13 41 Apr 21
/
1
12
/ Apr 397k Dee
1
4
4318N1ay 2 5018 Feb 17
223 Mar 4712 Nov
4
6 Jan 15 1414 Apr 10
4 Feb
1112 June
4714 Jan 4 6134 Apr21
4538 Dec 6034 Sept
*2
23
8 *2
218
2
2
.2
218
2
2
2
300 Sterling Securities cl A_No par
2
37 June
Pe Jan 2
5, Jan
3 Feb 6
55
,
,
,
5 2 5 2 *5 8 582 *5
.
512 6
•518 51
Preferred
400
No par
58 53
3 Jan 3
7 Feb 6
112 Feb
73 June
4
8
3538 3514 *35
3612
.36
37
3818 .35
36% .35
36, *35
100
Convertible preferred__ __50 30 Jan 12 364 Feb 1
20 Mar 3814 July
/
1
8
8
8
8% 87
85
812 85
s
85
8 87
8
8
814
8% 814 7,600 Stewart-Warner
10
814 Jan 8 10 8 Feb 21
5
213 Feb
1112 July
912 912
4
87
8 918
83
8 83
4
812 83
814 812
814 812 10.700 Stone & Webster
No par
6 Jan 6 1314 Feb 6
512 Dec 1914 July
6
618
5
/ 6
1
4
512 53
43 Jan 2
4
514 55
8
514 512
514 512 21,100 :Studebaker Corp(The)No par
94 Feb 21
/
1
112 Mar
83 June
8
.29
30
29
31
29
27
*30
29
2638 265
27
Preferred
27
500
100 1913 Jan 2 47 Feb 19
Apr 3818 June
9
6178 617 .6012 6112 6012 61
8
593 6012 60
4
80
*58
No par 5112 Jan 2 62 Apr 21
6013 1,200 Sun 011
35 Feb 59 Nov
4
112 112 .111 112
Preferred
130
1115, 1115, 1113 112 .112 11612 112 112
100 100 Jan 17 11312 Apr 23
89 Mar 103 July
19
19
19
19
20
19
19
•19
.18
20 .18
500 Superheater Co (The)__No par 15 Jan 8 2514 Feb 5
20
712 Feb 27 July
8 23
8
212 212
24 25
/
1
23
214 23
8
2
/ 23
1
4
8
2/ 212 3,600 Superior 011
,1
4
1
14 Jan 3
/
1
3 Feb 1
412 July
44 Jan
.1012 11
8
1112 1112 105 11
12
1012 10
12
1,200 Superior Steel
/ 1012 11
1
4
100 1014 Jan 4 15 4 Feb 19
8
3
2 Feb 223 July
*584 53
5% 53,
5
5
*43
4 5
*412 5
Sweets Co of Amer (The)___50
500
43
4 43
4
314 Jan 9
5 Jan 26
/
1
4
10 July
1 Mar
18 •1%
17
•13
8
Fs .11
.114
, 17
17s .118
8 .118 17
Symington Co
No pa
8
114 Jan 3
212 Feb 19
3 June
38 Apr
3
/ 33
1
4
.33
4 .312 4
Class A
No par
4 414
300
.312 4
312 312 .
3 Jan 11
/
1
4
338 3 4
53, Feb 23
3
514 July
14 Apr
/
4
4
12 .111 1218 113 111 *113 1218 12
/
4
12
4
*11% 12
12
500 Telautograph Corp
5 10 Jan 2 1514 Feb 1
34
8
183 July
818 Feb
51
53
8 53
4 1,400 Tennessee Corp
512 53$
555 55,
5
418 Jan 8
51 2 512
518 538 *53
63 Feb 19
4
13 Feb
8
71 Aug
8 2512 26
1 Jan 12 2938 Feb 5
2514 253
4 25
/ 2613 2534 263
4
4 2518 253
2513 14,600 Texas Corp (The)
261
25 23
10
/ Feb 30% Sept
1
4
353 3512 3412 3514 34
8
% 3514 3414 3
/
4
3
438 341 9.90() Texas Gulf Sulphur _No par 3410lay 3 4314 Feb 6
5
3
4% 347
15% Feb 4514 Nov
41, 412
8
412 45
414 43
8
5,100 Texas Pacific Coal & 011_10
414 41
412 45
/
4
414 414
318 Jan 8
138 Mar
612 Apr 4
612 May
83 Jan 6 12 Apr 2
4
9
9
8% 9
81
; 85
8
8,
8 855
814 812 12,400 Texas Pacific Land Trust_....1
81s 812
1118 June
312 Mar
133 133
2
8 1314 1314 13
No par
1318 1212 13 .1214 13 .1218 125
10 Jan 4 1513 Jan 30
SOO Thatcher Mfg
8
5 Feb 2218 July
4314 .4078 4318 .407 4318 4318 4318
4314 .41
4338 •41
cony pref__No par 39 Jan 15 44 Jan 29
8
100
.41
33.60
275* Feb 44 July
•Bid and asked prices, no sales on this day. (Companies reported In receivership. a Optional sale. c Cash sale. z Ex-dIvidend. y Ex-rights.




New York Stock Record-Concluded-Page 8

3058

tar FOR

HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Apr. 28.

May 5 1934

SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE EIGHTH PAGE PRECEDING.

Monday
Apr. 30.

Tuesday
May 1.

Wednesday
May 2.

Thursday
May 3.

Friday
May 4.

3 per share S per share $ per share 3 per share $ per share $ per share
912 1034 1014 1014 103 103
104 103
4
8
2 *912 10
912 10
613
6
6,
4 65
8
618
614 814
6
6
6
4 6
53
1814 1814 *15 4 19
•1814 19
3
*1812 184 .157 187 *154 184
8
8
8 83
8 *77
*814 85
77
8 83
8 *77
8 838 x778 74 *73
4 9
167
8 1638 1638 1612 165
1714 1712 16
8 1614 1614
163 1718
8
4
4 18
38 4
7
34 4
33
4 34
34 33
4
34 34
19
19
•19
*19
21
21
19
19
*19
21
•19
21
1314 1312 1212 1314 125 13
8
1213 13
122* 13
127 1314
8
4 83
/ 854 85
1
4
84
/ 843
1
4
85
8413 8412 84
844 82
84
*3512 42 .3512 42
*37
41
*3514 42 .35
40
*3514 404
9612 9612 9612 9612 9612 96
9614 9614 *95
96
9618 9618
712 77
8
72* 75
2
72*
718
7
73
8
74 714
714 712
323 3314 3112 3212 3112 3212 3158 32i2 315 325
4
8
8 32
3212
4 67
64 7
63
8
63
4 67
8
63
8 63
4
612 63
4
4
85
8 63
*1014 103
4
94 10
9
912
9
9
9
9
*9
10
5
5
43
4 5
43
8 43
4
43
4 5
43
4 Vs
43
4 43
4
.7712 7812 7712 7712 7713 7713 7712 7712 •7714 847 *7714 847
8
8
384 387 *38
2
3812 38
38
373 373
4
4 375 38 .38
8
3812
*212 23
4
213 212
212 24
212 212
4
212 212 *24 23
712 712
64 7
64 7
65
8 64
6
4 712
67
8 672
14 314 *3
318
314
3
.
3
3
312
3
3
3
*3
*434 44
43
4314 43
4312 4312 4312 4214 4314 43
4314
56
5412 5533 5412 56
56
54
55
533 5412 .5312 57
4
43
423 4313 42
44
8
4238 43
4312 4214 43
425 435
8
8
174 1712 17
173
8 165 17
8
1614 167
8 163 167
8
8 165 163
8
4
.204 203
2012 20
4 20
20
1912 195
8 1912 191 .
1912 203
4
2318 234 2238 2318 213 227
/
1
4
8 213 234 2178 225
4
/
1
8 225 2312
8
287 29
28
2812 275 28
8
27
27.8 2634 27
27
27'2
.11418 115
4
/
1
4.115 1153 .115 115
/
1
4.115 1153 115 115
4
115 115
44
4412 411 4414 4214 43
/
4
413 4212 42
4
4312 4312 4334
53
4 610
534 54
57
58
6
633
012
5
5'2
512 54
3312 33
333 335
8
8 33
333
8 323 33
4
3218 3258 3112 323
4
18
175 1814 17
8
1614 17
16
167
8 1578 1612 16
163
4
10
1014 *9
912 10
9 4 94
,
94
9 2 1014
97 10
,
8
54 55
8
5
458 45
514
8
412 5
5
5
44 44
7414 745
8 7212 7312 7014 72
70
7114 694 71
7012 71
1612 165
8 1612 163
4 163 165
8
8 1614 1638 1614 185
8 164 165
8
*965 983 *9612 9814 97 97
8
8
*96
97
*9612 973 .97
4
973
4
.23
4 312 *212 3
.213 3
*214 3
*214 3
*214 3
95
8 93
.1012 103
4 .912 103
4
4 104 1018 .914 10
*914 1018
12 5712 •50
5712
60
5713 *50
*50
5712 .50
593
4 57
*55
45
8 43
4
44 45
8
43
8 43
4
43
8 45
8
438 45
8 *414 45
8
.60
66
*60
66
*62
6112 *60
6412 6413 6412
6412 .60
/
4
8 464 4712 481 4612 4513 46
/
1
475 473
8
455 4618 4578 4714
8
44
44
*413 44
8
*35
44 .36
44
43 43
•43
50
238 212
218 214
2
23
8
24 214
24 214
24 214
/
1
2713 274 264 2712 2512 2612 25
2612 25
265
8 254 2614
19
218,3 19
4
4
19
185 1858 .183 In
8
8 19
193 193
8
19
27
.2
8 .2
27
8 *2
27
8 .2
27
8 •2
24
2
2
22
2114 213
22
4 2114 2114 2012 201/ 21
21
*2014 21
1112 1034 11
105 1034 104 107
•1112 114 11
8
8 11
11
86 .72
86 .72
.7214 86 .72
88 .72
86
•72
86
41
4114 4114 40
40 40
40
4014 *3812 407
8 384 40
3
.131 1317 12912 1317 127 127
8
127 127
130 130
130 130
3
93
4 94
912 94
918 93
8
94 914
94 9 8
3
914 914
8
5114 5114 505 51
50
51
50
50
4912 5014 4914 50
9
9
918
9
83
4 83
94 94
/
1
4
852 83
4
84 84
154 1614 1512 155
8 14
/
1
15
1412 15
1438 15
*1412 1513
74 .65
74
.65
65 65
.58
70
*58
893
4 584 58'2
84 9
814 85
8
812 812
74 83
8
8
8 14
818 8
,
4 211s 223
215 223
8 213 2234 2118 223
8
8
8 2118 22
2112 2214
5218 5612 523 553
545 57
8
4
4 52
55
523 547
4
8 5312 55 8
3
11414 11718 11412 116
119 120
11312 1173 114 117
4
11434 11734
*615 67
8
617 614 *6112 6218 62 62
8
.615 624 62
8
625
8
4612 4918 463 473
49
50
8
8 455 473
8
8 455 4612 4614 4714
8
9413 9214 9312 9213 923
8
941 943 x93
/
4
4 91
914 91
913
4
.10112 10312 *10112 10312 .101 10312 101 102 .101 102 *101 103
34 35
8
312 35
8
312 312
312 312
33
2 312
314 333
112 112
112
112 13
112
8
112 *13
13
8
133
1$8
138
2514 257
24
8 2418 25
243
8 23
2412 224 2338 2312 24
1014 10
10
1014 1014 10
10
10
1014 1014
1012 105
8
6914 711 70
.7014 72
/
4
701 7114 7112 *70 4 72
/
4
3
7112 72
334 3313 *334 3313 33
3314 3314 3312 33
3318 33
334
*4
3
/ 34
1
4
418
4
4
33
4 334
34 33
4
33
4 34
213 213
4
*193 21
8
4 2014 21
193 19
4
/ 1912 2012 *194 21
1
4
.7312 76
72
7312 *7013
•7312 76
•69
•70
__
.7618 767
8 76
764 76
76
76
76
75 75
733 7412
4
72* 714 •
.
714 87
8
714 8
714 71 .7
/
4
712
7
7
*66
6912 86
66
66
6712 66
67
68
68
6712 685
8
.718 714
7
7
7
7
612 612
612 65
8 •613 7
27
2712 264 27
2614 27
2512 2614 25
/ 2814 2618 2613
1
4
•10414 1053 1054 1053 .10414 1054 103 10414 *103 1053 .103 1054
4
4
/
1
4
/
1
5
5
*47
8 5
•
514 512
514 514
43
4 44 .44 5
.10
11
.812 103 .10
4
1012 *812 103
8 •812 1014 •812 104
.23
4 27
8
25
8 23
8
23
8 23
8
213 212
212 24 *212
3314 *3212 3314 3214 3213 .3112 3212 *3112 3214
3314 3312 33
74 73
8
6
/ 718
1
4
612 64
612 7
65
8 67
8
65
8 7
.2514 3012 *2552 30
*25
30 .2512 30 •2512 304 *2512 30
*25
8 3
25
8 24
25
8 238
24 212 .238 24
238 212
1114 1114 1034 103
4 103 11
8
105 11 14 1014 10 4 10 8 105
8
3
5
8
24
24
22
2338 2112 2112 .2218 2512 214 2118 •2214 253
8
*243 36
4
*233 25
4
24
24
*2312 25
*2312 2512 *2414 25
44 5
412 478
412 412 *412 5
.412 5
•412 514
13
4 2
*Ps
14
114
114 *114
13
4 *114
112 .114 14
*23
24
2214 2312 2158 22
2112 22
2212 2212 2214 2214
*587 59
8
8
587 584 577 577 .
8 5714 587 .5712 5814 55714 58'*
8
8
525 53
8
5112 53
5138 52
483 52
4
49
50
485 51
8
304 3112 30
31
32
/ 314 3114 3218 3112 3214 3134 32
1
4
384 395
/
1
8 3712 394 37
38
3658 3818 364 375
/
1
8 37
3814
.8814 90
*8814 90
89
90
89
90 .883 90
4
00
90
12
12 .1112 1212 11
11
1212 1212 .12
123 .11
8
113
4
__ .24
___ *24
_ .24
_ •24
__ •24
.24-.65
69 .65 68
65 65
*6318 - -34 *63 15
138
6413 ---643
4
.72
77
72
72
72
72 .704 72
*704 72
71
7112
*65
66
65
66
64
65
6414 65
6414 6414 *6414 65
*1064 10812.10612 10812 107 108 .10714 110
10714 109
10814 1091 1
101 101
10018 10018 *100 1001 100, 10014 100 100
/
4
4
1007 1007
8
8
34 34
33
2 34
33
4 33
4
33
4 34
3
/ 33
1
4
4
34 33
2
114
il
133
Ils
118
1 14
118 14
1 18
114 .
118
133
22 22
21
22
203 21
4
193 203
4
2014 21
4 19 4 21
3
*23
24
*2212 233 .2212 25 .22
8
25 .22
24
.2113 23
.53
60 •53
5514 *53
5512 .53
56 .53
55
*53
55
.2118 2312 21
2118 19
2018 1912 1912 .1918 21
*1918 22
*29
30
2912 28
*283 29 •28
8
2912 28
2814 28
28
.25
8
8 27
23
8 212 .23
3
2 8 25
5
8 234
258
238
2 8 25
,
8
911 914
833 64 .
9
8
814 9,
4
9
9
10
10
45
8 43
412 412
4
412 45*
438 412
414 414
414 44
7
7
6
/ 7
1
4
714
*63
4 67
7
74 7,
2
8
7
74
203 2112 21
2112 2012 22
8
2212 23
21
2214 21
2178
7512 74
7712 7712 7412 7612 74
764 7312 7412 74
78
8 50
504 52
5214 53
5012 51,
51
2 .50, 515
504 511
4
25
25
25
2434 25
27
271 2514 2514 25
/
4
•2418 26
4514 .45
49
4718 45
49 14 4914 46
49
4812 46
4612
36
36
3513 3512 *3512 37
37
.3718 4114 37
*3512 37
553 5512 53
8
/ 55
1
4
5318 54
5212 531 504 5212 514 521
/
4
.64
6514 644 64'z 6413 643
4 6412 6412 *64
6412 64
64
21
21
22
22
.185 2114 21
8
.1812 20
•1812 2114 21
512
518 538
54 53
8
54 512
5 8 54
,
514 514
514
46
/
4
45
45
46
*4214 50
4414 4414 441 45
45
45
185 19
8
4
18
/ 19
1
4
19
19
4
193 194 183 1918 183 19
8
8
2612 247 2538 2314 253
4 233 2514 24
4
4 25
25
2612 263
4
35
8 35,
,
33
8 33i .3 2 33
4
4
3 2 34 34 34
5
63
8 612
63
8 61
812 612
/
4
8
612 65
64 64
67
8 7

Safes
for
the
Week,
Shares.
600
2,700
100
300
2,800
3,900
300
30,800
1,800
600
16,300
10,500
14,100
1,000
6,500
300
1,100
1,200
3.400
800
1,700
1,400
17,900
5,500
1,200
35,200
2,700
100
9.600
49,900
6,900
31.700
1,820
1,500
8.900
15,200
100
400
10
3.200
200
2,100
60
3,000
14,700
500
100
1,100
1,400
1,600
300
2,800
2,600
1,300
3,300
200
5,600
69,800
30,600
16,900
600
86,600
2.800
200
6,500
1.500
6,500
1,700
3.50
2,400
2,000
1,200
___ ___
170
60
330
600
3,800
110
1,400
600
700
32,000
800
5,100
500
100
1,800
270
2,200
200
18,800
10,300
34,200
180
300
___ ___
120
80
90
80
150
1,600
5,200
2,800

170
1,800
900
1,200
1,600
2,900
8,700
3,800
18,800
1.300
490
300
790
1,100
400
7,400
350
3,300
9,200
900
6.400

STOCKS
NEW YORK STOCK
EXCHANGE.

Lowest.

Highest.

PER SHARE
Rangefor Previous
Year 1933.
Lowest.

Highest.

