The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
The Financial Situation
As to the "better sentiment" now so widely-reIN THE face, or so it seems to us, of a number of
it will thrive, or else quickly wither and die,
the
ported,
rather clear indications that the program of
entirely upon the course of actual events
depending
being,
time
the
for
is
Administration in Washington
next few weeks, or at most the next two
the
change,
during
important
without
at least, continuing
Soothing words and vague assurmonths.
three
or
during
has
increased
circles
financial
in
optimism
the past week. More and more people, and more ances will not suffice to keep it in existence very
and more important people, are asserting that the long, as has been clearly demonstrated on numerous
President has in one degree or another "turned to occasions during the past year or two. There is every
the right," at least in his thinking and his plans. reason to believe that the Presidgnt and most of his
Word was being passed around during the latter half advisers have grown quite uneasy about the situation
of the past week that a number of influential business in California and the effects that further growth of
leaders had been induced to give utterance from time such a movement within the Democratic Party would
to time in the early future to statements of good have upon their ultimate political fortunes. That
they have had cause to
cheer. It was even said
grow uneasy about these
industhat certain large
Recovery?
vs.
Reform
matters, and also about
deterhad
trial enterprises
recently
have
commentators
of
A
number
course of business conthe
with
proceed
to
mined
revived the old issue described as the conis made clearer by
ditions,
plant renovations and modflict between reform and the recovery efforts
on the part of the Administration.
the results of the recheck
ernization in an effort to
One of the most frequently heard observaby the "Literary Digest"
provide good examples for
tions among those who have become more
its poll taken earlier in
of
the more timid.
that
to
is
effect
of
the
the outlook
hopeful
the President has, for the sake of stimulating
the year. This poll, taken
Imitating Mr. Hoover
recovery, determined to sacrifice reform, in
as of late August and early
substantial measure at least.
suggests a draSeptember,
There is obviously much
This has always seemed to us to be an inin all this that is strongly
matic reversal of sentiaccurate and unfortunate way of stating the
case. One would suppose, from what is said
reminiscent of the leaderment against the New
and written in these terms, that the choice
ship of Mr. Hoover in the
Deal since last spring. Of
is really between taking reasonable steps to
prevent a return of the abuses of the New
early part of 1930, when as
course the ballots were
Era and the toleration of such evils, perhaps 1
President he undertook to
cast at about the time of the
their encouragement, for the purpose of
stimulating business.
Maine election, which did
induce business men to act
Yet this is hardly what the more intelligent
not disclose any such alteras if there were no such
of these commentators really mean to say, or ,
ation of public opinion.
thing as a depression and
at least it is certainly to be hoped that their,
thought about current problems is not so
But in conjunction with a
thus (according to plans)
beclouded. If the Administration were really
number of other indicaeliminate the difficulties
faced with any such choice, it could hardly be
tions the poll of the "Dicondemned for a decision to permit recovery
with which the community
be
induced
would
so
to
wait.
Improvement
gest" is clearly too imwas confronted. Then, as
neither real nor lasting. It would almost
pressive to be ignored.
were
now. large enterprises
inevitably collapse in a relatively short time,
leaving more problems in its wake.
asked to continue with capIt seems to us,however,thatrecovery is being
Vague Assurances
ital expenditures in order
delayed not by intelligent effort to effect
needed reforms, but by attempts to stimulate
Such considerations as
to create employment and
improvement in business by an application of
have apparently led
these
distribute purchasing
the same false principles that were worthe Democratic organizashiped in the twenties,as well as by"planned
power. Then, as now,the
economy" programs often mistakenly termed
tion under the control of
order of the day was to
reform.
the President to withdraw
make reassuring stateBy all means let us have sanely conceived
support from the ticket in
reform where it is needed, but at the same
ments—which of course
often
and
from
freed
amateurish
time
be
us
let
California. They, too,
had but little effect upon
absurd attempts to make society over accorddoubtless, are largely rethe minds of hard-headed
ing to some preconceived plan, and from inmay
they
whatever
guise
in
flation
dogmas
for the effort on
sponsible
business men striving as
appear.
the Washington
of
part
the
best they could with into placate the
authorities
numerable difficulties.
in open
definitely
was
which
. It is difficult to see why we should expect "bally- business community,
occurred,
has
that
Nothing
hoo" to be more effective at this time. Nor do we, revolt last month.
for our part, expect many enterprises to undertake however, seems to offer any convincing evidence of
capital expenditures now merely for the purpose of intention on the part of the Administration to
co-operating with the Washington Administration or abandon its present program or to modify it very
simply to provide employment and thus relieve the substantially. The President has consistently avoided
Government of a part of its relief burden. It would such caustic utterances as those contained in his
be strange indeed if there were not an accumulation Green Bay speech last summer. There have been a
of deferred maintenance, repair and replacement in a number of protests that the President does not intend
good many branches of business. Some increase in and has never intended to abolish the "profit motive."
expenditures for these purposes may °deur in the Visitors at the White House are reported to have renear future, particularly in those industries which, ceived numerous assurances concerning the Presidespite the depression, have been able to remain in dent's personal attitude toward a number of questhe black. There is certainly nothing, to indicate tions, such as, for example, the Central Bank matter,
that they will greatly exceed the amounts dictated by a which has never been officially included in the proather dispassionate appraisal of the existing situation. gram of the Administration. Certain Washington
2406
Financial Chronicle
Oct. 20
1934
dispatches, apparently inspired, have carried some to have as much authority as many of the
current
vague assertions about the intention of the President rumors about the President becoming
more conto pare the budget figures except in those items hav- servative.
ing to do With relief.
Continuing Silver Purchases
All this is encouraging as far as it goes. It is
'
There is no apparent disposition to abandon, or
heartening, however, chiefly because it indicates a
reawakening on the part of important groups in the even to moderate, the absurd silver buying program,
population that ought never to have been "asleep at which is daily a disturbing factor in the foreign exthe switch," a reawakening that has apparently change markets and which has brought not only
gained momentum enough to demand and obtain sharp protests but also a protective export duty on
a hearing at Washington for the first time since the silver from China, one of the countries which, acpresent Administration took office. The actual cording to the claims of the silver advocates, was
benefits, if any, will be realized when the forces thus to receive great benefits from higher prices for
set in motion become strong enough to bring real silver. Speculation in the metal has naturally atchanges in the course of official policies. Mere tained large proportions again. The Canadian
willingness on the part of the Administration to avoid market for trading in silver futures is soon to begin
some of the extremes that seemed likely to be super- operations, and certainly no clear indications have
imposed upon the follies of the New Deal is nowhere come to light of any intention on the part of the
near enough. Hopes of early modification of the American Government to discourage wild speculaessentials of the New Deal, as thus far revealed, seem tion in the metal there by American groups. As
far as can be observed, word fully as authentic as
to us to rest upon very slender props.
any of the "assurances" of more conservative manMounting Expenditures
agement of national affairs in the future has come
Citation of a few of the outstanding developments from Washington that the once much vaunted procand more definite pronouncements of the past week ess of tariff bargaining will be used with the utmost
will make the basis of our doubts on the subject discretion in the future; a promise, if promise it is,
clear. In the face of emergency expenditures that is the equivalent of an assurance that any and
amounting to more than $1,000,000,000 for the first all efforts of consequence to free international trade
three and a half months of the new fiscal year and of existing shackles are being abandoned at least
notwithstanding an accumulating deficit two or for the immediate future. There never has been
three times as large as last year, the President told much reason to expect really important achievethe press on Wednesday that an enlarged housing ments through these negotiations, but a deliberate
program is to be added to an already enormous determination to refrain from trying to accomplish
public works plan. The general drift of the con- anything in this direction is hardly indicative of
versation then taking place seems plainly to indi- greater enlightenment as to what is needed to help
cate that the President is dissatisfied with the rate world business at this time, however inconsistent
at which his Administration has found it feasible to and unwise the concomitant pursuance of policies
spend money for public works projects, and is will- designed to raise domestic production costs and reing to see the deficit increased by greater outlays duce tariff duties.
for this account.
Other Uncertainties
The mounting excess of expenditures over receipts
In other directions too the course of the Adminisduring the current fiscal year would without ques- tration is equally uncertain. To be sure, there have
tion be very substantially larger were it not for been vague assurances that the National Recovery
repayments that have been made,and are being made, Administration will henceforth be managed less agon loans by the Reconstruction Finance Corporation. gressively: Official statements indeed have been to
Yet this process of repayment is apparently dis- the effect that effort is being made to evolve plans
pleasing to the Administration, for the Chairman of by which industry would "police itself," that is to
the Board of the Corporation let if be known during say enforce its own codes, and possibly within limits
the week that he would be well pleased to have rewrite its codes, Such a change, if executed in
borrowers renew their indebtedness rather than use good faith, might result in a much needed simplificafunds which presumably might otherwise be em- tion of the codes, and in relief from the burdens of
ployed to pay their debts. The words of the Chair- bureaucratic interference with business. It might
man are not likely to have much effect, since the also increase the effectiveness with which the codes
repayments are being made for the most part by themselves are enforced, although general economic
the banks which, upon receipt of cash as a result conditions at present are not such as to lead to
of Government expenditures, find it much better strong expectation that many of the provisions of
business to repay loans on which they must pay these agreements can be rigorously enforced by any
relatively high rates of interest than to place these agency. At the same time let it be remembered that
funds on loan at very low rates. But the attitude lack of enforcement of many of the terms of these
thus revealed hardly indicates great concern about agreements has probably saved industry from a much
the budgetary situation, which according to other more severe state of affairs that otherwise would
reports the President wishes to protect by reducing have existed at this time. Increases in costs and
enormous increases in proposed expenditures for prices resulting from such enforcement as has ocnext year. Reports have also emanated from Wash- curred have quite effectively curtailed sales in a
ington to the effect that a very substantial further good many lines. Of course, as is well known, the
development of the general idea exemplified in the privilege of self-policing has long been what many
Tennessee Valley Authority is being seriously con- trade groups have wanted and urgently demanded.
sidered in Administration circles. How authentic We think, however, what they have had in mind is
these reports are we do not know, but they appear very different from what they are likely to obtain
Volume 139
Financial Chronicle
under arrangements now in contemplation. In any
event we cannot eliminate the belief from our own
minds that it would be a very doubtful expedient to
give industry and trade carte blanche to restrain
competition in whatever degree it seemed best to
them—and feasible for them. This latter may or
may not be the true inwardness of current plans
said to be in the process of formulation in Washington.
Labor Provisions to Remain
Most important of all in this connection, there is
not the slightest indication of any intention on the
part of the authorities in Washington to eliminate
or even to relax the labor provisions of the codes.
True, there are a few who have been able to build up
some hope that the President will presently declare
and demonstrate a newly found independence for
organized labor, but certainly nothing has happened
so far as we can learn to afford a solid basis for
such a hope. Certainly the President's insistence
upon a 36-hour week in the cotton clothing industry
does not suggest any such independence. The same
is obviously to be said of the conditions specified in
the Executive Order directing the creation of a Cotton Textile Work Assignment Board. The conditions
there set forth under which a manufacturer may be
permitted to change the duties of his employees
could hardly be matched outside of Russia. It is
true That the President is apparently,for the moment
at least, less inclined toward a universal 30-hour
week than was the case some time ago, but it is by
no means clear that pressure will not presently be
exerted to have working hours shortened without
corresponding reductions in weekly wage rates. It
is not likely that a great deal of enthusiasm will be
aroused in thoughtful minds by any change in the
policies and practices of the National Recovery Administration which does nothing to lessen the burden
of labor costs imposed by existing codes, costs that
according to the Iron and Steel Institute amounted
to some $95,000,000 in the steel industry during the
first year under the code. Nor are official announcements from Washington indicating a purpose on the
part of the authorities to stand by the Houde Engineering decision involving support of the principle
of majority representation in labor matters apt to
encourage the belief that there has been much
change in the attitude of the Administration in
its labor policy.
Developments such as these, it is to be remembered, follow the Chicago address of Mr. Richberg
and the price raising talk of the President with the
press during the preceding week. It seems perfectly
clear to us, therefore, that the business community
would be wise to wait much more definite, concrete
and convincing evidence before it places a great deal
of faith in current reports of a "turn to the right" by
the Administration. As already asserted, the Administration has evidently become impressed with
the growth of hostility to much of the New Deal.
It has without question been rendered uneasy by the
development of extreme radicalism within its own
party. The difficulty and the urgency of inducing
genuine business recovery has doubtless given it
pause. All this is heartening, but whether it will
cause the authorities to do more than issue soothing
statements and perhaps to take somewhat more effective steps than heretofore to curb the wilder elements in public life, is still in our opinion distinctly
an open question.
2407
The Federal Reserve Bank Statement
LTHOUGH some fairly important monetary
transactions affecting Treasury indebtedness
were carried out early this week, there is little evidence of this in the condition statement of the 12
Federal Reserve banks, combined, for the week to
Wednesday night. In preparation for repayment
of called Fourth Liberty 4%7
0 bonds that were not
exchanged for other securities, the Treasury called
for large amounts from the war loan deposits with
member institutions. Apparently there was a close
correspondence between the Treasury calls and the
amounts of the bonds tendered for cash on Oct. 15,
for excess reserves of member banks with the Federal Reserve System continued to increase while
Treasury deposits with the System on general account hardly varied in the statistics for Oct. 17 as
against figures for Oct. 10. In other respects, also,
the Federal Reserve statement fails to reflect any
important alterations in money and credit conditions. The Treasury deposited with the System a
further $4,746,000 of gold certificates, which apparently corresponds to the fresh gold acquisitions for
the weekly period. Of some interest is the steady
advance in the industrial loans which now are a
regular feature of the statement. Such loans by the
Federal Reserve banks have increased to $4,576,000
on Oct. 17 from $3,708,000 on Oct. 10, while commitments to make such advances increased in the same
period to $2,182,000 from $1,809,000.
The deposits or sales of gold certificates by the
Treasury to the Reserve institutions increased such
holdings of the banks to $4,965,342,000 on Oct. 17
from $4,960,596,000 on Oct. 10, and as other cash
also showed a gain the total reserves of the System
increased to $5,203,164,000 from $5,186,387,000.
Federal Reserve notes in actual circulation declined
slightly to $3,182,329,000 from $3,184,558,000, while
the net circulation of Federal Reserve bank notes
receded to $29,425,000 from $29,664,000. Member
bank deposits on reserve account were $3,996,276,000
on Oct. 17 against $3,978,521,000 on Oct. 10, indicating that excess reserves are approximately
$1,800,000,000. Treasury deposits on general account were not much changed at $53,194,000, and
foreign bank and other deposits also were stable, so
that total deposits advanced about $20,000,000 to
$4,232,888,000. The increase in gold certificates,
together with the small decline in circulation, more
than offset the advance of deposit liabilities, so that
the ratio of total reserves to deposit and Federal
Reserve note liabilities combined advanced to 70.2%
from 70.1%. Discounts by the System decreased a
little to $11,712,000. Bankers' bills bought in the
open market were modestly higher at $6,177,000,
while holdings of United States Government securities remained substantially unchanged at $2,430,265,000.
A
The New York Stock Market
SERIES of dull sessions on the New York Stock
Exchange occasioned few price changes of any
significance in the current week. The market for
equities was irregular, and the net result of the
small upward and downward movements on alternate days was a very modest average recession in
quotations. Turnover was somewhat in excess of
500,000 shares in each and every session, but on no
occasion did transactions even approach the
1,000,000-share mark. The general trend Monday
A
2408
Financial Chronicle
was lower, with recessions measured in small fractions, and some groups moving in the opposite direction. It was indicated in Washington over the
last week-end that inflationary moves are unlikely,
and some liquidation of stocks followed. The tone
Tuesday was firm, but changes again were quite
small. On Wednesday and again on Thursday perceptible trends were lacking in the market as a
whole. A moderate buying movement developed in
merchandising stocks, and some preferred issues
also were in demand. Movements yesterday were
mostly toward lower levels, and in many instances
large fractions to a point or more were lost. But
the somberness of the market was again relieved
by a few group movements, with merchandising
shares quite prominent. The new margin requirements established under Securities and Exchange
Commission control became effective this week, but
they appeared to exercise no appreciable effect on
trends.
In the listed bond market conditions were very
favorable early in the week, owing mainly to conclusion of the refunding of $1,250,000,000 Fourth
/
4% bonds which were called last April
Liberty 41
for redemption Oct. 15. The completion of such
arrangements coincided with a resumption of investment activities by large institutions, and material gains developed in Treasury securities and
high-grade corporate bonds. Later in the week it
appeared that new financing would be resumed by
one of the recovery corporations formed by the
Fedeial Government, and the bond market turned
hesitant while awaiting full information on the
extent and nature of such financing. Foreign exchange markets were somewhat erratic, with sterling strong and weak by turns, and this induced the
customary uncertainty regarding monetary developments. Commodity markets were irregular, but net
changes for the week were small, and they were not
of much influence in the stock and bond markets.
Of more significance were the usual indices of industrial production, which remain less favorable
than might be hoped. Steel-making operations for
the week beginning Oct. 15 were estimated at 22.8%
of capacity by the American Iron and Steel Institute, against 23.6% last week. Electric power production throughout the United States was 1,656,864,000 kilowatt hours in the week to Oct. 13,
against 1,659,192,000 kilowatt hours in the preceding week, according to the Edison Electric Institute.
The decrease was accounted for largely by the observance of Columbus Day in some parts of the
country. Car loadings of revenue freight for the
week to Oct. 13 were 635,639 cars, the American
Railway Association indicates, this being a gain of
0.7% as compared with the preceding weekly period.
As indicating the course of the commodity markets, the December option for wheat in Chicago
closed yesterday at 987
/
8c. as against 102c. the close
on Thursday of last week. December corn at Chicago
closed yesterday at 767
/
8c. as against 767
/
8c. the close
on Thursday of last week. December oats at Chicago
closed yesterday at 51%c. as against 521/
8c. the close
on Thursday of last week. The spot price for cotton
here in New York closed yesterday at 12.50c. as
against 12.65c. the close on Thursday of last week.
The spot price for rubber yesterday was 14.00c. as
against 14.43c. the close on Thursday of last week.
Domestic copper closed yesterday at 9c., the same as
on Thursday of last week.
Oct. 20 1934
In London, the price of bar silver yesterday was
23 15/16 pence per ounce as against 24% pence per
ounce on Thursday of last week, and spot silver in
New York at 531/
4c. as against 535
/
8c. on Thursday
of last week. In the matter of the foreign exchanges,
cable transfers on London closed yesterday at
$4.95/
1
4 as against $4.931/
8 the close on Thursday of
last week, while cable transfers on Paris closed
yesterday at 6.63%c. as against 6.65%c. on Thursday of last week.
On the New York Stock Exchange 31 stocks
reached new high levels for the year, while 15 stocks
touched new low levels. On the New York Curb Exchange 24 stocks touched new high levels, while
35 stocks touched new low levels. Call loans on
the New York Stock Exchange remained unchanged
at 1%.
On the New York Stock Exchange the sales at
the half-day session on Saturday last were 414,090
shares; on Monday they were 511,076 shares; on
Tuesday, 677,730 shares; on Wednesday, 662,210
shares; on Thursday, 655,110 shares, and on Friday,
527,312 shares. On the New York Curb Exchange
the sales last Saturday were 104,235 shares; on
Monday,102,845 shares; on Tuesday, 120,925 shares;
on Wednesday, 126,080 shares; on Thursday, 161,245
shares, and on Friday, 125,955 shares.
Dulness and indecision marked the course of the
stock market this week, with prices of equities for
the most part following an irregular trend. General
Electric closed yesterday at 181/
4 against 18% on
Thursday of last week; Consolidated Gas of N. Y.
/
4 against 285
at 263
/
8; Columbia Gas & Elec. at 83
/
4
against 93
/
8; Public Service of N. J. at 311/
4 against
4 against
32%; J. I. Case Threshing Machine at 471/
47%; International Harvester at 34% against 321/
4;
Sears, Roebuck & Co. at 41 against 413
/
4; Montgomery Ward & Co.at 28% against 29%; Woolworth
at 50% against 493
/
8; American Tel. & Tel. at 1103
/
4
against 112%, and American Can at 103 against
102%.
Allied Chemical & Dye closed yesterday at 1301/8
against 131 on Thursday of last week; E. I. du Pont
4 against 93%; National Cash
de Nemours at 931/
16%
Register A at
against 15%; International
Nickel at 243
/
4 against 25; National Dairy Products
/
4; Texas Gulf Sulphur at 37%
at 163
/
4 against 163
against 37%; National Biscuit at 29% against 283
/
8;
Continental Can at 87 against 87; Eastman Kodak
4; Standard Brands at 201/
at 104 against 1021/
8
against 197
/8; Westinghouse Elec. & Mfg. at 32%
against 33; Columbian Carbon at 68% against 68%;
Lorillard at 18/
1
4 against 18%; United States Industrial Alcohol at 38% against 377
/8; Canada Dry at
/8; Schenley Distillers at 24 against
15% against 157
241/
4,and National Distillers at 20% against 22%.
The steel stocks declined to lower levels for the
week. United States Steel closed yesterday at 33/
1
4
against 35 on Thursday of last week; Bethlehem
8 against 29%; Republic Steel at 12%
Steel at 281/
against 13%, and Youngstown Sheet & Tube at 163
/
4
against 17%. In the motor group, Auburn Auto
closed yesterday at 28 against 26% on Thursday of
/8 against 30%;
last week; General Motors at 297
8 against 36%, and Hupp Motors at
Chrysler at 361/
4. In the rubber group, Goodyear
2% against 21/
Tire 8z Rubber closed yesterday at 21% against 22
on Friday of last week; B. F. Goodrich at 9%
against 101/
4, and United States Rubber at 16
against 16%.
Volume 139
The railroad shares reflect moderate losses over
the previous week. Pennsylvania RR. closed yester8 against 24 on Thursday of last week;
/
day at 233
4 against 531/2;
/
& Santa Fe at 523
Topeka
Atchison
New York Central at 21% against 22%; Union Pacific at 1021/4 against 103½; Southern Pacific at
2 against
18Y8 against 19; Southern Railway at 161/
171,4, and Northern Pacific at 201/2 against 20.
Among the oil stocks, Standard Oil of N. J. closed
yesterday at 401/2 against 43 on Thursday of lag
8, and At/
4 against 63
week; Shell Union Oil at 61/
lantic Refining at 22% against 241/8. In the copper
group, Anaconda Copper closed yesterday at 11
against 11% on Thursday of last week; Kennecott
2; American Smelting &
Copper at 17% against 181/
2, and Phelps Dodge
2 against 361/
Refining at 361/
/8 against 15..
at 137
European Securities Markets
TOCK markets in the principal European financial centers were again unsettled this week, as
a result of the assassination of King Alexander of
Yugoslavia and the disquieting possibilities of international complications introduced by that event.
Political developments on the Continent were observed with the greatest care in all markets. In
London a fairly hopeful view was taken and it was
believed adjustments could be made without occasioning profound diplomatic difficulties. On the
London Stock Exchange, accordingly, price trends
were mildly irregular, with changes small. On the
Paris Bourse the sharp recessions of the preceding
week were continued and accentuated by the various
adjustments found necessary in the Cabinet. Quotations on the Berlin Boerse also sagged, although
Germany does not appear to be involved in the
current developments relating to the murder of the
Yugoslavian monarch. International monetary affairs were not considered in a very happy state and
some of the liquidation on European markets was
attributed to growing nervousness over the sharp
fluctuations of sterling exchange and the uncertainty surrounding the gold bloc conference at
Brussels. Reports of trade and industrial trends in
Europe remain somewhat mixed. Some British industries are less active than in recent months, but
the motor industry seems to be enjoying a small
boom. British foreign trade returns for September
were quite favorable. Industrial production in Germany is reported as declining. Wholesale price indices in England and Germany have declined recently, but the French index has again advanced.
The London Stock Exchange was quiet and
modestly irregular in the initial session of the
current week. British funds were marked lower by
small fractions, but good demand was encountered
for Indian bonds. Home railway issues were firm
and some good features developed among the industrial stocks, while others were soft. In the international section changes were small and in both directions. In another dull session on Tuesday, British
funds improved slightly. Some of the industrial
issues were subjected to liquidation, but others remained steady. In the international group a general
downward tendency developed, chiefly because of
unfavorable overnight reports from New York.
Trends again were mixed on Wednesday, with dealings still on a very small scale. British funds were
uncertain, but home railway shares improved on
good traffic returns. Industrial issues were marked
S
2409
Financial Chronicle
lower with only a few exceptions. Anglo-American
trading favorites were better in the international
section, but foreign bonds eased. There was a better
demand on Thursday for British funds, but other
sections of the London market remained irregular.
African gold mining issues improved sharply because of an increase in the price of the metal. Leading industrial 'stocks were marked slightly lower,
while international securities were firm. The upswing in British funds continued yesterday, but
other sections of the market are uncertain.
Prices on the Paris Bourse were heavy as trading
was resumed on Monday, with buying orders lacking
because of the domestic and international political
difficulties. Rentes lost ground notwithstanding
indications that a French internal loan was better
received than had been anticipated. French stocks
and international issues also were marked downward and the losses were quite extensive in some departments. The decline was continued and accentuated Tuesday, largely as a consequence of alarmist
rumors regarding the Balkan situation. Rentes
were slightly lower, but Yugoslavian securities fell
sharply. Only a little activity was reported in
French bank, utility and industrial stocks, which
also lost ground. The opening Wednesday was firm,
owing to formal announcement that the Treasury's
internal loan had been materially oversubscribed.
As the session progressed, however, declines again
set in and initial gains were not maintained even in
rentes. French utility stocks were especially soft
in the later dealings, but others also declined. The
Bourse was closed Thursday because of the funeral
of Bing Alexander of Yugoslavia. Rentes again
receded as trading was Tesumed yesterday, while
other securities also dropped.
The Berlin Boerse was extremely dull Monday
and the general trend was downward, owing to the
universal uncertainty regarding the political developments in Europe. Changes were mostly fractional and were due in the main to modest liquidation by professional traders. A few stocks in the
mining group showed strength. Tuesday's dealings
were again on a very modest scale, with stocks weak
while fixed-interest securities advanced. Losses in
equities were mostly small, but in some instances
they amounted to 3 and 4 points. Dullness remained
the prevailing characteristic on Wednesday and most
price changes were toward lower levels. Potash
stocks were among the issues in demand, while some
further inquiry for bonds also was noted. A new
law was promulgated Thursday providing for taxation of speculative profits in equities, although similar profits on bonds are not to be subjected to the
levy. Renewed liquidation of stocks was noted in
consequence and prices of such securities were
marked downward, but bonds were in fair demand.
In quiet dealings yesterday stocks were irregular,
but bonds were marked higher.
The Silver Imbroglio
IT IS becoming ever more apparent that the American silver monetization program, far from providing the aid for trade with China predicted by its
proponents, will prove a detriment to commercial
intercourse with the Far East and may even affect
diplomatic relations between the United States and
China. Communications exchanged between Nanking and Washington on the silver question were
made public without comment last Sunday and
2410
Financial Chronicle
Tuesday, the formal notes being made available first
while informal communications were disclosed later.
They evince a keen anxiety on the part of the
Chinese Government to prevent the sharp advance in
the price of silver noted on world markets in consequence of the American buying. In reply, Secretary
of State Cordell Hull politely pointed out that the
buying program would be continued by the United
States Government, although efforts would be made
to avoid disturbances to the Chinese economy. The
Chinese Government announced last Sunday, in this
situation, the protective step of a 10% export tax on
silver, and it was indicated at the same time that
extensive advances in the price of the metal would
be followed by renewed endeavors to halt the drain
of money from the country. There was also a suggestion on the part of China for a direct exchange of
silver for gold, but this was not viewed with favor
in the American reply.
In a preliminary exchange of communications,
China posed the question whether the silver purchases by the United States were in conformity with
the spirit of the international silver agreement
signed at London in 1933. That agreement was
designed primarily to assure the stability of the
price of silver, it was pointed out. Information was
requested as to the probable policy of the United
States in further purchases of silver, so that steps
could be taken by China for safeguarding her currency,"which is flowing out of the country to a degree that is potentially alarming." It was pointed
out by the United States Government, in reply, that
an excessively high price for silver is not desired or
contemplated. The Silver Purchase Act provisions
calling for the accumulation of the metal until a
ratio of one-fourth silver to three-fourths gold is attained were quoted and assurances were given that
the greatest care would be exercised in carrying out
these provisions. China, in an informal rejoinder,
contended that the rising price of silver has involved
severe deflation and economic losses to China and
has dislocated that country's balance of international payments. Chinese silver exports so far this
year are more than three times those of any previous
full year, and continuation of such tendencies might
cause serious injury and possibly panic conditions,
it was added. Assurances were asked that the
United States will refrain from any action that
might cause continued exports of silver from China,
and it was reiterated that the London agreement
contemplated stability. From China's viewpoint,
the stabilized price should be somewhat lower than
the present levels. The communication remarked
that China is contemplating the gradual introduction of a gold base currency and the query was put,
"in principle," whether the American Government
is willing to exchange with the Chinese Government
gold for silver.
In the formal notes exchanged thereafter by the
two Governments, little was added to the statements
and declarations of the preliminary communications. Dr. H. H. Kung, the Chinese Finance Minister, remarked in a note of Oct. 2 that American cooperation to prevent a further rise in the price of
silver and to maintain stability as contemplated in
the London agreement is particularly vital to China.
"In this connection it may be pointed out that the
rise of silver discourages the export of commodities
and thereby impairs China's purchasing power for
imports," the Chinese note said. "Also a reply is
Oct. 20
1934
desired to our inquiry regarding the exchange of
silver for gold." Expressing a desire to avoid export restrictions, China asked the American Government to confine its silver purchases for the present
to silver already in the United States. Secretary
Hull replied on Oct. 12 that the silver purchases are
mandatory under the American legislation, although ways and means of carrying out the objective
are within the discretion of the President. "This
Government," the American note stated,"is desirous
of so carrying out the program as to produce the
general benefit that would result from the enhancement and stabilization of the price of silver, and
to avoid so far as possible disturbances to the
economy and public finances of China." Mr. Hull
indicated that close consideration would be given
the Chinese contentions in further arrangements for
purchases of silver. Direct intergovernmental transactions, such as China suggested, have not been
undertaken, it was added, but readiness was expressed to explore at any time such larger problems.
After a series of protracted conferences at Nanking, the Chinese Government announced last Sunday that a customs duty had been imposed on silver
exports, effective Oct. 15, in order to safeguard
China's economic interests and protect her currency.
On silver dollars and mint bars this export duty is
470 minting charge, or 7%7
1070, less the 21/
0 net,
while on other forms of silver the duty will be a flat
10%,as against the former 21/
470 export duty. "In
addition," the announcement added, "an equalization charge will be imposed upon exports of silver
equal to the deficiency, if any exists, between the
theoretical parity of London silver and the rate of
exchange officially fixed by the Central Bank of
China after making allowance for the export duty."
Finance Minister Kung issued a statement at the
same time in which he pointed out that there is no
reason to expect a cessation of American purchases.
Although an embargo on silver exports was suggested by many of the leaders of business and finance
consulted, this alternative was not adopted by the
Chinese Government, which prefers a flexible duty
"that will restrain the exports of silver within limits
actually required by the balance of payments." The
Administration in Washington appears to take a
light view of the Chinese tax, as Secretary of the
Treasury Henry Morgenthau Jr., was quoted in an
Associated Press dispatch, Monday, as saying the
tax would have little effect upon the Treasury's huge
silver buying program.
German Trade and Finance
HAT the commercial and financial relationships
between the United States and Germany are
becoming ever more involved and increasingly less
satisfactory to American traders and investors is
hardly more than a commonplace nowadays. The
German Government took two steps in the last ten
days which may aid its desire for autarchy, or economic self-sufficiency, but which assuredly will not
contribute to its good repute. The existing trade
treaty between the two countries was denounced on
Oct. 13, and two days later the German Government
defaulted formally on interest payments due in
foreign currencies on its own external obligations.
To American business men the former step is, perhaps, of no great immediate significance, since the
foreign exchange restrictions of German authorities
already had curtailed ordinary transactions and re-
T
Volume 139
Financial Chronicle
duced them sharply. The treaty, moreover, does not
lapse formally until Oct. 14 1935, and in the meanwhile another commercial treaty may well be negotiated. The investment community, however, was
loath to believe until the last minute that the
sovereign German Government would refuse to abide
by its contractual obligations, especially when avoidance of default would have entailed a relatively
minor drain on Germany's foreign exchange resources.
Dr. Hans Luther, the German Ambassador, informed the State Department on Oct. 13 that the
Berlin Government desired to bring about changes
in Article 7 of the existing commercial treaty. That
article provides for most-favored-nation treatment.
The German Government's intention was "not necessarily" to terminate the treaty, according to Washington dispatches, but a restatement of the article
was held necessary by Germany because of the
development of German trade along bi-lateral
channels. At the State Department the German
notification was accepted as a formal notice of termination of the agreement, since the treaty provides
for such termination if either party notifies the other
of an intention of modifying, by change or omission,
any of the provisions or any of the articles of the
treaty. In Washington reports it was noted that
the State Department gave a cool reception to Dr.
Luther's suggestion for negotiations looking toward
replacement of the pact. It was remarked briefly
that American officials are not ready at present to
negotiate.
The German Government's default occurred Monday, when the authorities in Berlin failed to supply
the funds necessary for meeting the payment in
foreign currency on American holdings of the Dawes
loan of 1924. Before the German moratorium was
declared last June, three monthly payments out of
the six necessary to meet the coupon due Oct. 15
were transferred, and half the required sum thus
was available and was paid by the three trustees of
the loan. Against the remaining 50% of interest
due, the German authorities made registered Reichsmarks available, but such registered marks are a
highly restricted form of German exchange and they
are quoted in the foreign exchange markets at approximately half their nominal value. In effect,
therefore, American holders of Dawes 7's received
an aggregate of about 75% of the sums due them
contractually, Oct. 15. Because of special arrangements made with Germany by the British, French,
Netherlands and other Governments, holders of the
tranches of the Dawes loan floated in other countries
than the United States received full payments of
Oct. 15 coupons in their own currencies. It seems
quite evident, therefore, that discrimination was exercised by Germany against American bondholders,
even though the German Government is said to have
given assurances to Washington that such discrimination would not take place. Officials of the
Administration at Washington are studying this
phase of the matter. Of the original $110,000,000
American tranche of the Dawes loan approximately
$60,000,000 remain outstanding. The sum due American holders on Oct. 15 was somewhat more than
$2,000,000, of which half already had been transferred prior to the moratorium, so that transfer of
only a little more than $1,000,000 would have sufficed to prevent the formal default at this time.
2411
Naval Disarmament
RELIMINARY discussions of naval armaments
P
problems have been resumed at London by
representatives of the United States, British and
Japanese Governments, with a view to ascertaining
whether there is any prospect for success in formal
negotiations next year. It will probably be determined in the course of the current informal exchanges whether the 1935 naval conference will be
held at all, and it may also be that Japanese or
British denunciations of the existing Washington
and London naval treaties will depend upon the outcome. Norman H. Davis and Admiral William H.
Standley, as the chief American representatives,
arrived in London on Tuesday, and some of the
Japanese technical experts appeared on the same
day. The Japanese Ambassador to London, Tsuneo
Matsudaira, heads the delegation from Tokio. Prime
Minister Ramsay MacDonald, of Great Britain, is
expected to play an important part in the gatherings, which will probably be of a bilateral nature,
although round-table conferences of all three delegations also are possible. The positions of all three
countries are now fairly well known, and as they
diverge at important points, no great confidence is
felt regarding the success of the current discussions.
The United States desires continuation of the
Washington and London treaties, and possibly a material reduction of some type§ of warships. Britain
has indicated a desire for additional vessels of the
small fast cruiser types that are especially suitable
for a world Power with naval bases throughout the
oceans. Japan has made no secret of her desire to
end the 60%. ratio of British or American fleets of
larger vessels and insists upon a global arrangement
of types and tonnages. Since the known views are so
widely at variance, it is reported that many experienced British diplomats heartily wish a way
could be found for shelving the entire issue at this
time. The difficulties, moreover, are not confined
to the three leading naval powers since competitive
French and Italian building threatens to upset the
traditional British standard of a fleet equal to any
two Continental navies. In the background looms
the German rearmament program, which some experts believe soon will be extended to the naval
sphere. Practical diplomacy clearly dictates a delay in the discussions, since naval armaments problems are almost as numerous and complicated as
those which forced delay on land disarmament discussions, but the impending expiration of the most
important naval treaties does not permit of the postponement expedients employed so liberally by the
General Disarmament Conference in a vain attempt
to disguise the abject failure of land disarmament
negotiations.
Balkan Affairs
HERE were many evidences of intense diplomatic
activity in Europe this week, as the statesmen
of almost all Continental countries grappled with
the changes wrought in the Balkans by the assassination of the Yugoslavian King, Alexander. Within
the Kingdom of the Serbs, Croats and Slovenes some
signs of dissension appeared even while the King
was being laid to rest. The Croatians prepared to
demand a larger share in the Government at Belgrade, and some reports suggest that autonomist
ambitions were voiced. But the internal affairs of
T
2412
Yugoslavia were overshadowed, for the time being
at least, by continued apprehensions of international
complications resulting from the assassination of
the King and Foreign Minister Louis Barthou of
France. Several accomplices of the assassin were
arrested this week, and it appears that a Croatian
terrorist band with headquarters in Hungary was
responsible for the murders. The revelations occasioned much feeling in Yugoslavia against Hungary,
and in some cities riots against Italy also were repeated because of rumors that Italian machinations
were in some way connected with the incidents.
Leading statesmen of the French, Czechoslovakian and Rumanian Governments met in Paris early
this week to consider the situation and endeavor to
prevent Yugoslavian indignation from taking an accusatory form directed against any nation. Dr.
Edouard Benes, the Czechoslovakian Foreign Minister, was delegated to exert his great influence
toward that end and he promptly left Paris for Belgrade. In the Yugoslavian capital a meeting of
Little Entente Ministers was held to consider
whether an appeal should be made to the League of
Nations to sift the circumstances surrounding the
assassination of King Alexander. In Geneva, however, every effort was made to avoid any such appeal
to the League, for that body is admittedly in no condition to handle "political dynamite." The Italian
Government took a sensible view of the riots in some
Yugoslavian cities and there was no corresponding
excitement within Italy. Numberless rumors were
current regarding the possible effects of the occurrence on Yugoslavian politics, on the Little Entente and even on the general European situation.
Among the few definite developments was a decision
to postpone, indefinitely, the Balkan conference
which was scheduled to take place this month. King
Alexander was buried near Belgrade, Thursday, with
appropriate rituals, with the President of France,
the Kings of Bulgaria and Rumania and many other
dignitaries present. Peter, the 11-year old son of
Alexander, was proclaimed the new monarch of
Yugoslavia late last week, and the regency assumed
formal control.
French Cabinet
REMIER GASTON DOUMERGUE of France,
who has met many political crises since he
came into office last February, successfully surmounted another difficulty this week, when several
members of his National Union Cabinet resigned in
response to the general indignation over the assassinations at Marseilles of King Alexander of Yugoslavia and Foreign Minister Louie Barthou. The
first task facing the Premier was that of naming a
successor to the murdered Foreign Minister. Pierre
Laval, who held the post of Minister of Colonies in
the Cabinet, was assigned to the Foreign Affairs
Ministry, and the vacancy thus created was filled by
the appointment of Louis Rollin as Minister of
Colonies. Albert Sarraut, as Minister of the Interior, was the center of the political storm roused
by the assassinations, as it was charged that he had
not taken sufficient precautions for the protection
of the King. He presented his resignation to 111.
Doumergue last week, and Paul Marchandeau was
named his successor. Because of the growing dissatisfaction in France over the conduct of the Stavisky scandal hearings, Minister of Justice Henri
P
Oct. 20 1934
Financial Chronicle
Cheron was forced to tender his resignation, and the
filling of this post caused some difficulty. After it
was tendered unsuccessfully to several eminent
Frenchmen, Senator Henri Lemery accepted the office, and the National Union Cabinet was again complete. It remains evident, however, that the regime
will be subjected to severe attacks when the Parliament reassembles. M. Laval, who has headed the
Foreign Ministry before, is expected to continue the
strongly nationalistic policies of M. Barthou.
Hitler and the German Church
IN MANY a long year there has been no such interesting development among German churchmen
as their current resistance to Nazi domination of the
Evangelical Church in the Reich, and it is perhaps
even more significant that Chancellor-President
Adolf Hitler and his Nazi followers appear reluctant to take any measures against the churchmen.
Several Bishops of the Protestant Church were expelled recently by the Nazi Reich Bishop, Ludwig
Mueller, obviously for political reasons. But in
Munich some 16,000 Bavarian pastors pathered last
Sunday and expressed their distaste of Nazi churchmen and Nazi political interference in no uncertain
terms. The Associated Press reports that large
numbers of the churchmen proceeded to the Brown
House in Munich, which is the headquarters of the
Nazi movement,and spat on the ground while shouting derisively at Chancellor Hitler. In pulpits all
over Germany the attempt at Nazi domination of
the 'Church was denounced last Sunday, and a manifesto was circulated in which Nazi Bishops were
taken to task for "the triumph of violence and
hypocrisy." This is the first time since Hitler came
into power that any such organized outburst against
his regime has been permitted, and the occurrence
has been interpreted everywhere as an indication
that the Nazi regime is far from enjoying the general acclaim suggested by Nazi propaganda and
the results of the peculiar plebiscite held earlier
this year.
Discount Rates of Foreign Central Banks
THERE have been no changes during the week in
1 the discount rates of any of the foreign central
banks. Present rates at the leading centers are
shown in the table which follows:
DISCOUNT RATES OF FOREIGN CENTRAL BANES
Country
Amnia.—
Belgium—.
Bulgaria.—
Chile
Colombia..
Czechoslovak Ia.__ _
Danzig....
Denmark
England..._
Estonia....
Finland
France....
Germany
Greece
Holland _ _ _
Rate in
Date
Ellea
Oct. 19 Established
Pro'Pious
Rate
434
234
7
414
4
June 27 1934
Aug. 28 1934
Jan. 3 1934
Aug. 23 1932
July 18 1933
5
3
8
54
5
334
4
24
2
5
44
24
4
7
2%
Jan. 25 1033
Sept. 21 1934
Vov. 29 1938
June 30 1032
Sept. 2S 1934
Dec. 20 1933
May 31 1934
Sept 30 1032
Oct. 13 1933
Sept.18 1933
434
8
3
2%
54
5
3
5
74
3
Country
Rate tn
Wert
Date
Oct.19 Established
Hungary__
India
Ireland____
Italy
Japan
Java
Jugoslavia.
Lithuania._
Norway...
Poland
PortIlitfti.-Rumania..
RouthArrIca
Spain
Sweden....
Switzerland
44
34
3
3
3.85
44
6%
5
3%
5
54
6
4
6
24
2
Pro.
Nous
Rate
Om 17 1932 5
Feb. 16 1934 4
June 30 1932 3%
Dee. 11 1933 3%
July 3 1933 4.38
Aug. 16 1933 5
July 15 1031 7
Jan. 2 1934 7
May 23 1133 4
Oct. 25 1033 8
Dec. 8 1033 6
Apr. 7 1933 6
Feb. 21 1933 7
Oct. 22 1932 534
Deo, 1 1933 3
jan. 22 1021
Le
Foreign Money Rates
IN LONDON open market discounts for short bills
on Friday were 11-16@34%, as against 4
3 % on
Friday of last week, and %@.13-16% for three
months' bills, as against 13-16% on Friday of last
week. Money on call in London yesterday was M%.
At Paris the open market rate was reduced on Oct.
13 from VA% to 134% while in Switzerland the rate
remains at 13/2%•
2413
Financial Chronicle
Volume 139
Bank of England Statement
HE statement of the Bank of England dated
Oct. 17 shows a loss of £3,828 in gold holdings,
reducing the total to £192,584,337, as compared with
£191,731,964 a year ago. As the loss in gold was attended by a contraction of £2,333,000 in circulation,
however, reserves rose £2,330,000. Public deposits
fell off £1,120,000 and other deposits £2,530,425.
The latter consist of bankers' accounts, which decreased £3,107,326, and other accounts, which rose
£576,901. The reserve ratio rose to 47.26% from
44.77% a week ago; a year ago the ratio was 48.01%.
Lgans on Government securities decreased £2,105,000
and those on other securities £3,860,458. Other
securities include discounts and advances and securities. The former decreased £4,563,947 while the
latter increased £703,489. The rate of discount did
not change from 2%. Below are the figures with
comparisons of previous years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT
T
Oct. 17
1934
• .
Oct. 18
1933
Oct. 19
1932
Oct. 21
1931
Oct. 22
1930
£
£
E
E
£
Circulation
377,217.000 370.595.747 359.217,903 355,230.909 354.527.879
Public deposits
17,516.000 14.458.495 30.751.192 19,093.860 27.932.990
Other deposits
141,934.517 154.527.976 105,674.988 113,292.220 89.604.033
Bankers sc0000ts. 104.490,807 108.959.037 71,933.830 60,515,285 55.504.890
Other accounts
37.443,710 45,568.939 33,741.158 52.776,935 34.099.143
Govt. securities.
81.279,164 81.468.404 66,238.094 53,800.906 41.636.247
Other securities
20,460.546 24.056.060 31,654,679 39.469.086 27.947.708
1)int. & advances
9,468.333 8,500.529 1.1.606.495 10.421,878 4.978.750
Securities
10,992,713 15.555.531 20,048.184 29,047.208 22.968.958
Reserve notes & coin 75.367.000 81,137.217 56.198.144 56.804,323 65.597.781
Coin and bullion__ _ 192,584,337 191.731.964 140,416.047 137,035.232 160,125.660
Proportion of reserve
55.80%
42.90%
41.19%
48.01%
to liabilities
47.26%
207
502,
R.Z.
207
20;:,
Bank rate
record decreases of 8,000 marks, 181,001,000 marks,
5,681,000 marks, 24,914,000 marks and 5,404,000
marks, respectively. The proportion of gold and
foreign currency to note circulation stands now at
2.26%, as against 12.0% a year ago and 26.5% two
years ago. Notes in circulation show a loss of 75,154,000 marks, bringing the total of the item down to
3,697,477,000 marks. Circulation last year aggregated 3,426,040,000 marks and the previous year
3,518,998,000 marks. An increase appears in silver
and other coin of 40,380,000 marks,in notes on other
German banks of 3,208,000 marks, in investments of
485,000 marks, and in other assets of 35,869,000
marks. Below we furnish a comparison of the different items for three years:
REICHSBANK'S COMPARATIVE STATEMENT
Changes
for Week
Assets—
Gold and bullion
Of which depos. abroad
Reserve in foreign curr
Bills of exch. and checks
Silver and other coin. _
Notes on other Ger. Ohs.
Advances
Investments
Other assets
Liahtlities—
Notes in circulation_ __ _
Other daily matur. oblig
Other liabilities.
Propor. of gold & forn
run% to note elreula'n
Oct. 15 1934 Oct. 14 1933 Oct. 16 1932
Reichsmark"; Retchsmarks Reletarnarks
Relchnnarks
79,838,000 383.768.000 796.804.000
+1.276.000
63.351.000
68.526.600
20,451.000
No change
28.204.000 135,163.000
3.899,000
—8,000
—181.001.000 3,498.951.000 3.124,980.000 2,777,774.000
55,033.000 211.410.000 211,454.000
+40.380,000
9.235.000
10.638 000
12,178.000
+3 203.000
92,109.000
54,995 000
72,298.000
—1,081.000
+495.000 756,850,000 320.660.000 362.227.000
+35.869,000 667,619,000 538.453.000 812.687.000
—75.154.000 3.897.477.090 3,426.040.000 3,518.998.000
—24.914.000 662.51C.000 391.431,000 366.929 000
—5.404.CUO 243.280.000 232.486.000 744.100.000
-1-0.02.Z.
2.2R 02,
12.0q,
26.6.7.
New York Money Market
OTHING of interest developed in the New York
money market this week, rates and conditions
remaining unchanged under the official easy money
policy of the authorities. The Treasury sold competitively on Monday a further issue of $75,000,000
discount bills due in 182 days, and an average discount of 0.21% on an annual basis was achieved,
against 0.22% on a similar issue sold a week earlier.
Call loans on the New York Stock Exchange held
at 1% for all transactions, while some transactions
were reported every day in the unofficial street mar4®1%, as formerly.
/
4%. Time loans were 3
/
ket at 3
Brokers' loans against stock and bond collateral increased $34,000,000 in the week to Wednesday night,
to an aggregate of $759,000,000, according to the
usual summary furnished by the Federal Reserve
Bank of New York.
N
Bank of France Statement
HE Bank of France statement for the week ended
Oct. 12 shows another gain in gold holdings, the
increase this time being 60,000,000 francs. The
Bank's gold now aggregates 82,406,000,000 francs in
comparison with 82,000,483,264 francs a year ago
and 82,651,268,261 francs two years ago. Credit
balances abroad and bills bought abroad register decreases of 1,000,000 francs and advances against
securities of 5,000,000 francs, while French commercial bills discounted and creditor current accounts
record increases of 54,000,000 francs and 982,000,000
francs, respectively. Notes in circulation show a
contraction of 926,000,000 francs, bringing the total
of notes outstanding down to 80,384,068,648 francs.
New York Money Rates
A year ago circulation stood at 81,668,130,800 francs
EALING in detail with call loan rates on the
and the year before at 81,100,667,470 francs. The
Stock Exchange from day to day, 1% remained
Bank's ratio is now at 80.67%,compared with 79.64%
quotation all through the week for both
ruling
the
last year and 77.45% the previous year. Below we
new
renewals. The market for time money
and
loans
furnish a comparison of the various items for three
has
change this week, no transactions
no
shown
years:
BANK OF FRANCE'S COMPARATIVE STATEMENT
having been reported in any maturity. Rates are
i@l% for two to five months and 1®
nominal at Y
Changes
Oct. 12 1934
Oct. 13 1933
for Week
Oct. 14 1932
13.j70 for six months. Transactions in the market
Francs
Francs
Francs
Francs
+60,000,000 82,406.000.000 82,000,483.264 82.651.268.261
Gold holdings
for prime commercial paper has been quite brisk
9,197,077 1,286,319,095 2,909.677,193
Credit balm. abroad_
—1,000.000
a French commercial
this week. There has been a steady demand for high
+54.000,000 3,450,236,231 2,917,913.588 2.934,559,232
bills discounted_ _
924,888,151 1.346.072.437 2.082.254.058
—1,000,000
b Bills bought abr d
class paper and a large supply has been on hand
—5.000,000 3,187,588.848 2.811.697.232 2.753.970.015
Adv. against scours.
—926,000,000 0.384,068,645 81.668,130,800 Si 100.667,470
Note circulation
during most of the week. Rates are Yi% for extra
Credit. current accts +982,000,000 1,769,688,881 21,294.262.910 25,620.490.824
proport'n of gold on
choice names running from four to six months and
77.4507..
80.6771
79.6407.
+0.019
hand to sight Bab
1%
for names less known.
b
Includes bills discounted abroad.
a Includes bills purchased in France.
T
D
Bank of Germany Statement
HE Reichsbank's statement for the second quarter
of October shows another increase in gold and
bullion, the current advance being 1,276,000 marks.
The total of gold is now 79,838,000 marks, in comparison with 383,768,000 marks last year and 796,804,000 marks the previous year. Reserve in foreign currency, bills of exchange and checks, advances,
other daily maturing obligations_and_other liabilities
T
Bankers' Acceptances
HE market for prime bankers' acceptances has
been somewhat more active this week. The
demand has continued to increase and a larger supply
of paper has been available. Rates are unchanged.
Quotations of the American Acceptance Council for
bills up to and including 90 days are Yi.% bid and
3-16% asked; for four months, %% bid and /
3 4%
bid and /%,
asked; for five and six months,
T
2414
Financial Chronicle
asked. The bill buying rate of the New York Reserve
Bank is %% for bills running from 1 to 90 days and
proportionately higher for longer maturities. The
Federal Reserve banks' holdings of acceptances increased from $5,809,000 to $6,177,000. Their
holdings of acceptances for foreign correspondents,
however, decreased from $611,000 to $516,000.
Open market rates for acceptances are nominal in
so far as the dealers are concerned, as they continue
to fix their own rates. The nominal rates for open
market acceptances are as follows:
SPOT DELIVERY
-180 Days- -ISO Days
- -120 Days
Bid
Askey
Bid
Asked
Bid
Asked
Prime eligible bills
H
34
3i
34
-90 Days- -60 Days
- -30 Days
Bid
Bid
Asked
Bid
Asked
Asked
Prime eligible bills
3i
in
3i
3i
FOR DELIVERY WITHIN THIRTY DAYS
Eligible member banks
34% bid
Eligible non-member banks
H% bid
Discount Rates of the Federal Reserve Banks
THERE 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:
DISCOUNT RATES OF FEDERAL RESERVE BANKS
Federal Reserve Bank
Boston
New York
Philadelphia
Cleveland
,Rlehmond
Atlanta
Chicago
St. Louts
Minneapolis
Kansas City
Dallas
San Francisco
Rate in
Effea on
Oa. 19
2
114
234
2
3
3
214
234
3
3
3
2
Date
Established
Previous
Rate
Feb. 8 1934
Feb. 2 1934
Nov. 16 1933
Feb. 8 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
216
3 Si
334
3
3
334
33.4
334
234
Course of Sterling Exchange
TERLING exchange is firmer and in more active
demand than in several weeks. The pound is
also fractionally firmer in terms of the French franc.
Speculative drives against sterling seem to have
subsided and at present the only pressure against the
pound is the normal seasonal influence caused by the
heavy imports by Great Britain of foodstuffs and
raw materials from the primary producing countries.
The range for sterling this week has been between
5 for bankers' sight bills, compared
3 and $4.95%
$4.90/
with range of between $4.89 and $4.933 last week.
The range for cable transfers has been between
4, compared with a range of
$4.903/ and $4.953
between $4.893/ and $4.93% a week earlier.
The following table gives the mean London check
rate on Paris from day to day, the London open
market gold price and the price paid for gold by the
United States.
S
MEAN LONDON CHECK RATE ON PARIS
Friday, Oct. 12
74.218 I Wednesday, Oct. 17
Saturday, Oct. 13
I Thursday, Oct. 18
74.00
Monday, Oct. 15
Oct. 19
73.90
I Friday,
Tuesday, Oct. 16
74.16
I
LONDON OPEN MARKET GOLD PRICE
Friday, Oct. 12_.....143s. Id.
I Wednesday, Oct. 17
Saturday, Oct. 13142s.83cl. I Thursday, Oct. 18
Monday, Oct. 15-__1435. Id.
Oct. 19
I Friday,
Tuesday, Oct. 16_ -142s.9%d.
74.11
74.279
74.52
1428. 7d.
1428. Id.
1415. 8d.
PRICE PAID FOR GOLD BY THE UNITED STATES
(FEDERAL RESERVE BANK)
Saturday, Oct. 13
35.00 I Wednesday, Oct. 17
35.00
Oct.
Monday,
15
35.00 I Thursday, Oct. 18
35.00
Tuesday, Oct. 16
Oct. 19
35.00 I Friday,
35.00
Evidence is not lacking that funds are again seeking
London for purposes of safety. There is less talk in
London of the possibility of stabilization of the
pound with relation to the dollar. It is felt there that
American policies are still too undefined to make the
Oct. 20 1934
approach of sterling to the dollar practicable. London
bankers and financial authorities on the Continent
also seem to feel that there will be extensive changes
in the banking and monetary set-up in the United
States. London is quite convinced that for the
present at least there will be no further devaluation
of the dollar. They see in the United States Treasury
plans for refinancing in April the entire probability
that no change can be made in dollar valuation, if
one is to be made at all, until some time after April.
In any event it would seem more likely that Great
Britain will shape its monetary policy in the direction
of accord with the European gold bloc policies rather
than overstress the relation of sterling to the dollar.
Delegates of the gold bloc countries have now
gathered in Brussels for their second "defense conference." On the eve of the conference, Paris dispatches stated that Great Britain would be invited
to give adherence to whatever agreements might be
reached by the 35 delegates representing the seven
gold bloc nations. It is even thought possible by
some Paris authorities that as a result of the conference Great Britain might be induced to return to the
gold standard. It is pointed out that it would be
only reasonable to expect that the London authorities
would wish to work in harmony with these countriesFrance, Belgium, Holland, Luxemburg, Italy, Switzerland and Poland-as they represent in Europe a
combined population of more than 100,000,000 in
an unbroken extent of territory stretching from the
Adriatic to the North Sea and taking in all of western
Europe, except the Iberian Peninsula. Omitting
Russia, they represent 36% of the population and
37% of the international trade carried on Sin Europe.
Several of the gold bloc countries have extensive
colonial empires, the population and commerce of
which must also be taken into consideration in estimating the power of the gold bloc.
However, recent statements in high quarters in
Great Britain give no encouragement to the idea of an
early return to the gold standard by Great Britain.
Nevertheless, it is well to bear in mind that when
England does return to gold it is very likely to do
so without consultation with other nations. At
present Great Britain is enjoying a high degree of
business activity. Profits of British industries have
risen sharply and it would seem are on average 27%
higher than for the third quarter of 1933. In some
lines profits have doubled. In the quarter just ended
318 companies reported total profits of £17,100,000,
compared with £13,400,000 for the same firms a
year ago. This is an impressive proof of Great
Britain's trade recovery. Twenty-eight iron, coal
and steel companies show increase in net profits
amounting to 120.5%. Two motorcycle and aviation
concerns report a gain of 112.4%. The nation-wide
building boom is reflected in reports of 10 companies
making building materials whose profits were 87.8%
over those of last year. Sixty-four rubber companies
reported profits of 72.9% higher than in 1933.
Returns of the London clearing banks show an increase of 10.2% for the period Jan. 1 to Oct. 3,
compared with the corresponding period last year.
Total clearings for the period amount to L26,501,185,000, compared with £24,051,493,000 in the like
period a year ago, an increase of 0,449,692,000.
Less shipping is laid up in Great Britain and Ireland
than at any time since 1930.
According to the London "Economist," this is the
first time in seven years that the third quarter of
Volume 139
Financial Chronicle
the year has shown such general improvement. An
upward trend in profits is now said to be general
throughout British industry.
Money continues in great abundance in London
and open market rates remain practically unchanged.
Call money against bills is in abundance at 1A% to
4
3 %. Two-months' bills are at 11-16% to 23-32%,
three-months' bills are 25-32% to 13-16%, fourmonths' bills 13-16% to %%,and six-months' bills
15-16% to 1%.
The London gold price continues high, although it
shows considerable recession from the high record of
143s. 3d. per ounce reported on Thursday, Oct. 11.
The gold price continues to be based more or less
dolly on the franc-sterling rate of exchange, although an increase in demand has raised the premium
over the French parity price which buyers are willing
to pay to about 10 pence per ounce. The premium is
included in the price quoted daily in the market.
All the gold available from day to day continues to be
taken for unknown destinations, believed to be for
account of private owners. These takings are generally left on deposit in the vaults of the large London
banks, though some of it doubtless finds its way to
central banks in Europe. On Friday last there was
available £180,000, on Saturday £211,000, on Monday £203,000, on Tuesday £521,000, on Wednesday
£585,000, on Thursday £587,000, and on Friday
£134,000. On Friday the Bank of England bought
02,641 in gold bars.
The Bank of England statement for the week
ended Oct. 17 shows a loss in gold holdings of 0,828.
Total gold holdings now stand at £192,584,337, which
compares with £191,731,964 a year ago and with
the minimum of £150,000,000 recommended by the
Cunliffe committee. At the Port of New York the
gold movement for the week ended Oct. 17, as reported by the Federal Reserve Bank of New York,
consisted of imports of $859,000, of which $838,000
came from Canada and $21,000 from Guatemala.
There were no gold exports. The Reserve Bank
reported an increase of $21,000 in gold earmarked for
foreign account. In tabular form the gold movement at the Port of New York for the week ended
Oct. 17, as reported by the Federal Reserve Bank of
New York, was as follows:
GOLD MOVEMENT AT NEW YORK, OCT. 11—OCT. 17,INCL.
Imports
Exports
$838,000 from Canada
from
21.000
Guatemala
None
$859,000 total
Net Change in Gold Earmarked for Foreign Account
Increase: $21,000
The above figures are for the week ended Wednesday evening. On Thursday and Friday there were
no imports or exports of gold, or change in gold held
earmarked for foreign account.
Canadian exchange continues firm in terms of the
United States dollar. On Friday of last week Montreal funds were at a premium of from 14% to 23%;
on Saturday last at a premium of from 2 1-16% to
233%;on Monday at a premium of 21/8%; on Tuesday
at a premium of 2 3-16% to 2 5-16%; on Wednesday
at a premium of 2% to 23'4,%; on Thursday at a
premium of 2 1-16% to 2 5-16%, and on Friday at a
/
1%.
premium of from 2% to 23
Referring to day-to-day rates, sterling exchange
on Saturday last was steady in dull trading. Bankers'
4@$4.92X; cable transfers .92©
sight was $4.917
$4.92%. On Monday the pound was easier. The
range was $4.90%@$4.9134 for bankers' sight and
2415
. nsfers. On Tuesday
.903'©$4.91% for cable tra
sterling was inclined to firmness in a more active
market. Bankers' sight was $4.91%@ .9434; cable
transfers $4.92@$4.94%. On Wednesday sterling
was noticably firmer in active trading. The range was
$4.93%@$4.9434 for bankers' sight and $4.939'(4)
'.947
4 for cable transfers. On Thursday sterling
was firm. Bankers' sight was .93%@$4.95, and
cable transfers $4.9434@ .953j. On Friday sterling
was steady, the range was
.94%@$4.95% for
bankers' sight and .95@$4.95% for cable transfers.
Closing quotations on Friday were $4.95 for demand
and $4.953
4 for cable transfers. Commercial sight'
bills finished at .95; 60 day bills at $4.944; 90 day
bills at .93%; documents for payment (60 days) at
.941
4 and seven-day grain bills at $4.943 . Cotton
and grain for payment closed at $4.95.
Continental and Other Foreign Exchange
XCHANGE on the Continental countries continues relatively easy without much change from
last week. Interest centers in the gold bloc conference,
which begins to-day in Brussels. The conference has
been touched upon above in the resume of sterling
exchange. Reports are rife as to the probable scope.
and measures which inay be adopted as a result of
this conference, but nothing can be known definitely
until the outcome of its discussions is officially
announced. It can be positively asserted only that the
participating nations are strongly committed to the
maintenance of the gold standard. An agr" eement to
this effect was signed in London on July 3 1933, and
the September Geneva communique which came from
the first or preliminary gold bloc conference asserted:
"The powers on the gold standard are more than ever
determined, as stated in their declaration signed in
London on July 3 1933, to maintain it integrally at
the present gold parity, this appearing to them as
one of the essential conditions for the economic and
financial restoration of the world." According to
reports from Amsterdam suggestions have been made
in influential quarters that the gold bloc pool the
economic resources of the colonial empires for the
purpose of insuring a measure of independence with
regard to essential raw materials.
Belgium is the weakest link in the gold bloc. The
belga has been under pressure for some time and the
unit has been ruling easy in terms of the dollar,
French franc, sterling and most other currencies.
The belga has been in constant need of defense for a
considerable period. Latest dispatches from Brussels
state that the cabinet has approved drastic reductions
in Belgian Government expenses, assuring a balanced
budget.
French francs are largely unchanged from last
week and are ruling easier in terms of both the dollar
and sterling. The franc is also easy in terms of
guilders and Swiss francs. During the past week
market reports indicated that there has been some
flow of French and Continental funds to London.
Owing to shipments of gold from Paris to Amsterdam and Zurich, the gold flow to Paris from hoarded
resources in London and on the Continent has been
greatly curtailed in recent weeks. The British Exchange Equalization Fund seems also to have disposed of much less gold to Paris. Nevertheless the
Bank of France statement for the week ended
Oct. 12 shows a further increase in gold holdings of
60,000,000 francs. This makes the 32nd weekly
increase, bringing the total for the period to 8,478,_
E
Financial Chronicle
2416
743,243 francs. Total gold holdings now stand at
82,406,000,000 francs, which compares with 82,483,264,000 francs a year ago and with 28,935,000,000
francs when the unit was stabilized in June 1928.
The Bank's ratio is at the high figure of 80.67%,
which compares with 79.64% a year ago and with
legal requirement of 35%.
There are no new developments of importance in
mark exchange. The German exchange situation
The high
continues extremely unsatisfactory.
quotations for marks in terms of the dollar are deceptive, representing as they do a scarcity value due
to the limited amount of foreign exchange which the
German exchange control will grant the market. ,
The following table shows the relation of the leading European currencies still on gold to the United
States dollar:
France (franc)
Belgium (belga)
Italy (lira)
Germany (mark)
Switzerland (franc)
Holland (guiltier)
Old Dollar New Dollar
Parity
Parity
6.63
3.92
23.54
13.90
8.91
5.26
23.82
40.33
19.30
32.67
40.20
68 06
Range
This Week
6634 to 6.66%
23.50 to 23.61
8.62 to 8.66
40.48 to 40.72
32.811i to 32.99
68.18 to 68.54
The London check rate on Paris closed on Friday
at 74.60 against 74.02 on Thursday of last week. In
New York sight bills on the French center finished on
Friday at 6.6314,against 6.655A on Thursday of last
week; cable transfers at 6.63 8, against 6.65% and
commercial sight bills at 6.613
%, against 6.63%.
Antwerp belgas closed at 23.49 for bankers' sight
bills and at 23.50 for cable transfers, against 23.59
and 23.60. Final quotations for Berlin marks were
40.48 for bankers' sight bills and 40.49 for cable
transfers, in comparison with 40.69 and 40.70.
Italian lire closed at 8.613/ for bankers' sight bills
and at 8.623/ for cable transfers, against 8.63 and
8.64. Austrian schillings closed at 19.00, against
19.08; exchange on Czechoslovakia at 4.20%, against
2, against 1.03; on
4.21%; on Bucharest at 1.013/
Poland at 19.04, against 19.11, and on Finland at
2. Greek exchange closed at
2.193/2, against 2.183/
0.943
% for bankers' sight bills and at 0.95 for cable
transfers, against 0.95 and 0.953.1XCHANGE on the countries neutral during the
war presents no new features of importance
from those of last week. The range of fluctuation of
the leading neutral currencies is not materially
changed. The matter of greatest importance to the
neutral exchanges is the gold bloc conference which
meets in Brussels to-day, as noted above in the remarks on sterling exchange and on the Continental
units. The gold reserves of the Bank of the Netherlands increased by 5,400,000 guilders last week to
877,700,000 guilders. Note cover is now 80%.
Bankers' sight on Amsterdam finished on Friday at
68.17, against 68.48 on Thursday of last week; cable
transfers at 68.18, against 68.49 and commercial
sight bills at 68.15, against 68.45. Swiss francs
closed at 32.803/ for checks and at 32.813/ for cable
transfers, against 32.923/
2 and 32.93. Copenhagen
checks finished at 22.11 and cable transfers at 22.12,
against 22.06 and 22.07. Checks on Sweden closed
at 25.53 and cable transfers at 25.54, against 25.46
and 25.47, while checks on Norway finished at 24.88
and cable transfers at 24.89, against 24.79 and 24.80.
Spanish pesetas closed at 13.74 for bankers'sight bills
and at 13.75 for cable transfers, against 13.81 and
13.82.
E
Oct. 20 1934
XCHANGE on the South American countries is
strongly inclined to follow the swings in sterling. The market for the South American currencies
is somewhat limited in New York. but is more active
than it has been for several years. On the whole
the South American countries are experiencing a
period of considerable prosperity. In the first seven
months of this year Argentina increased her exports to
834,392,000 pesos from 685,519,000 pesos in the corresponding period last year. Imports also rose to
598,590,000 pesos from 504,582,000 pesos, but the
export surplus gained, moving to 235,802,000 pesos
from 180,937,000 pesos. Brazil also shows flourishing export business. For the first half of the year
exports totaled 1,661,051,000 milreis, against 1,34p3,408,000 milreis in the first half of 1933. Imports
increased to 1,137,700,000 milreis against 995,492,000 milreis in the first half of 1933. The Brazilian
export surplus increased from 357,916,000 milreis to
523,375,000 milreis. Peru records similar favorable
progress and Chile shows a remarkable gain in exports.
Argentine paper pesos closed on Friday, official
quotations, at 32% for bankers' sight bills, against
323/i on Thursday of last week; cable transfers at 33,
against 33. The unofficial or free market close was
2634@26 , against 26%@26%. Brazilian milreis,
official rates, are quoted 8Y1. for bankers' sight and
8% for cable transfers, against 834 and 8%. The
unofficial or free market close was 7%, against 73
4Chilean exchange is nominally quoted 1034:, against
2.
103
/
8. Peru is nominal at 22.68, against 22.623/
E
XCHANGE on the Far Eastern countries presents
confusing aspects due partly to Chinese official
measures to steady the internal value of their currency
and prices, which are now menaced by the advance
in world silver prices brought about by the silver
purchase policy of the United States. The confusion
in exchange is also intensified by the fact that the
Japanese control has lowered the peg of the yen
with respect to sterling. The Indian rupee fluctuates
of course, in harmony with sterling, to which it is
legally attached at the fixed rate of is. 6d. per rupee.
China has made a proposal to exchange its silver for
United States gold and has suggested that China
May be compelled to abandon the silver standard
and go on a gold basis. Recent reports from Shanghai
indicate that the Central Bank of China is laying the
groundwork for a stabilization fund to steady silver
in its relation to China's internal price structure.
On Sunday the Chinese Government imposed a
tax of 10% on silver exports, whether in the form of
bullion, sycee, or coin. Its law governing the matter
is such that, if necessary to accomplish its purpose
of arresting the outflow of silver from Shanghai, the
tax may be increased at will as circumstances dictate.