Indus.&Miscall. (Conti.) Par $ per share
$ Per share $ Per share $ per share
The Fair
8 Jan 6 124 Feb 16
23 Mar 1212 May
No par
s
Thermold Co
918 Feb 19
3
1
1
5 2 Jan 4
Feb 1012 July
Third Nat Investors
1 1312 Jan 2 1938 Feb 6
10 Mar 2114 July
Thompson (J R)
25
713 Jan 18 11 Feb 5
8 Dec 1512 June
Thompson Products Inc No par 134 Jan 4 2014 Feb 16
53 Jan 2014 Sept
8
512 Jan 29
3 Jan 3
Thompson-Starrett Co_No par
12 Mar
912 June
19 Mar 31 2413 Jan 30
12
$3.50 cum pref
No par
Jan 30 June
812 Jan 4 144 Apr 23
Tidewater Assoc 011
34 Jan 111 Sept
No par
/
4
8518 Apr 30
Preferred
100 6412 Jan 4
2313 Apr 6514 Nov
Tide Water Oil
94 Apr 26 Dee
/
1
No par 31 Mar 26 40 Apr 27
100 80 Jan 11 9612 Apr 27
45 Feb 80 Dec
Preferred
812 Apr 24
Timken Detroit Axle
10
34 Jan 4
112 Mar
814 June
Timken Roller Bearing_No par 294 Jan 4 41 Feb 5
133 Feb 3512 July
4
813 Feb 5
Transamerica Corp__ __No par
25 Mar
8
812 Jan 3
93 July
8
812 Jan 2 1312 Feb 17
Transue dr Williams St'l No par
24 Mar 1712 July
63 Feb 3
4
44 Jan 8
Tr -Continental Corp__No par
23 Feb
4
81 July
/
4
No par 8014 Jan 9 78 Apr 20
41
Apr 275 May
8% preferred
Trim Products Corp_No par 33 Jan 8 40 Feb 3
2018 Feb 387 July
8
158 Jan 3 3 12 Feb 23
Truax Traer Coal
13 Apr
No par
51 July
/
4
95 Feb 19
8
/ Jan 4
1
4
2 Mar 123 June
10
4
Truscon Steel
4
25 Jan 6
8
4 Jan 15
Ulen & Cm
No par
81 June
/
4
33 Jan
Under Elliott Fisher Co No par 36 Jan 5 5113 Jan 20
914 Feb 3912 July
8
Union Bag & Pap Corp_No par 43 Jan 8 607 Feb 23
512 Jan 60 July
Union Carbide & Carb_No par 4112121ar 27 504 Jan 19
1934 Feb 517 July
8
Union 011 California
812 Mar 234 July
25 154 Mar 21 2012 Feb 5
154 Jan 9 21 Feb 5
Union Tank Car
1013 Feb 2234 June
No par
1758 Feb 13 374 Feb I
1612 Mar 464 July
United Aircraft & Tran_No par
/
4
No par 23 Jan 8 291 Apr 26
1311 Feb 2758 July
United Biscuit
92 May III Dec
Preferred
100 107 Jan 9 11512 Apr 27
4
United Carbon
101 Feb 38 Dec
/
No par 35 Jan 4 453 Apr 25
4
84 Feb 7
4 Dec 1412 June
412 Jan 4
United Corp
No par
2213 Nov
3
Preferred
No par 24 4 Jan 3 3778 Feb 7
404 June
618 Dec 12 Sept
91 Jan 8 1814 Apr 28
/
4
United Drug Inc
5
8
87 June
3 8 Jan 2 107 Apr 26
3
8
United Dyewood Corp
10
8 Feb
4
6 Apr 25
1 Mar
84 July
318 Jan 10
United Electric Coal___No par
2314 Jan 68 Aug
United Fruit
No par 59 Jan 5 77 Apr 21
137 Dec 25 July
8
1412 Jan 4 2018 Feb 6
United Gas Improve
No par
8212 Dec 100
Jan
Preferred
No par 86 Jan 8 9812 Apr 27
13 Jan
353 Feb 19
513 July
100
13 Feb 13
4
:United Paperboard
313 Mar 217 July
8
/
1
4
7 Jan 8 13 Feb 20
United Piece Dye Wka_No par
35 Dec 85 July
100 49 Jan 12 88 Feb 21
8)4% preferred
3 Feb
4
6 Apr 20
714 July
United Stores class A__No par
314 Jan 11
45 Mar 86 July
Preferred class A___ _No par 5418 Mar 21 66 Apr 16
Apr 24
214 Apr 5112 July
/
1
Universal Leaf Tobacco No par 4014 Feb 26 504
Apr 35 June
10
8
Universal Pictures tat pfd 100 167 Jan 8 464 Apr 11
3 Feb 18
14 Apr
33 July
8
Universal Pipe & Bad
1
114 Jan 2
612 Ma
2212 July
U S Pipe & Foundry
20 18 Jan 4 33 Feb 7
124 Apr 10 may
/
1
8
193 Feb 23
1812 Jan 11
let preferred
No par
1
4 Jan 31
Oct6 June
DI Jan 5
US Distrib Corp
No par
7 Feb 2938 July
1913 Jan 4 2712 Feb 5
U 9 Freight
No par
318 Feb
17 July
814 Jan 2 1514 Feb 5
/
1
4
US & Foreign Seettr_ No par
3612 Mar 84 July
/
1
4
No par 63 Jan 5 78 Feb 28
Preferred
18 Feb 5313 July
US Gypsum
20 3712 Mar 22 5012 Jan 24
7% preferred
100 115 Jan 10 132 Apr 26 10114 Jan 121 Sept
132 Apr
1178 June
5
U S Hoff Mach Corp
5
4 8 Jan 9 1018 Apr 21
4
1313 Feb 94 July
U 9 Industrial Alcohol_No par 4914M11y 4 843 Feb 9
114 Jan 24
23 Mar 1714 July
8
8 Jan
/
1
4
US Leather v t o
No pa
414 Feb27 July
191 Feb 1
/
4
14 Jan
/
1
4
No par
Class A v t e
30 Feb7814 Sept
80 Jan 30
100 5511 Jan
Prior preferred v t o
1234 Feb 2
4
2 13 Feb1413 July
73 Jan
U 9 Realty & Impt___No pa
24 Apr 21
24 Feb25 July
No par 144 Jan
U 9 Rubber
6114 Apr 20
511 Feb43 8 July
100 2418 Jan
7
1s1 preferred
13512 Feb 16
8
1312 Jan 1054 Sept
U S Smelting Ref & Min___50 965 Jan 1
3912 Jan 58 Sept
6318 Apr 21
50 5413 Jan 1
Preferred
233 Mar 6712 July
8
8
100 4558:slay ' 597 Feb 19
U 9 Steel Corp
53 Mar 10512 July
100 88 Jan 9 9912 Jan 5
Preferred
No par 99 Jan 5 110 Feb 6
Jan 10913 Dec
59
U 8 Tobacco
54 Feb 6
1
25 Jan 5
8
Utilities Pow & Lt A
14 AD
84 June
1 Jan 2
Vadsco Salem
No par
17 Jan 25
8
3 Jan
8
318 July
4
7 8 Mar 3614 July
5
Vanadium Corp of Am_No par 21 Jan 5 313 Feb 19
5
412 Jan 2 114 Apr 18
15 May
8
10 July
Van Raalte Co Inc
2012 May 65 Sept
100 2544 Mar 1 98 Feb 5
/
1
7% 1st pref
2318 Dec 31 Sept
5 245 Jan 4 343 Apr 23
4
8
Vick Chemical Inc
54 Jan 23
318 Jan 11
5 Feb
8
Virginia-Carolina Chem No par
73 July
8
33 Mar 2812, July
8
100 1413 Jan 3 26 Feb 5
6% preferred
3532 Mar 8312 July
100 59 4 Jan 8 7312May 1
3
7% preferred
Virginia El & Pow 28 pf No par 65 Jan 2 78 Jan 30
60 Dec 8553 Jan
9 Feb 23
44 Jan 11
24 Feb
15 May
Virginia Iron Coal & Coke_ 100
100 52 Jan 4 79 Mar 9
Vulcan Detinning
123 Feb 677 June
4
8
8 8 Feb 20
7
Waldorf System
No par
5 Jan 2
/
1
4
54 Dec 12 July
/
1
Walgreen Co
No par 2214 Feb26 284 Apr 4
Apr 1012 Sept
100 8412 Jan 4 10534 Apr 30 75
651% preferred
4
No par
84 Feb 1
23 Jan 4
Walworth CO
8
83 June
4 Apr
Ward Baking clam A__No par
218 Mar 20 July
613 Jan 5 12 Feb 5
34 Feb 5
21/ Jan 11
Class 13
No par
2
53 July
53 APr
1112 Apr 447 July
100 274 Jan 5 36 Jan 24
8
Preferred
Warner Bros Pictures
5
44 Jan 6
1
Feb918 Sept
814 Feb 5
$3.85 cony prof
No par
1813 Jan 19 314 Apr 24
414 Feb2412 Oct
Warner Quinlan
478 June
15 Jan 4
8
No par
5 Mar
8
37 Feb 16
8
Warren Bros
24 Feb223 June
No par
53
9 8 Jan 4 13 Jan 24
3
8
Convertible prof
No par
8
16 Jan 8 287 Apr 23
712 Feb35 8 June
5
Warren Fdy & Pipe
No par 2334 Apr 9 31 Jan 20
5 Feb30 Dec
Webster Eisenlohr
7 Jan 25
8 July
1
No pa
Jan
412 Apr 30
Wells Fargo & Co
1
Is Apr
214 Jan 23
312 June
1 Jan 17
WO880/106 & Snowdrift No par 15 4 Jan 4 273 Feb 21
7 Mar 3712 July
8
3
Cone preferred
No par 5212 Jan 5 60 Feb 23
40 Mar 63 July
Western Union Telegraph_100 48'
1714 Feb7714 July
8
-,,May 4 867 Feb 6
/
1
4
Westingnie Air Brake_No par 26 Jan 5 38 Feb 6
4
113 Jan 3552 July
4
Westinghouse El & Mfg___50 35 Jan 4 4714 Feb 5
/
1
4
193 Feb583 July
8
let preferred
6012 Feb98 July
50 8312 Jan 17 92 Jan 30
Weston Eleo Instruml_No par
313 Feb1314 July
84 Jan 3 14 Feb 5
10 Mar 2214 July
Class A
163 Jan 5 23 Mar 27
8
No par
West Penn Elea class A_No par 4412 Jan 8 68 Apr 26
30 Apr 73 June
37 Apr 773 June
Preferred
100 513 Jan 8 77 Apr 20
4
4
3313 Apr 6912 July
6% preferred
100 45 Jan 3 67 Apr 16
West Penn Power pref
8812 Dec 1103 Jan
100 8912 Jan 2 10911May 4
8
80 Dee 101
6% preferred
100 783 Jan 10 10112 Apr 21
2
Jan
West Dairy Prod ol A_ _No par
3 Jan 10
212 Apr 114 June
614 Jan 30
Class B v t c
4 Mar
No par
212 Jan 30
l's Jan 3
414 June
147 Jan 12 271 Feb 8
2
Westvaco Chlorine Prod No par
5 Mar 2013 July
/
4
19 Jan 6 29 Feb 21
Wheeling Steel Corp___No par
74 Jan 35 July
Preferred
100 38 Jan 4 57 Feb 26
15 Feb 67 July
White Motor
50 1653 Jan 8 2813 Feb 19
14
Jan 2812 July
WhiteRkMinSpr ctfnewNo par 24 Jan 4 3113 Apr 19
23 Oct 29
Oct
White Sewing Machlne,No par
37 Feb 6
8
14 Jan 8
4 Jan
41 July
/
4
Cony preferred
54 Jan 12 1114 Apr 20
118 Jan
No par
1012 July
Wilcox 011 & Gas
53 Apr 5
4
34 Jan 9
2 Mar
5
513 Juno
9 Apr 11
Wilson dr Co Inc
44 Jan 8
No par
11 June
4 Jan
1214 Jan 9 264 Apr 13
Class A
4
No par
Jan 22 June
Preferred
19 Mar 7213 July
100 53 Jan 8 841, Apr 11
Woolworth (F NV) Co
544 Apr 21
.
10 4114 Jan
254 Apr 504 July
Worthington P & W
100 21 Jan 5 314 Feb 5
8 Mar 397 July
8
Preferred A
100 34 Jan 10 53 Jan 24
14 Mar 51 June
Preferred B
100 30 Jan 10 42 Jan 24
14
Feb 47 June
Wright Aeronautical___No par
164 Jan 8 75 Jan 27
6
Apr 24 May
Wrigley (Wm) Jr (Del)No par
5412 Jan 11 65 Apr 20
3412 Feb5714 Dec
Yale & Towne Mfg
_ __25 14 Jan 5 22 Apr 24
7
Jan 23 Juno
Yellow Truck & Coach ol11.10
418 Jan 2
7 Feb 19
/
1
4
Co24 Mar
7 July
/
1
4
Preferred
100 28 Jan 2 4713 Apr 26
18 Mar 42 July
15 Jan 8 22 Feb 19
/
1
4
Young Spring & Wire.No par
312 Mar 1918 July
Youngstown Sheet dr T_No par 2112 Jan 3 33 Feb 19
/
1
4
712 Feb
3753 July
Zenith Radio Corp._ ..No par
4 Feb 5
/
1
4
3 Jan 12
5 I7eo
12 Feb
54 Jan 16
Zonite Products Corp
7 Feb 19
/
1
4
1
35 Feb
8
812 July

.
Bid and asked prices, no sales on this day. I Companies reported In receivership.




PER SHARE
Range Since Jan. 1.
On basis of 100-share lots.

a Optional sale.

c Cash sale. 2 Sold 7 days. x Ex-dividend.

y Ex-rights.

New York Stock Exchange-Bond Record, Friday, Weekly and Yearly

3059

On Jan, 1 1909 IS Exchange method of quoting bonds was changed and prices are now "and interesr-except for income and defaulted bonds.
-Cash and deferred delivery sales are disregarded in the week's range, unless they are the only transactions of the week, and when selling outside of the
NOTICE.
regular weekly range are shown in a footnote in the week in which they occur. No account is taken of such sales In computing the range for the year.
BONDS
N. Y. STOCK EXCHANGE
Week Ended May 4.

*1 .
.4 a.

Price
Friday
May 4.

Week's
Range or
Last Sale,

4. .
,0,2.1
.
0
5

U. S. Government.
Ind
Ask Low
High No.
First Liberty Loan-34 of '32-47 J D 1033144 Sale 1037341101144 397
1 D ____ ____ 100174a.lan'34 ---Cony 4% of 1932-47
1 D 101,133 Sale 1033
Cony 44% of 1932-47
.421011142 176
J D 101% 1013 1027°44Apr'34 --211 cony 44% of 1932-47
.
Fourth Lib Loan 44% of '33-38 A 0 101331 Sale 101 33 1013, 491
,
44% (2d called)
_ 1021744 Sale 102134410217o 263
Treasury 44e
1947-1952 A 0 1111444 Sale 1103,
44111 1.3a 1142
Treasury 41.4s to Oct 15 1934.
thereafter 34%
1943-45 A 0 10274a Sale 1021144102510 570
Treasury 4s
1944-1954 J D 1073344 Sale 1067,
421075442 342
Treasury 3)4s
1948-1956 M 5 101 11Sale 1051744106
736
Treasury 34s
1943-1947 J D 1031344 Sale 103744 1031$44 233
Treasury 3s___Sept 15 1951-1955 M 9 1006,8 Sale 9925
.1003n 1723
Treasury 3)45 June 15 1940-1943 1 D 103243 Site 10314421037
% 393
Treasury 34e Mar 15 1941-1943 M S 103233 Sale 103138,10329.3 515
,
Treasury 34s June 15 1940-1949 J D 101193 Sale 101 13001,933 814
,
Treasury 348
Aug 1 1941 F A 1031933 Sale 10393, 103293, 1017
Treasury 3 Its_ _ _ ____1944-1946
- 1021344 Sale 101274410213o3599
Fed Farm Mtge Corp 34,s__1964 51S 102544 Sale 101u:41025n 551
--Home Owners Mtge Corp 49_1951 J J 1002232 Sale 100123,1002231 1379
State & City-See note below.
Foreign Govt. 8. Municipals.
1947 F A
Agri° Mtge Ranks 1 63
Feb 1 1934 subtle(' coupon__
A0
Sinking fund 69 A _Apr 151948 -With Oct 15 1934 coupon___ - .,
Akershus (Dept) 614 Se
1963 MN
Antlopula (Dept) coll 76 A 1945 J J
External e f 75 ser 13
1945.5 1
External ,t 7e ser 1_1
1945.5 J
External 9 1 7s ser D
1945.5 1
1957 A 0
Externals f 78 let ser
External see s I 78 211ger 1957 A 0
External sees f 7e 3d ser 1957 A 0
Antwerp (City) external 58_1958 J D
Argentine Govt Pub Wks 88_1960 A 0
Argentine 88 of June 1925 1959 J D
Extl to f Os of Oct. 1925._ --1959 A 0
1957 M 5
External St Os series A
External 68 series B_Dee 1958.5 D
Esti s f 8s of May 1920-1960 M N
Externals t 13s (State Ry)_1960 M 5
Exit 65 Sanitary Works_ _1961 F A
Extl 89 pub wks May 1927 1981 SIN
Public Works extl 5)4s,..,.1902 P A
Argentine Treasury 53 _ _1945 M S
Australia 30-yr 58___July15 1955.5 J
f-External Ss of 1927_ _Sept 1957 M S
External g 434s of 1928_1956 M N
Austrian (Govt) a t 78
1943 1 D
Internal sinking fund 78_1957 J 1

22181'____
243 Sale
8
2218 Sale
225 25
8
7918 Silo
113 Site
8
llis 113
4
1118 12
1118 12
1012 1112
10is Ill
10'21.113
4
917 Site
8
7538 Silo
75 Silo
7512 Site
75 Silo
7112 Site
754 Site
7412 Silo
7518 Site
75 Silo
68 I Site
9318 9518
95 i Site
95 Silo
9314 Silo
993 997
4
8
76 Silo

3
23%
2212
22
243
8 21
2414
1
2414
2314
2
24
7918
4
31
1114
1214 24
1034
1112
8
11
11
2
103
4
1118
8
1134 Apr'34 _-__
1118
1138
12
1018
11
3
9118
9178 32
74
7538 59
7318
753
8 59
7338
7512 48
7318
7514 39
7318
75
57
7318
753
8 26
46
7314
75
735s 17518 37
20
733 A 75
8
37
6612
88
94
9418 35
95
65
94
9418
95
43
9178
9314 61
9912
997
8 11
7234
22
76