The inclusion of silver coin in the export duty is of
vital importance. Heretofore China has had a tax of
23/2% plus a surcharge of 23/2% on the tax, on exports
of sycee and bar silver. Exports of coin were exempt
from the duty. It is believed that the American
Government acting through banks in Shanghai and
Tientsin acquired millions of ounces in the form of
coin, though this cannot be stated with certainty at
this juncture. At any rate stocks of Mexican dollars
in Shanghai declined in number from 388,000,000
dollars on June 9 to 339,000,000 dollars on Sept. 22.
Any rise in silver in London is expected to result
automatically in an upward revision of the export
E
Financial Chronicle
Volume 139
duty. It is felt that even the possibility of a further
advance in the export duty will cause a cessation of
Chinese offerings in London. These heavy offerings
alone have prevented a runaway price in the London
silver market in recent weeks. Between June 9 and
Oct. 6 silver stocks at Shanghai suffered a net decline
of 104,934,000 ounces to 344,915,000 ounces. The
London offerings from China are believed to have
been largely absorbed by the United States Government. Hong Kong dollars are only slightly affected
by the Chinese Government rulings, as Hong Kong
is a British crown colony. The action of the Chinese
Government has the effect of practically removing
Shanghai from the silver standard so far as the outside world is concerned.
It is understood that one of the reasons that Japan
lowered the peg on yen was to offset any trade advantage which China might gain through keeping down
the value of its silver. Foreign exchange observers
believe that the price of silver in Shanghai, and therefore the exchange value of the Shanghai dollar, will
decline sufficiently to compensate for the export tax.
Among other claims, China insists that the rising
silver prices place her in an unfavorable competitive
position with Japan. In order to protect her position Japan lowered the peg in the yen sterling market
on Tuesday from the bid of 14 1-16d., where it had
been for several days, to an offer of 14d. This
change has not been reflected in a marked drop in yen
exchange in New York because of the sharp rise in
sterling. The export business and internal trade of
both China and Japan is more active and prosperous
than it has been for several years. The commercial
Secretary of the Japanese Embassy reports that the
loss in the export industry caused by the recent
• typhoon and tidal wave was rather slight and normal
production is already well under way.
Closing quotations for yen checks yesterday were
28.48, against 28.83 on Thursday of last week. Hong
Kong closed at 41@41 11-16, against 41 9-16@43;
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922
OCT. 13 1934 TO OCT. 19 1934, INCLUSIVE
Noon Buying Rate for Cable Transfers in New York
Value in United States Money
Country and Monetary
Usti
Oct. 13 I Ott. 15
Oct. 16
Oct. 17
Oct. 18
Oct. 19
EUROPE$
li
6
$
$
$
AustriazichillIng
.189575* .189375* .189658* .189758• .189791* .189391*
Belgium, belga
.235392 .235187 .235423 .235600 .235403 I .235023
Bulgaria, lev
012250* .012500* .012375* .012500* .012375* .012375*
Czechoslovakia. krone 042131 .042116 .042148 .042200 .042139 .042056
Denmark, krone
219750 .219050 .219875 .220484 .220863 .221025
England, pound
sterling
4.920178 4.908416 4.925178 4.934711 .946166 4.950000
Finland. markka
.021730 .021705 .021745 .021815 .021825 .021840
France, franc
066481 .066440 .066460 .066559 .066457 .066320
Germany. reichamark 406271 .405900 .406171 .406807 .405985 .40516l
Greece. drachma
009507 009525 .009493 .009506 .009502 .009493
Holland, guilder
.683785 .683200 .683392 .684342 .683239 .681950
Hungary. pengo
.299250 .299750* .208812* .300050* .298937 .298375y
Italy. lire
086355 .
.086330 .086442 .086386 .086235
Norway, krone
247208 .246533 .247458 .248084 .248466 .248779
Poland. zloty
190720 .190625 .190650 .190875 .190750 .190350
Portugal. escudo
.044908 .044675 .044783 .045008 .044958 .044975
Rumania.leu
.010118 .010155 .010130 .010115 .010075 .010075
Spain, peseta
137750 .137653 .137732 .137946 .137742 .137446
Sweden, krona
.253741 .252966 .253958 .254561 .254958 .255358
Switzerland, franc__ .324864 .328635 .328850 .329384 .328814 .328260
Yugoslavia. dinar__ .023150 .023087 .023087 .023125 .023112 .023062
ASIAChinaChefoo (yuan) dol'r .372500 .368333 .352083 .340833 .320000 .333333
Hankow(yuan) dory .372500 .368333 .352083 .340833 .320000 .333333
Shanghai(yuan)dol'r .372187 .368281 .352187 .331687 .318750 .332968
Tientsin (yuan)dol'r .372500 .368333 .352083 .340833 .320000 .333333
Hongkong, dollar._ .416875 .416875 .418437 .409375 .392500 .410312
India. rupee
.369705 .369100 .370135 .371380 .371550 .372225
Japan, yen
.287250 .286445 .286650 .287005 .285975 .283990
Singapore (S. S.) dol'r .576250 .575375 .577500 .580000 .579375 .581250
AUSTRALASIAAustralia. pound
3.887500•3.887083.3.907187*3.915625 3.924375 3.929687*
New Zealand, pound. 3.910833.3.898750.3.923437.3.931250 3.941875'3.946250*
AFRICASouth Africa, pound__ .860937* 4.851500* 4.869500'4.876875 4.887812'4.894000
1
NORTH AMER.•
Canada. dollar
1 021328 1.020520 1.021875 1.020284 1.020494 .020625
999150 .999150 .999150 .999150 .999150 .999550
Cuba. peso
Mexico. peso (silver). 277262 .277262 .277262 .277262 .277312 .277312
Newfoundland. dollar 1 018937 1.018062 1.019375 1.017625 1.018125 1.018125
SOUTH AMER.9
.328025 .327275* .328225* .329000 .329825* .3299004
Argentina. peso
081875 .082475* .082950* .081975 .081875* .082450.
Brazil, milreis
103350 .103250* .013600* .104600 .103850* .103900*
Chile. pew
808600 .807850* .807500* .810500 .810750* .809500*
Uruguay. Peso
602400 .602400* .604200* .600600* .601500* .601500.
Colombia, peso
• Nominal ratan firm rates not available.
2417
Shanghai at 3334@33 11-16, against 37 7-16@39;
Manila at 49.95 against 49.95; Singapore at 58.15,
against 583/
8; Bombay at 37.32, against 375/i and
Calcutta at 37.32, against 3738.
Gold Bullion in European Banks
HE following table indicates the amount of gold
bullion (converted into pound sterling at par
of exchange) in the principal European banks as of
Oct. 18 1934, together with comparisons as of the
corresponding dates in the previous four years:
T
Banks ofEngland. __
France a
Germany b
Spain
Italy
Netherland%
Nat. Belg__
Switzerland.
Sweden ___
Denmark _ _
Norway
_
19 34
192, 84.331
659.248,000
2,949,350
90,624,000
67,198,000
72.187,000
75, 40,000
66. 30,000
15. 23.01.0
7. 96.000
6, p70,000
1933
191.731,964
656,003,866
16.261,100
90,406,000
76.096.000
72.774,000
77.388,000
61.597,000
14,105,000
7.397,000
6,570,000
1932
140.416,047
661.210.146
36.672,650
90.289,000
62.393.000
86.226,000
74.157,000
89,164,000
11,442.000
7.41.0,000
7,911,000
1931
137.035.232
497.236,786
52.773,850
91,071.000
58.486.000
66.521,000
72.431,000
42.684,000
11.032,000
9.118,000
6,558.000
1930
160.125.660
404,538.833
101,533,750
99,029,000
57.221,000
32.962,000
36.992.000
25.588.000
13.449.000
9,565,000
8,140,000
Tot. week 1,257. 58,687 1,270.329,930 1.267.280.843 1.044,946,888 949,074.243
Prey. week. 1.257. 151.256 1.266.977.576 1266.801.788 1.032 083 181 037 681 267
a These are the gold holdings of the Bank of France as reported in the new form
of statemen . b Gold holding% of the Bank of Germany are exclusive of gold held
abroad, the amount of which the present year is £1,042,550.
The Vexed Question of Collective
Bargaining
A reading of the famous Section 7-A of the National Industrial Recovery Act does not at first
suggest any difficulty of interpretation. The section
calls for the insertion, in every code of fair competition, of the provisions "that employees shall have
the right to organize and bargain collectively
through representatives of their own choosing, and
shall be free from the interference, restraint or coercion of employers of labor, or their agents, in the
designation of such representatives or in self organization or in other concerted activities for the purpose of collective bargaining or other mutual aid or
protection," and "that no employee and no one seeking employment shall be required as a condition of
employment to join any company union or to refrain from joining, organizing or assisting a labor
organization of his own choosing." The provisions
seem, at first sight, to mean nothing more nor less
than that employees may, if they choose, act collectively rather than individually in any agreements
they may make with their employers, that in so doing they shall not be interfered with or coerced by
employers, and that no discrimination in employment shall be exercised because of membership in any
labor organization.
The Recovery Act became law on June 16 1933.
Instead of promoting harmony between employers
and their employees, however, the collective bargaining provisions became almost at once an active
source of discord. The summer and fall of 1933 saw
an epidemic of strikes in many of which collective
bargaining was, or appeared to be, the primary issue. Early in July the extraordinary spectacle was
presented of Sidney Hillman, at that time a member
of the Federal Labor Advisory Board, authorizing
a strike in the New York City area of the Amalgamated Clothing Workers of America, of which organization he was president. In spite of the provision that employees might "organize and bargain
collectively through representatives of their own
choosing," organized labor officials demanded the
abolition of company unions, and when in August
President Roosevelt set up a National Labor Board
under the chairmanship of Senator Wagner of New
York,two of the memberships were given to William
2418
Financial Chronicle
Green, president of the American Federation of
Labor, and John L. Lewis, president of the United
Mine Workers of America.
It is not apparent that the Administration intended at first to give exclusive recognition, in
interpreting Section 7-A, to any one form of labor
organization, but the fight which was opened on
company unions caught it between two fires. The
issue was sharply drawn at the end of July when
the National Automobile Chamber of Commerce submitted an automobile code which, after reciting the
labor provisions of the National Industrial Recovery
Act, added the reservation that "in accordance with
the foregoing provisions the employers in the automobile industry propose to continue the open shop
policy heretofore followed," and that "the selection,
retention and advancement of employees will be on
the basis of individual merit without regard to their
affiliation or non-affiliation with any.labor or other
organization." The reservation brought vigorous
protests from William Green and Donald Richberg,
the latter at that time counsel for the National Recovery Administration, and on Aug. 23 General
Johnson and Mr. Richberg, in a joint statement, announced that "the plain meaning" of Section 7-A
"cannot be changed by any interpretation by any
one," that "the words 'open shop' and 'closed shop'
are not used in the law and cannot be written into
the law," that the collective bargaining provision
"can mean only one thing, which is that employees
can choose any one they desire to represent them, or
they can choose to represent themselves," and that
"employers may likewise make collective bargains
with organized employees or individual agreements
with those who choose to act individually." The
automobile representatives, however, stoutly resisted Administration pressure, and although, in the
code as finally approved, the reference to the open
shop was dropped, the provision regarding the
selection and retention of employees on the basis of
individual merit, regardless of any organization
affiliations, was retained.
The automobile code was the conspicuous beginning of a controversy which has continued, with
increased rather than lessened bitterness, until the
present time. The section of organized labor represented by Mr. Green has not only fought every kind
of union except its own, but has insisted that a
minority of employees, however large, must be held
to be represented by whatever representatives the
majority may choose. The latter position has been
sustained by the Federal Labor Relations Board,
thereby giving to the contention an Administration
endorsement. The controversy has served to cast
doubt upon the meaning of collective bargaining as
the term is used in the National Industrial Recovery
Act, and to read into Section 7-A, as the view
of organized labor, an interpretation which the
plain language of the section certainly does not
sustain. Instead of industrial harmony and cooperation for recovery, we have had nearly a year
and a half of charges and counter-charges, recriminations and attacks, pulling and hauling, and one
of the most disturbed and menacing labor situations
that the country has ever known.
The attempt which the General Motors Corporation has just made to clarify the situation in its own
particular field is, accordingly, of wide significance.
In a statement, signed by Alfred P. Sloan Jr., as
president, which was mailed to the 130,000 em
Oct. 20 1934
ployees of the corporation on Monday, the various
aspects of collective bargaining are broadly dealt
with. General Motors, the statement declares, recognizes collective bargaining as "a constructive step
forward, both for the employees and management,"
and the purpose is "not only to continue the idea
but to develop it." Collective bargaining is defined
as "a method of intercommunication and negotiation
between employees and management, whose objective is the maintenance of harmonious and cooperative relations through mutual understanding
and agreement with respect to terms and conditions
of employment." "Membership in a labor union,"
the statement continues, "does not in itself establish the right of any such union or other organization to represent employees in collective bargaining negotiations," but the representatives for such
purpose "must have been specifically chosen by the
employees they are to represent, and the fact of such
choice must be established." This sets aside at once
the claim of organized labor to exclusive recognition
of a particular union or form of union in collective
bargaining, and gives recognition to any group of
employees, whether organized or not, provided the
representatives are specifically chosen as such by
the workers for whom they are to speak.
It is not expected that, with collective bargaining
established and conducted on these lines, complaints and controversies will cease to appear. The
statement recognizes that "controversial questions
of fact, such as discrimination cases and questions
of layoff, may frequently be more amicably and
speedily settled through an impartial, competent,
fact-finding agency having the confidence. of both
sides," but the submission of such cases to outside
bodies is to be made only with the specific authorization of the executive committee of the corporation. "The management," the statement declares, "should be reasonable in its willingness to
listen to any one desiring to discuss matters purporting to affect General Motors employees," even,
apparently, if the person in question is not a duly
accredited spokesman for a group, while "in the
event that an issue is raised by a particular group
or their duly accredited representatives the settlement of which involves the interests of non-represented groups, the management should satisfy itself
that any decision arrived at provides fair treatment
with respect to such non-represented groups." Moreover, "it must be distinctly understood that it is
contrary to the letter and the spirit of collective
bargaining for the management to attempt by any
means to prevent questions as regards same from
being raised by the employees and fully discussed
with them or their representatives."
A clearer statement of the meaning and application of the collective bargaining which the Industrial
Recovery Act requires could hardly be desired. It
is as clear regarding the obligations of management
as it is regarding those of labor, and leaves no
ground for the criticism that labor is the only party
whose rights and duties need to be defined. It gives
no recognition in collective bargaining to any labor
organization as such, but deals with employees only
through "representatives of their own choosing."
By inference, therefore, it excludes all interference
with bargaining by outside agents of labor unions.
It was easier, perhaps, for General Motors to take
such a position because there is not in the automobile industry any predominant type of labor organi-
Volume 139
Financial Chronicle
zation, but the principles enunciated in the statement are as applicable to an industry in which the
majority or all of the employees adhere,for example,
to the American Federation of Labor as to one in
which a company union or several forms of organization are found.
It would be gratifying to be able to hope that the
General Motors statement would clear the air once
for all, and leave collective bargaining to bring the
benefits which the National Industrial Recovery Act
doubtless contemplated. Unfortunately, there are
still some serious obstacles to be overcome. The decision of the National Labor Relations Board upholding the right of a majority of employees to speak
for the minority as well stands squarely in the way
of the principle which General Motors has championed and which,for obvious reasons, the American
Federation of Labor strongly supports. William
Green was reported on Monday, in an Associated
Press dispatch from San Francisco, as showing "considerable interest" in the General Motors statement,
but he was also quoted as saying that "a fundamental point is that the will of the majority of the
workers should be followed in settling the point as
to what organization is to speak for the workers,"
and as declaring that "the decisions of the National
Labor Relations Board, the steel, petroleum and
railway boards have all said so." Reports of proceedings in the trial of the Weirton Steel case at
Wilmington, Del., have seemed to show that Government counsel themselves have no very clear idea
of what the various labor provisions of the National
Industrial Recovery Act mean, notwithstanding that
it is for alleged violations of the collective bargaining provisions that the Weirton Steel Company is
being prosecuted. Certainly, in the proposed reorganization of the National Recovery Administration which is being so much talked about, the labor
provisions of the underlying statute should be cleared
of doubt and the position of organized labor in the
matter put beyond question. Meantime, the General
Motors statement stands as a clear and reasonable
exposition of what collective bargaining means in
one great industrial organization, and it may safely
be expected to influence very greatly the opinion and
action of others.
Capital Program of the Railroads Has
Changed from Former Policy of Providing Increased Capital First
The factors which govern railway purchases for
additions and betterment seem to be undergoing a
definite change, according to an analysis of such
expenditures during recent years. The policy of
spending money to save money is dictated by the
desire of railway management to provide as efficient
and economical transportation service as possible.
In the past the necessity of providing greatly increased railway capacity has been the more important factor in budget-making, and economy of
operation has come largely as a by-product of expenditures made primarily to increase capacity.
The trend of recent years seems to show plainly
that expansion in railway traffic is being scaled
down, as a result of which the greater stress is being
placed upon efficiency and economy in operation,
although increased capacity is a by-product of such
improvements. Possibilities in that direction are
large. Even with more emphasis upon providing
2419
for increased capacity,the results of spending money
to save money have been thoroughly demonstrated.
PROPORTION OF ROADWAY EiPENDITURES MAY SHOW
FUTURE DECLINE
Year
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
Total Capital
penditures
S1.059.149.426
874.743.228
781.191.000
875.000.000
771.552.000
676.665.000
853.721.000
872.608.000
361.912.000
167.194.000
103.947.000
Per Cent of Total er Cent of Total
for Equipment for Roadway
64
56
45
43
37
33
38
38
20
22
'15
36
44
55
57
63
67
62
62
80
78
85
By studying the above table, which shows the distribution of the railways' capital expenditures since
1923, it will be noted that in previous years a substantial proportion of total expenditures went for
roadway improvements and during the past three
years the same division has been greatly emphasized,
so that the carriers are now generally equipped with
excellent roadway facilities. As a result, it seems
reasonable that a smaller proportion of total outlay
may now be allocated for this purpose, and more for
equipment. Thus, a reversal of trend is probable
during the balance of this year and next.
The Course of the Bond Market
A firming tendency has again characterized the bond market this week, raising prices of a large number Of issues to
the best levels in a month. Highest-grade corporation bonds
have, as a group, recovered almost to their July highs,
the present average yield of 3.89% on 30 Aaa corporate
issues comparing with the year's low of 3.86% reached on
July 20. Lower-grade issues have not recovered as much
ground, Baa rail prices being 13% and Baa utilities 5/
1
2%
below their high levels of April, as based on computed price
averages.
United States Government bonds have fluctuated within
a narrow range, advancing fractionally on Monday and
Tuesday, and losing part of this gain thereafter. The calling of additional $1,870,000,000 Liberty 414s for payment
April 15 next was announced early in the week. Wednesday's issue of Treasury bills was sold on a 0.21% basis,
which was a slightly lower rate than that for last week's
issue, and, in fact, the lowest rate in five weeks.
Firmness, with some signs of strength, was general
throughout the high-grade railroad bond market. Chesa1
2s, 1992, closed at 110% on Friday compeake & Ohio 4/
pared with 109 last week; Pennsylvania cons. 4s, 1948, were
% higher, closing at 106%. Medium-grade railroad issues
showed small gains for the week. Great Northern gen. 75,
1936, at 90% were % point above last week; Northern Pacific ref. Os, 2047, were up 2% points, closing at 96. Gains
were fractional to one or more points for the lower-grade
railroad bonds. Chicago & Great Western 1st 45, 1959,
closed at 34 compared with 31% a week ago; Louisiana &
Arkansas 1st 5s, 1969, were up fractionally, closing at 593k.
On the other hand, Missouri Pacific cony. 5%s, 1949, closed
at 7%, losing % point since last week.
Utility bonds in all classifications were fairly strong in
the early part of the week, although on Thursday the trend
was lower. Among high grades, Cleveland Electric Illuminating 55, 1954, and New York & Westchester Lighting 5s,
1954, advanced substantially, the former 4 points to 112 and
the latter 2% points to 105%. Among lower grades, Binghamton Light, Heat & Power 5s, 1946, gained 214 points,
closing the week at 102; Kentucky Utilities 5s, 1961, at 58
were up 2 points; Texas Power & Light 65, 2022, at 80 made
a gain of 5, and Consolidated Gas Utilities 6s, 1943, advanced
2% points to 49.
A somewhat mixed price trend was seen in industrial
issues, but on the whole advances outweighed declines. The
weakest showing was in the oil group, Skelly Oil 5%s, 1939,
losing 3% points to close at 92%, and Standard Oil of N. J.
5s, 1946, dropping 1 to 10514. Texas Corp. 5s, 1944, at 103
were off only.%. Steel issues were firm, National Steel 5s,
1956, gaining 1% points to close at 104%, and Gulf States
Steel 5/
1
2s, 1942, advancing 2% to 90%. Otis Steel 6s, 1941,
Financial Chronicle
2420
declined 1% to 573. Tire and rubber bonds were mainly
firm, Goodrich 6%s, 1947, making the strongest showing,
with a 1%-point gain, closing at 106%. Miscellaneous bonds
scoring advances included Remington Rand 5%s, 1947,
which closed at 96%, a gain of 1%, and Kresge Foundation
6s, 1936, at 101, up %. Tobacco Products 6174s, 2022, made a
new high at 108%, closing the week at 107%, a net gain
of %.
Foreign bonds were irregularly higher. Strength characterized the various groups of German bonds, and fractional
gains occurred in South American issues. A sharp upward
movement was made in City of Bergen bonds, whre strength
continued in other Scandinavian obligations. Higher quotations were seen for Italian corporate bonds.
Moody's computed bond prices and bond yield averages
are given in the following tables:
MOODY'S BOND YIELD AVERAGES t
(Bated on Individual Closing Prices)
MOODIrEl BOND PRICES t
(Based on Average Yieids)
1934
Daily
A MUMS
120
U. S.
Gen. DomesBonds
tic
Corp.*
*0
Awl
115.41
115.41
115.21
115.21
115.02
115.02
go Clas
115.02
114.82
114.63
114.63
114.63
114.43
114.25
114.24
114.04
114.04
96.08
95.48
94.58
96.08
96.54
96.70
96.54
96.23
97.62
97.62
99.68
100.90
99.36
99.36
99.20
99.36
98.73
98.09
98.25
98.57
98.41
98.73
98.88
98.88
98.25
97.16
xcbang
95.93
96.70
95.63
94.88
95.18
95.33
93.99
93.85
91.53
90.55
87.69
84.85
100.00
84.85
92.39
74.15
114.04
113.85
113.85
114.63
114.63
114.43
114.63
114.43
115.41
115.02
116.01
116.81
115.21
115.02
114.82
115.02
114.63
114.04
113.65
113.28
112.88
112.50
112.50
112.31
111.92
111.16
a Close
110.42
111.16
110.79
110.23
119.23
109.88
109.12
108.75
107.67
107.67
106.25
105.37
116.01
105.37
108.03
97.47
01.81
Q
81.07
o
87.43 107.49
Aa
,...=.
.
97.78
97.62
97.62
97.62
97.31
97.16
Exchan
97.16
96.85
96.70
96.70
96.54
96.39
96.23
96.08
96.08
96.03
0,77004-.0=.1.3,
14.1.00000:14NMOIVW
Oct.
cisic.cc000mnImmooccoopoom*oc
noceicolsc..6.64,6.6.6 .O.OToOOciOt.4-miCssr.:redssEd.i.ei44
00 0©O
000000000 00,0=00000000
oCo
00000.0w0000 MOCOO=00,W
Oct. 19_ 104.54
18._ 104.56
17-- 104.65
16._ 104.73
15._ 104.39
13._ 104.15
12-- Rock
11-- 104.06
10-- 103.76
9-- 103.95
8-- 104.01
6-- 103.68
-- 103.46
4-- 103.32
3-- 102.96
2-- 102.74
1: 102.65
Weekly3ept.28. 102.63
2E_ 102.73
14._ 102.58
7._ 103.72
Aug.31_ 104.56
24._ 104.90
17.. 105.29
10_ 105.24
3._ 105.97
only 27_. 106.06
20_ 106.79
13_ 106.74
6_ 106.31
lune 29_, 106.04
22._ 105.79
15_ 106.00
8_. 105.52
E. 105.27
)ay 25_ 105.13
18_. 105.05
11_ 105.11
4_ 104.75
tpr. 27_ 104.21
20_ 103.65
13.. 104.35
(L. 104.03
Bar.30. -stock 1..
23_ 103.32
16_ 103.52
9_ 103.06
2_ 101.88
7eb. 23._ 192.34
16_ 102.21
9._ 101.69
2._ 101.77
Ian. 26_ 100.41
19„ 100.36
12.. 99.71
5_ 100.42
11gb 1934 106.81
1-ow 1934 99.06
iigh 1933 103.82
-ow 1933 98.20
(r. Ago)ct.19'33 103.34
2:Yrs. Ago
let 10.:12 111L58
120 DOMMIC Corporate*
by Ratings
Oct. 20 1934
120 Domes ic
Corporate* by Groups
P. U. Indus.
.4
Baa
RR.
96.39
96.54
96.39
96.23
96.08
95.93
78.21
78.10
78.32
78.32
77.88
77.88
96.70
96.70
96.85
96.70
96.08
96.08
92.10
92.10
92.10
91.96
91.67
91.53
105.03
104.85
104.85
104.85
104.68
104.51
95.78
95.63
95.48
95.48
95.18
95.03
94.73
94.58
94.58
94.43
77.77
77.44
77.22
77.33
77.33
77.11
76.78
76.67
76.67
76.57
95.78
95.48
95.33
95.33
95.33
95.03
94.43
94.43
94.43
94.43
91.53
91.39
91.11
91.11
91.11
91.11
90.83
90.65
90.69
90.69
104.51
104.51
104.33
103.99
103.99
103.99
103.99
103.99
103.09
103.65
94.43
93.55
92.68
93.70
94.29
94.29
94.68
94.43
98.08
96.08
97.94
97.94
97.00
97.16
97.16
97.16
98.39
95.78
96.23
96.70
96.85
97.00
97.31
97.31
96.70
95.78
77.00 94.88
76.14 93.99
74.67 92.25
78.35 94.29
77.11 94.88
77.44 95 63
76.73 95.33
76.03 94.14
77.77 96.70
78.21
97.47
81.54 99.68
82.50 00.49
82.02 99.52
82.02 99.68
81.90 9948
82.26 100.17
81.54 99.20
80.72 98.57
81.07 98.73
82.02 99.04
81.66 98.88
81.78 99.68
83.48 100.00
83.60 109.33
82.74 90.84
81.18 99.04
90.69
89.86
89.04
90.41
90.69
90.55
90.41
90.41
91.67
91.25
93.55
93.40
92.82
92.82
92.82
92.53
92.10
91.53
91.67
92.39
91.96
92.53
92.53
92.39
91.67
90.27
103.65
10366
103.48
104.61
04.851
104.51
104.51
104.85
105.20
104 85
106 42
106.60
106.07
106.07
106.07
105.89
105.37
104.85
104.85
104.68
104.86
104.68
104.51
104.33
103.85
102.81
94.43
95.18
94.14
93.11
93.26
93.26
92.10
91.81
89.31
87.96
84.85
82.02
98.09
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
66.66 85.74
83.72 100.49
66.38 85.61
77.66 93.26
53.16 69.59
89.17
89.86
88.50
87.96
88.36
88.36
87.43
87.04
83.97
82.38
78.44
74.25
93.55
74.25
89.31
70.05
101.81
102.47
101.47
10049
100.81
100.81
100.00
99.68
98.88
98.73
98.00
97.00
106.78
96.54
99.04
78.44
86.38
67.25
87.17
78.66
98.09
77.33
63.98
73.85
86.25
84.10
An
1934
120
Daily Domes
tic
Averages
120 Domestic Corporate
by Ratings
Aaa
Aa
A
4.98
Oct. 19_ 4.89
3.89
4.33
18_ 4.90
4.34
3.89
4.97
17_ 4.90
4.98
4.34
3.90
16_ 4.90
4.99
4.34
3.90
4.37
15.._ 4.92
3.91
5.00
13._ 4.93
3.91
5.01
4.38
12- Stock Exchan He Clos ed4.39
11-- 4.93
3.91
5.02
4.39
10-- 4.95
3.92
5.03
4.96
4.41
3.93
5.04
5.04
4.42
8.- 4.96
3.93
4.42
3.93
4.97
5.06
4.98
4.42
6._
3.94
5.07
4.99
4.43
3.95
6.09
6.10
4.44
3.95
3.. 5.00
5.10
4.42
3.96
5.00
8.11
4.42
3.96
5.00
Weekly5.11
4.43
3.96
Sept.28.. 5.00
4 44
6.17
21
3.97
5.04
4.48
5.23
5.10
14.
3.97
5.16
4.36
3.1/3
5.00
4.36
Aug.31- 4.97
6.12
3.93
4.34
5.12
3 94
24.
4.96
5.10
4.34
3.93
4.97
17._
6.11
4.34
3.94
10.. 4.99
5.00
3.89
4.90
4 29
4 32
3.91
5.00
July 27.. 4.90
4.88
4.26
3.86
20.. 4.77
4.88
4 26
3.87
13_ _
4.75
4.94
4 29
6.. 4.79
3.90
4.93
3.91
4.28
June 29.. 4.79
4.93
4.28
22- 4.110
3.02
4.93
4.29
3.91
15-- 4.79
4.33
3.93
4 98
8.- 483
4.35
4.87
5.02
3.96
4.35
4.99
May 25- 4.86
3.98
4.00
4.84
4.96
4.36
18._
4.05
4.37
11_
4.02
4.85
4.94
4.04
4.37
4.83
4.40
4.04
4.92
Apr. 27.- 4.82
4.40
4.92
20.. 4.82
4.05
4.96
4.42
13._
4.07
4.86
4.17
4.11
9.93
5.02
Mar.30, Stock). chant' e Clost d.
5.11
4.54
23.. 6.01
4.15
5.06
4.50
16.. 4.96
4.11
5.13
4.56
9.. 5.03
4.13
4.64
5.20
4.16
5.08
4.16
Feb. 23-. 5.06
5.19
4.63
4.18
6.19
4.66
16.. 5.05
5.14
5.27
4.75
4.22
6.29
4.77
4.24
5.15
Jan. 26- 5.31
5.47
4.88
4.30
4.93
4.30
19._
5.38
5.57
12._
5.81
5.04
4.38
5.59
4.43
6.04
5.19
5.81
Low 1934 4.75
3.86
4.87
4.25
4.43
Illgh 1934 5.81
5.20
6.08
Low 1933 5.25
4.73
4.28
5.47
High 1933 6.75
4.91
5.96
6.98
Yr.
.Ago4.94
4.31
Oct.19.33 5.61
5.69
2 Yrs. Ago
4.64
Oct.1932 6.12
6.45
5.52
120 Domestic
Corporate by (how)*
P. U. Indus
tt
30
Pardont
Baa
RR.
6.37
6.38
6.36
6.36
6.40
6.40
9.96
4.96
4.95
4.96
5.00
5.00
6.27
5.27
5.27
5.28
6.30
5.31
4.45
4.46
4.46
4.46
4.47
4.48
6.78
6.79
6.83
683
6.85
6.88
6.41
6.44
6.46
6.45
6.46
6.47
6.50
6.51
6.51
6.52
5.02
5.04
5.05
5.05
5.05
5.07
5.11
8.11
5.11
6.11
5.31
8.32
5.34
5.34
5.34
5.34
5.38
5.38
5.37
6.37
4.48
4.48
4.49
4.51
4.51
4.61
4.61
4.51
4.61
4.63
6.89
6.89
6.91
8.86
6.89
6.90
6.93
6.95
8.96
6.98
6.48
6.56
6.70
6.54
6.47
6.44
6.50
6.57
6.41
6.37
6.08
6.00
6.04
6.04
6.05
6.02
6.08
0.15
6.12
6.04
6.07
5.96
5.92
5.91
5.98
6.11
5.08
5.14
5 26
5.12
5.08
5.03
5.05
5.13
4.96
4.91
4.77
4.72
4.78
4.77
4.77
4.74
4.80
4.84
4.83
481
4.82
4.77
4.75
4.73
4.76
4.81
5.37
5.43
5.49
5.39
6.37
6.38
5.39
5.39
5.30
5.83
5.17
5.18
5.22
5.22
5.22
5.24
5.27
5.31
5.30
5.25
5.28
5.24
5.24
6.25
5.30
5.40
4.63
4.53
4.54
4.48
4.46
4.48
4.48
4.46
4.44
4.46
4.37
4.36
4.39
4.39
4.39
4 40
4.43
4.48
4.46
4.47
4.46
4.47
4.48
4.49
4.53
4.68
4.98
7.31
784
7.33
7.30
7.37
7.47
7.36
7.37
7.45
7.48
7.49
7.53
7.35
7.29
7.25
7.20
7.14
7.16
7.28
7.21
7 20
7.22
6.24
6.16
6.31
6.33
6.24
6.18
6.31
6.30
6.62
6.73
7.12
7.56
5.90
7.58
6.42
9.44
4.91
4.85
4.91
4.97
4.93
4.1)2
5.05
5.05
5.23
5.32
5.54
6.74
4.72
5.75
5.19
7.22
5.48
5.43
6.63
6.87
6.64
5.54
5.61
5.64
5.88
6.01
6.35
6.74
5.17
6.74
5.47
7.17
4.64
4.60
4.66
4.72
4.70
4.70
4.75
4.77
4.82
4.83
4.87
4.94
4.35
4.97
4.81
6.35
7.34
7.23
7.26
7.38
7.49
7.52
7.56
7.57
7.97
8.05
8.33
8.53
6.78
8.65
8.63
11.19
7.48
5.63
6.33
4.87
9.33
7.87
6.78
5.70
5.87
10.02
7.13
7.24
• These prima are con puted from average yields on the basis of one -ideal" bond (419% coupon, ma urIng in 31 years) and do not purport to show either the average
level or the aver,ge inovemelit of actual price quotations. They merely serve to 1111Istrate In a more co) iprehensive way the relative levels and the relative movement or
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 007.
•• 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 Oct. 13 1984,
Page 2264. It Average of 30 foreign bonds but adjusted to a comparable basis with previous averages of 40 foreign bonds.
BOOK REVIEW
contrasted status and usages of listed and unlisted securities, how to read the financial page, and official and unofficial reports and other sources of financial information. A
final chapter goes deeply into the mathematics of the calculations of stock yields, present values, discounts, subscription rights and similar matters.
Professor Jordan insists throughout upon investment as
the conservation of capital rather than the accumulation of
profits, and while he naturally refrains from outlining anything like an investment program, he emphasizes the need of"
investigation before investment and of moderate expectations with respect to income return. In defence of the criticisms which he occasionally offers, he urges that "investment is a serious matter" and that "the investor is entitled
to more protection than he has received in the immediate
past." The book is not designed for security experts, although the mathematical formulas in the last chapter will be
found' useful for reference, but for the investing public, as
well as for students, it is a book heartily to he commended.
The author is professor of finance in New York University.
JORDAN ON INVESTMENTS. By David F. Jordan.
Third Revised Edition. 425 pages. New York: PrenticeHall, Inc. $4.
This is a third edition of a book originally published in
1919 and revised first in 1924 and again in 1933. The present
revision has been made in order to take account of the great
mass of Federal legislation enacted thus far under the Roosevelt Administration, particularly the Securities and Securities Exchange Acts, the Municipal, Corporate and Railway
Bankruptcy Acts, the Farm and Home Relief Acts, the Banking Act, and the joint resolution abrogating gold payments
In security and other obligations. Various statistical material has also been brought up to date.
The changes just mentioned have been made without
changing the original form and scope of the book. Intended
primarily, it would seem, as a textbook in investment operations and policies, it nevertheless brings together in convenient form a large amount of information regarding the
various classes of securities issued and commonly dealt in
New Capital Issues in Great Britain
on the American stock exchanges or over the counter, the
usual practices of issuers and dealers, and the more imThe following statistics have been compiled by the Midland
portant legal questions that are involved. The character- Bank, Ltd. These compilations of issues of new capital,
istics of various classes of bonds and stocks, for example, are which are subject to revision, exclude all borrowings by the
indicated, and chapters are devoted to such subjects as pro- Pritish Government for purely financial purposes, shares
tection in purchasing, bolding and reorganization, fiduciary issued to vendors, allotments arising from the capitalization
of reserve funds and undivided profits,sales of already-issued'
Investments, taxation of investments, the business of invest- securities which add nothing to the capital resources of
the
ment banking, and such general topics as the interests of company whose securities have been offered, issues for conthe small investor, the mechanics of purchase and sale, the version or redemption of securities previously held in the.
United Kingdom, short-dated bills sold in anticipation of
long-term borrowings, and loans by municipal and county
authorities except in cases where there is a specified limit to
the total subscription. They do not include issues of capital
by private companies except where particulars are publicly
announced. In all cases the figures are based upon the
prices of issue.
SUMMARY TABLE OF NEW CAPITAL ISSUES IN THE UNITED KINGDOM
[Compiled by the Midland Bank 1.1witedi
Month of
September
£9,294,000
20,064.000
9,951,000
5,188.000
4,329.000
7,902.000
2,534,000
15.926,000
5.040.000
18.306.000
2,665.000
5,039,000
1,315.000
17.000
7,164.000
6.7411.000
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
9 Months to
Sept. 30
Year to
Sept. 30
£132,678.000
314.574.000
144,583,000
193.059,000
150.021,000
139,119,000
144.989,000
175.770.000
201.358.000
269.254.000
224,011.000
169.891.000
79,082.000
78.174,000
103.702.000
100.683.000
£169.414.000
410,438.000
214.220.000
264,271.000
192.630.000
192.858.000
229.416.000
250,678.000
279 354.000
382.111.000
317,270.000
199.629.000
145,351.000
87.758.000
138.567.000
129.812.000
NEW CAPITAL ISSUES IN THE UN(TED KINGDOM BY MONTHS.
itannpuen oy L08 0110118100 MUIR I IROWPCIT
1931.
January
February
March
April
May
June
July
August
September
9 months
October
November
December
Year
2421
Financial Chronicle
Volume 139
1932.
1933.
1934.
E12,332.412
19.606.243
13.446.859
1.687.195
11.009.880
12,832.397
5.184.993
1.666.492
1.315,308
£2.895.798
11.994.734
12.104.130
18.013.115
12.296,311
17.467.795
8,312.507
72.500
17,000
£8.310,263
7,167,385
13.447,603
8.247.859
14,614,014
17.541.251
6.001.777
21.208.047
7,164.097
£10,853,233
7.007.995
7.081.462
9.590.387
22.440.935
12.048.454
14.997.397
9.878,332
6.747.571
79.031,779
78,173,890
103,702.296
100,645,746
2.482.875
4.409.1711
2.692,359
19,745,198
10.807,078
4.312.183
10.026.260
12.786,85'
6.353.481
£88,666,192
£113.038,329
£132,868,896
GEOGRAPHICAL DISTRIBUTION OF NEW CAPITAL ISSUES IN THE
UNITED KINGDOM BY MONTHS.
[Complied by Midland Bank Limited]
India and Other Brit, Foreign
United
Kingdom. Ceylon. Countries. Countries.
932-January
February
March
April
May
June
July
August
September
9 months
October
November
December
Year
933-January
February
March
April
May
June
July
August
September
9 months
October
November
December
Year
1934-January
February
March
April
May
June
July
August
September
9 months
Total.
£
i
£
2,605,000
291,000
78.000 2.805,000
9.109,000
11,072,000 1,032,000
9.572.000 3.516,000 4,925,000
8,936.000 1,496,000 1,864,000
2,067,000
15,391.000
60,000
3.225.000
23,000
50.000
10.000
£
2,896.000
3,000 11,995.000
12.104.000
18,013.000
12.296.000
10,000 17,468.000
27,000 3.312.000
73.000
17.000
7.000
57,656.000 8,182,000 14.289.000
47,000 78.174,000
160.000 7.734,000
271.000
190.000
48,000
19.745.000
264.000 10.807.000
37,000 4,312.000
83.817.000 6.390,000 22,483,000
348.000 113.038.000
11.851,000
10,272.000
4,037.000
£
110.000
269.000
56.000
7,875,000
493.000
30,000 1,727.000
. 4,917,000
1,000 1.160.000
12,287.000
965,000
7.283,000
292.000
241.000
9.328.000 4,753.000
437.000
1,070.000
5.000
16,029.000
478.000
244 000
48,000
5.232.000
15,580.000 4.334.000
1.285.000
250.000
176,000
6.738.000
8.310,000
7.167.000
13,448.000
8.248,000
14.614.000
17.541.000
6.002,000
21.208,000
7.164.000
70.974,000 4,893,000 20.476,000 7.359.000 103.702.000
6.814.000
12,172.000
5.098.000
11.000 3.016,000
437.000
67,000
867,000
47,000
185.000 10.026.000
111.000 12.787.000
341,000 6.353.000
95.059.000 5,018.000 24,796,000 7.996.000 132.869.000
359.000
1.763.000
45.000
1.433.000
190.000
873.000
63.000
850.000
37.000
10,945.000
386.000
4.609.000
25.000
5.014.000
5.485,000 1,228.000
413.000
566.000
137,000
10,853.000
7,008.000
7.081.000
9,590.000
22.441.000
12.048.000
14,998.000
9.878.000
8.748.000
8.6112,000
5.309.000
6.011.000
8.665,000
11.397,000
7.021,000
9.958.000
3.165.000
5.631.000
49,000
221.000
7.000
12,000
62,000
32,000
1,000
65.839.000
522.000 31.539,000 2,748,000 100,646.000
Indications of Business Activity
THE STATE OF TRADE-COMMERCIAL EPITOME
Friday Night, Oct. 19 1934.
Better weather conditions and less labor trouble resulted
In the best fall business of any week thus far. There was a
further increase in retail and wholesale business, with men's
and women's wearing apparel, shoes, millinery and house
furnishings accounting for the bulk of the sales. Re-orders
In the wholesale trade were larger. Business activity
barometers show a slight loss for the week, owing largely
to declines in steel operations, car loadings, automobiles and
'electric power. Other industries made a more favorable
showing. Steel buying was a little better, however, and
sentiment has improved. Iron remained rather quiet. Bank
clearings Showed an upward trend, but are below those of
the same week last year. A discouraging development was
the rise in retail failures. Food prices declined slightly.
Cotton declined early in the week under selling prompted
by denials from Washington that the Administration was
contemplating inflationary moves, but rallied later and
ended higher for the week. Trading was small, being
checked by uncertainties over Washington developments.
Grain moved lower under general liquidation, owing to
the weakness of foreign markets, with trading very small.
Sugar was lower. Other commodity markets showed an
upward trend, but all minor markets suffered from stagnation due to a lack of speculative interest. A little more
interest was shown in some grades of wool, but as a whole
demand was light. Gasoline prices were weak. It was
rather cool here over last week-end, and the city was provided with its first rainless Saturday in six weeks. The
thermometer on the 13th inst. registered 40 degrees. New
England had its first snow on that day. At Caribou, Me.,
10 inches had fallen, and the State's bumper potato crop
was threatened with ruin. Scattered snow fell in upper
New York State and the northern Adirondacks had temperatures of 29 to 25 degrees. The blizzard in Maine crippled telephone, electric light and power lines and railroads,
trolley and bus schedules were disrupted. On Oct. 14 it was
37 degrees here, the lowest temperature for that date in 60
years. A severe typhoon which struck Manila on the 16th
Inst. caused many deaths and left 10,000 homeless. Quebec,
Canada, had a heavy snowstorm late last week, which played
havoc with communication services and hampered vehicular
traffic. Southern California had an earthquake and torrential rains on the 17th inst. which did considerable damage. To-day it was fair and cool here, with temperatures
ranging from 45 to 53 degrees. The forecast was for fair
to-night and Saturday; colder to-night; warmer Saturday.
Overnight at Boston is was 46 to 70 degrees; Baltimore,
48 to 74; Pittsburgh, 44 to 58; Portland, Me., 44 to 72;
Chicago, 44 to 52; Cincinnati, 46 to 66; Cleveland, 46 to 50;
Detroit, 34 to 48; Charleston, 64 to 78; Milwaukee,48 to 48;
Dallas, 68 to 82; Savannah, 62 to 84; Kansas City, Mo.,
56 to 58; Springfield, Mo., 64 to 74; St. Louis, 50 to 68;
Oklahoma City, 68 to 82; Denver, 44 to 70; Salt Lake City,
46 to 68; Los Angeles, Cal., 54 to 64; San Francisco, 52 to 66;
Seattle, 50 to 64; Montreal, 34 to 54, and Winnipeg, 42 to 44.
Col. Ayres of Cleveland Trust Co. Finds Volume of
Industrial Production at Beginning of Fourth
Quarter at New Low for Year-Diminished Prestige
of Radical Union Leadership as Evidenced in
Settlement of Textile Strike,Should, He Says,Prove
Factor in Promoting Industrial Peace and Recovery
Commenting on the decline in industrial production, which
be notes reached a new low at the beginning of the fourth
quarter, Colonel Leonard P. Ayres, Vice-President of the
Cleveland Trust Co., observes that "one element contributing
to the decline in production was the textile strike during
September." Colonel Ayres further observes:
This was the first strike during this depression on a scale wide enough
to depress the output of a major industry. The textile industry is one of
the more important ones, normally accounting for about one•fifth of the
nation's manufacturing activity. The strike thus threatened to disrupt the
nation's productive processes. It is therefore significant that it was settled,
with the Administration's sanction, on a basis involving no important concessions to excessive demands of labor. The diminished prestige of radical
union leadership should prove a factor in promoting that industrial peace and
recovery which is essential for real re-employment.
The resumption of activity in the textile industry may mark the termination of the most recent business recession. Moreover, the magnitude of
current Federal expenditures almost insures fair retail trade in this quarter,
with some expansion in the consumption goods industries. Automobile makers are beginning to produce new models, and public works are increasing.
In part, Colonel Ayres, in the company's "Business Bulletin," issued Oct. 15, also had the following to say in his
comments (we omit the diagrams referred to):
The fourth quarter of 1934 begins with the volume of industrial production
not only at a new low for the year, but less in amount than at any time
since April of 1933. The first quarter of this year was characterized by a
rapid and sustained increase in business activity. Industrial production had
declined after the raiiid recovery of the spring and summer of 1933 until by
2422
Financial Chronicle
2 Weeks Ago,
Month Ago,
Year Ago,
1933 High
Low
1934 High
Low
Oct. 5
Sept. 19
Oct. 19
July 18
Feb. 4
Aug. 29
Jan. 2
144.6
151.2
119.8
148.9
78.7
156.2
126.0
Sharp Decline Noted in "Annalist" Index of Business
Activity for September
The "Annalist" Index of Business Activity shows a sharp
decline for September, the preliminary figure being 66.1, as
compared with 71.0 for August, 73.1 for July and 76.4 for
September 1933. This decrease of 4.9 points has carried the
Index to the lowest level since April 1933 the "Annalist"
said. It continued:
The net gain from the low for last year has been cut to 7.7 points. or
13.2%, while the decrease from last year's high has been increased to 23.2
points, or 26%. The current decline has carried the index down 14.1
points. or 17.6%. from this year's high of 80.2 for May.
The most important factor In the decline of the combined index was a
sharp decrease in the ad,usted index of cotton consumption. Next in
importance was a substantial decrease (estimated) in the adjusted index of
59.6
34.3
34.8
93.5
82.4
67.4
67.1
106.5
62.4
55.5
43.9
52.7
71 6
-53.6'
-+WI 1
July
--,SocincocgcOO.,
holiday
not compiled
144.3
145.6
145.2
145.3
145.0
August
59.1
34.3
31.2
889.9
58.5
,
D*VCA,CO ,
ON
n0t..VV ,
Fri.,
Oct. 12
Sat.,
Oct. 13
Mon., Oct. 15
Tues., Oct. 16
Wed., Oct. 17
Thurs., Oct. 18
Fri..
Oct. 19
September
54.4
c93.5
b53.3
TABLE II. TIIE COMBINED INDEX SINCE JANUARY 1929
January
February
March
April
May
June
July
August
September
October
November
DPremhpr
1934
1933
63.0
61.6
58.4
64.0
72.4
83.3
89.3
83.5
76.4
72.3
68.4
695
1932
1931
1930
1929
81.4
70.1
112.9
102.1
83.1
68.1
112.4
102.5
85.1
66.7
111.9
100.5
63.2
115.0
101.8
86.4
60.9
115.7
98.5
85.1
60.4
116.6
97.1
82.6
116.7
83 I
59.7
93.1
78.9
61.3
115.6
90.8
89.6
76.3
65.2
115.0
72.6
65.4
113.4
86.8
64.7
84.4
72.2
106.0
648
72.1
83.9
101.2
• Subject to revision. a Based on an estimated output of 7,010.000,000 kilowatthours as against a Geological Survey total of 7,666,000,000 kilowatt-hours In August
and 7,347,000,000 in September 1933. b Based on an estimated output of 177.500
ears and trucks as against Department of Commerce total of 234,809 cars a id trucks
In August and 192,613 cars and trucks in September 1933. c Based on an estimated
output of 28,500.000 pairs, as against Department of Commerce total of 35,023,449
pairs in August and 31,234,116 pairs in September 1933.
s
Moody's Daily Index of Staple Commodity Prices in
Irregular Decline
Primary commodity prices have displayed a mixed trend
this week with the major staples declining, while some of the
minor ones advanced. Moody's Daily Index of Staple
Commodity Prices declined 1.4 points for the week, closing
at 145.0.
Seven of the fifteen commodities contained in the Index
declined in price during the week, four advanced and four
were unchanged. Wheat, hogs, rubber and cotton registered
the most important declined, with sugar, corn and silver
following. Hides staged a half cent recovery, while wool tops,
lead, and silk also gained. Cocoa, steel scrap, copper and
coffee were unchanged.
The movement of the Index number during the week, with
comparisons, follows:
Freight car loadings
Steel ingot production
Pig iron production
Electric power production
Cotton consumption
Wool consumption
Silk consumption
Boot and shoe production
Automobile production
Lumber production
Cement production
Zinc production
Combined index
S
Houses and Motors
During the first eight months of this year the volume of residential building, which is normally the most important factor in the building industry,
dropped to a new low for the depression. It seems clear that the most important cause of this is the continued high cost of new construction, for
the difficulties in the way of new financing have been greatly reduced. An
additional factor is that there are still available many houses on which mortgages have been foreclosed, and which may be bought at reduced prices.
These distressed properties are still overhanging the market.
In the diagram [this we omit.-Ed.] the irregular line on the left shows
the annual changes for each year since 1909 in the average retail prices at
which passenger automobiles were sold. This has dropped from 1,662 dollars
In 1909 to about 678 dollars in 1934. Moreover, during this period of 26
years the quality of the average automobile has greatly increased. Almost
all of the component materials have advanced in price and the wages of the
workers have more than doubled, but the price of the product has decreased.
This result has been made possible by constant and rapid advance in factory
methods and technique.
The line on the right shows for the same period of years the changes in
the average costs of one-family houses built in cities. It is based on the
data of permits. It begins at 2,173 dollars in 1909, rises to 4,966 dollars In
1930, and the preliminary figure for 1934 is 4,020 dollars. There has been
no such great and steady improvement in quality as in the case of the automobiles. The costs in the building industry remain high, and in recent
months they have been rapidly advancing. They constitute a most imrortant
explanation for the laggard recovery in the volume of construction.
Oct. 20 1934
electric power production. Declines were also recorded in the adjusted
Indices of automobile production, boot and shoe production, pig iron production, freight car loadings and silk consumption. The adjusted indices of
boot and shoe production and automobile production are based on estimated output. The adjusted index of steel ingot production is unchanged
for the month. Only one component of the combined index, zinc Production, showed an increase for the month.
Table I gives the combined index and its components, each of which is
adjusted for seasonal variation and, where necessary, for long-time 'trend.
for the last three months. Table II gives the combined index by months
back to the beginning of 1929.
TABLE I. THE "ANNALIST" INDEX OF BUSINESS ACTIVITY AND
COMPONENT GROUPS
nnt-mmt-nnIF
last November it had lost the major portion of its earlier gains. From that
month until April of this year it advanced again, so the first quarter of 1934
was one of recovery. The second quarter of this year was one in which
business activity slowly turned down again, and the third quarter was a
period of more rapid decrease.
This decline is of special importance because it cancels out the third important movement toward recovery that business has experienced since the
lowest point of depression stagnation was reached in 1932. There is some
encouragement in the fact that the successive attempts at recovery have been
of increasing duration. That of 1932 lasted only three months, while the
one last year continued for four months, and the third one persisted through
six months. . . .
Production
Business has been declining steadily and rapidly during the past four
months. The advance which began last November continued until May of
this year, during which period the index of production advanced 11 points.
Since May the index has dropped about 16 points. The diagram [this we
omit.-Ed.j shows the monthly changes in the volume of industrial production since the beginning of 1929. The index is based on the data of the
Federal Reserve Board recomputed so as to show the percentages of deviation
above and below the assumed normal level. The August figure is preliminary
and the September one is an estimate. These figures may be used to bring
up to date any of the long diagrams of business changes published by this
bank.
The most important factor in the decline during the summer months has
been the sharp drop in the production of iron and steel and their products.
This decline continued from June until September, and was most severe in
July. In September the shrinkage in the output of textiles, accentuated by
the great strike, was an important element in reducing the general level of
production. Other elements in the industrial contraction of the third quarter
have been the considerable decrease in the production of automobiles and
the restricted volume of building construction which remains small despite
recent expansion in publicly financed projects.
The elements of production which have been most resistant to the industrial contraction are those of a consumers' goods nature. Thus the manufacture of food products has increased in volume. Tobacco manufactures,
leather and shoe production, and, to a lesser extent, rubber tire production,
have shown almost no decline.
Revenue Freight Car Loadings for Latest Week Higher
Than Preceding Week but Continue Below Like
Week of 1933
Loadings of revenue freight for the week ended Oct. 13 1934
totaled 635,639 cars. This is an increase of 4,321 cars or 0.7%
over the preceding week but a loss of 35,041 cars or 5.2%
from the total for the like week of 1933. The comparison with
the corresponding week of 1932 was likewise unfavorable the
present week's total loadings being 14,051 cars or 2.2% lower.
For the week ended Oct.6 loadings were 4.7% lower than the
corresponding week of 1933, but 1.0% higher than the like
week of 1932. Loadings for the week ended Sept. 29 showed
a loss of 3.7% when compared with 1933, but a gain of 3.7%
when the comparison is with the same week of 1932.
The first 16 major railroads to report for the week ended
Oct. 13 1934 loaded a total of 273,290 cars of revenue
freight on their own lines, compared with 271,452 cars in
the preceding week and 281,393 cars in the seven days
ended Oct. 14 1933. A comparative table follows:
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS
(Number of cars)
Loaded on Own Lines
Weeks Ended-
Atch. Top. & Santa Fe Ry
Chesapeake & Ohio Ry
Chicago Burl. & Quincy RR
Chic. Milw. St. Paul & Poe. Ry
y Chicago & North Western Ry
Gulf Coast Lines
Internat. Great Northern RR
Missouri-Kansas-Texas RR
Missouri Pacific RR
New York Central Lines
N. Y. Chicago & St. Louis Ry
Norfolk at Western By
Pennsylvania RR
Pere Marquette Ry
Southern Pacific Lines
Wabash By
Reed from Connections
Weeks ?Wad-
Oct. 13 Oct. 6 Oct. 14 Oct. 13 Oct. 0
1934
1934
1933
1934
1934
21.692 20,822 22.166 5,698 5,705
21,674 21,052 22,934 8,629 9,123
18,832 17,569 19,415 8,102 7,996
19,220 20,215 19.064 7,323 7.508
16,861 16,665 15,627 9.663 10.256
1.976 1,878 1,561 1,777 1,609
3,445 3.314 2,478 2,305 2.004
4,841 4,868 5,590 2,834 2,872
15,577 15.443 16,224 7,975 8,346
38,278 39,540 43,431 52,601 52,970
4,732 4,648 4,380 7,436 7.976
18,464 18,100 19.697 3,785 3.304
52,658 62,193 56,553 32,627 32,067
4,526 4,362 4,398 3,892 4.122
25,248 25,737 22,511
5,266 5,046 5,364 6,853 6,715
Oct. 14
1933
5.326
8,280
8,407
6,639
9,341
1,218
1,079
2.913
7,494
52,894
7,429
4.165
34.380
4,031
X
6.562
Total
273,290 271,452 281,393 161.500 162,573 160,758
'Not reported. y Excluding ore.
TOTAL LOADINGS AND RECEIPTS FROM CONNECTIONS
(Number of Cars)
Weeks Ended-
Chicago Rock Island & Pacific By.
Illinois Central System
St. Louis-San Francisco By
Total
Oct. 13 1934
Oct. 6 1934
Oct. 14 1933
22,966
28,670
13,962
22.128
27,994
13,750
22,705
29,820
14,993
65.598
63,872
67,518
The American Railway Association, in reviewing the week
ended Oct. 6, reported as follows:
Loading of revenue freight for the week ended Oct. 6, totaled 031.318
cars, a decrease of 13.329 cars below the preceding week, and 31.055 cars
below the corresponding week in 1933. 'It was, however, an increase of
6,229 cars above the corresponding week In 1932.
Financial Chronicle
All districts, except the Pocahontas, reported reductions for the week
ended Oct. 6, compared with the corresponding week in 1933. The Northwestern. Central western and Southwestern districts reported increases
compared with the corresponding week in 1932. but the Eastern. Allegheny.
Pocahontas and Southern reported reductions.
Loading of revenue freight in 1934 compared with the two previous years
follows.
1934
23,940,117
Total
1932
1933
..mootzow...mo
Four weeks in January
Four weeks in February
live weeks In March
Four weeks In April
Four weeks in May
Five weeks In June
Four weeks in July
Four weeks in August
Five weeks In September
Week ended Oct. 6
COctOGOO
Miscellaneous freight loading for the week ended Oct. 6 totaled 239,926
cars, a decrease of 4.248 cars below the preceding week, and 10,072 cars
below the corresponding week in 1933, but 15,708 cars above the corresponding week in 1932.
Loading of merchandise less than carload lot freight totaled 164,990
cars, an increase of 426 cars above the preceding meek this year, but a
decrease of 9.730 cars below the corresponding week in 1933, and 14,307
cars below the same week in 1932.
Grain and grain products loading for the week totaled 31,734 cars, a
decrease of 867 cars below the preceding week. 180 cars below the corresponding week in 1933 and 4,289 cars below the same meek in 1932.
In the Western districts alone, grain and grain products loading for the
week ended Oct. 6 totaled 21,218 cars, a decrease of 754 cars below the
same week in 1933.
Forest products loading totaled 22,336 cars, a decrease of 626 cars below
the preceding week, and 3,067 cars below the same week in 1933, but an
Increase of 3.925 cars above the same week in 1932.
Ore loading amounted to 19,266 cars, a decrease of 2.602 cars below
the preceding week, and 17,947 cars below the corresponding week in 1933.
but an increase of 12.621 cars above the corresponding meek in 1932.
Coal loading amounted to 117,457 cars, a decrease of 5.324 cars below
the preceding meek, but an increase of 3,882 cars above the corresponding
week in 1933. It was, however, a decrease of 15,494 cars below the same
week in 1932.
Coke loading amounted to 5,874 cars, an increase of 665 cars above
the preceding week, but 1.210 cars below the same week in 1933. It was.
however, an increase of 895 cars above the same meek in 1932.
Live stock loading amounted to 29,735 cars, a decrease of 753 cars below
the preceding meek, but increases of 7,269 cars above the same week in
1933, and 7.170 cars above the same week in 1932. In the Western districts alone, loading of live stock for the meek ended Oct. 6 totaled 25,040
cars, an increase of 6.536 cars above the same meek in 1933.
2423
mt.o
wt.De,:co tO
c11-4.-wbVe4b
Volume 139
1,024,208
1,970.566
2.354,521
2,025.564
2,143.104
2,926.247
2,498.390
2.531 141
3.240,849
662.373
2,266,771
2.243.221
2,825.798
2,229,173
2.088.086
2.454,769
1,932,704
2,064,798
2,867,370
625.089
22.277,053
21.597.781
In the following table we undertake to show also the loadings for the separate roads and systems for the week ended
Oct. 6 1934. During this period a total of 61 roads showed
increases when compared with the corresponding week last
year. The most important of these roads which showed
increases were the Atchison Topeka & Santa Fe Ry. System,
the Southern Pacific Co. (Pacific Lines), the Chicago Milwaukee St. Paul & Pacific Ry., the Norfolk & Western RR.,
the Southern System, the Louisville & Nashville RR., and
the Northern Pacific RR.
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS(NUMBER OF CARS)-WEEK ENDED OCT. 6
Total Revenue
Freight Loaded
Railroads
1934
Eastern DistrictGroup ABangor & Aroostook
Boston & Albany
Boston & Maine
Central Vermont
Maine Central
N.Y. N.II.& Hartford
Rutland
1933
Total Loads Received
from Connections
1932
1934
1933
1,568
3,042
7,429
897
3,257
10,060
659
1,504
2.851
8,468
1,011
3,006
10.816
651
876
2,957
7,988
707
2,362
10,723
786
271
4,356
9,381
2,150
2,294
10,370
854
227
4,639
10.135
2.497
2.415
11,870
934
26,912
28,307
26,399
29.876
32,517
5,080
8,772
12,146
157
1,250
7,939
1,937
19.962
1,839
416
379
5,713
10.032
12,834
139
1.568
8,548
146
22,827
1,612
81
157
5,729
9,148
12,139
184
1,895
8,706
1,835
20,574
2,194
467
345
6,402
5.301
13,145
1,688
1,173
6,022
50
26,598
1,746
26
217
6,699
5.714
13.472
1,674
999
6,572
25
26,010
2,074
33
182
59,877
63,677
63,216
62.368
83,454
558
1,432
6,662
28
375
260
1,375
2,689
5,397
3,193
4,648
4.362
4,414
1,094
5,046
2,673
617
1,353
7,791
16
419
234
1,735
2,746
6,351
3,253
4.904
4,235
3.367
273
5,301
3,571
525
1,544
8,342
30
425
248
1,352
2,521
5,628
3,521
4,073
4,606
3.587
1,404
5,343
3,568
1,056
1,830
10,497
67
98
1,949
735
5.515
6,906
195
7.976
4,122
4,351
733
6.715
2,236
965
1,680
11,627
83
114
2,392
884
5,918
8,604
207
7.944
4.712
3,980
705
7.138
1,948
44,206
46,186
46,717
54,981
58,901
Grand total Eastern District- 130,995
138,150
136.332
147.025
154,872
324
25,743
2,637
239
5,588
18
319
138
945
1,271
52,193
11,135
4,551
49
3,025
396
27,639
3,320
202
6,131
448
317
10
982
1,307
56,842
13,089
8,725
65
3,137
a
26,149
1,440
186
6,232
1
259
147
1,086
1.280
54.995
12,290
2,983
62
3,086
638
13,832
1,166
10,167
57
15
14
2,405
776
32.067
13,678
2,195
1
5,019
703
14,364
1,380
6
10,298
51
17
32
2,637
1,510
34,689
14,246
3,049
108,175
122,610
110,196
82,036
Total
Group BDelaware & Hudson
Delaware Lackawanna & West.
Erie
Lehigh & Hudson River
Lehigh dr New England
Lehigh Valley
Montour
New York Central
New York Ontario & Western..
Pittsburgh & Shawmut
Pittsburgh Shawmut & North.Total
Group CAnn Arbor
Chicago Indianapolis & Loulsv_
C. C. C. & St. Louts
Central Indiana
Detroit & Mackinac
Detroit & Toledo Shore Line_ - Detroit Toledo & Ironton
Grand Trunk Western
Michigan Central
Monongahela
N. Y. Chicago & St. Louis.-Pere Marquette
Pittsburgh & Lake Erie
Pittsburgh & West Virginia
Wabash
Wheeling & Lake Erie
Total
Allegheny DistrictAkron Canton & Youngstown._
Baltimore & Ohio
Bessmer dr Lake Erie
Buffalo Creek & Gainey
Central RR.of New Jersey__ -.
Cornwall
Cumberland dt Pennsylvania_ - Ligonier Valley
Long Island
bPennAteading Seashore Lines
Pennsylvania System
Reading Co
Union (Pittsburgh)
West Virginia Northern
Western Maryland
Total
Pocahontas DistrictChesapeake & Ohio
Norfolk & Western
Norfolk & Portsmouth Belt Line
Virginia
Total
Southern DiatrIctGroup AAtlantic Coast Line
Clinch field
Charleston & Western Carolina_
Durham & Southern
Gainesville Midland
Norfolk Southern
Piedmont & Northern
Richmond Fred. & Potomac...
SouthernAir tine
Southern System
Winston-Salem Southbound._ _
4,6.12
Group BAlabama Tennessee & Northern
Atlanta Birmingham & Coast..
Ail. & W.P.-W.RR.of Ala..
Central of Georgia
Columbus & Greenville
Florida East Coast
Georgia
Georgia & Florida*
Gulf Mobile & Northern
Illinois Central System
Louisville & Nashville
Macon Dublin & Savannah....
Mississippi Central
Mobile & Ohio
Nashville Chattanooga & St. L.
Tennessee Central
Total Loans Received
from Connections
Total Revenue
Freight Loaded
Railroads
1933
1934
1933
1932
1934
194
637
584
3,620
245
504
887
366
1,314
20,145
17,198
173
139
1,914
2,884
320
190
692
606
3,469
296
362
747
376
1,582
20.875
17,107
211
149
2,195
2,877
302
220
711
753
3,327
295
404
1,018
302
1.304
24.277
18,241
120
215
2,049
2,664
258
247
508
1.100
2,451
321
394
1,226
506
739
8,436
3,601
334
248
1,283
2,013
636
227
510
1.025
2.266
279
249
1,291
329
686
9.478
3,920
249
258
1,443
2,130
648
51,124
52,036
56,158
24,043
24,988
Grand total Southern District..
88,638
90,714
93,274
50,324
52,510
NorthwesternDistrictBelt Ry. of Chicago
Chicago & North Western
Chicago Great Western _____
Chicago Milw. St. P. AC Pacific_
Chicago St. P. Minn.& Omaha_
Duluth Missabe & Northern...
Duluth South Shore di Atlantic.
Elgin Joliet & Eastern
Ft. Dodge Des Moines & South
Great Northern
Green Bay & Weetern
Lake Superior & Ishpeming
Minneapolis & St. Louis
Minn. St. Paul & 9.8. M
Northern Pacific
Spokane International
Spokane Portland & Seattle
709
18,395
2.751
20,215
4,173
7,068
900
3,864
342
16,142
754
1,244
2,211
5,873
11,591
218
1,231
676
18,992
2,435
19,386
3,705
11,476
841
4,486
371
16,874
593
3,788
2,426
6,306
11,453
200
901
1,077
15,735
2,573
19,500
3,938
2,186
454
2,924
319
11,680
610
a
2,283
5,654
10,723
a
1,448
1,865
10,256
2,880
7,508
4,071
61
'283
3,779
136
3,150
384
72
1,898
1,970
2,693
154
1,118
1,985
9.691
2,769
6.995
3,277
85
341
3,746
121
2,162
'284
82
1,563
2.006
2,252
135
859
97,681
104,909
81,104
42.278
38,352
20,822
2,776
228
17,569
1,636
12.070
2,673
1,198
4,201
1,012
1,150
1,994
948
185
19,437
202
300
15,357
617
1,553
20,436
2,986
180
18,437
1,444
12,980
2,647
1,124
3,227
679
1,548
1,955
731
219
18,335
212
295
17,279
486
1,538
22,184
3,141
142
17,807
a
13.436
2,927
1,265
3,600
758
1,332
a
1,133
181
16,989
241
391
16,289
507
1,512
5,705
2,008
42
7,996
871
6.429
1,881
1,117
3,160
22
1,151
905
276
63
3,597
169
1,284
9,291
13
2,568
5,327
1,841
36
8,050
687
6,892
2,020
1,199
2,863
6
1.186
873
224
92
3.398
321
1,033
9,089
7
2,205
105,928
106,738
103,835
48,648
47,349
165
177
179
1,878
3,314
177
1,548
1,304
140
351
852
57
4,868
15,443
47
135
8,900
2,845
6,300
4,965
2,459
16
195
277
313
1,667
2,554
247
1,597
1,155
162
366
808
158
5,740
15,867
43
146
10,141
2,855
5,948
4,124
1,984
24
136
228
326
1.733
2,079
224
1,773
1,258
a
102
754
101
5,576
16,651
51
129
10,102
3,014
5,676
3,776
1,795
41
3.687
287
191
1,609
2,004
1,065
1,816
720
375
917
227
198
2,872
8,346
13
81
3,713
1,584
2,615
3,553
14,633
23
3.299
550
151
1,174
1,651
881
1,463
822
310
666
230
306
2,795
7,536
37
78
3,319
1.223
2.303
2,831
15,174
58
Total
Total
Central Western DistrictAtch. Top. & Santa Fe System_
Alton
Bingham & Garfield
Chicago Burlington & Quincy
Chicago & Illinois Midland. _ _ _
Chicago Rock Island & Pacific.
Chicago & Eastern Illinois
Colorado & Southern
Denver & Rio Grande Western_
Denver & Salt Lake
Ft. Worth & Denver City
Illinois Terminal
North Western Pacific)
Peoria & Pekin Union
Southern Pacific (Pacific)
St. Joseph & Grand bland
Toledo Peoria & Western.....
Union Pacific System
Utah
Western Pacific
Total
87,624
21,052
18,100
907
3,722
21,254
17,536
936
3,155
23,470
17,456
811
3,086
9,123
3,304
1,147
687
8,544
3.911
1,283
528
43,781
42,881
44.823
14,261
14,266
7,513
1,065
370
135
43
1,208
385
302
6,997
19,301
195
8,383
1,027
368
166
67
1,653
438
302
7.047
19,065
162
6,703
795
372
155
71
1,672
489
316
6,670
19,710
163
4.460
1,213
668
402
108
1.255
726
2.207
3,321
11,240
681
4,454
1,303
811
585
99
1,320
881
2,212
3,341
11,623
893
Southwestern DistrictAlton & Southern
Burlington-Rock Island.
Ft. Smith & Western
Gulf Coast Lines
International-Great Northern..
Kansas Oklahoma & Gulf
Kansas City Southern
Louisiana & Arkansas
Louisiana Arkansas & Texas...
Litchfield & Madison
Midland Valley
Missouri & North Arkansas__ _
Missouri-Kansas-Texas Lines._
Missouri Pacific
Natchez & Southern
Quanah Acme & Pacific
St. Louis San Francisco
St. Louis Southwestern
Texas & New Orleans
Texas dr Pacific
Terminal RR.of St. Louis
Weatherford M. W.& N. W-.
38.678
37.514
37.116
26,231
27,522
Total
56,120
46.887
56,371
55,525
50,529
b Pennsylvania-Reading Seashore Lines include the new consolidated lines of the West Jersey & Seashore RR., formerly
•Previous figures. a Not available
part of Pennsylvania RR., and Atlantic city RR., formerly part of Reading Co.
Total
Financial Chronicle
The markets generally took their usual speculative flyer last week on
statements by the President that he still desired higher prices, the visit of
Professor Warren to the White House and Senator Bulkley's statement. The
equally usual aftermath followed on "reassuring" statements from the
White House and the realization of speculators that their ecpectations of
inflation were somewhat previous. While the administration's lack of
frankness OD its monetary policy merits severe criticism, the specultive
element certainly have themselves to thank for their habit of jumping too
soon on every vestige of an inflation rumor.
THE "ANNALIST" WEEKLY INDEX OF WHOLESALE COMMODITY
PRICES
Unadjusted for seasonal variation 1013=100)
106.3
118.7
.110.6
158.8
109.7
113.1
98.8
81.6
116.7
68.5
Oct. 17 1933
106.1
117.6
al10.6
160.8
109.7
113.1
a98.8
80.6
b116.5
68.9
:oo7oci.oZciaMici
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
All commodities
b All commodities on old dollar basis_
Oct. 9 1934
.
,
1000,
0.00NOW
NCY,—, CTOtsDW
Oct. 16 1934
* Preliminary, a Revised. b Based on exchange quotations for Prance, Switzerland, Holland and Belgium.
Wholesale prices of leading countries continued in September the advance that has been under way since June. The
"Annalist" International Composite advanced to 73.4 (pre
liminary) last month from 73.0 in August, 72.1 in July,
71.8 in June and a post-war low of 71.5 in May. As to
foreign prices during September the "Annalist" also reported:
The advance represents primarily the reduction of agricultural output by
drought throughout much of the world. The greatest advance in terms
of gold has been in the United States. Canadian and German prices have
also risen materially, the latter, however, partly as a result of the foreign
exchange and trade control measures that remove that country from a
strictly gold basis. British prices also advanced through August but
dropped sharply in September in terms of gold as a result of the fall in
sterling. French prices have gone steadily lower, reflecting the deflationary
process still going on in that country. Italian and Japanese prices have
largely marked time. Latest weekly indices show continued advances in
Germany, weakness in Canada and the United Kingdom (the former at
least reflecting the recent decline in this country), a somewhat upward
trend In Italy, and a measure of stability in France.
DOMESTIC AND FOREIGN WHOLESALE PRICE INDIC
Egr
(Measured In currency of country: index on gold basis shown for countries--Mrse
v"
currency has depreciated: 1913=100)
*Sept.
a Aug.
July
Sept.
1934
1934
1934
1933
United States of America_ _ _ _
Gold
Canada
Gold
United Kingdom
1 Gold
France
Germany
1 Gold
Italy
Gold
120.3
70.5
112.5
68.0
105.2
63.3
368
100.5
99.7
275.4
266.4
Japan
135.4
117.7
69.0
112.9
68.0
105.5
64.6
371
100.1
97.6
274.8
266.1
133.7
47.3
114.4
68.0
112.5
67.6
103.4
63.7
374
98.9
95.0
272.9
264.2
131.6
46.9
104.8
70.5
107.6
70.0
103.0
66.5
397
94.9
94.9
280.7
280.7
137.8
50.8
Gold
o,,,o1,1
h
47.5
71 4
71 0
72 1
74 5
P. C.
Change
From
Aug.
1934
+2.2
+2.2
-0.4
0.0
-0.3
-2.0
-0.8
+0.4
+2.2
+0.2
+0.1
+1.3
+0.4
4-n A
* Preliminary. ft Revised. b Includes also Belgium and Netherlands.
Indices used: United States of America, Annalls ; Canada, Dominion Bureau of
StatIstles, United Kingdom. Board of Trade: France, Statlaticiue Generale; Germany,
StatIstische Reichsamt; Italy, Milan Chamber of Commerce; Japan, Bank of Japan
Further Decline in Wholesale Commodity Prices
During Week of Oct. 6 Reported by United States
Department of Labor
Wholesale commodity prices recorded the second consecutive weekly decline during the week ending Oct. 6, Commissioner Lubin, of the Bureau of Labor Statistics of the United
States Department of Labor, announced Oct. 11. Mr. Lubin
said that "the average level is to-day 23.4% below the 1926
average and 28.5% above the low point of 1933 (March 4).
"Of the 10 major groups of items covered by the Bureau,"
Mr. Lubin stated, "six showed decreases, two remained unchanged, and two (building materials, and chemicals and
drugs) registered increases." He continued:
Farm products, foods, hides and leather products, textile products, housefurnishing goods and miscellaneous commodities were the groups showing
price declines. Metals and metal products and fuel and lighting materials
remained at the level of the week before.
/
2%.
As compared with a month ago, present prices show a decrease of 11
As compared with the corresponding week of a year ago, when the index was
71.3, the index is up by 7%%. It is 18% above two years ago, when the
index was 64.9.
As compared with the month of October 1929, present prices are lower
by 191
/
2%. All of the 10 major groups included in the index show declines
since that date. Farm products have registered the greatest drop, with a
Oct. 6 Ilarch 4 % of October
1934
1933 Increase 1929
Commodity Groups
All commodities
76.6
59.6
28.5
95.1
Farm products
Foods
Hides and leather products
Textile products
Fuel and lighting materials
Metals and metal products
Building materials
Chemicals and drugs
Housefurnishing goods
M iscellancotgi
All commodities other than farm products and foods
71.0
75.2
84.3
70.2
75.5
85.7
85.4
77.3
82.8
70.1
40.6
53.4
67.6
50.6
64.4
77.4
70.1
71.3
72.7
59.6
74.9
40.8
24.7
38.7
17.2
10.7
21.8
8.4
13.9
17.6
104.0
101.4
110.3
89.5
83.1
99.8
95.9
94.0
94.7
83.2
78.2
66.2
18.1
91.6
% of
Decrease
19.5
ICINONW
"Annalist" Weekly Index of Wholesale Commodity
Prices up Slightly During Week of Oct. 16Foreign Prices Also Higher During September
The "Annalist" Weekly Index of Wholesale Commodity
Prices advanced slightly during the week, rising to 116.7 on
Oct. 16 from 116.5 (revised) Oct. 9. Higher prices for the
grains and flour, butter and eggs, cotton, rubber and tin
more than offset lower hogs and steers, coffee and a sharp
drop in gasoline that reflected the disintegration of the
national petroleum price structure under the weight of
"hot oil" production. The "Annalist" further announced:
Oct. 20 1934
decrease of 32%; foods are next with a drop of 26%; hides and leather
pioducts, 23½% ; text lie products, 21½%; chemicals and drugs, 18%; miscellaneous commodities, 15141%, and metals and metal products, 14%.
Prices of fuel and lighting materials have shown the smallest recession of
any of the groups during the period. Present prices are approximately 9%
lower than October 1929. The group of "all commodities other than farm
products and foods" has decreased 141
/
2% from the October 1929 level.
The following table shows the index numbers and per cent, of change
between current prices and those for the low point of 1933. Comparisons
with October 1929 are also shown:
Co L4Co.00Mbolo
2424
Farm products, said an announcement issued by the Department of Labor with regard to the Bureau's index, with
a general decline of 21A%, showed the greatest decrease for
any of the major groups during the week. Live stock and
poultry declined on the average of 6.4%; grains, 2.8%, and
other farm products, including beans, cotton, lemons, oranges.
seeds, peanuts, onions and white potatoes, 0.4 of 1%. The
present farm products index, 71.0, is 231/2% above the level
of a year ago and 451/,% higher than two years ago, when the
indexes were 57.5 and 48.8, respectively. The announcement
added:
The decline of nearly 4% in prices of meats was largely responsible for
the 1% decrease in the wholesale food index. Other important food items
which registered price declines wore butter, prunes, fresh and cured pork,
fresh beef, veal, coffee, lard, granulated sugar and cottonseed oil. Among
the items wh1ch showed price increases were fresh milk at San Francisco,
macaroni, corn meal, flour, canned fruits, eggs and raw sugar. The current
index, 75.2, is 16% higher than a year ago, when the index was 65.0, and
22 1/3% above two years ago, when the index was 61.5.
A drop of 3% for hides and skins, 1% for leather, and % of 1% for other
leather products resulted in the group of hides and leather products showing
a decrease of 0.7 of 1%. Shoes were unchanged at the low for the year.
Textile products reached a new low for the year, due mainly to a drop
of 3% for woolen and worsted goods, and 2% in silk and rayon prices. The
current index for this group, 70.2, is the lowest point reached since the
week ending July 29 1933, when the index number was 68.4.
The housefurnishing goods group and the miscellaneous commodities group
both registered slight decreases during the week.
Chemicals and drugs, with an index of 77.3, recorded a 0.4 of 1% increase,
the highest level reached since July 1931, when the index was 78.9. Building materials also registered a slight increase, due to advances in prices of
lumber and paint and paint materials.
Slight increases in anthracite and bituminous coal were counterbalanced
by a decrease in Pennsylvania gasoline. The index for the fuel and lighting
group remained unchanged at 75.5. In the metals and metal products group,
increases in certain iron and steel products were offset by decreases in nonferrous metals, resulting in the group as a whole showing no change from the
previous week.
The general average for the group of "all commodities other than farm
products and foods" showed a drop of 0.5 of 1% during the week. The index,
78.2, compares with 77.1 for a year ago and 70.3 for two years ago.
The index number of the Bureau of Labor Statistics is composed of 784
price series, weighted according to their relative importance in the country's
markets and based on the prices of the year 1926 as 109.0. The accompanying table shows the index numbers of the main groups of commodities for
the past five weeks and for the weeks of Oct. 7 1933 and Oct. 8 1932:
INDEX NUMBERS OF WHOLESALE PRICES FOR WEEKS OF OCT. 6,
SEPT. 29. SEPT. 22, SEPT. 15 AND SEPT. 8 1934 AND OCT. 7 1933
AND OCT. 8 1932
(1926=100.0)
Commodity Groups
Oct. 6 Sept. 29 Sept. 22 Sept. 15 sent.8 Oct. 7 Oct. 8
1934
1934
1934
1934
1934
1933
1932
All commodities
76.6
77.2
77.5
77.5 E77.8
71.3
64.9
Farm products
Foods
Hides and leather products.
Textile products
Fuel and lighting materials.
Metals and metal products.
Building materials
Cheicicals and drugs
HousefurnIshing goods
Miscellaneous
All commodities other than
farm products and foods.
71.0
75.2
84.3
70.2
75.5
85.7
85.4
77.3
82.8
70.1
72.8
76.0
84.0
70.7
75.5
85.7
85.3
77.0
83.1
70.3
73.6
76.7
84.9
70.8
75.5
85.7
85.4
76.8
83.1
70.4
73.7
76.2
84.8
70.6
75.5
85.9
85.9
76.5
83.0
70.7
57.5
65.6
91.8
76.3
73.4
82.4
83.7
72.7
81.1
65.0
48.8
61.5
73.0
55.3
71.3
80.1
70.5
72.9
74.1
64.1
78.2
78.4
78.4
78.5 I
77 1
'70 5
E74.3
I 77.2
I 84.6
70.6
I 75.4
85.9
86.3
I 76.3
82.9
I 70.6
Ms
Retail Prices Unchanged During September as Compared with August, According to Fairchild Retail
Price Index
After declining for five consecutive months, retail prices
showed no change during September as compared with
August, according to the Fairchild retail price index. There
was a further narrowing of the spread as compared with a
year ago, with the latest quotations showing a gain of only
1.9% above the corresponding period a year ago. The
latest quotations are still 26.3% above the 1933 low, although
showing a decline of 2.6% below this year's high. The index
on Oct. 1 1934 at 87.7 (Jan. 2 1931=100) compares with
86.0 for Oct. 11933. In noting the foregoing an announcement issued Oct. 15 by the Fairchild Publications continued:
Financial Chronicle
Volume 139
The trend among the various groups continued mixed. While piece
goods prices showed a gain of 2.4% during the month, women's apparel
prices actually showed a fractional decrease, with home furnishings showing
a slight gain. A comparison of the composite as well as the subdivisions
on Oct. 1, as compared with Sept. 1 as well as Oct. 1 a year ago, and also
as compared with May 1 1933 low. is shown herewith.
Oct. 1 1934
Oct. 1 1934
Oct. 1 1934
Compared with Compared with Compared with
Oct. 1 1933 Mao 1 1933 Low
Sept. 1 1934
Composite index
+26.3
0.0
+1.9
Piece goods
+34.5
+2.4
+7.0
Men's apparel
+24.0
+5.7
0.0
Women's apparel
-0.4
+25.0
+0.5
Infants' wear
+23.0
+3.0
0.0
Home furnishings
-4-6.2
+26.6
+0.4
An an tlysis of individual items comprising the index shows increases
among the following. Silks, woo ens, cotton wash goods, sheets, blankets,
men's underwear, clothing, Infants' underwear, floor coverings, musical
Instruments. Decreases are recorded for the following items. Women's
hosiery, aprons and house dresses, furs, women's underwear and shoes.
men's hosiery, infants' socks, furniture, luggage, and electrical household
appliances.
THE FAIRCHILD RETAIL PRICE INDEX-JANUARY 1931=100
Copyright 1934 Fairchild New Service
Composite index
Piece goods
Men's apparel
Women's apparel
Infants' wear
Home furnishings
Piece goods:
Silks
Woolens
Cotton wash goods
Domestics:
Sheets
Blankets & comfortables
Women's apparel:
Hosiery
Aprons & house dresses
Corsets and brassieres
Furs
Underwear
Shoes
Men's apparel:
Hosiery
Underwear
Shirts and neckwear
Hats and caps
Clothing incl. overalls_
Shoes
Infants' wear:
Socks
Underwear
Shoes
Furniture
Floor coverings
Musical instruments
Luggage
Elec. household appliances
China
May 1
1933
Oct. 1
1933
lulu 1
1934
Aug. 1
1934
Sept. 1
1934
Oct. 1
1934
69.4
65.1
70.7
71.8
76.4
70.2
86.0
81.8
82.9
89.3
91.2
83.7
88.2
85.5
87.7
90.8
93.8
88.1
87.0
84.8
88.3
90.4
93.9
88.2
87.7
85.5
87.7
90.1
94.0
88.5
87.7
87.6
87.7
89.8
94.0
88.9
57.4
69.2
68.6
69.3
80.0
96.1
69.0
83.0
104.4
68.2
83.4
103.0
68.1
83.5
104.9
70.9
83.8
108.2
65.0
72.9
91.4
90.9
96.7
96.4
96.3
97.5
97.0
98.7
97.6
1C0.0
59.2
75.5
83.6
66.8
69.2
76.5
78.9
99.7
94.2
95.0
85.8
82.2
77.9
103.3
94.3
97.6
88.6
83.1
77.1
102.9
93.7
98.2
87.6
82.9
76.7
104.0
93.1
97.2
86.7
82.9
76.6
103.2
93.1
96.7
86.6
82.8
64.9
69.6
74.3
69.7
70.1
76.3
82.7
89.9
89.7
74.5
79.0
85.2
87.4
92.4
86.7
81.0
88.7
90.0
88.0
93.9
86.7
81.3
88.4
91.6
87.9
92.7
86.6
81.8
87.4
90.0
87.2
92.9
86.7
81 8
87.5
90.0
74.0
74.3
80.9
69.4
79.9
50.6
60.1
72.5
81.5
90.8
93.1
89.6
94.2
91.8
55.6
78.1
75.9
80.1
97.0
93.5
91.1
96.0
100.2
57.9
78.2
77.6
92.2
96.9
93.5
91.3
96.5
100.7
57.0
78.5
77.8
91.9
97.7
92.9
91.4
94.9
101.3
58.6
77.0
77.6
91.7
97.3
93.5
91.4
94.5
101.8
59.4
76.5
77.5
91.7
Sales of Electricity to Ultimate Consumer During
September 1.9% Above Like Month of 1933Revenue Up 3.5%
The following statistics, covering 100% of the electric
light and power industry, were released on Oct. 13 by the
Edison Electric Institute:
SOURCE AND DISPOSAL OF ENERGY AND SALES TO ULTIMATE
CONSUMERS
Month of August
1934
x Kilowatt-hours Generated (Net)By fuel
By water power
Total kilowatt-hours generated
Additions to SupplyEnergy purchased from other sources
Net international imports
Total
Deductfoks from SupplyEnergy used in electric railway depts
Energy used in electric and other depts
P. C.1
Change
1933
4,972,656,000 4,503,222,000 +10.4
2,256,617,000 2,570,881,000 -12.2
7,229,273,000 7,074,103,000
+2.2
157.268,1.00
81,714,000
236.359.000 +33.5
57.870,000 +41.2
238,982,000
294,229.000 -18.8
47.722,000
110.958.000
50,312,000 -5.1
99,342,000 +11.7
Total sales to ultimate consumers
Total revenue from ultimate consumers__
5,982,265.000 5,871,851,000
3148,464,000 $143,441,700
+6.0
+1.3
-1.4
-I- 1.9
+1.9
'4-3.5
12 Months Ending Aug. 31
1934
x Kilowatt-hours Generated (Net)fly fuel
By water power
1933
P. C.
Change
--
52,855.819,000 45,783,393,600 +15.4
30,377,995.1100 31.624,803,000 -3.9
83,233,814,000 77,408.196,000 +7.5
Total kilowatt hours generated
3,274,978.000 2,769.767,000 +18.2
Purchased energy (net)
Energy used in electric ry. & other depts._ .._ 1,994.142,000 1.937.437.000 +2.9
84,514,650,000 78.240,526,C00 +8.0
Total energy for distribution
Energy lost in transmission, distribution, dm. 14,593.657,000 14.171.193.000 +3.0
Kilowatt hours sold to ultimate consumers_ 69,920,993.000 64.069,333.000 +9.1
Total revenue from ultimate consumers_ - __ $1,813,966,300 $1,778,179,700 +2.0
3mportant Parton.36.5%
40.9%
Percent of energy generated by waterpower.
1.46
1.45
Average pounds of coal per kilowatt-hour__
Domestic Serrice (Residential Use)Average annual consumption per customer
621
601
+3.3
(kwh.)
5.35c
5.54e -3.4
Average revenue per kwh. (cents)
19 77
29 77
nn
1933
23.913,900 24.025,800
9,006.600 8,975,300
461,700
468,100
Total generating capacity in kilowatts
Number of CuaomersFarms in eastern area (included with domestic)
Farms In western area (included with comi-Large)
Domestic service
Commercial-Small light and power
Large light and power
All other ultimate consumers
Total ultimate consumers
33,388,600 33,462,800
(516.659) (505.230)
(209.764) (204,200)
20,331,779 19,751.663
3,712,571 3,677,956
530.413
528.383
66.366
62.530
24.641.129 24.020,532
As reported by the 1.1. S. Geological Survey with deductions for certain plants
not considered electric light and power enterprises.
Weekly Electric Output Smaller Than in Preceding
Week But Continues Above Corresponding Week
of 1933
The weekly report of the Edison Electric Institute shows
that the production of electricity by the electric light and
power industry of the United States for the week ended
Oct. 13 totaled 1,656,864,000 kwh. This is an increase of
37,916,000 kwh. or 2.3% over the corresponding week of
1933. In the week ended Oct. 6 1934 output totaled 1,659,192,000 kwh., or 0.8% above the 1,646,136,000 kwh. produced during the week ended Oct. 7 1933. The Institute's
statement follows:
PER CENT INCREASES (1934 OVER 1933)
Major Geographic
Divisions
Week Ended
Oct. 13 1934
Week Ended
Oct. 6 1934
Week Ended
Week Ended
Sept. 29 1934 Sept. 22 1934
New England
Middle Atlantic
Central Industrial__ - _
West Central
Southern States
Rocky Mountain
Pacific Coast
x3.3
2.8
x0.8
6.5
5.2
3.6
9.2
x4.6
2.0
x0.9
6.4
x0.6
1.4
7.0
x5.9
2.7
x1.9
2.3
x2.4
x7.4
7.8
x8.8
2.9
x1.9
3.9
x6.2
x11.8
10.5
Total United States_
2.3
0.8
x0.2
x0.5
x Decrease from 1933.
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:
ELECTRIC PRODUCTION FOR RECENT WEEKS
(In Kilowatt-hours-000 Omitted)
-I
%inc.
1934
1933
1932
1931
1934
Over
1933
Week ofWeek ofWeek ofWeek ofMay 5 1,632,766 May 6 1.435.707 May 7 1,429,032 May 9 1,637.296 +13.7
May 12 1.643,433 May 13 1,468.035 May 14 1,436,928 May 16 1,654.303 +11.9
May 19 1,644.770 May 20 1,483,000 May 21 1,435,731 May 23 1.664,783 +11.2
May 26 1,654,903 May 27 1.4113.923 May 28 1.425,151 May 30 1.601,833 +10.8
June 2 1,575,828 June 3 1,461.488 June 4 1,381,452 June 6 1,593.662 +7.8
June 9 1.654.916 June 10 1.541,713 June 11 1.435,471 June 13 1,621.451 +7.3
June 16 1.665,358 June 17 1,578.101 June 18 1.441,532 June 20 1,609,931 +5.5
June 23 1.674,566 June 24 1,508.136 June 25 1,440,541 June 27 1.634.935 +4.8
June 30 1.688,211 July 1 1,655.843 July 2 1,456,961 July 4 1,607,238 +2.0
July 7 1.555.844 July 8 1.538,500 July 9 1,341,730 July 11 1,603,713 +1.1
July 14 1,647.680 July 15 1,648.339 July 16 1,415,704 July 18 1.644.638 -0.0
July 21 1.663.771 July 22 1.654.424 July 23 1,433,993 July 25 1,650,545 +0.6
July 28 1,683.542 July 29 1.661.504 July 30 1,4441,386 Aug. 1 1,644,089 +1.3
Aug. 4 1,657,638 Aug. 5 1,650.013 Aug. 6 1,426,986 Aug. 8 1,642.858 +0.5
Aug. 11 1,659,043 Aug. 12 1,627.339 Aug. 13 1,415,122 Aug. 15 1,629.011 +1.9
Aug. 18 1.674.345 Aug. 19 1,650,205 Aug. 20 1,431,910 Aug. 22 1.643 229 +1.5
Aug. 25 1.648.107 Aug. 26 1,630.394 Aug. 27 1,436,440 Aug. 29 1.637.533 +1.1
Sept. 1 1.626.881 Sept. 2 1.637.317 Sept. 3 1,464,700 Sept. 5 1,635.623 -0.6
Sept. 8 1.564.867 Sept. 9 1.582.742 sent. 10 1,423,977 sent. 12 1,582.267 -1.1
Sept. 15 1,633.683 Sept. 16 1.663.212 ept. 17 1.476,442 sept. 19 1.662.660 -1.8
Sept. 22 1.630.947 Sept. 23 1.638,757 sept. 24 1,490,863 sept. 26 1.660.204 -0.5
Sept. 29 1.648.976 .ept.30 1,652,811 Oct. 1 1,499,459 Get. 3 1,645.587 -0.2
Oct. 6 1,659,192 Oct. 7 1,646.136 Oct. 8 1,506,219 Oct. 10 1,653.369 +0.8
Oct. 13 1,656,864 Oct. 14 1,618,948 Oct. 15 1,507,503 Oct. 17 1,656.051 +2.3
Oct. 20
Oct. 21 1,618,795 Oct. 22 1,528,145 Oct. 24 1.646.531
Oct. 27
Oct. 28 1,621,702 Oct. 29 1,533,028 Oct. 31 1,651,792
Nov. 3
Nov. 4 1.583.412 Nov. 5 1,525,410 Nov. 7 1.628,147
DATA FOR RECENT MONTHS
Month of-
1934
1933
1932
January._ _
February __.
March
April
May
June
July
August
September,
October _
November ..
December_
7,131,158,000
6,608,456,000
7.198.232.000
6.978.419,000
7,249,732,000
7,056.116.000
7,116.261,000
7,309,575,000
6.480.897.000
5.835,263.000
6,182,281.000
6.024.855,000
6.532.686.000
6,809.440,000
7,058.600,000
7.218.678.000
6.931.652.000
7,094.412,000
6,831,573.000
7.009,164,000
7.011,736.000
6.494.091.000
6,771,684.000
6.294.302,000
6,219,554.000
6,130.077.000
6.112.175.000
6,310.667.000
6,317.733.000
6,633,865.000
6.507.804.000
6,638,424.000
Total
1934
Over
1933
1931
§§§§§§§§§0§
957,251,000
863,679.000 +10.8
1,080,325,000 1,014,104.000 +6.5
3,336,566,000 3,400,587,000 -1.9
166,514,000
166.195.000 +0.2
333,827.000
309.232.000 +8.0
54,257,000
55,654,000 -2.5
53,525,000
62,400,000 -14.2
158,680,000
149,654,000
7,309,575.000 7.218,678.000
1.327,310.000 1,346.827.000
5.982,265,000 5,871,851,000
1934
Generating capacity (kw.)-Steam
Water power
Internal combustion
w...WNWVN
q.
c..moNrkoRyolto.
400040000m
mr.namt-wmamr-oo
Total
Total energy for distribution
Energy lost in transmission, dIstt Ibution, &c.
Kilowatt hours sold to ultimate consumers..
Sales to Ultimate Consumers (kwh.)
Domestic service
Commercl ti-Small light & power (retail) _ _ _
Large light and power (wholesale)
Municipal street lighting
Railroads -Street and interrurban
Electrified steam
Municipal and miscellaneous
2425
Basic Information as of August 31
80.009.501.000 77.442.112.000 86.063.969.000
10.0%
13.2%
16.4%
15.8%
11.0%
3.6%
0.8%
1.3%
---------____
Note-The monthly figures shown above are based on reports covering approximately 92% of the electric ight and power Industry and the weekly figures are
based on about 70%.
National Fertilizer Association Reports Slight Decline
in Wholesale Commodity Prices During Week of
Oct. 13
According to the index of the National Fertilizer Association wholesale commodity prices were slightly lowe7-rtir
the week ended Oct. 13. This index declined two points
receding from 75.3 to 75.1 For the preceding week the index
declined 11 points and two weeks ago it declined two points.
The latest index number, 75.1, compares with 75.3 a WeeE
ago, 76.4 a month ago, and 68.6 a year ago. (The three-year
2426
Financial Chronicle
average 1926-1928 equals 100.) In announcing the foregoing
on Oct. 15 the Association said:
During the latest week eight of the groups in the index were affected by
price changes. Four groups advanced and four declined. Foods, fuel.
Including petroleum and its products, miscellaneous commodities, and
fertilizer materials declined. Grains, feeds and livestock, textiles, building
materials, and fats and oils advanced. Both the advancing and declining
groups showed only small changes.
Prices for 30 individual commodities declined while the prices for 23
commodities advanced during the latest week. For the preceding week
there were 42 declines and 20 advances. Two weeks ago there were 20
declines and 32 advances. The list of individual commodities that advanced
during the latest week included cotton, lard, cottonseed oil, linseed oil,
palm kernel oil, eggs, flour, corn, wheat, bran, middlings, cattle, silver,
brick, rosin, and turpentine. The declining commodities included cotton
yarns, cottonseed meal, butter, raw sugar, beef, pork, potatoes, heavy and
light weight hogs, zinc, tin, lumber, gasoline, kerosene, bides and rubber.
Except in the case of grains, none of the price changes during the latest
week were very large.
WEEKLY WHOLESALE PRICE INDEX-BASED ON 476 COMMODITY
PRICES (1926-1928=100)
Cent
Group
to the
Index
23.2
16.0
12.8
10.1
8.5
6.7
6.6
6.2
4.0
3.8
1.0
.4
.4
.3
100 (1
Group
Foods
Fuel
Grains, feeds and livestock...
Tertiles
NILIcellaneous commodities
Automobiles
Building materials
Metals
House-furnishing goods
Fats and oils
Chemicals and drugs
Fertilizer materials
Mixed fertilizers
Agricultural Implements
All irrnnne rnmhInpr1
material gains when compared with the corresponding
period of last year. In fact, the cumulative total for all
types of construction, amounting to $1,203,952,100, is
almost equal to the total for the entire year 1933 and exceeds
the nine months' total of last year by more than 62%.
Non-residential building, with a total amounting to $432,259,200, shows a gain of more than 46% over the corresponding 1933 total of $294,921,000. The public works
total for the year to date is more than twice the total for
the corresponding nine months of last year, with contracts
amounting to $491,444,400 and $210,420,600, respectively.
Gains of this year over last year amounted to more than 66%
in the public utilities classification and to more than 4% for
residential building.
Contract figures by districts follow:
[Compiled by F. W. Dodge Corp.]
Total Construction
Latest
Week
Oct. 13
1934
Preceding
Week
77.3
69.4
73.1
70.3
68.1
88.3
80.4
81.5
86.0
59.1
93.7
65.1
76.4
99.8
7c 1
Month
Ago
Year
Ago
o-lo,zacou,Ame>04
.0cAwcoo,-00,
400
Co4;DOCAWWiDb:4
Per
Each
tlears
Total
Oct. 20 1934
78.7
71.9
76.3
71.5
68.3
88.3
80.9
81.8
86.0
58.1
93.4
64.9
76.4
99.8
69.2
70.3
50.7
65.6
68.3
84.4
76.0
79.1
81.6
46.5
87.0
64.3
70.2
90.3
75 n
754
68.6
Territories
New England
Metropolitan New York
Up-State New York
Middle Atlantic
Pittsburgh
Southeastern
Chicago
Central N. W
So. Michigan
St. Louis
Kansas City
New Orleans
Texas
37 Eastern States
Sept. 1934
1s1 9 Mos.
1934
Sept. 1933
$12.443,800 811,603,100
16,350,200
15.084,100
6,134,800
5.937,400
9,787,600
13.960,500
11,634,900 11,061,000
7.159,806
8.212.400
13.242,900 13,832,40C
6,277,100
6.385,700
2,935,200
4.267,700
0,099,100
9,173.500
17,810,200
3.743.500
4,795,900
3,041.400
3,288,000
3,091,400
lot 9 Mos.
1933
8109.272,500 S79,561,300
157,167,600 126.706,100
47.495.900 42,522.300
147,413,100 85,429,900
162,363.600 72,029,100
129.068.300 43,116,800
142.775.600 82,180,200
43,087,8C0 23,624.300
41,647,800 17,767.100
69,287,000 46,005,500
58,921,200 48,511.100
47,699,000 29,030,600
47,752,700 44.306,800
$110,219,2C0 $120,134,400 $1,203.952,100 $740,791,100
CONSTRUCTION CONTRACTS AWARDED-37 STATES EAST OF THE
ROCKY MOUNTAINS.
Federal Reserve Board Reports Smaller Than Estimated
Increase in Department Store Sales from August
to September
Preliminary figures on%he value of department store sales
show an increase from August to September of somewhat
less than the estimated seasonal amount. The Federal
Reserve Board's index, which makes allowances for differences in the number of business days and for usual seasonal
changes, was 76 in September, on the basis of the 1923-1925
average as 100, compared with 79 in August and 72 in July.
Under date of Oct. 12 the Reserve Board further reported:
In comparison with a year ago, the value of sales for September was 4%
larger, when allowance is made for the fact that there was one less trading
day this year than last, the increase from last year is about 9%
The
largest increases compared with last year in total sales for the month were
shown in the Dallas, St. Louis. Kansas City. and Atlanta districts, while
decreases from a year ago were reporter' for the Boston, New York and
Philadelphia districts. The aggregate for the first nine months of the year
was 13% larger than last year.
PERCENTAGE INCREASE OR DECREASE FROM A YEAR AGO
No. of
September• Jan. 1 to Reporting
Sept. 30.
Stores
Federal Reserre DistrictsBoston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
--8
-2
-2
+1
+9
+18
+11
+21
+13
+19
+35
+4
+6
+6
+10
+19
4-17
+29
+19
+18
+11
+17
+25
+8
50
58
36
36
50
46
58
39
38
25
20
84
Month of September1934-Residential building
Non-residential building
Public works and utilities
Total construction
1933-Residential building
Non-reeltiental building
Public works and utilities
Total construction
First Nine Months1934-Residential building
Non-residential building
Public works and utilities
Total construction
1933-Residential building
Non-residential building
Public works and utilities
Total construction
29
28
16
14
21
24
28
21
21
15
9
29
Valuation of Construction Contracts Awarded in
September
The volume of new construction projects started in the
37 Eastern States during September reached a total of
$110,219,200, according to the contract records of F. W.
Dodge Corp. This total represents a loss of more than
8% when compared with the August volume of $120,014,600,
and approximately the same percentage decline from the
September 1933 total of $120,134,400.
An examination of the construction classes indicates no
pronounced decline in any specific type of building. Residential building contracts awarded during the month
totaled $17,871,600, as compared with $18,641,000 for
August and $21,349,000 for September of last year. Nonresidential building during the month amounted to $42,359,300, as contrasted with $50,816,900 for the preceding month
and $37,836,300 for the corresponding month of last year.
Public works, with increased highway work, showed an
actual increase over August, the totals amounting to
$43,478,500 and $41,905,900 respectively.
The cumulative totals for the first nine months of this
year in each of the 10 major classes of construction show
Valuation.
3,370
2,787
1,509
4,846.700
7,523.600
140,000
17,871,600
42,359,300
40,988,300
7,666
12,510,300
110,219,200
3.528
2,302
1,764
6,296,100
6,470.400
100,900
21,549,000
37,836,300
60,749,100
7,594
12,867,400
120,134,400
27,774
26,858
14,719
47,882,900
65,450,200
2,100,500
188,105,100
432,259,200
583,587,800
69,351
115,433.600
1,203,952,100
33,098
21,895
8,839
53,591.500
51,820,000
2,893.900
180,221,100
294,921,000
265,649,000
63.832
108,305,400
740,791,100
NEW CONTEMPLATED WORK REPORTED-37 STATES EAST OF THE
ROCKY MOUNTAINS.
No. of
Cities
Total
-1-4
+13
510
255
• September figures preliminary: In most cities the month had one less business
day this year than last year.
New Floor
No. of
Projects. Space (Sq. Pt.).
1934.
No. of
Projects.
Month of SeptemberResidential building
Non-residential building
Public works and utilities____
Total construction
First Nine MonthsResidential building
Non-residential building
Public works and utilitles
Total construction
Valuation.
1933.
No. of
Projects.
Valuation.
3,970
3,286
1,944
24,683,300
59,976,200
65,225,600
4.123
3,520
3,299
63,878,500
163.771,400
619,076,800
9,200
149,885,100
10,942
846,726,700
33,744
34,564
17,425
418,595,300
877,622,900
1,579,605,300
38,128
28,954
15,496
415,512,100
789,067,800
1,786,915,000
85,733
2,875,823.500
82,578
2,991,494,900
Decrease in Retail Prices of Food During Two Weeks
Ended Sept. 25 Reported by United States Department of Labor
Following a gradual and steady advance since April 24 of
this year, retail food prices showed a decrease during the two
weeks' period ending Sept. 25, Commissioner Lubin, of the
Bureau of Labor Statistics of the United States Department
of Labor, announced Oct. 9. "The decline," he said, "placed
the current index at 116.4% of the 1913 average. This compares with an index of 116.8 for two weeks ago, 107.4 on
Sept. 26 1933, and 100.3 two years ago." Continuing, Mr.
Lubin stated:
The present level of retail food prices is 27%% below the average on
Sept. 15 1929, the highest reached during the past five years, when the index
was 160.8; 271
/
2% below the average for tile year 1926, when the index
stood at 160.6, and nearly 29% higher than the post-war low point reached
on April 15 1933, when the index was 90.4.
Of the 42 articles of food included in the Bureau's index, 10 showed weakening prices, 13 remained at the previous level, and 19 registered price
advances. The more important articles increasing In price were corn flakes,
rolled oats, fresh milk, sliced bacon, sliced ham, hens, rib roast, navy beans,
fresh eggs, and tea. Lower prices were shown for butter, cheese, leg of
lamb, pork chops, round steak, sirloin steak, cabbage, onions, white potatoes,
and red salmon. The decrease for pork chops was 12%, the largest decline
by any article.
Meats showed the largest decrease, 1.6%, due to declining prices for
Iamb, pork chops, and steak. The index for the meat group stands at 131.7,
Financial Chronicle
Volume 139
which is 22.1% above Sept. 26 1933 and 10.4% higher than September 1932.
Meats are 23.1% below their 1926 average and 32.2% below September 1929.
Dairy products with a current index of 105.3 registered a decrease of 0.1
of 1%, and are now 7.6% above September of last year and 12.6% higher
than Sept. 15 1932. They are 27.6% below the average for 1926 and 28.9%
lower than September 1929.
The cereals group of foods showed an increase of 0.1 of 1%. The index
for this group, 151.7, shows an increase of 6.3% over Sept. 26 1933, and is
27.3% above Sept. 15 of two years ago. As compared with the 1926 average,
cereals are down by 13.6%, and 8.2% lower than on Sept. 15 1929.
The group covering foods other than cereals, meats and dairy products,
and in which is included such items as sugar, tea, coffee, eggs, fruits and
vegetables, declined 0.1 of 1%. The present index, 108.7, is 1.4% above
Sept. 26 1933, and 15.0% higher than Sept. 15 1932. The index for this
group is still 38.2% lower than the 1926 average, and 34.4% below
September 1929.
2427
which this report is based the Bureau said, were received,
from companies having in force more than 90% of the ordinary life insurance in the United States. Under date of Oct.
17 the Bureau also stated:
When sales figures for the preceding 12 months are considered, the results
of the year ending Sept. 30 1934 show an increase of 7% over those for the
year ending the same day in 1933.
The report shows that September sales just fall short of equalling those for
the same month in 1933. the former being 99% of the latter. Forty-seven of
the reporting companies said that their business showed a gain during
September as compared to the same month last year. The best comparative
record for life insurance sales for September was made by the Mountain
district. Sales here were 5% ahead of those for September, 1933. The
following States are included in this district. Montana, Idaho, Wyoming.
Colorado, New Mexico, Arizona, Utah and Nevada.
In an announcement issued by the Department of Labor it
INDEX NUMBERS OF RETAIL PRICES OF FOOD
(1913=100.0)
Sept. 25 Sept. 11 Aug. 28 Aug. 14 Sept. 26 Sept. 15 Sept. 15
1934
1934
1934
1934
1933
1932
1929
Cereals_ _
Dairy preduets
Meats _
Other toe,ds
All food .
151.7
105.3
131.7
108.7
116.4
151.6
105.4
133.8
108.8
116.8
160.8
105.6
129.2
107.2
115.3
149.6
103.4
121.1
103.7
111.8
142.7
97.9
107.8
107.2
107.4
119.2
93.5
119.2
94.5
100.3
165.2
194.2
148.1
165.7
160.8
CHANGES IN RETAIL FOOD PRICES-BY CITIES
Per Cent Change on
Sept. 25 1934
Compared with
Per Cent Change on
Sept. 25 1934
Compared with
City
City
Sept. 15 Sept. 26 Sept. 11
1932
1934
1933
Atlanta
Baltimore
Birmingham_ _ _
Boston
Bridgeport
Buffalo
Butte
Charleston
Chicago
Cincinnati
Cleveland
Columbus
Dallas
Denver
Detroit
Fall River
Houston
Indianapolis
Jacksonville
Kansas City___
Little Rock.,___
Los Angeles____
Louisville
Manchester____
Memphis
Milwaukee .___
+18.5
+ 18.9
t19.8
12.1
13.8
+17.4
+13.2
+10.4
+ 8.3
+18.5
+18.5
+21.4
+21.2
+ 18.3
+25.5
+15.4
+ 22.8
+14.7
+17.2
+18.0
+19.8
+12.7
4 20.6
+13.4
+18.2
+18.5
+11.7
411.5
+14.5
+5.6
+6.8
8.4
+12.9
+5.8
+7.2
+8.4
+6.7
+8.5
+10.3
+ 10.4
+8.0
+7.7
-1-15.1
+6.9
+8.4
+10.9
412.0
+1.9
+7.2
+7.3
+10.2
+9.4
BY
Sept. 15 Sept. 26 Sept. 11
1932
1933
1934
+1.8 Minneapolis _-0.6 Mobile
+0.7 Newark
-1.1 New Haven_ _
+0.2 New Orleans___
+0.9 New York
0.0 Norfolk
+0.2 Omaha
-0.8 Peoria
0.0 Philadelphia -__
-1.3 Pittsburgh
-0.5 Portland, Me_
-0.2 Portland. Ore__
-1-0.1 Providence
-0.2 Richmond
-1.0 Rochester
-0.1 St. Louis
-0.8 St. Paul
+0.7 Salt Lake City_
-1.4 San Francisco_
-1.4 Savannah
+0.6 Scranton
-0.6 Seattle
-0.4 Springfield, Ill_
-1.6 Washlon.D.C.
+0.1 United States_
COMMODITIES
Per Cent Change on
Sept. 25 1934
Compared with
Commodities
+11.4 -1.2
+ 8.2 +0.2
+7.1 40.7
+7.8 -1.3
+9.0 +0.2
+5.2 +0.1
+8.5 -1.5
+11.4 -0.9
+9.6 -1.7
+9.8 -1.2
+7.8
0.0
+9.0 -1.4
+11.5 +1.9
+6.6 -0.4
+10.5 -0.9
+7.2 -0.8
+10.0 -1.3
+12.4 +0.1
+11.9 +1.7
+7.6 +0.2
+8.2 +0.3
+4.1 -1.1
+6.8 +1.3
+7.3 -1.4
+9.
0.5
+8.3 -0.4
Per Cent Change on
Sept 25 1934
Compared with
Commodities
Sept. 15 Sept. 28 Sept. 11
1932
1934
1933
Bread. white._
Cornflakes -._ Corn Inefti
Flour. wheat-.
Macaroni
Rice
Rolled oats
Wheat cereal
Butter
Cheese
Milk evapor'd.
Milk. fresh
Moon, Mired- Chuck roast
..
Ham, sliced.
HOW
Lamb.leg OfPlate beef
Pork chops
Rib roast
Round steak_
Sirloin steak
runanas
+21.3
+16.2
+11.1
+13.9
+15.6
+10.9
+9.3
+21.4
+17.5
+18.6
+ 14.9
+12.8
+12.7
+15.1
+19.2
+18.0
+19.8
+22.9
+19.3
+11.3
4 16.3
+12.6
+12.6
+ 10.2
+15.8
+16.0
+25.4
0.0
+21.1
+64.5
+4.6
+27.7
-4.1
+7.6
+20.1
+6.6
+11.5
+9.4
+48.5
43.9
+22.2
+8.9
+7.7
+13.3
+19.7
+1.2
+1.7
+0.6
+8.1
+6.3
0.0 Beans. navy_.
-3.4 +1.2 Cabbage
0.0 Coffee
+15.0
0.0 Corn, canned__
+4.1
+0.6
0.0 Eggs, fresh_ _ _ _
+23.9
0.0 Lard, pure
-1-9.2 +1.4 Onions
+2.1
0.0 Oleomargarine.414.9 -1.8 Oranges
+3.0 -0.8 Peas. canned__ _
0.0
0.0 Pork and beans_
+5.5
0.9 Potatoes, white
0.9 Prunes
+50.4
+20.1 --1.1 RaLains
+ 32.3
0.5 Salmon,red
+22.5 +2.0 Sugar
+13.5 -1.2 Tea
+20.2 +0.8 Tomatoes. can'd
+19.7 -12.0 Vegetable lard
substitute_ _
+17.1 +1.2
+17.6 -0.3 Peaches. canned
+15.0 -0.6 Pears, canned_
-5.5 -1.7
Sept. 15 Sept. 26 Sept. 11.
1932
1933
1934
+24.0
-419.2
-7.3
+11.5
+19.3
+6k5
+33.3
-1.4
+21.7
+346
-2.9
-4-33.3
426.4
-14.9
+3.4
+11.8
+3.4
+13.2
-1.6
-11.4
+4.9
+9.4
+16.2
+53.1
+3.1
+5.9
+23.7
+28.6
-1.4
-28.6
+ 11.7
+3.2
+3.4
0.0
+8.9
+5.1
+3.3
-8.1
+0.7
+0.9
+2.6
+2.1
-4.8
40.7
0.0
0.0
+1.6
-4.8
0.0
0.0
-0.5
0.0
+0.3
0.0
+1.6 +1.8
.._-- +11.7
..-_
+8.3
+1.0
+1.1
+1.4
United States Life Insurance Sales During First Nine
Months of Year 11% Above Same Period Year Ago
The Life Insurance Sales Research Bureau, of Hartford,
Conn., reports that sales of ordinary life insurance in the
United States for the first nine months of this year werell%
ahead of those for the same period in 1933. The figures on
Farm Hands Receiving $1 a Day and Board According
to Bureau of Agricultural Economics
Farm hands are getting a dollar day with board, on the
average the country over, for the first time since Jan. 1
1932, reports the Bureau of Agricultural Economics, United
States Department of Agriculture. Farm wage rates advanced generally throughout all principal agricultural sections from July 1 to Oct. 1, except in the West North Central
States where last summer's drought reduced crops materially
and the demand for fall harvest labor has shown a corresponding decline, it is stated. An announcement issued
Oct. 12 by the Department of Agriculture further said:
But even in that area, says the Bureau, October day wage rates were
slightly higher than three months ago, although monthly rates registered
a moderate contra-seasonal decline. Day wages without board, on Oct. 1.
ranged from 75 cents in South Carolina to $2.70 in Rhode Island, and
averaged $1.34 for the entire country.
A slight downturn. since July 1. in the supply of available farmhands is
reported, but the demand was also reduced. Ordinarily, the employment
of hired labor increases as corn, cotton, fruit, and potato harvesting get
under way.
The Bureau says that a simple price wage comparison indicates that
farmers were in a better position to pay the seasonally higher level of
Oct. 1 farm wage rate* than at any time since January 1923.
Increases Noted in Employment and Payrolls in Pennsylvania Anthracite Collieries During September
as Compared With August
The number of workers on the rolls of the Pennsylvania
anthracite companies in September increased 15% and the
amount of wages paid showed a gain of 18% as compared
with August, according to figures compiled by the Federal
Reserve Bank of Philadelphia from reports to the Anthracite Institute by 34 companies employing approximately
79,000 workers whose average weekly earnings amounted
to $1,901,862. The Bank also had the following to say:
Operating time, as measured by employee-hours actually worked in September in the collieries of 30 companies, increased 16% as compared with
August.
It Is estimated that the entire anthracite industry in Pennsylvania employed 112.700 workers about the middle of September as compared with
about 98.000 one month earlier and 112,400 a year ago. The amount of
wage payments, however, was nearly 23% smaller than in September 1933.
Further comparisons follow:
Prepared by the Department of Research and Statistio3 of the Federal Reserve
Bank of Philadelphia. 1923-25 Average=100.0
Payrolls
Employment
January
February
March
April
May
June
July
August_.
September
October
November
December
A vprnaa
_ _
1931
1932
88.3
87.1
79.9
82.9
78.3
74.2
63.4
65.5
77.8
84.4
81.2
77.7
74.2
69.3
71.7
68.1
65.1
51.5
43.2
47.8
54.4
82.1
61 0
60.6
01001N 1A.PCJ•P QTCNCntr.
Ca :0CA Cn
t,
2 OD Cr 0Co -.al-.
was stated:
Of the 51 cities covered by the Bureau, 19 showed advancing prices, 29
registered declines, while three showed no change from the preceding period.
Peoria, with a drop of 1.7%, showed the greatest decrease. The largest increase was 1.9%, shown in Portland, Ore. The decrease for Washington,
D. C., was 0.5 of 1%.
As compared with Sept. 26 1933, rises in retail food prices were shown for
each city. The advance of 1.9% shown for Los Angeles was the smallest
increase registered by any of the cities covered by the Bureau. Houston, with
an increase of 15.1%, showed the greatest rise. Comparing present prices
with those of Sept. 15 1932, each city showed higher prices, ranging from
8.3% in Chicago to 25.5% in Detroit. Washington, D. 0., showed an increase of 15.8%.
Prices used in constructing the weighted index numbers of the Bureau are
based upon reports from all types of retail food dealers in 51 cities and cover
quotations on 42 important items. The index is based on average prices of
1913 as 100.0.
The following tables show comparisons of the current index with the
Indexes for the past five bi-weekly periods and with the indexes for one year
ago and two years ago. They also show the percent of change that has
taken place in each city and in individual food items during the past two
weeks and since a year ago and two years ago:
1933
75 4
60 R
sn 4
1934
1931
1932
1933
1934
62.3
61.4
65.7
56.6
62.0
56.0
52.2
48.2
55.4
75.0
85.5
59.8
63.1
63.9
55.9
45.0
47.2
54.4
76.3
68.6
65.6
51.5
48.0
51.3
60.4
48.6
31.4
29.0
34.8
39.4
56.0
42.7
47.1
36.3
47.7
40.9
31.3
25.2
28.8
32.0
39.0
50.9
51.6
40.1
37.2
59.4
55.2
69.2
43.3
53.7
44.7
35.4
33.3
39.4
63.2
45.0
38.4
Lumber Mill Movement Continues Below Third
Quarter Levels
New business booked at the lumber mills and shipments
during the week ended Oct. 13 1934, were slightly lower than
during the preceding week and were below the average of
recent weeks; production was slightly above that of the
preceding week but less than recent previous weeks, according to telegraphic reports to the National Lumber Manufacturers Association from regional associations covering the
operations of leading hardwood and softwood mills. Report
were from 1,352 mills whose production was 185,547,000
feet; shipments, 166,905,000 feet; orders, 172,064,000 feet.
Revised figures for the preceding week were mills 1,373;
production, 183,920,000 feet; shipments, 178,099,000 feet;
orders, 179,279,000 feet. The association further reported
in part:
For the week ended Oct. 13, West Coast, Western Pine. California.
Redwood, Northeastern Softwoods and Southern and North Central
Hardwoods reported orders below production, total softwood orders being
2428
Financial Chronicle
7% below output.
Hardwood orders were 12% below hardwood production.
Total orders were 7% below production; total shipments, 10% below output.
All softwood regions except Northern Hemlock reported orders above
those of corresponding week of 1933. Hardwood orders were below in the
same comparison. Total orders as reported by identical mills were 3%
above those of last year's week: softwoods showing gain of 11%; hardwoods,
loss of 43%. Production was 3% below that of similar week of last year;
shipments were 4% lower than last year's shipments.
Unfilled orders on Oct. 13 as reported by identical mills were the equivalent of 20 days' average production compared with 19 days' a year ago.
Identical mill stocks were the equivalent of 170 days' average production
compared with 151 days' on Oct. 14, 1933.
Forest products carloadings totalled 22,336 cars during the week ended
Oct. 6 1934. This was 626 cars below the preceding week; 3,007 cars below
the same week of 1933 but 3,925 cars above similar week of 1932.
Lumber orders reported for the week ended Oct. 13 1934. by 954 softwood
mills totalled 157,242.000 feet; or 7% below the production of the same
mills. Shipments as reported for the same week wre 150.600,000 feet, or
II% below production. Production was 168,734.000 feet.
Reports from 436 hardwood mills give new business as 14,822.000 feet,
or 12% below production. Shipments as reported for the same week were
16.305,000 feet, or 3% below production. Production was 16,813.000 feet.
—
Unfilled Orders and Stocks
Reports from 1,668 mills on Oct. 13 1934, give unfilled orders of 727.338.000 feet and gross stocks of 5,643,767.000 feet. The 663 identical mills
report unfilled orders as 505.880,000 feet on Oct. 13 1934, or the equivalent
of 20 days' average production, as compared with 472,803.000 feet, or the
equivalent of 19 days' average production on similar date a year ago.
Identical Mill Reports
Last week's production of 446 identical softwood mills was 152.544,000
feet, and a year ago it was 149,741.000 feet; shipments were respectively
133.925,000 feet and 135.022,000; and orders received 147,378,000 feet and
133.223,000 feet. In the case of hardwoods. 276 identical mills reported
production last week and a year ago 14.669.000 feet and 23.469,000; shipments 13.938.000 feet and 19,786,000 and orders 12,016,000 feet and
21.031,000 feet.
Weekly Crop Report of Bank of Montreal—Wheat
Crop in Prairie Provinces Small
In its final weekly crop report for the season the Bank of
Montreal states that "the year's wheat crop in the Prairie
Provinces was again light, with yields of other cereals also in
low figures." The report, issued yesterday (Oct. 18) also
said:
The estimate of the Dominion Bureau of Statistics places the wheat
production of the Prairie Provinces at 265,000,000 bushels or about the
same as last year, which compares with an average of 384.000,000 bushels
over the past 10 years. Coarse grains on the Prairies were a light crop.
with an estimate of 196,000,000 bushels for Oats and 49/50.000000 bushels
for Barley, slightly better than last year. In Quebec Province the yield of
Hay was slightly below average with that of cereals and roots good, while
the apple crop was far below average. In Ontario the yield of Fall Wheat
was poor, but that of Spring grains was somewhat better than average.
Hay was 50% of average, with fodder corn and roots a good crop, but
apples and peaches much below average. In the Maritime Provinces the
Hay crop was considerably below average and the yield of cereals restricted
by dry weather, the apple crop was light, except for late yields in Nova
Scotia, which will be better than average. Potatoes were a large crop in
New Brunswick with fair yields in Nova Scotia and Prince Edward Island.
In British Columbia crops generally were of good yield and quality and
matured several weeks earlier than usual.
Survey of Feed and Livestock by Bureau of Agricultural
Economics—Extent of Feed Shortgage in Drought
Areas Revealed
The nation's total feed and forage supply is sufficient to
provide only a little more than a subsistence ration for livestock in drought areas and rations below normal in other
States if the present reduced number of animals are maintained, according to the special feed and livestock survey
Issued Oct. 11 by the Bureau of Agricultural Economics,
United States Department of Agriculture. This survey was
made at the request of the Secretary of Agriculture to obtain
more adequate information for planning to meet the drought
emergency, said an announcement issued in the matter by
the Department of Agriculture. It continued:
This survey, in general, confirms earlier estimates of the effect of the
drought on the feed and livestock situation. The present estimate is based
upon the probable requirements until new crops are available, and assumes
an average winter. Largely because of the drought numbers of livestock
on farms have been reduced more rapidly this year than in any previous
year, it is stated. This reduction is also due, in part, to Government's hog
adjustment program. Taking into account the cattle and sheep buying
program to meet the feed shortage indicated by earlier reports on the drought
situation the number of meat animal units by early winter is expected to be
only about 80% of that on farms on the corresponding date last year.
Total supplies of feed grains on farms on Sept. 1 are estimated at
57,629,000 tons, of which about 3,000,000 tons necessarily will be diverted
to industrial uses. This supply will be supplemented by about 6,000,000
tons of commercial by-product feed becoming available during the season,
making a net feed-grain and mill-feed supply for feeding purposes of about
60,600,000 tons.
The combined number of livestock and poultry on farms at the start of
winter is estimated at 115,449,000 grain-consuming units. To carry this
number of animals until new crops will be available, on rations ranging from
only slightly above maintenance in the drought States to somewhat below
normal in the States having more adequate feed and to allow for seed and a
minimum carryover, there would be required, it is stated, 63,768,000 tons
of feed grain and commercial feed. This leaves an indicated shortage of
3,000,000 tons of feed grains below requirements for the reduced ration,
which, if basic livestock numbers are maintained, would have to be met by
further adjustments in feeding or by importation.
Allowing for shnilar reduced rations of hay and other roughage, requirements for the feeding season are placed at 98,067,000 tons of hay or its
Oct. 20
1934
equivalent, or about 1,600,000 tons more than the apparent supply. This
deficit may be met partially by greater utilization of corn stover.
The survey showed that farmers' intended purchases of feed were much in
excess of intended sales. These two intentions, it is stated, can be harmonized only if those intending to buy should materially reduce their purch.ises below their indicated expectations, and those having surpluses for
sale should change their feeding plans so that they may have additional
supplies to sell.
On the effects of the drought on the livestock situation, the report states
that "the decrease in livestock numbers, as a result of greatly reduced hog
production and increased slaughter of cattle and sheep this year, together
with the shortage of feed crops necessary for fattening livestock, will result
in a very marked reduction in both numbers and weights of animals for
slaughter during most of 1935. The total number of meat animals on farms
at the end of the present year will be the smallest in more than 35 years.
"Not only will total marketings of meat animals in the coming year be
reduced," the report continues, "but the general quality and finish of such
animals will be much below average. The reduction in slaughter will be most
pronounced after February next year, and the greatest relative shortage is
likely to develop during the summer months. The decrease in the output of
pork is expected to be much greater relatively than that of beef or lamb."
Referring to the feed price situation, the Bureau says that prices of feed
grains have already advanced to a level relatively high compared with livestock prices. A greatly increased number of farmers would be unable to buy
if prices were materially above recent levels and would be forced to liquidate
further their livestock, thus reducing effective demand for feed. The price
of corn in the country as a whole on Sept. 15 was sufficinetly near the price
of wheat to induce the feeding of wheat in considerable quantities, especially
to poultry.
Since the domestic price of wheat now is fairly close to the level at which
foreign wheat could be imported over the tariff, says the Bureau, any marked
tendency toward a higher level of feed grain prices in this country may be
resisted by importation of wheat and increased substitution of this grain
for corn in feeding. Importation of corn in the next few months is likely
to be small because of limited foreign supplies which cannot be materially
increased until the new Argentine crop becomes available.
Increase of 205,463 Tons Noted in Sugar Consumption
During Crop Year Ended Aug. 31, as Compared
with Previous Year by 14 European Countries
Consumption of sugar in the 14 principal European countries during the crop year ending Aug.31 1934 totaled 7,344,134 long tons, raw sugar value, as against 7,138,671 tons
consumed during the previous year, an increase of 205,463
tons, or approximately 2.9%, according to European advices
received by Lamborn & Co. Production during the same
period, the firm announced Oct. 16, amounted to 5,452,599
tons, an increase of 335,721 tons, or 6.5% over that of last
year. The 14 countries included in the survey are:
Austria, Belgium, Bulgaria, Czechoslovakia, France, Germany, Holland,
Hungary. Irish Free State, Italy, Poland, Spain, Sweden and the United
Kingdom.
Sugar stocks on hand for these countries on Sept. 1 1934,
according to Lamborn & Co., approximated 1,797,264 tons
as compared with 1,953,268 tons on the same date last year,
a falling off of 156,004 tons or approximately 8%.
United States Refined Beet Sugar Deliveries Jan. 1 to
Sept. 30 Above Same Period Year Ago
Deliveries of all United States beet sugar companies from
Jan. 1 to Sept. 30, amounted to 1,174,043 short tons of
refined, an increase of 20.3% over the 976,312 tons delivered
in the similar period last year, according to New York Coffee
and Sugar Exchange calculations from figures of the Domestic
Sugar Bureau. The Exchange announced Oct. 17 that
deliveries during September totaled 84,797 tons, 20,931 tons
less than the similar 1933 month. 80.7% of the quota (1,556,166 short tons raw value) given the beet companies this
year under the Jones-Costigan Act has been delivered so
far, the Exchange said.
Raw and Refined Sugar Shipments From Philippines
to United States From Nov. 1 1933 to Sept. 30 1934
Increased Over Similar Period 1932 to 1933
Shipments of raw sugar from the Philippine Islands to the
United States amounted to 1,194,472 long tons,from Nov. 1
1933 to Sept. 30 1934, an increase of 19.2% when compared
with shipments of 1,001,934 tons in the similar 1932 to 1933
period, according to the New York Coffee & Sugar Exchange.
Refined shipments for the same period totaled 60,412 tons,
an increase of 8.8% when compared with the previous period
when 55,611 tons were shipped to this country in a refined
state. The Exchange, on Oct. 18, also announced:
However, the total shipments so far, when converted to short tons raw
value for comparison with the quota given the Philippines for 1934 under the
Costigan-Jones Act, reveal that 1,310.206 tons have been shipped compared
with a quota of 1.015.186 tons. The excess, part of which has arrived, Is
being Impounded until Jan. 1st 1935. Governor-General Murphy's recent
ruling ordering the shipment of surplus 1933-34 crop sugars from the island
before Oct. 15 has caused a rush of owners to clear those sugars for this
country.
Coffee Destruction in Brazil During First Half of
October Totaled 370,000 Bags
The National Coffee Department of Brazil destroyed
370,000 bags of coffee during the first half of October,
according to the New York Coffee and Sugar Exchange.
Volume 139
Financial Chronicle
2429
of "hot oil" in the East Texas area place it at 125,000 to
130,000 barrels daily.
The Planning and Co-ordination Committee recommended
modification of the oil laws in conformity with the measures
offered in the last Congress by Senator Thomas of Oklahoma
and Representative Disney, also of Oklahoma in a statement.
The statement, which followed a week of hearings, disclosed
that "differences between members of the Committee in
regard to Federal legislation have been reconciled." The ap
pointment of a sub-committee to suggest such changes and
revision as will simplify and clarify the code was announced.
No ecplanation was given of this 438.000 bags increase from previously
cabled figures. It wa.. also announced that private holdings of coffee
The sub-committee report is due Nov. 1.
In the State of Sao Paulo Interior warehouses totaled 4.361.000 bags on
Revision of the administrative section of the oil code so that
Sept. 30. of which 452.000 bags were coffees from the 1933-34 crop and the
the Board will be composed of Secretary of the Interior Ickes
balance new crop coffees that had left plantations but which had not yet
been shipped to the ports.
as Chairman and either four or six other members experienced
in the oil industry, to be appointed by the President,
World's Visible Supply of Coffee Oct. 1 Below Sept. 1 also was suggested.
The oil administration is reported to be working upon a
The world's visible supply of coffee, including the restricted stocks in Brazil, amounted to 21,827,967 bags on revision of the code so as to eliminate some of the conflicting
Oct. 1, a drop of 983,005 bags or 4.3% from the Sept. 1 rulings now embodied in the code.
No appeal against the adverse decision suffered by the
total of 22,810,972 bags, the New York Coffee and Sugar
Exchange announced Oct. 15. This is the smallest Oct. 1 Federal Oil Administration in the U. S. District Court at
figure since October 1929, the Exchange said, and compares Trenton Wednesday when temporary injunctions restraining
with 23,598,070 last year and 34,492,586 on Oct. 1 1931. distribution of two cargoes of gasoline were vacated will be
The decreasing supplies are solely due to Brazil's program made by the Department of Justice, it was indicated.
The Court had issued temporary injunctions against the
of destruction which has, since June 1931, been responsible
for the elimination of in excess of 32,000,000 bags or over Phoenix, carrying a cargo for the Hartol Products Co. and
4,000,000,000 pounds, according to the Exchange.
the Pueblo, carrying gasoline consigned to the Republic
Oil Co., following charges made by the Federal Oil Administration that portions of each cargo had been refined from
Petroleum and Its Products—Texas Federal Oil Agents "hot oil." At the hearing to consider whether the injuncSeek to End "Hot Oil" Production—Oil Code
ruled that
Revision Planned—Government Loses Tanker De- tions would be permanent, Federal Judge Forman
the Government had not proved its contention ane dismissed
cision—Oil Production Rises
c.lendants.
Vigorous prosecution by Texas and Federal oil control the bills of complaint on the request of the two
Judge Forman's opinion, in which he analyzed the affiauthorities of "hot oil" producers and other violators of
the oil
Federal and State regulations indicated by action taken by davits of Government agents, offered as proof that
affidavits,
defendant's
the
and
was
produced
"illegally"
the two bodies during the past week afforded some support
of
to the trade's hope of either averting or minimizing the cut held that the latter "overwhelmingly counteract" those
the
plaintiffs.
in crude oil prices which has been generally expected for
"It is to be recalled," he ruled, "that in this proceeding
several weeks.
the
attempt is made to fasten the alleged wrongful producThe Administration's plans for combating the flow of
"hot oil" in East Texas were discussed at a conference be- tion of oil at its source upon a purchaser removed by several
tween President Roosevelt, Attorney-General Cummings transactions from the source of production; in other words,
the defendant here is neither the producer of the oil nor
and Administrator Ickes late Thursday.
"We are at work consolidating our lines in connection with even the refiner of the oil; it is simply a purchaser of a pethe East Texas oil situation," Mr. Cummings said after the troleum product, namely gasoline, and where the plaintiffs
seek to burden such a purchaser with the sins of the proconference.
wide
The
-spread gasoline wars, which broke into renewed ducer it should be upon clear and conclusive evidence."
Daily average crude oil production staged its usual midviolence during the past week,bringing prices far below profitable levels, may hasten a slash in the crude oil price structure month gain, rising 41,700 barrels during the week to 2,421,although it is thought that major companies will bend every 650 barrels, against the Federal allowable of 2,325,800 barrels
effort to avoid such a step. The fact that the Federal and production of 2,419,650 barrels in the like 1933 week,
Administration, aided by Texas authorities, is taking quick the American Petroleum Institute reported. This report
action to get to the heart of the trouble, however,was viewed does not include "hot oil."
Oklahoma production spurted 92,400 barrels to 513,200,
as distinctly encouraging.
Under the leadership of L. R. Martineau Jr., sent to the compared with the Federal allowable of 457,400 barrels.
East Texas field last week-end armed with full authority as a California also showed a sharp advance, output rising 22,300
special assistant to Attorney-General Cummings to cut all barrels to 483,700, against the allowable of 452,300 barrels.
red tape and co-ordinate activities of the various Govern- Texas not only dipped below the previous week, however,
ment departments charged with enforcement of the oil code, but also was below its Federal allowable, production dropsome definite progress toward the curtailment of "hot oil" ping 68,950 barrels to 941,550 barrels, compared with
the Federal allowable of 956,100 barrels.
in that area is seen in view.
The Pure Oil Co. Monday posted a price of $1.02 a barrel
Texas oil authorities, who have made 29 arrests in the past
few days, are co-operating with the Federal agencies. The for crude produced in the new Bosco field of St. Landry
29 defendants charged with violation of the Rftilroad Coin- and Acadia parishes in southwest Louisiana.
Stocks of domestic and foreign crude oil dipped 693,000
mission's orders controlling oil production, will be tried at
Longview on Oct. 22. The State will ask the full penalty of barrels during the week ended Oct. 13 to 332,818,000 barrels,
$1,000 a day for each day of violations, according to Edward the oil administration reported. Domestic stocks were off
499,000 and foreign 194,000 barrels.
Clark, Assistant Attorney-General.
There were no price changes during the week.
Aid in coping with "hot oil" production and distribution
Prices of Typical Crudes per Barrel at Wells
also is looked for from the Texas Legislature where it is said
(All gravities where A. P. I. degrees are now shown)
strong sentiment exists toward placing the recently enacted
Bradford. Pa
81.00
82.55 Eldorado, Ark., 40
amendments strengthening the Commission's authority in Corning,Pa
1.08
1.32 Rusk, ex., 40 and over
1.13 Dana Creek
.87
execution before the original date of Dec. 25. Under the IllinoIs
Western Kentucky
1.02
1.08 Midland District, Mich
Mid-Cont., Okla.. 40 and above... 1.08 Sunburst, Mont
1.35
new rules, all intra-State shipments of crude or refined Hutchinson.
Tex.,40 and over
.81 Santa Fe Springs. Calif, 40 and over 1.34
Tex.,40 and over
1.03 Huntington, Calif., 26
1.01
petroleum products must be licensed by the Commission. Spindletop.
Winkler, Tex
.75 Petrone. Canada
2.10
of
examine
to
books
right
the
Commission
Smackover. Ark.. 24 and over
.70
It also grants the
refineries in order to check on their reports.
REPINED PRODUCTS—JERSEY, CHICAGO GASOLINE PRICES
Just how serious the situation in East Texas has become
BREAK—PIERCE GALLONAGE WAR RAGES IN BOTH
AREAS—INDEPENDENTS APPEAL TO ADMINISTRATOR
is indicated in a report of the Railroad Commission for the
ICKES—MR. TEAGLE BLAMES "HOT OIL"—MILWAUKEE
week enlied Oct. 15 which disclosed that "hot oil" produced
PRICES ADVANCED—GASOLINE STOCKS DIP
and refined in the East Texas area averaged 55,120 barrels
Gasoline prices at service stations continued their downdaily, compared with an average of 20,000 barrels of legal
crude received by these refineries daily. Unofficial estimates ward plunge in New Jersey and the metropolitan Chicago
The Exchange on Oct. 17 said that this compares with 837,000
bags during September and brings the total, since the start
of the program in June 1931 to 32,289,000 bags, or about
16 months supply for the entire world.