Bavaria (Free State) 610_1945 F A 4112 Sale 4138
4212 27
Belgium 25-yr esti(349
1949 M S 10118 Silo 101 8
103
11
1988 J J 10034 10112 1003
External s f 68
4 10112 20
External 30-years f 7O
1955 1 D 107 Silo 10618
23
107
1956 MN 105 Sale 10412 105
Stabilization loan 7e
46
Bergen (Norway)58-013t 15 1949 A 0 793 85
8
8212 Apr'34 -External sinking fund 58.-1980 M 5 8012 8112 8018
6
8112
Berlin (Germany)8 f 649
1950 A 0 33 Site 3212
7
3414
External s f 69_ -June 15 1958 J D 33 4341 3212
15
35
4
Bogota (City) esti s188
1818
1945 A 0 18 1 20
1934 18
Bolivia (Republic of) ext189_1947 M N
918 Silo
812
914 15
External secured 78 (fiat).1958 I J
77e Site
7
63
8
External 5175 (flat)
1969 M 8
77 Site
8
25
7
8
Bordeaux (City of) 15-yr 69_1934 MN 169 170 169
4
16918
Brazil(US ot) external 89_1941 J D 3114 3212 3114
3214 33
External 91 03.4s of 1928 1957 A 0 263 Silo 28
8
2612 74
External s I 849 of 1927 1957 A 0 263 Silo 28
8
287
8 48
78 (Central RY)
1952 1 D 2714 Silo 2812
9
2714
Bremen (State of) esti 7e
4
1935 Ni S 543 5718 5412*
14
56
Brisbane (City) s 1 58
1957 M 5 8414 Silo 8412
843
4
5
Sinking fund gold Eis
4
1958 P A 843 Silo 813
7
8
847
8
20
-year a 1 Os
1950 J D 9312 94
93 Apr'34 ____
Budapest (City) sills t 68_1962 1 D a4318 Sale 43
433
8 17
Buenos Aires(City)64s 2 B 19551 .1 6518 67
6518
10
67
External s t (is ser C-2
Apr'34 ____
1960 A 0 69_ 60
External a 1 89 ser C-3_ __ _1900 A 0 8118. -6i 63
Apr'34 __
Buenos Aires (Pros') eat! 69_1961 M 5 4512 Silo 4512
7
4018
Stpd (Sep 1 '33 coup on)1961 M S 3818 Silo 384
397
8 52
Externals f 64s
8
1961 F A 463 ____ 41
Apr'34 ____
Stpd (Aug 1 '33 coup On)1981 F A
40 Site 40
13
41
Bulgaria (Kingdom) at 7s__ _1987 1 J 2212 Site 2212
2212 10
Stabil'n 8 1 74s__Nov 15 1968 MN
24 Site 24
215
8 11
Caldas Dept of(Colombia)7348'46 J J
1412 1612 14
15
21
Canada (Dom'n of) 30-Yr 49_1900 A 0 9.534 Silo 9914
993 177
4
59
1071
1952 M N 1077 Silo 10738
8 47
4)4s
1938 F A a1033 Silo 1035
8 1033
8
4 29
Carlsbad (City) at Ss
1954 J J 7814 704 78
1
78
Cauca Val (Dept) Colom 749'46 A 0 1412 1612 1312 Apr'34 _
Cent Agric Bank (Gee)
_1950 M S 564 Silo 56
31
57
Farm Loan St 8s__July 15 1980 .1 J 4912 Silo 49
7s.5012 39
Farm Loans 1 68__Oet 15 1960 A 0 49
50
49
64
501
Farm Loan tho ser A Apr 15 1938 A 0 555 Silo 55
8
5534 31
Chile (Itep)-Ext1 5 f 78
1942 MN
157 SID 133
8
8
157
8 35
External sinking fund 89 1960 A 0 1514 Silo 134
153 183
8
Ext sinking fund (is_Feb 1981. F A
1514 Silo 133
4
1534 140
Ry ref eat a f 6s
153 207
4
153 Silo 1312
Jan 1961 J J
4
Ext sinking fund 69__Sept 1961 Ni 5 1512 Silo 1334
153
4 91
External sinking fund 89__1962 M S 155 Salo 1314
8
1538 88
External sinking fund 69_1903 M N
1512 Silo 1314
153 143
4
Chile Mtge lik 6348 Juno 30 1957 1 D 1518 Silo 1418 I
1512 123
S f 654s of 1920__June 30 1961 J D
1614 Silo 15 j(
1614 38
Guar s 1 6s
Apr 30 1961 A 0 1514 Silo 14 1
1512 70
Guar s t 6s
1518 Site 133 i
1982 M N
4
1518 51
Chilean Cons Muni° 7s
1980 ME 5 1012 Sala 10 1
11
6
8
Chinese(Hukuang RY)5s_ _1951 J D 387 Silo 3878 I
3912 43
Christiania ((Oslo) 20-yr St (is '54 M 8 9018 93
90
Apr'34 __
cologne(City)Germany 8491950 M S 3238 ____ 324
3312 12
Colombia (Rep)6s of'28_ _Oat'61
3112 3014
Oct 1 1933 and sub coupons on. A 0 30
31
21
Apr 11938 and sub coup's on ---- 27 Silo 253
8
27
107
3112 10
Enter 69(July 1 '33 coup on)'61 J J 2814 3112 31
WithJuly 1 1934 eoupon on__ ..-.. 27 Sala 2514
72
27
Colombia Mtge Bank (3 49 of 1917 A0 2212 Sala 21
2212 38
2212 8119 2112
2212 46
Sinking fund 7s of 1926_1916 MN
2118 23
Sinking fund 7s of 1927_1917 F A
2012
2212 57
Copenhagen (City) Se
1952 1 D 7918 80
7812
701
4 21
1953 M N 7612 Silo 7514
7012 44
25-year g 449
3514 176
Cordoba (City) extl a f 7a,,.1957 F A 35 Sits 3314
36
8
Apr'34 __
External St 79__ __Nov 5 1937 MN 335 40
487
8
Cordoba (Pros') Argentina 7s1912 5 J 4812 Silo 4312
5
Costa Rica (Republic)Apr'34 ---78 Nov I 1932 coupon on_1951 M N
35
____ 33
4
213
4 ___ 213
7
22
76 May 1 1936 coupon on_1951 -_
9214 Apr'34 ____
93
Cuba (Republic) 5s of 1904_1944 M S 9114 External 50 of 1914 ser A 1949 F A 94__ 95 Apr'31 ___
7612 11
76
7612 - 80
External loan 449
1949 F A
4
78
Sinking fund 539s Jan 15 1953 .1 J 7714 Silo 7714
3434 33
Public wks 549 June 30 1915 1 D 3438 8113 34
1514
11
Cundlnamarca 814s
1959 Ni N
143 Silo 1334
8

Range
Since
Jan. 1.
Low
High
100444 104144
1001,331001133
10134,10411 3,
1021.4410231n
1131211,, 104,
44
10234410213n
10411441111,n
97134410231n
1015144107244a
100%1 106
9853441031344
9313
.10(Po
98334410317n
983.4410333n
9519311011913
97174,1032933
101744 10213o
101334,1023n
100123310022n

182
4
20
1538
16
6812
134
9
938
818
818
8
8
824
5312
5312
63
53
5358
533
8
5312
5238
5258
4712
803
4
8812
89
83
914
50

25
25
2512
2512
815
8
173
4
17
17
1714
1434
145
8
145
8
9912
7312
7812
787
8
7838
7812
7812
7314
7812
7812
7112
99
9738
9738
95
100
76

4014 5912
95 105
94 10412
99 109
957 1063
a
4
88
8212
8812 8212
3212 52
3012 4912
1718 24
618 113
4
53 1012
4
514 1012
149 17014
4
223 3612
2014 32
2014 32
2012 32
5318 6318
7314 88
8772
73
83
955
8
3118 4612
4618 684
47
60
4514 63
3914 48
264 4418
3138 4612
27
42
187 24
a
23
2812
103 183
2
4
92
997
8
10314 1033
4
1003 10118
4
6711 8012
103 19
4
55
73
4612 69
4612 69
4912 70
9
16
718 16
7
153
4
7
153
4
73 154
4
714 155
8
718 16
912 1512
10
1814
818 1512
8
)513
7
12
273 4278
8
813 93
8
31
50
2112
185
8
21
1812
15
1512
15
834
5912
14%
2978
251a

353
8
3212
3534
321s
24
24
26
84
7812
3.5l4
36
5338

30
183
4
747g
93
627
8
6172
23
104

33
22
95
95
78
8418
417
8
193
4

.... ...
$,32
BONDS
3.. o
N. Y. STOCK EXCHANGE 4*E
Week Ended May 4.z..'a..

Price
Friday
May 4.

Week's
Range or
Last Sale.

.2. .
d.
j.:
ti:it

Range
Since
Jan. 1.

Foreign Govt. & Munk.(Con.)
Bid
High
Ask Low
High No. Low
Czechoslovakia (Rep of) 8s__1951 A 0 9912 Sits 993
4
88 101
9912 18
Sinking fund 8s ser B
1952 A 0 99 101 100
90 101
5
100
Denmark 20
-year extl eis
1942 1 .3
963 5113 953
4
4
9614 31
864 9714
External gold 5349
1955 F A 9114 Oils 90
833 9512
9114 56
4
External g 44s__Apr 15 1982 A 0 83 Salo 82
71
87
67
83
Deutsche Bk Am part ctf 60_1932
Stamped extd to Sept. 1 1935_ --- 6914 717 73
Apr'34 ____
8
7112 77,
4
Dominican Rep Cust Ad 534s '42 M 5 63 Silo 6218
433 65
9
63
let ser 534s of 1928
1940 A 0 513 59
57
4
36
40
55
57
211 series sink fund 5)4s
1940 A 0 5434 55
6
543
4
56
374 57
Dresden (('ity) external 7s 1945 M N a5314 Sets 53
46
584
5
54
Dutch East Indies esti 88_1947 J .1 16114 Salo 16212
16412 20 150 185
40-year external Os
1982 M S 16438 Sale 162
4
16412 35 1511 165
30
-year extl 54s
Nov 1953 M N 1635 Sale 16212
8
5 151 16412
16358
30
-year ext 54s___Mar 1953 M S 163
____ 165
Apr'34 ____ 15112 165
El Salvador (Republic) 8.9 A.1948 J 1 5518
484 60
5212 Apr'34 ____
.1 1 51
38
55
51
54
Certificates of deposit
Apr'34 ____
Estonia (Republic of) 7s____1967 1 J 75
577 76
8
8
75
7512 75
9714 13
Finland (Republic) ext 6s___1945 54 5 9612 9712 298
79
9734
Externalsinking fund 78_1950 M s 9912 s 7 99 4
8612 10014
S
3
997
8
8
9 ,8 91 963
7
sink fund
External
7812 99
975
8 10
63.4s_1956 Ni
9112 Site 904
External sink fund 549-1958 F A
78
934
9112 40
9512
Finnish 1VIun Loan 645 A__I954 A 0 93
77
1
9414
9414
95
External 64s serial B____1954 A 0 933 Salo 933
4
4
933
4
7512 95
1
Frankfort(City of) 51 6348._1953 M N
3114 347 33
293 48
4
9
8
35
French Republic eat) 748_1941 1 D 1825 Sits 1793
4
8
1823
4 29 15414 1823
4
External 78 of 1924
1949 J D 182 Silo 180
23 160 182
182
German Government InterneUm:111135-yr 510 of 1930_1905 J D 453 Salo 433
4
404 8312
8
4
465 585
German Republic esti 7s
1949 A 0 7112 Sale 6812
6412 87,
2
733 453
4
German Pros' & Communal Bks
4
(Cons Agile Loan) 834s A.1958 J D 4014 Silo 3818
363 7112
28
41
Graz (Municipality) 88
573 8619
8
8
1954 MN 8618 Site 823
11
8618
Only unmatured coupons on _ __
62
62
- 58
Apr'34 ____
____ 62
(It Brit & Ire (II K of) 5 49_1937 -- 120 Sale 11918
FA
2
84 1113 124
120
4
t'll% fund loan L oPt 1960A990 MN (411634 Site 211614 211614 76 109 11712
Greek Government steer 78.1964 MN
2914 32
2812 Apr'34 ____
22
33,2
8 t sec 6s Aug '33 coupon-1988 F A 2318 21
183 31
4
7
24
24
Haiti (Republic) a 1 6s ser A.1952 A 0 75 Site 75
7411 81
11
75
Hamburg (State) tle
3334 58
1946 A 0 3412 Silo 3412
12
3514
Heidelberg (German) extl 7349'50 J 1 27
Apr'34 ____
2714 31
30
44
Heigh:10(3re (City) ext 0 34s 1980 A 0 9412 Silo 9312
9412 55
724 95
Hungarian Manic Loan 7to 1945 J J
285 4414
8
3934 Silo 3814
7
393
4
External ,f 75 (coup)
4312 Sae 4218
1946 J J
4312
30133 45
7
Hungarian Land M Inst 734s '01 M N
5018 Sale 5018
3312 5012
1
5018
Sinking fund 748 ser B
31
5018
1961 M N 5018 Site 5018
2
5018
Hungary (King of) s f 743_1944 P A
3112 4214
383 4012 3812 Apr'34 ____
4
Irish Free State extl et 59
4
1960 M N al143 Silo 114
14 11018 116
11514
Italy (Kingdom of) extl 7s 1951 J 13 1003 Silo 9934
8
993 102
3
10038 78
Italian Cred Consortium 78 A '37 M S 9934 Site 98
95 100
7
993
4
External eee vile ser B
914 100
1947 M 9 98 Site 98
2
98
Italian Public, Utility extl 78_1952 1 J 92
9238 903
8614 931a
4
923
4 18
Japanese Govt 30-yr 81649_1951 P A 934 Silo 9112
86
9612
933 101
4
Extl sinking fund 549_1985 MN 82 Site 813
731 88
8
8314 47
:
Jugoslavia (State Mtge Bank)
4212
Secured s t g 79
32
1957 A 0 42 Sae 42
4212 11
23
27
27
Apr'34 ____
27
7s with all unmet coup A957- -- 18
374 62
1947 F A 6134 Site 60
28
Leipzig (Germany)8 t 78
62
Lower Austria (Pros') 754s_1950 I D 81
____ 8118 Apr'34 __._
60
814
Only unmatured coups attach'd __ 8212 ____ 50 Feb. ____
50
63
34
Lyons (City of) 15-year 88_1934 M N 16914 Silo 169
9 149 170
16938
Marseilles (City of) 15-yr 69.1934 MN 16912 Silo 16734
4
6 149 170,
16912
8
Medellin (Colombia) 6129_1954 J D
8% 163
12 Silo 1118
18
12
5
Mexican Irrig Asstng 448_1943 MN
4,
4
73
4 53 Apr'34 ____
2 73
9
Mexico (US) extl 5.9 ot 1899 £ 45 Q J -------- 4 Sept'33 ____ -.-- --614 10
812 Apr'34 _
Assenting Soot 1899
1945 ---- ____ 25
918 Apr'34 ____
712 1114
Assenting Sc large
718
718 25
718 8
Assenting 5s small
438
Assenting 40 of 1904
714
3
5
5
5 Sile
1984 ---414 Mar'33 -----------53
8 6
Assenting 48 of 1910
_
Assenting 4s of 1910 large
8 Apr'34 __
---- --_- ____
54
3
4
424
838
2
5
Assenting 4s of 1910 sinall
5
,....2 --_- ___
•
Tress 89 of'13 assent (large)'33 J J
•
•
•
*
Small
*
4
Milan (C)ty. Italy) esti 634s 1952 A 0 893 Site 893
8511 917
4
8
a
29
90
Minas Geraes (State) Brazil
21
17
4
External s t 830
1958 M 8 183 2012 1718
1814 59
1834 Site 1814
Ext 600 641 series 31-.1959 M S
1712 23,
3
183
4
2
36
2714 35
35
Montevideo (City of) 7s
1952 1 D 35
10
35
31
2614 31
2912
External s t 6s series A
1
2912
1959 MN 27
New So Wales (State) extl Se 1957 F A 9312 Silo 9212
85
98
9312 14
8514 95118
External s f 55
9312 16
Apr 1958 A 0 9312 Salo 93
8
Norway 20-year ext 69
9112 101,a
1913 F A 1003 Silo 9918
10012 30
1914 F A 9914 101 99838
9014 101
20-year external Os
10934 26
4
8912 100
30-year external 68
1952 A 0 991 Silo 9812
9978 60
2
8
40-year s f 5 49
1334 95,
18
94
1965.5 D 937 Sets 93
8012 92
External a t 5s___Mar 15 1963 M S 9114 Silo 903
8
914 26
8312 91
Municipal Bank ext18159.1967 I 0 90
5
__ _ 90
90
91
81
8
8
Municipal Bank extl 9 f 59_1970 J D 90, Silo 90
90 18
4
3134 Salo 313
313 5512
14
4
Nuremburg (City) extl 6s
1952 P A
35
7712
(35
7212 18
Oriental Devel guar 69
1953 M 3 7212 Site 7114
4
623 74
Extl deb 534s
1958 MN 6814 7212 69
6912 18
7618 93
4
0 (City) 30-year 8 ? 68_1955 M N 9114 Silo 91 14
,
310
927e
98 10312
Panama Mew esti 554,,,_._1953 1 D 10312 Silo 10314
6
10312
2918 44
2
Esti a f 5seer A___May- 1983 M N 3914 13113 23914
3912
15
293 44
8
8
40 Silo 39
Stamped_
40
Pernambuco (State of) extl 75 '47 hi 5 1312 Silo 1212
15
1414
107 184
8
812 17
1512 10
Peru (Rep of) external 7s
4
1959 11/I 5 1512 Silo 143
5 2 144
7
104 Silo
Nat Loan sills f Os 1st ser 1980 J D
112
93
4
11
614 1418
23
Nat loan esti s Its 211 ser_ 1961 A 0 11 Silo
91
11
4
77
59
16
Poland (Rep of) gold 89
77
1910 A 0 77 Salo 75
88 1074
1073 178
8
Stabilization loan 9 f 79_...1917 A 0 10714 Silo 10314
6914 87
103
External sink fund 4:83
87
1950 / J 8534 Salo 85
18
244
4
1812
Porto Alegre (City of) 81_1981 J D
1712 1912 18
1718 244
Ent guar sink fund 710_1988 1 .1
173
8 13
174 Silo 1718
83 100
Prague (Greater City) 7)4s._1952 M N 92 100
Apr'34 ____
99
3978 76
Prusala (Free State) extl 6349 '51 Ni 5 33 Silo 3718
374 58,
2
39i2 35
3612 5712
Externals f Os
1952 A 0 38 Silo 3512
2 102 10612
Queensland (State) extl ef 78 1941 A 0 10312 105 1011
4
10512
25-year external 6s
9412 103
3
10214
1917 F A 101 102 102
Rhine-Main-Danube 78 A
50
674
4
55
1950 Ni 5 55 Silo 53
Rio Grande do Sul extl to f 89_1916 A 0 2314 Silo 23
26
20
13
2414
External sinking fund 133_1968 J D
1814 24
23
19
Silo 1814
1838
External e 1 7s of 1926
1312 24
193
8 15
1812 Silo 1812
1986 MN
External s f 7s munic loan_1987 J D
13
20
1812 Silo 1812
1838 2414
Rio de Janeiro 25
-Years t 81_1916 A 0 2014 Sao 20
1712 2238
2014
6
External s 1 854s
1712 22
20 3
8 33
2014 Silo 20
1953 F A
Rome (City) sill 649
8712 92
9112 42
1952 A 0 9112 Silo 9012
Rotterdam (City) esti 89_1984 M N 1173 Silo 1173
3 112 134
4
4
1173
4
Roumania (Monopolies) 79_1959 F A
2314 40
2912 11
2312 8113 2612
Saarbrueeken (City) 69
684 79
23
79
1953 I J 79 Silo 78
Sao Paulo(City)s 1 80__Mar 1952 MN
2314 30
3
2112 2512 25
25
Externals t 034s of 1927_1957 M N
3
173 24
2112 2312 23
2312 13
San Paulo (State) 02118 f 88_1936 .1 J 31 12 Silo 3014
3112 18
18
33
External sees!89
8
133 25
8
14
25
1950 1 J 297 2318 2012
External a f 75 Water L'n_1956 Ni 5 20
1312 21
2
23
2412 23
External 9 t (19
8
125 22
1988 J J
4
20,8
1038 Sits 1914
Secured a 1 78
65
864
7912 118
8
1940 A 0 783 Silo
Santa Fe (Pray Ant Rep) 7s_1942 Ni S 30
33
18% 34
2
77's
3
0
30
Saxon Pub Wks(Germany) 78 '45 P A 6212 Silo 60
554 67
7212 41
a
Gen ref guar 634s_ _
607
48
5912 10
1951 M N 4912 Silo 494

For footnotes see page 3064.
NoTE.-Sales of State and City securities occur very rarely on the New York Stock Exchange, dealings in such securities being almost entirely over the taunter.
weurities, will be found on a subsequent page under the general head of "Quotetiong for Unikted Securities."
Bid and limited quotations, however, by active dealers in these,




New York Bond Record-Continued-Page 2

3060
BONDS
N. Y. STOCK EXCHANGE
Week Ended May 4.

1i
1
...a.