In an announcement issued Oct. 18 by the New York
Coffee & Sugar Exchange it was stated that Brazil's National
Coffee Department announced that their holdings of coffee
for destruction and propaganda purposes on Oct. 10 amounted
to 2,092,000 bags, exclusive of the 11,614,000 bags of coffee
pledged against the coffee loan. The Exchange added:
2430
Financial Chronicle
Oct. 20 1934
area as the fierce price wars in progress in these two sections
"This policy of reducing the differential to meet comcontinued to rage unchecked during the week. Outbreaks petitive prices is justified in behalf of our retail customers
of gallonage wars in other sections also were reported. and friends of long standing, in behalf of our own dealers
Protests against the actions of the major companies were and in our own interests. If we are to remain in business
made to Administrator Ickes, who was asked to stop the war. as a marketer of gasoline no other course was open to us.
In New Jersey, the gallonage struggle between the We desire a stable gasoline market, but this does not mean
Standard Oil Co. of New Jersey and independent dis- that we can continue to ask our retail customers to pertributors operating throughout the State was marked by manently pay such a substantial differential above the price
almost daily reductions in Camden where the fight was named by these cut-price operators."
centered. The majors' cuts were promptly met by indeDespite the sharp reductions in the retail prices posted by
pendents, who in turn undercut, thus forcing further re- Standard of Jersey, dealers' margins were cut only 1 cent
ductions on the part of the larger companies.
a gallon. Company dealers are allowed a margin of 3 cents a
With prices far below the bulk market quotation of from gallon while so-called "split" dealers are allowed a margin of
54 to 634e. a gallon in New York harbor, the week's re- 23/i cents. Thus, the company itself is bearing the brunt
duetions in the Camden area had brought service station of the losses suffered through the price war.
prices down 10c. below a week ago at 8c. a gallon for adverStandard Oil of New York reduced service-station prices
tised brands and 73'c. for independents, taxes included, of gasoline 34 cent a gallon in the Metropolitan New York
and from 6.4 to 9.4 cents below normal at Newark at the area, the reduction also affecting all of Long Island except
week's close.
Greenport, West Hampton and Sag Harbor. Other comA telegram sent Administrator Ickes last Saturday by panies met the cut. Other refined products in the local
Allen B. Tint, head of the Regal Oil Co. of Elizabeth, N.J., market, showed little change, although the bulk gasoline
protested against the cuts of 3.4c. per gallon which had been market eased off somewhat under the stress of the marked
made by Standard of New Jersey to that date, charging weakness in retail prices prevailing throughout many of the
that they presented a serious threat to "the entire gasoline Nation's major marketing areas.
price structure so laboriously developed over the last
Continued cutting of service-station prices of gasoline in
18 months."
the Metropolitan Chicago area brought majors' prices down
The wire also charged that "it is current in the trade to 4 cents under normal on regular and 3.9 cents a gallon
that the major oil companies will attempt to further reduce under normal for third-grade. Independents were posting
the differential between their brands from the current fractionally below these levels. As the week closed, major
1 Mo. a gallon to 3'c. a gallon, thus making it impossible companies were holding at 11.9 cents, 12.8 cents and 14.8
for the independents to exist."
centsfor third-grade,regular and premium with independents
With the price war in the Camden area continuing un- quoting at 11.3 cents, 12.3 cents and 13.3 cents,respectively.
checked during the week, the Roebling Oil Co. Wednesday
Tank-wagon prices were reduced Thursday by Standard
reduced the service station price of gasoline in Newark of Indiana % cent a gallon on regular to 12.8 and 9-10ths
4 cents a gallon to 8.4 cents, the lowest price in the history of a cent on third-grade to 11.9 cents a gallon, thus bringing
of New Jersey. The following day, the majors cut prices these prices into line with service-station quotations.
The
1 cent to 11.4 cents a gallon.
company. also reduced premium gasoline % cent to 14.8
In announcing the cuts, William Seaman, President of the cents a gallon, service stations.
company, disclosed that he had wired Administrator Ickes,
Bulk gasoline prices in the Chicago market ranged from
as had many other independent distributors, asking that he 23
4 to 3 cents a gallon for low octane material with Oklastop the war. It was adiaitted that at the 8.4 cent a gallon homa offerings available at 2% cents a gallon. Low octane
• price, the company was operating at a loss, but Mr. Seaman material was freely offered at 23i, cents a gallon out of
said that his company planned to keep the price down until East Texas, although sales pressure on the mid-West market
all distributors, majors and independents restored prices has lightened somewhat. The renewed drive of Texas and
to their former levels.
Federal officials against "hot oil" production has cut down
Efforts on the part of the Roebling Oil Co. to come to a supplies of cheap crude and refineries are not running as
much
"truce" with the Standard Oil Co. of New Jersey were un- illegal crude as in the past few weeks, trade circles
report.
successful, officials of the company affording no recognition
Advances of from 2.2 to 2.7 cents a gallon in service station
to a wire from the independent sent late in the week. Sources prices in Milwaukee were posted by Standard of Indiana
close to the company, however, said that Standard officials Tuesday following a ruling of the Wisconsin Department
of
felt that their position was unchanged from that cited by Agriculture and Markets fixing Milwaukee prices.
The
Walter C. Teagle, President, earlier in the week. Mr. order, allowed a differential of % cent on third-grade
and
Teagle was out-of-town and no official comment on the offer 1 cent on regular and premium grades to
independent
was made.
marketers. New prices are 15.1 cents, 16.6 cents and 18.6
Frank C. Hart, Head of Hartol Products Co.,independent cents, on third-grade, regular and premium,
respectively,
distributor, Thursday stated that it was up to the Federal taxes included. The company announced that
it would
Government to stop the war. Other independent distributors fight the State's order.
intervention
fight.
the
gallonage
to
end
also sought Federal
Sharp reductions posted in other marketing areas included
Harry F. Sinclair, Chairman of the executive committee of a series of cuts in the Baltimore-Richmond area over
last
the Consolidated Oil Corp., characterized the situation as week-end which culminated in a fifth cut Monday when
not a "price-war but an attempt at annihilation."
prices were 1 cent a gallon, bringing the net cuts to 5.1 cents
Walter C.Teagle, President of Standard Oil of New Jersey, a gallon; a cut of 1 cent a gallon in northern
Kentucky
in answering the reports that the major companies were Monday, posted by Standard of Kentucky, and a cut of 1
endeavoring to put the independents out of business, said cent a gallon, posted by all distributors in
Pittsburgh last
Wednesday that all of the complaints ignored the major week-end. .
factor in the situation.
The Pittsburgh cut was followed by a further reduction
Mr. Teagle attributed the original weakening of the retail of 1% cent a gallon Thursday by the Socony-Vacuum
Oil
price structure to the sales pressure exerted through low- Co. Philadelphia service station prices also were cut
1 cent
priced offerings of gasoline refined from "hot oil" produced a gallon Thursday, the Sun Oil Co. instituting the
reduction.
in the East Texas area. This gasoline, he said, was sold in
Further weakness developed in the Philadelphia area
the bulk markets at low prices and the cut-price retail dis- Friday with the Sinclair Refining Co. cutting service station
tributors utilized it in an attempt to cut into the majors' gasoline prices 23/i cents a gallon to 10 cents,
excluding 4
gallonage.
cents taxes. Other companies cut prices 1 cent a gallon
"In many localities our marketing companies' retail sta- to 10.5 cents. The 1 to 1% cent a gallon cut posted Thurstions and our dealers were being undersold by these cut- day in Philadelphia and Pittsburgh by Socony-Vacuum
was
price competitors by from 1% to 4 cents a gallon or more," met by the Atlantic Refining Co. which made the
cut
widespread
so
became
"This
finally
situation
continued..
he
effective throughout Pennsylvania and Delaware.
that we had no alternative but to let our retail market go
Baltimore prices also slipped off again, Standard of New
down to a point where there is real competition between Jersey posting a cut of % cent a gallon to 133 cents a gallon,
our gasoline and that sold through these cut-price outlets taxes included, the sixth cut in this area in the past week.
with due allowance for the difference in quality. We have Its subsidiary, Standard of Louisiana, cut prices in Knoxnot reduced the price of gasoline below competitors' prices. ville, Tenn., % cent to 10 cents a gallon, exclusive
of taxes.
We have followed the competitors' price down by reducing
Stocks of finished gasoline were off 251,000 barrels in the
the differential between the posted retail price of our gasoline
week ended Oct. 13 to 43,109,000 barrels, reports to the
and the price named by the cut-price competitor.
Volume 139
Financial Chronicle
American Petroleum Institute indicated. Reporting oil
refineries showed a sharp spurt in activities, operating at
67.2% of capacity, against 61.8% a week ago. Daily
average runs of crude oil to stills were 2,267,000 barrels,
against 2,084,000 barrels.
Stating that more than 84% of the members of the Independent Refiners' Association of East Texas had signed the
agreement, Jules Constantin, President, Tuesday forecast
early resumption of the distress gasoline purchase plan.
Price changes disclosing the rapid changes in quotations
during the past week follow:
Oct. 12-Service station gasoline prices were reduced 1.4 cents a gallon
in Hudson County and 2 cents in Camden by Standard of New Jersey.
Independents cut prices 2.4 cents a gallon.
Oct. 13-Service station gasoline prices in Northern New Jersey and in
Camden were reduced 1 cent a gallon by Standard of New Jersey. Independents met the cut.
Oct. 13-Service station prices of gasline were cut 1 cent a gallon in
Pittsburgh.
Oct. 15-Standard Oil of Kentucky cut service station gasoline prices
1 cent a gallon in Campbell. Kenton and Boone counties in northern
Kentucky.
Oct. 15-Standard Oil of New York cut gasoline service station prices
3i cent a gallon in the metropolitan New York area. The cut included all
of Long Island with the exception of Greenport, West Hampton and Sag
Harbor.
Oct. 15-The fourth gasoline cut in the past five days was posted by all
major distributors in the Richmond and Baltimore areas who cut prices
1 cent, making the net reduction 5.1 cents a gallon.
Oct. 16-Standard Oil of New Jersey cut gasoline prices 1 cent a gallon in
northern New Jersey and Camden.
Oct. 16-Standard of Indiana advanced Milwaukee service station prices
of gasoline from 2.2 to 2.7 cents per gallon.
Oct. 17-The Roebling Gasoline Co. cut Newark gasoline prices 4 cents
a gallon to 8.4 cents, taxes included.
Oct. 17-Standard of Indiana cut third-grade gasoline 9-10s of a cent a
gallon and regular 3. cent a gallon to 11.9 and 12.8 cents a gallon, service
station respectively, in the metropolitan Chicago area.
Oct. 17-Standard Oil of Indiana reduced regular gasoline I cent a gallon
at Indianapolis service stations.
Oct. 17-Independent distributors operationg in the metropolitan
Chicago area cut service station gasoline prices 3 cent a gallon below the
cuts posted earlier in the day by Standard of Indiana.
Oct. 17-Standard Oil of Indiana reduced tank-wagon prices of gasoline
cent a gallon to 12.8 cents for regular and 9-10s of a cent to 11.9 cents a
gallon for third-grade, both prices conforming with service station postings.
effective Thursday morning.
Oct. 17- All distributors operating in the Fitchburg, Mass., area advanced service station prices of gasoline 3% cents a gallon to 9 cents.
excluding 4 cents taxes, from the recent low of 53. cents, excluding taxes.
Oct. 17-Standard Oil of New Jersey posted another cut in retail gasoline
prices in Camden of 1 cent a gallon, effective October 18, making the new
price 4 cents a gallon, excluding taxes, against 3Yi cents a gallon, posted by
independents. A similiar cut was made in northern New Jersey where
service station prices of gasoline were lowered to 11.4 cents a gallon.
Oct. 18-The Socony-Vacuum Oil Corp. cut service station prices of
gasoline Ili cents a gallon in Pittsburgh and 1 cent in Philadelphia.
Oct. 18-The Sun Oil Co.reduced service station prices of gasoline 1 cent
a gallon in the Philadelphia area to 11.5 cents a gallon.
Oct. 19-Sinclair Refining Co. cut Philadelphia service station prices of
gasoline 23. cents a gallon to 10 cents, exclusive of taxes. Other Companies
cut prices an additional 1 cent to 10 cents a gallon, service station.
Oct. 19-The Atlantic Refining Co. cut service station prices of gasoline
1 to 1 Si cents a gallon through Pennsylvania and Delaware extending the
original cuts posted Thursday by Socony-Vacuum in Pittsburgh and
Philadelphia.
Oct. 19-Standard of New Jersey cut Baltimore service station prices
of gasoline % cent a gallon to 13% cents, excluding taxes.
Oct. 19-Standard of Loulsana cut retail gasoline prices % cent a gallon
in Knoxville. Tenn., to 10 cents a gallon, excluding taxes.
Gasoline, Service Station. Tax Included
New York
Cleveland
$.15
New Orleans
5.175
$.175
Atlanta
.21
Philadelphia
22
Denver
.10
Boston
.17
Detroit
Pittsburgh
.135
155
Buffalo
.185
.2()
Jacksonville
San Francisco
185
Chicago
18
St. Louis
.128
Los Angeles
.153
Cincinnati
Minneapolis
149
175
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
New York:
North Texas_5.03 -.03)41 New Orleans.$.04%-.0434
(Bayonne) ---$.05-.0514 Los Angeles__ .0411-.0514 Tulsa
.0354-.0314
Fuel Oil, F.O.B. Refinery or Terminal
N.Y.(Bayonne):
California 27 plus D
Gulf Coast C
$1.00
Bunker C
51.05-1.20 Phila., bunker C. 1.15
$1.151
Diesel 28-30 D...,.... 1.89 I New Orleans C. .95-1.10
Gas 011, F.O.B. Refinery or Terminal
[Chicago:
1Tuba
N. Y.(Bayonne):
5.02-.02%
talus
0455-.05
1 32-36 GO-3.02-.02%1
27
U. S. Gasoline, Motor (Above 65 Octane), Tank Car Lots, F.O.B. Refinery
Standard 011 N..7.:
New York:
N.Y.(Bayonne):
Colonial-Beacon _$.063(
3.06)4
Motor, U. S
Shell East'n Pet__$.0634
.0614 Chicago
z Texas
.0534
62-63 octane
04)4-.0455
0614 New Orleans
y Gulf
z Stand. Oil N. Y. .06
.0434
Republic Oil
0614 Las Angeles. ex.0434-.04$4
•Tide Water Oil Co. .0634
Sinclair Refining_ .0614 Gulf ports____.0534-.0534
Richfield 011 (Cal.) .07
Tulsa
.04%
Warner-Quinlan Co_ .07
x Richfield "Golden." z 'Fire Chief'', $0.07. • Tydol, $0.07. y "Good Gulf,'
30.07S4. z "Mobilgas."
Tin Exports During August Exceeded Quota According
to International Tin Committee-8,614 Tons
Exported Compared with 7,680 Tons in JulyUnited States to be Represented on Advisory Panel
Soon to Be Constituted.
Exports of tin during August by the five countries participating in the International Tin Agreement totaled 8,614
tons, an increase of 934 tons over the July total of 7,680
tons and 572 tons in excess of the allowable quota of 8,042
tons. This was made known in a communique issued by the
International Tin Committee which also makes mention of
2431
United States representation on an Advisory Panel soon to
be constituted. The communique was made public as follows
on Oct. 11 by the New York Office of the International Tin
Research and Development Counc 1:
INTERNATIONAL TIN COMMITTEE
Communique
1. The monthly statistics as to exports are as follows:
N. E. I
Nigeria
Bolivia
Malaya
Siam
Monthly Export
Permissible
from Apr. 1 1934
June
July
August
1,667
464
1,943
3,152
816
1,783
535
1,609
3,071
476
1,163
450
1,703
3,194
1.170
1,629
727
1,891
3,276
1,091
Export
2. An Advisory Panel representative of tin consuming interests will
shortly be constituted. The United States of America and the United
Kingdom, as the two largest consumers of tin, will have representatives on
the Panel.
Non-Ferrous Metals Generally Better-Lead Price
Advanced-Domestic Copper Production Curtailed.
"Metal and Mineral Markets" in its issue of Oct. 18
stated that the moderate gain in business in non-ferrous
metals that set in early this month appears to be well sustained, and a better tone prevails in most quarters. Last
week most of the activity centered in lead, and the buying
resulted in raising the price on an average of five points.
Copper attracted wide interest because of the action taken
by primary producers to curb output and, it is hoped,
thereby restore confidence in the domestic price structure.
The fact that zinc held at 3.80c., St. Louis, was accepted
as a favorable indicator in that metal. Silver made a new
high for the movement on developments in connection with
the United States buying program. "Metal and Mineral
Markets" further added:
Copper Sales Improve
General sentiment in the domestic copper market was noticeably better
last week. Total sales of Blue Eagle metal during the seven-day period
ended Oct. 16 were slightly above 3,300 tons, or about 1.000 tons in excess
of sales for the preceding week. Both fabricators and wire and cable interests
Indicated that a steady improvement in demand for their products has
developed. Price structure of the metal continued unchanged at 9c..
Valley.
The outstanding development in the industry during the week was the
announcement on Tuesday (Oct. 16) that Kennecott Copper, effective
Immediately, would reduce its current output by 20%. Similar action
shortly by other primary producers is said to be expected. In the step
taken by Kennecott is seen additional evidence of the reasoning expressed
by Robert E. Tally, President of United Verde, at the recent San Francisco
meeting of the American Mining Congress, where he contended that the
only practical solution to the serious problems confronting the mineral
industry of this country was "permanent regulation of production to
demand."
The encouraging demand for copper that has prevailed abroad recently
was fairly well sustained last week. Changes in marketing policy by foreign
governments, are said to have imposed some difficulty in disposing of
metal in certain directions. Prices during the week ranged from 6.375c.
to 6.550c., c.i.f.
Refined copper statistics for September showed a reduction in American
stocks of about 4,000 tons, and a gain in the foreign surplus of 10.750
tons, resulting in a net gain in world stocks of 6,750 tons. The domestic
statistical picture was somewhat better than had been expected. The
unfavorable trend abroad will probably hasten the day when efforts will
be made by producers outside of the United States to balance production
and Consumption. Foreign producers, it has been stated unofficially. will
insist on curbing United States exports.
The copper statistics for August and September are summarized as
follows, in short tons.
Production:
Sept.
Aug.
United States mine
17.800
20,250
United States scrap
9,000
10.000
Foreign mine
79.500
78.500
Foreign scrap
6,900
6,750
Totals
113.200 115.500
Production, refined
101.700
118.150
Deliveries, refined:
United States
30.650
33.600
Foreign
79.250
77.800
World stocks, refined
489.750 496,500
Germany imported 11,514 metric tons of copper during August, against
14,343 tons in the same month last year. German imports of copper during
the first nine months of 1934 totaled 146.178 tons, against 94,191 tons In
the same period last year.
Lead Market Higher
Buying of lead assumed fairly large proportions, and the market gained
strength as the week advanced. Sales for the week that ended Oct. 17
totaled about 7.500 tons. against 2,700 in the week previous. The American
Smelting & Refining Co. on Oct. 17 announced a five-point advance in
its settling basis, bringing its quotation to 3.65c., New York. St. Joseph
Lead was able to obtain a five-point premium on most of the business
booked in that quarter during the last week.
The immediate future of lead appears a little brighter to most traders,
based largely on reports that certain classes of consumers have been
experiencing a broader demand for lead products. Corroders have been
prominent among the buyers. Demand for pigments has been improving
in nearly all sections of the country. Those who are not so optimistic over
the outlook are not yet convinced that consumption of lead now exceeds
the current rate of production.
Sales of lead for October shipment are said to be in excess of 35.000 tons
a figure well above the average of recent months.
Zinc Holds at:3.80c.
Demand for zinc fell off slightly last week, but, following the rather
heavy tonnage booked during the preceding seven-day period, the volume
2432
Financial Chronicle
Oct. 20
1934
of business was held to be encouraging. Sales for the calendar week, according to statistics circulating in the industry, totaled about 3.301) tons. Price
of the metal held at 3.80c.. St. Louis. throughout the week. Bids at 3.75c.
were reported, but no business on that basis was said to have been booked.
Steel production is off two points to 24% at Chicago and 10 points to
23% in the Wheeling district, but has risen 2 points to 28% in the Valleys.
2 points to 26% at Cleveland and 1 point to 22% in the Philadelphia area.
Elsewhere operations are substantially unchanged.
Tin Continues Quiet
The market for tin moved within narrow limits, prices fluctuating with
exchange. An advisory panel, representative of tin-consuming interests,
will soon be constituted, according to a statement issued by the International Tin Committee. Tin-plate operations in this country declined
to less than 40% of capacity last week.
Chinese tin, 99%, was quoted nominally as follows: Oct. 11, 49.75c.;
Oct. 12, holiday; Oct. 13, 50.15c.; Oct. 15, 50c.; Oct. 16, 50.15c.; Oct. 17,
50.125c.
THE "IRON AGE" COMPOSITE PRICES
Finished Steel
Oct. 16 1934. 2.1240. a lb.
'Based on steel bars, beams, tank plates.
One week ago
2 124c. I wire, rails, black pipe. sh ets and hotOne month ago
2.1240.1 rolled strips. '1 hose products make
One year ago
2.01504 85% of the United States output.
Increase of $95,000,000 in Steel Wages from August
1933 to September 1934 Reported by American Iron
& Steel Institute
The total wage bill of the steel industry was increased by
approximately $95,000,000 during the first full year's operation of the steel code, according to figures compiled by the
American Iron and Steel Institute. Over this period, from
August 1933 to September of this year, $470,000,000 went
into pay envelopes of the industry's employees, the Institute
stated on Oct. 17, adding:
Three wage advances have taken place in the industry since the Code was
inaugurated. The first. averaging 163i %, was in August 1933. The
second came in November through adjustment of hours of work, and the
third was in April of this year when a 10% addition was put into effect.
Hourly wage rates for steel workers now average 63.5 cents an hour
against 47.3 cents in June 1933. an increase of 34%.
Steel Production Drops to 23 2% of Capacity but
Sentiment Improves
Steel production has suffered a setback, declining from 24
to 23y2% of capacity, states the "Iron Age" of Oct. 18.
The recession is apparently an aftermath of uncertainties
regarding Administration policies which have now been
argely removed. The atmosphere has been cleared of much
doubt and confusion not only by the growing tone of conservatism manifested by the new National Recovery Administration as it attempts to get its bearings, but more
especially by the unequivocal assurance of Donald Richberg
that no changes in the price provisions of the steel code are
contemplated. His emphasis on the need for stability in
the steel industry was timely in view of the close relationship
that exists between price levels and wage rates. Even though
the danger of price demoralization now seems to have been
forestalled, it is a question how long present wages can
be maintained if business volume does not increase. Greater
confidence, now seemingly in the making, may, of course,
provide the needed impetus to lagging enterprise. The
"Age" further stated:
Pending the translation or better sentiment into greater demand, the
Iron and steel market remains lethargic. Steel bookings from the automotive industry have sunk to one of the lowest levels of the year. Virtually
the only sign of betterment is the release of inquiries for stampings for new
models, which may shortly result In orders for sheets and strip steel. Ford
has resumed operations on a five-day basis, but automobile output for the
month will probably not erceed 120.000 units and November gives promise
of little, if any, improvement. The steel trade still clings to the hope,
however, that substantial buying of steel for new models will develop by
the end of this month.
An earlier and sharper stimulus to buying is more likely to result from
the exhaustion of speculative Inventories accumulated by consumers in the
second quarter. With the apparent removal of incentives to wait out the
market, buyers are counted on to replenish their stocks more freely and
evidences of a nascent restocking movement are seen in a growing diversification of orders. Renewed demand from jobbers is regarded as particularly
significant. Eastern mills are receiving their first orders from Pacific
Coast warehouses since last June. Pipe jobbers requirements are being
increased by the drafts on them by the Administration s home modernization program.
Farm equipment makers are taking more steel, now being the leading
consumers of bars in the Middle West.
Stearn shovel makers are also
busier following the receipt of orders for public projects.
Demand for heavier rolled products is still mainly dependent on Government expenditures. Structural steel awards, at 8.580 tons, compare with
with 15,700 tons in the previous week and 15.850 tons two weeks ago.
New projects total 14,302 tons as against 6.400 tons reported last week.
Plate lettings were 2,200 tons, with fresh inquiries calling for 2,440 tons.
The steel for an Argentine refinery of an American company, amounting
to 12,000 tons, has been placed with a German mill. The oil company
had blocked marks in Germany and could not get them out except in trade.
Most railroads are curtailing their expenditures, but a number of Western
roads are preparing rail specifications, which suggests that another Government-sponsored rail buying program is being launched. The re-equipment of 2.000.000 freight cars with a new type of air brake over a period of
10 years promises to benefit foundries, as well as bolt and nut makers.
Tin plate production has finally yielded to seasonal influences and has
declined from 45 to 40%. Not only has domestic demand receded but
foreign business has slumped following heavy purchases on successive price
increases. The last advance in the export price was from approximately
$4.33 to around $4.40 per base box. Pittsburgh. Japan continues to be a
large buyer of tin plate waste wasters. Reports that the Japanese Government will Import 100.000 tons of various typm ofsteel for the reconstruction
of the typhoon-swept Osaba district still lack official confirmation.
Scrap markets are without trend and the "Iron Age" composite price for
heavy melting steel remains unchanged at $0.50 a ton for the fourth week.
The "Iron Age" composites for finished steel and pig iron are also unaltered
at 2.124c. a lb. and $17.90 a ton respectively. Bolts, which are not under
a code, have weakened again and are now quoted at 70, 10. 10 and 10%
off list.
High.
2.1990. Apr. 24
2.015o. Oct. 3
1.9770. Oct. 4
2.0370. Jan. 13
2.2730. Jan. 7
2.317c. Apr. 2
2.286c. Dec. 11
2.4020. Jan. 4
1934
1933
1932
1931
1930
1929
1928
1927
Low.
2.0080. Jan, 2
1.8670. Apr. 18
1.926e. Feb. 2
1.0450, Dec. 29
2.1118c, Dec. 9
2.2730. Oct. 29
2.2170. July 17
2.2120, Nov. 1
Pig Iron
Oct. 16 1934, $17.90 a Gross Ton
1Based on average of basic Iron at Valley
One week ago
$17.90, furnace foundry irons at Chicago,
One month ago
17.901 Philadelphia, Buffalo, Valley. and
One year ago
18.81J Birmingham,
High
$17.90 May 1
16.90 Dec. 5
14.81 Jan. 5
15.90 Jan, 6
18 21 Jan. 7
18.71 May 14
18.59 Nov. 27
19.71 Jan, 4
1934
1933
1932
1931
1930
1929
1928
1927
Low
$18.90 Jan. 27
13 56 Jan, 8
13.56 Deo. 6
14.79 Dec. 15
15.90 Dec. 16
18.21 Dec. 17
17.04 July 24
17.54 Nov. 1
Steel Scrap
Oct. 16 1934, 59.50 a Gross Ton
113ased on Nov. 1 heavy melting steel
One week ago
$9.50
quotations at Pittsburgh, Philadelphia
One month ago
9.58
and Chicago.
One year ago
10.54
High
Low
1934
$13.00 Mar. 13
59'.50 Sept. 25
1033
12.25 Aug. 8
8.75 Jan, 3
1932
8.50 Jan. 12
6.42 July 5
1931
11.33 Jan, 6
8.50 Dec. 29
1930
15.00 Feb. 18
11.25 Dec. 9
1929
17.58 Jan. 29
14.08 Dec. 8
1928
18.50 Dec. 31
13 08 July 2
1927
15.25 Jan, 11
13.08 Nov. 22
The American Iron and Steel Institute on Oct. 15 announced that telegraphic reports which it had received indicated that the operating rate of steel companies having 98.7%
of the steel capacity of the industry will be 22.8% of the
capacity for the current week, compared with 23.6% last
week and 22.3% one month ago. This represents a decrease
of 0.8 points, or 3.4%, from the estimate for the week of
Oct. 8. 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
Deo. 11
Dec. 18
Dee. 25
1934Jan. 1
Jan. 8
1934Jan. 15
Jan. 22
Jan. 29
Feb. 5
Feb. 12
Feb. 19
Feb. 26
afar. 5
Mar. 12
Mar. 19
Mar. 26
29.3% Apr, 2
30.7% Apr, 9
31.6%
28.1%
25.2%
27.1%
26.9%
26.8%
28.3%
31.5%
34.2%
31.6%
193434.2% Apr, 18
32.5% Apr. 23
34.4% Apr. 30
37.5% May 7
39.9% May 14
43.8% May 21
45.7% May 28
47.7% June 4
48.2% June 11
46.8% June 18
45.7% June 25
43.3% July 2
47.4% July 9
193450.3% July 16
28.8%
54.0% July 23
27.7%
55.7% July 30.....26.1%
56,9% Aug. 8
2S,8
56.8% Aug. 13
22.3%
54.2% Aug. 20
21.3%
511.1% Aug. 27
19.1%
57.4% Sept. 4
18.4%
58.9% Sept. 10
20.9%
56.1% Sept. 17
22.3%
44.7% Sept. 24
24 '2%
23.0% °et. 1
23.2%
27.5% Oct. 8
23 8%
Oct. 15
22.8%
"Steel" of Cleveland, in its summary of the iron and steel
markets on Oct. 15, stated:
Although two weeks of the fourth quarter have elapsed without any large
commitments from leading consumers, the trend in buying as measured by
volume of miscellaneous orders is upward, and steelmakers are confident
of a substantial improvement once the automobile industry has launched
definitely on its new models.
From present indications steel specifications from automobile manufacturers should show a measurable gain early in November. While production last week was increased by 6.000 cars to 25,000, many automobile
plants remained idle, and the industry as a whole is at the bottom of its
1934 schedules. Demand for pig iron from automobile foundries has expanded at a much better rate than has that for finished steel.
Steel markets generally last week reflected the hesitation prevalent
pending the statement by Donald It. Richberg on the Government's code
and price policies; a statement, however, that came too late in the week to
afford any gage of its effect on consumers.
His pronouncement that no important changes in the steel code are contemplated dispels some uncertainty regarding prices, but on the other
hand it has apparently frustrated the hopes held by leading buyers for a
highly competitive market such as would be certain to result in reductions.
Offsetting this, however, the more definite intimations of impending
inflationary measures are expected to stimulate buying as a hedge against
the consequences of inflation.
Undoubtedly the strongest feature of the markets from producers standpoint is the universal absence of consumers stocks; the fact that material
being shipped to-day is going immediately into consumer goods-providing a sound basis for a broad improvement in iron and steel demand.
With inventory-time approaching, however, it appears unlikely that
buying over the remainder of the year will far outstrip actual requirements.
Much depends upon how the automobile manufacturers will appraise markets for now cars, and how quickly some of the large Government construction projects can be released.
Though there are several hundred thousand tons of structural steel
pending in those projects, already figured and awaiting awards, structural
lettings last week dropped to 15,481 tons. Government advances for home
construction and renovizing have not yet distinctly benefited steel, though
expected to make more headway. The Navy has postponed to Nov. 2
bids on 3,540 tons for its navy yards, and is holding up more than 1,000
tons of plates on which bids were opened over a month ago.
Japan estimates 100.000 tons of steel will be required to rebuild the
typhoon-swept city of Osaka. American farm implement makers sales
In the first eight months this year were about 85% over 1932, the low mark
in recent years, and they are increasing their steel purchases moderately.
Merchant pig iron and foundry coke shipments are gaining steadily; in
the Great Lakes district so far in October 140% for pig Iron and 33% for
Volume 139
Financial Chronicle
coke, over the comparable period last month. Such activity as noted in
scrap is largely in demand for foundry grades.
A large tonnage of pig iron will be required through the railroads decision
to re-equip 2,000,000 freight cars with a new type of airbrake, at the rate
of 200.000 annually. Early action may be taken by the Pennsylvania
on 58 electric locomotives. At Sharon, Pa., tank car builder has booked
orders for 75 complete tank cars and 40 tanks.
Steel ingot output in Great Britain in September. 734.000 tons, increased
67,700 tons over August, according to "Steel's" London cable. Pig iron
production declined 3,000 tons to 500.300 tons.
Steelworks operations last week were unchanged on the strong side of
25%. Chicago held at 26; Pittsburgh. 18: Detroit, 59; Wheeling, 33;
Cleveland, 28; Buffalo. 24; Birmingham, 25; New England. 40. Youngstown was up 34 point to 2931 and eastern Pennsylvania 34 point to 1735%•
"Steel's" iron and steel price composite Is unchanged at $32.09; the finished steel index remains $54, while the iron and steel scrap figure is up
four cents to $9.37 on some minor adjustments at Pittsburgh.
Steel ingot production for the week beginning Oct. 15, is
placed at about 24% of capacity according to the "Wall
Street Journal" of Oct. 17. This compares with 24% in
the two preceding weeks. The "Journal" further stated:
U. S. Steel is estimated at 2134%, the same as in the previous week.
Two weeks ago the big company was at 22%. Leading independents are
credited with a rate of 2534%, against nearly 2634% in the week before,
and a shade under 26% two weeks ago.
The following table gives the approximate percentage of production for
the corresponding week of previous years, together with the change from
the week immediately preceding:
Industry
1933
35
-2
20
+ 3.4
29
- 34
55
-134
79
-5
8734 + 14
64
-2
1932
1931
1930
1929
1928
1927
Independents
U. S. Steel
38
40
-1
2034 +2
28
5114 -134
77
-3
+2
88
62
-1
-2
1934 + Si
32
60
-134
82
-7
87
-2
6534 -3
Anthracite Shipments During September 19.45% Lower
Than in Corresponding Month of 1933
Shipments of anthracite for the month of September
1934, as reported to the Anthracite Institute, amounted to
3,400,908 net tons. This is an increase, as compared with
shipments during the preceding month of August, of 291,209
net tons, or 9.36%, and when compared with September
1933, shows a decrease of 821,019 net tons, or 19.45%.
Shipments by originating carriers (in net tons), are as
follows:
Month ofReading Co
Lehigh Valley RR
Central RR. of New Jersey
Del., Lack. & Western RR
Delaware & Hudson RR.Corp_ __ _
Pennsylvania RR
Erie RR
N.Y., Ontario et Western RY
Lehigh ,4 New England RR
Total
Revised.
September
1934
August
1934
September
x1933
August
x1933
748,389
504,894
275.492
443,648
357,633
335,406
359.227
240.999
135.220
738,892
415,741
236,540
403,763
349,368
317,295
281,001
228,588
138,511
838,981
743,411
359,855
579,206
481,572
366,633
477.196
146,766
228.307
885,325
620,188
302,108
441.672
505.630
340,801
504,248
266.227
124,191
3.400.908
3.109.609
4.221.027
2 OM 21S1
2433
production of soft coal during the week ended Oct. 6 is
estimated at 7,036,000 net tons. Compared with the output
in the preceding week, this is an decrease of 264,000 tons or
3.6%. Production during the corresponding week in 1933
amounted to 5,660,000 tons.
Anthracite production in Pennsylvania again showed a
decline. The total output for the week ended Oct. 6 is
estimated at 812,000 net tons, a decrease of 117,000 tons, or
12.6% from the preceding week. Production in the corresponding week of 1933 amounted to 1,126,000 tons.
During the calendar year to Oct. 6 1934, 270,128,000 net
tons of bituminous coal and 44,582,000 net tons of anthracite
were produced. This compares with 243,762,000 tons of
bituminous and 36,579,000 tons of anthracite produced in
the corresponding period of 1933. The Bureau's statement
follows:
ESTIMATED UNITED STATES PRODUCTION OF COAL AND BEEHIVE
COKE (NET TONS)
Week Ended
Oct. 6
1934c
Calendar Year to Date
Oct. 7
1933
1934
1933
1929
Bitum. coal-a
Weekly total 7,036,000 7,300,000 5,660.000 270.128,000 243,762,000 400,262.000
Daily avge__ 1,173,000 1,217,000 943,000 1,146,000 1,031.000 1,691,000
Pa. anthra.-b
Weekly total 812,000 929,000 1,126,000 44,582,000 36,579.000 54,337.000
Daily avge__ 135,300 154,800 187,700
190,100
156,000
231.700
Beehive cokeWeekly total
14,700 d13,400
6,800
673,600
608,900 5,263,500
Daily avge__
2,450
2.233
1,133
2,818
2.548
22,023
a Includes lignite, coal made into coke, local sales, and colliery fuel. b Includes
Sullivan County, washery and dredge coal, local sales, and colliery fuel. c Subject
to revision. d Revised.
ESTIMATED WEEKLY PRODUCTION OF COAL BY STATES(NET TONS)
Week Ended
State
Sept. 29
1934
Sept. 22
1934
Sept. 30
1933
Oct. 1
1932
Sept. 1923
Average a
Alabama
Arkansas and Oklahoma
Colorado
Illinois
Indiana
Iowa
Kansas and Missouri
Kentucky-Eastern
182,000
97,000
178.000
929,000
309,000
64,000
134,000
651,000
Western
Maryland
167,000
75,000
145,000
860,000
298,000
61,000
115,000
625,000
206.000
81,000
187,000
763,000
300.000
54,000
102,000
792.
164,000
30,000
153,000
30,000
168,000
406,000
91,000
96,000
152,000
214,000
671,000 1.587,000
313,000
550,000
86,000
117,000
124,000
168.000
673,000
713,000
217,000
44,000
217,000
26,000
248,000
40.000
Montana
57,000
49,000
49,000
51.000
68,000
New Mexico
25,000
26,000
29,000
25,000
56,000
North Dakota
49,000
36,000
47,000
34,000
27,000
Ohio
354,000
344,000
529,000
320,000
861,000
Pennsylvania (bituminous) 1,623,000 1,650.000 d607.000 d1,545,000 3,585,000
Tennessee
73,000
72,000
92,000
70,000
119.000
Texas
13,000
15,000
14,000
13,000
26,000
Utah
72,000
60,000
85,000
57,000
103,000
Virginia
181,000
157,000
186,000
171,000
245,000
Washington
38,000
31.000
22.000
33,000
58,000
West Virginia-Southern b 1,584,000 1,468,000 1,782,000 1,513,000 1,474,000
Northern_c
360,000
388,000 d608,000 d409,000
857,000
Wyoming
118,000
107,000
101,000
102,000
165,000
Other States
15,000
18,000
5,000
16,000
31,000
Total bituminous coal
Pennsylvania anthracite
Weekly Production of Bituminous Coal Off 3.6%Anthracite Output Off 12.6%
The weekly coal report of the *United States Bureau of
Mines, Department of the Interior, states that the total
Sept. 29
1934
Total coal
7,300,000 6,950,000 e6,876,000 e6,880,000 11,814,000
929,000 1,072,000 1,202,000 1,407,000
714,000
8,229,000 8,022,000 8,078,000 8,287,000 12.528.000
a Average weekly rate for entire month. b Includes operations on the N. & W..
C. & 0., Virginian, K. & M., and B. C. & G. c Rest of State. Including the Panhandle and Grant. Mineral and Tucker counties. d Revised figures. e Original
estimate. No revision will be made in the national total until receipt of final operators' reports from all districts.
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 Oct. 17, as reported by
the Federal Reserve banks, was $2,457,000,000, an increase
of $2,000,000 compared with the preceding week and a
decrease of $39,000,000 compared with the corresponding
week in 1933. After noting these facts, the Federal Reserve
Board proceeds as follows
On Oct. 17 total Reserve Bank credit amounted to $2.457,000.000,
an
increase of $9.000,000 for the week. This increase corresponds with increases
of $17,000,000 in member bank reserve balances and $10,000.000 in nonmember deposits and other Federal Reserve accounts, offset in part
by
increases of $5,000,000 in monetary gold stock and $7,000,000 in Treasury
and National bank currency and a decrease of $10,000,000 in money in
circulation.
*There were practically no changes in the System's holdings of bills
discounted, bills bought in open market and of United States Government
securities.
The 7tatementin fulifor the week ended Oct. 17 in comparison with the preceding week and with the corresponding
date of last year will be found on pages 2479 and 2480.
Changes in the amount of Reserve Bank credit outstanding.
and in related items during the week and the year ended
Oct. 17 1934, were as follows:
Oct. 17 1934
Is discounted
Bills bought
U.S. Government securities
Other Reserve bank credit
Increase (+) or Decrease (-)
Since
Oct. 10 1934
Oct. 18 1933
12,000,000
6,000,000
2 430,000.000
9,000,000
+9,000,000
-101,000,000
-1,000,000
+55,000,000
-9.000.000
Oct. 17 1934
Increase (4-) or Decrease (-)
Since
Oct. 10 1934
Oct. 18 1933
$
TOTAL RESERVE BANK CREDIT2,457.000,000
Monet-an' gold stock.
7,990,000.000
Treasury and National Bank currency2.410,000,000
+9,000,000
-56,000,000
+5,000,000 +3,954,000,000
+7.000.000 +133,000.000
Money in circulation
5 469,000,000 -10.000,000 +106.000.000
Member bank reserves balances
3,996,000,000 +17,000,000 +1.341,000,000
Treasury cash and deposits with Federal Reserve banks
2968,000,000
+1.000.000 +2.684,000,000
Non-member deposits and other Federal Reserve aCCOUntS
422,000,000 +10,000,000 -102,000,000
Returns of Member Banks in New York City and
Chicago-Brokers Loans
Below is the statement of the Federal Reserve Board for
the New York City member banks and that for the Chicago
member banks for the current week, issued in advance of
the full statement of the member banks, which latter will
not be available until the coming Monday. The New York
City statement also includes the brokers' loans of reporting
member banks, which for the present week have increased
$34,000,000, the total of these loans on Oct. 17 1934 standing
at $759,000,000, 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
$593,000,000 to $626,000,000, loans "for account of out-oftown banks" from $131,000,000 to $132,000,000, while
oans "for the account of others''remained even at 31,003,000
Financial Chronicle
2434
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York.
Oct. 17 1934 Oct. 10 1934 Oct. 18 1933
Loans and investments—total
7 118,000.000 7,092,000.000 6,782,000,000
Loans—total
3,079,000,000 3.045,000,000 3,461,000,000
1 434,000,000 1,402,000,000 1,712,000,000
1 645,000,000 1,643,000,000 1,749,000,000
On securities
All other
4,039,000,000 4,047,000,000 3,321,000,000
Investments—total
2 800,000,000 2,812,000,000 2,226,000,000
1,239,000,000 1,235,000,000 1,095,000,000
U. S. Government securities
Other securities
Reserve with Federal Reserve Bank _ _1,381,000,000 1,423,000,000
45,000,000
38,000,000
Cash in vault
878,000,000
38,000,000
Net demand deposits
Time deposits
Government deposits
6 384,000,000 6,322,000,000 5,331,000,000
653,000,000 662,000,000 757,000.000
516,000,000 600,000,000 351,000,000
Due from banks
Due to banks
75,000,000
60,000,000
64,000,000
1,65.1,000,000 1,630,000,000 1,219,000,000
Borrowings from Federal Reserve Bank_
Loans on seeur. to brokers & dealers:
626,000,000
For own account
132,000,000
For account of out-of-town banks
1,000,000
For account of others
593.000,000
131,000,000
1,000,000
691,000,000
117.000,000
7,000,000
Total
759,000,000
725,000,000
815,000,000
On demand
On time
489,000,000
270,000,000
451,000,000
274,000,000
545,000,000
270,000,000
U. S. Government securities
Other securities
Reserve with Federal Reserve Bank
Cash in vault
555,000,000
558,000,000
691,000,000
233,000,000
322.000,000
235,000,000
323,000,000
344,000,000
347,000,000
982,000,000
978,000.000
510,000,000
689,000,000
293,000,000
685,000,000
293,000,000
300,000,000
210,000,000
458,000,000
35,000,000
438,000,000
36,000,000
388,000,000
36,000,000
164,000,000
434,000,000
Due from banks
Due to banks
156,000,000
424,000,000
Borrowings from Federal Reserve Bank.
CompleteReturns of the Member Banks of the Federal
Reserve System for the Preceding Week
As explained above, the statements of the New York and
Chicago member banks are now given out on Thursday,
simultaneously with the figures for the Reserve banks themselves and covering the same week, instead of being held
until the following Monday, before which time the statistics
covering the entire body of reporting member banks in 91
cities cannot be 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 Oct. 10:
The Federal Reserve Board's condition statement of weekly reporting
member banks in 91 leading cities on Oct. 10 shows increases for the week of
813,000,000 in total loans and investments, $121,000,000 in net demand
deposits and $86,000,000 In reserve balances with Federal Reserve banks.
Loans on securities increased 88,000,000 at all reporting banks. "All
other" loans declined $5.000,000 in the Chicago district and increased
$20.000,000 In the New York district and $12,000,000 at all reporting
member banks.
Holdings of United States Government securities increased 816,000.000
in the New York district, $7.000,000 in the Chicago district and $22,000,000
at all reporting member banks. Holdings of other securities declined
822,000,000 in the New York district and $29,000.000 at all reporting
banks.
Licensed member banks formerly included in the condition statement of
member banks In 101 leading cities, but not now included in the weekly
statement, had total loans and investments of 81.179,000.000 and net demand, time and Government deposits of $1,287,000,000 on Oct. 10, compared with $1,179,000,000 and 81,283,000,000. respectively, on Oct. 3.
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 Oct. 10 1934, follows.
Increase (-F) or Decrease (—)
Since
On, 111033
Oct. 3 1934
Oct. 10 1934
Loans and Investments—total-17,824,000,000
+13,000,000 +1,288,000,000
7,814,000,000
+20,000,000
—756,000.000
3,055,000,000
4,759.000,000
+8,000,000
+12,000,000
—582,000.000
— 174,000,000
—7,000,000 + 2,044.000,000
10,010,000,000
--U. S. Government securities__ 6,658,000,000
3,352,000,C00
Other securities
+22,000,000 +1,664,000,000
—29,000.000 +380,000,000
2,977,000,000
273,000,000
+88,0e0,000 +1,083,000,000
+56.000,000
+17,000.000
13,204,000,000
4,468,000,000
1,095,000,000
+121,000,000 +2,635,000.000
—10,000.000
—3.000,000
+1,000,000 +232,000,000
1,541,000,000
3,864,000,000
+26.000,000 +341,000,000
+34,000,000 +1,263,000,000
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. R. banks
Further Canadian Press advices from Montreal Oct. 16
stated:
Advices from Montreal to the "Wall Street Journal" of
Oct. 17 stated:
Investments—total
On securities
All other
Besides Mr. McMaster, it consists of F. S. Mathewson, Vice-President;
Grant Johnson, Treasurer; II. J. Child, L. S. Colwell, J. R. Donaldson,
Maurice Forget, J. D. Herdt and H. C. MacDougall of Montreal, J.
Chester Cuppla, Floyd Y. Keeler and Hans A. Vogelstein of New York,
P. R. Gardiner, G. W.Nicholson and Gordon Taylor of Toronto. G.P. G.
Dunlop of Montreal was named Secretary.
The minimum amount ofsilver that may be traded in is 10,000 ounces and
the margin on that quantity will be more than $600.
191,000,000
268,000,000
On securities
All other
Loans—total
Trading on Canadian Silver Market to Begin on Monday
Next Oct. 22
Trading in silver futures will begin in Montreal on the
new Canadian Commodity Exchange on Monday next Oct.
22. The new Exchange, to which reference was made in
these columns Oct.6, page 2122,is a consolidation of interests
in the Toronto and Montreal Stock Exchanges. Douglas S.
McMaster, Chairman of the Montreal Stock Exchange, is
President and Chairman of the Canadian Commodity Exchange. Canadian Press advices from Montreal Oct. 15
reporting that the governing committee had been chosen,
added:
1,485,000,000 1,465,000,000 1,040,000,000
360,000,000 360,000,000 346,000,000
54,000,000
32,000,000
31,000,000
Loans—total
Net demand deposits
Time deposits
Government deposits
20 1934
Harold J. Child of this city has been elected President of the Canadian
Commodity Clearing Association, Inc., which will operate in conjunction
with the Commodity Exchange, Inc., when silver trading is started here on
next Monday. J. A. Hodgson has been elected Vice-President. Other
directors will be H.C. MacDougall, Russell Cowans, A. S. Beaubien, J. R.
Ballantyne, M. C. Oswald, L. P. Beaubien and L. S. Colwell.
The clearing association will make a charge of 30 cents for each contract
of silver cleared.
Changes in the price of silver on the Commodity Exchange will be in
multiples of one one-hundredth cent an ounce. A fluctuation of a point,
or one one-hundredth cent, will be equivalent to $1 a contract and a fluctuation of a cent, equivalent to $100 a contract. The limit of fluctuation
In any one session will be three cents an ounce above or below the previous
closing price.
December. 1934, will be the first delivery month traded in. Contracts
for delivery in the nine succeeding calendar months will also be traded in.
On and after Nov. 1 trading will be in the ten succeeding months, and on
and after Dec. 1, in the eleven succeeding months.
Tenderable sliver will consist of .999fine silver in bars of usual commercial
sizes, bearing one of the brands or markings on the official list approved by
the exchange. Weight tolerance will be 3% over or under 10,000 ounces.
Chicago.
1,537,000,000 1,536,000,000 1,201,000,000
Loans and investments—total
Oct.
— 1,000,000
—23,000,000
Commissions on the Canadian Commodity Exchange for trading In
silver futures will be: For each 10,000 ounces bought or sold $9 when the
price does not exceed 40 cents per ounce, and $1 additional for each ten
cents of fraction thereof in excess of 40 cents per ounce.
J. M. Schmauder has been named Secretary-Treasurer of the Clearing
Association, with C. G. G. Wallace as Assistant Treasurer,
Toronto Stock Exchange Calls for Data From Listed
Companies with Respect to Treasury Shares
A regulation governing treasury options and underwritings by listed companies was made recently by the managing
committee of the Toronto Stock Exchange. The regulation, announced by the Exchange on Oct. 12, follows:
Every company whose shares are posted for trading on the Exchange
shall furnish promptly a copy of every underwriting, option or other sales
agreement entered into with respect to treasury shares. The Managing
Committeeshall have the right to disapprove of the terms of any such agreement, and in case of such disapproval, the agreement shall not be proceeded
with by the company. Otherwise its shares shall be removed from the
trading list.
If such agreement is not disapproved, the Managing Committee shall
give prompt notice of the terms thereof to each member of the Exchange
and may give notice thereof to the press.
Ontario Securities Commissioner Investigates Recent
Transactions in Tech-Hughes Stock—Directors
Deny Charge that Stock Sales Were Made Because
of Dividend Reduction
J. M. Godfrey, Securities Commissioner of Ontario, on
Oct. 16 opened an investigation into transactions in shares
of Tech-Hughes Gold Mines, Ltd. The Commissioner directed his inquiry into alleged charges that the recent announcement of a reduction in the company's dividend from
15 to 10 cents on its capital stock had been withheld to permit
short-selling by "insiders." Dr. Conrad Wettlaufer, Secretary and a Director of the company, testified on Oct. 16 that
he and his family had sold more than 15,000 shares of the
stock between meetings of the directors on Sept. 11 and
Sept. 17, but denied that this selling had any connection
with the reduced dividend, which he said he himself had
opposed. His testimony, and that of other witnesses, was
described in part as follows in Canadian Press advices from
Toronto on Oct. 16:
The reduction, he said, was discussed "very little" at the directors'
meeting on Sept. 11, attended by D. L. H. Forbes, 0. Johnson, J. F. Lash,
K.P. Enunons, William Reilly and himself. Until the meeting on Sept. 17
he was hopeful the 15% Patment might be made.
Dr. Wettlaufer said It had been a question of either selling his stock or
putting up more money on it as it was held as collateral by a bank for a
loan. He had told no friends or members of his family of the possibility
of the dividend reduction, not even his wife, who, he said, "looks after
her own business, assisted by her attorney".
Willian W. Reilley. also of Buffalo and a director, said he had sold 5,001)
shares of his holdings on Sept. 12. the day before an article on the company
Volume 139
Financial Chronicle
was to be published in The Northern Miner. He "felt a little provoked"
because he had not been told the information was to be released, he explained. He "didn't consider the market at all," and did not think his
sale "would have any significant effect." . . .
The witness said both he and Dr. Wettlaufer had opposed reducing the
dividend. In fact, he had made a motion at a directors' meeting on Sept. 11
that the 15 cent dividend be paid. He received $6 a share for his stock
on Sept. 12. The stock dropped the same day to $5.50.
Kintzing P. Emmons of New York, Trreasurer of the company, testified
that he had opposed paying the higher dididend. He also explained how
he told of the Northern Miner article to Dr. Wettlaufer and Mr. Reiliey.
He said Dr. D. H. Forbes, the director who gave the newspaper interview,
was in favor of cutting the dividend.
Payment of the 15-cent dividend had become almost a regular practice.
the Commissioner was told by A. W. Johnston of New York, Chairman of
the Board. He did not think this a proper view of shareholders because
"mining is a gamble pure and simple," and holders should not look on the
dividend as certion.
Two thousand shares of Teck-Hughes had been sold by his office on the
morning of the directors' meeting. But he emphatically denied ever selling
"long or short" and stock, and said the sale had nothing to do with him
personally and was made from a private account in his office.
Ontario Government Issues New Regulations to Effect
Stricter Enforcement of Securities Act
In the Toronto "Globe" of Oct. 11 it was stated that new
regulations "to strengthen the arm of Securities Commissioner Godfrey, and to place His Commission on a self-supporting basis," were passed at the Council meeting on Oct. 10
according to an announcement by Premier Mitchell Hepburn. The latter's statement, as given in the "Globe," is
quoted in part as follows:
• Last year the administration of the Securities Act cost the Treasury in
excess of $7,000 by way of deficit and over $30,000 in all. It is estimated
that the deficit for the current year, ending Oct. 31, will amount to $14,000.
The first regulation approved to-day puts an end to these deficits. The
registration fees of brokers and salesmen are substantially increased. Brokers will hereafter pay a fee of $100, instead of $25. Each branch brokerage
office will pay an additional $50 fee. Securities salesmen's licences are
increased from $5 to $10. The Ontario Securities Commission will no
longer be a charge on the Ontario taxpayer.
Telephone Sales Banned
The second regulation prohibits sale of securities by telephone. Since
the prohibition of selling securities from door-to-door in June 1933, there
have grown up what are known as "boiler rooms" where batteries of telephones manned, in part, by imported high-powered American salesmen
have been engaged, to use the expression of the street, in "dynamiting"
the public of Ontario. Millions of dollars.it is said, have been thus"racketeered" from investors in Ontario. This improper practice will be stopped
forthwith by the new regulation, which will be rigorously enforced.
Brokers'Loans on Montreal Stock Exchange Increased
During September—Totaled $19,950,233 Sept. 30
Compared with $19,387,608 Aug. 31
Collateral borrowings by Montreal Stock Exchange member firms totaled $19,950,233 on Sept. 30, according to the
monthly loan statement issued by the Exchange on Oct. 6.
This total contrasts with $19,387,608 at the end of August
of this year, representing an increase of $562,625 or 2.8%.
In the Montreal "Gazette" of Oct. 8 it was also stated:
The current total at $19,950,233 contrasts with a high for this year of
$20,935,505 at the end of May and a low of $18.062,938 at the beginning
of the year. The high last year was the same as that shown at the commencement of 1934, while the low level was $12,501.411 at the beginning
of May.
The Exchange points out that these figures do not include loans on foreign
securities but only borrowings of members of the Montreal Stock Exchange
on Canadian securities and not those of other exchanges in Canada. Nor
do they include the borrowings of bond houses or bond affiliates of stock
exchange members.
Monthly loan figures since they were first made public in October of
1931 follow:
1931—
1933—
Oct. 3
$54,991,145 June 1
$12,921,733
1932—
July 6
14,788,135
Mar. 4
25,573,685 July 31
16,192,585
Apr. 7
22,758,561 Aug. 31
16,627,421
May 5
18,922,577 Sept. 30
17,585,330
June 2
15,139,386 Oct. 31
17,247,065
July 7
13,865,523 Nov.30
17,227,466
Aug. 4
13,020,454 Dec. 30
18,062,938
Sept. 1
1934—
13,774,917
Oct. 6
14,115,852 Jan. 31
18,073,812
Nov. 3
13,993.931 Feb. 28
18,883,463
Dec. 1
13,817,709 Mar. 31
20,211,814
1933—
Apr. 30
20,796,804
Jan. 5
13,796,061 May 31
20,935,505
Feb. 2
13,606,351 June 30
20,899,233
Mar. 2
13.431,614 July 31
20,032,020
Apr. 6
12,864,298 Aug. 31
19,387,608
May 4
12,501,411 Sept.30
19,950,233
Subscriptions to French Treasury 43/2% Issue Amount
to 8,750,000,000 Francs—Large Total Seen as
Evidence of Faith in Doumergue Government
Subscriptions to the French Treasury 4y2% issue reached
the unanticipated total of 8,750,000,000 francs, it was announced on Oct. 16 by Finance Minister Germain-Martin.
This large public subscription was said by the press to indicate the country's faith in the financial measures of the
Doumergue Government, as well as to reflect the strength of
the French Treasury and the franc. A wireless dispatch
from Paris to the New York "Times" of Oct. 16 added the
following comment on the results of the subscription:
Since February the Treasury has reduced its outstanding ordinary bonds
from 15,000,000,000 francs to 10,000,000,000 francs. Moreover, it is. now
in a position successfully to meet debts of 7,500,000,000 francs due at the
2435
end of October, that is to say, 6,000,000,000 francs of 5% clementel bonds,
1,000,000,000 francs of 6% Three-Cities bonds, and 500,000,000 francs of
credit national bonds. Not only has the Treasury now collected 8,750,000,000
francs, but about 2,000,000,000 francs of clementel bonds were converted
during July, so that the Treasury will have a handsome surplus.
This is particularly important because for the next two years there are
no important debts to be met, and therefore the Treasury is out of danger
for a long time to come. Only heavy public liquidation of its short-term
bonds can now cause embarrassment, especially as the budget promises to
have a relatively small deficit.
France Will Pay Coupons at the Dollar's Gold Value
From Paris, Oct. 16, a wireless message to the New York
"Times" stated:
The days when the dollar meant 25.52 francs instead of 15, as at present,
will be recalled with pleasure on Dec. 1 by the holders of French 71
/
2% 1921
and 7% 1924 dollar bonds when they cash their semi-annual coupons.
The Ministry of Finance issued a communique to-day stating the money
could be collected at the Morgan Bank's Paris branch.
This will be the fourth such coupon the French will have met at the
old gold value of the dollar since the United States abandoned the gold
standard.
New Switzerland Loan Authorized
Associated Press advices, Oct. 12,from Berne, Switzerland,
stated:
The Federal Council to-day authorized a 100,000,000 Swiss franc 12-year
4% loan issuable at 99.25 to consolidate the floating debt and replenish the
Treasury.
—
Use of the Word "Dutch" Banned by Holland
From The Hague, on Oct. 17, the New York "Times" reported the following wireless message:
The word "Dutch," hitherto used in the United States and Great Britain
to denote anything pertaining to Holland, henceforth is officially banned,
according to a circular issued to-day by the Ministry of Education.
The circular says "Dutch" must be replaced by "Netherland." This
action is taken to remove all possibility of confusion between "Dutch" and
"Deutsch" (German) to the disadvantage of Holland.
The Dutch Indies, incidentally, will now be known as the Netherland
Indies.
Payment by Germany of Oct. 15 Interest on 7% External
(Dawes) Loan—Distribution of 50% Through J. P.
Morgan & Co.
In accordance with an announcement issued on Oct. 1:; by
the trustees of Germany's 7% external (Dawes) loan, J. P.
Morgan & Co., as paying agent for the German Government,
this week distributed 50% of the amounts due on the coupons
of the loan maturing Oct. 15. From Washington, Oct. 12, it
was reported that the German Embassy had stated that day
that the Hitler Government would pay approximately 75%
of the $2,100,000 in interest due Oct. 15 to American bc1ders
of $60,000,000 Dawes Loan bonds. Associated Press advices
from Washington, Oct. 12, from which we quote, also had the
following to say, in part:
At the Embassy to-night it was explained that every effort had been made
to find a solution of the financial problems arising from non-payment of
Dawes bond interest. Previously it had been said the interest would not
be paid and official protests had ensued.
The Oct. 15 payments will be made, it was said, despite the fact that
Germany's foreign currency has been greatly depleted and that the Getman
Government has been unable to enter into any arrangement with the United
States similar to agreements made with Great Britain, France and other
nations for full payment. Germany's moratorium on transfer of interest
payments outside Germany has "frozen" the interest fund since July 1 and
resulted in several sharp diplomatic exchanges.
The United States has dispatched two strongly-worded notes to Berlin
protesting against payment of interest in full to bondholders in several countries while American payments were held up. In addition, President goosevelt broke diplomatic precedent by inviting the German Ambassador to the
White House, where he protested in person against Germany's discriminatory
action.
The Embassy announced to-nIght that on last July 1 its Government had
deposited 60% of the amount due on Oct. 15 with the Dawes Loan trustees
at Basle, Switzerland. The deposit is in cash and is available to all creditors,
including American bondholders.
United States Share Put at $1,000,000
The American share, In dollars, is estimated at approximately $1,000,000.
Special arrangements have been made through agreements between Germany
and Great Britain, France, Switzerland, the Netherlands, Belgium, Sweden
and Italy, whereby bondholders in those countries will be paid in full in
foreign exchange.
Sufficient foreign exchange is not available to make full payments to all
bondholders, and so, according to the Ernbassy announcement, American bondholders and others not covered by the special agreements will be paid partly
in reichsmarks. The reichsmarks may be left in Germany or sold at a discount there. The discount on marks has ranged between 30% and 40%, and
the Embassy estimates that American bondholders will therefore receive
approximately 75% of the total due.
Germany's answer to Secretary Hull's charges of discrimination is that
under this arrangement all foreign bondholders will receive equal treatment, since they will receive 50% in foreign exchange and 50% in marks.
In the "Wall Street Journal" of Oct. 16 it was stated:
Although it was explained last week at the German Embassy in
Washington that the remaining 50% would be provided by Germany in speermarka
which could be converted into cash at about half of their face value, thus
adding 25% to the 50% available, snaking a total of 75%, only the 50%
coming from the Bank for International Settlements was being paid here
yesterday. The coupons are being punched 50% paid and returned to the
owners so that should later amounts become available they may present the
coupons for collection of the additional amount.
2436
Financial Chronicle
The following is the announcement issued Oct. 13 by the
trustees for the loan:
The trustees for the German external loan, 1924, announce, prior to the
suspension of the service of this loan in the currencies of the respective
issues, they had received in those currencies sums enabling them to pay 50%
of the nominal amounts due on all coupons of the loan maturing on Oct. 15
1934. Holders of such coupons may present them to paying agents in the
usual manner, whereupon 50% of their nominal amount will be paid. The
coupons will be marked by perforation 50% paid and returned to the
presenter.
In the New York "Times" of Oct. 14 it was noted:
The trustees of the loan are Nelson Dean Jay, a partner in Morgan 8; Cie.,
the Paris branch of J. P. Morgan & Go.; Carl Eliza ter Meulen, a leading
Dutch banker, and Gates W. .McGarrah, former head of the Bank for International Settlements. The B. I. S. acts as agent for the trustees in receiving
and disbursing the service on the loan.
Discrimination by Germany against this country has been
the subject of frequent warnings from Secretary of State
Hull to the German Government, the most recent of which,
it was noted in a dispatch, Oct. 13, from Washington to the
"Times" was made Oct. 10 by William E. Dodd, United States
Ambassador to Germany. The State Department on Oct. 13,
said the dispatch, made the following statement concerning
that Incident:
The American Ambassador at Berlin, on Oct. 10, left with the German
Government an aide memoire which expressed to the German authorities the
expectation of the Government of the United States that no discrimination
will be practiced against American holders of bonds of the German external
loan, 1924.
The aide memoire stated that the Government of the United States is
unwilling to believe that, having made provision for the full payment of all
other bondholders, the German Government will either overtly fail to honor
its written obligation to treat all tranches of the loan pad passu, or plead
inability to transfer less than $1,000,000 to honor this obligation.
The Ambassador was instructed to leave the above aide metnoire because
the Department of State had been informed that the interest payment due
Oct. 15 1934, on the American issue of bonds of the German external loan,
1924, requires payment of about $2,087,000, of which $1,113,000 has been
transferred to the paying agent, leaving about $974,000 not transferred.
The Department is also informed that the German Government has made
arrangements for the full payment of the Oct. 15 coupons on all tranches
other than American, while there is no advice of similar full provision for
paying the American coupons.
In another item in this issue we refer to the advices conveyed on Oct. 13 to the State Department at Washington by
Dr. Hans Luther, the German Ambassador, as to the intention of Germany to seek to negotiate a new trade treaty with
the United States to replace the existing treaty. Commenting on these moves of Oct. 13:
Germany's Explanations
Both actions taken to-day by the German Government spring from the
difficult economic and financial position in which the Third Reich finds
itself. The decline in German exports, coupled with the apparent determination of the German Government to protect the present gold value of the mark,
has brought the country to a condition where it cannot continue to deal with
its creditors impartially, according to Dr. Hjalmar Schacht, Minister of
Economics and head of the Reichsbank.
He and his colleagues assert that the German Government did not intentionally discriminate against American bondholders in ordering payment to
British and other investors in full. The seven countries that will be paid
in full have unfavorable trade balances with Germany.
This situation leaves German credits on deposit in those countries, and
their governments warned Germany that these credits would be impounded to
pay off national bondholders. Had the United States been in the same
position, the intimation is, American holders would have been paid in full.
Germany Notifies United States of Intention to Terminate Trade Treaty—Would Negotiate New Treaty
Says Ambassador Luther
The intention of Germany to seek to replace with a new
pact the present trade treaty with the United States was
made known in a memorandum handed, on Oct. 13, to UnderSecretary of State William Phillips by the German Ambassador, Dr. Hans Luther. As to the attitude of the State Department toward Dr. Luther's suggestion for the reopening
of negotiations, Mr. Phillips was reported as stating, on
Oct. 13, that the officials at Washington are not ready to
negotiate. Dr. Luther's memorandum said:
The German Embassy has the honor, pursuant to instructions from its Government, in conformity with Article XXXI, Paragraph 2, of the Treaty of
Friendship, Commerce and Consular Rights between the United States and
Germany, of Oct. 14 1925, to inform the Department of State that the
German Government intends to bring about changes in the provisions of
Article VII of the aforementioned treaty.
As has already been repeatedly stated to the Government of the United
States, Germany is ready at any time to engage in negotiations concerning
the future shaping of German-American commercial relations.
In Washington advices, Oct. 13, to the New York "Herald
Tribune" it was noted:
The treaty, which became effective just nine years ago and was made
terminable at the end of 10 years, requires one year's notice of a desire to
amend it. Article 7 says, in part:
"Each of the high contracting Parties binds itself unconditionally to impose
no higher or other duties or conditions and no prohibition on the importation of
any article the growth, produce or manufacture of any other foreign country."
It is further specified that each signatory shall grant immediately to the
other "any advantage of whatsoever kind" which may be extended to a
third nation.
Without this clause Germany would be free to penalize the United States
through special duties or other restrictions for maintaining a much larger
Oct. 20
1934
flow of exports to Germany than it takes back in imports. For the first
eight months of the present year exports to Germany have been valued at
$85,345,483, while imports have been $47,145,252. Exports rose $7,000,000
over the corresponding period of the previous year, while imports declined
over $1,000,000.
Against the German demand that American imports be balanced against
exports, the State Department has pointed out that Germany has offsetting
favorable balances of trade with other countries, that invisible international
payments such as tourist expenditures are not included in the trade balance
sheet for German-American commerce, and that Germany's own political
policies have served to curtail its exports. The prevailing view here is that
Germany is already buying from the United States only enough to meet
rock bottom needs.
According to the Washington account, Oct. 13, to the New
York "Times," Dr.,Luther said that his Government's intention was not necessarily to terminate the present treaty, but
to secure a re-statement of the most-favored-nation clause
contained in Article VII, to which he referred. From the
"Times" dispatch we also quote:
Such a re-statement, he considered, was made necessary by the present-day
development of German foreign trade along bilateral channels, unforeseen
when the treaty was signed in 1925. . . .
The State Department, however, interpreted the German note as giving
formal notice of termination of the agreement, based on its article which
provides that it shall terminate of Oct. 14 1935, 10 years from exchange of
ratifications, if either party to it "notifies the other of an intention of
modifying, by change or omission,. any of the provisions of any of the
articles of this treaty."
China Imposes Export Tax on Silver—In Protest Against
Silver Policy of United States—Intimates It May
Resort to Gold Standard
The imposition of a 10% tax on all silver exports from
China, effective Oct. 15, was announced at Shanghai on
Oct. 14 by H. H. Kung, Nationalist Government Finance
Minister. The Associated Press advices from Shanghai
stated:
The Nationalist Government's decision followed receipt of the United
States reply to a recent note from China pleading for co-operation in maintaining silver prices and halting the drain of silver from China. The
United States' answer, offering a measure of co-operation, but pointing out
that the United States silver program was deemed mandatory by President
Roosevelt, failed to satisfy the Chinese.
The provisions of the tax, it is stated, were made flexible
and were expected to be subject to change as necessary to
restrain silver exports within limits required by the balance of
payments.
Announcement of the new tax was made following a 24hour conference had by the Finance Minister with Chinese
and foreign advisers. The following statement was issued
Oct. 14 by Finance Minister Kung:
There is no reason to expect that forces which have been stimulating the
price of silver abroad will soon cease to operate. Therefore the Government, out of regard for the economic welfare of the people of China, have
taken this measure as necessary to safeguard China's currency from a
potentially dangerous strain on the country's monetary reserves and to
place a check upon the harsh deflationary forces which have been reflected
in falling internal prices.