Foreign Govt. &Munk.
(Cond.)
Saxon State Mtge Inst 72_1945 2 D
Sinking fund g 61
/
4
2__Deo 1946.1 D
Serbs Croata & Slovenes 8a_1962 M N
All unmatured coupon on__ ____
Nov 1 1935 coupon on
External sec 72 ear B
1962 M N
November coupon on___ _ _ ---7e Nov 1 1935 coupon on 1962 ,.. _Silesia (Pray of) ext1 7.
1958 J
Silesian Landowner, Assn 6.1947 F A
Samna (City of) exti 82_1938 MN
Styria (Prov) external 78_1948 F A
Sweden external loan 6148_1954 MN
Sydney(City)2 f 51e
/
4
1955 F A
Taiwan Ely, Pow s t 54a_ _1971 J .1
/
1
Tokyo City Sa loan of 1912_1952 M 5
External 2 f 51 guar___ _1961 A 0
/
4
2
Tolima (Dept of) exit 78_ _1947 24 N
Trondhiem (City) let 53;2_1957 MN
Upper Austria (Prov) 7s
1945 J D
Only unmatured coups attch -- External,I 84
/
1
2_June 15 1957 J
Uruguay (Republic) extl 82_1946 F A
Aug 1 1934 couponon ___ _
_
External et f 66
limo M21
_.,
Nov 1934 coupon on
1980 --External. t 88____May 1 1964 MN
Nov 1934 coupon on_ _1984
Venetian Prey Mtge Bank-7e '52 -.A0
Vienna (City of) net 8 f 6e._1952 MN
Unmatured coupons attached_ MN
Warsaw (City) external 78_1958 F A
Yokohama (City) eat] 82_1961 J D
Railroad.
Ala GI Sou led cone A 56_ 1943 1 1:$
cons 48 ear B
r
1943 2 D
Alb & Suaq let guar 3446_1946 A 0
Alleg & West let inl 48
199.3 A 0
Alleg Val gen guar g 42
1942 M S
:Ann Arbor 1st g 48_ _July 1995 Q J
Atch Top & 13 Fe
-Gen g 0_1995 A 0
'
Adjustment gold 42-lull 1995 Nov
Stamped
July 1995 MN
Cony gold 48 of 1909____1955 1 D
Cony 48 of 1905
1955 J 13
Cony g 4a issue of 1910_ 1960 I D
Cony deb 430
1948 2 D
Rocky Mtn Div let 48
1965 J J
Trans
-Con Short L let 48.19581 2
Cal-Arts let & ref 434, A_1982 M El
All Knox & Nor 1st g 52_1948 J D
Atl & Charl AL let 434e A 1944 J 1
1,8 30
-year Si series B__1944 J 2
Atlantic City let cons 48_1951 .1 2
AU Coaat Line Ist cone 42July 52 M S
General unified 045 A
1964 1 D
LAN coil gold 4s__--Oct 1952 MN
Atl & Dan let g 411
19482 1
2d4,
1948 J 1
1949 A 0
Ail & Yad let guar'42
Austin & NW 1st au a58_19411 .1

Price
Friday
May 4,

Week's
Range SY
Last Sale.

Bid
6018
56
2518
1718
1358
233
8
1513
13

In,
goW

Range
&nee
Jan. 1.

Ask Low
/
4
613 601
4
60 60
2612 2514
1938 19
1312
18
24 233
2
17 153
4
17 13
6658 Sale 861
/
4
533 57 53
4
/
1
4
17018 ____ 3170
80 __ _ _ 793
4
10512 Sale 10514
91 Sale 9014
67 6914 68
6818 70 6912
70 Sale 68
1134 Sale 113
4
8312 8512 82
85 ____ 83
/
1
4
---- --__ 74
74___ 74
38
45 39
33
364 36
3018 363 3612
8
3018 Sale 3018
34 Sale 34
3114 Sale 31
104 105
8912 Sale 8734
75 Sale 75
8518 Sale 8412
747 Sale 73
8

High No Low
High
62
5634 71
19
564 70
3
60
24
26
2118 28
16
194 19
22
1312 35
1312 15
2414 26
18
2514
1234 20
1612 34
11
17
Apr'34 ---5238 6712
6712 17
89
50
17
55
3 150 170
170
55
80
Apr'34 _.....
27 102 10934
108
11
93
91
80
8134 7312
6934 44
/
1
4
8814 73
70
8
611 7334
/
4
19
70
1112 17
1
113
4
67
/ 8714
1
4
Apr'34 --_62 88
4
86
74
76
Apr'34 ---484 74
1
74
3 344 46
39
365
33 4018
7
2
30 42
Apr'34 ---274 40
21
34
29 42
/
1
4
1
34
2718 40
5
3212
Apr'34 ---97 2 109
5
58
90
25
90
50
78
2
75
53 6814
82
66
77
9 86
747
8

10314 ,:-.-- 981
/
4
99 Sale 9832
965 Sale 96
8
87 9012 8812
102 10214 10214
55 59 55
101 Sale 10012
9312 __-- 954
95 Sale 9414
9438 ___ 9438
95 105 95
94
95 95
1033 Sale 103
8
975 Sale 9812
8
10
2 103 10218
103 Sale 1027
8
99 4
103583
10112 10114 10112
104 4 105 104
,
90 Sale 90
984 Sale 97
89 Sale 89
/
4
82 Bale 811
49 Sale 49
42
483 45
4
82 64 62
914 933 914
4

:
A137'34 --2 ,
99
21
96
/ 55
1
4
Apr'34 -- ,
1023
4 12
Apr'34 --,,
91
102
Apr'34 ---,
953 112
4
943
8
7
9518 11
Apr'34 --,,
1045
8 56
9758 30
7
103
10418 29
Jan'34 ---,
10112
b
Apr'34 ---,
90
2
9838 61
73
91
8418 27
19
51
I
45
2
62
9
92

94 10312
96 99
85 9658
7334 8812
96 1034
29 60
8
93 1027
84 95
/
1
4
83 9612
8212 954
/
1
80 97
78
/ 95
1
4
9514 105
82
99
/
4
9514 1031
95 105
9934 103
8678 10112
88 10514
75 90
82
981
/
4
74 92
68 85
39
5378
35
47
46 64
794 92
/
1

Bait & Ohio let g 4a-July 1948 A 0
Refund & gen Si series A.1995 0
la gold S.
July 1948 A 0
Ref & gen fls series C
19951 D
P L E & W Vs SYS ref 4a 1941 MN
Southwest DM Mt 54_
1
1950
Tol & CM Div let ref 4a- _1959
.1
A
Ref & gen Ste series D
2000 M 13
Cony 43,4.
1960 F A
1996 M El
Ref & gen M 5s'eer F
Bangor & Aroostook 1st 52_1943 1 1
Con ref 42
1951 1 1
Battle Crk & Stur let go 38_1989 I D
Beech Creek let go g 48_ _ _1938 1 1
24 mar g Si
1
1938
Beech Creek ext Mt g 340_1951 A 0
Belvidere Del ccui, ini 3142_1943
2
Big Sandy 1st 42 guar
13
1944
Bc•ton & Mainenst Si A 0_1967 M 5
et Ms.aeries II
1955 M N
Mt g 41 ear JJ
/
4a
1961 A 0
Boston ANY Air Una let Ais 1955 F A
Bruns & West let go 9 4
8_1938 1 .1
Buff Rod],& Pitts gen ga 5a1937 1M S
Consol 434s
1957 MN
Burl C It & Nor let & coil 52_1934 A 0
Certificates:of deposit
----

9934 Sale 99
170
100
844 179
82 Sale 8012
1061 Sale 106
/
4
107
49
96
75
93 Sale 92
97 4 Sale 9714
3
984 22
9812 Sale 97
9812 59
8612 Sale 864
/
1
8612 14
8012 Sale 80
831 42
/
4
673 Sale 6612
8
7012 325
80 4 Sale 801g
3
8312 87
1053 -- __ 106
10618
4
6
944 30
9414 gale 94
6312 6614 65
1
65
10012 1007 0012 1004 14
8
100
99 4 Apr'34
3
81 ____ 83 Mar'34 --92____ ___ ____
1003 102 10012 Mar'34 ---,
4 8512 Sale 8412
8712 58
88 Sale 8814
/
1
4
49
90
79 4 827 82
3
8
83 4 18
3
8814 7112 7112
72 4 18
,
1001 Sale 10014 10014
/
4
1
104 Sale 104
1044 22
75 Sale 75
76
/ 28
1
4
•
35 40 40 Apr'34 ----

884 100
672 88
4
9812 107
77 9718
85 9812
8318 1004
/
1
68 88
67 85,8
67
7234
6712 85 8
7
101 1063
4
75 95
60 65
90 101
92 99
/
1
4
83 83
___
__
9818 10012
9018
73
734 90
/
1
88 844
51
7312
8878 10014
97 1041
/
4
/
1
4
80 80
•
34
40

Canada Sou cone go 52 A__ _1982 A 0
Canadian Nat guar 41
/
4
2____1954 M 8
30
9_1957 J J
-year gold guar 41
/
4
Guaranteed gold 41
/
42_ _1988 J D
Guaranteed g 58
J1113' 19691 1
Guaranteed g Si
Oct 1969 A 0
Guaranteed g &
1970 F A
Guar gold 41
/
48___June 15 1955 J D
Guar g 430
1958 F A
Guar g 448
Sept 1951 M 3
Canadian North debit 78._1940 J D
-year a f deb'81e
25
19461 J
/
4
10-yr gold 41 _Feb 15 1935 1 J
/
4a
Canadian Pao Ry 47. deb Ma- -,-,
-1948 M a
Coll tr 434s
19443 J
Si equip tr et&
Coll tr g Si
Deal 19543 11
Collateral trust 41
/
4
s____1960 J 1
mg 1 .1
Car Cent let cons 242
Caro Clinch &0let 30-Yr 58_1938 J D
let & cons g 6s ear A-Dec 15'521 D
19811 D
Cart & Ad let go g 42
Cent Branch U P 1st g 42_1948 I D
:Central of Oa let g 51-Noy 1945 F A
1945 M N
Consol gold Es
Ref & gen 534. series B1959 A 0
Ref. & gen 5a series C_ _1959 A 0
Chatt Div pur money g-;1_195I 1 D
4
Mac & Nor Div 1st g 58_1946 1 2
Mid Ga & All Div pur m ss'47 J J
1946 1 J
Mobile Div 1st g 55
1961 I J
Cent New Engl let go4a_
Cent RR & Bkg of Ga coil Si1937 M N
Central of NJ gen g fee
1987 1 1
1987 J J
General 4e
Cent Pac 1st ref gog 4s_1949 F A
Through Short L Ist gu 48_1954 A 0
1960 P A
Guaranteed g 5a
Charleston & Say% 1st 72_ 1936 J J
Chem & Ohio letCOO g 5/L.-1939 M N
1992 M 8
General gold 4442
1993 A 0
Ref & Impt 4342
I
-1995
Ref & ImPt 434e aer
J
B-Craig Valley lat Es__May 1940
-1
Poeta Creek Branch 18148_1946
..1
R & A DM 1st con g 42_1989
1989 I 1
2d consol gold 4s
Warm Spring V let g As-1941 M El
F.r rootnotes see page 3064.

104 Sale 10114 104
20
/ 10352 26
1
4
1035 Sale 103
2
10518 Sale 1054 10512 36
/
1
1053 Sale 105
10512 21
2
/
1
11114 Sale 1104 11114 66
1113 Sale 1107
4
8 112
57
11112 112 11034 11158
5
1094 10912 109
10912 28
/
4
1073 10712 1071 107 4 34
2
3
10738 Sale 107
10712 44
10812 10834 10812 1083
4 21
11658 Sale 11618 11858 13
103 Sale 10258 103
18
82
/ 171
1
4
028 Sale 8052
4
9612 Sale 943
4
9612 53
10518 Sale 1045
2 1055
8 25
100 Sale 9912 100
63
9212 89
9218 Sale 9134
41 ____ 3712 Mar'34 ____
-- 105 8 10518 11
,
105 4 106 1053
3
1054 10614 21
7812 84 8214
83
3
52
5334 52
39
54
60
70 65 Apr'34 _--3458 35 35
3812 39
2118
2114
18
2
23
21
8
23
23 2114
353 Sale 35
2
2
353
8
34 ____ 35 Jan'33 ---------21 Jan'34 _--_ _
1
3414
37 3414
8218 41
i218 Sale 79
4
6712
6712 75 66
7
1054 ____ 10558 106
11
95
95 Sale 9478
944 Sale 9378
9412 178
2
921
/
4
9214 Sale 9214
863 152
4
84 Sale 84
104 _ _ 104 Apr'34 ____
10834 109 10818 10938 26
-10712 Sale 10712 10834 39
4 10218 28
102 Sale 1013
62
1011 Sale 10112 102
/
4
/
1
4
10212 105 102 Apr'34 ---4_ - 9812 Apr'34 ____
983
4
1003 101 8 1003 Apr'34 ____
4 - -3
____ ___. 9812 Apr'34 ---_
____ 9912 Jan'34 -___
102

92 108
9881 1047
8
9812 1057
8
994 10558
105 11114
104 8 112
7
105 1111
/
4
1024 10912
100 10734
10012 10753
105 10914
108314 11812
1004 103
81
827
8
7434 97
994 106
774 100
714 93
/
1
324 3712
9534 10518
904 107
70
84
29
54
41
65
22 38
1272 26
124 26
18
37
---- --20
214
28
35
85 8218
53 •7212
95 106
78
95
7512 95
734 93
6378 87
103 104
1054 11018
4
98 4 1083
3
9958 10218
81312 1024
9712 102
/
1
4
9012 9812
974 10112
8712 99
99
9912




BONDS
N. Y. STOCK EXCHANGE
Week Ended May 4.

ij
10
-44

May 5 1934
Price
Friday
May 4.

Week's
Range or
Last Sale.

Did
Ask Low
Railroad,(Conlinueci)Chic & Alton RR ref g 32_1949 A 0 864 Sale 653
4
Chin Burl& Q-III Div 310_1949 J J 983 Sale 9814
4
/
1
4
Illinois Division 42
1949 J J 103 Sale 10334
1958 M 8 102 Sale 101
General 42
let dc ref 41 ear B
1977 F A 101 Sale 101
/
4s
/
1
let & ref 5a ear A
1971 P A 1064 Sale 10638
Chicago & East Ill 1s1
_1934 A 0 --------81
:C & E Ill Ry(new co) 88_- 1951 M N 18 Sale
gen5s
17
/
1
4
Certificates of deposit_ 1312 17
10712 Sale 10658
Chicago & Erie lst gold 5a
7
1982 1II
/
1
4
Chicago Great Weet let 42 1959 M S 53 Sale 52
:Chic Ind .k Loutsv ref 6a
1947 J J 374 4134 42
41
40
Refunding gold 52
1947 J J 36
3912 41
Refunding 40series C
19471 1 36
194 21
/
1
let & gen Ss series A
1966 M N 18
194 191
/
1
let & gen 6s series B_May 1966 J J 18
/
4
/ 9412 93
1
4
Chic Ind & Bou 50
-year 42_ 1956 J J 92
Chic I., 8 & East lst 442s
4
8
1969 .1 D 1043 1057 105
Chi M & St P gen 48 ear A 1989 I .1 73 Sale 713
/
1
4
4
6812 6812
Gen g 31 ear B_May 1989.1 .1 66
/
4
s
Gen 4142 ear C
May 1989.1 J 76 Sale 76
Gen 414s ser E
May 1989 J J 76 Sale 76
Gen 41 ear F
/
42
May 1989.1 J 7612 82 82

,..g t.
caW

Singe
Jon. 1.

High No. Low
High
6712 35
512 7018
8
99
60
88
9958
104 2 69
,
97 10412
102
67 924 1025
4
102
42
8818 102
1073
8 3?
98 1073
2
81
. 53 8118
3
.
56
2512
10
2
Apr'34 .....,
984 21
10712
a
91 1084
5512 101
3
516 5
9
42
1
33
4712
Apr'34 -__
26
4212
Feb'34 _ -_, 40 41
21
' 1238 23 8
7
2012 12
. 13 25 8
3
93
' 71
9312
Apr'34 ---99 105
737
2 61
0:9 74
4
/
1
4
684
/
1
5 .4
71
29 '61 8312
78
7912 45 6332 8/
82
1
65 84

8
Chic MIlw SIP & Pao 52 A__1975 F A 517 Sale 50
533, 583
3
37 564
/ /
1
4
1
Cony adj 52
Jan 1 2000 A 0 17 Sale 164
181 853
4
1234 2358
An/ in
Chic & No West gen g 3
/
1
42_1987 M N 6812 687g 6812
--52
70
8,1_ 77
/
1
754 34
General 48
78 73
1987 MN 75
2
a 3 ii
77
/
1
4
78
Stpd 42 non-p Fed inc tax '87 M N -,..- 78
81 80
81
13
Gen 440 stpd Fed ins tax-1987 MN 78
6312 823
4
8638 21
68
8734
/
1
4
Gen 52stpd Fed ino tax-1987 MN 86 Sale 85
6013 62
1987 M N --------62 Jan'34 ---450 stamped
/
4
95
33
79 98
4
16
-year secured g 6 8
1936 M 13 943 Se.13 941
/
1
4
4314 6612
63
71
lit ref it 52
May 20371 D 62 Sale 6112
A7
AO
/
1
1st & ref 41 stpd_ _May 2037 1 D 544 Sale 541/4
/
4
8
-•14 -39
/
1
3884 60
614
5718 52
let & ref 434s ear C May 2037
D 5412 Sale 544
,
41
1949 MN 47 Sale 46
5014 707 . ,,_
Cony 41 series A
/
4s
5
18
59 • ; ...3,:
73
8
/ChM R I & P 113 gen 4a
1 725 Sale 72
,
1988
5 65 73
8
73
. ---- 73 727
„
Certificates of deposit
•
•
•
cUr
Refunding 2010 4s
1934 I2678 15
Certificates of deposit
_ -__ 254 Sale 2414
20
29
2814 18
Secured 414s series A
1952 MS 2812 2712 2612
2012 3234
Certificates of deposit _ . 23
'2 27 27'2 Apr'34 -- 22 28
484 1884
15
102
Cony g 434e
1980 1111N 1312 Sale 1314
--12 83 105
"
4 105
Oh St L de NO 5a_June 15 1951 .1 D 10412 105 043
_ 8312 SePt'33 ---- .- __Gold 31
/
4
s
June 15 1931 1 D 79
85
3 6314 8684
85
Memphis DM let g 4s_ 1951 .1 D 82 _-- 8212
14
4
77
Chic T H & So East let 5s__1960 J D 77 Bale 743
551280
,
17 44 2 62
59
Inc gu Es
Dec 1 1980 M S 5612 5712 5712
/
1
4
Chic 17n Sts'n let go 44 A_11183 J .1 105 101314 10512 10614 21 10038 10612
/
1
2
35 1054 1094
let Si series B
19632 1 10818 10912 10814 109
---9714 107
107
21
Guaranteed g Se
1944 J D 108 10638 108
let guar 61 series 0___A963 J .1 11414 Sale 11312 11414 ,,,., 1104 115
/
4
a
85
/
4
ChM & West Ind con 4.
905 ee e
2 , 72
1952 J 1 901 Sale 8812
/ 9118
1
4
let ref 5442 series A
1962 M II 101 Sale 9912 10118 42 844 104
60 Feb'34 --Choc Okla & Gulf cons 5a1952 M N- 61
51
96 62
9912
CM H AD 2d gold 434s
1937 2 1 100 ____ 9912 Feb'34 -__
/
4
99 101
0I St I.& 0 let g 4s_ _Aug 2 1938 CI F 1011 __ 101 Apr'34 ___
Cmn Lab & Nor let con gu 42_1942 MN 9618 __ _ 984 Apr'34 -- 85 9814
8 12 10012 107
4
Cin Union Term let 4442_2020 J .1 1083 gale 10634 1067
let mtge Es series B
2020 J .1 110 Sale 10938 11014 27 10438 11014
let mtge g 52 series 0
8
1957 MN 1095 Sale 0912 11012 27 10411 11012
9686 9684
/
1
Clearfield & Mah let go 58_1943 1 1 83 10014 964 Feb'34 -__
93
/ 17
1
4
4
754 9584
Cleve Cin Chi & St L gen 48_1993 J D 933 Sale 93
--_- 100 Apr'34 -Generals. eerie. B
1993 2 D 101
924 100
Ref & Impt 6.ear C
1941 1 .1 9914 10014 9938 Apr'34 --__
80 100
Ref elk leapt 52 ser D
901 45
/
4
19831 .1 8812 Sale 8812
742 9112
8
8012 104
/
1
4
Ref & impt 434,ear E
1977 J J 78 Sale 77
64 82
_ 0012 10112
Cairo Div let gold 4a
1939 1 J 10012
9 92
90
-90 87
5 68 10112
CM W & M Div let g 42_1991 J .1 87
90
.
St L Div let coil tr g 4a
1990 MN 911 ---- 91 2
/
4
'
92 '77
92
8- _ 99 Apr'34 ---Spr de Col DM let g 42
1940 IA 5 983
92 99
95 87 Apr'34 ---7324 87
W WVal Div let g 4a.,_ _ 1940 J .1 87
Cleveland & Mahon Val g 581935 J J
Cloy & Mar let go g 4;48-1935 M N
Clev & P gen gm 434,ear B 1942 A 0
Series B 314e
1842 A 0
Series A 41
/
4
8
1942 1 .1
1948 MN
Settee C 34
/
1
2
Series D 31
1950 A F
/
4
2
Gen 41 ear A
/
4
2
1977 F A
Cleve Sho Line let go 430_1961 A 0
Cleve Union Term B45143_1972 A 0
lst a f 59 series B
1973 A 0
let,f guar 4148 series C 1977 A 0
Coal River Ry let au 42
1945 J D
Colo & South ref & ext 440_1935 M N
General mtge 434. ear A 1980 M N
Col & H V let ext g 4e
1848 A o
Col & Toilet ex* 48
1955 F A
Conn & Pasaum Rly let 48_1943 A 0
Consol ay non-conv deb 42_1954 1 .1
Non-cony deb 42
19651 1
Non-cony deb 4s
1955 A 0
Non-cony deb 4,1
19562 1
Cuba Nor Ry let 514s
19422 13
Cuba RR 1st 50
-year Si g__1952 J J
lit ref 730 scrim A
19361 D
lst Hen & ref 82 ser B
1936.3 D

3
/
1
1014 ---- 014 102
/
1
10012 -__ 9912 Feb'34 ---10012 --__ 98 June'33 ---90 --__ 86 Jan'33 --__
10052 --__ 0014 Dec'33 --8514 ____ 91 Aug'33 ____
Oct'32 _--879712 10012 91 Sept'33 --__
100 Sale 10012 101
/
1
4
27
3
4
28
993 Sale 99 4 101
9534 67
9512 Sale 95
913
4 40
90 Sale 8912
100 10112 100 Apr'34 __
9714 Sale 96
'2
97 4 08
3
7914
78
794 7914
2
1014 102 10118 Apr'34 _-__
__ 10212 Apr'34 ---101
92 15 77 June'33 --,
55
5878 53
53
6
52 63 58 Mar'34 ---52 60 59 Mar'34 ---52
56
60 56
3
354 48
34 Sale 33
28
2712 Sale 2714
25
2312
24
2518 27
.
5
22
2012 22 22
1

Del &Hudson let & ref 42_1943 M N
Si
1935 A 0
Gold 534.
1937 MN
13 RR & Bridge 1st gu g 42_1936 1 A
7
Den & It0 let cona g 48..-1938 1 .1
Coneol gold 4442
1938 J J
Den AR GI West gen Si Aug 1955 1 A
7
Ref & Impt Si ear B__Apr 1978 A 0
Wes M & Ft Dodge 4s ctfa_1935 1 J
Des Plainea Val let gen 4;0_1947 M 8
Det & Mao let lien g 4s
1955 J 13
Second gold 41
1995 2 D
Detroit River Tunnel 41
8._1981 MN
/
4
Dul Missabe & Nor gen 5a
1941 J 1
Dul & Iron Range 1s1 Se
1937 A 0
Dul Sou Shore & All g Sa
1937 J J
East Ry Minn Nor Div 1st 42'48_ A 0
East T Va & Gs Div 1s1 58_1956 MN
Elgin Joliet & Earn let g 52_1941 MN
El Paso & SW let Si
1985 A 0
Erie & Pitts g gu 31 ser B1940 J 1
/
41,
Series C 3
/
1
42
1940 .1 .1
Erie RR let cone g 48 prior_ 1998 J J
let consol gen lien g 4a._ _1998 2 .1
Penn coil trust gold 48_1951 F A
50
-year cony 42 series A__ _1953 A 0
Series B
1953 A 0
Gen cony 48 aeries D
1953 A 0
Ref & !rapt Si of 1927
1967 M N
Ref & inapt Si of 1930-1975 A 0
Erie & Jersey let if 6a
1955 J J
Geneesee River 1811 1 68_1957 J J
Fla Cent & Pen let cons g 52 1943 1 1
:Florida East Coast let 41
/
42_1959 J D
1st & ref Es aeries A
1974 hi 11
Certificates of deposit...... ----

95
95 Bale 93
186
804 95
/
1
,
10214 Sale 1024 102 4
2
97 1021
/
4
1041 41
/
4
1033 Sale 103
4
92 1044
1014 - 1014 1014
4
9914101¼
5912 100
5712 Sale 57
3518 811
/
4
62 6218
61
63
5
42 83
225 Sale 2212
8
24 2 88
,
17
/ 32
1
4
4
443 Sale 4212
453 108
4
238 4912
7
7 Mar'34 ____
/
1
4
612 7
4
8
/
1
4
78
95
71 Feb'34 --.„
65
71
20
2312 2112
2312
5
2318
20
12
1018 20
12
1
114 12
1013 Sale 1013
4
4 102
9 84 10212
10514 ___ 103 Jan'34- 103 1037
/
1
4
_
/
1
4
8
108 107 106
10618 12 1024 1084
411 45 45
/
4
473
2
3
23 491
/
1
4
/
4
95 ____ 95 Apr'34_
89
/ 98
1
4
10538 Sale 10518 1057
8 15
. 91 105
/
1
4
10212 Sale 102
10212
2 944 103
88 Sale 88
88
1
8112 90
98
/ 99 96 Feb'34 -1
4
9414 96
983 ____ 9712 Apr'34 _-_
4
95 97
/
1
4
9334 Sale 93
9414 51
794 9414
77 Sale 7612
78
111
8814 79
/
1
4
10114--- 9918 Apr'34 __ _
994 100
/
1
7512 77
7612
77
28 624 7712
7512 77 7612
77
18
83
77
____ 75 73 Apr'34 _
62 75
76 Sale 747
8
7752 200
8014 797
8
754 Sale 75
77 428
/
1
4
80
7914
11014 Sale 109 2 1103
3
4 34
98 11034
108 1103 109
4
110
17
97 110
45 _-_- 45 Apr'34 ____
34
45
6114 621 61
/
4
62
5
59
634
117s Sale 1112
1212 61
11
19
1118
11 Bale 11
8
11
1712

--83

994 102
9918 99
/
1
4
_....
._- -'-....._" -...." -...." ---'
11 1014
--844 10112
82
9814
75 917
3
95 101
84 97
/
1
4
85 811
/
4
98 10118
97 103

a50
444
44
1914
18
1614
16

58
59
5812
39
3212
30
29

i

New York Bond Record-Continued-Page 3

3061

i•
Prise
Week's
1,
ande
k
zI
Friday
Range or
3:,
Since
...2..
May 4.
Last Sale. siS
Jan. 1.
-_Bid
Railroads (ContIntrect)Ask Low
High No. L910
Railroads (Constnusti)High
... Bid
High No. Low
Ask Low
High
:
Fonda Johns & Gloy 4141_1952
:Minn & St Louis 53 ctts___1934 51 N
6
114 914 Apr'34 ---4
913
1
712 13
Proof of claim tiled by owner__ MN 1014 15
12
12
let & refunding gold 4s_1949 M 8
4
514 41
4
4
/
1
4
94 5
2
/
1
4
(Amended) 1st cons 2-45-1982
Ref & ext 50-yr bs ger A-1982 Q F
24 414
3
6
3 Mar'34 ____
8
8 I Bus
Proof ot claim flied by owner MN
313 15
4
15
Certificates of deposit
Q F
4 Apr'34 _ _2
4
118 454
Fort St 17 D Co let g 433s__1941 J J 9114 9712 83 Feb'34 ---83 85 M St P dr SS M con g la ins ffU'335 J 45 1 Sit3 434
43
47
344 49
Ft W & Den C lat g 54s..-1961 J O 10414 __ 103 j Mar'34 ---1933 J J 4013 Sae 4012
9814 10414
1st cons 53
334 4212
5
4112
1st cons 65 gu as to Int
1933 J J 5213 8)13 5214
5314 28
38
56
Galy Hous & Rend lat 5135 A '38 A 0 90
9118 14
75
9112 91
9114
lit & ret 6s series A
37
3714 Apr'34 ---1946 5 J 36
20
374
Oa & Ala Ry 1st cons 53 Oct 1915 J J 23
25 24 Apr'34 ---1513 26
25-year 534*
1949 M 13 32 Silo 3114
1613 34
15
32
Gs Caro & Nor let gu g 5a19291978 .1 J 78 Stls 78
let ref 5341 set B
24
79
60
80
Extended at6% to July 1 1931 J J 29 1 40 26 i(Feb'34 ---204 27
1st Chicago Term at 43_1941 MN 77
85 Jan'34 ---85
88
Georgia Midland let 3s_.,._1946 A 0 55411584 030 1Apr'34 ---40
61) Mississippi Central 1st 53_1949 5 3 81 85 77 Apr'34 ---7812 7715
Gouv & Oswegatchte let 53_1942 J D 85 11100 100 1 Jan'33 _-_- ____ _-__
Or R. dr I art let gu g 443s.. _1941 1 J 10153 IL-- 100181Mar'34 ____
95141001* 22.10-111 RR let 55 set A----1959 3 5 211 13113 2012
/
4
22
14
28
25
Grand Trunk of Can deb 75_1940 A 0 10812 8)13 10814 1083
Mo Kan & Tex let gold 4s_-1990 .1 D 9012 8,13 9012
31 105 109
924 54
75
/ 9214
1
4
15-year 5 f 63
1938 5/ S 10812 5113 10814 10853 32 1025s 1055 Mo-K-T RR pr lien 53 eer A-1962 1 J 87 Bib • 8812
3
8773 50
70
9112
Grays Point Term let 55..
1947 J D ____ __ _ 96 !,Mar'30 ---- _-_- - 1962 .1 5 76 13113 7412
40-year 4s minim B
76
9
6113 79
Great Northern gen neerA.1936 1 1 9814 111513 9712
Prior lien 4)4* set D
86 9 -12
9
99 214
634 834
5
1978 1 J 78
8114
811 814
4
let & ref 41 series A
/
4a
1981 5 J 945 9512 984
4
Cum adjust 5s see A_Jao 1967 A 0 5912 8113 59
78
994
981
4 55
115
60
444 6912
General 5431 series B
1952 3 1 96 13113 94
764 99 Ihio Pac let & ref bs set A-1955 F A 32
43
97
33 3312
36
254 39
8
General 5s series C
1973 1 .1 9114 8113 91
-_,..- 3134 __ _ 34
6874 921
4
9212 66
Certificates of deposit
35
22
18
35
General 445 series 0
1978 J J 82. sue 82
General 45
8714
864 57 67
4
.
17
1975 11 El 151 13113 154
106
1113 20
/
1
4
General 443series E
1977 J 5 8214 13 as 81
664 8812
8512 100
1st dr ref 55 series F
351 129
4
1977 M S 3214 8d3 324
24
3814
Green Bay & West deb oda A _-- Feb 33 46 32 Apr'34 ___
28
32
/
4
34
Certificates of deposit, 311 ___ 33
8
2314 35
Debentures We B
Feb
44 65
34 324
lit & ref 5s ear G.
244 3813
3412 32
CI5
/ 84
1
4
11 51
5
1978 1 N 32 4
51
4
Greenbrier Ry let gu 45
1940 MN 1004
9812 10014
Certificates of deposit__ 314 __ _ 3314
10014 (Apr'34 _
34
18
29
34
Gulf Mob & Nor let 540 B_1950 A 0 82 85 84
6213 8612
114 £4 tI- 1113
Cony gold 541
5
85
3
124 132
/
1
1949 rill
8
1612
let mtge 55 aeries C
1950 A 0 771380 81 Apr'34 ____
59
81
1st ref g 59 series H
4
3514 19
1980 A 0 325 8513 3214
24
3812
Galt dr 8I latter & ter 55Feb 19523 J ---- ---- 67 Feb'34 ____
- 314 ____ 3214
57
70
34
Certificates of deposit
10
234 34
Stamped (July 1'33 coupon on) J J ___ 79 55 7
lit & ref 53 ser I
)eo'33 _-_- ---357 119
3
1981 VA 3214 131.13 32
2414 3812
Hocking Val 1st cons g 4333_1999 J J 105 1 8,13 105
---3
10514 43 984 1057
Certificates of deposit_, 3154 - 3314
34
34
26
5
Housatonic Ry cons g 531937 MN 9812 100 994 100
3
31
82 1007 Mo Pao 3d 7s ezt at4% July 1933 iiN 84s886 8413
8413
2
7214 89
H & T C 1st g bs int guar_ _1937 J .1 1024 10314 10214 10314
85 Mar'34 -- _.
Mob & Bir Prior lien g 55-1945 5 3 83 91
4 97 104
,2
.
i
85 91
9,
9
0
Houston Belt & Term let 55_1937 J 1 1004 8113 10014 101
J J 81
9114 101
19
83
91
Small
/
1
Had & Mauhat let 5s set A _ _1957 F A 88 Bile 8714
1945 J J ____ 70 60 Jan'34 ---72 897
3
8974 117
let M gold 45
48
60
AdjustmentIncome 53 Feb 1957 A 0 44 Silo 43
J
4512 110
Small
32 504
69 80 Feb'34 ---55
80
:Mobile & Ohio gen gold 45-1938 5/1 S ___ 974 9912 Jan'34 ---99
9912
Illinois Central let gold 45_1951 1 J 100 ____ 98 1 Mar'34 ___.
924 100
Montgomery Div let a 53_1947 F A 2313 231 2412
4
194 27
2
2412
let gold 3)43
1977 hi S 13
83
Ref & impt 4Hs
9212
1951 1 J 93
1712
1678 174
92 Mar'34 _
4
10
211
/
4
Extended lot gold 3431_1951 A 0 92 ---- 93 Mar'34 ....924 93
Sec b% notes
1933 M S 164 1712 1712
14
23
2
18
let gold 35 sterling
___ Mob & Mal let gu gold 4s...._1991 M S 8412 8814 8412 Apr'341951 51 8 76 --- 73 1 Mar'30 ____
8412 8412
1937 J J 102s3 _ _ 10212 103
Collateral trust old 4s
Mont C 1st gu 63
6814 85
834 25 ____3
1952 A 0 82 Iliti- 8012
17
8774 103
Refunding 45
74 884
33
1st guar gold 5s
88
1955 54 N 8712 8)13 8713
19373 J 1014 8113 1004 10153 17
81 10113
1
82
83 82
63 82
Purchased lines 343
Morris & Essex let gu 3343-2000 5 0 83 Et il3 8714
1952 J 1 82
46
88
74
/ 8912
1
4
Collateral trust gold 45_ _ 1953 MN 7814 8113 78
Congtr M be ser A
6213 7953
7814 50
1955 MN 10114 Sils 10114 1011 25
/
4
77 1011
4
9813
Refunding 5a
81
16
97
1955 MN 964 Bib 964
/
1
4
Conitr M 414s set B
904 14
1955 MM 91 8113 9212
73 95
15
-year secured 643s g
90 10212
1936 J J 10153 Sila 101 i 10112 14
40
-year 445
Aug 1 1956 P A 7012 Bile 7014
5813 Ms Nash Chatt & St L 43 ger A__1978 F A 9012 94 94 Apr'34 ___.
139
74
824 9412
Cairo Bridge gold 4s
87 984 N Fla & S lst ill g 55
103
9814 Apr'34 _
1950 3 O 984
4
1937 F A 103 1031 103
99 104
1
/
1
4
Litchfield Div let gold 31_1951 1 J 80 83 8214
75 824 Nat RY of Mez pr lien 441_1957 I 3 --------18 July'28 ____ ___
6
8233
__
.. _
Lenten, Div & Term g 33311953 J 1 8712 ---- 85 4 Apr'34 ___
Assent cash war rot No 4 on -, _78 85
/
1
4
7
24 _414
8
3
/
1
4
31
4
3 8113
/
1
4
Omaha Div lstgold 33._ _1951 F A 72 __ _ 76
Guar 4s Apr '14 coupon 1977 A
73 78
1
76
_
--_- _-- 124 July'31 ____ ____
St Louis Div 42 Term g 33_1951 J .1 78 11311a 78
78
Assent cash war rot No 5 on -- -66
2
78
24 _-4
312 412 4 Apr'34 ___
Gold 3333
1951 1 1 921411--- 82121Apr'34 ____
Nat P.11. Mel pr lien 440 Oct '23
69
85
Springfield Div let g 343_1951 1 J 86 4, ____ $O 4 Mar'34 ____
67 80
Assent cash war rat No 4 On - 2,114 5
5
412
4'2 514 44
Western Lines let g 43. _1951 F A • 86 --- 86121Mar'34 ___
1951 A 0 --------22 Apr'28 _--- ___ _ _
let consol 4e
75 8813
III Cent and Chic St L. & N- Assent cash war rdt No 4 on 4
3 s 16
7
312 414 35
2
-5
0
Joint let ref 55 series A__ _1963 I O 811 filile 811411186
14 63
87 Naugatuck RR let g 43
7112 Nov'32 _._- _ ..
82
87 68
/
4
1951 M 1st & ref 4J43 genies C__1963 J D Mg Sue 754 g 784 178
New England RR cons 5e,.1935 J 1 37 -- -- 83
62 81
io - 1
a
88
1945 1 J 83
82 Apr'34 .--Consol guar 43
66
894
Ind Bloom & West let ext 43 1910 A 0 96 _ _ 95 Feb'34
917 8212 Feb'34 .--- 8213 8212
3
9712N J Junction RR guar lat 43 1985 F A 87
Ind III & Iowa let a 49
7313 73
75 95 New On Great Nor 53 A
734
1
95
3
1983 J J 70
1950 .7 J 95 1 Sale 95
5713 77
Ind & Louisville let gu 45__ _1958 1 .1 17 1 .25 25 Feb'34 ____
751k
25
25
7
NO & NE let ref&Impt 443 A '52 1 5 75 8111 78
54
7512
Ind Union Ity gen 58 set A_ _1965 3 J 10314 ---- 10214 Apr'34 ____
New Orleans Term let 43_ _1953 3 J 85 87 86
984 103
871
62 8714
/
1
4
5
Gen & ref bs series B
2812 2712 Apr'34 -221 0 Tex & Me: n-o Inc 55_1935 A 0 20
1955 1 J 10312 - - 103 4 Mar'34 ____ 100 103
16
2914
tint-Chi Nor 1st 65 eer _ _1952 J J 37 A 8110 3613
4
2814 4412
12
261
4
1st 55 series B
40
1
1951 A 0 2814 8113 281
1958 32
Adjustment 8s set A.July 1952 A 0 12 1 Bib 1152l
/
4
9
1314 164
204 33
let 59 series C
184
A1955 P A 254 2914 291 Apr'34 --lat 53 series B
4013
5
24s
264 2412
25
3653 12
1958 1 J 3514 361 3514
7
let 44s series D
1714 3112
1956 1 A 22
let g bs series C
2914
2914 17
/ 29
1
4
25
41
374 11
1958 J J 354 361 3514
2014 33
1st 541 series A
1951 A 0 27
lot Rye Cent Amer let 54IB 1972. 51 N 6613 Bile 6534
454 6612 N &0 Bdge gen guar 4 As_ _UM J 3 1001 1021 10112 1011
8
6612
4
97 10113
1
let coil trust 6% a notes_1941 fa N 73
494 7412 N Y B & MB let con a 55-1935 A 0 102114 ___ 1017 Mar'3 _-__ 10114 102
10
74
4
731 7313
let lien & ret643
1947 F A 6212 65 64
8
65
434 654
:Iowa Central 53 etre
/
4
44 114 NY Cent RR cony deb 63-1935 M N 991 5113 9973 10014 45
/
1
19383 D 11 Bile
5
914
11
83 101
1s1 & ref g 43
90 107
1993 F A 89 8113 89
213 54
8
413
412
4
5
1951 51 13
Consol 4s series A
734 9012
7214 178
Ref &!mot 4gg series A-201.3 A 0 7014 Eitto 704
8014 75
James Frank & Clear let 4j959 1 D 88 1 BIls 85
Ref dr Rapt be series C.--9013 A 0 773 SU; 7712
694 8314
801 187
4
14
87
8314
87
Kai A &G It let gu g 53
48,1* 885
193 1 1105 103 Mar'31 --_- --....
3
- N Y Cent& Hud Riv M 31431997 5 1 891
91
901
794 904
Kan & M 1st gu g 4s
3
199 A 0 9213 96 92 Apr'34 _
Debenture gold 4s
79 --9214
1931 51 N --------977 Apr'34__-85 10013
K C Ft S & M Ry ret g 4s
193 A 0 a4734 8113 348
4
97
8
30-year debenture 45
315
5354
20
50
69
8018 98
1912 3 J 957 8,13 951
Certificates of depoalt
A 0 4714 8113 48141 471
73 322
354 52
4 17
Ref & lmpt 430 set A __ _2013
60
75
- 7012 Sits 7014
Han City Sou let gold 331950 A 0 7713 alb 76 g
7712 64 624 7713
Lake Shore coil gold 341_1993 -4
FA 831 8/I3 824
731
4 59
691s 83 4
5
Ret & impt 155
Apr 1950 J J 118014 lido 801 I 8114 27 674 84
841
4 31
Mtch Cent coil gold 3341-1993 F A 8213 1E1113 8218
71
844
Kansas City Term let 45___1960 1 J 100 g Eitta 9914 10014 82 934 101
N Y Chic & St L 154 g 45_1937 A 0 9913 8,13 99
994 46
851s 991
4
Kentucky Ceotral gold 45_ _ _1987 J J 99141101 10013 10012
9013 10912
3
79
59
Refunding 5435 series A-1973 A 0 7712 8113 76
5513 8012
Kentucky & Ind Term 4331_1961. 1 J 89
73 89
1
89
- 89
68
Ret 443 series C
1978 NI S 6514 8113 65
298
4714 70
Stamped
1961 .1 J 8854 4
941 881 Apr'34 ____
7814 126
1935 A 0 7753 Sda 76
80
881
4
3-yr6% gold notes
49
80
Plata
1951 J
8953 --- 89 Apr'30 ____ ___ ___ N Y Connect 1st gu 445 A_I953 1 A 104 Stla 10312 104
96 104
28
7
let guar 55 series B
1953 P A 107 ____ 106 Apr'34 --- 101 106
Lake Erie & West let a 5s_ _ _1937 J J 10014 El de 100131 10011 50
1
8312 10153 N Y Erie 1st Olt gold 4s__ _ _1947 M N --------102
9314 102
102
2d gold 55
1941 J J 9212 5,13 9213
70
1933 NI S --------1013 Mar'34 _-- 100 100
95
3d extended 4433
931 13
Leke Sh & Mich So g 31411997 J D 914 alla 9014
9114 16
81
92
N Y Greenwood L gu g 59_1946 M N 8613 8754 87
88
7 68
87
/
1
4
Lehigh dr NY let gu g 4s_ _1945 M S 8114 8113 81.41
57
83 NY & Harlem gold 3431.-2000 AS N 901 -___ 90 Apr'34 -_827
3 20
88
92
/
4
Leh Val Harbor Term gu 53_1954 F A _101 4 Bib 101 I 1014 44
100 100
824 1014 NY Lack & W ref 434* B.- _1973 51 N 103 ____ 100 Feb'34 __
Leh Val NY lei au a 434s_1940 J J 9753 5813 91312
8314 99
975
4 19
97
954 97
1
NY & Long Branch gen 45_ _19it M5 95 ---- 07
Lehigh Val(Pa) cons g 4e_.2003 SI N 8412 8113 83
/
1
4
8714 32
47 68
_ _ 9512 June'29 ___ ____ _ _NY & NE Bost Term 43_1939 A 0 90
General cons 44s
2003 PA N 7214 8115 7214
74
30
52
7412N If N H & H n-o deb 45_1917 M
54 6
/ 1 5
4
65 7i 65 Apr'34 ___
General cons 53
2003 MN 79
82
8112 80
58
54 83
6012
1
51
Non-cony debenture 3131_1917 M 8 6012 SO 6012
6012
Leh V Term Ry 1st gu g 531941 A 0 1041 --_- 105
105
4
1
94 105
27
57
45
58
Non-cony debenture 340_1954 A 0 56 13113 56
LX & East let 150-yr Sc gu_1965 A 0 10514__ 1.04131Apr'34 ____
91 105
6412 21
544 8412
Non-cony debenture 43_1955 5 3 534 8511 63
Little Miami gen 4e series A 1983 MN 984 j10014 97 AFelo'34 ____
95 9712
52 64
634 50
/
1
Non-cony debenture 43_1953 M N 637 Sin 6312
3
Long Dock coasol g 65
1935 A 0 10341105 103 410312 22
99 10312
5712 21
45
597
4
551 Stls 54
s
Cony debenture 8 MI
.....1956 1
Long Island91
87
7114 877
Cony debenture 63
3
19183 5 86 13113 8512
General gold 45._
1939 J D 102731103 10214 1Apr'34 __-9914 1024
89
71
8913
68
1910 A 0 8814 8113 87
/
1
Collateral trust 83
Unified gold 4s
1919 M 8 1004 --- 100141 1001
4
95 10014
5
34
57
44
58
Debenture 4s
1957 M N 5514 8113 5412
Debenture gold ba
19333 D 997 8110012 1004 lApr'34 _ _ 1004 102
574 704
6912 116
let & ref 441 ger ot 1927.19975 D 6918 Bile 8812
20
-year pm deb 53
1937 M N 1004 B de 1001
4 10214
9314 10312
7
9814 41
8314 984
Harlem Ft & Pt Chas let 4s1954 111 N 9314 B de 98
Guar ref gold 45
1949 M 8 10012 101 10014 101
27
9213 10114 NY 0& W ref g 45----June 1992 M 5 65 fide 5413
574 71
55
67
Louisiana & Ark let belle. A_1989 .1 J 6814 Silo 6612
6814 76
5018 637
8
831
4 43
50
634
63 6213
General 43
D 62
19553
Louis &Jeff Bdge Co gt1 a 4s 1945 51 S 99 4 8113 9814 100
24
84 100
90
90
90 Jan'34 ___NY Providence & Boston 4s 1942 A 0 944
Louisville & Nashville 5s
1937 hiN 10814 - - 4 108
3 102 10813 NY & Putnam 1st coo gu 45_1993 A 0 82 - / 87
104
1
87
717a 87
8/
1
4
Unified gold 4s
1910 J 1 10278 SO 1021 1027
/
4
9413 10314 NY Sum & West let ref 53_1937 1 S 7253 74
3 92
50
75
5
734
714
let refund 5431 series A
2003 A 0 10112 8113 10332 10112 34
92 1014
/
1
4
1
5612
43
5612
24 gold 4413
60 5612
1937 F A 51
lst & ref 53 series B
2003 A 0 10173 8113 101)581 1011 40
/
4
90 1024
4
54
381 5812
4
General gold 53
1 A 5312 5413 534
7
1910
jet dr ref 444s series C
2003 A 0 944 Side 944
9414 95
83 97
971
4
8254 97 4
4
1
Terminal let gold lie
1933 51 N 96 Silo 98
A 0 110513 106 10512 108
Gold 59
1941
6 10112 106
58
42
72
NY Westch & B leaser I 4 yis'46 5 3 57 B 13 53'1
5914
Paducah & Mom Div 45_1946 F A 98lsl 9714 19814 Apr'34 ___
82
9814
St Louis Div 241 gold 35_ _1980 M B
75 roi4i 7014
5
0141
805* 71
Nord Lty sit sink fund 641_1950 A 0 16012 ___ 1584 16012 85 128 16112
-.. 102 Apr'34 ___
Mob & Montg let g 4143 1945 MS 10213 .,
•
964 1024 2Nortolk South 1st & retbs1981 F A
*
South Ry joint Monon 43_1952 J J 8012.18112 8112
6 644 83
82
/
1
4
2113 15
Certificates of deposit
714 22
20 214
19
M N 98 A 9912 9814
99
18
AU Knox!dr Cln Div 43_1955
85 9912 :Norfolk & South let a Ss_ _1941 M N
•
•
N & W Ry let cons g 45
4 1054 48
98 10553
/
1
4
1993 A 0 10514 Bib 1047
1934 1 J 100181100% 1000 10014
2 10014 101
Mahon Coal RR let Si
Div'l let lien & gen a 4s__ _1944 J .1 10458 Sole 10312 104
/ 29 1001s 10812
1
4
75
6
5714 75
Manila RR (South Lines) 43_1939 M N 7114 75 175 41
Pocah C & C Joint 4s
104
12
99 4 10412
1
1941 J D 104 fida 104
7214
1959 51 N 7214 7212 17214
1
85 724 North Cent gen & rat 59 A 1974 M 5 1014 ___ 98 O3t'33 ___ ___ _ __
let ext 43
99 10012
Gen & ref 434s series A
Manitoba SW Colonlaa'n 53 1934 J D 11004 105 1004 Imex.34 ____
9912 Feb'34 _--994 10212
1974 M 8 100 105
59
/ 70 /North Ohio 1st guar g 55
1
4
Man GB dr NW let 343s.._ _1941 J J 67 hal 470 i Mar'34 _
8
60
35
60
1945 A 0 62'e ____ 591s
.
2
24
5
64
Apr111933
Max Internet let 4s asstd_1977 MS --------9 Lmar 34 ____
3514 64
(moon on
.
557 62 64
3
5s ex April & Oct coupons..... --__ ____
35
Michigan Central Detroit & 13Ely
43
___ 43 Jan'34 __
1910 J J 100 102 9914 lApr'34 ____
94 102
344 52
Certificates stamped
52 Apr'34 ____
City Air Line 4e
5013 58
1951 tvf S 82 988 179 14May'28 -- ____ ____ North pada° prim lien 42_1997 Q j 9812 Bus 974
9873 79
83 99
Jack Lane & Bag 3;0
1952 IR N 9441- _ 194 I Apr'34 __
86
94
Gen Iles ry & id g 39 Jan 2017 Q F 6912 8113 6912
let gold 3545
56
70
60
71
6
754 934
Ret & impt 44s series L_2047 J J 89
Ref & impt 4135 set C___1979 .1 J 93 I 8113 9273. 93
734 904
10
90
891 8912
4
84
I
62 854
1940 A 0 834085 84
864 103
4 1014 255
Ret & Impt fls series 13_2017 J 1 10014 Sib 991
Mid of N J let ext 55
445(188011931 J D 9412 Bile 94121 9413
7814 96
1
7614 9712
954 35
/
1
Ref & impt 53 series C__ _2047 J J 9512 Bus 95
Mil & Nor 1st art
9153 15
1934 .1 D 9153 Bile 9112
65
7518 97
9553 21
9314
Ret drImpt 55 series D__2047 J J 9412 9613 94
Cons ext 445(1884)
7414 44
58
/ 754 Nor RI of Calif guar a 5s---1933 A 0 --------100
1
4
Jan'34 _-__ 100 100
5411 Spar & N W 1st gu 43_1947 M 8 7314 Silo 7314
704 75
/
1
51
10
66
72
Og & L ChaM let ItU g 42.--1918 J J 66 13113 65
Mllw & State Line lat 345-1941 J J 72 ---- 70141Mar'34 _-__
Gil
I
4
IMO
For footnotes see page 3064.
BONDS
N. Y. STOCK EXCHANGE
Week Ended May 4.