The measure has been determined upon after most careful consideration
of various proposals for meeting the emergency and after full consultation
with leaders of business and finance. Among these proposals an embargo
has most frequently been suggested. The Government considers, however,
that an embargo should not be imposed. It prefers a flexible duty that will
restrain the exports of silver within limits actually required by the balance
of payments.
According to the Associated Press Mr. Kung gave assurance that the measure would allay misgivings that have lately
disturbed the markets and by stabilizing the situation permit
legitimate business to proceed with renewed confidence.
He said the possibility of reducing the silver content of the
dollar had never been considered.
From Associated Press accounts from Shanghai Oct. 14,
we also quote:
The Chinese diminshed silver reserves were facing huge new reduction
during the next 48 hours. Exports of silver bad reached ever-increasing
amounts with higher prices in recent days. Consignments aggregating
820,000,000 in Chinese money were scheduled to depart for America and
London during the next few days.
The Government's action was timed to halt a major portion of future
consignments, although a few million dollars' worth of silver was rushed
past the customs before the order could become effective, this will be allowed
to depart.
The Nationalist Government's announcement follows:
"In view of the undue rise in silver, out of relation to the level of general
commodity prices, the Nationalist Government, in order to safeguard
China's economic interests and protect its currency, has fixed a customs duty
on exports of silver effectivtrOct. 15. as follows:
"On silver dollars and mint bars, 10% less 231% minting charge: 1. e.,
731% net.
"On other forms of silver. 10% (in lieu of 231% previously charged).
"In addition, an equalization charge will be imposed upon exports of
silver equal to the deficiency, if any exists, between the theoretical parity
of London silver and the rate of exchange officially fixed by the Central
Bank of China after making allowance for the export duty."
Mr. Rung and three American fiscal advisers were near exhaustion when
they emerged from long conferences. The American advisers, who play an
Important role in the formulation of the Nationalist Government's silver
policy ate Arthur N. Young, Los Angeles economist, who has been adviser
to the Nationalist Government since 1929:0. C. Lockhart and F. B. Lynch.
An intimation that China May adopt the gold standard
if the United States goes on the "silver standard" was contained in official correspondence between Secretary of State
Cordell Hull and the Chinese Minister in Washington,
Volume 139
Financial Chronicle
Dr. Sao-Ke Alfred Sze, regarding American wholesale purchases of silver under the Silver Purchase Act of 1934. The
United Press advices from Washington, Oct. 16, noted this,
and said the correspondence preceded the note dispatched
to China by Secretary Hull on Oct. 13, in which Secretary
Hull said the American Government appreciated China's
difficulties with the silver question but was unable to do
anything about it. The United Press accounts, as giVen in
the New York "Journal of Commerce" of Oct. 17, continued:
Correspondence Made Public
The correspondence was made public simultaneously to-day by the State
Department and by the Chinese Government in Nanking.
It revealed that the Chinese had protested that large American silver
purchases were draining the white metal from China and endangering
that country's currency. It intimated that if the present American silver
policy is continued China may be compelled to seek a gold basis for its
currency. The Chinese Government also hinted that American wholsesale
purchases of silver were not in accord with the spirit of the London silver
agreement, to which the United States and China were parties.
"China, as a leading silver standard country, considers silver of much
more vital concern to it than any other country," the Nationalist Government informed Secretary Hull.
"Since 1931 the rising of silver value in terms of foreign currency has
involved severe deflation and economic losses to China and has dislocated
China's balance of payments in part at least, by hampering exports. Recently the stimulating of silver prices abroad, to which exchange has not
fully responded, has caused a serious drain of silver, creating great alarm.
"Silver exports of this year to date are over three times greater than any
previous full year. Further material silver price increase would cause very
serious injury to China, possibly severe panics. Although influential
American circles advocate higher silver prices, the Chinese Government, of
course, makes no assumption concerning the American policy in this regard."
Cites London Agreement
The Chinese Goverment said it felt certain the United States "would
refrain from any action that might cause a continuation of the Present
silver drain from China,and accordingly would co-operate to prevent further
rise and to maintain the stability of silver which the London agreement
contemplates."
"Indeed," one note stated pointedly, "from China's viewpoint the,
stabilization level should be somewhat lower than the present price.
"The National Government feels obliged actively to seek means of avoiding further hardships of silver fluctuations. It considers that China should
not alone maintain the silver standard and is considering the gradual introduction of a gold basis currency which will necessitate the acquiring of
gold."
The Chinese Government proposed, in principle, that since the American
Government desires an increased proportion of silver in its monetary reserve,
the Chinese Government would gladly trade its silver for American gold.
Hull, in his answering note, evaded this proposal by stating that "free
markets in which gold or silver could be acquired by purchasers are now
open to all nations, and therefore direct intergovernmental transactions
have not been undertaken."
He said the Chinese proposal might form the subject for a discussion
between the two governments at some later date.
As to the effect of the silver policy of the United States,
Associated Press accounts Oct. 12 from Shanghai stated:
A sharp rise in the price of silver, coupled with an increased outflow of the
commodity form China, caused apprehension to-day in official circles of the
Nationalist government.
Officials of the Ministry of Finance continued to study the situation for
a possible solution, at the same time insisting no immediate silver export
tax or embargo is contemplated.
"The United States silver policy is placing China in a desperate position,"
said the foreign advisor of the Ministry of Finance. "If we saw a practicable
way out we would take it, but export restriction most likely would make our
position worse at the present Ime."
Chinese dollars in relation to foreign exchange registered a large rise yesterday and to-day, placing Chinese exporters in an increasingly unfavorable
position to sell goods abroad and further depressing an already stagnant
export trade.
On Oct. 14 the following text of a message from Dr. H. H.
Kung, as transmitted to Secretary of State Hull on Oct. 2
by Sao-Ke Alfred Sze, Chinese Minister, was made public
at Washington:
The message of Sept. 22 received to-day through the American Consulate
is understood to have been delayed by mutilations which necessitated
several repetitions. Please at once reply that China is ratified that the
American Government recognizes the unfortunate effects an excessive price
of silver would have and would appreciate the earliest practicable reply
to our telegram of Sept. 23 in order to assist China in deciding on a polio
to meet a potentially serious monetary situation resulting from the present
rise in the price and the drain of silver.
American co-operation to prevent a further rise in the price of silver and
to maintain stability as contemplated in the London agreement is particularly vital to China. In this connection it may be pointed out that the
rise of silver discourages the export of commodities and thereby impairs
China's purchasing power for imports. Also a reply is desired to our inquiry
regarding the exchange of silver for gold.
With respect to discouraging the export of silver from China it may be
explained that this condition results largely from artificial stimulation of
the price of silver abroad and that restrictive measures would create difficulty here which the Government has striven to avoid. particularly because
restrictions would probably create severe breaks in exchange detrimental
to trade, and,it is feared, would aggravate the present difficulty in the loca
financial market.
Could not the American Government for the present restrict its purchases
to silver already in America to avoid further promoting the drain from
China?
Secretary Hull's reply to Dr. Kung, sent through Mr. Sze,
on Oct. 12 was given as follows in Washington advices to
the "Times":
I regret the delay in the delivery of my message of Sept. 22. I have endeavored in conversation with the Chinese Minister at Washington to state
fully the attitude of this Government in regard to the preoccupations and
suggestions put forward by the Chinese Government in your two messages,
2437
In
connection with the execution of the American program of silver purchases.
In my discussion with the Minister I have tried to indicate the purposes
animating this Government in its silver purchasing program. This program
is embodied in an Act of Congress which is mandatory, as to its general
objective, upon the Executive. The ways and means to be used for carrying
out this objective are left within the discretion of the Executive, but, of
course, must be consistent with the achievement of that objective.
This Government is desirous of so carrying out the program as to produce
the general benefit that would resultfrom the enhancement and stabilization
of the price of silver, and to avoid so far as may be possible disturbances to
the economy and public finances of China. Therefore, in conducting
operations under the Silver Purchase Act this Government, while necessarily
keeping within the general purposes of enactment, will give the closest
possible attention to the possibilities of so arranging the time, the place
and the quantity of its purchases as will keep in view the considerations put
forward by the Chinese Government in its communication.
Free markets in which gold or silver could be acquired by purchasers
are now open to all nations and, therefore, direct inter-governmental transactions have not been undertaken. The availability of such markets in the
future is open to friendly discussion, especially because of our common
desire to work toward common standards. We shall be glad at any time to
explore these larger problems with your representatives.
Protest registered by China against the silver policy of the
United States was noted in our issue of Oct. 6, page 2123.
Central Bank of China Acts to 'Create Stabilization
Fund to Support Silver
In United Press advices from Shanghai it was stated that
the Central Bank of China through bank communications
began on Oct. 16 organizing a stabilization fund to support
silver, China's monetary metal, through a selling exchange
in an effort to avert a panic. The advices added:
The stabilization plan was advanced after a sensational decline in the
price of the metal in the morning session of the exchange.
Authoritative circles told the United Press the Ministry of Finance is not
seeking to stabilize the price at present levels but is trying only to prevent
"a debacle" in achieving the desired lower price.
According to a high official, China expects the New York rate to drop
to 33 cents and the London rate to 1 shilling 4 pence.
Observers pointed out that the Central Bank is profiting tremendously
through selling sterling at Shanghai and exporting silver to London.
It was said in reliable circles that the Central Bqnk will be the sole
agency for settlement of international balances, therefore doing all shipping
of silver.
Stabilization efforts followed closely the 10% tax placed on silver in an
effort to prevent a drain on China's silver holdings. China's leaders have
been alarmed by the rise in price which followed the American plan of
purchasing the metal to increase the world price.
Submits Memorandum to International
Meeting in Rome, Suggesting Co-operation in
Modifying Monetary and Trade Policies
United States
The United States Department of Agriculture, in a memorandum submitted to the Institute of Agriculture as a basil,
for discussion at its twelfth general assembly in Rome,
asked the leading commercial Nations of the world to cooperate in modifying their monetary and commercial policies.
The memorandum, announced on Oct. 18, was submitted
with the approval of the State Department by Henry C.
Taylor, permanent American delegate to the Institute. It
urged the advisability of international monetary co-operation
as "a means of eliminating one of the principal motives
existing at the present time for the imposition of trade
barriers." We quote, in part, from a Washington dispatch
of Oct. 18 to the New York "Times" regarding further
proposals contained in the memorandum:
This is followed by a proposal that study be given to the possibilities of
moderating import restrictions and export and production subsidies through
the medium of international commodity agreements such as have already
been undertaken in wheat, sugar, rubber and tea.
Agreements Have Been Hindered •
In the latter connection it is pointed out that in many cases such agreements have been hindered or rendered impossible by the failure to obtain
co-operation from a sufficiently large number of the various large producing
nations, and an intensification of efforts in this direction is suggested.
Long time planning, as a means of airoiding such trade dislocations and
economic maladjustments as have arisen in recent years, is also put forth
for discussion and on this point the memorandum states.
"Consideration should be given to the problems which would be involved
in any attempt to plan agricultural production in individual countries
through international co-operation in such a way as to avoid the maladjustments (over-production, rapid fall of prices, etc.), which have greatly
strengthened the tendency to raise trade barriers in recent years.
Feasibility Is a Problem
"The Connection between agricultural planning and economic plannio
In other fields is important, as is also the question of how such planning is
possible under the conditions of economic policies of the various countries
existing at the present time."
Bilateral commercial agreements and treaties, and multilateral and
regional trade agreements are among factors of world trade for which
thorough consideration of advantages and disadvantages is recommended
by this government.
Trade Groups Ask Inclusion in Reciprocal Agreement
With Brazil of Provision for Lifting Exchange
Restrictions on Payment for Imports
The National Foreign Trade Council and the Council on
Inter-American Relations, Inc., on Oct. 18 made public the
text of a brief submitted jointly to the Committee on Reciprocal Information in Washington, asking that there be
2438
Financial Chronicle
incorporated in the reciprocal trade agreement now being
negotiated with Brazil a prdvision for the lifting of exchange
restrictions on the payment for imports. The brief pointed
out that so long as the dates of payment for American shipments remain unpredictable and the rates vary in whole or
in part from the official quotations of the Banco de Brazil,
an effective trade agreement would be impossible. The
New York "Journal of Commerce" of Oct. 19 added the
following regarding the brief:
It is felt that a clause should be incorporated for the prompt liquidation
of American shipments at rates approximating as nearly as possible the
rates for Brazilian exports to this country. For the servicing and liquidation of American industrial and commercial investments in Brazil, exchange
also at the official rate should be supplied, it was said.
In regard to existing balances in Brazil, aggregating about $18,000,000,
it is suggested that a plan should be worked out, with the approval of the
owners, whereby the frozen funds may be liquidated as quickly as possible.
The necessity of such a plan should be recognized in the agreement, it is
urged. However, no claims should be made against the balance of exchange
created by our imports of Brazilian products after our exports to Brazil
and the servicing of capital investments have been liquidated. This balance, it is held, should be free for the discharge of Brazilian obligations,
Internal and external.
Second Export-Import Bank Engages in First Financing
Transaction—Aids Sale of 14,000,000 Pounds of
Kentucky Tobacco to Spanish Monopoly
The first financing activity to be engaged in by the Second
Export-Import Bank of Washington since its establishment
almost a year ago covers the sale of 14,000,000 pounds of
Kentucky tobacco to the Spanish tobacco monopoly by
S. B. Smith & Co.of Mayfield, Ky., according to a Washington dispatch of Oct. 12 to the New York "Times." This
dispatch added that no official announcement regarding
this transaction has been made but 8,000,000 pounds of
tobacco have already been shipped and the rest will follow
as soon as the tobacco can be acquired. It was said that in
addition to the Second Export-Import Bank, the Reconstruction Finance Corp. and the Agricultural Adjustment
Administration are participating in the deal, with the RFC
supplying the funds and repayment guaranteed by the AAA.
The dispatch continued, in part:
On some of the dark fire-cured tobacco involved, the government had
liens from loans made against it either by the Reconstruction Finance Corp.
or the Farm Credit Administration. To this extent, the financing through
the Export-Import Bank will make possible the liquidation of farmercontrolled tobacco co-operative associations.
S. B. Smith & Co. were the low bidders on a contract advertised by the
Spanish monopoly last May, but did not control all of the tobacco required.
The RFC. through Chairman Jones. favored the proposal, but insisted
that some other agency underwrite the loan. The Import-Export Bank
was unwilling to assume the risk, according to officials, and Mr. t'eek
prevailed upon Chester C. Davis, administrator of the AAA, to guarantee
repayment of the $1,000,000 under that section of the Agriculturual Adjustment Act which makes available $100,000.000 and the proceeds of
all processing taxes for the purpose of "expansion of markets and removal
of surplus agricultural products."
Mr. Peek is understood to have been the author of this section of the
Farm Act and sought unsuccessfully for greater use of it when he was the
Farm Administrator before becoming special adviser to President Roosevelt
on foreign trade and president of the First as well as the Second ExportImport Bank.
Rulings by New York Stock Exchange on 5% External
Sinking Fund Gold Bonds of Panama
Ashbel Green, Secretary of the New York Stock Exchange,
issued the following announcement of rulings on bonds of
Panama on Oct. 15:
NEW YORK STOCK EXCHANGE
Committee on Securities
Oct. 15 1934.
•
Notice having been received that payment is being made of $16.67 per
$1,000 bond in cash and the balance in arrears certificates on surrender of
the "substituted coupon" due Oct. 15 1934 from Republic of Panama 35year 5% external secured sinking fund gold bonds, series A, due 1963,
"stamped assented":
The Committee on Securities rules that the bonds be quoted ex the Oct. 15
1934 "substituted coupon" on Oct. 15 1934;
That the bonds shall continue to be dealt in "Flat" and to be a delivery
in settlement of transactions made beginning Oct. 15 1934, must carry the
Oct. 15 1935 "substituted coupon" and the May 15 1936 and subsequent
regular coupons, and
That arrears certificates received in partial payment of "substituted
coupons" shall not be deliverable with the bonds.
ASHBEL GREEN, Secretary.
New York Stock Exchange Rules on 7% Gold Bonds
of German External Dawes) Loan of 1924
The following announcement of rulings by the New York
Stock Exchange on bonds of German external loan of 1924
was issued onOct. 15 by Ashbel Green, Secretary:
NEW YORK STOOK EXCHANGE
Committee on Securities
Oct. 15 1934.
Notice having been received that payment of 50% of the amount of the
coupon due Oct. 15 1934 is being made on German external loan, 1924, 7%
gold bonds, due 1949:
The Committee on Securities rules that beginning Oct. 15 1934, and until
further notice, the bonds shall be dealt in "Flat" and to be a delivery in
Oct. 20
1934
settlement of transactions made beginning Oct. 15 1934 must carry the
Oct. 15 1934 coupon stamped to indicate payment of 50% and subsequent
coupons. Such coupons must be securely attached and bear the same serial
number as the bond.
The Committee further rules that in settlement of all contracts in said
bonds on which interest ordinarily would be computed through Oct. 15 1934
interest shall be computed up to but not including Oct. 15 1934.
ASHBEL GREEN, Secretary.
Buenos Aires, Argentina, to Pay Nov. 1 Coupon on
Sinking Fund Gold Bonds in Part
Holders of external 7%% sinking fund gold bonds, dated
Nov. 1 1925, due Nov. 1 1947, of the Province of Buenos Aires,
Argentine Republic, are being notified that there has been
made available at the Corporate Agency Department of the
National City Bank of New York, 20 Exchange Place, New
York, for delivery on or after Nov. 1 1934 to holders of these
bonds who assent to the Province of Buenos Aires Loan Readjustment Plan of 1933, the sum, in cash, of $29.13 with
respect to each $37.50 coupon, $14.57 with respect to each
$18.75 coupon, and $2.91 with respect to each $3.75 coupon
maturing Nov. 1 1934, together in each case with 5% arrears
certificates for the balance remaining unpaid on such coupons. These sums, it was announced, are payable only
against the surrender of the substituted coupons due Nov. 1
1934, issued pursuant to the plan and attached to assenting
bonds.
$2,154,900 of Bonds of French Republic External
Loan of 1924 Drawn for Redemption Dec. 1—
Dec. 1 Coupon on Two Issues to Be Paid in Part
J. P. Morgan & Co., as sinking fund administrators, have
announced that they are notifying holders of the Government
of the French Republic external loan of 1924 25-year sinking
fund 7% gold bonds, due Dec. 1 1949, that $2,154,900 principal amount of these bonds have been drawn by.lot for redemption at105% on Dec.1 1934 out of moneys in the sinking fund.
The drawn bonds will be redeemed and paid on and after that
date upon presentation and surrender at the office of the
bankers, 23 Wall Street. Interest will cease on the drawn
bonds after the call date.
The announcement also had the following to say regarding
payment of Dec. 1 coupons on two loan Issues:
At the same time, the Government of the French Republic,
through Jean Appert, Financial Attache to the French Embassy, announced that coupons maturing Dec. 1 1934 of the
external loan of 1924 and of the 20-year external gold loan
7%% bonds payable June 1 1941, and the 7% bonds that
have been drawn for redemption on Dec. 1 next, may until
further notice also be paid at the option of the holder, upon
presentation and surrender on and after Dec. 1 1934 (a) at
the office of J. P. Morgan & Co., New York, in United States
currency at the dollar equivalent of French francs 25.52 per
dollar of face value of coupon or bond, upon the basis of their
buying rate for exchange on Paris at time of presentation, or
(b) at the office of Morgan & Cie., Paris, in Franch francs
at the rate of French francs 25.52 per dollar of face value of
coupon or bond.
35% of Nov. 1 Coupons to be Paid on Greek Government 40-Year 7% Secured Sinking Fund Gold
Bonds
Speyer & Co., as fiscal agents for the Greek Government
40-year 7% secured sinking fund gold bonds, Refugee Loan
of 1924, announced on Oct. 19 that, in accordance with the
agreement between the Greek Government and the League
Loans Committee (London), published on Nov. 17 1933, they
have received funds sufficient to pay 35% of the interest
due Nov. 1 1934 on the above bonds. Such payment will be
made on or after that date, at the office of the fiscal agents,
upon presentation of the coupons, accompanied by a letter
of transmittal. The coupons will be stamped with the dollar amounts paid and will be returned to the bondholders,
who should reattach the same to their bonds, the fiscal
agents said.
All Provisions of Securities Exchange Act Effective
Oct. 15—Margin Rules Operative
The Securities Exchange Act of 1934 became effective in
its entirety on Oct. 15. At the same time the margin provisions embodied in Regulation T, issued Sept. 27 by the
Federal Reserve Board, also became operative. At the time
of the issuance of this regulation, which was published in
full in these columns Sept. 29, page 1923, the Board stated:
The regulation becomes effective Oct. 1 1934. In order, however, that
persons affected might have additional time to familiarize themselves with
its provisions, the Securities and Exchange Commission, at the request of
the Federal Reserve Board, has made broad use of its power to exempt
Financial Chronicle
Volume 139
2439
Securities
securities from the pertinent sections of the Securities Exchange Act. The
exemption granted is for the period from Oct. 1 to Oct. 15.
Amendments to Rules for Registration of
mew Under Securities Act of 1933
kw., ye.
In announcing the effectiveness of all of the provisions of
the Securities Exchange Act, the Securities and Exchange
Commission,in a statement made public Oct. 13, said:
Announcement was made on Oct. 18 by the Securities
ira_ Exchange Commission of a number of amendments to
certain items in Form A-1—the general form for the registration of securities under the Securities and Exchange Act
241933.t.It was pointed out in a dispatch (Oct. 18) from
Vrashington to the New York "Times" that the amendments
have the effect of clarifying or of narrowing the scope of
the items to which they relate. From the dispatch we also
On Oct. 13 the entire provisions of the Securities Exchange Act of 1934
become effective.
From Oct. 1 to Oct. 15, due to action of the Securities and Exchange Commission, upon the request of the Federal Reserve Board, a period of readjustment was provided, which allowed brokers and dealers to transact business in securities without regard to their registration, and to operate without regard to the margin requirements established by the regulations of the
Federal Reserve Board.
This period of readjustment was created by Rule NA-3, which deferred
until midnight of Oct. 14 1934 the operation of Sections 7 (a),(c),(d),8 (a)
and 12 (a) of the Securities Exchange Act of 1934. All of the other sections
of the Act, however, went into effect on Oct. 1, including the anti-manipulative provisions of Section 9.
On Oct. 15 and thereafter the margin provisions set forth in Section 7 of
the Act, as supplemented by Regulation T of the Federal Reserve Board,
become effective.
Particular attention should be directed to the effect of Section 7 (c) of
the Act, which makes it unlawful for members of National Securities Exchanges, or brokers and dealers who transact a business in securities through
the medium of such members, to extend credit on securities not registered
upon a National Securities Exchange, where the purpose of such extension
of credit is to purchase or carry securities. This prohibition extends only
to unregistered securities. Registered securities (and this includes securities
admitted to unlisted trading privileges on an exchange, trading in which
has been permitted to continue by action of the Commission under Section
12 (1),) possess those loaning values which have been prescribed by the
margin regulations of the Federal Reserve Board.
The registered exchanges of the country have been forwarded a list of
securities, both those fully listed as well as those admitted to unlisted trading privileges, which have been effectively registered with the Securities and
Exchange Commission. Thus, every exchange knows the status of the securities on that exchange.
Section 8 (a), which also becomes effective on Oct. 15, makes it unlawful
for members of National Securities Exchanges or brokers and dealers who
transact a business in securities through the medium of such members, to
borrow in the ordinary course of business on registered securities except
from or through members of the Federal Reserve System or from non-member
banks except in accordance with the provisions of Regulation T of the Federal Reserve Board.
Section 12 (a), which again becomes effective on Oct. 15, makes it unlawful for members of exchanges or brokers and dealers to effect any transaction in any security on a National Securities Exchange unless such security
is effectively registered.
Exchanges which have been exempted by the Commission upon the conditions set forth in their exemption have, for the purposes of transactions
on such exchanges, been placed in substantially the same position as registered exchanges. The securities listed on those exchanges have been granted
the same collateral loan value as is possessed by registered securities, and
transactions on those exchanges have been subjected to the same anti-manipulative provisions as control transactions on registered exchanges.
Indicating that the new margin rules of the Federal Reserve Board became effective on Oct. 15 without causing any
noticeable disruption of the routine of brokerage offices, the
New York "Times" of Oct. 16 added:
So much headway had been made by brokers and their margin clerks in
familiarizing themselves with the rules that it is expected there will be
little confusion concerning their application.
Thus far, brokers reported, only a few customers had taken the trouble
to designate accounts which existed before yesterday as "old accounts" in
order to claim exemption from the Board's margin requirements. The
customers will have until Nov. 15 to designate their accounts as old, but it
is expected that relatively few will take advantage of this clause, since the
privilege is regarded as of doubtful value.
Owing to the fact that the Board's requirements for the initial extension
of credit are more lenient than those of Stock Exchange firms on low-priced
stocks, some firms have called their customers' attention to the necessity
of meeting the firms' standards. One firm stated that on low-priced stocks
it would require the following terms: On stocks up to 5, fully paid;
to 10, 50% margin; 10% to 15, 40% margin.
The Reserve Board's basic rule permits minimum margins ranging from
25% to 45% of the market price of the stock. Contrary to the policy of
Stock Exchange finns, the Board does not differentiate in its margin rule
between the lower-priced and the higher-priced issues.
The office forces of brokerage firms changed their practice yesterday on
the handling of orders for unregistered issues, in compliance with the
requirements of the Reserve Board. Customers who bought such stocks yesterday must pay for them by to-morrow, whereas formerly they were allowed
three or more days to make payment. The change applied only to brokerage
transactions in unlisted issues and did not apply to trades in which the
broker acted as a dealer, and sold the stock to the customer on a net basis.
In a Washington dispatch, Oct. 12, to the "Times" it was
stated:
Outlining Short Sales Rules
The SEC is at work on regulations covering "pegging," short selling, "puts
and calls" and some other activities over which it has authority. These
have not been completed, and until they are promulgated normal activities
will be permitted unless they are found by the Commission to be such as to
demand action.
Over-the-counter market transactions in securities also will be permitted
to continue along normal lines. The Board is directed by the Act to make a
study of this problem and prescribe regulations, but it will probably be some
time before this can be accomplished.
As for activities on the exchanges where the Commission's rulings have
not been completed, it is felt that orderly procedure will be maintained for
the present by rules which the exchanges have adopted.
Pool operations to advance or depress the prices of securities for the purpose of inducing others to buy or sell are definitely outlawed by the Act's
Section 9, which became effective on Oct. I.
Rulings made this week by the Federal Board are given
elsewhere in this issue.
quote:
The items amended are those which concern the terms and conditions
of sales of securities of the issuer and others in years prior to the filing
of the statement, the remuneration paid to officials of the issuer and to
other persons receiving remuneration of over $25.000 a year, and the
parent and subsidiary relationships of the issuer.
The amendments are immediately effective, but a rule provides that the
form, as existing before these amendments, may be used for statements
filed on or before Dec. 15 1934.
By way of explanation of the changes, the advices to the
"Times" stated that the action was taken to meet requests
for simplification and clarification of the forms and prospectuses filed by issuers of securities. In part the advices
to the "Times" continued:
The amendments and regulations now issued were prepared, it was
indicated, to clear up a number of specific points under controversy, while
a more careful study is being made as a prelude to a more comprehensive
revision. Completion of this study will probably require another month
or six weeks.
Data on Sums Paid Officers
One of the important rulings to-day made clear what information must
be contained on Registration Form A-1 in regard to remuneration paid or
to be received by directors, trustees or partners or others whose total
remuneration exceeds $25,000.
It did the same concerning information requested by Item 52 of the
present form, which calls upon the issuer, if a holding company or subholding company, to furnish a complete list of all subsidiaries and affiliates,
stating the percentage of voting stock owned in each and, if a sub-holding
company, the proportion of its stock owned by its parent company or
companies.
One concession made in connection with the requirements of Form A-1
is that if the issuer has been in bankruptcy he need not furnish profit and
loss statements or balance sheets or supporting schedules thereof relating
to any period during or prior to bankruptcy, provided that specified conditions are met.
A ruling for registration statements on Form E-1 for securities issued
in reorganizations and similar transactions made unnecessary the filing of
patents, if more than ten are involved and if reference is given to the
United States Patent Office patent numbers. It also simplified other
requirements.
Dealing with Section 10 of the Securities Act, covering the contents
of a prospectus for a registered security, the Commission ruled that there
may be omitted from such prospectus used more than 13 months after the
effective date of registration, information contained in the registration
statement where information on the same subject, but as of a date not
more than 12 months prior to the use of the prospectus, is contained therein.
Prospectus Rule Changed
It also held that when any information in a prospectus is not correct
as of the date of the prospectus, the date for which such information is
correct shall be given.
Still another ruling amended Article 16 of regulations prepared by the
Federal Trade Commission when it administered the Securities Act,relating
to the contents of prospectuses, specifying in detail items of information
required for registration statements which may, under certain conditions,
be omitted from prospectuses.
Article 19 of the regulations dealing with the obtaining, by an issuer,
of a waiver of the written consent of an expert to the use of his report or
valuation in a registration statement, was amended so that Commission's
consent to such a waiver must be obtained prior to the effective date of the
registration statement, instead of before the filing of the statement.
Doubt that may have existed as to the authority of an original issuer of
a security to file a registration statement for the deposit of such security,
if a plan of reorganization or readjustment is involved, which calls for the
issue of new securities to the holders of certificates of deposit, was cleared
by the adoption of a new registration form, D-1-A, to be employed in
connection with such a transaction.
It is understood that one or more important reorganizations have been
held up pending the ruling of the Commission on this point. . . .
The text of the relevant items on Form A-1, as amended, together with
certain instructions as to preparing a statement on the amended form,
appears in the following. The text of the rule relating to the effective rate
of the amendments also follows:
Instructions as to Preparing Statements on the Amended Form
If the statement is to be filed pursuant to the amendments, the items as
shown below should be copied in the statement in place of the language of
the items as existing before these amendments. In such case, place on the
facing sheet the words,"Form A-1, as amended Oct. 15 1934."
Text of Items, as Amended
38. A statement containing the following information in regard to each
security of the issuer and(or) its predecessors and(or) its subsidiaries sold to
the public by the issuer within two years preceding the filing of this registration statement.
Stocks
Rind of stock.
Annual dividend rate (if specified).
Total No.shares sold.
Total par or stated value.
Price per share to the public.
Net proceeds realized from sale.
Names of principal underwriters.
Bonds, Debentures, Notes, &c.
Kind of bond or other security.
Annual interest rate.
Total face value.
Price to the public.
Net proceeds realized from sale.
Names of principal underwriters.
2440
Financial Chronicle
Item 47, as amended:
Give the information required below concerning the remuneration paid
and to be paid by the issuer, its subsidiaries or its predecessors, directly or
Indirectly, to the following officials of the issuer and to other persons in all
of their capacities:
(a) Each director, if the issuer be a corporation or association.
(b) Each trustee, if the issuer be a trust.
(c) Each partner, if the issuer be a partnership.
(d) Each officer or person whose aggregate remuneration has exceeded
or is to exceed in value $25,000 during the past or ensuing year.
Name—capacity in which remuneration was or is to be received.
Remuneration from all above sources. Indicate medium of paym,
it
During the issuer's past fiscal year.
During the issuer's current fiscal year (estimated).
Item 52,as amended:
Furnish complete lists of the following: (1)
(a) All subsidiaries of the issuer, Indent by the same space from the left
margin all subsidiaries of the . . .same degree of remoteness from the
issuer, commencing with the immediate subsidiaries, further indenting each
class of more remote subsidiaries, and placing each subsidiary under the
person or persons immediately controlling it, and after each subsidiary state
what percentage, if any, of voting power is represented by securities owned
by such immediately controlling person or persons.
Detailed Information on All Relationships
(b) All parents of the issuer. Indent by the same space from the left
margin all parents of the same degree of remoteness from the issuer, commencing with the most remote, further indenting each class of less remote
persons, and placing each person under the person or persons immediately
controlling it. Include the issuer in the list to show its relationship to the
Persons controlling it. After each person, state what percentage, if any, of
voting power is represented by securities owned by the immediate controlling
person or persons.
Where any person listed Is immediately controlled by or through two or
more persons jointly, list all such persons and list the controlled person
under each of them, indicating its status by appropriate cross references.
The information required by this item may, at the option of the issuer, be
furnished in graphic form by a chart or diagram on sheets folded to the size
of the standard registration paper, or graphic exhibits may be employed as
supplemental to the list to clarify particular relationships between the
issuer and any companies required to be listed. If two or more sheets are
used, the tie of each sheet to tile others must be clearly indicated.
Rule Relating to the Effective Date of These Amendments
"The above amendments shall become effective Oct. 16 1934. subject to
the provision, however, that Form A-1, in the form existing before this rule
becomes effective, may be used for statements for which the rules permit or
prescribe Form A-1,if such statements are filed on or before Dec. 15 1934."
The Securities and Exchange Commission announced to-day the adoption
of a rule modifying certain requirements of Form A-1 as to financial statements in cases in which the issuer has been in bankruptcy.
The text of the rule follows:
"An issuer filling upon Form A-1 need not furnish profit and loss statements and(or) balance sheets and(or) supporting schedules thereof, relating
to any period during or prior to the bankruptcy of the issuer, provided all
the following conditions are met:
"(a) No property of any kind was owned by the issuer upon its discharge
in bankruptcy;
"(b) The business conducted subsequent to such bankruptcy has been
and is to be materially different from the business conducted prior to
bankruptcy;
"(c) Such issuer shall, in the registration statement and in any prospectus
Issued, set forth:
"(1) That the issuer has been adjudicated and discharged in bankruptcy,
together with the dates of adjudication and discharge;
"(2) That all of its assets have been liquidated by the trustee in bankruptcy;
"(3) The details of the issuer's recapitalization or proposed recapitalization after bankruptcy;
"(4) To what extent the business of the issuer has been since bankruptcy,
or is to be, conducted at locations the same as those at which its business
was conducted prior to bankruptcy;
"(5) A statement as to what directors and officers of the issuer are the
same as those in office prior to bankruptcy.
"(d) The issuer shall make no claim in the registration statement or the
prospectus as to the successful operation of Its business at any time prior to
its discharge in bankruptcy."
Rule for Registration Under Reorganizations
The Securities and Exchange Commission announced to-day the amendment of certain items of Form E-1, the form for the registration statement
for securities issued in reorganizations and similar transactions. The
amendments generally have the effect of clarifying or of narrowing the scope
of the items to which they relate. One amendment excuses the filing of
copies of patents,if more than ten are involved and if reference is given to the
United States Patent Office patent numbers.
The amendments are immediately effective, but a rule provides that the
form, as existing before these amendments, may be used for statements
filed on or before Dec. 15 1934.
The text of the relevant items of Form E-1 as amended, together with
certain instructions as to preparing statements on the amended form,
appear in the following. The text of the rule relating to the effective date
of the amendments also follows:
Instructions as to Preparing Statements on the Amended Form
If the statement is to be filed on the amended form, the items, amended
as shown below, should be copied in the statement in place of the language
of the items as existing before these amendments. In such case, on the
facing sheet below the words "Form E-1," insert the words "as amended
Oct. 15 1934."
Text of Items, as Amended
Item 21, as amended:
State which, if any, of the following relationships with reference to the
registrant or any of its predecessors is occupied or was occupied, within.
two years prior to the filing of the registration statement:
(a) By any person named in answer to Items 15, 19 or 20.
(1) Officer;(2) director;(3) trustee:(4) partner:(5) counsel (such relationship being based upon a general retainer, or a regular course of practice):
(6) creditor, whose claim (not represented by a security) exceeds, or at any
time during the period of such relationship exceeded, $50,000:(7) beneficial
owner, directly or indirectly, of securities carrying more than 25 per cent of
the voting power; (8) purchaser or seller of goods or services in a regular
course of dealing;(9) principal underwriter of any securities listed in answer
to Items 9 and 10.
Oct. 20
1934
(b) By any corporation, association, trust or partnership (except
a subsidiary wholly owned by the registrant or predecessor, as the case
may be.
• at the time of the relationship or else included in any consolidated
financial
statement filed with the registration statement or as to which
individual
financial statements are filed with the registration statement),
of which
any person named in answer to Items 15, 19 or 20, is or was (at
the time of
the relationship) an officer, director, trustee, partner, or controlling
security
holder: the relationships stated above under (a) (5)
to (9);
(c) By any person who is or was (at the time of the relationsip) an
°Mier.
director, trustee or partner of any such corporation, association, trust
or
partnership, provided the relationship to the registrant or predecessor
was
one in which such person shared an interest with the particular
person
named in answer to Items 15, 19 or 20. whose relationship required
such
corporation, association, trust or partnership to be named in
answer to
21(b): all relationships stated above under (a).
Must Cover the Period of the Relationship
In addition, in each case state the.approximate period of the existence
of
the relationship, and give the information, specified after the number,
concerning each relationship indicated by the following numbers:
(1), the
title of office; (6). the existing amount of the claim,
and its maximum
amount at any time during the period of such relationship,
and the character of origin of the claim; (7), percentage of voting
power controlled:
(b), a brief description of the character of the goods
and(or) services purchased or sold; (9), identification of the securities underwritten.
The
information required by this paragraph is to be confined
to the period of
two years prior to the filing of the registration statement.
For the purpose of this item, any person controlling a person
named in
answer to Items 15. 19 or 20,is to be treated as if named himself
in answer
to such Items'1
Item 39, as amended:
(a) Dates of, parties to, and principal provisions briefly summarized
of
every material contract (2) (other than patents not made in the ordinary
course of business, which is to be performed in whole or in part at or after
the time of filing of the registration statement, or which has been made
within two years.)
(b) A brief resume of every material patent (2) which the plan provides
is to be exploited by the registrant, directly or indirectly.
(2) The term "material contract" has the meaning given in the act:
"Any management contract or contract providing for special bonuses or
profit-sharing arrangements, and every material patent or contract
for a
material patent right, and every contract by or with a public untility company or an affiliate thereof, providing for the giving or receiving of
technical
or financial advice or service (if such contract may involve a charge to
any
part thereto at a rate in excess of $2,500 per year in cash or securities
or
anything else of value) stall be deemed a material contract." In
addition
it includes any contract which might materially affect the value of any
of
the securities registered hereunder. Only such material contracts
need be
set forth as to which either the registrant or any subsidiary of the
registrant
or any person to become a subsidy of the registrant pursuant to the plan,
is a party or will become a party pursuant to the plan by assumption
or
otherwise, or any contract in which any such person has, or is
to have
pursuant to the plan, a beneficial interest, or any contract of which
any
property or property interest of any such person is, or is to be
pursuant to
the plan, the subject. Under certain conditions, the disclosure
of certain
portions of material contracts is not required, however. See rules
of the
commission of May. 16 1934.1
Item 46, as amended:
If securities issued by another person, acquired within
six months or
acquired or to be acquired pursuant to the plan by the
registrant, either
(1) give or will give the registrant control of the issuer thereof or
(2) comprise
or will comprise 25 per cent or more of the assets acquired within
six months
and acquired or to be acquired pursuant to the plan by the
registrant, state
the prices specified in Item 45 under (1), (2) and (3), at
which (a) such
securities and (b) all equity securities issued by the same
issuer other than
those, if any, thus acquired or to be acquired, have been sold
on any organized exchange.
In each case name the exchange referred to. identify the
security and give
the number or principal amount of such securities sold on
that exchange on
the day named •
Exhibit H,as amended:
Exhibit H. Copies of other material documents, if any,
referred to in
answer to Item 39 above, If, however, more than ten
material patents,
granted by the United States Patent Office, are referred
to in that item, a
copy of any such material patent may be omitted from this
exhibit if there is
supplied in its place the United States Patent Office
patent number thereof.
Instruction 18 of Financial Instruction Set No. 1,
as Amended
Submit a schedule showing the following information as
to the presently
outstanding long-term debt issued within ten years:
18—Long-Term Debt
(a) Name and date of issue;
(b) Maturity date;
(c) Amount of Issue;
(d) Nature and total amount of consideration received;
(e) Total discounts suffered;
(f) Total commission paid and to whom;
(g) Purpose of issue:
(h) If sales were made through affiliates, the respective
amounts received
by the person whose statement is furnished and its
affiliates;
(i) Amount outstanding.
Instruction 21 of Financial Instruction Set No.
1, as Amended
(a) Submit a schedule showing the following information
for each class
of stock authorized or issued:
21—Capital Stock
1. Name.
2. Par value per share; if no par value, the stated or
assigned value per
share.
3. Number of shares authorized, with dates.
4. Number of shares at any time issued.
5. Number of shares reacquiring and in Treasury or retired.
6. Number of shares outstanding,
(b) For each class of stock now outstanding set forth in
the schedule
Immediately preceding, attach a schedule showing the
following information
for any issuance within ten years:
1. Dates of issuance or sale.
2. Nature and amounts of consideration received.
3. Commissions paid and to whom.
4. Expenses of issue.
5. Net proceeds of issue.
6. Purpose of issue.
7. Methods employed in the disposition thereof.
Volume
139
Financial Chronicle
8. If sales were made through affiliates, the respective amounts received
by the person whose statement is furnished and its affiliates.
Rule Relating to the Effective Date of These Amendments
"The above amendments shall become effective Oct. 16 1934, subject to
the provision, however, that Form E-1, in the form existing before this rule
becomes effective. may be used for statements for which the rules permit or
prescribe Form E-1, if such statements are filed on or before Dec. 15 1934."
The Securities and Exchange Commission announced to-day the adoption
of a rule clarifying the requirements of Section 10 of the Securities Act of
1933 as to the contents of a prospectus for a registered security used more
than thirteen months after the effective date of the registration statement
for the security.
The text of the rule follows:
"1. There may be omitted from a prospectus used more than thirteen
months after the effective date of a registration statement information contained in the registration statement in so far as information on the same
subjects, but as of a date not more than twelve months prior to the use of
the prospectus, is contained therein.
"2. No amendment of the registration statement need be made in
connection with the omission of information pursuant to Paragraph 1
above, but five copies of the form of prospectus proposed to be used shall
be filed as required by Article 17b of the Rules and Regulations effective
July 6 1933."
Amendments Adopted to Trade Board Rules
The Securities and Exchange Commission announced to-day the adoption
of amendments to Article 16 of the Rules and Regulations of the Federal
Trade Commission under the Securities Act of 1933. Article 16 relates
to the contents of prospectuses; in particular it permits the omission from
the prospectus of certain items of information contained in the registration
statement.
The text of Article 16 as amended appears in the following:
Article 16. Contents of Prospectus. The information set forth in the
prospectus, including financial statements, except as to the latest balance
sheet and the profit and loss statement for the latest fiscal year and any
subsequent period, may be expressed in a condensed or summarized form
and need not follow the numerical sequence of the items of information
required in the registration statement, provided that such condensation
and rearrangement shall not omit any item of information which may be
material or may be necessary in order that the other statements contained
in such prospectus shall not be misleading. Tnere shall be inserted in
a conspicuous part of the prospectus, and in type as large as that used
in the body thereof, the following statement:
"Copies of the registration statement on file with the Federal Trade
Commission may be procured from the commission upon payment of the
legal charge therefor. . Neither the fact that such registration statement
has been filed with the commission nor the issuance of this prospectus
under the rules and regulations prescribed shall be deemed a finding by
the commission that this prospectus is true and accurate on its face, or
does not omit to state a material fact or to mean that the commission has
in any way passed on the merits of or given approval to such prospectus
or the security mentioned therein."
Items of Information That May Be Omitted
Subject to the foregoing provisions, there may be omitted from a prospectus the following items of information contained in the registration
statement:
(1) If the registration form A-1 is filed as to any issue or security:
9, 17. 18, 23, except as to the issue for which the registration statement
is filed; 28, 29, as of a date approximately one year prior to the filing of
registration; 31, except as to principal underwriters; 36. 37, 38, 39, 46,
48, 49, 51, except. the last balance sheet and profit and loss statement for
the latest fiscal year and any subsequent period; 52,except that the number
of subsidiaries and affiliates shall be stated; 54, except as to latest balance
sheets; 55, except as to profit and loss statements for the latest fiscal year
and any subsequent period; 56, all supporting schedules to balance sheets
and profits and loss statements; and all exhibits.
(2) If the registration form B-1 is filed as to any issue or security:
(Form B-1 not yet issued.)
(3) If the registration Form C-1 is filed as to any issuer or security:
4; 5: 7: 8: 9; 10; 18; 19; 33; 34: 37: 44; 45; 57; 58; 59; 61; 63: 70; 71; 75:
Exhibits A, B, C,E, F, 0, H, I, J, K. L, M, N,P. except the profit-andloss statement for the latest fiscal year and any subsequent period, R,
Exhibit Q may be condensed.
(4) If the registration Form D-1 is filed as to any issuer or security:
Part I: 4, 18, 39 and all exhibits; and Part II: 44 and all exhibits, except
financial statements filed in compliance.with Items 14 and 15.
(5) If the registration Form D-2 is filled as to any issuer or security:
16; 17; 24; except as to the issue or issues for which the registration is filed:
30,31, as of a date approximately one year prior to the filing of the registration statement;33, except as to principal underwriters and as to members of
the reorganization committee; 38; 39: 40; 41; 42; 49; 50; 52; 54; except the
last balance sheet and the last profit-and-loss statement: 55, except that the
number of subsidiaries and affiliates shall be stated; all exhibits except the
latest balance sheet and latest profit-and-loss statement; all supporting
schedule to balance sheets and profit-and-loss statements.
(6) If the registration Form F-1 is filed as to any issuer or security: 3.
26, 27. and all exhibits.
(7) If the registration Form E-1 is filed as to any issuer or security: 4, 11,
16, 17, 22, 26, 27. 39, 40, 41, 43, Exhibits A to K inclusive; the supple-,
mentary, earlier balance sheets required under Exhibits L, N. P. R. T and
W; Exhibits M, 0, Q. U and X, inCluding all statements of predecessors
who are such under the definition in the form, No. 19 (2), (except the most
recent profit-and-loss statement of the predecessor most recently owner of
each item or group of property), but excepting the profit-and-loss statements for the latest fiscal year and any subsequent period of the registrant,
all guarantors. and all predecessors who are such under the definition in the
form, No. 19 (1); the unconsolidated financial statements of the registrant
and the financial statements of subsidiaries required under Exhibit V;
all supplemental schedules; any schedule or statement submitted in lieu of
any of the balance sheets or profit-and-loss statements which may be omitted
from the prospectus under this rule.
Statement Must Reveal That Omissions Are Made
Provided, however, that if the information contained in a registration
statement on Form E-1 under any of such items or exhibits is omitted from
the prospectus in accordance with the provisions of this rule, the prospectus
must contain a statement in the following form in type or in print as legible
as that employed generally throughout the prospectus:
"As permitted by Article 16 of the Rules and Regulations of the Federal
Trade Commission under the Securities Act of 1933,the information contained under thefollowing items in the registration statementfor these securities,
on file with the commission, has been omitted. Copies of the pages of the
registration statement containing the information as to any such items may
be obtained from the Federal Trade Commission upon payment of the
2441
commission's charge for copying. The numbers of the items and their
subject matter are as follows: (Insert here only such of the following as to
which information, given in the registration statement, is omitted from the
prospectus.)
4. "Name and address of registrant's authorized representative in the
United States.
"11 Summary of provisions of instruments with reference to the rights
and liabilities of the security holders of the registrant and other issuers
before the plan.
"16. The (insert here the number of those listed in the statement) largest
security holders of the registrant from the standpoint of voting power.
"17. The investment of (directors, officers, partners, trustees-Insert
whichever is applicable) in securities of the registrant as of a recent date
and as of approximately one year prior thereto.
"22. Names and addresses of legal counsel acting for the registrant in
onnection with the registered securities.
"26. Identification of property acquired under the plan by the registrant
from
or acquired within the last two years by the registrant or a predecessor
persons standing in special relationships thereto.
predecessor
"27. Comparison of cost of property to the registrant or its
whom it
and to a person standing in special relationship thereto from
was acquired.
"39. Summaries of material contracts and patents.
the value
"40. Brief statement of legal proceedings which might affect
of the registered securities.
to sell
right
the
of
bodies
"41. Grounds for denials by governmental
securities issued by the registrant.
received or
"43. Nature of any interest or contingent fee, or office
held by any person named as an expert in the statement.
descripappropriate
"Exhibit A. Articles of incorporation (substitute
tion for any documents filed in lieu thereof).
"Exhibit B. Latest annual report.
to sell
"Exhibit C. Orders of governmental bodies denying the right
registrant's securities.
"Exhibit D. Underlying indentures.
"Exhibit E. Underwriting contracts.
legality.
"Exhibit F. Opinion of counsel with reference to issue's
"Exhibit G. Copy or specimen of registrant's securities.
"Exhibit H. Material contracts or patents.
"Exhibit I. Deposit agreement and plan.
"Exhibit .1. Prospectus to be used.
issues of
"Exhibits K. (and K-1). Schedule of collateral security for
registrant or others involved in the plan.
of person)
"Exhibits L, N,P. R, T. W. Balance sheet of (i sert name
as of (insert date).
of (insert name
"Exhibits M,0, Q. U, X. Profit and loss statement(s)
of period).
of person) for (insert dates of commencement and termination
name of
(insert
of
statements
financial
"Exhibit V. Unconsolidated
of (insert names of
registrant) for (insert dates). Financial statements
subsidiaries) for (insert dates)."
Directions on the Wording of Prospectus Changes
of any of the balance
When any schedule or statement is submitted in lieu
the required insertion
sheets or profit and loss statements, the wording of
above to indicate
in the prospectus should be changed from that specified
the nature of the exhibit on file.
or at the time
before
Notwithstanding any of the foregoing provisions
shall be delivered
of the delivery of securities registered on Form E-1,there
prospectus containing
to the persons intended to receive such securities a
statement
such information as would have been required in the registration
been filed so as
under the following items, if the statement had originally
the commenceto become effective not more than 20 days prior to the date of
ment of the delivery: 8, 10, 13-15, 18. 19, 21, 23, 24. 28(a), 29(a). 30-37.
prospectus, however,
44(a)-(e). Such information need be included in this
prospectus in cononly in so far as it differs from that given in a previous
expressed in a conbe
may
nection with the registration on this form. It
in the first
densed or summarized form subject to the conditions provided
purporting to
paragraph of this article. Five copies of any prospectus
to the regiscomply with this paragraph must be filed as an amendment
tration statement.
New Amendment Covers Waivers on Expert Reports
amendThe Securities and Exchange Commission announced to-day the
Regulations
ment, effective Sept. 24 1934, or Article 19 of the Rules and
Article
1933.
of
of the Federal Trade Commission under the Securities Act
written consent
19 relates to the obtaining, by an issuer, of a waiver of the
statement.
of an expert to the use of his report or valuation in a registration
may be filed
The amendment provides that application for the waiver
statement.
either before or at the time of the filing of the registration
prior to the
The commission's consent to such waiver must be obtained
of before
date when the registration statement becomes effective, instead
the filing of the statement, as previously provided.
The text of Article 10, as amended, reads as follows:
7.
"Article 19. Application for Waiver of Written Consent Under Section
In Section 7 it is provided that:
report
"'If any such person is named as having prepared or certified a
is
or valuation (other than a public official document or statement) which
as
named
not
is
used in connection with the registration statement, but
connection
in
use
for
valuation
having prepared or certified such report or
with the registration statement, the written consent of such person shall be
filed with the registration statement unless the commission dispenses with
such filing as impracticable, or as involving undue hardship on the person
filing the registration statement.'
"Application to the commission for dispensing with such written consent
shall state the grounds on which such application is based and be supported
by affidavit covering all the material facts and showing specifically why the
obtaining of such written consent is impracticable or involves undue hardship on the person filing the registration statement. Such application shall
be filed before or at the time the registration statement is filed, and consent
of the commission obtained prior to the effective date of the registration
statement."
The Securities and Exchange Commission announced to-day the adoption
of the following rule:
"When any information in a prospectus is not correct as of the date of the
prospectus, the date as of which such information is correct shall be given."
Other Decisions Are Made by Securities Commission
The Securities and Exchange Commission announces the adoption of
Form D-1A. This form is a special form for certificates of deposit, to be
used where the issuer of the certificates of deposit is the original issuer of the
securities called for deposit. It is to be used only if the certificates ofdeposit
are issued in connection with a plan of reorganization or readjustment which
involves the issue of new securities to the holders of certificates of deposit.
Certificates of deposit which do not meet the above conditions are te
continue to be filed on Form D-1.
2442
Financial Chronicle
The Securities and Exchange Commission announces also the adlption
of a rule in regard to the above form to the following effect: "Form fl-IA
is to be used under the conditions prescribed for its use, for statements filed
on or after Oct. 20 1934, subject to the provision, however, that Form D-1
may be used,at the option of the registrant,in the case of anysuch statement
filed on or before Dec. 15 1934."
Rulings by Federal Reserve Board on Regulation T—
Affect Margin Requirements, Old Accounts, Cash
Transactions, Transactions for Customers of
Foreign Branches, &c.
Various interpretations of Regulation T have been issued
this week by the Federal Reserve Board. The regulation
was published in full in our issue of Sept. 29, page 1923,
and interpretations bearing thereon have already been given
in these columns, some having appeared in our issue of a
week ago (Oct. 13, pages 2283-84). Its latest interpretations
were announced by the Board as follows:
Oct. 11, 1934
Margin Requirements—Transactions in Cash Accounts
Ruling No. 16 interpreting Regulation T—In response to an inquiry as
to whether in a cash account under Section 6 of Regulation T credit may
be extended on unregistered non-exempt securities as an incident to the
purchase ofsuch securities the Board advised that Section 6 of Regulation T
does not authorize such extensions of credit and also pointed out that
Section 7 (c) (2) of the Securities Exchange Act of 1934 expressly prohibits
a creditor as defined in Section 2(b) of Regulation T from extending or
maintaining credit on such securities under the circumstances indicated.
Oct. 11, 1934
Confirmation of Demand for Margin
Ruling No. 17 interpreting Regulation T—In response to an inquiry,
the Federal Reserve Board has ruled that, where a demand for margin has
not been made by a letter or telegram sent to a customer at his last known
address but has been delivered to the customer in person, the amount so
demanded cannot be included in the computation of the adjusted debit
balance of the customer's account pursuant to the provisions of clause 8
of Section 3 (f) of Regulation T, unless such demand for margin has been
confirmed by a letter or telegram which the creditor shall have sent to the
customer at his last known address.
Oct. 12, 1934
Increases in Adjusted Debit Balance of an Old Account
Ruling No. 18 interpreting Regulation T—In response to an inquiry the
Federal Reserve Board has advised that. if the adjusted debit balance of
an account which has been designated as an "old account" pursuant to
Section 7 (a) of Regulation r, is reduced by reason of a sale of securities
or otherwise, the creditor may not thereafter permit the customer to make
any transaction which would result in an increase in the adjusted debit
balance except a withdrawal of money made in conformity with the third
proviso of Section 7(a) of Regulation T. In this connection the Board
called attention to the fact that a transaction which would result in an
increase in the adjusted debit balance if standing alone is not prohibited by
Section 7 (a) if it is part of a "combination of transactions" which results
in no increase in the adjusted debit balance.
Oct. 12, 1934
Margin Requirements—Time Allowed for Obtaining Margin
Ruling No. 19 interpreting Regulation T—The Federal Reserve Board
has been asked whether under Section 4 (e) of Regulation T,in the case of
a purchase of securities on a Monday. the three-day period allowed for
obtaining margin expires at midnight Wednesday or at midnight Thursday,
if the days specified and all the intervening days are full business days.
In reply the Board advised that the three-day period specified means three
full business days following the date of the transaction and that, in the case
indicated, the three-day period allowed by Section 4 (e) would not expire
until midnight on Thursday.
Oct. 12, 1934
Cash Transactions
Ruling No. 20 interpreting Regulation T—In response to two inquiries
with respect to the time when the seven-day period allowed under Section 6
of Regulation T begins to run in connection with bona fide cash transactions,
the Federal Reserve Board ruled that.
In the case of a bona fide cash transaction in which a oroker purchases a
security as agent for a customer and makes payment to the seller of the
security, the seven day period commences to run when the broker pays for
the security without having received payment from his customer.
In the case of a bona fide cash transaction in which a aealer acting as
principal or as agent for the seller sells a security to a customer, the seven
day period commences to run when title to the security passes to the
customer without the customer having paid for the security.
In both cases and in all other cases involving cash transactions, the seven
day period commences to run when the relation of debtor and creditor
arises between the purchaser and the creditor as a result of the cash transaction.
In this connection, the Board explained that the sole purpose of Section 6
is to allow the extension of credit for limited periods of time in connection
with bona fide cash transactions and that this section does not place any
restrictions upon a bona fide cash transaction which does not result in any
debtor and creaitor relationship between the customer and the broker or
dealer.
Oct. 12, 1934
Guaranteed Accounts
Ruling No. 21 interpreting Regulation T—in response to an inquiry
with respect to guaranteed accounts, the Board advises that under Section
8(d) of Regulation T,a creditor may regard as an unrestricted account any
account which is guaranteed in writing for an amount sufficient to make
such account an unrestricted account by a person who has an account
with such creditor containing a cash credit balance and (or) securities of
sufficient loan value to make such guaranteed account an unrestricted
account in addition to providing the margin required by Regulation T on
the guarantor's account.
Oct. 13. 1934
Margin Requirements—Joint Accounts Between Members of National
Securities Exchanges
Ruling No. 22 interpreting Regulation T—The Federal Reserve Board
has been asked to rule on the question whether there is an extension of credit
by a creditor to a customer within the meaning of the Board's Regulation T
In the case presented by the following facts. A firm having membership in
a National securities exchange and an individual member of the exchange
form a joint account for transactions in securities. The individual provides
Oct. 20
1934
no capital but furnishes to the joint account services in purchasing and
selling the securities. The firm pays for the securities bought, furnishes
the securities sold and "clears the account." In these circumstances, the
Board has ruled that such relationship does not constitute a creditorcustomer relationship, within the meaning of Regulation T, between the
firm and the joint account or the firm and the individual, and that, therefore, such transactions are not sUbject to the provisions of the regulation
governing extensions of credit to a customer.
Oct. 13, 1934
Calculation of Net Debit Balance in Arbitrage Accounts
Ruling No. 23 interpreting Regulation T—In response to an inquiry the
Federal Reserve Board has ruled that, in calculating the net debit balance
of an arbitrage account within the meaning of Section 3(d)of Regulation T,
both the long commitments and the short commitments in securities should
be taken into consideration.
Oct. 13, 1934
Transactions Within the United States for Customers of Foreign Branches
Ruling No. 24 interpreting Regulation T—In response to inquiries as to
whether particular transactions come within the provisions of Regulation T
and the Securities Exchange Act of 1934 in view of Section 8(h) of the
Regulation and Section 30 (b) of the Act, the Federal Reserve Board has
expressed the following opinions.
When a creditor with a foreign branch office which is carrying securities
In a foreign country for a foreign customer executes within the United
States an order for the purchase of a registered security for such foreign
customer, such transaction is subject to provisions of Regulation T and is
not excepted therefrom by Section 8(h) thereof.
A creditor borrowing in the United States on any registered security in
the ordinary course of business as a broker or dealer must comply with the
provisions of Regulation T and of the Act with respect to such borrowing,
regardless of whether or not the security is held foe the account of a foreign
customer.
Oct. 13, 1934
Market Value and Loan Value of Securities Involved in Substitutions
Ruling No. 25 interpreting Regulation T—The Federal Reserve Board
has been asked to rule upon the following question. "A customer with a
restricted account desires to substitute securities. The substituted securities must have a current market value equal to that of the securities withdrawn; otherwise, there would be a net withdrawal, under Regulation
4 (d). The question is whether the substituted securities must also have
a loan value equal to that of the securities withdrawn." 'rhe Board replied
that, under Section 4 (d) of Regulation T, neither the current market
value nor the maximum loan value of the securities substituted in a restricted accountshould be less than the current market value or the maximum
loan value, respectively, of the securities withdrawn, unless any difference between such values is made up by a deposit of cash or unless the
account is made an unrestricted account.
Oct. 17, 1934 •
Transfer of Transactionsfrom Cash Accounts
Ruling No. 26 interpreting Regulation T—The Federal Reserve Board
has been asked for a ruling on the following facts: a customer requests a
broker to purchase for the customer's account certain registered securities
to be paid for by the customer in cash. The customer has a bona fide
intention to pay in cash; but, when delivery day arrives, he finds that he
has not sufficient cash to pay for the securities in full and desires to pay
50% and have the broker carry the securities in his margin account until
the customer is ready to make payment in full. The question is presented
whether the broker may transfer such transaction from the customer's cash
account to his margin account. In reply the Board advised that the transfer
of such a transaction from a cash account to a margin aceount is expressly
permitted in exceptional cases by Section 6 of Regulation T, if authorization is obtained from the business conduct committee or other suitable
committee of the appropriate National securities exchange.
Oct. 17, 1934
Extensions of Credit on Unregistered Non-exempted Securities
Ruling No. 27 interpreting Regulation T. The Federal Reserve Board
has received inquiries as to whether a member of a national securities exchange may extend credit on unregistered, non-exempted securities in
clearing for another broker or dealer transactions involving the purchase of
such securities for cash by such other broker or dealer. The inquiries submitted indicate that in performing the function of clearing the transactions
the clearing member furnishes the cash which is paid for the securities and
thereby extends credit until he receives reimbursement either from the
broker or dealer or from some subsequent purchaser. In reply the Board
has called attention to the fact that section 7(c) of the decurities Exchange
Act of 1934 forbids any member of a national securities exchange or any
broker or dealer who transacts a business in securities through the medium
of any such member to extend credit to any customer on unregistered, onexempted securities for the purpose of purchasing or carrying securities.
While the Act authorizes the Board to prescribe rules permitting the extension of credit on unregistered, non-exempted securities in certain circumstances, it denies the Board the right to grant such permission in cases
where the extension of credit is for the purpose of purchasing or carrying
securities. As the questions giving rise to this ruling indicate that the
extensions of credit in the cases presented are for the purpose of purchasing
or carrying securities, and that the credit is extended to "customers" as
that term is used in section 7(c) of the SEA of 1934 and in Regulation 'I',
the Board has advised that such extensions of credit are prohibited by law
and that no authority is given to the Board to permit them to be made.
New York Stock Exchange Indicates Conditions For
Consideration of Extension of Time For Obtaining
Margin Under Regulations of Federal Reserve
Board
With the Federal margin scale in operation, the New
York Stock Exchange made public the conditions under
which the Committee on Business-Conduct will consider
extension of time for the obtaining of margin, as provided in
the Federal Reserve Board Regulations. Noting this, the
New York "Herald Tribune" of Oct. 16 said:
Exchanges have the authority, under two sections of the regulations,
to grant extensions up to ten days for obtaining margin or up to 35 days in
the case of "cash" transactions "on application of the creditor ... if such
committee is satisfied that the creditor is acting in good faith and that the
circumstances warrant such action."
The announcement of the Exchange, dated Oct. 13 follows:
Volume 139
Financial Chronicle
NEW YORK STOCK EXCHANGE
Committee on Business Conduct
Oct. 13, 1934
To the Members of the Exchange.
Your attention Is directed to Section 4 (e) and to Section 6 of Regulat
T of the Federal Reserve Board, which provide in part that "any regularly
constituted committee of a national securities exchange having Jurisdiction
over the business conduct of its members" may, subject to the provisions
of the Regulation, grant extensions of time up to ten days for obtaining
margin (Section 4 (e) or up to 35 days in the case of a "cash" transaction
(Section 6)."on application of the creditor...if such committee is satisfied
that the creditor is acting In good faith and that the circumstances warrant
such action."
Such applications as may be addressed to the New York Stock Exchange
will be received by and will be under the Juridetion of the Committee on
Business Conduct.
If a member desires to apply to the Committee on Business Conduct of
this Exchange for such an extension, his application should be submitted
not later than the close of business on the last day on which the time limit
prescribed in the Regulation would expire, unless an extension were granted.
Every such application must be in writing, and must state the length of
time for which an extension is requested,and must recite the circumstances
of the case and the reasons supporting the application for extension, briefly,
but in sufficient detail to be self-explanatory.
Out-of-town members or firms may arrange with their New York correspondents to assist them in reducing such requests to writing and submitting
them to the Committee; and such New York correspondents are requested
to co operate in this respect.
ASHBEL GREEN,
Secretary.
Securities Act
The Securities and Exchange Commission made public on
Oct. 15 a list of 13 applications filed for registration under
the Securities Act of 1933. The issues covered by the applications total nearly $14,000,000. Included in this amount are
new issues totaling approximately $10,000,000, while close to
$4,000,000 represents financial readjustments. The Commission stated:
Filing of Registration Statements Under
The registrations may be classified as follows:
Commercial-industrial issues
Investment trusts
Certificates of deposit
$11,947,723.50
1,000,000.00
* 799,200.00
The following is the list of registration statements (Nos.
1133-1149 and 1099) made public Oct. 15:
Illinois Malleable Iron Co. (2-1133, Form A-1), Chicago, Ill., manufacturers of malleable iron and products, proposing a $400,000 issue of $25 par
common stock. A total of 16,000 shares are to be offered at par. Officers
of the company are W. H. Burgess, Chicago, President; It. J. Wuerst, Chicago,
Treasurer, and A. E. White, Evanston, Ill., Secretary. Underwriters are
Miller-Murray & Co., New York City.
Gregory-Bates Mining Co. (2-1134, Form A-1), Denver, Colo., a Colorado
gold mining corporation, proposing to register a $1,000,000 issue of common
stock, all or any part of one million $1 par shares to be offered at $1.
Principal officers are D. M. Todd Jr., President, and G. S. Ellsworth, VicePresident, both of Denver.
C. G. Kuney et at, Committee for Bondholders (2-1135, Form D-1), proposing to issue certificates of deposit in a call for $356,000 outstanding
first mortgage 61
/
2% gold loan bond certificates of No. 2 Park Lane West,
Inc., Mt. Vernon, N. Y., due March 1 1936. The face amount of the original
issue was $400,000. Value assigned for purposes of calculating registration
fee is $118,666. The reason given for the call for deposit is default in payment of interest, amortization and taxes. Other committees are also soliciting deposit of the securities. Members of the Registering Committee are
0. G. Honey, Englewood, N. J.; Edward A. Fall, Rutherford, N. J.; Joseph
S. Barr, Ithaca, N. Y., and Warren I. See and Donald W. Stewart, both of
New York City.
Thermo
-id Co. (2-1136, Form A-1), Trenton, N. J., a holding company
owning all of the outstanding stock of Thermoid Rubber Co., Thermoid Textile Co., and Woven Steel Hose Co., and substantially all of the outstanding
stock of Southern Asbestos Co. A total of $1,416,168 in securities is proposed for issue as follows: 84,240 shares of $1 par common stock, estimated
at $1,010,880, to be offered at an average price of $12 per share to noteholders on options; 63,792 shares of $1 par common stock to be offered to
the public at the market price of the common shares of the issuer on the New
York Stock Exchange (last sale, Sept. 20 1934, was at 3%); 7,458 shares
of 7% cumulative convertible $100 par value preferred stock, estimated at
$223,740, to be offered at the market price of the issue on the New York
Curb Exchange (bid and asked prices, Sept. 20 1934, were 25-35). Principal officers are F. E. Schluter Greenwich, Conn., Chairman of the Board;
Charles W. Barber, Short Hills, N. J., Vice-President; R. H. Temple,
Trenton, N. J., Treasurer, and F. H. Holler Jr., New York, Secretary. Underwriters are Schluter & Co., Inc. (Nevi York), New York; Schluter & Co.,
Inc. (Delaware), Jersey City, N. J., and Essanco Trading Corp., Jersey
City, N. J.
Metal Package Corp. (2-1137, Form A-1), New York, N. Y., a Delaware
corporation, proposing a $900,000 issue of common stock; 15,000 no par
shares (stated value, $30) to be offered at not less than $60 per share.
Principal officers are Sol L. Buschman, New York, President; George S.
McCreedy, Baltimore, Secretary, and It. L. Whittle, New York, Treasurer.
1016-1626 Walnut Street Corp. (2-1138, Form A-1), Philadelphia, Pa., a
real estate company, proposing an issue of $2,600,000 gold mortgage bonds.
This issue consists merely of a letter to the present mortgage bondholders
requesting authorization to extend the terms of the bonds, modify the interest
rate, and provide for a sinking fund. The mortgage bonds to be extended by
this issue are $400,000 principal amount, subordinated to $2,200,000, and
are secured by a first mortgage against the premises 1616-1626 Walnut
Street, Philadelphia, Pa. Principal officers are J. J. Greenberg, President;
Roy A. Heymann, Treasurer, and D. Hays Solis-Cohen, Secretary, all of
Philadelphia.
Christman Brewing Co. (2-1139, Form A-1), engaged in the manufacture
and sale of beer under Federal permit, proposing an issue of 35,000 shares
of $1.50 par value preferred stock. The shares are to be offered at the
market price, but not over $5 per share, making the maximum amount of
the issue $175,000. Chief officers are C. F. Robertson, Forreeton, Ill.,
Chairman of the Board; Henry Lots, New Lisbon, Wis., President, and
• Face amount of issues to be called. Market values total $273,786.
2443
E. J. James, New Lisbon, Wis., Secretary-Treasurer. Underwriters are Re.
finance Corp., Chicago, Ill. (See also File No. 2-807, effective
.)
Fanny Farmer Candy Shops, Inc. (2-1140, Form A-1), manufacturers and
retailers of candies, seeking to register 180,000 shares of $1 par ccomion
stock. The registration is filed to cover a proposed public offering by the
underwriters, A. NV. Porter, Inc., which company has a commitment and
options to purchase a total of 180,000 shares of common stock from Candies
Investments, Ltd., an Ontario (Canada) corporation, now owner of 70% of
the common stock of the issuer. A. W. Porker, Inc., propose to offer the
shares at the last price at which they were sold on the New York Curb
Exchange. The total value of the offering, based on the Sept. 25 price on
the Toronto Exchange, is $1,373,962.50. Officers of the issuer are F. P.
O'Connor, President; J. D. Hayes, Vice-President, and C. H. Ellston, Secretary-Treasurer, all of Rochester, N. Y.
Shareholders Corp. (2-1141, Form A-1), Seattle, Wash., a securities investment company proposing to register 673,000 shares of $1 par common
stock having a total value of $3,785,093. Three blocks of stock are to be
offered. Block A totals 159,950 shares, for which warrants to purchase at
$10 per share are outstanding; block B consists of 313,050 shares, to be
offered at the market price of $4.26, and block C contains 200,000 shares,
which the issuer may re-acquire from holders, to be offered at $4.26. Officers of the company are R. H. Drumheller, Chairman of the Board; B. B.
Ehrlichman, President; F. W. Buff, Treasurer, and H. W. Cameron, Secretary. Underwriters are Drumheller, Erlichman & White.
hotel Senator First Mortgage Bondholders Committee (2-1142, Form D-1),
/
2%
proposing to issue certificates of deposit in a call for the outstanding 61
first mortgage gold bonds of the Hotel Senator Corp., Sacramento, Calif.,
issue
of
original
of
an
are
part
called
dated July 1 1923. The bonds to be
$1,225,000, of which $995,000 in principal amount are outstanding and unpaid. Of the outstanding bonds, $551,800 face amount had already been
deposited with the committee on Sept. 6 1934, leaving $443,200 the face
amount of bonds to be called. The market value of the bonds to be called
totals $155,120. The Hotel Senator Corp. is said to have been formed in
April 1923 to own and operate the Hotel Senator in Sacramento, Calif.
S. W. Strauss & Co., a California corporation, then located in San Francisco,
was the principal underwriter of the securities to be called. The plan of
reorganization provides that 9,950 shares of no par value common stock are
to be issued to depositors of the called bonds on the basis of one share of
stock for each $100 face amount bond. The common shares are to be held
by three voting trustees under a voting trust agreement. Members of the
committee are V. E. Bleven, Secretary; T. C. Tilden, E. H. McCarthy and
Edward Hohfield, all of San Francisco, Calif. The depositary is the Anglo
California National Bank, San Francisco.
United Endowment Foundation, Inc. (2-1143, Form 0-1), an investment
trust located in New York City, N. Y., proposing an issue of certificates of
interest in trust shares. The number of certificates to be offered is not
known, but registration is sought for certificates totaling $1,000,010. The
plan of the trust provides for participation through periodic deposits which
are compounded. The Commercial National Bank of New York is trustee.
H. C. Williams, R. B. Deans, C. P. Franchot, V. B. Murphy, R. L. Farrelly,
and B. IV. Black, all of New York City, are.officers of the issuer. Professor
Irving Fisher, of Yale University, is economist and a director.
Peerless Corp. (2-1144, Form A-1), New York, N. Y., formerly the Peerless
Motor Car Co., now a holding and investment company owning the Brewing
Corp. of America. Common stock currently valued at $135,000 is to be
Issued to settle claims totaling $335,000. A block of 20,000 shares of $3 par
value, said to be worth $5 per share, are to be issued to James A. Bohannon,
President of the company, to replace 20,000 shares delivered by him to
Redmond & Co. in settlement of a law suit. Redmond & On. paid the Peerless Corp. $210,000 for these shares, and in settlement of the suit. Another
block of 25,000 shares of $3 par value, said to be worth $5 per share, are
to be lamed to Sam W. Emerson Co. in exchange for promissory notes totaling
$125,000 given by the Brewing Corp. of America to the Sam W. Emerson Co.
Principal officers of the Peerless Corp. are James A. Bohannon, President,
and S. T. Creighton, Secretary-Treasurer, both of Cleveland, Ohio.
Great Dike Gold Mines, Inc. (2-1099, Form A-1), San Francisco, Calif., a
Nevada corporation, organized in December 1930, but inactive since shortly
after its organization. The company now plans to mine gold on property
purchased in El Dorado County, Calif., and is proposing a $162,500 issue of
$1 par common stock, 162,500 shares to be offered at par. Officers of the
company are H. De0. Richards, President; H. L. DeVolve, Vice-President,
and Bentley Neuman, Secretary-Treasurer, all of San Francisco, Calif. (Note:
This is a reining of an application previously filed on Sept. 6 1934, and
withdrawn Sept. 25 1934.)
The filing of Registration Statement No. 2-1099 was noted
in our issue of Oct. 22, page 1789.
In making public the above list the Commission said:
In no case does the act of filing with the Commission give to any security
Its approval or indicate that the Commission has passed on the merits of the
issue or that the registration statement itself is correct.
The last previous list of registration statements appeared
in our issue of Oct. 13, page 1968.
Edison Electric Illuminating Co.w FilesvApplication
Under Securities Act for Registrationkof New
Issue of $20,000,000 Coupon Notes
The Securities and Exchange Commission announced on
Oct. 10 that the Edison Electric Illuminating Co. of Boston
had filed with it an application (No. 2-1145, Form A-1) to
register under the Securities Act of 1933 a proposed new issue
of $20,000,000 coupon notes, to be dated Nov. 2 1934, due
Nov. 2 1937. The Commission's announcement said:
According to the statement, the proceeds of the issue are to be used to
pay an issue of $20,000,000 three-year 5% coupon notes dated May 2 1932,
due May 2 1935, which the company has called for payment at 100 and
accrued interest on Nov. 2 1934.
The interest rate on the new bonds and the price at which they will be
offered to the public have not yet been determined, the application states,
but will be arrived at by negotiations with the underwriters and will be
stated in an amendment to be filed before the statement becomes effective.
The filing fee is based on an offering price of $101.60.
Twenty-two firms are listed as underwriters of the issue. Principal among
these are the First Boston Corp., which will take $5,000,000 of the Issue;
Lee Higginson Corp., taking $2,550,000; F. S. Moseley & Co., taking
$2,450,000; Bidder Peabody & Co., $1,650,000; Burr, Gannett & Co.,
$1,350,000, and Brown Harriman & Co., Inc., $1,000,000.
Financial Chronicle
Walter C. Baylies is President of the company; Thomas K. Gumming,
Treasurer, and George M. Guilford, Auditor, all of Boston, Mass. (See
Effective Registration File No. 2-952.)
In no case does the act of filing with the Commission give to any security
its approval or indicate that the Commission has passed on the merits of the
Issue or that the registration statement itself is correct.
Registration Statement No. 2-952, filed by the Edison Electric Illuminating Co. of Boston, was referred to in our issue
of June 23 1934, page 4214.
Report of Senate Banking and Currency Committee
Into Stock Exchange Operations—Senator Fletcher
Completing Report Indicates That Further Legislation May Be Necessary to Effect Reforms—Co-operation of Bankers and Investors Urged in Eliminating
Abuses
Senator Duncan IL Fletcher, Chairman of the Senate
Banking and Currency Committee, with the completion of the
Committee's report into stock market and banking operations, issued a statement on Oct. 12 in which he said that
"this Committee, actuated by a genuine desire to be helpful
In solving our economic difficulties, has conducted, without
animus, this comprehensive inquiry into our financial institutions. Legislation has been enacted," he said, "designed
to eradicate those factors which may adversely affect our
economic conditions. Further legislation," he added, "may
be necessary to fully accomplish this purpose." Senator
Fletcher further said:
Certain it is that legislation alone cannot completely eliminate these disturbing elements. The undivided co-operation of industrialist, financier and
investor, with a mutual recognition of their reciprocal rights and duties, Is
indispensable to a fulfillment of this desired end.
From the statement of Senator Fletcher we also quote:
In making this report it is not the purpose of the Committee to recommend a definite program of legislation which it deems indispensable to
adequately safeguard industry and the public. However, a detailed and
comprehensive outline may form the subject of a subsequent formal report.
The Committee at this time merely desires to recapitulate succinctly the
problems which merit further consideration.
The Securities Act of 1933 and the Securities and Exchange Act of 1934
have vested in the Securities and Exchange Commission jurisdiction over the
source of and traffic in securities.
The vigilant administration of these Acts should materially abate, if not
eradicate, abuses that have caused much economic distress. The establishment of an honest and true securities market is dependent upon the effective
enforcement of the legislative mandates in these Acts.
In the field of banking, three major principles have been dealt with in
recent legislation, namely, the separation of monetary policy from banking,
the creation of deposit insurance, and the separation of Investment banking
and the securities business from commercial banking.
There remain for our immediate consideration, however, vital matters
relating to the conduct and management of banking institutions, such as
truthful and adequate financial statements, nature and diversification of
loans and security, proper banking reserves, trust function of banks, effective
governmental examination of banks, employment of bank examiners, windowdressing activities of banking officers, and other similar problems.
Investment Trusts
Investment trusts conducted in accordance with the underlying principles
responsible for their creation, diversification of investments with the view
to investment return rather than capital appreciation, may have a place in
our investment system. The facility of perverted uses of these companies
requires that these trusts be circumscribed with protective safeguards.
The record indicates that it may be necessary to simplify the capital structure of investment trusts to prevent the organizers from usurping control
and a disproportionate part of the equity and yield of these trusts; to limit
and prescribe the concentration of securities in a particular industry; to
prevent the diversion of these trusts from their normal channels of diversified
investment to the abnormal avenues of control of industry; to prohibit pyramiding of investment trusts; to completely divorce investment trusts from
investment banking; to eliminate the conflict of interest between investment managers and the public; to compel full and complete disclosure of
the organization, capital structure and management of the conduct of investment trusts.
The magnitude of a corporation is no justification for its existence or
propagation, nor reason for its abolition or curtailment. The determinative
factor is social and economic utility.
Holding companies serving no productive function, but organized merely
to pervent the use of controlled companies and to evade their legal limitations, are detrimental to the public welfare. Holding companies are
major problem meriting immediate consideration and action.
Plans for Merger of Los Angeles Curb Exchange and
Los Angeles Stock Exchange Approved by Members
of Both Markets
At a meeting held Oct.3 members of the Los Angeles Curb
Exchange approved a plan for liquidation of that institution
and absorption of members and listings of the Exchange by
the Los Angeles Stock Exchange. Members of the latter
Exchange on Oct. 2 unanimously approved amendments of
the constitution and by-laws of the Exchange to permit the
induction of the Curb Exchange members into the consolidated exchange. In the Los Angeles "Times" of Oct. 4, from
which the foregoing is learned, it was also stated:
The physical consolidation of the markets will be accomplished as soon
as possible and probably In no event later than Nov. 1, it was stated by
Sidney H. Ellis Jr., President of the Curb Exchange, upon whose Board of
governors rests the present major part of detail connected with the merger.
Many Angles to Deal
In brining the consolidation to its present advanced stage the Boards of
Governors of the two exchanges faced technicalities which normally arise
Oct. 20 1934
from attempting to consolidate the interests of more than 90 separate firms
and individuals, Mr. Ellis declared. The Curb Governors, acting under
authority given in the meeting to-day, will proceed as rapidly as possible
with liquidation of the exchange distribution to members, termination of
tenancy in the present quarters and concentration of members and listings
upon the Stock Exchange. The move is regarded by all concerned as being
a most forward-looking step, resulting in the creation of one active exchange
to serve Southern California more adequately than ever before.
The Los Angeles Stock Exchange has 67 members, while the Curb
Exchange roll contains 78. Of the latter number 25 are potential new members for the Stock Exchange in the regular, special or associate classes.
It Is anticipated that between 15 and 20 will adopt membership in the merged
institution, bringing that exchange's total membership to from 82 to 87.
SEC to Consider Protests Against Unlisted Trading of
Stocks on Registered Exchanges—Banks Had
Opposed Trading of Shares on New York Produce
Exchange
The Securities and Exchange Commission announced on
Oct. 18 that it is prepared to consider objections filed by
banks or by any other company against the continuance
of unlisted trading of their securities on a registered Exchange. This action followed the expression by some banks
of opposition to trading in their stocks which have received
the unlisted trading privilege on the New York Produce
Exchange. The Committee on Securities of that Exchange
announced on Oct. 17 that effective until further notice
the unit of trading in all bank stock shall be 10 shares.
A Washington dispatch of Oct. 18 to the New York "Times"
added the following concerning the announcement by the
SEC:
The commission explained that, except under unusual circumstances,
it had given authority to the Exchanges to continue trading in unlisted
securities when application was made by the Exchange.
Objections to such trading, the commission said, "must be in writing
and should distinctly set forth the basis of the objections to the continuance of unlisted trading privileges in such securities."
Citing Section 12 (i) of the Securities Exchange Act, permitting
Exchanges to continue unlisted trading privileges, the commission said:
"The fact that certain Exchanges have been permitted to continue
unlisted trading privileges in certain bank and other stocks and that
thereby those stocks have acquired certain collatetral loan values, has
thus not resulted from any special action of the commission in dealing
with these securities as such, but from the application of the general
principle enunciatetd above."
A meeting of the commission to consider the question was called after
publication of the fact that the New York Clearing House Association
had been asked by some of its member banks to consider the advisability
of concerted action. It was understood that some banks had already
asked the Exchange to remove their shares from trading.
A Washington dispatch of Oct. 15 to the "Wall Street
Journal" listed the following bank stocks granted unlisted trading privileges on the New York Produce Exchange as of Oct. 1:
Banca Commerciale Italians,
Fulton Trust Co..
Grace National Bank,
Bank of the Manhattan Co.,
Guaranty Trust Co.,
Bank of Sicily Trust Co.,
Irving Trust Co.,
Bankers Trust Co.,
Bronx County Trust Co.,
Kings County Trust Co.,
Brooklyn Trust Co.,
Lafayette National Bank,
Central Hanover Bank & Trust Co., Lawyers' County Trust Co.,
Chase National Bank,
Manufacturers' Trust Co.,
Chemical Bank & Trust Co.,
National City Bank of New York,
Colonial Trust Co..
National Safety Bank & Trust Co.,
Commercial National Bank & Trust New York Trust Co.,
Co.
Public National Bank & Trust Co.,
Continental Bank & Trust Co.,
Sterling National Bank & Trust Co.,
Empire Trust Co.,
Title Guaranty & Trust Co.
Investigation Into Activity in Trading in McLellan
Stores Stock on New York Stock Exchange Discloses No Violation of Securities Exchange Act
According to Securities and Exchange Commission
In making known the result of an investigation into the
"unusual activity in the trading in McLellan Stores stock
on the New York Stock Exchange," the Securities and Exchange Commission announced, Oct. 17, that the inquiry
disclosed no violation of the Securities Exchange Act of
1934. The Commission's announcement follows:
Unusual activity in the trading in McLellan Stores stock on the New York
Stock Exchange attracted the attention of the Commission.
Investigators were assigned to examine the circumstances. This investigation was commenced on Oct. 10 1934 and covered transactions in McLellan
Stores common stock, class A, from Oct. 5 1934 to Oct. 9 1934.
The investigation, whiah was the kind of inquiry incidental to the routine
administration of the Securities Exchange Act, disclosed no violation of
said Act, but showed that a very large proportion of the purchases during
the period represented an accumulation of the stock for an individual and
his associates not in conflict with the Securities Exchange Act.
In its issue of Oct. 12 the New York "Times" said:
The investigation began on Wednesday [Oct. 10], when James II. Case Jr.,
Assistant Supervisor of the Market Division of the Commission, accompanied
by two assistants called at the Exchange and asked for information concerning the trading in McLellan Stores. Mr. Case is the son of J. Herbert
Case, Federal Reserve Agent at New York. Less than a month ago he
was employed at the Stock Exchange as Assistant Secretary of the Stock
Clearing Corporation. He assumed his post with the commission on
Oct. 1.
Mr. Case refused last night to discuss the investigation. The Stock
Exchange, which has been conducting its own investigation of the Mc-
Volume 139
LeIlan Storm trading, has referred inquiries to the COMITII&Sion. It was
reported, however, that thus far, the Exchange's investigation had not
shown any signs of a violation of its rules. It has not sent a questionnaire
to its members concerning trading in the stock. Normally, such questionnaires are distributed among the brokers whenever any serious charge
of manipulative practices is made. . . .
The rise of McLellan Stores, a company that has been in receivership
since January 1933, was a feature of trading on the Stock Exchange in
recent weeks. The issue, after touching a low mark of $1 a share early
this year, rose on Wednesday to a high price of 121
/
2
. It opened at 121
/
2
yesterday, off a quarter point from Wednesday's close, and continued its
decline to close at 111
/
2, the bottom price of the day.
Marked Increase in School Savings Deposits Indicated
by Report of Savings Division of American Bankers
Association
School savings deposits are "decidedly on the upgrade,"
it was declared by W. Espey Albig, Deputy Manager of
the American Bankers Association, in making public on
Oct. 16 the annual report of the Association's Savings Division on the savings bank projects conducted in schools
throughout the United States. "The net increase—the difference between the.amount deposited and the amount withdrawn—during the year closing June 30 1934, was $3,690,560 over the volume of the preceding year," the report says.
School savings in the two former years had fallen off,
pupils a year ago having withdrawn $2,250,000 more than
they had deposited during the preceding 12 months, thus
using their reserves set up in former years, the report says.
Two years ago the loss reached almost $3,000,000. Mr.
Albig stated:
During the past year, school savers in 24 States showed an excess of deposits over withdrawals, and in many of the other States the loss was
materially reduced. Thus the drastic run-off of net deposits In school
savings, which began in 1929-1930 and continued with such devastating
effects until a year ago, is now stayed and the upward trend resumed.
The severe effects of poor business, a bad banking situation, reduced
prices for agricultural products, unstable conditions, and lack of employment, on school savings over a period of five years can readily be seen
in the rapid decrease in net savings in all the States. The correction of
these conditions, in part at least,is evidenced by the upturn In school savings.
For the year ending June 30 1934, school children deposited $10,727,505,
an increase over the preceding year of $394,935. Of this, $1,375,307 remained at the end of the year. During the preceding year they deposited
$10,332,569. An amount equal to this sum was withdrawn during that
year, and in addition, a further sum of $2,315,252 from deposits made in
former years.
The gain came not so much through increased deposits as through less
withdrawals. The withdrawals,in many cases, were for a different purpose
than they were a year ago. At that time the notices of withdrawals breathed
immediate need for food, clothing, medicine and shelter. Those items.
of course, are also present this year, but the withdrawals generally show
more matured and leisurely judgment—to buy a piano, to pay interest
on the mortgage, to attend 'A Century of Progress', to visit Washington, D. C.
For the year ending June 30 1934, the number of schools
affording school savings numbered 9,471, a decrease in a
year of 1,419, or 13.03%, the report shows. Participants
decreased from 3,080,685 to 2,802,899, a loss of 277,786,
or 9%.
Railroad Co-operative Building and Loan Association
of New York Joins Federal Home Loan Bank
System
The Federal Home Loan Bank System on Oct. 15 announced that it had approved a membership application
of the Railroad Co-operative Building and Loan Association
of New York City, the second largest organization of the
kind in the United States. The Association was organized
in March 1890, and has more than $48,000,000 in resources.
Chairman John H. Fahey of the Federal Home Loan Bank
Board, in announcing acceptance, said:
The action of the Railroad Co-operative Building and Loan Association
in joining the Federal Home Loan Bank System indicates recognition by
its directors of the value of this great reserve structure in amplifying
private mortgage credit in the interest of member institutions and the
general public alike.
The steady growth of the Federal Home Loan Bank System is an encouraging indication of returning activity in private nome finance, with
all that this development means toward restoring the normal employment.
of millions of men in the construction and repair of American homes.
Increase of $19,417,668 During Month in Volume of
Outstanding Bankers' Acceptances—Total Sept. 30
$539,420,386
The customary employment of bankers acceptance credits
to finance the seasonal requirements of staple crops was
responsible during September for an increase of $19,417,668
in the volume of bills. According to the survey of the
American Acceptance Council as of Sept. 30, this increase
is wholly due to the seasonal gain in the volume of bankers
acceptances created for the purpose of financing goods in
domestic warehouses. This total advanced $19,931,160
during the month and represents in part, the shipment and
storage of cotton, wool, wheat and other Fall crops.
Robert H. Bean, Executive Secretary of the American
Acceptance Council also has the following to say in his
survey made public Oct. 16:
2445
Financial Chronicle
The Sept. 30 total of $539,420,386 was $175.728,298 less than .the
volume of bills outstanding on the corresponding date in 1933.
• Outside of warehouse credits, the only other classified gain for the month
was in the volume of import acceptances, which total went up $5,370.018.
Acceptances created for the purpose of financing exports continued to
decline as it has steadily since January. going off in September $2,104,249.
Acceptances created for the purpose of financing goods stored in or shipped
between foreign countries went off $3,521,904. This total of foreign
acceptances now stands at 1137.311.085, or approximately 25% of the
total outstanding in the Spring of 1931. Domestic credit acceptances and
acceptances for the purpose of creating dollar exchange were only slightly
changed in volume during the month.
Practically all of the increase in volume was reported by banks in the
New York Federal Reserve District. The only other District showing any
marked change was the Chicago District which reported a substantial drop
of $4,100,000.
The bill market had slightly more activity during September with some
Promise of slightly firmer rates. The movement of bills was accelerated.
although at the month end the position of the accepting banks with respect
to their bill holdings was practically the same as in the previous month.
On Sept. 30. reporting accepting banks were holding $267.773.137 of
their own bills and 9235,358,739 of other banks bills, a total of $503,131,876
which was $20,000,000 above the total holdings at the end of August or
only slightly more than the total increase in the outstanding volume.
Detached statistics supplied by Mr. Bean follow.
TOTAL OF BANKERS' DOLLAR ACCEPTANCES OUTSTANDING FOR
ENTIRE COUNTRY BY FEDERAL RESERVE DISTRICTS
Federal Reserve District
Sept. 29 1934
Aug. 31 1934
$32,769,093
432,806,015
13,202,994
2,751,343
609,795
5,944,077
23,172,196
1,353,110
3,093,516
585,000
1,133,960
21,999,387
132,664,021
411,103,738
13,655,261
3,106,481
716,219
4,631.856
27,262,973
1,340,503
2,976,066
610,000
591,725
21,343,875
1
2
3
4
5
6
7
s
9
10
11
12
Sept. 30 1933
544,193,325
577,544.268
14,266,558
2,388,265
644,918
5,908,810
38,509,005
2.210,841
5,000,915
800.000
3,509,228
20,192,551
3620,002,718
1715,148,684
$339,420,386
Grand total
Increase for month
19,417,668
175,728.298
Decrease for year
CLASSIFIED ACCORDING TO NATURE OF CREDIT.
Sept. 29 1934
Aug. 31 1934
Sept. 30 1933
$103,206,049
$88,508,901
$93,878,917
Imports
139,704,267
170,757,359
Exports
137,600,018
14,594,020
8,704,304
8,237,090
Domestic shipments
137,838,083
222,758,916
157,769,243
Domestic warehouse credits
4,247,544
4.363,110
Dollar exchange
4,156,819
Based on goods stored in or shipped
140.832.989
199.469.230
137.311.085
between foreign countries
CURRENT MARKET QUOTATIONS ON PRIME BANKERS'ACCEPTANCES
OCT. 15 1934.
Days
30
60
90
Buying Rate Selling Rate
4%
4%
he%
Days
120
150
180
swing Sale
34%
'4%
Selling Rate
31%
54%
HOLC Bonds to be Offered by Syndicate of Private
Investment Bankers—Offering of $50,000,000 of 3%
Bonds Expected Next Week—Will Constitute New
Financing
What is termed a type of investment offering unique to
the American security market in recent years will be made
early next week when a nation-wide group of private investment bankers headed by Field, Glore & Co., of New York
and Chicago, will place on the market a substantial block of
Home Owners' Loan Corp. 3% bonds, which are guaranteed
as to both principal and interest by the United States Government. It is expected that the first block to be placed on the
market will approximate $50,000,000, said an annoouncement issued in the matter,it added:
Its main purpose, it is understood, is to create a broader market for the
bonds than now exists, due to the fact that the investing public has not yet
become familiar with this new type of Government obligation.
This offering constitutes new financing to provide cash for the corporation
in making payments on property repairs, past due taxes, appraisal fees and
similar items involved in the refinancing of home mortgage loans and for
other corporate purposes. Approximately 10% of the average amount of
each refunding loan made by the corporation calls for cash paymeht for
such purposes. The total volume of loans so far made by the corporation
exceeds $1,700,000,000 in bonds. The amount of bonds which the corporation is authorized to issue is limited to $3,000,000.000, and loans to home
owners are now being made at the rate of more than $40,000.000 each week.
The offering represents an outstanding instance of co-operation between
the Federal Government and investment bankers in the distribution of a
Government obligation.
Compilation of Capital, Surplus, Resources, &c., of
State and National Banks by R. N. Sims of National
Association of Supervisors of State Banks—Deposits in State Banks 34% in Excess of National
Institutions
R. N. Sims, Secretary-Treasurer of the National Association of Supervisors of State Banks, at their 33rd annual
convention Oct. 18, submitted to the Association a statement
which shows in detail by States the capital, surplus and
undivided profits, deposits, loans and discounts, stocks,
bonds and securities, and total resources of all State banking
institutions of the United States, together with totals of
these items of the National banks, and all covering as of
June 30 1934. The report of Secretary Sims, it is claimed,
covers the only available accurate and detailed data of State
2446
Financial Chronicle
banking institutions comparable with the report of the
Comptroller of the Currency which covers the National
banks. In presenting the statement Mr. Sims stated:
This report is made up from the figures covering the close of business on
June 30 1934. The figures are very gratifying when we consider the most
distressing conditions which have confronted the business of the whole
world during the last several years.
On June 30 1934, there was a total of 16,325 banks, of which 10.903 were
State banks and 5,422 were National banks, and in round numbers a total
capital, surplus and undivided profits of $7,401,364,401, total deposits of
$46,739,827,858, and total resources of $56,522,771,428. Total capital,
surplus and undivided profits of all banks were $244.639,408 above; total
deposits of all banks were $3,294.625,978 above; and total resources were
$2,493.598.435 above figures of June 30 1933.
On June 30 1934, in round numbers, the capital, surplus and undivided
profits of the State banks were $4,551,204,401, and of the National banks
$2,850.160,000. showing the capital resources of the State banks to be 59%
in excess of the National banks. The deposits of the State banks were
426,807,167,858. Snd of the National banks $19,932,660,000, showing the
deposits of the State banks 34% in excess of the National banks. The
total resources of the State banks were 332,621,179,428, and the National
banks 423,901.592,000, showing the resources of the State banks 36% in
excess of the National banks.
Despite the increase in resources, there was a decrease of 1,075 in the
number of our banks for the year; of this, 610 were State banks and 465
National banks, a decrease of approximately 5% in State banks and 8%
in,National banks.
Oct. 20 1934
Federal Reserve Banks
Total resources of all member Federal Reserve banks on June 30 1934.
were $37,430,869,000.
Total resources of the 5.422 National banks on June 30 1934, were
$23,901,592,000, or 64% of total; an average of $4,408.261 per bank.
Total resources of the 958 State member banks June 30 1934, were
$13,529,275,000, or 36% of total; an average of $14,122,416 per bank
Commenting on the above figures Mr. Sims said:
These figures show how well the banks of our country are recovering from
the storm of depression and emphasize the important part which the State
banking institutions play in our great Federal Reserve System, through
their voluntary membership.
Both classes of banks perform equally useful and necessary functions and
I do not make comparisons for the purpose of disparagement, but to emphasize the colossal size of the two great banking systems and to direct attention
to the importance and need of both in the development and handling of our
country's business.
I paraphrase what I said last year, i.e., "There is so much talk about a
Unit System of banking in this country that I believe a word of warning
is necessary here. The total resources of State banks have been materially
decreased by the conversion of State banks-to the National System, but
the preponderating volume of State bank resources as late as June 30 1934,
must warn our National authorities that banking legislation should be
cautiously pursued to guard against injury to this great element of our
financial structure,and a possible grave disruption of our business affairs."
The detailed statement follows:
.
STATEMENT SHOWING AGGREGATE RESOURCES. &C., OF ALL BANKING INSTITUTIONS UNDER STATE CONTROL COMPILED FROM STATEMENTS FURNISHED BY HEADS OF STATE BANKING DEPARTMENTS. ALSO AN ADDENDUM COVERING AGGREGATE RESOURCES. &C.,
OF ALL NATIONAL BANKS, TAKEN FROM REPORTS OF THE COMPTROLLER OF THE CURRENCY AND FIGURES EXHIBITING TOTAL BANK
RESOURCES DE THE UNITED STATES. BY R. N. SIMS, SECRETARY-TREASURER NATIONAL ASSOCIATION OF SUPERVISORS OF STATE
BANKS, FORMERLY BANK COMMISSIONER OF LOUISIANA, NEW ORLEANS, LA.
States
Date No. of
of
Inn!
Report tutions
Capital
Surplus
-
Undivided
Profits
Capital. Surplus
and Undivided
Profits
Deposits, Incl.
Certified and
Cashiers' Checks
Loans
and
Discounts
Bonds,
Stocks,
Securities, cte.
Total
Resources
$
$
$
$
$
11
$
$
45,023,059.51
26,539,537.91
12,422,315.51
Alabama_ __ _ 6-30-34 1146
14,373,704.38
927,069.00
8.769,850.38
63,498,736.8,
2,785,396.13
29,794,193.47
3,438.379.28
10,613,074.13
6-30-34
11,674,255.79
9
Arizona
392,193.84
2,175,000.00
33,251,584.4,
871,185.44
41,756,413.41
23,434,332.13
189
6-30-34
Arkansas
12,861,014.79
952,922.70 . 10,963,665.81
8,342,650.00
57,423.950.4;
1,668.093.11
887,750,648.85
487,410,676.40
453,184.404.36 1,170,281,224.21
160
California_ .._ 6-30-34
13,218,293.93 126,189.681.49
80,542,490.50
32,428,897.56
37,251,596.58
14.845,613.43
6,655,248.54
Colorado
13,778,802.57
1,273,124.99
89
6-30-34
1,614,623.55
3.767,500.00
44,850,632.6
884,557,361.50
535,004.853.79
147
333,646.376.54 1,012,335,569.6
Connecticut- 6-30-34
33,205,733.35 121,687,186.64
22,773,706.42
65.707,746.87
115,752,335.03
35,397,051.73
42
Delaware _ _. 6-30-34
68,723,075.94
59.633,033.86
3,418.478.62
11,405,850.00
157.506,212.91
20,572,923.11
9,543,635.27
45,432,896.09
12,000,617.34
105
6-30-34
Florida
21,753.048.84
658.282.11
6,379,364.80
2,505,988.38
58,910,121.01
83,046,988.17
27.207,788.84
226
6-30-34
55.706,689.24
Georgia
20,169.223.54
2,591.076.44
7,031,762.40
17,584.950.00
114.831,589.9:
31.739,247.79
3,838,584.21
9,717,962.64
58
6-30-34
Idaho
405,684.21
14,672,716.72
2,810,000.00
622,900.00
38,183,735.0,
711,256,347.44
274,353,929.99
615
6-30-34
Illinois
400,498,922.81
9.341.420.85 112,948,319.86
74,837,550.00
915,901,367.5'
28,769,349.01
258.820,322.66
48,120,592.01
Indiana
400
6-30-34
136,001,860.30
84,600,718.44
3.954,314.16
29.349,400.00
312,503,439.8,
14,316,877.85
225,498,141.56
32,317,325.88
487
6-30-34
Iowa
105.348,776.23
75,772,987.64
4,942.688.32
6,836,637.56
20,538,000.00
259,014,402.2:
134,498,182.34
26,278,113.84
557
6-30-34
Kansas
65,946,226.51
38,831,840.54
2.104,434.77
17,003,000.00
164.345,090.81
7.168,678.47
165,916,946.73
38,863,869.49
Kentucky__ _ 6-30-34
120,381,392.63
346
57,279.888.46
2,064.259.35
28,452,200.00
239,624,124.61
10,352,410.14
121
6-30-34
Louisiana_
40,002,719.64
77,282,510.45
17,548,914.24
1,133,924.74
12,939,930.00
28,472,835.08
3.475,059.50
98,638,048.21
187,647,344.10
Heine
79.880,947.18
25.970,980.03
68
6-30-34
112,358,342.68
229,064,604.3,
7.621,884.50
7,281,600.00
11,067,495.53
429,470,013.95
6-30-34
Haryland
187,457,857.10
141
31,610,420.00
236.037,003.08
530.803,033.5i
11.002,417.88 . 82,119,940.56
39.507,102.88
Ifass.:
Trust cos. 12-30-33 1 504
92,364,430.00 301,937,494.00 2,913,946,890.00 1,848,627,204.00 1.051,884,807.00 3,258,961.844.04
36,496,000.00 173,077,064.00
Other bits_ 8-30-34
347.607.135.99
diehigan _ - - 6-30-34
74,762,018.26
50,427.742.04
207.015,886.82
3,375,226.58
309
423,824,561.11
39.689.950.00
7.362,565.48
194,972,025.00
24.276.189.00
480
ilinnesota.. 6-30-34
78,497.014.00
16,218,100.00
93,694,058.00
4,454,889.00
3,603,200.00
220,697,864.0(
79,832,663.21
15.923,884.04
dississIppl
35,792,267.90
212
6-30-34
30,755,743.15
2,416,273.05
12,656,600.00
851,010.99
99,453,128.21
551.689.060.37
dissourl
223,073,202.19
70,510,800.11
676
6-30-34
264,834,887.43
8,661.643.86 100,889.260.96
21,696,816.99
680,456,109.84
39.790.609.55
vIontana .. _ _ 6-30-34
14,248,503.00
7,121,157.65
5,437,000.06
81
16,828,832.54
1.198,171.39
485,986.26
47,444,264.31
64,806,620.62
26,299,166.08
11.734,101.68
4ebraska_
6-30-34
16,605,147.31
1,008,942.39
328
2,217,659.29
8.509,500.00
77,131,058.91
38,279.995.16
1,324,055.38
502,436.77
7
295,000.00
6-30-34
.levada
101,986.23
105,450.54
1,449,785.63
4,372,029.04
198,245,257.44
81
82,438,586.98
24,669,613.92
Jew Hamps_ 6-3034
986,800.00
140,822,244.90
7.802.774.77
15,880,039.15
223,060,811.8E
200
Ow Jersey_ 3- 5-34
320,809,092.38
11,969,550.09 171,271,054.09 1,082.610,379.84
79,262,984.46
80,038,519.54
804,365,387.65 1,359.819.409.97
5,593,997.98
2,215.435.38
830,188.61
640,000.00
19
Tow Mexico_ 6-30-34
38,188.61
154,000.00
2,109,255.43
6,446,539.57
462 640.242.009.36 1,310,362,744.53 237,196.320.71 ,187.801,074.60 12,157,318,499.89 6,463,488.651.38 5,339,204,611.26 14,605.143,471.34
law York_ _ 6-30-34
179,619,701.94
24.762,154.33
68,389,113.26
2,286,635.93
To. Carolina 6-30-34
70.081,985.35
182
6.798.826.26
15.676.692.14
210,972.995.61
15.661.812.71
10.197,010.82
3,778,033.25
In. Dakota_ 6-30-34
111,230.36
1,016,802.89
2,650,000.00
144
4,367,248.64
21,184,289.27
948,277,967.00
512,795,874.00
8,583,062.00 103,718,559.00
65.097,334.00
475
6-25-34
Mio
30,038.163.00
344,152.381.00 1,125,251,025.00
39,878.056.78
13,820,344.96
7.041,151.87
1,679,279.95
1,086,871.92
4,275.000.00
203
Iklahoma
8-30-34
32,865,587.85
47,240,095.00
26,896.113.67
4,428.737.13
11,840,597.20
296,547.89
/regon
1,325,189.24
2,807,000.00
58
6-30-34
10.091.194.33
31,729,503.70
850.162,513.97 1,224,310,671.53 2,850,071,631.32
43.030,178.73 476,228.724134 1,911,427.220.18
'ennsylvania 6-30-34
423 143.934,682.72 389,261,864.59
66,834.901.94
368.379,612.05
161,435,110.58
17,550,983.61
thode Island 6-30-34
220.044,719.10
27.278.918.33
23
12,005.000.00
430,664,290.18
49.579,402.55
7,461,620.21
18,639.222.52
1,216,233.91
135
0. Carolina_ 6-30-34
18,182,589.74
1,415.083.95
4,830,322.35
64,215.438.30
28,318,936.74
7,335.743.64
14,337,040.19
1,342,037.96
946,705.68
5,057,000.00
148
o. Dakota_ 6-30-34
8,249,963.00
35.821,250.93
81.343,441.50
19,538,387.90
58,206,745.22
13,179,712.62
258
*8,358,675.28
8- 5-34
'ennessee
18,121,877.28
125,068,058.90
133,913.370.02
36,382,853.94
63,454,249.29
2.876,957.14
'ekes
27,421,000.00
474
44,008,833.75
6,081,896.80
6-30-34
180,494,251.46
10,435,428.65
56,001,575.01
24,248,372.86
825,294.04
2,022.132.61
7,588,000.00
46
ftah
23,270,195.05
8-30-34
67,556,720.42
131,691,045.10
19,013.963.28
80,302,733.49
1,046,262.17
1,611.701.09
'ermont_
16,355,000.00
55
6-30-34
52,966,155.97
164,988,219.41
154,817.898.22
31,877,583.09
104,256,791.90
2,805,195.45
7,133,532.64
22,138,855.00
198
6-30-34
IrgInia
42.123,247.80
197,146,495.69
132.628,757.14
18.012.061.89
58,185,681.28
2,099,818.22
5,782,743.67
8,129,500.00
Vashington. 6-30-34
139
54,697,124.28
151,735,688.64
105,705,843.18
20,826,876.69
64,339,373.96
1.689,288.08
31,568,491.47
7.152,288.63
7est Virginia 6-30-34
11,985,300.00
102
132,612.839.49
283.838.225.34
47,358,720.93
153,982.777.46
8,359.004.23
114,887,210.20
71sconsIn
8.574.216.70
548
6-30-34
30.425.500.00
352,052,798.09
12,900.414.29
2,531,026.97
7,874,767.88
97.228.97
1,626,100.00
807,700.00
37
3,177,892.50
7yomIng--. 6-30-34
15,713,333.24
ferritory o
81,122,980.21
16,761,084.40
49,138,690.90
10,305.340.00
*6,455,744.40
14
33.933.973.71
Hawaii) -. 6-30-34
111,083,943.11
------- -----IIII
°tat,
'(avge.
date)
6-30-34 10,903 1.701.426.345.36 .287.419.357.91 562.358.698.45 4,551,204,401.72 5,807,167,858.33 13,743,332,131.00 12.309,850,913.77 2,621,179,428.31
(
1/11
omptrol'es
g 1
report(Na- •
Lionel bks.) 8-30-34 5.422 1,738.792.000.00 854.057,000.00 257.311,000.00 2.850,160,000.00 9.932,660,009.00 7,697,743.000.00 9,348.553,000.00 23,901.592,000.00
xe's of State
11
1,433,362.357.91 305.047.698.45 1,701,044,401.72 6,874,507,858.33 6,045,589,131.00 2,961,297.913.77 8.719,587,428.31
bks. 105ts_
5,481
TotalsI
ate banks_ 6-39-1921.025 1.307.888.555.00 1.332.891,448.46 258.882.640.87 2.899.662,677.73 21,632,822,011.81 12,257.134,526.40 8.497.523,011.46 25,965,675,836.30
ate banks- 6-30-20 21,923 1.595.243.703.89 1.459,494,205.82 395,274,641.47 3,341.012,552.18 23.954.838,511.35 15,334,618.394.82 8.235,427,676.40 21,191,455,848.43
ate banks_ 3-10-21 22,705 1.734,909,385.20 1.533,327.012.44 318.844,745.52 3.587,081.143.56 33.780,750,818.50 15,447,134,595.23 8,877,828,333.4' 29,412,657.029.83
ate banks_ 3-10-22 22,302 1,794.110,615.82 1,581,454,465.10 319.108,843.37 3.700,677,924.31 23,510,877,185.07 14.108,585,847.71 9,414,104,361.97 28,808.553,358.84
ate banks_ 4- 3-23 22.094 1,855.237,769.73 1.450.746.035.80 335.458,195.933,641.444,001.50 27,013,525.116.92 15,547.076,777.07 7,438.708,875.88 32,081.329,235.59
ate Banks- 3-31-24 31,350 1,915,334,597.03 1.547,908.798.76 346,360,002.62 3.801,603,398.41 28.402,756.641.94 16,364,679,542.27 8,055.053,931,9333,641,174,127.58
ate Banks- 4- 6-2521.1221,991,525.694.76 1.653.290,607.72 386,578.187.34 4,029.394,487.82 31.114.361,942.13 15,836,362,018.96 8,471,967,470.81 36,679,382,483.73
ate Banks. 4-12-25 20,289 2,085.024,071.43 1,798.488,761.53 424,871.070.13 4,288,361,903.03 34,116.035,973.16 18,832,589.370.81 9,368,247,394.43 39,105.787,890,05
ate Banks_ 3-23-27 19,597 2.146,819.013.02 1.949.198.673.96 451.252,333.91 4,517,270,050.89 34,882.024,561.17 18.975.015,724.66 9,910,820.131.68 10,046.681,811.28
ate Banks- 2-28-28 13,955 2.181.487,497.14 2,091,822,178.98 462,974,325.31 4.737,284,094.43 34,435.434,860.78 19,374,343,741.27 10,644,548,713140 11,885,784.224.54
ate Banks_ 3-27-21 18,357 2.013.051,210.99 3.000.462.075.48 555,378.055.37 5,573.901,341.84 35.737.701.757.28 24,787,946,990.65 11.473,648,518.48 43,644.840,001.44
ate Banks_ 3-27-30 17,218 2.166.931,918.96 3,447.454,292.36 549,781.244.99 6,164.175,456.31 35,805,022.535.40 25,137,287,003,42 10.875.944,008.73 44.8)0.088,270.82
ate Banks_ 3-23-31 15,855 1,918.703.493.43 3.421,015,492.83 530.874.750.17 5,950,513,736.43 34,296,559,855.12 22,794,530,611.00 11,804.070.012.22 12,658,420,579.72
ate Banks_ 12-31-31 13,882 1,791,643,006.77 3,033.422,391.17 409.324.361.65 5,231,387,787.57 30,951,815,615.5 15,344,574,234.94 9.540.471,533.74 18,488,264,964.10
ate Banks_ 6-39-33 11.513 1.447,040.110.46 2.282.255.188.51 617.705.616.21 4,347.031.973.18 25.642.731.879.95 11,270,019,320.13 9,381.023,282.83 31.727,245,993.28
ate Banks_ 8-31-34 10,913 1,701.425,345.36 2,297.419,357.91 552,359,618.45 4,551,294,401.72 28,897,167,858.33 13,743,332,131.00 12.301,850,913.77 32.621,179,428.31
it'l Banks_ 8-39-19 7,785 1.118.693.000.00 872,226.090.00 372,811.093.00 2,363,478,009.00 15.921.885.000.00 10,584,801,000.00 5,047,521,050.03 20,799,550,000.00
WI Banks_ 6-39-29 8,030 1.224,155,600.00 986,384,000.00 411,525,030.00 2.622,075,000.00 17,155,421,009.00 12,378,903.000.01 4.49%771,000.03 22,196.737.030.00
di Banks_ 2-21-21 8,143 1,273,235.019.00 1,021.405,000.00 431.291.033.00 2.733,815,093.03 15,478.351,033.00 11,680,837,099.00 4,029.057.000.09 20.307,851,003,00
WI Banks_ 3-19-22 8,197 1.241,528.030.00 1,035,184.000.00 504,581,090.00 2,834,272.091.00 15,313,434.009.00 11,213.874,030.00 4,118.160.001.60 19.815,402,000.00
WI Banks_ 4- 3-23 8,221 1,319,144,019.09 1,057,652.000.00 488.172,001.00 2,372,954,010.00 17,038,281,000.00 11,679.621,000.00 5,040.122,050.5321,812.713,000,00
WI Banks_ 3-31-21 8.115 L335,572.099.09 1.073.343.090.00 507.905,090.00 2,918,849,093.00 17,518.616.003.00 11.963,102.090.00 5,015.950,033(.0 22.082.888.000.00
W1 Banks_ 4- 6-25 8,0151,353,444,000.00 1,105.544.003.00 410.457.009.09 2,959,415,000.00 19.382.947.003.03 12.490,216,000.00 5,753,440,010.00 23.832.463.000.90
4'1 Banks. 4-12-25 8,011 1.419.431.0110 1,183,701.009.00 509,517,997.03 3.101,857,033.03 20,175.798.019.01 13,312,251,030.00 8,074.916.000.03 24,893,665.003 00
it'l Banks_ 3-23-27 7,539 1.451.411.000.0 1.231.810.093.09 519,671,011.503,250,971.000.00 23,912,201,093.03 13,660.302,006.00 8,323,640,000.03 25,619.147,054M
4'1 Banks_ 3-28-29 7,731 1,537,214,009.00 1,339.098.030.00 553.647.099.07 3,425.957,030.00 22,279,082,009.03 14.411,603,000.00 7,080,900.000,0327.573.687,003.00
al Banks_ 3-27-21 7,575 1.633.271.099.0 1,524.325.030.00 834.744.093.01 3,700.341.090.03 22,872.881000.07 14,862.183,030.00 7.070,755.000.0f, 23,021,912,000.00
Lel Banks_ 3-27-30 7,315 1.704,409.013.0 1,553.544,009.00 541,195,000.01 3.797,147,090.03 21.841,978,003.00 14,658.698.009.00 0,555,672,005,0027,348.498,000,00
WI Banks_ 3-25-31 6,935 1,714.251.000.0 1,521,896.000.00 532.759,000.00 3.778,909,000.00 22,344.165.000.00 13,727,101,000.00 7,662.377,000.00 28,126,467.000.00
.t'l Banks_ 12-31 31 6,373 1,621.449,009.00 1,391,612,000.00 351,597.009.001...54,858,009.00 19,241,347.000.00 11.928.828,000.00 7.201.42.5,000.0024.682,286,900,00
41 Banks_ 6-30-33 5,887 1.633,525.000.00 940,598,000.00 235.000.000.002,807,723,000.00 17,802.462.000.00 8.116,972,000.00 7.371,631.000.00 22.301,925,000.00
WI Banks. 6-30-34 5.422 1,738,792.000.00 854.057.000.00 257,311,000.00 2.850.186,000.00 19,932.660.000.00 7.697,743,000.00 9,348,553,000.00 23,901.592,000.00
All banking institutions of the United States on June 30 1934,show:Total deposits
S41,739,827.855.33
Total resources
56,522,771,428,31
16,325 I
Total banks
* Includes undivided profits.
$7,401,364,401.72
Total capital, surplus and undivided profits
Volume 139
Financial Chronicle
New Offering of $75,000,000 or Thereabouts of 182-Day
Treasury Bills—To Be Dated Oct. 24, 1934
Announcement of a new offering of $75,000,000 or thereabouts of 182-day Treasury bills, to be dated Oct. 24, 1934,
was made on Oct. 18 by Henry Morgenthau, Jr., Secretary
of the Treasury. The bills, it was stated, will mature on
April 24, 1935 and on the maturity date the face amount
will be payble without interest. The bills will be sold on a
discount basis to the highest bidders and the accepted bids
will be used in part to retire an issue of similar securities
amounting to $50,040,000 which matures on Oct. 24. Tenders to the new offering will be received at the Federal Reserve banks, or the branches thereof, up to 2 p. m., Eastern
Standard Time, Monday Oct. 22. Tenders will not be received at the Treasury Department, Washington. In his
announcement of Oct. 18 Secretary Morgenthau also said:
They will be issued in bearer form only, and in amounts or denominations
of $1,000, 810.000. $100,000. $500,000. and $1,000,000 (maturity value).
No tender for an amount less than $1,000 will be considered. Each tender
must be in multiples of $1.000. The price offered must ge expressed on the
basis of 100, with not more than three decimal places, e. g., 99.125. Fractions must not be used.
Tenders will be accepted without cash deposit from incorporated banks
and trust companies and from responsible and recognized dealers in investment securities. Tenders from others must be accompanied by a dePosit of 10% of the face amount of Treasury bills applied for, unless the
tenders are accompanied by an express guaranty of payment by an incorporated bank or trust company.
Immediately after the closing hour for receipt of tenders on Oct. 22, 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 will follow as soon as possible thereafter, probably on the following morning. The Secretary of the Treasury expressly reserves the right to
reject any or all tenders or parts of tenders, and to allot less than the
amount applied for, and his action in any such respect shall be final. Those
submitting tenders will be advised of the acceptance or rejection thereof.
Payment at the price offered for Treasury bills allotted must be made at
the Federal Reserve Banks in cash or other immediately available funds on
Oct. 24, 1934.
The Treasury bills will be exempt, as to principal and interest, and any
gain from thesale or other disposition thereof will also be exempt, from all
taxation, except estate and inheritance taxes. No loss from the sale or other
disposition of the Treasury bills shall be allowed as a deduction, or otherwise recognized,for the purposes of any tax now or hereafter imposed by the
United States or any of its possessions.
Tenders of $75,248,000 Accepted to Offering of $75,000,000 or Thereabouts of 182-day Treasury Bills
Dated Oct. 17 1934—$237,719,000 Received—Average
Rate 0.21%.
Tenders to an offering of $75,000,000 or thereabouts of
182-day Treasury bills were received at the Federal Reserve
banks and the branches thereof to 2 p. m., Eastern Standard
Time, Oct. 12. The bills are dated Oct. 17 1934 and mature
on April 17 1935. On the maturity date the face amount
will be payable without interest. The offering was announced on Oct. 11 by the Secretary of the Treasury, Henry
Morgenthau Jr. In an announcement issued Oct. 16, with
regard to the bids received to the offering, Secretary Morgenthau said:
2447
The Treasury bills will be exempt, as to principal and interest, and any
gain from the sale or other disposition thereof will also be exempt, from all
taxation, except estate and inheritance taxes. No loss from the sale or
other disposition of the Treasury bills shall be allowed as a deduction.
or otherwise recognized, for the purposes of any tax now or hereinafter
imposed by the United States or any of its possessions.
Oct. 27 Final Day to Exchange HOLC 4% Bonds for
Fully Guaranteed 3% Bonds—Extension of Time
by Corporation Not Permissible.
In urging holders of Home Owners' Loan Corporation 4%
bonds, series of 1933-51, to convert without delay their holdings to 3% bonds, series A, 1952, the Corporation on Oct. 16
cited that it has no power to extend the period, ending
Oct. 27, within which the conversion must be effected.
"This period," the Corporation stated,"was set by Congress,
and the HOLC has no authority to extend it even in exceptional cases." The statement continued:
The 3% bonds are unconditionally guaranteed by the Government as to
principal and interest, whereas the 4s are guaranteed as to interest only.
Any holder of 4% bonds may effect the exchange by presenting them
at his bank for forwarding to the Federal Reserve Bank of the District,
which in turn will handle the exchange with the Treasury Department
and ship the 3% bonds to the owner in cats of his bank. An adjustment
of interest will be paid by the holder.
According to Washington press advices, Oct. 16, it was reported that approximately $600,000,000 of 4% HOLC bonds
are outstanding in the hands of individuals and institutions
throughout the country. Incident to the issuance of the
statement by the HOLC the New York Federal Reserve
Bank on Oct. 17 issued the following circular:
FEDERAL RESERVE BANK OF NEW YORK
[Circular No. 1457 Oct. 17 19341
Conversion of Home Owners' Loan Corporation Bonds
To AU Banks and Trust Companies in the
Second Federal Reserve District and Others Concerned:
At the request of the Home Owners' Loan Corporation, Washington, D. C.,
notice is hereby given that the period within which HOLC 4% bonds.
series of 1933-51. may be presented for conversion into HOLC 3% bonds.
series A, 1952, will expire at the close of business on Oct. 27 1934.
Accordingly, HOLC 4% bonds, series of 1933-51, may be presented for
conversion to Federal Reserve Bank of New York as fiscal agent of the
HOLC at any time prior to the close of business on Oct. 27 1934. and
copies of Form G. B. 268.1, which should accompany any bonds presented
for such conversion, will be furnished by this Bank upon request.
GEORGE L. HARRISON. Governor.
The issuance of the 3% bonds of the Corporation for those
bearing the 4% rate was referred to in our issue of July 7,
page 46.
Third Call for Redemption Before Maturity of Fourth
Liberty Loan 414% Bonds of 1933-38—$1,870,000,000
Called for April 15 1935
Fourth Liberty Loans 4X% bonds of 1933-38 in amount of
approximately $1,870,000,000 have been called for redemption not later than April 15 1935, the call being announced
on Oct. 12, by Henry Morgenthau Jr., Secretary of the
Treasury. This is the third call for redemption before maturity of the 43 % Liberty Loan bonds and involves bonds
The total amount applied for was $237,719,000, of which $75,248,000
bearing serial numbers ending in the digit 5, 6 or 7 (such
was accepted. The accepted bids ranged in price from 99.909. equivalent
• to a rate of about 0.18% per annum, to 99.889, equivalent to a rate of
serial numbers in the ease of permanent coupon bonds being
about 0.22% per annum, on a bank discount basis. Only part of the
prefixed by the corresponding distinguishing letter E, F or
amount bid for at the latter price was accepted. The average price of
G,respectively). Secretary Morgenthau indicated that it is
Treasury bills to be issued is 99.894 and the average rate is about 0.21%
per annum on a bank discount basis.
probable that prior to April 15 1935 the holders of the called
The last previous offering of Treasury bills, dated Oct. 10, Liberties will be offered the privilege of exchanging the bonds
sold at an average rate of about 0.24%. Other recent offer- for other interest-bearing obligations of the United States.
ings sold at rates of 0.28% (bills dated Oct. 3), 0.29%
In his announcement of Oct. 12 Secretary Morgenthau
(bills dated Sept. 26), 0.28% (bills dated Sept. 19), and had the following to say as to the two previous calls for
0.23% (bills dated Sept. 12). The accepted bids to the redemption of the Liberty Loan bonds:
One year ago approximately $6,268,000,000 of the Fourth 43is were
bills dated Oct. 17 were used in part to retire an issue of
outstanding. On Oct. 12 1933. about 81,880.000.000 of the bonds were
similar securities in amount of $50,033,000 which matured called
for redemption on April 15 1934 and on April 13 1934. about $1.250.on Oct. 17. Secretary Morgenthau's announcement of the 000,000 were called for redemption
on Oct. 15 1934. Accordingly one-half
the outstanding Fourth Loan was included in the first two calls. Through
offering of Oct. 11 said:
The bills will be sold on a discount basis to the highest bidders. They
will be issued In bearer form only, and in amounts or denominations of
$1.000. 810.000, 8100.000. $500.000 and 31,000.000 (maturity value).
No tender for an amount less than $1,000 will be considered. Each
tenders must be in multiples of$LOW The price offered must be expressed
on the basis of 100. with not more than three decimal places. e. g.. 99.125.
Fractions must not be used.
Tenders will be accepted without cash deposit from incorporated banks
and trust companies and from responsible and recognized dealers in investment securities. Tenders from others must be accompanied by a deposit
of 10% of the face amount of Treasury bills applied for, unless the tenders
are accompanied by an express guaranty of payment by an incorporated
bank or trust company.
Immediately after the closing hour for receipt of tenders on Oct. 15 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 will follow as soon as possible thereafter, probably on the following
morning. The Secretary of the Treasury expressly reserves the right to
reject any or all tenders or parts of tenders, and to allot less than the amount
applied for, and his action in any such respect shall be final. Those submitting tenders will be advised of the acceptance or rejection thereof. Payment at the price offered for Treasury bills allotted must be made at the
Federal Reserve banks in cash or other immediately available funds on
Oct. 17 1934.
refunding during the past year about 82,750 000.000 of the bonds of this
loan have been exchanged for other interest-bearing obligations of the
United States, while about $380,000,000 of the bonds included in the first
two calls either have been paid or ,will be paid in cash.
The first call, referred to in our issue of Oct. 14 1933,
pages 2737-2738, provided for the redemption on April 15
1934 of Liberty bonds of the 1933-38 issue bearing serial
numbers ending with the digit 9, 0 or 1, and in the case of
permanent coupon bonds also preceded by the letter J, K
or A, respectively. At the time of the issuance of the first
call the Treasury offered an issue of Treasury bonds of
1943-45 for which the called Liberty bonds were permitted
to be exchanged. The Treasury bonds were dated Oct. 15
1933, bearing interest at the rate of 43% to Oct. 15 1934
and 3X% thereafter. Liberty Loan bonds affected by the
second call were those bearing serial numbers the final digit
of which was 8, or 2, such serial numbers in the case of
permanent coupon bonds being prefixed by the corresponding
distinguishing letter H, or B, respectively. On Sept. 15
2448
Financial Chronicle
1934 the Treasury offered 3Yi% Treasury bonds of 1944-46
and 23/2% Treasury notes of series D-1938, in exchange for
the Fourth Liberties included in the second call. Reference
to this call was made in our issue of April 21 1934, page 2670.
In announcing the latest call on Oct. 12, Secretary Morgenthau said that interest on the called bonds will cease on
April 15 1935. Holders are asked to present the called
bonds well in advance of April 15 1935, but not before
March 15 1935. Regarding the drawing of the numbers,
in the case of the present called bonds, a Washington dispatch Oct. 12, to the New York "Times" noted:
Secretary Morgenthau, in the presence of a few of his associates, drew
from a glass the slips containing the numbers. He smiled as he then said:
'That's about all there is to it."
Following is the announcement issued Oct. 12 by Secretary
Morgenthau:
Secretary of the Treasury Morgentnau to-day announced that approximately $1,870,000,000 of the outstanding 43% Fourth Liberty Loan
bonds of 1933-38 have been called for redemption on April 15 1935. The
bonds included in this third call for partial redemption are those bearing
serial numbers ending in the digit 5,6 or 7.
One year ago approximately $6,268,000,000 of the Fourth 4hs were
outstanding. On Oct. 12 1933. about $1,880,000,000 of the bonds were
called for redemption on April 15 1934 and on April 13 1934, about $1.250.000,000 were called for redemption on Oct. 15 1934. Accordingly one-half
the outstanding Fourth Loan was included in the first two calls. Through
refunding during the past year about $2.750,000,000 of the'bonds of this
loan have been exchanged for other interest-bearing obligations of the
United States, while about $380,000.000 of the bonds included in the first
two calls either have been paid or will be paid in cash.
The Secretary invites the attention of holders of the bonds included in the
third call for redemption to the fact that interest on such bonds will cease
on April 15 1935, and states that it is probable that prior to that date the
holders may be offered the privilege of exchanging their called bonds for
other interest-bearing obligations of the United States.
The text of the formal notice of call is as follows:
Fourth Liberty Loan 4h% Bonds of 1933-38
Notice of Third Call for Partial Redemption Before Maturity
To Holders of Fourth Liberty Loan 43% Bonds of 1933-38
and Others Concerned:
Public notice is hereby given:
1. All outstanding Fourth Liberty Loan 4h% bonds of 1933-38 (Fourth
4)4s) bearing serial numbers the final digit of which is 5,6 or 7 (such serial
numbers in the case of permanent coupon bonds being prefixed by the
corresponding distinguishing letter E,.1' or G, respectively), are hereby
called for redemption on April 15 1935, on which date interest on such
bonds called for redemption will cease.
2. This third call for partial redemption is made pursuant to the provision for redemption contained in the bonds and in Treasury Department
Circulai No.121, dated Sept. 28 1918, under which the bonds were originally
Issued, the bonds to be redeemed having been determined by lot in the
manner prescribed by the Secretary of the Treasury.
3. Outstanding Fourth 4)4s bearing serial numbers (and prefix letters)
Other than those designated are not included in or affected by this third
call for partial redemption.
Holders of Fourth 4)4s now called for redemption on April 15 1935, may.
in advance of that date, be offered the privilege of exchanging their thirdcalled bonds for other interest-bearing obligations of the United States.
in which event pubac notice will hereafter be given.
Full information regarding the presentation and surrender of Fourth 4hs
under this call is given in Department Circular No.525. dated Oct. 12 1934.
HENRY MORGENTHAU JR.
Secretary of the Treasury
Treasury Department,
Washington, Oct. 12 1934.
Fourth 4)4s bearing serial numbers ending in 1, 2, 8, 9 or 0, have
heretofore been called for redemption.
Treasury Department Circular No. 525, bearing on the
third call for partial redemption of the Liberty Loan bonds,
follows:
REDEMPTION BEFORE MATURITY OF FOURTH
LIBERTY LOAN BONDS—THIRD CALL
TREASURY DEPARTMENT,
1934
Office of the Secretary.
Department Circular No. 525
Washington, Oct. 12 1934
Public Debt Service
To Holders of Fourth Liberty Loan 431% Bonds of 1933-38.
and Others Concerned:
PARTIAL
I. Notice of Third Call for Partial Redemption Before Maturity of
Fourth Liberty Loan 4X% Bonds of 1933-38 (Fourth 43(s)*
1. All outstanding Fourth Liberty Loan 4)4% bonds of 1933-38 (Fourth
4)4s) bearing serial numbers the final digit of which Is 5, 6 or 7 (such serial
numbers in the case of permanent coupon bonds being prefixed by the
corresponding distinguishing letter E, F or G, respectively), are hereby
called for redemption on April 15 1935, on which date interest on such
bonds called for redemption will cease.
2. This third call for partial redemption is made pursuant to the provision for redemption contained in the bonds and in Treasury Department
Circular No.121,dated Sept. 28 1918, under which the bonds were originally
issued, the bonds to be redeemed having been determined by lot in the
manner prescribed by the Secretary of the Treasury.
3. Outstanding Fourth 4)45 bearing serial numbers (and prefix letters)
other than those designated are not inciuded in or affected by this third
call for partial redemption.
IL
Transactions in Third.Called and
Uncalled Bonds
1. The bonds included in the third call for partial redemption on April 15
1935, are hereby designated third-called Fourth 431s.
2. The Treasury Department, and the Federal Reserve banks, as fiscal
agents of the United States, will observe the division of Fourth 4)45 Into
Fourth 43.1s (temporary coupon, permanent coupon. and registered) are numbered serially beginning with No. 1 for each denomination; in the case of permanent
coupon bonds each serial number is prefixed by a distinguishing letter, the letters
A to K (omitting I) being used, which letters, in order, rotate with and correspond
to the final digits from 1 to 0, respectively.
Oct. 20 1934
four classes, first-called, second-called, third-called, and uncalled bonds•t
Hereafter, in all transactions affecting third-called and uncalled Fourth
4.hs: (1) only bonds falling within the class third-called will be issued
upon exchange or transfer of third-called bonds, and (2) only bonds falling
within the class uncalled will be issued upon exchange or transfer of uncalled
bonds. Exchanges or transfers as between third called and uncalled Fourth
4)4s will not be permitted. Denominational exchanges of coupon bonds
within the class third-called will terminate on April 15 1935. Transfers and
exchanges of registered bonds within the class third-called will terminate on
March 15 1935, the date of the closing of the transfer books.
3. Pursuant to the provisions of freasury Department Circular No. 121.
dated Sept. 28 1918, the provisions of Treasury Department Circular
No. 300. dated July 31 1923, prescrioing regulations with respect to United
States bonds and notes. as modified by Department Circulars No. 501.
dated Oct. 12 1933. and No. b09, dated April 13 INC are further modified
to accord with the provisions of paragraph 2 of this section.
III. Payment or Exchange
1. Payment of third-called bonds on April 15 1935—Holders of third-called
Fourth 4;is will be entitled to have such bonds redeemed and paid at par
on April 15 1935, with interest in full to that date. After April 15 1935.
Interest will not accrue on any such bonds included in the third call for
partial redemption. (Instructions for presentation ofsuch third-called bonds
for redemption on April 15 1935, are set forth in Sec. IV and V of this
circular.)
2. Optional Exchange Offering—Holders of third-called Fourth 4)45 may.
in advance of April 15 1935, be offered the privilege of exchanging all or
any part of their third-called bonds for other interest-bearing obligations
of the United States, in which event due public notice will be given. Holders
who desire to avail themselves of any exchange privi.ege, if and when
offered,should watch for an announcement thereof. and should request their
bank or trust company to notify them when information regarding any
exchange offering is received. (In case of an exchange offering, instructions
then given in the public announcement should be followed in presenting
third-called bonds for exchange.)
IV. Redemption of Third-Called Fourth 4 his
1. Presentation and Surrender of Coupon Bonds—Third-called Fourth
431s in coupon form should be presented and surrendered to any Federal
Reserve bank or branch,or to the Treasurer of the United States, Washington, D. C., for redemption on April 15 1935. The bonds must be delivered
at the expense and risk of holders (see paragraph 7 of this section) and
should be accompanied by appropriate written advice(see Form P.D.1416)•
Checks in payment of principal will be mailed to the address given in the
form of advice accompanying the bonds surrendered.
2. Coupons dated April 15 1935, which become payable on that date,
should be detached from any third-called Fourth 4hs before Such bonds are
presented for redemption on April 15 1935, and such coupons should be
collected in regular course when due. All coupons pertaining to such bonds
bearing dates subsequent to April 15 1935, must be attached to such bonds
when presented for redemption, provided, however, if any such coupons
are missing from bonds so presented for redemption the bonds nevertneless
will be redeemed, but the full face amount of any such missing coupons will
be deducted from the payment to be made on account of such redemption,
and any amounts so deducted will be held in the Treasury to provide for
adjustments or refunds on account of such missing coupons as may subsequently be presented.z
3. Presentation and Surrender of Registered Bonds—Third-called Fourth
431s in registered form, must be assigned by the registered payees or assigns
thereof, or by their duly constituted representatives, in accordance with the
general regulations of the Treasury Department governing assignments,
In the form indicated in the next paragraph hereof, and should thereafter
be presented and surrendered to any Federal Reserve bank or branch, or
to the Division of Loans and Currency, Treasury Department, Washington,
D. C.,for redemption on April 15 1935. The bonds must be delivered at the
expense and risk of holders (see paragraph 7 of this section) and should
be accompanied by appropriate written advice (see Form P. D. 1417). In
all cases checks in payment of principal will be mailed to the address given
In the form of advice accompanying the bonds surrendered.
4. If the registered holder of record, or an assignee holding under proper
assignment from the registered holder of record, or a duly constituted
representative of such registered holder or assignee, desires that payment
of the principal be made to him, the bonds should be assigned to "The
Secretary of the Treasury for redemption." In case it is desired to have
payment of the registered bonds made to someone other than the registered
holder of record, without intermediate assignment, the bonds may be
assigned to "The Secretary of the Treasury for redemption for account of
"and in such case the name and address of the payee
for whose account the redemption is to be made must be inserted. Assignments in this form must be completed before acknowledgment and not let
In blank.
5. Assignment in blank, or other assignment having similar effect, will
be recognized, but in that event payment will be made to the person surrendering the bond for redemption, since under such assignment the bond
becomes in effect payable to bearer. Assignments in blank or assignments
having similar effect should be avoided, if possible, in order not to lose the
protection afforded by registration.
6. Final interest due on April 15 1935, on any third-called Fourth 4)4s
in registered form, will be paid by checks issued in regular course in the same
manner as if such bonds had not been called for redemption,
7. Transportation of Bonds—Bonds presented for redemption under this
circular must be delivered to a Federal Reserve bank or branch, or to the
Treasury Department, Washington, D. C., at the expense and risk of the
holder. Coupon bonds should be forwarded by registered mail insured, or
by express prepaid. Registered bonds bearing restricted assignments may
be forwarded by registered mail, but registered bonds bearing unrestricted
assignments should be forwarded by registered mail insured or by express.
Facilities for transportation of bonds by registered mail insured may be
•
arranged between incorporated banks and trust companies and the Federal
Reserve banks, and holders may take advantage of such arrangements when
available, utilizing such incorporated banks and trust companies as their
t First-called Fourth 431s (called for redemption on April 15 1934—Department
Circular No. 501, dated Oct. 12 1933) bear serial numbers ending in 9,0 or 1 (in the
case of permanent coupon bonds preceded by the distinguishing letter J, IC or A,
respectively); second-called Fourth 431s (called for redemption on Oct. 15 1934—
Department Circular No. 509, dated April 13 1934) bear serial numbers ending in
8 or 2 (In the case of permanent coupon bonds preceded by the distinguishing letter
IT or 13, respectively): third-called Fourth 431s (called for redemption on April 15
1935) bear serial numbers ending in 5,6 or 7 (in the case of permanent coupon bonds
preceded by the distinguishing letter It, F or G. respectively); and uncalled Fourth
431s bear serial numbers ending in 3 or 4 On the case of permanent coupon bonds
preceded by the distinguishing letter C or D, respectively).
z The final coupon attached to temporary coupon bonds became due on Oct. 15.
1920. The holders of any such temporary bonds which are included In the third call
for partial redemption on April 15 1935. will receive all past due Interest from
Oct. 15 1920, when the bonds are redeemed pursuant to such call. Any coupons now
attached to any such temporary bonds should be detached and collected in regular
0111143.
Financial Chronicle
Volume 139
agents. Incorporated banks and trust companies are not agents of the
United States under this circular.
V. Time of Presentation of Third-Called Fourth 4lis for
Redemption
1. In order to facilitate the redemption of third-called Fourth 4(s on
April 15 1935, any such bonds may be presented and surrendered in the
manner herein prescribed in advance of that date but not before March 15
1935. Such early presentation by holders, on and after March 15 1935, and
well in advance of April 15 1935, will assure prompt payment of principal
when due. This Is particularly important with respect to registered bonds,
for payment cannot be made until registration shall have been discharged
at the Treasury Department.
2. It will expedite redemption if bonds included in the third call for
partial redemption are presented to Federal Reserve banks or branches, and
not direct to the Treasury Department.