i'4
It
',a.
--

Prke
Friday
May 4.

Week's
Range or
Last Sale.

4. .
.11
at

Range
Since
Jars. 1.

--95
--

n




BONDS
N Y. STOCK EXCHANGE
.
Week Ended May 4.

3062

New York Bond Record-Continued-Page 4

ii
Price
Week's
4. •
S3
.
b
Friday
Range or
. May 4.
...a
Last Sate. ror
Railroads (Continued)Bid
High No,
Ask Low
Ohio Connecting Ry 1st 48_A943 M 5 100 --__ 97 Mar'32 ---1936 1 0 102114 ---- 102 MaY'34 ---Ohio River RR lat g ba
1937 A 0 10238 ___ 10212 10212
General gold 158
2
Oregon RR & Nay com g 48_1946 -1 D 1017 Bale 10112 102
34
8
1
Ore Short Line let cons g 58_1946 J 1 10912 11012 10912 10912
1946 J J 11112___ 11112 11112
Guar stpd cons ba
8
1961 J J 9714 gale 965
8
975 116
4
Ore-Wash RR & Nay 48
Pao RR of Mo let ext g 48 1938 F A 9978 Sale 99 4
3
997
8 17
19381 J 100 10012 10058 10018
2d extended gold 58
5
Paducah & Ills lets f g 4348_195.5 J .1 10212 ____ 0212 10314
b
Paris-Orleans RR eat 5348_1968 M S 148'2__-_ 14812 14912 13
1942 M B 74
Paulista Ry let ref s f 7e
1
75
75
75
Pa Ohio & Del let & ref 4491A'77 A 0 10014 Sale 100
10078 41
Pennsylvania RR cons g 411_1943 M N 10314 _ -- 03
3
103
Consol gold 4s
1948 MN 1043 10514 104s 10518 24
4 as sterl ritpd dollar May 1 1948 M N 1047 Sale 0418 10478 19
8
Conaol sinking fund 4j4s 1960 F A 10812 Sale 073
4 10812 36
General 453s aerie@ A
1985 3 D 1005 Sale 10058 1015 109
8
8
Gereral Is series B
1968 1 0 10618 Sale 0512 10618 89
15-year secured 034111
1936 F A 10614 Sale 0614 10612 138
40
-year secured gold 58 1964 MN 1013 Sale 10158 1023 105
4
4
Deb g 4%s
1970 A 0 9014 Sale 8912
9114 193
General 4%8 series D
1981 A 0 9612 Sale 9614
9688 221
Peoria dr Eastern 1 at cc as 48_1940 A 0 78 Sale 78
9
79
Income 45
April 1990 Apr 1258 15
13
8
138
4
Peoria & Pekin Un 1st b Xs_ _1974 F A 101 Sale 101
101
11
Pere Marquette let set A 58 1958 1 1 8712 Sale 87
,
44
/
1
4
88
1st 4e series B
1958 1 1 7718 79
774
/
1
7812 10
1980 M B 7912 sale 7812
7912 110
lag 4%sseries C
Finis Balt & Wash let g 48_A943 MN 105 Sale 10414 105
27
General Ss series B
1974 F A 10612 108 10612 10612
2
General g 434s Berle. C_1977J J 103 Sale 10212 103
20
Philippine Ry lat 30-yr a f 45 1(07 J .1 28 Sale 2712
2934 33
BONDS
N. Y. STOCK EXCHANGE
Week Ended May 4.

PCC&StLgu 434s A
1940 A 0
Series B 433s guar
1942 A 0
Series C 434s guar
1948 MN
Series D 45 guar
1945 MN
Series E 434s guar gold
1949 F A
1953 J 0
Series F 4s guar gold
Berke 0 48 guar
1957 MN
Series H cons guar 48
1960 F A
1963 F A
Series Icons guar 434e
Sodas-I cons guar 4 348_
1964 M N
General M Is aerie, A_ ,,.1970.5 D
1975 A 0
Gen mtge guar Is ser B
Gen 434s series C
1977 1 J
Pitts Mc% & Y 2d gu 60
1934 J J
Pitts Bh & L E 1st g Si
1940 A 0
let consol gold 58
19431 1
Pitts Va & Char bet 48
1943 MN
Pitts &W Va let 4348 ser A..1958 J 0
let M 434a series B
1958 A 0
let M 483s series C
1960 A 0
Pitts Y & Ash let 41 ser A....1948 1 D
let gen 55series B
1982 F A
Providence Seeur deb 4 1
/
1957 MN
Providence Term 1st 4e
1956 M 13

Range
mace
Jan. 1.

BONDS
N. Y. STOCK EXCHANGE
Ended May 4.

iPrice
I
Friday
...,a,
May 4.

1,
.
0

Range
since
Since
Jan. 1.

Railroads (Concluded)Bid
Ask Low
High No. Low
High
Tenn Cent lilt 65 A or B__ _1947 A 0 6878 Sale 67
46
6878
684
6
Term Assn of St L let g 4)45_1939 A 0 106 10618 106
10614 17 10058 1064
let cons gold 58
8
1944 F A 1065 -- -- 1065
8 1085
8
1 10188 108
Gen refund 8 f g 48
1953 1 .1 9614 Sale 9534
961 44
/
4
82 967
8
Texarkana & Ft S lat 5341 A 1950 F A 9413 Sale 94
95
7514 97
25
Tex & NO con gold 58
19431 J 8712 893 89 Apr'34 ---, 64
4
90
Texas & Pao let gold ba
/
1
4
2000 1 D 1063 Sale 1064 10634 10
9114 107
Gen & ref bs series B
/
1
1977 A 0 85 Sale 844
64
8518 11
87
Gen & ref 58 Bertha C
1979 A 0 8414 Sale 84
8512 34
65 8614
Gen dr ref Is series D
1980 J D 85 Sale 8412
8612
853
4 45
65
Tex Pao-Mo Pac Ter 5%0 A_1964 MS 9014 Sale 89
9014 18
87
9014
Toi & Ohm Cent 1st gu 5_1935 J J 10112 Sale 10058 10112 12
9412 10214
Western Div 1st g ba
1935 A 0 102_ 102
102
2
9713 102
General gold .58
8 - 1935 3 D 1005 10112 10012 Apr'34 --,, 96 10034
Tol St L & W 50
-year g 411-1950 A 0 8434 87 8512
23
86
8784 8612
Tol WV &0gu 48 ger C_
. 964 Apr'31
1942 M S 100
/
1
Toronto Ham &Bull 1st li 45 1946 J D 9312 -- - 9314
95
9314 14
iiUnion Pao RR let & Id gr 48 1947 .1 J 104 Sale 10414 1043
/
1
4
4 79
998 105
4
lat Lien &re140
June 2008 M S 991 Sale 984
/
4
/
1
89 1004
99
/ 96
1
4
/
1
Gold 4348
/ 101
1
4
19871 J 10014 Sale 99
86 898 10112
4
112
10 lieu & ref 5.
20 10213 112
June 2008 M 13 11012 113 111
40
/
1
4
-year gold 48
19683 D 95 Sale 93
9518 99
82 953
/
1
4
4
UN J RR & Can gen 4a
1944 M 5 104 ____ 102 Mar'34 ---- 10018 1023
4
Vandalia cons g 48 series A 1985 F A 101
102 Apr'34 ---99 102
1957 MN 101 102 101 Apr'34 ___„
Cons If 4s Berko B
9718 101
312 ____ 4
Vera Cruz & P asat 434s_ _ _ _1933 J J
4
2
2
/ 5
1
4
Virginia Midland gen 5s.1938 MN 102_ 10218 102
/
1
4
2 98 10218
/
1
4
97 90 Mar'34 ---Va & Southwest 1st gu 5s.. 2O03 1 J 91 -75
/ go
1
4
let cons ba
8514 85
1958 A 0 84
8534
7 67 87
4
Virginia Ry 1st bs series A_ _1962 IN N 1063 Sale 10813 107
/ 69
1
4
9918 108
let mtge 434s series j3_ _ _1962 MN 1014 Sale 10012 1015a 36
/
1
go lops