3. As hereinbefore provided: (1) coupons due April 15 1935, should be
detached from any permanent coupon bonds included in the third call for
partial redemption when such bonds are presented for redemption on that
date, such coupons to be collected when due; and (2) final interest due on
any registered bonds included in the third call for partial redemption will be
paid by check issued in regular course. Accordingly, early presentation of
bonds will not affect the payment of final interest due on April 15 1935.
VI. General Provisions
1. Any further information which may be desired regarding the partial
redemption of third-called Fourth 4;is under this circular may be obtained
from any Federal Reserve bank or branch, or from the Treasury Department, Washington, D. C., where copies of the Treasury Department's
regulations governing assignments may also be obtained.
2. As fiscal agents of the United States, Federal Reserve banks are
authorized and requested to perform any necessary acts under this circular.
The Secretary of the Treasury may at any time, or from time to time.
prescribe supplemental or amendatory rules and regulations governing the
matters covered by this circular, which will be communicated promptly to
Federal Reserve banks.
HENRY MORGENTHAII JR.,
Secretary of the Treasury.
Important Note-Fourth 4345 called for redemption on April 15 1935. should
be presented well in advance of that date but not before March 15 1935, and the
Instructions given in this circular should be followed. If an exchange opportunity
Is afforded, and third-called Fourth 4345 are to be presented for exchange, the
Instructions given in subsequent announcement should be followed. Information
concerning the redemption of third-called Fourth 434s on April 15 1935, and information concerning an optional exchange if and when offered, may be obtained
from the officers of banks and trust companies generally. As those banks and trust
companies may offer their facilities in the matter of arranging redemption or exchange, it is suggested that holders of third-called Fourth 4345 consult their own
bank or trust company.
Value of Commercial Paper Outstanding as Reported
by New York Federal Reserve Bank-Figure for
Sept. 30, $192,000,000 as Compared with $188,100,000
Aug. 31.
The Federal Reserve Bank of New York issued the following announcement on Oct. 18 showing, as of Sept. 30, the
value of commercial paper outstanding:
Reports received by this Bank from commercial paper dealers show a
total of $192,000,000 of open-market commercial paper outstanding on
Sept. 30 1934.
Below we furnish a record of the figures since they were
first reported by the Bank on Oct. 31 1931:
1934Sept. 30
Aug. 31
July 31
June 30
May 31
April 30
Mar.31
Feb. 28
Jan. 31
1933$192,000,000 Sept. 30
188.100,000 Aug. 31
168,400,000 July 31
151,300,000 Jane 30
141,500,000 May 31
139,400,000 April 30
132,800,000 Mar.31
117,300,000 Feb. 28
108.400,000 Jan. 31
1932$122,900,000 Sept. 30
107,400,000 Aug. 31
96,900.000 July 31
72,700,000 June 30
60,100,000 May 31
64,000,000 April 30
71,900,000 Mar.31
84,200,000 Feb. 29
84,600,000 Jan. 31
$110,100,000
108.100.000
100,400.000
103,300,000
111,100,000
107,800.000
105,606,000
102,818,000
107,902,000
1933Dec. 31
Nov.30
Oct. 31
19323108,700,000 Dec. 31
133,400,000 Nov.30
129,700.000 Oct. 31
1531$81,100,000 Dec. 31
109,500,000 Nov.30
113,200,000 Oct. 31
8117,714,784
173,684,384
210,000000
Receipts of Hoarded Gold During Week of Oct. 10,
$886,076-$36,286 Coin and $849,790 Certificates
Figures issued by the Treasury Department on Oct. 15
indicate that gold coin and certificates amounting to $886,075.78 was received during the week of Oct. 10 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 Oct. 10, amount to $104,138,009.80. The figures show
that of the amount received during the week ended Oct. 10,
$36,285.78 was gold coin and $849,790 gold certificates. The
total receipts are shown as follows:
Gold
Coin
Received by Federal Reserve banks:
Week ended Oct. 10 1934
Received previously
Total to Oct. 10 1934
Received by Treasurer's office:
Week ended Oct. 10 1934
Received previously
$37,285.78
29,149,962.02
Gold
Certificates
8839.990.00
72.080,670.00
829,186,247.80 572,920,660.00
252,802.00
$9,800.00
1,768,500.00
Total to Oct. 10 1934
$252,802.00 $1,778.300.00
Note-Gold bars deposited with the New York Assay Office to the amount of
$200,572.69 previously reported.
Silver Transferred to United States Under Nationalization Order-2,833,948 Fine Ounces During Week of
Oct. 12
During the week of Oct. 12 a total of 2,833,948 fine
ounces of silver were transferred to the United States under
2449
the Executive Order of Aug. 9, nationalizing the metal. A
statementissued Oct.15 by the Treasury Departmentshowed
that receipts since the order was issued and up to Oct. 12
total 96,278,341 fine ounces. The order of Aug. 9 was given
in our issue of Aug. 11, page 858. The statement of the
Treasury of Oct. 15 shows that the silver was received at the
various mints and assay offices during the week of Oct. 12 as
follows:
Philadelphia
New York
San Francisco
Denver
Pine Ounces
Pine Ounces
12,296 New Orleans
432
1,562,895 Seattle
2,596
1,254,827
Total for week ended Oct. 12_2,833,948
902
Following are the weekly receipts since the order of Aug.9
was issued:
Week EndedAug. 17 1934
Aug. 24 1934
Aug. 31 1934
Sept. 7 1934
Sept. 14 1934
Sept.21 1934
Pine Ounces
Week Ended33,465,091 Sept. 28 1934
26,088,019 Oct. 5 1934
12,301,731 Oct. 12 1934
4,144,157
3,984,363
8,435,920
Total
Pine Ounces
2,550,303
2,474,809
2,833,948
96,278,341
Treasury Purchases of Silver Totaled 609,475.44 Fine
Ounces During Week of Oct. 12
According to figures issued Oct. 15 by the Treasury Department, 609,475.44 fine ounces of silver were received by
the various United States mints during the week ended.
Oct. 12 from purchases made by the Treasury in accordance
with the President's proclamation of Dec. 21 1933. The
proclamation, which was referred to in our issue of Dec. 23,
page 4440, authorized the Department to buy at least
24,000,000 ounces annually. Of the amount purchased
during the week of Oct.
12, 604,868.44 fine ounces were
received at the San Francisco Mint and 4,607 fine ounces
at the Denver Mint. During the previous week ended Oct.5
the Department purchased 620,638.40 fine ounces. The
total receipts by the mints since the issuance of the proclamation follow (we omit the fractional part of the ounce):
Week EndedJan. 5
Jan. 12
Jan. 19
Jan. 26
Feb. 2
Feb. 9
Feb. 16
Feb. 23
Mar. 2
Mar. 9
Mar. 16
Mar.23
Mar.30
Apr. 6
Apr. 13
Apr. 20
Apr, 27
May 4
May 11
May 18
May 25
• Corrected figure.
Ounces
1,157
547
477
94,911
117,554
375,995
232,630
322,627
271,800
126,604
832,808
369.844
354.711
569,274
10,032
753,938
436,043
647.224
600,631
503.309
885,056
Week EndedJune 1
June 8
June 15
June 22
June 29
July 6
July 13
July 20
July 27
Aug 3
Aug. 10
Aug. 17
Aug. 24
Aug. 31
Sept. 7
Sept. 14
Sept. 21
Sept. 28
Oct. 5
Oct. 12
Ounces
295.611
200,897
206,790
380,532
64,047
*1,219.247
230,491
115,217
292,719
118.307
254,458
649,757
376,504
11,574
264,307
353.004
103,041
1,054,287
620.538
609,475
The Treasury's statement of Oct. 15 contained a figure of
total receipts since the issuance of the Dec. 21 proclamation
and up to Oct. 12 of 14,831,000 fine ounces.
Treasury Collections of Delinquent Taxes Total $116,914,734 in First Eight Months of 1934-Gain of
$29,000,000 Above Same 1933 Period Almost Pays
Year's Cost
Delinquent tax collections between Jan. 1 and Aug. 31
of this year totaled $116,914,734,compared with $87,714,000
in the corresponding 1933 period and $124,800,000 in the
entire year 1933, Treasury officials announced on Oct. 18.
It was said that the drive against delinquent taxpayers will
yield more than enough to defray a year's enforcement of the
internal revenue laws. The officials pointed out that the
increase of $29,000,000 for the first eight months of this year
would come within $1,000,000 of paying a year's cost of all
income tax collections.
The Treasury's campaign includes an effort to collect
millions of dollars in alleged tax deficiencies from 100 corporations, of which almost half have denied that they owe
the money.
Associated Press, Washington advices of Oct. 18, added
the following regarding the tax drive:
The most recent move in the collecting campaign is to bring in taxes which
the Treasury contends were avoided by recourse to a legal technicality.
The law permits corporations to divert profits into surplus rather than
turn them into dividends on which taxes would have to be paid. However.
such diversions must not exceed the "reasonable" needs of the business
Involved. On the basis of an allegation that the diversions have been excessive and aimed at evasion of tax payments, the Treasury is bringing action
against scores of corporations, with tens of millions involved.
Another Associated Press dispatch from Washington on
Oct. 18 said:
The move to plug what Treasury experts regard as tax loopholes became
known last night. A tax deficiency of $17,199,797 was assessed against
Fisher & Co. of Detroit. It is a holding concern for investments of the
six
Fisher brothers,for years powerful in the motor car business.
The Treasury is aiming especially'at what it calls the transfer or profits
to surplus for the purpose of avoiding surtax payments by stockholders
2450
Financial Chronicle
It has levied penalties of 50% of net income on a long list of concerns.
Among the alleged deficiencies cited are:
Matson Securities Co.. San Francisco, $874,377 for 1930.
William de Mille, movie producer, $100,788.
Rands, Inc., Holding Company of W. C. Rands of Detroit, $1,047,999
for 1927-1930.
Delaware-Olmsted Co. of Wilmington, Del., which indirectly holds large
investments in the Empire Power Corp. and the Long Island Lighting Co.,
$1.464,877 for 1930.
Treasury Segregates Seigniroage Arising from Issuance
of Silver Certificates—Profit Classified Under Special Funds, as in Gold Program
Seigniorage resulting from the issuance of silver certificates
by the Treasury against nationalized and open market silver
will be listed by the Treasury as a special receipt in the same
manner as increment resulting from devaluation of the gold
dollar, according to an announcement by Secretary of the
Treasury Morgenthau on Oct. 18. This statement was
interpreted as indicating that the Government intended to
follow a conservative policy in pursuing its silver program.
The profit from the issuance of silver certificates will be sc.
counted for in the daily Treasury statement, not under
ordinary receipts of general and special funds, but as a
separate figure under the same classification as trust funds
and the increment on gold. Seigniorage from silver totaled
$3,171,296 as of Oct. 16.
•
A Washington dispatch of Oct. 18 to the New York
"Times" added the following regarding the Treasury policy
in this regard:
This means that the profit on the issuance of silver certificates under
the Silver Purchase Act will not be used at this time in meeting current
expenditures. The expenditures will be met from current revenue, and
to the extent expenditures exceed revenues, from money obtained by
borrowings.
Gold Profits Held Separately
At the time of dollar devaluation on Jan. 31 1934 protest was raised by
conservative interests that uncontrolled inflation might result if the profit
was used to retire outstanding obligations or meet current outlays. To avert
such danger $2,000,000,000 of the gold profit was segregated in the so-called
stabilization fund and the remainder, now amounting to $812,143.374.31,
has been "sterilized" as a "nest egg" for use only when more normal conditions prevail. The announcement to-day makes the same disposition of the
seigniorage on silver.
It was explained that the step had been taken at this time as the issuance
of silver certificates against bullion held in the Treasury up to the time purchases under the Silver Purchase Act began had been completed on Oct. 15.
Outstanding silver certificates then totaled $579,702,950.
The latest figure available, that for Oct. 16. was 3583.415,766, the
difference of $3,712,807, representing chiefly the first certificates issued
under acquirements of million under the Silver Purchase Act.
Revised Form Now Used
FTo present a clear picture of the treatment of the profit on gold and silver,
the Treasury, as of June 16. revised the form of its daily statement to show
the amount of seigniorage from alive: acquired under the Silver Act of 1934,
and also the amount of gold increment in the general fund balance segregated. On that date the item appeared as follows:
Balance of increment resulting from reduction in the
$812,143.374.31
weight of the gold dollar
3,171,296.96
Seigniorage on silver
1,153,300.525.46
Working balance
Total net balance
$1,968.615,196.73
United States Supreme Court Refuses to Review Decision Against TWA in Air Mail Case—Upholds
Postmaster General Farley in Cancellation of Contracts Last February
The United States Supreme Court on Oct. 15 refused to
review a decision of the Second Circuit Court of Appeals,
which had dismissed a suit brought by Transcontinenta
and Western Air, Inc., in which the company had sought to
nullify Postmaster General Parley's suspension of its air mail
contract last February. The company had asked the Court
to restrain Mr. Farley and Postmaster J. J. Kiely of New
York from canceling the contract or interfering with its
right to bid for future mail contracts. The Federal Court
for the Southern District of New York ruled that the suit
was in substance against the United States, and denied the
motion for a temporary injunction and dismissed the bill
for lack of jurisdiction. The Court of Appeals also dismissed the case for want of jurisdiction, and the Supreme
Court refused to review that decision.
A Washington dispatch of Oct. 15 to the New York
"Herald Tribune" outlined the arguments of the company
as follows:
Transcontinental & Western Air, Inc., held one of the most important
of the air-mail contracts under the Postoffice Department prior to the
sweeping cancellation order of last winter. Its contract covered the central transcontinental route from New York to San Francisco. The company
sought to enjoin cancellation but the lower courts, including the Circuit
Court of Appeals for the Second Circuit, held the case must be dismissed
because the Government could not be sued without its consent. Effect of
to-day s ruling is to sustain that view. While the air-mail company can
go into court and seek to recover, It is barred from a direct effort to test
the action of the Postmaster General through injunction.
Asked to Define Citizen's Status
The company, in seeking a review.'cleclared the citizen had the right to
know what are the legal remedies for curbing "abuse" by the Government.
Oct. 20
1934
"He has a right to know," said counsel for the company. "where he
stands in his dealings with that Government, whether he is helpless as
solemn agreements are brushed aside by an impatient official or whether a
court of equity will stay the spollative hand. Unless this is rendered Intelligible, prudent men will shrink from dealing with their Government to the
Impairment and undermining of the public service."
The case commanded the more attention because the Postoffice Department is now probing the ocean-mail contracts and there is apprehension
among shipping lines that Postmaster General Farley plans cancellation
of many of them.
Col. Lindbergh Critizes "Blacklist" in Air-Mail Contract Cancellations—Other Witnesses Give Views
on Future American Air Policy Before Federal
Aviation Commission
Col. Charles A. Lindbergh, testifying, on Oct. 16, before
the Federal Aviation Commission which is investigating all
phases of aviation under Government control, declared that
one of the most disturbing factors in American aviation had
been Postmaster General Parley's ruling that no company
whose officials participated in conferences for the allocation
of air-mail routes would be permitted to bid for new contracts, following the cancellation last February, if such executives retained their positions. Col. Lindbergh termed
this procedure the establishment of a "blacklist" which included "some of our oldest and some of our ablest leaders."
He added that any charges against these men should be
carried through to the proper courts or otherwise they
should be cleared.
Mr. Farley, testifying before the Commission on Sept. 27,
advocated the continuation of Federal air-mail subsidies for
at least a few years longer, although he opposed the extension of such subsidies to companies not carrying air mail.
On Oct. 3 Brig. Gen. William Mitchell, former Assistant
Chief of the Air Corps, told the Commission that the report
of the Baker Committee recommending reorganization of
the Corps was misleading. He added that the recommendation for the creation of a General Headquarters Air Force
would almost fatally impair the Army Air Service. Representatives of the National Association of State Aviation
Officials appeared before the Commission on Oct. 11 to advocate the creation of a permanent Federal Aviation Commission as an independent organization to assemble information, hold public hearings in controversial matters, apt in an
advisory capacity to the President and Congress, and as a
liaison group among the various aviation agencies.
Col. Lindbergh's testimony on Oct. 16 was summarized
in part as follows in a Washington dispatch of that date to
the New York "Herald Tribune":
Points made by Col. Lindbergh were.
A permanent aviation commission or similar body should be established
to enforce regulations, which should be held to a minimum consistent with
efficiency.
The major aviation companies should look forward to complete independence of subsidy in a few years.
The United States is ahead of all other countries in the technical development of commercial aviation, but is behind some other countries.
especially England, in development of private flying.
Every city must have an airport or at least a place where planes can land.
Material improvement is needed in weather forcasting, especially in determining at what altitude ice forms.
Commercial planes are not an important reserve for war; more important
is the maintenance of a trained flying personnel and a large number of
factories that could be used for military purposes.
Puts Fog and Ice Problem First
Fog and ice are the problems on which research should be chiefly centered, as almost all others are overcome.
It is hard to see enough advantage in a non-stop coast to coast service
to warrant decreases in pay load and increase in operating costs.
Parachutes on air transports probably would increase rather than decrease the hazard, because of their improper use.
Operation of separate mall and passenger pianos is justified by the opportunity the mail plane affords for research.
Development of both dirigibles and heavier-than-air craft should be
continued until it is clear that one will supercodo the other or that there
is a place for both.
United!States Supreme Court Voids Certain PriceFixing Provisions in New York State Milk Control
Law—Refuses to Revoke Injunction Against Price
Control Regulations
The United States Supreme Court on Oct. 15 handed down
a decision involving the New York State Milk Control Law,
in which it refused to set aside a temporary injunction
against the enforcement of some of the minimum price provisions of the Act. The injunction had been granted to
G. A. P. Seelig, Inc., by a Special Statutory Court in New
York composed of Circuit Judge Hand and District Judges
Bondy and Patterson. The case before the Supreme Court
involved the authority of the Commissioner of Agriculture
and Markets of New York to forbid the sale of milk bought
outside the State at prices lower than those charged for milk
produced under similar conditions within the State. The
Court's decision was regarded as of particular importance
Volume 139
Financial Chronicle
because the fixing of minimum prices by the New York Milk
Control Board resembles the fixing of minimum prices by
the Agricultural Adjustment Administration under the AAA.
A Washington dispatch of Oct. 15 to the New York "Times"
summarized the principal features of the case decided by the
Supreme Court as follows:
The Seelig company brought suit for an injunction when a license it was
required by law to obtain was refused unless it agreed to abide by the minimum price provision mentioned above. Continuation in business without
the license made the company and all distributers doing business with it
liable to severe penalties and fines, and their officers, agents and employees
liable to imprisonment.
The complaint contended that the statute and order were arbitrary, unreasonable, oppressive and discriminatory, had no relation to the protection
of health or public welfare, and were in violation of various sections of the
Constitution. The temporary injunction was granted pending a hearing on
the merits of the case.
Although the action is subject to final adjudication by the high court,
counsel for Charles H. Baldwin, Commissioner of Agriculture and Markets
of New York, maintains that the injunction decree was "a final decree in
nature and effect and its granting was not determined by considerations of
discretion."
Attorney-General Bennett of New York had asked the Supreme Court to
expedite consideration of the petition for a review of the lower Court decision
so that business men, administrative officials and the State Legislature
might have "a certain guide to shape their actions in accord with the true
interpretation of the commerce clause of the Federal Constitution."
United States Supreme Court Hears Arguments in
Appeal of Hegeman Farms Corp. Involving Consti•
tutionality of New York Milk Control Law
It was noted in Washington advices to the "Wall Street
Journal" of Oct. 16 that in addition to the action as to which
the United States Supreme Court ruled this week, involving
the price-fixing provisions of the New York State Milk Control Law, two other cases are pending before the Court involving constitutionality of other provisions of the Milk Law.
From the paper indicated we quote:
One was instituted by Borden's Farm Products Co., Inc., and the other
by Hegeman Farms Corp. The Borden's case involves provisions in the law
permitting sale of unadvertised milk at 1c. a quart less than well-advertised
brands. The Hegeman company seeks to enjoin State officials from requiring a refund to producers of $23,000 alleged to be the difference in the
price paid producers for milk for wholesale distribution and the minimum
price fixed by law.
On Oct. 9 the United States Supreme Court hearing of oral
arguments in the appeal of the Hegeman Farms Corp., which
Is contesting the constitutionality of certain provisions of the
New York Milk Law. The Supreme Court indicated to Henry
S. Manley, representing the New York State Department of
Agriculture and Markets, that it was interested only in developing whether the bill of complaint filed by the company
contained sufficient facts to justify the Court in passing on
constitutional questions. Associated Press advices from
Washington, Oct. 9, summarized Mr. Manley's reply as
follows:
Finding the Court would restrict its inquiry to that point, Mr. Manley
asserted it was his judgment that there was no constitutional question raised
by the bill of complaint. He asserted the company, prior to the enactment
of the Milk Control Law, had been able to get what it considered an adequate
profit by forcing down the price it paid the producers of milk. Confronted
with the necessity of paying Sc. a quart to the producers the corporation now
was complaining, he declared, that the spread between that price and the
slightly more than Sc. a quart it was permitted to charge the dealers was
Insufficient to give it the profit it considered it should receive. This contention, Mr. Manley argued, raised no constitutional question.
The decision of the Supreme Court, on 0&. 15, in which it
refused to set aside a temporary injunction against the enforcement of the price-control provisions of the Act, is referred to in another item in this issue.
Virginia Court of Appeals Hears Arguments on Validity
of State Milk Control Act—Decision Expected in
November
The validity of the Virginia State Milk Control Act was
attacked on Sept. 26 in arguments before the State Supreme
Court of Appeals in a suit brought by R. J. Reynolds and
others against the State Milk Commission. The Court is expected to hand down a decision in its November term at
Richmond. S. D. Timberlake Jr. represented the appellants
In the case, while Attorney-General Abram P. Staples, representing the State Milk Commission, asserted that the appellants were attacking the reasonableness and validity of imaginary regulations which they state the Commission might
promulgate, rather than those actually adopted, ind that the
sole question involved was whether the "fluid milk business
Is not so affected with public interest as to be subject to regulatory laws."
Associated Press advices from Staunton, Va., Sept. 26, summarized the arguments in the case as follows:
C. Ti. Miller and J. C. Montgomery were joint appellants with Mr. Reynolds
in the milk case.
In a brief filed by their attorneys they asserted they were aggrieved by a
final decree entered Aug. 21 1934, in Law and Equity Court, Part 2, of the
City of Richmond, whereby they were perpetually enjoined and restrained
2451
from refusing to obey orders and regulations of the newly-created Milk Commission and forbidden to sell milk anywhere in the State until each of the
appellants should be licensed by the Commission. They were restrained
also from selling milk it any other price than that fixed by the Commission,
and the injunction degree made it mandatory that they pay such assessments as might be levied by the Commission.
Mr. Timberlake claimed the lower Court erred in overruling the appellants'
motion to dissolve a preliminary injunction and in perpetuating this injunction. He compared the Virginia Milk Control Act with similar legislation
in New York State.
"The Virginia Milk Control Act was not a constitutional exercise of the
police power of the State." Mr. Timberlake argued, "because in its attempt
to fix prices and prespribe limited areas within which milk can be sold, it
contravenes Section 1, Article 1 of the Virginia Constitution and the Fourteenth Amendment to the Constitution of the United States."
Mr. Staples, for the Milk Commission, asserted that the appellants' petition
assailed only imaginary regulations which might be enacted, and continued:
"There is only one real question presented to this Court for decision, and
that is the constitutionality of the Milk Control Act; and decision of this
question is controlled by only one consideration, and that is, can this Court
say from the facts in this record that the fluid milk business is not so affected
with public interest as to be subject to regulatory laws? The General
Assembly has solemnly declared it to be a business affecting the public peace,
health and welfare, which should be supervised and controlled."
Ten Maryland Milk Dealers Cited for Alleged Violation
of AAA License Provisions
Ten Maryland dairies on Sept. 27 were charged by B. B.
Derrick, Milk Administrator, with having violated Agricultural Adjustment Administration regulations by failing to
pay producers the prices stipulated in their milk licenses.
The dairies declared that this action would in effect make
them "outlaws" in their industry. Representatives of the
dairies said that they would press for an early hearing of a
case now pending in the courts in which they sought to restrain the Government from enforcing the provisions of the
license. The Baltimore "Sun" of Sept. 28 noted Mr. Derrick's
charges as follows:
In a letter sent out to all distributors in the market, Mr. Derrick called
attention to Paragraph 4, Section 2 of License No. 80, which says:
"No distributor shall purchase milk or cream from, or process or distribute milk
or cream for, or sell milk or cream to, any other distributor whom he has notice is
violating any provision of this license, without first reporting such violation to the
market adminbtrator."
The Administrator then listed the 10 dairies which are charged with violating the license, and added:
"It is, of course, expected that you will comply with the above provisions
of the license as quoted."
President Roosevelt Indorses New York Drive to Increase Milk Consumption—In Letter to Governor
Lehman Declares Movement Should Aid Farmers
and Public Health
President Roosevelt, in a letter to Governor Lehman of
New York on Oct. 12, indorsed the action of New York State
in setting aside the month of October for a drive to increase
the consumption of milk. He declared that consumption of
the right amount of dairy products would not only benefit
the farmer but would contribute to the public welfare. The
President's letter read as follows:
Dear Governor Lehman:
I heartily approve of the action of the State of New York in setting aside
the month of October to bring attention to the virtues of milk in the human
diet. If consumption of milk could be increased, the general health of the
people would be greatly improved.
Consumption of the right amount of dairy products, therefore, would not
only benefit farmers, but would contribute to the public welfare. One of
the ways to bring about such increased consumption is to increase the purchasing power of the common people. Our entire recovery program is aimed
at this objective.
The attention given to promoting the use of milk by the public of New
York State will help raise the health level and will assist in some degree the
ultimate solution of our agricultural problem.
FRANKLIN D. ROOSEVELT.
PresidentRoosevelt Creates Work Assignment Boards
for Cotton Silk and Wool Textile Industries—
Executive '
Orders Effect Recommendations of
Winant Board of Inquiry—Text of Orders
President Roosevelt on Oct. 16 issued four Executive
Orders appointing work assignment boards for the cotton,
silk and wool textile industries, directed to study the
"stretch-out" or specialization system in a number of
representative plants throughout the country, and to prepare recommendations for a permanent plan of work assignments in those industries. This action represented the final
step in carrying out the recommendations of the Winant
board of inquiry, whose report to the President constituted
the basis for the settlement of the National textile strike.
Representatives of the workers had complained that some
manufacturers were using the "stretch-out" system in
assigning work. The President ordered the work assignment boards to report before Jan. 1 1935 on proposed methods
of regulation.
A permanent control system, based on the report of these
three boards, is scheduled to go into effect Feb. 1. In
the meanwhile each board was directed by the President to
"freeze" existing work loads and to investigate any increases
2452
Financial Chronicle
that may have been. made since July 1 1933. Any assignment requiring "excessive effo-ii"- may—be reauced—by the
boards. A Washington dispatch of Oct. 16 to the New
York "Herald Tribune" commented on tne issuance of these
Executive Orders as follows:
With these orders the President again took action which, in at least
the cases of the cotton and the silk industries, may have been In the nature
of National Recovery Administration code impositions. For these two
industries the President made the creation of the work assignment boards
a part of their codes, noting merely that "an application" had been made
for the approval of changes. Whether these applications were made by the
code authorities was not explained at the White House, but the President,
when he first began to carry out the Winant report. did so without full
acceptance by the code authorities.
In the case of the wool industry the President in his Executive Order
out
specifically mentioned that the Wool Textile Authority had pointed
that its code contained provision for a freezing period of work assignments.
The text of the four Executive Orders follow:
Textile
Executive Order Amending Code of Fair Competition for the Cotton
Industry
full comAn application having been duly made pursuant to and in
Recovery
pliance with the provisions of Title I of the National Industrial
certain
of
amendment
Act approved June 16 1933. for approval of the
Industry,
Textile
Cotton
the
for
provisions of the Code of Fair Competition
Board of Inquiry
and in order to carry out the recommendations of the
No. 6840.
for the Cotton Textile Industry, created by Executive Order
submitted to me
dated Sept. 5 1934, embodied in the report of said Board
Sept. 17 1934,
President of the United
Now. therefore, I, Franklin D. Roosevelt,
I of the National
States, pursuant to authority vested in me by said Title
amendment and
Industrial Recovery Act, and otherwise, do find that said
respects with the
all
in
said code as constituted after being amended comply
purposes of said title,
Pertinent provisions and will promote the policy and
is approved and
and do hereby order that said amendment be and it hereby
code is hereby modithat previous approval of the amended portions of the
code in their entirety as
fied to include an approval of said portions of the
amended.
FRANKLIN D. ROOSEVELT.
The White House. Oct. 16 1934.
Textile Industry
Amendment to the Code of Fair Competition for the Cotton
Cotton Textile
3ection XVII of the Code of Fair Competition for the
provisions shall be subIndustry is hereby repealed and the following
stituted therefor;
appoint a Cotton
XVII (1). The Textile Labor Relations Board shall
impartial chairman,
Textile Work Assignment Board, to be composed of an
Fair Competition
of
one representative of the employers subject to the Code
of the employees
for the Cotton Textile Industry, and one representative
in that industry.
a sound method and
(2) In order to provide opportunity to develop
assignments, no employer
adequate organization for the regulation of work
of any class
assignment
work
Prior to Feb. 11935.shall make any change in
over that prevailing
of employees which shall increase the effort required
on Sept. 211934.
or other machines
During this period the number of looms, frames
shall not be Increased where
required to be tended by any class of employees
construction of cloth, preparatory
the character of the raw material, yarn,
of finish or put-up, is not
Processes, type of equipment used, or character
changed.
machines tended by such
of
Where such changes do occur the number
manner as will not increase
employees may be increased or decreased in such
the amount of effort required of the worker.
to, a mill resumes the manuWhere, during the period above referred
within six months prior to
facture of any specific product which it has made
manufacture enumerated in the
Sept. 21 1934, and where the conditions of
work load formerly used on
Preceding paragraph are not changed, then the
proper work assignment.
such produa shall be the guide in determining the
cloth or any other new
Where, on Sept. 21 1934. a new style of yarn or
is thereafter during the
or
type of product was in course of introduction
or finishing plant, a tentaPeriod above referred to introduced into a mill
period of determining of a
tive work load may be established during the
foregoing principles.
Proper work load in accordance with the
of any employee or employer af(3) Prior to Feb. 1 1935, on petition
motion, the Cotton Textile Work
fected, or his representative or on its own
work assignment which has been
Assignment Board may investigate any
and the mill shall show the reasons
increased since July 1 1933, at any mill
finds such assignment requires
Board
the
hearing
after
If
increase.
for such
accordingly.
excessive effort, it may require its reduction
Assignment Board shall have authority to
(4) The Cotton Textile Work
other agents as it may select
appoint district impartial chairmen and such
out the foregoing provisions of
and to issue rules and regulations to carry
this section.
Assignment Board shall, subject to in(5) The Cotton Textile Work
actual operations in represtructions of the President, make a study of
as to a permanent plan for
sentative plants and report to the President
regulation of work assignments in the industry.
Competition for the Silk
E-ecutive Order Amending Code of Fair
Textile Industry
to and in full compliance
An application having been duly made pursuant
National Industrial Recovery Act
with the provisions of Title I of the
amendment of certain provisions
approved June 16 1933,for approval of the
Textile Industry, and in order
Silk
the
for
Competition
Fair
of
the
Code
of
Board of Inquiry for the Cotton
to carry out the recommendations of the
Order No. 6840, dated Sept. 5
Textile Industry, created by Executive
submitted to me Sept. 17 1934.
1934, embodied in the report of said Board President of the United States,
New.therefore, I, Franklin D. Roosevelt,
title of the National Industrial
Pursuant to authority vested in me by said
amendment and said code as
Recovery Act: and otherwise, do find that said respects with the pertinent
constituted, after being amended, comply in all
purposes of said title, and do
provisions and will Promote the policy and
hereby is approved, and that
it
and
be
amendment
said
that
order
hereby
the code is hereby modified
Previous approval of the amended portions of
of the code in their entirety as
to include an approval of said portions
amended.
FRANKLIN D. ROOSEVELT.
The White House. Oct. 161934.
for the Silk Textile Industry
Amendment to the Code of Fair Competition
Silk Textile Industry shall be
The Code of Fair Competition for the
thereof, as Article XIII, the following
amended by adding at the end
provisions.
Oct. 20 1934
XIII (1) The Textile Labor Relations Board shall appoint a Silk Textile
Work Assignment Board, to be composed of an impartial chairman, one
representative of the employers, subject to the Code of Fair Competition
for the Silk Textile Industry, and one representative of the employees in
that industry.
(2) In order to provide opportunity to develop a sound method of
adequate organization for the regulation of work assignments, no employer
Prior to Feb. 1 1935.shall make any change in work assignment of any class
of employees which shall increase the effort required over that prevailing on
Sept. 21 1934.
During this period the number of looms, frames or other machines
required to be tended by any class of employees shall not be increased
where the character of the raw material, yarn, construction of cloth, preparatory processes, type of equipment used, or character of finish or put-up
is not changed. Where such changes do occur, the number of machines
tended by such employees may be increased or decreased in such manner
as will not increase the amount of effort required of the worker.
Where, during the period above referred to, a mill resumes the manufacture of any specific product which it has made within six months prior to
Sept. 21 1934. and where the conditions of manufacture enumerated in the
preceding paragraph are not changed, then the work load formerly used on
such product shall be the guide in determining the proper work assignment.
Where on Sept. 21 1934, a new style of yarn or cloth or any other new
type of product was in course of introduction or is thereafter during the
period above referred to Introduced into a mill or finishing plant,a tentative
work load may be established during the period of determining a proper
work load in accordance with the foregoing principles.
(3) Prior to Feb. 1 1935, on petition of the Code Authority or of any
employee or employer affected, or his representative, or on its own motion,
the Silk Textile Work Assignment Board may investigate any work assignment which has been increased since July 11933, at any mill and the mill
shall show the reasons for such increase. If the Board finds after fair hearing
such assignment requires excessive effort it may require its reduction
accordingly.
(4) The Silk Tactile Work Assignment Board shall have authority to
Issue rules and regulations and to appoint such agents as it may select, who
shall have authority to make investigations and recommendations in order
to carry out the provisions of this section.
(5) The Silk .c'extile Assignment Board shall, subject to instructions of
the President, make a study of actual operations in representative plants
and report to the President as to a permanent plan for regulation of work
assignments in the industry.
Executive Order Creating Wool Textile Work Assignment Board, Cie.
Representations having been made to me by the Code Authority for the
Wool Tactile Industry that Paragraph 2 of Section 3 of the Code of Fair
Competition for the Wool Textile Industry already provides for a freezing
period as respects work assignments as recommended by the Board of
Inquiry for the Cotton Textile Industry, created by Executive Order No.
6840. dated Sept. 5 1934, embodied in the report of said Board, submitted
to me on Sept. 17 1934, and upon finding accordingly; and application
having been made by the sponsors of the code in a letter dated July 25 1933,
which stated. "In order to prevent abuses, without hampering programs,
we hereby request the Administrator to appoint a committee to study this
problem in order to insure a practical definition of improper speeding up of
work and to avoid its harmful results.
Now, therefore. I, Franklin D. Roosevelt, President of the United
States, pursuant to authority vested in me by Title I of the National
Industrial Recovery Act, approved June 16 1933, and otherwise, do issue
the following rules and regulations for the administration of said Paragraph 2
of Section 3 of said code, until Feb. 1 1935.
1. The Textile Labor Relations Board shall appoint a Wool Textile
Work Assignment Board, to be composed of an impartial chairman, one
representative of the employers subject to the Code of Fair Competition
for the Wool Textile Industry, and one representative of the employees in
that industry.
2. The Wool Textile Work Assignment Board is hereby charged with
the responsibility of administering said Paragraph 2 of Section 3 of said
code, in accordance with the following principles.
(a) No employer shall extend the number of similar looms, frames,
spindles or other machines or equipment tended by any class of employees
unless there is a compensating change in the operation, including a change
in the quality or character of the product or material processed or manufactured.
(b) The Wool Textile Work Assignment Board may, on petition of any
mill which installs labor-saving machinery, after such investigation as it
may deem proper, authorize the employer to increase labor assignments to
the extent only that the amount of work required of the employees affected
will not be increased by the installation of this machinery.
(c) On petition of the representatives of labor, on its own -motion, or
otherwise, the Wool Textile Work Assignment Board may investigate any
case where it is alleged that the work load has been improperly increased
since July 1 1933, in violation of the code and may require its reduction if it
finds that th,e assignment has been so increased.
3. The Wool Textile Work Assignment Board shall have authority to
appoint district impartial chairmen and such other agents as it sees fit,
and to issue such rules and regulations as it deems necessary to carry out the
foregoing provisions.
FRANKLIN D. ROOSEVELT.
The White House, Oct. 16 1934.
Executive Order—Rules and Regulations for the Cotton, Silk and Wool Textile
Work Assignment Boards
By virtue of and pursuant to the authority vested in me under Ttile I
of the National Industrial Recovery Act (Chapter 90,48 Stat. 195, Title 15,
W. S. C. No. 701). and under the codes of fair competition for the Cotton
Textile Industry, the Silk Textile Industry and the Wool Textile Industry,
it is hereby ordered as follows.
Sec. 1. The Textile Labor Relations Board shall appoint a single
individual as common chairman of the Cotton Textile Work Assignment
Board, the Silk Textile Work Assignment Board and the Wool Textile
Work Assignment Board. All general rules and regulations involving
products manufactured under more than one of the above codes shall be
Jointly considered by the work assignment boards for those codes.
Sec. 2. The Cotton, Silk and Wool Textile Work Assignment boards
shall study the actual operation of the stretch-out (or specialization) system
in a number ofrepresentative plants,including such plants as may be selected
respectively, by the Code Authority affected and by the United Textile
Workers of America and such other plants as the boards may themselves
select either upon or without nomination of interested parties.
The boards shall, after consultation with the employers and employees
in the respective industries, and their representatives, prepare, and before
Jan. 1 1935, submit to the President, recommendations for a permanent
plan for regulation of work assignments in the respective industries.
Volume 139
Financial Chronicle
Such recommendations, if adopted in accordance with the National
Industrial Recovery Act, shall become effective as therein provided. Such
recommendations, unless good cause is shown to the contrary,shall include.
among other provisions, substantially the following principles.
(a) No employer shall increase the work assignments of any class of
work until he has secured authorization therefor from the district impartial
chairman (appointed by the Textile Work Assignment Board) of the district
in which the mill operates. The district impartial chairman shall authorize
extensions of work assignments only if the following conditions have been
complied with.
kr) The employer has filed with the district impartial chairman and with
the representatives of the employees affected a petition for authorization of
extension of work assignments. The petition shall include a sworn statement on a form to be provided by the fextile Work Assignment Board
indicating the conditions which have been established at the mill as the
basis for extension.
(ii) A period of six weeks has elapsed since the filing of the petition.
(ill) Either (a) the representatives of labor affected have not filed a
Protest to the proposed extension before the end of the six weeks' period, or
(b),if such protest has been filed, there has been a public hearing, with such
Investigation by the district impartial chairman or his agents as he may
deem advisable, and the impartial chairman finds that the conditions which
have been maintained throughout the six weeks period justify the extension.
The fact that any employer has failed to maintain any of the conditions
set forth in the statement accompanying the petition on which the existing
work assignment was authorized shall be ground for the denial of the
petition.
(b) The district impartial chairman, on petition by the representatives
of any employees affected, shall investigate the justifiability of existing
labor assignments, and if he finds any assignment involves excessive efforts
by the workers, shall require the employer to reduce such assignment.
(c) Decisions of the district chairman rendered under the above provisions shall be subject to appeal to the Textile Work Assignment Board.
whose decision shall be final.
Sec. 3. The Textile Labor Relations Board shall provide funds for and
maintain administrative supervision over the several textile work assign-.
mentment boards.
FRANKLIN D. ROOSEVELT.
The White House;Oct, 16 1934.
President Roosevelt Warns Veterans of Need of Maintaining Federal Credit Despite Recovery Expenditures—Speech at Dedication of Veterans Hospital
Seen as Indicating Opposition to Bonus Drive—
Although the primary objective of the Administration at
the present time is to eliminate the causes of the depression,
expenditures for this purpose must be made with "dire
regard for the good credit of the Government of the United
States," President Roosevelt declared yesterday (Oct. 19)
in dedicating a new veterans' hospital at Roanoke, Va.
"That means," he added, "that we cannot spend at once or
in
given year all that we could usefully spend."
The President told the veterans that both Federal tin
State Governments have already granted them many privileges not accorded to other citizens and that the veterans of
the world war are better off to-day from the point of view of
employment than the average of any other great group of
citizens. Although hordienOt si=cdically mention propoM
for immediate payment of the bonus, his remarks about the
necessity of preserving the Federal credit and the advantages
already enjoyed by veterans as a group were interpreted as
indicating that he will oppose any drive to force a—bonus
payment during the next session of Congress.
The President's address follows:
In coming to Roanoke to take part in the dedication of the latest addition
to our chain of veterans' hospitals, I do not seek to enumerate or to catalogue
the many steps which have been taken by your Federal Government to
care for its veterans of many wars.
Most of you in this great audience are from this neighborhood and in the
years to come the men who will occupy this hospital will be your firends and
your neighbors. I commend them to your care.
ialYou see before you to-day a monument which is representative of the
national policy that the Government is seeking to give aid not only to veterans but also to hundreds of thousands of other citizens—men,and women
and children who, handicapped by environment or by circumstance, lack
to-day what reasonable people call the essentials of modern civilization.
For many years we have seen a constantly growing realization of the fact
that any large or small group which lacks the elementary necessities of
proper food, of decent housing, of adequate medical attention, of essential
education, drags down the level of the country as a whole and retards its
progress.
In one sense these men and women and children are not forgotten people
for the very good reason that we have known of their existence and appreciated their plight for many years. In another sense, however, they have
been forgotten for it is only in recent years that governement has undertaken to help them on a national scale.
Aid to Underprivileged Seen Obligation
The further we go in our survey to find out who these people are and where
they live, the more appalled I am by the magnitude of our task. Most of
W3 know in general terms of the slum conditions which exist in many of our
cities. Most of us know, from heresay at least, of people who have lived
for generations in back eddies remote from the active stream of life. But
we have failed to realize the existence of the underprivileged who are present
and largely forgotten in practically ever one of the more than three thousand
counties of the 48 States of the Union.
The improvement of their hard lot is a definite obligation on all of our
citizens and I am confident that the veterans of our American wars will be
among the first to recognize this fact.
The improvement of their hard lot compels our immediate exertions, not
only because of the individual human beings who suffer to-day, but, even
more important to the future of America, because future generations of
American citizens will become the descendants of those who are now in
need. In this thought also the veterans of our wars will go along.
Let it be well remembered that the hundreds of thousands of men and
women and children to whom I have referred, scattered throughout our
2453
nation, have no splendid hospitals for their care, have no medical attention.
such as we will provide here, have no good food and decent raiment such as
will be provided in this veterans home; have no opportunities for adequate
education, and can but suffer the ills of their lives according to their own
individual circumstances.
Nation Better Off Than Year Ago
You have heard it said that we must restore prosperity. You have
heard some kind people say that the country is distinctly better off from a
material point of view than it was last year. I am inclined to agree with
them. Other people, who fail to think things through, forget that one cause
of the depression which we are beginning to leave behind was the very
existence of hundreds of thousands of men, women and children who have
been and continue to be a definite drag against the return of prosperity.
It must remain our constant objective to eliminate the causes of depression
and the drags on prosperity. it will cost money to do this. In the spending
of this money we must have due regard for the good credit of the Government of the United States. That means that we can not spend at once or
in any given year all that we could usefully spend.
I mentioned once upon a time that we must do first things first; the care
of the disabled, the sick, the destitute and the starving is the first thing.
To this the veterans of American wars give their approval in agreement
with the overwhelming majority of our other citizens.
I make this statement in regard to the veterans of America not only
because I am confident of their patriotism and their undertandhag of our
national needs, but also for two other reasons, the first is that our Federal
Government and our State governments have given to them many privileges not accorded to other citizens, and the other reason is that it has been
amply demonstrated that the veterans of the world war,to-day in the prime
of life, are better off from the point of view of employment and of annual
income than the average of any other great group of our citizens.
Let these facts, let this great monument—this veterans hospital and the
other institutions of their kind throughout the country—serve as a symbolic
and bold denial of any careless statement that the United States does not
take care of those who have served it in war—and as a symbolic affirmance
of our ballet' in the underlying patriotic vrillingmess of our veterans to put
first things first.
President Roosevelt to Press Housing Program at Next
Congress—Will Ask Emergency Appropriation for
Slum Clearance and Rehabilitation—Seeks to
Raise Employment and Living Standards.
President .Roosevelt revealed on Oct. 17 that he plans to
ask the next session of Congress for emergency appropriations to enable the Government to participate in a new
housing program, which would include both slum-clearance
and rehabilitation work. The President said at a press
conference that housing will undoubtedly be included in
the public works program, and he stressed the importance
of this work, stating that it not only reduced unemployment
but also raised standards of living by giving under-privileged
persons a chance to live decently. It was reported that the
President for the first time showed an inclination to include
in one discussion a large number of various projects which
affect well-being as related to housing, thus linking this
policy to the broad plan for social insurance now being
studied by two committees, one of which was appointed by
the President and the other by Secretary of Commerce Roper.
A Washington dispatch of Oct. 17 to the New York
"Times" outlined the White House press conference on that
date in part as follows:
He said the housing program to be presented to the next Congress would
undoubtedly have a great many ramifications.
He made this statement after telling newspaper men of a conversation
yesterday with Harry L. Hopkins during which the later and two expert
assistants told the President of rehabilitation projects going forward in
two States.
Industry Sought for Region
One of these experimental projects is at Red House, Va., where 150
families, deprived for the past two years of their customary livelihood
gained through mining, have been placed on one-acre plots where they
can raise many essential products. Mr. Hopkins asked the President's
aid in finding a small industry to be established there to give the former
miners work, from which they could obtain small cash incomes.
The other instance of the work termed by the President as an effort
to save humanity was described as in Arkansas, where families are being
put on small farms. Tne average cost of this rehabilitation is $1,400 to
51,500, with the expectation that the investment will be repaid over a
period of years.
The President's special interest in housing as a humanitarian work,
as well as a means of relieving unemployment, is expected to spur along
slum clearance projects, In which no new living quarters have yet actually
been erected, according to a check-up made to-day.
Au of the Public Works Administration fund set aside for housing has
been earmarked and is destined to go to 39 projects in 33 cities. However,
in only eight cases has even preliminary work been reported started. mi
President Roosevelt Hopes Industry Can Enforce Its
Own NRA Provisions—Plans Program for SelfPolicing—R. M. Hutchinson May Head NLRB
President Roosevelt is anxious to have industry to police
itself and enforce regulations against those who would violate codes and fair practice provisions, it was said at the
White House on Oct. 15, after a series of conferences between
the President and officials of the National Recovery Board.
It was added that he and his advisers are formulating plans
under which industry itself would enforce Blue Eagle regulations, although no definite program has as yet been drawn
up. It was informally stated on behalf of the President, on
Oct. 13, that code enforcement under the reorganized NRA
would be left in the hands of the Department of Justice and
2454
Financial Chronicle
the Federal Trade Commission, although the work would be
expedited through greater co-ordination between the two
agencies.
Robert M. Hutchins, President of the University of Chicago, conferred with President Roosevelt on Oct. 15. It was
unofficially reported from Washington that Mr. Hutchins
will be appointed Chairman of the National Labor Relations
Board if he can arrange for a leave of absence from the
university.
We quote from a Washington dispatch of Oct. 15 to the
New York "Times" regarding the President's desire that industry enforce its own regulations:
Immediately before and after his conference with Mr. Hutchins, President
Roosevelt conferred with Chairman Williams and other members of the
National Recovery Board on the question of industry's compliance with codes
and decrees of the Labor Board.
The Recovery Board members not only talked to the President, but two of
them, Mr. Williams and Arthur D. Whiteside, talked with General Johnson
at Walter Reed Hospital, where the General is a patient.
A White House authority said to-night that the recovery officials had
conferred with the President chiefly about code enforcement, and made clear
that industry was likely to get a chance to rid itself of chiselers if a satisfactory plan could be worked out.
The Recovery Board is hard pressed with the problem of enforcement.
The Justice Department's hesitancy in prosecuting the Houde Engineering
Co. in connection with its defiance of a decision of the Labor Board has
created a difficult situation.
Self-Policing Idea Favored
The Board has been pmdering whether to continue the method of inducing
boycotts against violators of codes and labor decrees, or to evolve a new
means in keeping with the "workaday" operation of NRA under the reorganization.
It is pointted out in some circles that self-policing by industry might offer
an effective solution to this problem.
President's Committee on Economic Security Outlines
Plans for Study of Social Insurance Plans—Leading
Authorities Assigned to Surveys
The President's Committee on Economic Security, which
was appointed to survey the means of establishing permanent
economic stability, announced on Oct. 12 that it was studying 11 distinct phases of this subject. The report stated that
leading authoriti.es had been appointed to investigate in detail such subjects as unemployment insurance, provisions for
old age security, meeting the economic risks of illness, public
works as a means of economic security, and employment
opportunities. Other subjects being considered include survivor's insurance, special measures for the economic security
of children, dependency and relief, economic security for
farmers and agricultural workers, the handling and investment of reserve funds, and fiscal aspects of the security
problem. The report of the Committee was summarized as
follows in a Washington dispatch of Oct. 12 to the New York
"Times":
In his last message to Congress President Roosevelt said that the chief
objective of the Administration was "the security of the men, women and
children of the nation," and indicated that one of the chief functions of
the next Congress would be to draft social legislation.
Difficulty Seen in Financing
Since then it has become apparent to those working on the matter that
the chief difficulty in instituting a social aid system lies in financing it.
That this difficulty might limit the scope of the program has frequently been
reported of late.
To study means of financing the program an "actuarial" subcommittee
has been appointed, headed by Professor James W. Glover of the University
of Michigan. It includes in its membership Professor Henry I. Reitz of
the University of Iowa; Professor A. L. Mobray of the University of California, and M. A. Linton, President of the Providence Mutual Life Insurance
Co. of Philadelphia.
In addition to the experts now working on the program the President may
call upon representative citizens to aid in working out the problems.
"There is contemplated an Advisory Council to be named- by the President," says the report. "This Council will be composed of representative
citizens who will advise the technical board on broad general policies. A
special medical committee is now being organized."
Thomas H. Eliot, associate solicitor of the Department of Labor and
counsel of the Committee, is studying "administrative possibilities and constitutional questions" involved in carrying out the program, and "background factual data" are being collected by Alex Nordholm, Assistant Director of the Committee on Economic Security.
Personnel of the Technical Committee which is assisting the Central
Committee in drafting legislation was announced, and includes 20 Government authorities on the various phases of the problem in addition to those
who are making special reports.
Committees to Report
The following committees were named to report on specific problems:
Unemployment Insurance—Dr. Bryce Stewart, with Merrill G. Murray.
Provisions for Old Age Security.—Professor Barbara N. Armstrong, Professor J. Douglas Brown, Murray Latimer.
Provisions for Meeting the Economic Risks of Illness.—Edgar Sydenstricker
and Dr. J. S. Falk.
Public Work as a Means of Economic Security.—Emerson Ross.
Employment Opportunities.—Meredith B. Givens.
Special Measures for the Economic Security of Children.—Miss Grace Abbott, Miss Katherine Lenroot.
Survivors' Insurance.—Mies Olga B. Halsey.
Dependency and Relief.—Frank Bane.
Economic Security for Farmers and Agricultural workers—Dr. Louis Bean.
Handling and Investment of Reserve Funds.-0. S. Powell.
Fiscal Aspects of the Security Program.—Professor G. A. Shipman.
Oct. 20 1934
Members of the Technical Board.—Otto Beyer, Thomas II. Eliot, Corrington Gill, Walton Hamilton, A. H. Hansen, Alexander Ilollzoff, Murray Latirner, William M. Leiserson, Isador Lubin, H. A. Millis, II. B. Myers, Herman
Oliphant, Stuart Rice, Winfield W. Riefler, H. R. Tolley, Victor N. Valgren,
Jacob Viner, Aubrey Williams.
The Committee on Economic Security is composed of Secretaries Perkins,
Morgenthau and Wallace, Attorney-General Cummings and the Federal Relief
Administrator, Harry L. Hopkins.
President Roosevelt Lowers Work Week in Cotton
Garment Industry from 40 to 36 Hours—Executive
Order Affects 200,000 Employees—Provides for
Continuance of Present Weekly Wage Rate
President Roosevelt, in an Executive Order, dated Oct. 12,
established a 36-hour work week in the cotton-garment manufacturing industry, effective Dec. 1. The order provides that
the work week be reduced from 40 hours, as at present, and
that weekly wages be retained at their present level and piece
rates be increased by 10%. The change will affect approximately 200,000 workers in 4,000 plants in 42 States. The
action was taken in accordance with recommendations of a
committee which had been appointed to investigate conditions in the industry, as noted in our issue of Oct. 13, page
2304. In consideration of the President's postponement of
an earlier order reducing the work week to 36 'hours, the
industry had agreed to abide by his final decision.
The text of the Executive Order follows:
EXECUTIVE ORDER
Concerning amendments to the code of fair competition for the cotton.
garment industry approved by Executive Order No. 6828, Aug. 21 1934:
Whereas Executive Order No. 6828, dated Aug. 21 1934, approved certain
amendments to the code of fair competition for the cotton garment industry,
including amendments to Articles III and IV thereof, which latter amendments by their terms were not to become effective until Oct. 1 1934, and
Whereas Executive Order No. 6861, dated Sept. 28 1934, stayed the effective date of said amendments to Article III and IV of said code of fair competition to and including Oct. 15 1934, and directed the National Industrial
Recovery Board to appoint a committee of three impartial persons to hear
protests, investigate the facts and report its recommendations concerning
said amendments on or before Oct. 10 1934, and
Whereas the Cotton-Garment Code Authority and various members of the
cotton-garment industry, protestants against said amendments, had stated
that if such an impartial committee were appointed to determine the issues
Involved, said protestants would abide by the conclusions of such committee, and
Whereas the NIRB, pursuant to said Executive Order duly appointed
Willard E. Hotchkiss, W. Jett Lauck and Donald H. Nelson, three impartial
persons who had not theretofore formed an opinion concerning the subject
matter of said amendments, as such committee, which said committee thereafter heard protests, investigated the facts and on Oct. 10 1934 did report
its recommendations in the premises:
Now, therefore, by virtue of pursuant to the authority vested in me by
Title I of the National Industrial Recovery Act of June 16 1933 (Ch. 90,
48 Stat. 195), and in order to effectuate the purposes of said title and of my
said Executive Order No. 6861, dated Sept. 28 1934, I, Franklin D. Roosevelt,
President of the United States, do hereby approve and adopt the report and
recommendations of said committee and do order:
1. That Paragraph Numbered 1 of Executive Order No. 6861, dated
Sept. 28 1934, be and it is hereby revoked.
2. That the effective date of said amendments to Articles III and IV of
said codes be stayed to and including Dec. 1 1934, after which date said
amendments shall be in full force and effect.
3. That the committee heretofore appointed and constituted by the NIRB
consisting of Willard E. Hotchkiss, Chairman; W. Jett Laurie and Donald
M. Nelson, be continued, with instructions further to investigate the protests of the sheep-lined and leather-garment subdivision of the cotton garment
industry and report its findings and recommendations therein on or before
Nov. 15 1934.
4. That the NIRB forthwith appoint a committee of three impartial persons which committee shall investigate the effects of competition between
the products of prison labor and sheltered workshops on the one hand and
of the cotton-garment industry on the other, study the operation of the prison
labor compact especially as to the enforcement of the standards of corn.
petition with private industry established therein, and report to the NIRB
concerning said matters not later than Dec. 1 1934.
5. That on or before Jan. 15 1935 the NIRB report to me as to exceptions
to and exemptions from the code of fair competition for the cotton garment
industry, as amended, which may have been granted under the provisions
of Article XV of said code as amended.
6. That this order shall be subject to my further orders in the premises.
FRANKLIN D. ROOSEVELT.
The White House, Oct. 12 1934.
In making public the order at his press conference, on
Oct. 12, the President indicated that he attaches much importance to it, but he declined to state whether the shorter
work week will also be made effective in other industries.
A Washington dispatch of Oct. 12 to the New York "Herald
Tribune" commented on the order as follows:
The official announcement said to-day's order grew out of a provision in
this code requiring that a study be made of its labor provisions in operation.
Hearings were conducted in June at the instance of two competitive industries, dress manufacturing and the men's clothing industry. They resulted
In approval by the President, Aug. 21, of an order immediately shortening
the work week to 36 hours. On representations of the Cotton-Garment Code
Authority this order was stayed until Oct. 15 to allow a new review of the
facts.
The President directed the NIRB to name a committee of three neutral
persons. The Board named Willard E. Hitchkiss, President of Armour Institute of Technology, Chairman of the National *Recovery Administration's
General Code Authority; W. Jett Lauck, Washington labor attorney, and
Donald M. Nelson, official of Sears, Roebuck St Co., member of NRA's Industrial Advisory Board.
This committee's report and recommendations, signed by all three, were
approved and adopted in full by the President's order.
Volume LID
Financial Chronicle
Chairman Sloan of Cotton Textile Code Authority
Reports Increase of 76% in Wages of Workers in
Industry-104,000 Added to Payrolls
George A. Sloan, Chairman of the Cotton Textile Code
Authority, in a statement issued Oct. 14, observed that the
Bureau of Labor statistics for July 1934 emphasized an outstanding achievement of the cotton textile industry under
its code. Compared to March 1933, according to the Bureau's
compilations, the industry in July 1934—a month of abnormally low demand—had increased its average hourly wage
rates 76% and had added 104,000 workers to its payrolls.
During the spring peak of seasonal demand the industry
had re-employed 140,000 more workers than in March 1933.
Mr. Sloan, in explaining how this was possible, says, lp part:
2455
Committee. Senator Bulkley, after leaving the White House
on Oct. 11 was reported as saying that he discussed the monetary situation with the President, and that further dollar
devaluation should not be dismissed as a possibility. The
President,in explaining this talk, said that many persons had
gained the impression that inflation was in prospect merely
because Senator Bulkley and Professor George A. Warren
had happened to call at the White House on the same day.
Senator Bulkley's remarks, as contained in newspaper accounts, were referred to in our issue of Oct. 13, page 2289.
Senator Bulkley on Oct. 12 declared that a mistaken impression had been given from his remarks as reported in the
press, and said that any belief that he had advised the President of the necessity for further Congressional action in devaluing the dollar was "entirely in error."
Senator Lewis, Chairman of the Democratic Senatorial
Committee, also stated on Oct. 12 that no new monetary
moves were in contemplation by the Administration. He
said that no change in the value of the dollar or any other
inflation was seriously considered. The remarks of the
President and Senator Bulkley on Oct. 12 were reported as
follows in a dispatch of that date from Washington to the
New York "Times":
The answer lies largely in a single provision of the cotton textile code—
tile very cornerstone of the code, in fact—the provision which, establishing
a reasonable check on over-capacity, limits productive machine operation to
two 40-hour shifts weekly.
It should be clearly understood that the cotton textile code includes no
price-control or price-fixing features. Nor is there any limitation in the
code which has operated or will operate to reduce by a single yard the
production of the industry as a whole.
The two-shift provision of our code is intended and operates merely to
reduce the over-capacity of the industry to a point which will freely permit
all the production which consumers are at any time prepared to buy. It
mitigates the disastrous influence of the tremendous over-capacity, the mere
existence of which has kept the industry chronically depressed since the
Senator Bulkley was one of the most surprised persons in Washington, acWorld War and even through the 1929 boorn.
cording to his representations, when he awoke to-day to find that assertions
By bringing capacity into a more normal and flexible relation to market
he had made on leaving the White House had been taken as a forecast of inflademands it endeavors to restore the conditions for sound, fair and open comtion. Any impression that he had advised the President of a necessity for
petition and a normal competitive price. Nothing is so destructive of fair
further action by Congress in devaluing the dollar was "entirely in error."
competition as either scarcity or over-capacity. The first leads to abnor"In the first place," he said, "I am opposed to further action by Congress
mally high prices bearing no relation to a fair, competitive price; the second,
at this time. There is no necessity for it and there is no prospect of it."
as certainly, tends to hold prices at ruinously below-cost levels.
President's Powers Pointed Out
The two-shift provision climaxed a series of educational steps initiated by
The Ohio Senator pointed out that the President had the authority to rethe Cotton Textile Institute to cope with the problem of over-capacity.
duce the value of the dollar from its present 59.06 cents to 50 cents under
War necessities encouraged an unprecedented and, as the post-war return
the Act passed by the last Congress. He expressed a belief, however, that
to normalcy quickly demonstrated, an excessive development of productive
the President had no present intention of using that authority for further
facilities throughout the cotton industry. At the same time, under pressure
inflationary purposes.
of military requirements, the industry, then generally a one-shift operation,
"My information is quite to the contrary," he Said when asked if the
was forced into two-shift, and in some cases three-shift, operations.
President had intimated to him any purpose of another cut in the gold
The inevitable result after the war was oVer-capacity with its constant
content of the dollar.
threat of over-production and all of their usual disastrous results for both
President Roosevelt left the door somewhat open as regards his monetary
labor and capital.
policy, but from his tone at a press conference, he obviously sought to
Several years before the avent of the National Recovery Administration,
the industry, under the leadership of the Institute's Board of Directors, had
minimize the possibility of a change in the near future.
When questioned about future gold policy, he said he was neither a prestiestablished a maximum work week of 55 hours for day shifts and 50 hours
for night shifts. This work week, long in contrast with prevailing code
digitator nor an astrologer, but quickly added that some persons had gained
hours, represented the first industry-wide step toward uniformity of worka wrong impression from yesterday's developments.
ing hours. A similarly co-operative movement for discontinuance of night
Senator Bulkley said he had not sought, when he left the White House
employment ot women and of minors under 16 years of age had been underyesterday, to give any impression of the President's attitude or even to
taken with marked success.
• suggest that he had talked monetary matters. His mission in seeing the
Then came NRA and Code Number One—the cotton textile code—estabPresident, he said, was to press the candidacy of Representative West of
lishing new high minimum wages, fixing maximum work hours, and, most
Ohio for the budget directorship and to discuss the political situation in
important of all to labor and to the industry—the two-shift provision.
his State.
Only the promise of stabilization of operating conditions contained in the
His assertion regarding the monetary possibilities had been prompted
latter provision made possible acceptance by the industry of a code which
solely by the questioning of newspaper correspondents who interviewed him
otherwise bound it to the assumption of heavily increased costs involved
on leaving the Executive mansion, and he intended simply to suggest the
in the wage and hour provisions.
legal possibility of further action under existing law.
In order to appraise the necessity for and the effects of the two-shift
The Senator was deluged with inquiries to-day regarding the possibility
maximum limitation provision one must review immediate pre-code conof further monetary action by Congress, so much so that he agreed to put
ditions in the industry.
his views in writing in an article to be distributed through a newspaper
Some sections of the industry operated without legal or other limitations
syndicate.
on hours of operations; in others the hours ranged from 48 hours to 60
On Oct. 12 Senator Lewis was quoted as follows in a Washhours for a single shift; scene mills operated two shifts and others three,
ington account to the New York "Herald Tribune":
while a considerable number because of various restrictions—legal, labor
My good friend Senator Bulkley is an eminent Senator and a distinguished
ehortage or inadequate capital—were struggling along with only one shift.
member of the Banking and Currency Committee. But I am sure he was
The pressure of. over-capacity was constantly driving mills, in order to
misunderstood if he left the impression that the President favors a further
obtain a larger share of the inadequate demand and so reduce their overhead.
devaluation of the dollar, either as to gold content or as to any manner of
to adopt ruinous competitive practices. The result was that while some
inflation.
mills ran at capacity, others on which whole communities depended would
I was in full conference with the President yesterday at the White House,
be idle for long periods. Additional costs by way of increased wages and
where I was reporting to him as Chairman of the Senate Committee for the
shortened hours piled on these latter mills without provision for their sharElection of Democratic Senators the situation in different States as I saw it,
ing in the available business would have oppressed and, indeed., eliminated
while speaking through the States and in conference with business leaders.
many small units, thus frustrating one of the prime purposes of the PresiThe coming election would be greatly disturbing in business circles if
dent's recovery program.
Instead, available business has been spread throughout the industry as
there was a belief that the President calculated further changes in the value
of the American dollar or any inflation by the issue of greenbacks or printemployment was spread among workers by the labor provisions of the code.
ing-press money to meet the debt of the Government.
The provision has insured some measure of employment during slack periods
I can assure the public that nothing of such kind is under any contemto the great majority of our workers rather than the enforced idleness of
plation.
weeks or months for many thousands while others worked full time.
The social significance of the fact that the two-shift limitation provision
has had the very much desired effect of concentrating operations in dayPresident Roosevelt Confers with Secretary Morgentime hours cannot be overemphasized. Since July 16 1933, the effective date
thau and Governor Harrison of Federal Reserve
of the code, spindles and looms which formerly operated continuously throughBank of New York
out the night have been silenced from 10 or 11 o'clock at night until the day
shift comes in on the following morning. Nowhere else in the civilized
George L. Harrison, Governor of the Federal Reserve Bank
world is the cotton industry an all-night running industry.
of New York, was one of those with whom President RooseSo effectively has machine hour limitation operated to level the former
velt recently conferred. Following a meeting with the
sharp peaks and dips of employment that a recent report of the Bureau of
Labor indicated employment in the cotton industry had been steadier during
President, on Oct. 12, Governor Harrison, with Secretary of
the nine months ended June 30 than in any other major industry, with the
the Treasury Morgenthau, accompanied Mr. Roosevelt on his
lowest stage occurring in June, when the index figure was 94.2, and the
week-end outing last week on Chesapeake Bay on the yacht
highest in April, when the index figure was 103.3.
Sequoia.
President Roosevelt Denies Inflation Rumors—Says
Dollar Devaluation Was Not Mentioned in Talk
with Senator Bulkley Latter Also Issues Denial—
Senator Lewis States Immediate Devaluation Is
Unlikely
President Roosevelt, at his press conference on Oct. 12,
alluded to reports that the Administration planned further
Inflation and denied rumors that he had discussed additional
devaluation of the dollar in his conversation on Oct. 11 with
Senator Bulkley, a member of the Banking and Currency
Initial Meeting of Special Committee Formed to Study
Proposed Banking Legislation—Four Reserve Bank
Governors Members of Committee.—Abolition of
Reserve System and Creation of Central Bank
Reported Among Suggestions Before Committee
A special committee, formed primarily to make Federal
Reserve System studies of proposed banking legislation,
held its first meeting in Washington on Oct. 16, following
a White House conference of its Chairman, Governor George
2456
Financial Chronicle
L. Harrison, of the New York Reserve Bank. The Washington correspondent of the "Wall Street Journal," reporting this, also had the following to say:
The committee was formed by the Governors of the Reserve banks in
midsummer, when Washington attention was attracted to proposals for the
creation of a central bank of issue.
An important phase of the committee's work is to further banking cooperation with the Government. The presence of former Reserve Board
Governor Eugene Black, now liaison officer between the banking fraternity
and the Treasury, as a member of the special committee is significant in
this connection.
It was learned here that W. R. Stark, former chief economist of the
Treasury, who recently resigned along with Budget Director Douglas, has
ben appointed special adviser to this committee.
Name of Group Changed
Originally named the "Recovery Committee," the group subsequently
changed its name to "Special Committee on Proposed Banking Legislation."
Although the committee was formed in June, Tuesday's session (Oct. 16)
was its first formal meeting on the subject of banking legislation.
Expenses of the committee, which is composed of four Reserve Bank
Governors, Acting Governor J. J. Thomas of the Reserve Board; Dr. E. A.
Goldweiser, Chief of the Division of Research and Statistics of the Federal
Reserve Board, and Mr. Stark, are being borne by the Reserve banks.
In addition to Messrs. Harrison and Black, the Governor members are
Roy A. Young of the Boston Reserve Bank and G. J. Schaller of the
Chicago Reserve Bank.
The committee is acting independently of the Government's studies of
banking being conducted by Dr. Jacob Viner, Treasury expert, in co-operation with a group of college professors. Individual members of the
Reserve Committee, however, are known to be strongly in favor of cooperation with the Government in connection with proposed banking legislation.
Private opinion among some members of the Federal Reserve Board, represented on this committee, is that the political situation must be taken
into consideration in connection with any studies of bank reform legislation.
Two Proposals
Among suggestions for banking legislation confronting this committee
are abolition of the Reserve System and substitution of a new central bank,
and, only nominally less drastic, Government purchase of all member
banks' stock holdings in Reserve banks. The latter proposal would give a
central banking system without scrapping any of the present Reserve
machinery.
The conferences over the week-end between President Roosevelt, Secretary of the Treasury Morgenthau and Governor Harrison have no direct
connection with the Recovery Committee's activities. However, the Administration is aware of its existence through Secretary Morgenthau, who
is ex-officio metnber of the Reserve Board, and Acting Reserve Board
Governor Thomas, who is a member of the committee.
The findings of the committee will be submitted to the Reserve Board
probably next December, and later, if Congress calls for suggestions, the
Board members will appear before the Banking Committees of both Houses
of Congress to outline their views.
Eugene R. Black Declares There Can Be No Stability of
Dollar Until There Is Certainty .egarding British
Pound
Speaking of a stabilized dollar, Eugene R.Black, Governor
of the Federal Reserve Bank of Atlanta declared on Oct. 18
that "youlwill never have certainty regarding the American
dollar until you have certainty regarding the British pound."