10412 ____ 105
11 1011 106
/ 106
1
4
/
4
10318 ____ 106 Apr'34 ---- 102 10612
1054 --- 10412 Mar'34 ---- 103 10412
100 ____ 9918 Mar'34 __-9918 101
9658 ---_ 8912 Aug'33 ---- --10018 -- 994 Apr'34 __-_
99 --9914
/
1
10218 ___- 1018
9 98 102
4 102
10014 --_ 98 Nov'33 -- _ 106 108 1078 Apr'34 __-_ 1008 1078
4
4 --4
105
_
106 Mar'34 -- 10148 106
105 10612 106
10612 27
94 10634
Sale 10512 10638 11
10,512
943s 10612
100 Sale 100
/
1
4
1003
4 51
8454 100
/
1
4
_ ____ KB Sept.33 __ ____ ____
i.52.1 ____ r10412Dee'33 ____ ____ ----------- 100 M'33 _-- ____ __
Mar
__
994 -.-- 94 Oct'33 ...._
74 --- 80
5680
1 -_- - 80
78 Sale 78
56
3
79
7918
7888 Sale 78
56
80
28
80
984 _ _ 9414 Mar'34 ___
/
1
9414 9414
104 f08 104 Apr'34 --- 101 105
.
50 ---_ 713 July'33_-- _-__
_ _
4
/
4
8712 -__ 911 Apr'34 ___
811 - / 911
4
/
4

95
:Wabash RR 1st gold ba_ _ _1939 MN 9212 Bale 9212
57
74
95
7812
2d gold ba
80
/
1
1939 F A 754 80
18
564 8312
/
1
let lien 50
-year g term 48_1954 J J ____ 6978 60 Feb'34 --60 60
98 9112 Apr'34 --, 70
Dirt & Chic Kat 1st 59
1941 1 J 85
92
j 55
5912 5518
5514
0
Dee Moines Div let g 48....1939
48
55
/
1
4
56 53
53
Omaha Div let g 3340_
2
1941 A 0 bl
45 55
_
Toledo & Chic Div g 4_1941 M S 7318 ____ 63 Deo'33 --- _
28
/
1
4
26
Wabaab HY ref& gen 5330A 19751W S 25 Sale 25
iiii8 19
Certificates of deposit2112 25 25 Apr'34 --,
14
/ 25
1
4
26
Ref & gen 58(Feb'32 coup) B'78 116
2812
ii 23 2512 25
15
_ 2112 ____ 2414 Apr'34 --Certificates of deposit
16
2414
2612 50
4
Ref &gen 4%5 series C___1978 A0 243 Sale 244
_.1513 281
/
4
23
_ 2112 2538 23
20
2512
Certificates of deposit
16
27
Ref & gen 58 wales D
25
1980 iCb 2514 Sale 2514
lb
28
Certificates of deposit..___ - _ 2112 ____ 2312 Apr'34 ---2312
14
-Warren 1st ref gu g 334s_ _ _2000 FA --------50 Feb'33 ---- __ __
Washington Cent let gold- 1948 A 61 79 ---- 79 Apr'34 ---48
79 ---7
9
Wash Term let gu 3348
g3 9712
1945 F A 9812 Sale 97 Apr'34 ---1945 F A 100 ____ 95 Nov'33 ---- _
let 40
-year guar 45
8512 114
ior, Ili,
/
1
4
Western Maryland lilt 40_1952 A 0 84 Bale 84
70
let & ref 5%s aeries A__1977 J J 9412 Sale 931
961/4
West NY & Pa let g 5s
1037 1 J 1051$ Sale 1054 1054
7 10233 1053
4
General gold 4s
1943 A 0 9934 Sale 9913 10014 33 85 10038
383
4 69
3
Western Pao let ba set A-1946 IN S 37 4 Sale 3612
30 4634
855
3
8 67 65
West Shore 1st 4a guar
2361 1 J 855 Sale 85
68
81
10.
Registered
2361 1 .1 8012 8178 81
17 82
8 86
2
Wheel & L E ret 4345 ser A 1968 M S 97 98 97
4
9718
0 85 9718
4 101
4 9313 10138
1968 M S 99 10078 1005
Refunding 58 series B
99
RR let oonsol 4s
10
1949 M S 97 98 98
861 100
4
8
57
/ 13
1
4
3
Wilk & East let SU g ba
1942 1 0 5518 57 4 563
393 59
3
/
1
4
100
4 100 10134
Will & SF let gold 58
19383 D 100 10112 100
9912
9912
Winaton-Salem S121 let 48_1960 J J 98 100
3
go 100
17
1814 10
Mb Cent 50-yr let gen 46_1949 J J 1512 17
/
1
4
1414 22
13
143
4 12
Sup & Dul div & term 1st 4e'36 M N 1014 13
10
1712
Wor & Conn East lat 4%8_1943 J J 5112 ____ 8514 Sept'31

--

- di

9 82 975
4
97 86 10154
39
8618 10134
-- ---- -_
--- -___
9984 -- 9984
___
73 90 4
___
3
--- ---- ----- --45
68 ---937
8
14
4413 667
8
•
INDUSTRIALS.
5
47
72 :Abitibi Pow & Pap 1st 58 1953 J D
3
5312 784 Abraham & Straus deb 530_1943
/
1
A 0
With warrants
St Jos & Grand Iald 1st 4_j947J J 9512 100 98
8 86 98
98
Adams Express coil tr g 48___1948 IN SI
St Lawr & Adr let g 58
1 8912 ___ 8912 Apr'34 ___
1996
77 8912 Adriatic Elea Co exti 711
1952 A 0
2d gold Ils
1996 A 0 88 Sale 88
797 88
1
8
88
Albany Perfor Wrap Pap 61_1948 A 0
Bt Louis Iron Mt & Sou1944 F A
Allegany Corp coil tr 58
Ely &0Div let g 48
1933 M N
•
•
•
Coll dr cony be
1949 J D
St L Peor & N W 1st gu 58_1948 11 7814 7912 7912
1950 A 0
57
/ 82
1
4
7
801
/
4
Coll & cony Ss
-San Fran pr lien 4s A_1950 1 1 2258 Sale 2214
:St 1,
2412 45
1634 28
Allis-Chalmers Mfg deb 5a_ _1937 MN
Certificates of deposit --, --, 21 Sale 2018
..
10
21
17
26
Alpine-Montan Steel let 7s_ _1955 M S
Prior Hen ba series B
1950 1 .5 24 Sale 2312
1778 30
17
26
Certificates of depoalt ---- --- 2114 24
2212
Amer Beet Sugar 6s
18
28
2
2312
1935 F A
Con M 434e series A
19781W S 20 Sale 19
6s extended to Feb 1 1940___ F A
1413 2512
161
22
CUB of depos stamped ---- 19 Sale 18
/ 2412 American Chain 5-yr 68___ _1938 A 0
1
4
14
2012 71
MN 8012 Sale 80
St L El W 1st g 48 bond ctfa_ _1989 -6413 81
81
Amer Cyanamid deb 58
33
1942 A 0
58 g 4s Inc bond etfa_ _Nov 19893 J 6112 Sale 6112
8112
4258 63
7
Am & Foreign Pow deb 5s 2030 IN B
1st terminal & unifying 58_1952 1 J 6212 Sale 6212
66
48 6912 American Ice if deb 58
37
19533 D
Gen & ref g 58 ser A
19901 3 5434 Sale 543
43
5812 Amer 30 Chem cony 5343_1949 MN
4
5612 35
St Paul & K C SD L let 4 y38_1941 F A 29 4 Sale 29
24
3734 Am Internat Corp cony 5%8 1949 1 J
304 18
8
SIP & Duluth let con if 4_1988J D 88 ---- 90 Feb'34 --Amer Mach & Fdy if 6s
84 93
1939 A 0
St Paul E Or Trk let 434&.19473 1 7612 Bale 7212
7 63
7612 Am Rolling Mill cony 5s__ _1938 M N
7612
St Paul Minn & ManitobaAm Elm &R lat 30-yr ba ser- '47_ A 0
A
Cons M Si ext to July 1 1943-, ,...
10578 Sale 053g 10612 151
,
97 10612 Amer Bug Ref 5
-year 6s
1937.5 J
Am Telep &Teleg cony 45_ _1936 M S
94 101
Mont ext BO gold 4s
4
4
12 7 i b - ___ _ _ _ 0034 1003
3
Pacific ext gu 4s(sterlIng).1940 J J 983 Sale 983
89 985
4
1
4
9884
30
-year cell tr 58
4
1946 1 0
St Paul Un Dep 1st dr ref 56_1972 J J 108 __-- 107
j.g(p) J J
24 101 108,8
108
36
-year. f deb be
20
-year s f 5348
1943 MN
SA & Ar Pass 1st gu g tr.__ _1943 1 J 8518 Sale 8412
8518 112 6013 853
Cony deb 434e
8
1939 1 1
Santa Fe Pree dr Phen lat be_1942 M 5 105 1063 10512 Apr'34 ____
i965 F A
97 10512
/
1
4
4
Debenture 58
Scioto V & NE let gu 4s_ __ _1989 MN 1031 ____ 102 Apr'34 ____
/
4
97 102 :Am Type Founders 68 ctf8_1940 ---/
1
4
S
:Seaboard Air Line let g 48-1950 A 0
Am Water Works & Electric *
•
2013 2312
3
2218 26
Certificates of deposit
2218
19441W S
2218
10-yr 5s cony coll tr
Gold 4sstamped
iiii0 A - 5
. -(
*
Deb it Unties A
•
1975 MN
Cerrito of deposit stamped-- A 0 23 Bale 23
25
15
33
23
Adjustment 58
Oct 1949 F A
6
7
54 712 Am Wilting Paper let 8 65_1947 J J
614
1
614
•
Refunding 4s
1959 A 0
•
Anglo-Chilean Nitrate 7s___1945 MN
Certificates of deposit ---- -,-,
74 13
/
1
7
954
Ark & Mem Bridge & Ter 58_1964 IN S
/
1
4
97 1078 9
8
let dr cons(is series A
1945 M S 1218 Sale 1134
1312 111
9
/ 1612 Armour & Co (III) let 4341_1939 J D
1
4
......, 1034 Sale 1012
Certificates of deposit
J .1
812 145 Armour & Co of Del 5%s__ _1943 jivi Ds
8
25
12
All & Blrm 30-yr 1st g 48
Armstrong Cork cony deb ba 1940 1 D
-1933 i`l 5
'
•
:Seaboard All Fla Os A otts_1935 A 0
434
5 Sale
4
538 56
712 Associated 0116% g notes_ _1935
0
7
Series 13 certificates
1935 F A
43
4 7
4
/ 74 Atlanta Otis L let be
1
4
11
5
5
So & No Ala e00/3gu g 58-.1936 F A 1034 ___ 10318 Apr'34 _ _ _ _ 10058 10318 Atl Gulf & W I SS coll tr tle_ _1959 J J
Gen cons guar 50
-year 313_1983 A 0 10312 107 107
Atlantic Refining deb 5s...-1937 J .1
91 107
5
107
So Pao co1146(CentPao coil) 19491 D 724 Sale 7118
58
67
73
747
5
let 434e(Oregon Lines).4_1977 M 8 8354 Sale 821
835 132
4
63
/ 8414 Baldwin 14 0 Works let Ss. 1940 IN N
1
4
30
20
-year cony ba
19343 0 100 10014 100
3
10018
925810014 Batavian Petr guar deb 4%0_1942 1 J
Gold 4348
1968 M S 67 Sale 67
/
1
4
Bell Telep of Pa 5s sorted B__1948 J J
531s 72
14
6912 63
Gold 434s with warranta_1969 MN 6712 Sale 67
bat & ref As series C
1960 A 0
72
53
69 119
Gold 434a
1981 MN 67 Sale 66
5212 71
6812 102
Beneficial Indus Loan deb 6.1946 IN 5
San Fran Term lit 4s_ _ _1950 A 0 9712 Sale 97
Berlin City Elec Co deb 0130 1951 J 0
/
1
4
9712 26
827 98
s
5
So Pao of Cal let con gu 8-8_1937 MN 10414-_ 103 Mar'34 ___ 101 103
Deb sinking tund 6345_ _1959 F A
So Pao Coast let gu g 4s__1937 J .1 9938 997; 99 Mar'34 ____
Debenturee 68
1955 A 0
99 99
So Pan RR let ref 48
1965 J J 90 Sale 8914
9014 206
70
9014 Berlin Else El& thiderit 6341 1956 A 0
Stamped (Federal tax).....1955 1 J -_-- -- 924 May'30 --- ----- Beth Steel let &ref 5e-guar A '42 M N
Southern Ry 1st cons g 513_1994 J J 103 sale 10212 103
30
86 104
-30
-year 0 m & Iranis t 68-1939 J .1
Devel & gen 48 aeries A
1956 A 0 6934 Sale 69
6718 73 4 Bing & Bing deb 6348
5
713 119
4
1950 M 16
Devel & gen 6s
1958 A 0 8812 Sale 88
90
75 95 :Botany Cons Mills 6348.-1934 A 0
41
1958 A 0 95 Sale 9414
Devel & gen 6345
A0
Certificates of deposit
78 97
/
1
4
94
97
1996 1 .1 100 Sale 99
Mem Div 1st g 58
100
Bowman-BR Hotels let 75..1934
7 8084 100
82 Lows Div let g 4s
1951 J J 8612 Sale 86
Strop as to pay of 1435 pt red M S
8612 10
6814 8612
5 84 102 :B'way de 7th Ave bat 5e____1943 J D
East Tenn reorg lien g 50_1938 M S 10112 Sale 10112 10112
56 81
31
80
77
Mobile & Ohio coil tr 4E1_1938 M g 7714 79
Brooklyn City RR let bs__ 1943_
.1
14 A9 .34 ____
7
14
93 17
4
BlEyn Edison Inc gen Si A1949 J J
:Spokane Internal let g 5s1955 J .1 13
_ _
Gen mtge As series E
Staten Island Ry let 434..._l9433 D --------60 May'32 __ ___
19523 J
- - Bklyn-Manh R T sec 68
1968 J 1
Sunbury & Lewiston let 48_1936 1 1 --------100 Feb'34 __ 100 100




Week's
Range or
Last Sale.

High
Low
___
_
100 1023
_--8
89 10212
92 1023
8
10414 111
10412 11112
8313 9778
8714 100
84 10012
10084 10314
12314 14912
50
75
85 1007
8
101 103
100 10514
9978 105
103 10812
88 1028
/
1
4
4
97 10713
/
1
4
10334 1064
/
1
9114 103
7814 92
83 963
/
1
4
4
57 813
4
7
1914
85 10114
/
1
4
5813 88
604 7812
/
1
511 7912
/
4
10012 105
100 1081
/
4
9214 103
23
/ 3114
1
4

Reading Co Jersey Cent coil 48'51 A 0 964 Sale 95 4
/
1
8
9012
Gen & ref 4%a serieedA
1997 J J 101 Bale 10012 10114
Gen & ref 4348 serierdB
1997 1 J 101 Sale 0014 10114
Rensselaer & Saratoga 60-1941 m
___
-- 113 Oct'30
Rich & Merch let g 49
1948 M NN 38 -55 40 July'33
Richm Term Ry lat lEU 5e_ _1952 1 J 10158 __ 99 4 Jan'34
8
Rio Grande Juno let gu 58_1939 0 91 98 90 4 Apr'34
3
1 ____ 114 Oct'33
:Rio Grande Sou let gold 40_1949 1 J
Guar 48 (Jan 1922 coupon)1940
_ 314 July'33
1
Rio Grande West let gold 48_1939 J .1 9114 92 908
2--4
9212
let Con dr roll trust 4s A 1949 A 0 63 sale 61
6314
:R I Ark & Louis 1st 4%8_1934 M B
*
1 i 61
Rut
64 66
-Canada 1st gu g 4s_1949
66
1941 1 J 734 744 734
Rutland let con 434e
/
1
/
1
/
1
7314

For footnotes see page 3064.

May 5 1934

*

•

•

103
10312 21
813
4
82
4
1087
8 108
/
1
4
1
68
6812 13
67 4
3
7112 105
628
4
663 113
4
42
4538 382
9712
9914 73
/
1
764 Apr'34 ----

93 104
62
8253
9418 110
56
6812
514 74
/
1
44 6912
25 46
90
/ 9914
1
4
564 70
/ /
1
1
4

98 Sale 98
9878 18
81
9614 80
80
42
8612 Sale 8612
88
7
1027 10314 1024 103
8
20
5418 Sale 5314
5614 238
/
1
75'2 Sale 754
761 10
/
4
9812 Sale 98
984 .35
/
1
87 Sale 8412
87
42
10612 ..• __ 1063
8 10658
7
107 Stile 10518 108
282
104 Sale 10312 10414 77
10614 Sale 1057
a 10814 10
10258 103 10212 10213
5
1083 Sale 1073
8
4 108
/ 116
1
4
1073 Sale 10712 108
4
123
1103 Sale 1104 111
4
/
1
84
109 Sale 109
110
77
108 Sale 1075
3 108
143
331 38 40 Apr'34 ____
/
4

71
9878
80 817
8
64
9058
9313 10314
35
5918
62
7984
83
/ 983
1
4
4
6718 87
105 10712
958 1184
4
/
1
9918 1044
/
1
10414 1004,
10153 10418
1051 109
/
4
10314 18818
10578 111
107 113
10318 108
35 50

1057 Sale 105
8
/
1
4
8614 Sale 8614

10558 111
6414 90

10312 Sale
82
83
10618 109
66
69
6914 Sale
6312 Sale
43 Sale
99 Sale
78
93

5112
1412
85
9
8

Sale
Sale
9012
Sale
105
:
9_ 1_0_
98 Sale
10996347'82
60
106

4713
1212
8912
975
3
109472
95318
973
4

Sale 593
4
Sale 106

1085 860
4
88
14
535 190
8
1412 60
8913
1
9812 200
981 41
/
4
ma 47 :22_
10 38 1_4
9 4
:
60
10614

15
33

An
''''84
5
834
/
1
8712

62
174
4
go
99
/
1
4

86
9812
106 1044
9 58 96
2
6
/
1

50
6112
1035 107
$
10718 107 4 10753 10712
1
1 102 10712
10012 104 103
10312
8 10238 116
10934 Sale 10912 110
27 106 11012
11278 Sale 1117e 11278 65 106 113
10414 Sale 10314 10412 10
84 108
5178 Sale 5118
524 50
444 6584
4338 484 4514
7
4312 67
46
4214 47 4314
4412 26
425 6514
8
454 49 457
8
4914 26
4014 74
112 Sale 11112 11334 141
994 11588
10238 Sale 10214 1023
4 84
99 1025
4
3018 ---- 30 Apr'34 ____
80
30
5
*
15
18
1713
8
20
46
20
•
•
•
*
*
86 Sale 8512
72 86
3
86
109 Sale 1083
4 10988 13 105 10958
/
1
4
108 Sale 1071 108
/
4
6 10514 110
1011 Sale 10114 102
/
4
9314 102
76

New York Bond Record—Continued—Page 5
BONDS
N. Y. STOCK EXCHANGE
Week Ended May 4.

*.,e,
P....it'

Price
Friday
May 4.

Week's
Range or
Last Sale.

1.
co

Range
Since
Jan. 1.

BONDS
N. Y. STOCK EXCHANGE
Week Ended May 4.

... .4.
.i.'"E
...i..

3063
Price
Friday
May 4.

Week's
Range or
Last Sale.

.1 .
:P..
co

Range
Since
Jan. 1.

Industrials (Continued)—
Bid
Ask Low
Bklyn Qu Co di Sub con gtd be '41 M N
65
70
57
let 55 stamped
1941 J J 67
573
4
Bklyn Union El let g be___ _1950 F A 04 Sale 91
Bklyn Un Gas let cons g 58_1915 MN ill Sale 1103
4
let lien di ref fhl aeries A__1947 M N 11778 ____ 11712
Cony deb g 54s
1936 1 J --------158
Debenture gold be
1950 J D 104 Sale 1023
4
1st lien & ref series B
1957 M N 1073 Sale 10714
8
Buff Gen El 414s series B__1981 F A 1043 1043 1044
8
4
/
1
:Bush Terminal 1s1 48
1952 A 0 5112 58
50
Consol be
1955 J J 20 Sale 1912
Bush Term Melo be gu tax ex '30 A 0 4714 Sale 4714
By-Prod Coke let 514s /L...1945 MN 8314 8412 83

Cal0& E Corp tint & ref 58_1937 MN
Cal Pack cony deb be
19403 J
Cal Petroleum cony deb a t Is '39 F A
Cony deb St g 54s
1938 MN
Camaguey Sugar 7s ctfe__1942. _
Canada BS L let di gen 6s.._1941 A -0
Cent Diet Tel let 30-yr 5a__1943 J D
Cent Hudson 0 & E &Lien 1957 M S
Cent Ill Eleo & Gas 1st bs___1951 F A
Central Steel let g at 8e____1941 NI N
Certain-teed Prod b4s A.. _1948 M S
Chesap Corp cony be May 15 '47 M N
Ch G L et Coke let gu g 58_1937 J J
:Chicago Railways let bs nod
Aug I 1933 25% part pa
F A
Childs Co deb bs
1943 A 0
Chile Copper Co deb ba_.,j947 J J
CM 0& E lit M 4e A
1988 A 0
Clearfield Bit Coal let 4s
1940 J J
Colon Oil cony deb Os
1938 J J
:Colo Fuel & Ir Co genii 5s 1943 F A
Col Indus let & coil 55 gu_ _ _1934 F A
Columbia G &E deb 5a May 1952 M N
Debenture Se
Apr 15 1952 A 0
Debenture 58
Jan 15 1961 J J
Columbus fly P & List 44e 1957 J J
Secured cony g 554s
1942 A 0
Commercial Credit at 540_1935 3 J
Comml Invest Tr deb 548_1949 F A
Conn fly & L 1st dc ref g 4 ha 1951 .1 3
1951 j J
Stamped guar 44e
Consolidated Hydro-Elec Works
of Upper Wuertemberg 78_1956 3 J
Cons Coal of Mdlet .- ref 58 1950 3 D
Certificates of deposit
Consol Gas(NY)deb 548_1945 F A
Debenture 44e
1951 J D
Debenture Is
1957 J J
Consumers Gas of Chic gu 581936 J D
Consumers Power let S,C 1952 MN
Container Corp let fie
1946 J D
15-year deb es with warr_1943 J D
Copenhagen Telep 58 Feb IS 1954 F A
Corn Prod Refg 1st 25-yr s 158'34 M N
Crown Cork & Seal 8 1 62_ _ .1947.' D
Crown Willamette Paper 6/1_1951 1 J
Crown Zellerbach deb 5e w w 1940 PA S
:Cuban Cane Prod deb 6s___1950 J J
Climb T & T let & gen 58___1937 .1 3
Del Power & Light let 448_1971 J J
let & ref 434s
1969 J .1
let mortgage 434s
1969 J J
Den Gas & El List & ref it t 58'51 M N
Stamped as to Penne tax,1951 MN
Detroit Edison be ear A
1949 A 0
Gen & ref be aeries B
1955 J 1)
Gen & rails aeries C
1982 F A
Gen & ref 434s series 0.1981 F A
Gen & ref Is series E
1952 A 0
Dodge Bros cony deb 6s
1940 M N
Dold (Jacob) Pack let 6s
1942 MN
Donner Steel let ref 7s
1942 J J
Duke-Price Pow let Os ser A_1966 MN
Duquesne Light 18t 448 A 1987 A 0
let Mg 436s series II
1957 M S
East Cuba Sug 15-yr e f g 734537
M
Ed El Ill Bklyn 1st cone 4s__1939 J S
J
Ed Elea(N Y) 1st cone g 513_1995 3 .1
El Pow Corp (Germany) 83.4,10 M 5
let sinking fund 8148
1953 A 0
Ernesto Breda 7s
1954 F A
Federal Light & Tr lit 58.. 1942 PA 8
Is International series_ _1942 M 5
1st Hen, f 55 etamped___1942 M 8
let lien 65 stamped
1942 M S
30-year deb lis series B1954 J D
Federated Metals a 17,
18393 D
Fiat deb 51 g 7s
1946 J .1
Framerican Ind Dev 20-yr 748'42 J J
:Francisco SUFI let s t 7345,1942 M N
Gannett Co. deb 65 set A__ _1943 F
Gas &El of Berg Cocotte g 5131949 J
Gelsenkirchen Mining Ile__ _1934 M
Gen Amer Investors deb beA1952 F
Gen Baking deb at 54s____1940 A
Gen Cable lets 1 548 A_1947.1
Gen Electric deb g 3148____1942 F
Gen Elec(Germany) 7s Jan lb '45 J
Eltdeb 04e
1610 3
20
-year of deb Os
1948 M
Gen Petrol let Wilk I'd 5
8_1940 F
Gen Pub Sem deb 514s
19393
Gen Steel Cast 5148 with wart'493
:Gen Theatres Equip deb 06_1940 A
Certificates of deposit
Good Hope Steel Air sec 74_1945 A
Goodrich(BF)Co lst0 As__1947 J
Cony deb 65
1945 1
Goodyear Tire & Rubb 1st be 1957 M
Gotham Silk Hosiery deb 98_1036 J
(Gould Coupler let It 6s_1940 F
Gt Cons El Pow (Japan) 7s__1944 F
let & gen 51 6348
19503
Gulf States Steel deb 54e__ _1942 J

A
13
8
A
0
J
A
J
D
N
A
J
.1
0
0
J
D
N
D
A
A
J
1)

Hackensack Water 1st 48-1952 J J
Hansa SS Lines& with warr_1939 A 0
liftmen Mining Os with warr_1949 .1 J
Havana Elec coneol g 58____1952 F A
Deb 514s series of 1926_1951 131 5
(Hoe(R)& Co lit 61411ser A 1934 A 0
Holland-Amer Line 68 (flat)_1947 MN
Houston 011sink fund 5341 __1940 M N
Hodson Coal let s 1 5s ear A_1962 J D
Hudson Co Gas let g 5s____1949 MN
.
Humble Oil& Refining be _ _1937 A 0
Illinois Bell Telephone 641_1956 J D
1940 A 0
IllInole Steel deb 442
Moder Steel Corp mtge 613_1948 F A
1936 M N
Ind Nat Gas & Oil rat 62
For footnotes see page 3064.




High No. Low
High
Industrials (Continued)—
Bid
Ask Low
High No. Low
High
Mar'34 ____
57
60
1978 A 0 971* sale 9614
Inland Steel let 414s
975
8 82
86
975
8
Feb'34 _
573 5734
4
1981 F A
let Met 414s ser B
97 Sale 96
97
78
8512 97
96
37
7513 96
(Interboro Rap Tran let 68_1968 1 J 693 Sale 6912
4
7012 117
654 7214
•
111
23 1063 1113
*
4
10
-year 6s
•
4
1932 A 0
Apr'34 _-- 1104 11712
/
1
Certificates of deposit __ ____ --- 3213 3314 3212 Apr'34 ---32
3812
a
Feb'34 __-- 158 158
*
10
-year cony 7% notes_ __1932 M S
.
104
14
98 10414
Certificates of depoelt __ ____ --- 73
74
7312
74
3
6713 75
1077
8 10 1043 10834 Interlake Iron 1st be B
4
7413 Sale 7312
1951 MN
7412 14
80
7718
1047
8
1
99 1053 Ink Agric Corp let & coll tr Se—
8
51
7
50
60
Stamped extended to 1942_ _ M N
7334 791 78
/
4
78
5
62
79
20
26
124 2612 lot Cement cony deb 55.. __J948 M N 903 Sale 8912
4
903 101
4
79
/ 90
1
4
/
1
4
5014
12
453 6012 Internet Hydro El deb 6s___1944 A 0 65 Sale 64
8
/
1
4
677 270
8
4018 693
8
8312
7
6112 88
Inter Mere Marine a f 68„...1941 A. 0 60 Sale 5912
44
6312
6014 17
Internet Paper be ser A & B_1947 J J 7918 Sale 7918
8012 39
5713 8212
1063 Sale 10658 1064
8
/
1
2 1034 107
Rots f (is series A
1955 M 8 6712 Sale 65
/
1
4
671 116
/
4
384 73
/
1
10112 Sale 1003
4 10112 90
8612 10112 Int Telep & Teleg deb g 4 Ai 1952 J J
59 Sale 5812
62
145
4814 693
4
10214 Sale 10214
8
10212
963 1023
8
4
Cony deb 44s
1939 J J 6534 Sale 65
5718 7312
6912 208
8
10212 10314 10212 10213
994 10312
Debenture be
1955 F A 63 Sale 611
/
4
66
279
52
693
4
64
6
/
1
4
3
2
/ 12
1
4
618 7
Investors Equity deb Is A 1947 1 D 0712 Sale 9712
98
8
8238 98
33
3412 3334 Apr'34 ---1812 333
4
Deb 55 ser B with warr
1948 A 0 97
98
97
97
3
88
98
1073
--- 10718
10718
4 104 8 1075
5
8
Without warrants
1948 A 0 9714
_ 961,2 Apr'34 --__
87
/ 98
1
4
107 410714 107
107
5 10418 10772
65 Sale 64
6812 49
4512 69
/ K C Pow & Lt let 434s ser B 1957 .1 J 106 Sale 106
1
4
1063
8
7 1004 10612
110 Sale 110
110
2 10118 110
let mtge 4 4s
1961 F A 1063 Sale 10618
8
1063
8 27 1003 10712
8
6518 Sale 65
6812 40
5218 717 Kansas Gas & Electric 440_1980 1 D 9514 Sale 94
8
9514 70
7213 9514
10734 152
96 110
106 Sale 105
Karetadt (Rudolph) 1st 6s 1943 MN
3018 ____ z3078
31
7
19
31
1045
8 35
10412 Sale 104
981 105
/
4
__
Certificates of deposit
2412 Sale 2318
2412 27
1612 25
Keith (B F) Corp 1st 65____1946 M S 6918 70 70
71
32
51
72
*
•
•
Kelly-Springfield Tire 60_1942 A 0 52
5314 52
/
1
4
55
16
48
5912
59
58 Sale 57
68
43
65
Kendall Co 5)4s with warr_11348 l'd S 92 Sale 92
933
4
6
7418 951 2
81
143
80 Sale 7912
56
33
Keystone Telep Co let Is___1935 J .1
781 793 78 Apr'34 --__
/
4
4
734 7934
10012 86
92 101
100 Sale 100
Kings County El L dr P 5s_1937 A 0 10618 Sale 10618
10618
5 104 107
38 Apr'34 ____
43
_
_ _
Purchase money 85
__ 1343 Apr'34 _--- 122 135
4
1997 A 0 136
65
65
2
64
65
5014 ii Kings County Elev 1st g 4s__1949 9 A
864 / i8
1
37
8712
8618
10
75
5512
6
30
55 Sale 55
59
Kings Co Lighting let bs__ _1954 3 J 108
__ 108 Apr'34 _--- 10314 108
2912 Sale 2812
31
42
1713 3312
First and ref 614e
-17 117
Apr'34 --__ 108 120
1954 3 J 116 1 8712 75
69
8
8878 Kinney(OR)& Co 74% notes'36 J 0 99
867 Sale 86
9912 9318
98
/
1
4
2
8112 100
88
9
70
8612 ____ 6712
88
Kresge Found'n coil tr 68_1936 3 D 97
9813 9718
983
4 34
823 100
4
86 Sale 8512
86
33
6612 88 (Kreuger dc Toll el AS,etts_1959 M S 18
19
1914
1914
2
1214 2134
Sale 9434
954
955
8 63
73
955
8
10412 18
10412 Sale 104
901 1043 Lackawanna Steel let Is A__I950 M S --------1053
/
4
4
4
10614 26
97 10614
*
Laclede G-L ref & ext 5s_ ___1934 A 0
•
8 1013
4 18 10112 103
1013 Sale 1013
4
Certificates of deposit- 89
/ 92
1
4
9112
9113
2
85
93
1071 Sale 10712 10812 27 101 108
/
4
Coll &ret 53 series C_1953 1-A
65 Sale 6212
-is
673
4 72
50
89
/
1
4
_
_
9334 ___ 983 Nov'33 ___ s _
8
Coll & ref 5 48 aeries D___1980 F A 647 Sale 635
8
8
6512 21
50
89
/
1
4
103 104 10312 10312
ii 11;33- Lautaro Nitrate Co Ltd 6s__1954 3 J 17 Sale 15
4
1
54 1912
1712 189
Lehigh C & Nay 8 f 43is A__1954 3 J 97
9712 97
97
2
81
9912
37
427 40
8
423
4
6
39
60
Cons sink fund 448 ser C_19,543 J 97 Sale 971
/
1
4
/
4
971
/
4
1
80
9914
1634
19
10
1814 20
12
254 Lehigh Val Coal 1st & ref s f be '44 F A 89 Sale 8814
89
6
794 91
16
19
19
16
15
1114 24
let & ref et bs
61
65
624
1954 F A
6218
1
40
624
106 Sale 106
1063
8 76 10112 10712
let dr rots 1 be
1984 F A
5712 59
583
4
59
6
424 59
/
1
10018 Sale 9912 10112 139
903 10110
1st & ref, f be
8
5612 59
1974 F A
525 Mar'34 ---8
40
55
4 104
/ 107
1
4
103 Sale 1033
/
1
4
Secured 6% gold notes___1938 J J 9318 95
974 1045
/
1
8
925
8
97
10
8118 97
10414 Sale 10114
1064
/
1
6 100 1061 Liggett d Myers Tobacco 75_1944 A 0 1263 Sale 126
8
/ 12812 47 11918 1284
1
4
/
4
,
107 Sale 1064 10712 21 1004 108
/
1
bs
8
1951 F A 1115 112 11112 112
14 106 112
93 Sale 93
9412 31
70
9612 Loew's Inc deb a 1 (is
102
1941 A 0 10114 Sale 101
31
85 102
74
784 2
/
1
0
52
8114 Lombard Elec 75 ser A
9713 16
7558 75
19523 O 974 Sale 9612
8538 9712
9112 Sale 2911
/
4
9112 17
75, 9112 Lorillard (F0 Co deb 78
8
1944 A 0 120 12012 120
12012
7 11212 12012
--------10014 Apr'34 --„ 10018 1013
8
bs
____ 105
9912 10618
/ 10618 14
1
4
1951 F A 106
1037 Sale 10314
8
104
35
9712 104
Louisville Gas & El(Ky) 58_1952 MN 1024 Sale 1017
/
1
8
10318 93
88 1034
/
1
955
8 11
7913 951 Lower Austria Hydro El 8481944 F A 8212 85
/
4
95 Sale 95
83
83
8
51
833
4
947 Sale 94
8
96
31
70
96
*
•
(McCrory Stores deb 534e_ _1941
107 Sale 106
107
89 10312 107
Proof of claim filed by owner__
- 60 Sale 5812
60
9
50
68
McKeseon & Robbins deb 54850 „./
1
III N 324 Sale 824
/
1
84
80
58
/ 863
1
4
4
*
1033
4 26
10312 Sale 103
9414 1037 (Menet! Sugar let s f 74_1942 A 0
8
10hz
3
1011 ___ 101
/
4
8958 102
Certificates of deposit_ ____ ____ 1812
1912
3
10
20
10
1031
1034 Sale 1013
4
Stamped Oct 1931 coupon 1942 ;CO
*
94 104
1O2'z 24
10212 Sale 101
86 1021
/
4
Certificates of deposit ______ ---20
20 Feb'34 _--16
6
20
•
102 Sale 101
102
8
873 1023
Flat stamped modified _ _ _ ____
4
4
,.
8
1067 Sale 10614
107
9
963 107 (Manhat fly(NY)cons g 4e 1990 -4
A0 50 Sale 50
5112 23
424 5112
/
1
1061 13
/
4
10614 Sale 106
984 1064
4113
/
1
Certificates of deposit ___ ___ -- - 48 2 50
4312 39
/
1
,
37
48
10711 13
107 Sale 107
2d 4s
963 10712
35
38
35 Apr'34 ___8
2013 .1
30
40
41
89 10212 Manila Elee RR & Lt St 58_1953 NI 8 82
1021
90
95 Mar'34 ..
102 Sale 102
9312 97
8 10714
10612 107 1065
10
97 10714 Mfrs Tr Co etre of panic in
1054 188
/
1
1054 Sale 105
/
1
A I Namm & Son 1st 6s1943 J D
9814 10512
72 Sale 72
72 ___ s
60
773
4
93
9114 93
92
12
79
/ 93
1
4
Marton Steam Shovels f 68_1947 A 0 51
534 55
/
1
58
8
44
81
102
6
94 102
9912 105 100
9018
8
91
Market St fly 78 ser A-April 1940 Q J 907 95
33
68
91
941 38
/
4
9414 Sale 94
7412 96
Mead Corp let 6e with warr_1945 M N
7718 79
78
79
11
53
81
10612 45 1013 10318 Meriellonale Dee 1st 75 A1957 A 0 1077 1097 108
1063 Sale 106
8
4
8
108
1
94 116
14 10212 109
10818
108 Sale 108
Melt Ed 1st & ref Si ear C__1953 J J
96 Sale 9512
96
35
77
9612
1st g 4148 series 13
1968 M S 8618 Sale 8518
863
8 26
71
88
•
*
•
Metrop Wet Sew & Dr 548_1950 A 0 9012 Sale 9012
9112
4
80
92 2
,
*
*
1033 10412 103
4
/ 103
1
4
/
1
4
0 10018 1033 Met West Side El (Chic) 48_1938 F A
4
11918 124 11812 Apr'34 ---- 110 11878 Miag Mill Mach let at 7s...._1956 J D
5012 68
5112
5112
1
50
78
514
513
4 10
515 5312
8
4512 6912 Midvale St &0 coil tr s t 58_1938 M S 1024 Sale 102
10212 96
974 10212
/
4
51
513
8 18
511 52
47
6914 Milw El Ry & Lt let be B1981 J D 84 Sale 8218
/
1
4
843
4 99
57
85
8512 8758 85
/ Apr'34 --, 833 89
1
4
8
1st mtge be
1971 J J 8214 Sale 81
8212 51
58
83
/
1
4
79
20
64
79 Sale _7,6
79
Montana Power let be A_1943 J 1 9838 Sale 973
4
9812 86
7913 9812
77
771 78
4
/
4
75
7712
Deb be series A
1962 J D 77 Sale 77
de
80
11
53
813
4
42
783 Sale 764
4
4
/
1
783
8012 781 Montecatini Min & Agile—
/
4
7812 83
764
/
1
77
1937 J J 9718 Sale 9718
34
64
80
Deb g 78
97
/
1
4
2
98
9812
67
65
6718 12
5113 6718 Montreal Tram let &ref 56_1941 J .1 10012 Sale 1003
8
10012
7
954 101
105
3 101 105
1021g 106 105
Gen dc ref et be series A.,1955 A 0 811 8312 8214 Apr'34 ___/
4
8214 3214
1007 102 101
8
101
2
0 100 8 102
3
Gen di ref a 1 Ss series 13.._1955 A 0 811 86
/