He went on to say:
You cannot risk American foreign trade in the markets of the world
with a fixed, final definite dollar in competition with a floating English
pound. America must realize that.
These comments by Governor Black were made in an
address delivered by him at the annual dinner of the Savings
Banks Association of the State of New York, at the WaldorfAstoria Hotel, New York City, on Oct. 18. Indicating
Mr.Black as opposed to devaluation, the New York "Journal
of Commerce" of Oct. 19 quoted him as follows:
Never Believed in Devaluation
"I am wondering—and I am talking to bankers—how there can be any
defbaite thing about the American dollar at this time," Mr. Black said.
"I never believed in devaluating the American dollar. I thought the American dollar had the right to go down into the markets of the world and seek
its own level, in competition with the currencies of other countries of the
world, and if it is worth 50 cents stamp it 50 cents.
"But there was an incessant cry from politics and from finance that the
American dollar must befixed at some certain price, not giving the American
dollar a chance to establish its own worth, but fixing an arbitrary price
upon it. That was the answer to the cry for certainty at that time.
"I don't know how you can have any further certainty at this time.
You can't revalue upward the dollar and the only change you can make
in it is to devaluate it further. And no American wants that." . . .
Stating that "the future of banking is dependent on the
banks of America," Governor Black added:
Banking has got to regain its place in America. It must realize that there
Is progressive development with new paths. Formerly bankers were leaders
in their communities. This has now been changed to a large extent. Bankers
have got to have more regard to public opinion and mix more in the affairs
of men. Austerity, silence and dignity is abhorrent to democracy. The
only thing in the way offull co-operation between the banks and the Government is the attitude of the banks themselves. As the railroads have Just
done, banks should establish in Washington a spokesman for banking with
authority to represent in all major questions the best interests of banking
and the 50 billion dollars of depositor money comprising the system.
"Banks in America must unite for two reasons," said
Mr. Black, "first, for recovery in America, and second for
their own protection. A weakness of banks in the United
States is their separateness." He stated that the problem
Oct. 20 1934
of a definite budget cannot be solved until the problem of
10,000,000 unemployed is solved. He went on to say:
There can be no question of expense when life is at stake.
I think we are not fighting for or against any administration. We are
fighting for America. The problem of recovery in America must be faced
from an American standpoint.
Bankers must co-operate as a group in any movement that means
recovery. We are facing many questions in January. America has become
more radical than any administration. The wealth of America must be
behind recovery for the sake of America.
I believe the weakness of banking in America to-day lies in its separateness. I know of no other great industry made up of separate units standing
alone. The banks of America to-day are not only sound but solvent. They
hold, in perfect safety, $36,000.000,000 of deposits. And yet banks.
which tell Mayors of cities whether or not to spend the money to pay a
new schoolhouse janitor, are not represented in Washington by any one
who can speak their attitude with authority. . .
While .you are merely passing resolutions, Congress will be passing
laws. Knowing the Administration as I know it, I believe we ought to
have an honest fight by the bankers of America in defense of their rights
as American bankers. .. .
Postmaster-General Farley Denies Administration Seeks
to Censor Press and Radio—Senator Scholl Repeats
Charge
Postmaster-General Farley, speaking in New York City on
Oct. 14, over Station WMCA, at the inauguration of the
American Broadcasting System, denied reports that the Administration plans to create a Government-controlled news
agency. Mr. Farley ridiculed statements that the Administration seeks to establish a censorship over the press and
radio, and termed such criticism "the cry of desperation on
the part of a weak and discredited minority." He added that
there is no desire or intention on the part of anyone to establish any kind of such censorship.
Senator Schall, of Minnesota, on Oct. 14 issued a statement
repeating his charge that the Administration plans to establish a censored news service which would obtain exclusive
Information on all Government news. He added that Secretary of Agriculture Wallace and Under-Secretary Tugwell
had a large part in working out these plans.
We quote, in part, from Mr. Farley's speech, as given in
the New York "Times" on Oct. 15:
In the dedicatory address Mr. Farley said:
"It is my firm conviction that one of the leading benefits provided by radio
Is the nation-wide communication and discussion of public questions made
possible by this great instrumentality. Now our people are kept fully informed concerning national questions, and they take a much livelier interest
.in public affairs.
"All this talk about the Administration establishing a censorship of
radio and the press in order to perpetuate its existence is only the cry of
desperation on the part of a weak and discredited minority, which is growing more impotent daily.
Open Door Policy Adopted
"And the charge that plans are about to set up a Government-controlled
news agency to disseminate propaganda via radio is equally absurd and
groundless. As some wit observed: 'We have nothing to hide.' So we have
adopted the open door policy, taking the public fully into our confidence
on all matters of public policy. As a result, the people are looking to us
as never before to right their wrongs and to provide ways and means whereby
they may live and be reasonably happy and contented."
He quoted President Roosevelt, who recently said:
"To permit radio to become a medium for selfish propaganda of any
character would be to shamefully and wrongfully abuse a great agent of
public service. Radio broadcasting should be maintained, on an equality of
freedom similar to that freedom that has been, and is, the keystone of the
American press."
Postmaster-General Farley in 1931 Urged Appointment
Only of Democrats to Jobs in New York Park
System—Admits He Still Holds Views Expressed
in Letter to Robert Moses
Robert Moses, Republican candidate for Governor of New
York, on Oct. 14 made public correspondence which he had
with Postmaster-General Farley in January 1931, when Mr.
Farley, as Chairman of the Democratic State Committee,
asked Mr. Moses, who was then Chairman of the State Council of Parks, to appoint only Democrats to Jobs in the State
park system. Mr. Farley had written to Mr. Moses telling
him that he did not agree with his method of selecting men
by a board of engineers, and added that his attitude "would
be to appoint no one but Democrats." Mr. Moses, in his reply,
said that he was "in complete disagreement." The New York
"Herald Tribune" of Oct. 15 quoted from the correspondence,
and from Mr. Farley's comment thereon, as follows:
Mr. Moses and Mr. Farley were both serving Governor Alfred E. Smith
at the time, and "Dear Bob" wrote to "Dear Jim":
"I know that because of our long friendship you will acquit me of any
intention of being high-hat. I don't pretend to know the formula for
running governments without parties and parties without some partisan appointments, but I do know that appointments of this kind have no place in
our park system. . . ."
The "Jim-Bob" correspondence, now almost four years old, was shown to
Mr. Farley yesterday, and he readily admitted writing the patronage letter,
adding:
"I have never been a hypocrite in public life, and I have never been a
hypocrite on any public question. The views I held in 1991 I hold to-day."
At the time of the Farley-Moses correspondence in 1931, Mr. Farley was
rounding out his second year as State Chairman, and Mr. Moses was Chair.
Volume 139
Financial Chronicle
man of the State Council of Parks and President of the Long Island State
Park Commission, two non-paying posts which he still holds, in addition
to being Park Commissioner of New York City. Mr. Farley is still Democratic State Chairman, in addition to being Postmaster-General and Democratic National Chairman.
United States Recovery Spendings Itemized in New
Book—Treasury Compiles Data for Use of Democratic Candidates
From the New York "Herald Tribune" we take the following (Associated Press) from Washington, Oct. 8:
Democratic candidates for Congress now may tell voters in detail how
much Federal recovery money has been spent in each State and Congressional District. The figures have been compiled by the Treasury and other
Government departments, it developed to-day, and delivered to Emil Hurja,
Executive Director of the Democratic National Committee.
The major part of the information was compiled by the Treasury at the
request of Mr. Hurja. It is kept in a book, which Mr. Hurja calls his "political bible." The compilation dates back to the beginning of the Roosevelt
Administration, March 4 1988.
In his report to Hurja, Harold L. Ickes, Public Works Administrator, said
that in August $3,665,030,000 of the $3,700,000,000 of Public Works Administration funds available had been allocated:
Federal projects received $1,578,000,000;
Non-Federal projects, $970,000,000;
Relief highways, $7,000,000;
Tennessee Valley Authority, $50,000,000;
Emergency Housing Corporation, $128,000,000, and
Non-construction projects, $932,000,000.
Henry A. Wallace, Secretary of Agriculture, reported that from August
1933 to June 1934 rental and benefit payments to farmers amounted to $311,000,000, and that the Agricultural Adjustment Administration program
called for a total distribution of $779,000,000 to wheat, cotton, corn-hog
and tobacco growers. Many of the corn-bog checks are now being sent to
the Mid-West.
Federal Control of All Forms of Transportation Advocated by Joseph B. Eastman—Sees Competition by
Other Carriers Menacing Railroads—Other Barriers
to Rail Recovery Include Depression and Debt
Burden
All forms of transportation in the United States should be
regulated by a single agency of the Federal Government,
Joseph B. Eastman, Federal Co-ordinator of Transportation,
told the American Life Convention, meeting in Chicago on
Oct. 10. Mr. Eastman said that such regulation should be
imposed on other carriers in justice to the railroads, but he
warned that it cannot be administered for the benefit of the
railroads alone. "Co-ordinated Federal regulation," he said,
"is in the interest not only of the railroads but of all other
transportation agencies as well. It will prevent the abuses
of competition which do none of them or the public any good;
it will stabilize conditions, and it will promote co-operation
and co-ordination; but it will build up rather than strike
down."
In addition to the competition furnished the railroads by
other forms of transportation, Mr. Eastman listed two other
chief causes of the troubles from which the railroads of the
country are now suffering. The most important, he said, is
the general business depression and the slowness of recovery
In the capital goods industries. The third barrier to railroad
progress, the Co-ordinator declared, is the extent to which
the roads are loaded with debt. In the railroad world, Mr.
Eastman said, there is much dread of receiverShips and bankruptcies, and to avoid such consequences the property and
service may be allowed to deteriorate and suffering may be
imposed on employees. Such conditions, he asserted, are
unhealthy, and would not obtain were it not for the disproportionate debt.
In discussing proposals to regulate all forms of transportation by a single Government agency, Mr. Eastman said that
such a body should be empowered to provide for the co-ordination of all forms of transportation with each other, both in
present operation and in future construction and development. He added, in part:
As a part of public regulation, I would, of course, provide adequate opportunity for the consolidation or other unification of properties of all kinds
and for the pooling of revenues, traffic, or equipment, where such projects
can be shown in public hearings to be in the public interest and upon terms
which eliminate financial exploitation. Consolidations are no panacea and
may easily be carried too far, but they have their place, and it is particularly desirable to provide means whereby they can be accomplished by exchange of securities and without depleting the treasuries of the companies
of cash which ought to be used for other purposes. It may be that Federal
incorporation can be used to advantage.
As a further part of public regulation, also, I would provide every feasible
opportunity for the speedy financial reorganization of companies which are
in no sound condition to face the future, and upon terms which will do
justice to all forms of security holders. The present Bankruptcy Act is in
need of revision, and we are working on that problem, but I cannot now tell
you the exact form which the revision will take.
Unwarranted public subsidies, direct or indirect, to all forms of transportation should be eliminated so far as practicable. Before long I shall
give to the world a huge report on that very complex subject, which I believe
will be both interesting and illuminating.
The legitimate interests of labor must be protected in connection with
transportation economy projects. Those interests do not require that such
projects be stopped. On the contrary, such a policy is suicidal for labor, for
2457
it means the slow decay of the industry to which it is applied. It is only
by the lowering of costs that transportation can be developed and employment increased. Our preliminary figures indicate, for example, that the
automobile has created a volume of inter-community travel, stated in terms
of passenger miles, which may be as much as four times the volume ever
varried in any one year by the railroads. Labor, however, Is fairly entitled
to protection against the shocks of sudden economy projects. This has been
done on the English railroads; it has been done in other countries; it has
been done in some instances in this country, and it can be done here generally, particularly in connection with the new pension policy, without at
all stopping progress in the reduction of transportation costa. I do not
mean, of course, such a restriction or reduction in railroad employment as
is now carried in the Emergency Act.
Present Relief Program Holding Up Prosperity, Says
Roger W. Babson—Terms Relief Problem a Disease
Which Is Sweeping United States—Sees Solution
In New Industries, New Processes and New Uses
for Present Products
Declaring that "the present relief program is holding up
prosperity, instead of bringing it about," Roger W. Babson, in a radio address, Oct. 14, made the further declaration that
"this whole relief problem is a disease which is sweeping the
United States to-day, as did the Florida craze of 10 years
ago, and the stock market craze of five years ago. Mr. Babson urged his listeners "to keep away from Government jobs,
pensions and relief." "The whole process," he warned, "is
undermining your character, your family and your opportunities of getting a job after the present foolish and riotous
program has gone by the board." Mr. Babson spoke over
Station WBSO, at Babson Park, Mass. An abstract of his
address follows:
In view of the fact that the chief reason for high taxes is the relief expenditures, I want to say a word to-day on the subject of relief. Furthermore, I
am not speaking as a well-to-do man. I came to Wellesley without a penny.
During my first two years, I broke down with tuberculosis. No one was
ever subjected to more so-called hard luck than I was the first five years
out of school. Mrs. Babson and I rented a house at $22 a month, opened
an office in the front room, and started the Babson Statistical Organization.
Nobody thought of relief in those days, and the fact that I could not get it
was probably my salvation. This was shortly after the great depression of
1893-1898. Of course I couldn't get a job any more than other people could.
Hence, I was forced to create a job, and as a result the Babson Statistical
Organization was born.
This is the solution of the technological and other abnormal unemployment
situations to-day. The old industries have always been getting along with
fewer employees. The condition to-day is no different than it has always
been. The solution of the problem is in devising new industries, new
processes and new uses for present products. So long as people are given
relief they naturally will not assert themselves to develop these new industries and create jobs for themselves. If there were no such relief, these
new jobs would be created and conditions would continue to go along as
they always have in the past. In fact, it is the new industries created during
a period of depression which lay the foundation for the period of prosperity
that follows. As a fever is a process of the cure, so hardship seems to be a
necessary factor in creating new industries, in creating new jobs, and bringing about another period of prosperity. In other words, the present relief
program is holding up prosperity, instead of bringing it about.
I also want to ray a word about the effect of relief on you listeners to-day
who are accepting it. You may think, because you have a Government job
or are getting a pension or are benefiting from relief, that you are clever,
but I say that you are very much mistaken. You are selling your birthright for a mess of pottage. You are undermining your character, courage
and stamina. You are putting yourself in a position where later years you
will be tagged as a slacker. It will tend to handicap you in getting jobs
hereafter. This whole relief problem is a disease which is sweeping the
United States to-day as did the Florida craze of 10 years ago and the
stock market craze of five years ago. You will be just as much ashamed
in the years to come for having been hooked by a Government job, a pension
or relief, as you are now ashamed of having been hooked in Florida or the
stock market.
It is popular now to criticize rugged Individualism; but I want to say
that this contempt also is but a palming phase. Corks have always floated
and stone has always gone to the bottom, and no legislation can prevent
these fundamental laws from working. It is just as foolish to criticize and
ridicule the multiplication table as it is to criticize and ridicule rugged
individualism. When studying the economic systems of Europe, it is evident
that the people with energy and initiative are in the saddle. It makes no
difference whether it is Russia under communism or Italy under fascism
or Germany under Hitlerism. The people with the physical energy, the
Intellectual ability and spiritual idealism are the leaders, while those who
accept relief are what one of the officials of the American Federation of
Labor referred to in San Francisco last week as "rubbish." It may be too
bad that this is so, but it may also be too bad that our teeth ache when they
decay. On the other hand, if they didn't ache under such conditions, the
race would have no teeth to-day.
Hence, I appeal to you listeners to keep away from Government jobs,
pensions and relief. Furthermore, I would say so if I didn't have a cent of
taxes to pay. The whole process is undermining your character, your family
and your opportunities of getting a job after the present foolish and riotous
program has gone by the board. Use this opportunity to develop yourself
physically, intellectually and spiritually. Build up your health through
exercise, deep breathing and simple food. Spend all your spare time in the
public library, becoming an expert in some line of work for which you are
hest fitted, and then go out and create a job for yourself, the same as have
done the men who made America. I know you won't like this doctrine now,
but souie day you will look back and thank me for it.
Secretary of State Hull Warns Nations Which "Pad"
Tariffs Solely for Bargaining Purposes—Says
United States Will Not Conduct Reciprocal Trade
Negotiations with Such Countries::
Secretary of State Hull, in a statement issued on Oct. 17,
declared t at this Government will not permit, in the course
2458
Financial Chronicle
of its reciprocal tariff negotiations, the artificial raising or
"padding" of tariffs by other countries solely for bargaining
purposes. Asserting that such practices are "indefensible,"
he also mentioned that certain countries :with "narrow
attitudes" are following a policy aimed solely at increased
exports and decreased imports. The primary policy on the
United States, on the other hand, he said, is to increase and
not diminish the aggregate of world trade. With respect to
the artificial raising of tariffs, Mr. Hull said that such actions
would result in the loss of the "fair-minded customer and the
most worth-while trade." He indicated that he would not
enter into negotiations with countries under these conditions.
The State Department declined to specify what countries
were in mind when the statement was prepared, but newspaper reports from Washington said that the statement could
be regarded as applying to Germany, which is pursuing a
restricted import policy and France, which plans to abolish
import quotas and raise tariffs. Mr. Hull's statement was
given to the press by William Phillips, Acting Secretary. It
read, in part, as follows:
At the present time 11 countries are listed on the trade agreements
calendar and preparations for negotiations with these countries are well
advanced. Others will be added as the program develops.
Even in the depression year 1933, and in spite of tremendous obstacles,
our total trade with these 11 countries and Cuba alone amounted to nearly
half a billion dollars. In 1929 our total trade with the same countries
approximated one and a third billions.
I regard the readiness ofso many nations to co-operate with us in an effort
to remove the obstacles put in the way of world commerce, by excessive
tariffs,by quotas and embargoes and other restrictive measures,as extremely
gratifying and indicative of a widespread belief that the negotiation of such
agreements is an effective method to reduce the economic ills of the world.
And yet because the ultimate success of this method depends upon the
spirit and principles under which negotiations are undertaken, it is highly
regrettable that we have still from time to time encountered in some quarters
the same narrow attitudes which led to the condition we are endeavoring to
correct. I refer in general to the policy of a country seeking solely to increase
its own exports and to lessen its imports.
One of the most indefensible practices whereby such a policy is introduced
into trade agreement negotiations is that of artificially raising the tariff
rates or other restrictions against the importation of goods which are to be
the subject of forthcoming or early negotiations, shortly before these
negotiations are to be undertaken.
The commercial world has long been familiar with this practice of "padding the price" in order to make an apparent concession by a subsequent
reduction.
Whether resorted to by individuals or nations, it has never in the long run
produced other than one result—loss of the fair-minded customer and the
most worth-while trade. It should be obvious that no bargaining program,
based upon a sincere effort for an all-round reduction of trade barriers, can
succeed in the face of such practices.
Col. Leonard P. Ayres, Returning from Europe, Found
No Commendation of United States Silver Program
Colonel Leonard P. Ayres, Vice-President of the Cleveland
Trust Co., returning to New York Oct. 18 on the liner
Washington from a European trip, told reporters that he
could not recall that anyone in Europe had said anything
commending the silver program of the United States.
European financial leaders and business men consider the
future of the American dollar as the most important factor
affecting world recovery, he said. He added that European
countries began to recover from the depression once their
budget was balanced.
Reynolds & Co. Absorbs Personnel of F. A. Willard & Co.
Dissolution of the New York Stock Exchange firm of F. A.
Willard & Co., effective to-day, Oct. 20, and the entry into
the Stock Exchange firm of Reynolds & Co. of F. A. Willard
and H. W. Grindal as general partners as well as the virtual
absorption of the entire Willard organization by the Reynolds
firm is announced Oct. 18 to become effective Oct. 22. The
acquisition will involve a considerable expansion of the investment facilities of Reynolds & Co., giving the firm three
new departments, namely, a bond department, and investment advisory department under the personal supervision
of H. W. Grindal; and a Foreign Department under the
management of Albert S. Knies, formerly Manager of the
department for F. A. Willard & Co.
Members of Ryenolds & Co. at present include: Charles
H. Babcock, Jr., Richard S. Reynolds,Jr. and Thomas F.
Staley, Jr. Mr. Reynolds is the Floor Member of the firm.
Mr. Babcock was for ten years with the Guaranty Co. of
New York in their Philadelphia office until 1931 when he
joined Reynolds & Co. while Mr. Staley has been with
Reynolds & Co. since the formation of the firm in Louisville,
Ky., in 1927, and a partner since 1928.
Byres H. Gitchell and W. L. Allen Appointed Special
Advisers to NIRB
The National Industrial Recovery Board announced on
Oct. 9 the appointment of Byres H. Gitchell of New York as
special adviser on organization and functions of code
Oct. 20 1934
authorities and W. L. Allen of New York as special adviser
on general National Recovery Administration organization.
These advisers will make studies in their fields, and present
reports and recommendations to the Board based on their
investigations. The Oct. 9 announcement said:
Mr. Gitchell has been serving as Administration member of the men's
clothing code and the dress manufacturing code. He has been Secretary
of the Chamber of Commerce in Binghamton, N. Y., and Detroit, Mich.,
and has had much experience in department store management and trade
association work. He was General Manager of Stern Bros., New York
department store.
Mr. Allen was one of the first Deputy Administrators of the NRA.
He conducted hearings on the cotton textile code, the first to be approved,
and on the code for the electrical manufacturing industry. He was for
many years prominent in the steel industry and was, at one time. Chairman
f the Board of the Sheffield Steel Corp.
D. Peer Resigns as New Jersey Deputy
Bank Commissioner
Vernon D. Peer has resigned as Deputy Banking Commissioner of New Jersey. The resignation of Mr. Peer,
who plans to return to the private banking field, is to become
effective Oct. 31. He entered the Department as a bank
examiner March 17 1921 and became Deputy Commissioner
March 1 1932. Prior to entering the State service he was
in the banking business in Summit and Elizabeth, N. J.
V.
Comptroller of Currency O'Connor Describes Administration's Aid to Banks—Loans Authorized by RFC
Stating that only five small banks in the United States
have failed during the first nine months of 1934, with
aggregate deposits of $1,478,371, J. F. T. O'Connor, Comptroller of the Currency, in a radio address on Oct. 12 contrasted this with an average of 581 failures and average•
deposits of $241,152,000 throughout the first nine months
of the 12 years ended with 1932.
Mr. O'Connor's speech was devoted to steps taken by
the present Administration in the banking crisis of last
year, together with subsequent aid in opening closed banks
and lending to -other banks in need of funds. He said that
at the end of the 1933 banking holiday there were 1,417
banks under the jurisdiction of the Comptroller of the
Currency which did not reopen. Out of that number, he
pointed out, there are only 33 which have not either subsequently reopened, liquidated obligations to depositors, or
gone into receivership.
After describing the program of the Federal Government
in purchasing preferred stock in banks throughout the
country, Mr. O'Connor said that the Reconstruction Finance
Corporation in addition had authorized loans up to Oct. 10
of $990,728,563 to aid in the reorganization or liquidation
of closed banks and trust companies, State or National.
He stressed the fact that there has been no discrimination
between State and National institutions in giving aid.
Death of Richard L. Sprague—Family of American
Consul at Gibraltar Had Been Represented at
That Post for 102 Years
Richard Louis Sprague, American Consul at Gibraltar,
died at his post on Oct. 16 at the age of 63, after a long illness. The Consulate at Gibraltar had been in charge of a
member of the Sprague family for the past 102 years. Mr.
Sprague himself had been appointed to succeed his father
on the day of the latter's death. Secretary of State Hull,
in announcing his death on Oct. 16, said:
I have learned with deep regret of the death of Mr. Sprague, who so
ably served his country for many years at Gibraltar. For three generations his family has represented the United States at Gibraltar. The news
of his death will bring sorrow not only to the members of the foreign service
and the State Department but to his many friends at home and abroad.
An announcement was also issued by the State Department on Oct. 16 as follows:
The notable record of over 102 years' continuous service by the Sprague
family at Gibraltar is unprecedented in the history of the American Foreign
Service. The high esteem and affection in which Mr. Sprague and his
forebears were held by the American Foreign Service was demonstrated in
1932, when there was presented to Mr. Sprague a bronze tablet commemorating the 100 years of faithful, continuous service rendered at Gibraltar
by the Sprague family.
Charles Ponzi Deported to Italy
Charles Ponzi, whose irregular dealings in international
reply coupons earned him two Court convictions in 1920 and
brought financial ruin to thousands of his investors throughout New England, was deported to his native Italy on the
liner "Vulcania," which sailed from Boston on Oct. 7. He
served 12 years in prison for his frauds. Earlier references to
his dealings were made in our issues of Aug. 14 1920, page
644, Aug. 21 1920, page 745, and Sept. 11 1920, page 1042.
In a statement to newspaper men as the steamer sailed,
Mr. Ponzi was reported in Associated Press advices from
Volume 139
Financial Chronicle
Boston as saying: "I am to blame for what is happening to
me to-day, I am sorry. The way of the transgressor may
be hard, but it is my fault." We quote further from the
dispatch:
Ponzi's scheme hinged on dealing in international reply coupons, but
these coupons were far from plentiful enough for him to operate his rapidly
expanding get-rich-quick scheme. Many of the early investors actually
received dividends, but it soon became apparent dividends were dependent
upon new investors.
The erstwhile millionaire said it was a cruel law which inflicted a doubl
punishment "for one crime," but "there must be a law for such matters."
Ponzi referred to the fact that he was convicted twice, once in the MassaIn his fight to avoid deportachusetts courts and once in Federal court.
tion after his release from jail Feb. 14 last he contended that his two convictions were for a single crime and that he should not under immigration
laws be considered to have committed two felonies. . . .
Ponzi's deportation followed upon the contention of Federal officials
that two convictions in this country and a prior conviction for forgery in
Canada for which he was pardoned made deportation mandatory. -
Five Officers of Liner Morro Castle Charged with
Negligence in Disaster
The Board of Inquiry of the United States Steamboat Inspection Service, which investigated the recent burning of
the liner Morro Castle, has filed charges of negligence
against five officers of the vessel, it was revealed on Oct. 16,
with the publication of a supplementary report dated Oct. 11.
The five officers were ordered to appear for trial at the
Custom House in New York City on Oct. 29. The Board
also filed a report criticizing the "complete breakdown of
discipline" in the crew of the Morro Castle. The accused
officers are:
Acting Captain William F. Warms.
Chief Engineer Eben S. Abbott.
Acting Second Officer Clarence Hackney.
Acting Third Officer Howard Hansen.
First Assistant Engineer Anthonio R. Bujia.
The charges against Captain Warms are said to include the
following specifications:
That you delayed in sending out wireless distress signals calling for
assistance, thus unduly jeopardizing the lives of passengers and crew.
That you failed to stop your vessel after you were aware that the superstructure was on fire and the vessel was steaming into a fresh breeze.
That you failed to have your fire hose connected and ready for immediate use.
That you failed to order the fire screen doors closed.
That you failed to have your deck crew divided into equal watches as
required by the Seaman's Act, and thereby reduced- the number of men on
watch at the time the fire was reported, thus unduly jeopardizing the lives
of the passengers and crew.
Secretary of the Navy Swanson on Oct. 10 ordered the
Navy Department to inspect the wreck of the Morro Castle
off Asbury Park, N. J., to ascertain whether the remains of
the hull and machinery would justify the cost of salvage.
This action was taken at the request of Secretary of Commerce Roper,'who said that the Department of Commerce
wished to exhaust every possibility of salvaging the hull.
Previous references to the Morro Castle disaster were
made in our issues of Oct. 13, page 2291; Sept. 22, page 1797,
and Sept. 15, page 1641.
"Good Faith" Phrase in Corporation Bankruptcy Law
Informally Interpretated by Federal Judge Mack—
Court Holds Liberal Meaning Should Be Taken
Federal Judge Julian W. Mack of New York City on
Oct. 9 made an informal interpretation of the phrase "good
faith" as contained in Section 77-B of the Corporation Bankruptcy Law of June 7 1934. The text of that law was given
in our issue of June 16, pages 4013-4016. Judge Mack's
informal interpretation of the phrase came during the course
of a final hearing to determine whether a petition for reorganization of the Associated Gas & Electric Co. had been
filed in "good faith," as required by Section 77-B of the new
law. The hearings in this case were conducted in an action
started last June by attorneys for a group of seeurity holders.
Charles M. Walton, Jr., representing another group of security holders, had contended that the petitioners must prove
the feasibility of their reorganization plan, which had been
submitted at the previous hearing as an evidence of good
faith at the suggestion of the Court.
The New York "Times" of Oct. 10 outlined Judge Mack's
interpretation of the phrase as follows:
Judge Mack held that Section 77-B was inserted in the Bankruptcy Law
to enable creditors to obtain relief when they did not wish to go so far
as to force the liquidation of a company by bankruptcy proceedings.
He expressed "very grave doubts" as to whether it was necessary for
them to have any definite scheme of reorganization in mind to show good
faith or whether any scheme they did have in mind had to be shown to be
feasible.
It would have been easy for Congress to have required presentation
of a feasible plan at the time of filing of the petition, had it considered
such a restriction desirable, he said to Mr. Walton. The latter then
remarked that such an interpretation opened the way to the very "racketeering" which Congress wished to put a stop to.
"Oh. no," retorted Judge Mack. "I would draw a broad distinction
there, but it is not necessary in this case because we are proceeding on
2459
an assumption of insolvency. But in cases where insolvency is not alleged
and merely a temporary embarrassment is involved, maybe much more
would be required."
Mr. Walton had argued for an opportunity to show the "utter childishness" and "gross ignorance" displayed in the petitioners' plan. He declared th shouting "the rascals must be turned out" did not constitute
a plan
ppeal Granted from Decision of Judge Chestnut
Which Held Unconstitutional Farm Mortgage
Moratorium Provision in Frazier-Lemke Farm
Bankruptcy Act.
The U. S. Circuit Court of Appeals for the Fourth Circuit
at Richmond, has granted a petition for an appeal from the
ruling of United States District Judge W. Calvin Chestnut
in the case of William W. Bradford Jr., who was denied
recourse to the bankruptcy provisions of the Frazier-Lemke
Bankruptcy Act. Judge Chestnut's decision was referred
to in our issue of Sept. 22, page 1801. From the Baltimore
"Sun" of Oct. 11 we quote:
The appeal will be the first case on the Appellate Court's docket for the
term beginning the first Tuesday in January. according to Allan H. Fisher,
Baltimore attorney, who. with Morton D. Fisher, filed the petition as
Mr. Bradford's counsel.
Stay Is Issued
In the meantime, the Court issued a stay to prevent the Potomac Joint
Stock Land Bank of Alexandria, Va., from executing the foreclosure until
the appeal has been heard, requiring a $1,000 bond of Mr. Bradford. The
bond will be furnished, Mr. Fisher said.
Mr. Bradford is a Bel Air (Md.) farmer. Judge Chesnut's ruling was
handed down on Sept. 19.
Approval at Coming Election of $40,000,000 State Bond
Issue for Unemployment Relief Urged by New York
State Chamber of Commerce
Voters at the coming election are urged to approve the
$40,000,000 New York state bond issue for unemployment
relief, in an interim report made public on Oct. 18 by Lawrence B. Elliman, Chairman of the Executive Committee of
the Chamber of Commerce of the State of New York. The
report points out that unless the bond issue, which is Proposition No. 1 on the ballot) is,carried, hundreds of thousands
of unemployed throughout the state will face hunger and
privation during the winter months. Last year a similar
bond issue for $60,000,000 was voted and this sum will all
have been expended or allocated by Nov. 15. Relief financing is now being shared by the Federal, State and municipal Governments, contributing 50%, 25% and 25%
respectively.
Secretary of Agriculture Wallace Says AAA Plans to
Ease Crop Curbs in 1936—Expects Change to Be
Gradual—Defends Failure of Administration to
Balance Budget Immediately
The Agricultural Adjustment Administration will ease the
restrictions on production of certain farm commodities in
1935, Secretary of Agriculture Wallace said on Oct. 15 in an
address at the opening of the twenty-second season of the
Columbia University Institute of Arts and Sciences in New
York City. He added that the AAA planned to "ease off
gradually," dropping only certain irommodities, and warned
that the nation must not slide too hastily into increased production. Mr. Wallace, who spoke extemporaneously, admitted that the Federal budget must be balanced eventually,
but declared that the failure of the present Administration
to do so was no worse thiin the policy adopted by previous
Administrations of lending money abroad in the belief that
it would be used to purchase American goods. We quote
further from his speech, as given in the New York "Herald
Tribune" of Oct. 16:
Steps taken by the AAA to curtail production, he said, were not so bad
as the cutting down of production by business men.
"The cessation of production by agriculture because of the loss of agricultural markets," said Secretary Wallace, "was indeed well justified, but
the cutting down to the extent of 50% or more by business men is infinitely
more sinful than anything done under the AAA."
Mr. Wallace said that he thought it would be several years before the
Government could permit agriculture to take its own way undirected, but
little by little, he thought, the restrictions upon farm products would be
relaxed. To some degree, he said, they probably would be relaxed next year.
"Have we overcome the shell shock of the World War," demanded Secretary Wallace, "sufficiently to council together—farmer, laboring man and
business man? Can we establish an economic democracy?
"So far as agriculture is concerned, I think we are on our way out with
county organizations. Through that machinery, I think we are on our
way to the farmer educating himself to world demand and the necessity of
adjusting production to it.
"I don't think we are going to be living under conditions in the next few
years which will permit us to drop agricultural crop control. We can drop
a few commodities, however, from the list."
Sees Chance to Save IVarld
It was his opinion, Mr. Wallace said, that mankind was much higher Ii
the scale of life than was indicated by the belief of those who regarded competition among men as inevitable.
"I don't believe life is that hard," said Secretary Wallace, "and, if it is,
I believe we can introduce a different kind of metaphysics that will save
2460
Financial Chronicle
us. There is such a thing as the brotherhood of man. This world was meant
to be one world, and the means must be found to make it that way."
The field of metaphysics yielding a conception of a brotherhood of man
free from competition was one, said Mr. Wallace, which was open to students
now in the institutions of learning of the country. It had not been touched,
he said, either by Communists or Fascists, both of whom regarded man "as
only a mere skeleton of a man, an economic man."
George
S.
Milnor
Resigns from
Farmers
National
Grain Corporation
George S. Milnor, Vice-President and General Manager of
the Farmers' National Grain Corporation and former head of
the extinct Grain Stabilization Corporation, has resigned his
connection with the former concern, Clarence E. Huff, President of the Farmers' National, announced on Oct. 15, according to the Chicago "Journal of Commerce," which also said,
In part:
It was announced that Mr. Milnor plans, after a vacation and a rest, to
return to private business.
Mr. Milnor's resignation brings to a close his affiliation with the grain
"co-dperatives," during which he directed the buying and merchandising of
approximately 300,000,000 bushels of wheat. The Grain Stabilization Corporation, of which he was President, was the middle unit between the Farmers'
National and the old Federal Farm Board. It wound up its affairs in July
1932, after failing to accomplish stabilization of wheat prices.
For his combined duties as President of the Stabilization Corporation and
General Manager of the Farmers' National, Mr. Milnor received salaries
totaling $50,000 annually, $36,000 of which was paid by the former. Subsequently, he was paid the full $50,000 by Farmers' National.
Salaries Are Reduced
At the time of the refunding agreement between the Farmers' National
and the Farm Credit Administration, when arrangements were made for
providing for the $15,312,000 debt owed by the Corporation due to Government advances, it was announced by Henry Morgenthau Jr., then head of
the FCA, that salaries had been substantially reduced by Farmers' National,
Including a cut to $30,000 annually for Mr. Milnor.
Before becoming affiliated with the Stabilization Corporation and Farmers' National, Mr. Milnor was engaged in the milling business in southern
Illinois.
Farmers Vote by 2-to-1 to Continue Corn-Hog Production Control Program in 1935—Secretary of
Agriculture Wallace Disappointed that Less Than
Half Farmers With Signed Contracts Answered
Questionnaire
Returns from balloting of 500,000 in the Agricultural
Adjustment Administration corn-hog referendum showed
a 2-to-1 vote of approval on the question of retaining the
program in 1935, it was announced on Oct. 16. Secretary of
Agriculture Wallace on the following day, however,expressed
his disappointment over the fact that fewer than 50% of
eligible farmers voted. The referendum was conducted in
order to obtain from farmers co-operating with the AAA in its
production-control programs an expression of their opinion
regarding the desirability of continuing corn-hog control
next year. Only 500,000 of 1,200,000 contract signers replied
to the questionnaire. A Washington dispatch of Oct. 17 to
the New York "Times" described the result of the balloting
as follows:
Of tildes respondLug, 345,330 were in favor of continuing control, while
153.181 were opposed, according to the latest available figures. Officials
were confident, however, that the final official returns would show a
majority of two to one in favor of continuing the adjustment program.
Asked his interpretation of the showing, Secretary Wallace said to-day.
"If we are going to have a real economic democracy, I think we should
have a higher percentage vote. I suppose eventually we will have to have
a much more active participation in a successful economic democracy.""
Lack of Publicity Cited
Mr. Wallace attributed the relatively limited response to the method and
rapidity of holding the referendum, and to lack of publicity in some States.
He pointed out that producers would have another chance to express themselves when the new contract for 1935 was submitted for producers' signatures.
In addition to the broad question of the 1935 program, the referendum
also sought an expression from contract signers and so-called "non-cooperators" concerning AAA plans for a single contract for all production of
feed grains to replace the individual contract for each commodity as at
present.
On this question a bare majority of contract signers expressed themselves
as favorable to the proposal. Among "non-cooperators" the vote was
8.442 in favor and 18,030 dissenting. Prior to the referendum Chester C.
Davis, farm administrator, announced that if the farmers were not interested in a program for 1935 none would be attempted.
AAA Cotton Pool Sets Nov. 10 as Final Date for Surrender of Tax Exemption Certificates—Producers
Who Have Lost Certificates Given Choice of Two
Steps
The Agricultural Adjustment Administration announced
on Oct. 17 that Nov. 10 had been fixed as the tentative date
for the closing of the surplus cotton tax exemption certificate
pool and the discontinuance of the receipt of surplus certificates. The AAA stressed that purchase of certificates from
the pool will be carried on as long as the pool has certificates
on hand. Oscar Johnson, Manager of the pool, had stated
on Oct. 14 that producers who have lost their particpation
trust certificates in the pool may obtain an additional advance
Oct. 20 1934
of 2 cents a pound or offer their certificates to the pool for
sale without delay, despite the loss.
The AAA announcement of Oct. 17 was noted as follows
in a dispatch of that date from Washington to the New York
"Journal of Commerce":
E. L. Deal, pool manager, said it was felt that all holders of surplus
certificates who wish to turn them into the pool will have had that opportunity by Nov. 10. State allotment boards have been urged to assist
producers who wish to turn in surplus certificates to the pool.
"Because we have tentatively selected a final date for receiving surplus
certificates," Mr. Deal said,"it is now more urgent than ever that producers
speed up surrender of any certificates they wish to offer for sale through the
pool."
The pool now has on hand orders for many more certificates than it is
able to fill, Mr. Deal said. On all of these orders, purchasers expect topay 4c a pound, the rate fixed by Secretary of Agriculture Wallace as the
standard selling price for surplus certificates purchased through the national
pool.
Producers will be paid approximately $20 a bale for all certificates sold
through the pool, it was said. When the pool is liquidated each producer
will be returned his share of any certificates the pool does not sell. These
may be used next year if the Bankhead act is effective for 1935.
RFC Extends Leniency on Loan Repayments—Authorizes Extension for Five Years From Jan. 31,
Provided Security Does Not Suffer—Seeks to
Expand Credit
Jesse H. Jones, Chairman of the Reconstruction Finance
Corporation announced on Oct. 15 that greater leniency will
be exercised with regard to repayments, affecting all borrowers. In a letter sent to the managers of the 32 RFC Loan
Agencies, Mr. Jones said that although partial payments are
preferable to extensions of loans, "forced liquidation is not
is not in the interest of recovery, and we wish to be as helpful
as possible to our borrowers in meeting their obligations of
citizenship, as well as to pay their debts to the Corporation.'"
He therefore said that when security for loans would not
suffer by giving extensions, they should be granted where
desired, for as much as five years from Jan. 31 1935. The
letter from Mr. Jones read as follows:
Oct. 12 1934
With further reference to the discussions of RFC policies and activities
at our recent meeting, I wish to emphasize that it is the desire of the Directors of this Corporation that leniency be granted to all borrowers, and
where our security will not suffer by giving extensions, that they be granted
where desired, for as much as five years from the 31st of next January.
Partial payments are preferable, but forced liquidation is not in the
interest of recovery, and we wish to be as helpful as possible to our borrowers
in meeting their obligations of citizenship, as well as to pay their debts to the
Corporation.
Very truly yours,
Jesse H. Jones, Chairman
A Washington dispatch of Oct. 15 to the New York
"Times" quoted Mr. Jones further regarding the new policy
as follows:
In the period, July 1 through Oct. 12, loan repayments to the RFC exceeded outgo by $146,159,672, as compared with a net outflow of $125,803,409 the same period last year.
Mr. Jones emphasized that "every time a borrower got a dollar" he
did not need to repay it to the RFC. The principle of the administration's
program was to get money "into action" and keep it out in circulation sothat it would continue to aid recovery.
Mr. Jones expressed a belief that the banks of the country were ready
to lend money to business and industry,although he brought up the question
as to borrowers' ability to employ the money properly.
"Some banks are still striving for a degree of too great liquidity," he
went on. "We must get away from the idea of trying to pay back borrowed money in 90 days. There must be greater long-term credits."
He thought that interest rates were satisfactory, and remarked that
persons needing money ordinarily borrowed regardless of the rate.
Jesse H. Jones Urges Extension of RFC Another Year
The extension of the Reconstruction Finance Corporation's
present powers for at least another year from Jan. 31 1935,
by the Seventy-fourth Congress was advocated on Oct. 18 by
RFC Chairman Jasse H. Jones. United Press advices as
follows from Washington as given in the New York "Journal
of Commerce" of Oct. 19 quoted Mr. Jones as follows:
"From the present outlook I do not see any need for expansion of the
RFC's powers beyond a continuation of its life, if Congress and the President
are willing," Jones said.
"It seems to me that this extension should be for one year at a time
and that the President should continue to hold the power to suspend the
agency's life whenever he sees fit," he said.
Jones said he believed that it is "too early" to reorganize the Missouri
Pacific Railroad, now in receivership.
Jones said he had discussed the subject with 0.P. Van Sweringen, whose
family owned a controlling interest in the railroad, and that Van Sweringen
would return to confer with him in a week or ten days.
"I doubt if it is time yet to put through a definite reorganization plan,
but it seems to me propitious to begin thinking about it. This reorganization
Is quite a large problem as it involves about ten railroads," Jones said.
Department of Justice Not to Prosecute Houde Engineering Corp. for Alleged Failure to Follow
Ruling of NLRB in Collective Bargaining Case
The Department of Justice announced on Oct. 11 that it
had decided not to prosecute the Houde Engineering Corp.
of Buffalo, N. Y., at this time, despite the refusal of the corn-
Volume 139
Financial Chronicle
pany to abide by a decision of the National Labor Relations
Board ordering it to accept representatives of the majority
of its employees as the spokesmen for all workers in collective bargaining negotiations under Section 7-A of the National Industrial Recovery Act. Attorney-General Homer S.
Cummings, in announcing that no immediate action is contemplated by his Department, explained that the decision
should not be construed as indicating that the Justice Department has any doubt as to the legality of the NLRB ruling. United Press advices from Washington, Oct. 11, added
the following regarding the status of the case:
Progress of the Houde case has been watched closely by leaders of organized
labor and industry. The issue was precipitated by the demand of members
of the United Auto Workers Union, affiliated with the American Federation
of Labor, that their union be permitted to bargain exclusively with the corporation for all employees.
The NLRB conducted hearings here and later ruled that the majority had
the sole right to deal with the employer, and that any agreement reached
must be binding upon the minority.
Industry condemned the decision vigorously. Organized labor hailed it
as a victory, and saw in it a new opportunity to solidify their growing
forces. The Houde Corp. served notice on the Labor Board that it would
refuse to obey the order, and would fight it out in the courts.
Lloyd Garrison, Chairman of the Board, accepted the challenge. The case
was referred to the Department of Justice, which to-day declined to prosecute.
"The Labor Board thoroughly understands our position," Mr. Cummings
said to-day.
The Department's decision recalled its refusal to prosecute charges of
alleged violation of labor sections of the NIRA placed against the Harriman,
Tenn., hosiery mills by General Hugh S. Johnson, retiring Administrator of
the National Recovery Administration.
As in the present case, the Justice officials held that there was sufficient
evidence to justify prosecution. The Harriman decision brought criticism
from some Administration quarters that Mr. Cummings's Department was
giving the NRA only half-hearted co-operation. The American Federation
•of Labor convention in San Francisco yesterday accused the Administration
of laxity in enforcing labor propositions of the Recovery Act.
Mr. Cummings sought to refute this criticism to-day by pointing out that
the Department had instituted 35 criminal suits and 16 civil actions for
alleged violations of NRA labor provisions.
An item regarding the Hondo case appeared in our issue of
Sept. 22, page 1809.
RFC to Furnish $5,000,000 Loan to Boston Group to
Aid in Orderly Marketing of 1934 Wool Clip
Jesse H. Jones, Chairman of the Reconstruction Finance
'Corporation, announced on Oct. 18 that the RFC has extended a loan of $5,000,000 to an association to be formed
by Boston wool dealers to finance the orderly marketing of
the unsold portion of the 1934 wool clip. The RFC will
make advances for the marketing of the crop at the rate of
75% of the market value of the wool, not to exceed a total of
$5,000,000. Mr. Jones said that the purpose of the plan is
to take the available wool off the hands of the growers, and
dispose of it on a consignment basis under the regulationsof
the Wool and Mohair Advisory Committee. Dealers have
not yet completed the details of the association to be established, although at meetings in Boston on Oct. 17 it was
suggested that a corporation be established to be known as the
Wool Finance Corp. with an authorized capitalization of
$1,000,000.
PWA Non-Federal Allotments Total $999,182,983—
First Steps Taken in New York City Slum Clearance-90% of Federal Building Authorized by
Congress to Be Under Contract by Winter
The Public Works Administration recently announced the
allotment of loans and grants totaling $2,838,700 for 31 nonFederal projects, estimating that these projects would provide 18,275 man-months of direct employment on construction sites in 15 States, and a much greater amount of indirect
and industrial employment in many other sections where
materials will be produced. These allotments brought total
PWA loans and grants for construction of non-Federal
projects to $999,182,983.
The PWA on Oct. 12 began its first joint undertaking with
a municipality in slum-clearance and low-cost housing construction when Dwight L. Hoopingarner, Associate Director
of the PWA Housing Division, exercised the first of a series
of options on properties in New York City which are to be
rebuilt. It was stated that the initial investment by the
Federal Government of $25,000,000 in New York City could
easily make possible an investment of $150,000,000 if the
public would absorb the bonds to finance the undertaking.
Secretary of the Treasury Morgenthau and PostmasterGeneral Farley announced on Oct. 13 that of Federal building projects for 812 communities with a total cost of $132,017,535, 90% of the work will be under contract during the
winter. The highest amount will be expended in New York
State, with an aggregate of $32,798,223. Distribution by
States of the funds authorized by Congress is as follows:
No. of
Comrnuntlies
Stale—
Affected
Alabama
12
Arizona
8
Arkansas
6
California
57
Colorado
9
Connecticut
9
Delaware
5
Florida
14
Georgia
17
Idaho
6
Illinois
52
Indiana
18
Iowa
16
Kansas
14
Kentucky
8
Louisiana
9
Maine
10
Maryland
8
Massachusetts.._
27
Michigan
20
Minnesota
16
Mississippi
8
Missouri
11
Montana
8
Nebraska
7
Nevada
2
New Hampshire
6
New Jersey
31
New Mexico
7
New York
101
2461
Allocanon
51,367.410
1,156.809
650.000
12,362,763
1,805,900
767,880
1,336,725
1,637,260
1,528,399
364,600
5,485,223
2,414,977
1,370,043
959,900
397,525
731,791
956,840
582.300
6,907,296
3,850,385
1.056,310
1.068,000
6,171,420
430,400
438,600
75,000
370,500
4,242,189
558,064
32,798,223
No. of
Cornmuntlies
State—
Affected
North Carolina__
17
North Dakota._ _
4
Ohio
38
Oklahoma
13
Oregon
9
Pennsylvania_ ___ 62
Rhode Island_ _
2
South Carolina_ _ _
8
South Dakota____
2
Tennessee
15
Texas
37
Utah
2
Vermont
10
Virginia
15
Washington
12
West Virginia__ _
9
Wisconsin
11
Wyoming
4
Dist. of Columbia
(alloca'ns under
previous funds) 12
1
Alaska
Hawaii
3
2
Puerto Rico
Virgin Islands_ _ _
1
All States (minor
1
repairs)
Grand totabz___ 812
Allocanon
1,906.834
96,250
3,456.168
849,700
559.616
5,843.500
1,072.000
1,223,900
195,000
1,112,151
8,384,040
179,612
828,985
1,621,657
1.496,300
1,045.300
904,100
270,000
4,690,200
300,000
192,000
282,500
125.000
1,540,000
$132,017,535
General Johnson Opposes Blanket Cut in Work Week
to 30 Hours—Retiring Recovery Administrator
Says This Would Wreck Recovery Program—
Favors Direct Federal Relief
A general reduction of the work week to 30 hours would
imperil the entire recovery program and precipitate a "depression that would turn your hair gray," General Hugh S.
Johnson, retiring Recovery Administrator, said at a press
conference on Oct. 15. Relief of unemployment by any further shortening of the working hours under codes would be
extremely limited, he said. General Johnson observed that
real recovery will not be attained until the heavy goods industries show marked improvement, and until that time the
Government will be forced to provide relief. Direct relief,
he said, is the only practical answer to this problem. We
quote, in part, from his remarks, as described in a Washington dispatch of Oct. 15 to the New York "Times":
The campaigns of labor leaders for the 30-hour week will be met with a
revolt from the farmers and white collar classes when they are aware that
such a move would increase by 33 1/3% the prices of products they buy.
Sees Further Moves Under Codes
Regardless of his view that the possibility of further relieving unemployment by shortening the working week under the codes was limited, General
Johnson expressed a belief that the National Industrial Recovery Board soon
would call in various industries and suggest that they further reduce hours
both as a recovery measure and as a partial answer to agitation for a 30-hour
week.
The General confirmed a 16-month-old rumor that he had threatened to
resign at the outset of the National Recovery Administration when the Public
Works program was separated from his Administration. He said that a complete program had been worked out whereby a large part of the $3,300,000,000
Public Works allotment would be employed in loans to railroads, in low-cost
housing projects in city suburbs, something like that undertaken in Germany,
and in mechanization of the army.
Different Course for Program
"This plan was calculated to activate the heavy goods industries," he said.
"This program and the one to take up the unemployment slack in consumption goods industries were to go along hand in hand. But—"
He never completed the sentence.
Asked what he would do if he were starting the NRA job all over again
now, the General replied, again laughingly:
"I'd resign."
He reiterated a statement that he would not, even as a private citizen,
attempt to influence the new Board. But he did have views on the general
business and employment situation.
The General's opinion that further reduction of hours could do little to
revive the sluggish heavy goods industries was very definite.
"How are you going to reduce hours where there is no business?" he
asked.
"Furthermore, you can't reduce the hours unless the industries will agree.
I don't believe reduction by statute can be made to stick in the courts. Industries should absorb their 1929 normal percentage of workers, and some have
already done that. The consumer goods, retail and distribution industries
are doing it, and in some instances employment is above the 1929 level.
Calls Demand Uneconomic
"Further reduction of hours, except in a few industries, is not economically sound, and statute would not make it so. The cause of the trouble in
the heavy goods industries is the sluggish reinvestment of money. And the
cause for that—well, there are all kinds of complaints on the part of
industry."
General Johnson Contemplating Establishing Private
Office as Expert Adviser on NRA Codes—Former
Recovery Administrator Presented with Medal by
Foreign Language Press
General Hugh S. Johnson, former Recovery Administrator,
may establish a private office where he would serve as an
expert on codes of fair competition, according to press reports from Washington, Oct. 11. General Johnson terminated his service with the National Recovery Administration
on Oct. 15. On Oct. 13 he was presented with a bronze medal
by the Foreign Language Press "in recognition of his unselfish devotion to the American people." The presentation
was made at the Walter Reed Hospital,in Washington, where
2462
Financial Chronicle
the General was temporarily confined by illness. Associated
Press Washington advices of Oct. 11 discussed General Johnson's future plans as follows: •
Several outstanding industrialists and labor leaders are known to have
approached General Johnson seeking his services as special adviser after be
quits the NRA on Monday.
They assert the proposal is receiving General Johnson's consideration.
Some observers believe the Project has even been the subject of White House
discussion.
General Johnson's projected place, as described in some quarters here,
would be that of a private negotiator retained by industry and labor to work
out differences. The method that proved successful in negotiating controversial NRA codes—putting employers in one office and labor in another,
with Johnson going back and forth between the two factions—probably would
be brought into play.
General Johnson has said he will make no decision on his next work for
another month or two. But, contrary to reports of his expected return to
New York, he arranged for private office space in the capital to-day.
This move was regarded as a definite indication that he will continue to
devote himself to the code structure he built and in which he takes great
pride.
Those discussing General Johnson's plans say he would be retained on a
fee basis by the industrial groups and labor organizations seeking his advice.
It is expected he would work strictly within the code rules.
No Price Changes Will Be Made in Steel Code, According
to Donald R. Richberg—Head of NRA Policy Committee Praises Pact and Says Compliance Has Been
"Exceptional"
No consideration is being given to changes in the steel code
which would affect prices, Donald R. Richberg, head of the
Policy Committee of the National Recovery Administration,
said on Oct. 11 following a meeting of the Board of Directors
of the American Iron and Steel Institute. Mr. Richberg declared that the principal aim of the new NRA control is to
promote stability, and no policies which would affect sudden and drastic changes in codes would be inaugurated. He
expressed his satisfaction with the manner in which the steel
code has operated, and said that compliance with the code
provisions was exceptional. A statement which was issued
by the Iron and Steel Institute on Oct. 12, describing Mr.
Richberg's remarks, read as follows:
"I wanted to make it clear, in coming here to-day, that I was still acting
as the Administration's representative on the steel code. We had the usual
discussions at the meeting, but there was no consideration of any change
In the code. No changes in provisions of the code affecting prices or wages
were discussed."
Asked if any recommendations were made about the 10-day interval
between price filings and their effective dates, Mr. Richberg answered In
the negative.
"I haven't made any recommendations in regard to the code, and I don't
think of making any. As a matter of fact, the code is operating without
any friction. The steel code is rather exceptional as to compliance."
"You were quoted recently as saying that the steel code required a lot of
revision because of its complicated nature," Mr. Richberg was queried.
"I suggested the steel code as an example of a code developed by the
industry and not by Washington. I was trying to make that clear as an
answer to people who don't know what they are talking about—who speak
as though the Administration had devised all these complications. In fact,
Washington has tried to make all codes as simple as possible. The complications in the steel code were devised by the industry because it felt they
were needed to protect it against unfair practices. The industry itself found
it very necessary to do a thorough job of the code. The code has been
operating very well, and we have had good results in the way of maintaining
increased employment and increased wages, despite ups and downs in steel
production. I have cited the steel code a good many times as an example
of what you con do by co-operative effort.
"The whole purpose of the present NRA reorganization is to create a
sense of security and confidence in the way the Administration is operating.
To turn that around into the idea that something new and drastic is going
to develop is a mistake. We are working for stability."
Administration to Proceed Cautiously in Efforts to
Raise Prices, According to Donald R. Richberg—
Predicts NRA Will Follow Middle Course
The Administration will proceed cautiously and follow a
middle course in its efforts to raise prices, Donald R. Richberg, Executive Director of the National Emergency Council,
asserted on Oct. 15, in an address before the Indianapolis
Chamber of Commerce. In the course of his address, answering critics of the recovery program, he said that there is no
Intention of returning "to 1926 to rehearse again for the follies of 1929." An unbalanced budget, he declared, is justified under present circumstances. Mr. Richberg said that
the recent reorganization of the National Recovery Administration has been followed by a tremendous change of sentiment in large business and industrial centers, and there is
"every indication of a strong upward turn in business based
on renewed confidence." He added that the NRA will obtain
Increasing public support as its policies and purposes "are
more clearly defined and more consistently maintained."
We quote, in part, from other portions of his speech, as
given in Associated Press Indianapolis advices of Oct. 15 to
the New York "Herald Tribune":
"It is undoubtedly true that this process (of increasing wages and prices)
may be accelerated too rapidly," he said. "Unless there is a careful restraint
upon both increasing labor costs and increasing prices, a delicate balance
will be upset. Too high prices will stifle purchasing power; too high wages
Oct. 20 1934
will either stifle production or so hasten the substitution of machine power
for man power that new eras of unemployment will be created."
The Recovery Co-ordinator told his audience that in whatever he said there
was "no threat of sweeping changes or the application of any novel theories."
As for the Administration's course, he said:
"We are not going back to 1926 to rehearse again for the follies of 1929.
"We will not follow other nations into State control of industry and-accept
the loss of self-government and the death of individual freedom.
"Nor will the American people tolerate a private monopolistic control of
trade and industry under any name or in any form.
"We must and we will go forward along the road upon which we have set
our feet—the road of self-discipline and the establishment of an industrial
law and order in the relations of business men with each other and of employers with employees. . . .
"We must move forward into a world that is rising out of the mists, and
toward which the roads are in a process of construction."
Best of NRA to Be Retained
•
Mr. Richberg declared that the best features of NRA would be continued
and expanded.
"Regardless of temporary difficulties and misunderstandings," he said,
"the NRA is going forward and it will merit and obtain increasing public
support as its policies and purposes are more clearly defined and more consistently maintained.
"The alternatives should be clearly presented to American business; individual freedom, the exercise of private initiative and the incentive of private
profit can be preserved so long as a fair competitive system is maintained.
"But when restraints are found necessary—not upon unfair competition—
but upon a fair competition in producing as much as the market will absorb
at the lowest prices which encourage production, then such restraints can
only be imposed, if at all, in the full light of public knowledge and under
the continuing supervision and saction of those officially charged with protection of the public interest."
Hitting at opposition to the Administration's policies, he asserted that of
"all quack remedies the worst that is offered to a nation in the cold gray
dawn after a wild night of inflated, intoxicated prosperity, is to get drunk
again."
H. I. Harriman of United States Chamber of Commerce
Advocates New Legislation as Substitute for NIRA
—Chamber Believes President Roosevelt Against
30-Hour Week—Proposes Program for Railroads
Henry I. Harriman, President of the Chamber of Commerce of the United States, on Oct. 17 suggested the enactment of new legislation which would be based on a permanent economic policy and would contrast sharply with
the present National Industrial Recovery Act. Speaking
at Memphis, Tenn., before the annual convention of the
Grain and Feed Dealers' National Association, Mr. Harriman said that the NIRA had been enacted to meet an
emergency, and that since the codification of industry is
virtually completed "the exigencies which called this measure
into existence have largely passed." He added that business
men consider that the NIRA has led to regimentation, precipitated unrest and strikes, and encouraged price-fixing
and other monopolistic practices.
In a statement issued on Oct. 13 the Chamber had expressed its confidence that President Roosevelt would continue to oppose the blanket 30-hour work week which had
been proposed by the American Federation of Labor. The
Chamber also said that business places "high confidence"
in S. Clay Williams, new National Recovery Administration
Chairman,regarded by the Federation as hostile to organized
labor. Mr. Harriman in a statement on Sept. said that
the Interstate Commerce Commission had so restricted railroad earnings that most railroads were in a critical financial
need, and that the pending application for a $170,000,000
freight rate increase emphasizes "the stake of American
business in the National transportation policies now under
discussion."
Associated Press advices from Memphis Oct. 17 quoted
from Mr. Harriman's speech of that date as follows:
Mr. Harriman's proposed Act would be administered by a board of five,
who would act in a Judicial manner on the approval of codes, and in the
establishment of policies under which "codes would be formulated."
The law would be as far as possible "a civil rather than a criminal statute
and should be enforceable through legal procedure as In the case of the
Act creating the Federal Trade Commission."
Industry would be solely responsible for formulating codes, and,although
the Government could suggest modifications, industry would determine
whether to accept them.
"Definite legal and practical limitations" would be recognized in the
new codes,"and no attempt should be made to extend them to intra-State
business." Many retail lines would be exempted.
Price fixing, quotas and specific limitations on production would be
"seldom, if ever, resorted to," although codes might prohibit a member from selling his product at lees than his own cost, Mr. Harriman said.
We also quote from an Associated Press Washington dispatch of Sept. 7 summarizing Mr. Harriman's recommendations regarding the railroads:
As a permanent policy of railroad regulation, he said the Chamber advocated the following:
The railroads should be freed from Government interference with the
proper functions of management, including responsibility for operating
costs.
The ICC should give them opportunity to earn cost of service plus
a reasonable return such that in time of business activity they will be
able to reduce indebtedness and build up adequate reserves.
Rate policies, including the long-and-short-haul clause, should permit
greater flexibility in rates to meet requirements of both shippers and
carriers.
Volume 139
Financial Chronicle
Competing forms of transportation should be reasonably regulated to
eliminate cut-throat competition and to enable each type of transportation
to perform the services for which it is best fitted.
Voluntary consolidation subject to Commission approval, delayed
many years by failure of the Commission to take prelimnary steps required
by law,should be encouraged where justified through economic efficiency.
Willard L. Thorp Appointed Associate Economic Adviser
of NIRB
The National Industrial Recovery Board announced on
Oct. 15 the appointment of Dr. Willard L. Thorp as associate
economic adviser to the Board in the Division of Research
and Planning. Dr. Thorp will be the division's representative and Chairman of the Advisory Council. It was further
announced:
Dr. Thorp has been Professor of Economics at Amherst College and a
member of the research staff of the National Bureau of Economic Research,
Inc. Since coming to Washington as a member of the Committee on
Government Statistics he has served as Director of the Bureau of Foreign
and Domestic Commerce, and is now director of the Consumers Division
of the National Emergency Council and a member of the Federal Alcohol
Control Administration, the Committee on Mineral Policy and the Industrial Resources Committee.
A. S. Fedde Appointed Adviser on NRA Code Budgets
A. S. Fedde has been appointed special adviser to Leon
Henderson, Director of the National Recovery Administration Division of Research and Planning, on budgeting and
accounting procedures to develop reporting methods which
will serve as bases for auditing code authority budgets.
Announcement of this was made on Oct. 10 by the NRA,
which also said:
Mr. Fedde, who is Chairman of the Committee on Practice Procedure
of the New York State Society of Certified Public Accountants, is associate
editor of the latest edition of the "Financial Handbook." He wasformerly
Chairman of the Board of Examiners of the American Institute of Account-ants and was a representative of the Institute to the International Congress
of Accountants in London last year.
$788,422 in Back Wages Returned to Workmen Between
June 16 and Sept. 29 Through Intervention of
NRA
Efforts of National Recovery Administration compliance
and enforcement agencies have resulted in restitution of
g7g422 in back wages to workmen between June 16 and
Sept. 29 1934, according to a survey recently completed by
the NRA Compliance Division. This, it is stated, brings
to approximately $2,000,000 the amount of back-wage restitution obtained through intervention of Administration agencies since the Recovery Act was passed. An announcement
issued Oct. 11 by the NRA also said:
This sum represents the amount repaid workers through intervention or
NRA's own agencies, and does not include the wages restored through
efforts of various industries code authorities. It is the difference between
the amounts actually paid workers as wages and what should have been
paid them under their codes.
During the period surveyed, restitution of back wages vi-aa made through
NRA intervention in 8,736 cases, involving 35,148 employees. The total
during the first year of NRA has been estimated at more than $1,000,000.
The Compliance Division pointed out that its figure for restitution of
back wages does not include the amounts of wage increases brought about
under code clauses provided for "equitable adjustment of wages above
the minimum." An effort is being made to collect this information.
Preliminary statistics from a survey in Indiana, covering nine firms in
four industries, showed wage increases as high as 45 cents an hour under
the "equitable adjustment" clauses. These increases affect 211 workers.
In two canning plants, 154 employees received a wage increase of 7;4 cents
an hour. Other industries represented in the Indiana statistics were construction, wholesalineand advertising specialty manufacturing.
New York Garage Owners Threaten to Return Blue
Eagles and Resume 72-Hour Week—Later Agree
to Continue to Comply with NRA—Claim Inability
to Meet Regulations
Despite an announcement on Oct. 13 by the Upper Manhattan Garage Owners Association of New York City that its 200
members would return their National Recovery Administration Blue Eagle insignia and resume the old scale of a 72hour 'week, officers of the organization agreed on Oct. 15 to
notify members of the Association that they must continue
to comply with code provisions. This decision was reached
after they had conferred with Mrs. Anna M. Rosenberg, Acting State NRA Compliance Director, who informed them that
their threat was a violation of hour and labor provisions
of the NRA, and that these provisions must be adhered to.
The garage owners had complained that their income was
reduced by all-night parking, and that in consequence they
are unable to comply with NRA regulations. Nathan Handleman, Secretary of the Association, in a statement on
Oct. 13 said,in part:
The wage scale to our employees is 40% higher than the scale established
by the NRA and our payroll increased 20% due to the shortening of the
working hours in accordance with the NRA.
In taking this step we are not trying to combat labor or the recovery
program, but we feel we can no longer carry the burden. If we had received
proper co-operation we could have been in a position to continue with the
2463
shorter hours and also possibly employ additional men, whereas under present
conditions more of our employees will be forced out of employment and
thrown into the lap of the relief bureaus.
Exemption from Wage Provision of NRA Hat Code
Granted to 17 Manufacturers—Lower Scale Permitted Pending Hearing
Seventeen Eastern hat and cloth manufacturers have been
granted a stay of one of the wage provisions of the NRA
code for that industry, it was announced Oct. 16, according
to Washington advices, Oct. 16, to the New York "Herald
Tribune" of Oct. 17. The stay was granted, it was stated,
P714 report of a fact finding comin
-ission on the EastWest differential in the industry. The effect of the stay is
to permit the 17 manufacturers for the present to pay wages
more nearly in line with those fixed for Western manufacturers, the adviees said, adding:
•
The order stays that provision fixing the wages to be paid by Eastern
manufacturers to employees engaged in cutting, blocking, operating or
lining making at 55 cents an hour. The stay Provides that no employee
engaged in such operations shall be paid less than 413i cents an hour.
The code fixes 373,5 cents an hour as the Western minimum.
The 17 manufacturers, according to the adviees, are:
Waterproof Novelty Co., Inc., New Brunswick, N. J.
Charles S. Merton & Co., East Rutherford, N. J.
Alpine Cap Co., East Rutherford, N. J.
Werner Caps. Inc., Rutherford, N. J.
Garfunkel & Birnbach. Hoboken, N. J.
United Shoe Cap Co., Paterson, N. J.
Shuman & Hyman, Jersey City, N. J.
Roland C. Miller, Buffalo, N. Y.
Smulker Cap Manufacturing Co., Buffalo, N. Y.
Max Weintraub, Buffalo, N. Y.
New Brunswick cap Co., Inc., New York.
Best Value Cap Manufacturing Co., Norwich, Conn.
New England Cap Co., Norwich, Conn,
Esta Hat Co., Newark, N. J.
American Advertising and Shop Cap Co., Hoboken, N. J.
The Broder Manufacturing Co., Buffalo. N. Y.
Ehrahardt Hoch, New Era Cap Manufacturing Co., Buffalo, N. Y.
Seamen's Strike Ends as Few Obey Call of Left-Wing
Union—Atlantic and Gulf Longshoremen Present
New Hour and Wage Demands
A strike of seamen in Atlantic and Gulf ports which had
been called by the Marine Industrial Workers Union, reputedly a left-wing labor organization, ended on Oct. 15 because of the failure of several groups of maritime employees
and longshoremen to co-operate. Employers denied that the
strike had caused any unusual delay in shipments, and said
that the scattered resignations of seamen had merely resulted
In replacements, which were easily obtained. The call for
the strike was referred to in our issue of Oct. 13, pages
2308-09.
The International Longshoremen's Association announced
on Oct. 15 that it had adjusted its demands for Wages and
working conditions in Atlantic and Gulf ports to conform to
conditions specified for Pacific Coast longghoremen, in a report made public Oct. 12 by the National Langshoremen's
Board in San Francisco. The new demands include an
hourly wage of 95c. and $1.40 an hour for overtime, as well
as a working week of 30 hours. It was reported this week
In shipping circles that the ship lines might grant the longshoremen a new contract based on their revised demands.
The New York "Times" of Oct. 16 outlined the previous
employment conditions of the longshoremen as follows:
The longshoremen in the Atlantic and Gulf ports have received 85c. an
hour for a 44-hour week and $1.20 an hour during the past year. Their
Association three weeks ago submitted new demands, which included the 30.
hour week, $1 an hour and $1.50 for overtime. The ship lines refused to
grant these demands, and the longshoremen agreed to continue at work at
the existing wage pending the filing of the Pacific Coast report, with the
understanding that the report would serve as the basis of a new agreement
on the Atlantic and Gulf, and that the contract that would be subsequently
drafted would be retroactive to Oct. 1.
Ward Baking Co. Charged with Violating Section 7-A
of NIRA—Report to NLRB Urges Immediate Steps
to Force Compliance with Code for Baking Industry
Mrs. Elinore M. Herrick, Director of the Regional Labor
Board in New York City, on Oct. 14 transmitted to the National Labor Relations Board charges that the Ward Baking
Co. had violated Section 7-A of the National Industrial Recovery Act by discharging six employees from its Bronx
plant because of union activities. The report recommended
that immediate action be taken to force the company to comply with the code for the baking industry. The report also
recommended that the company be required to re-employ the
six discharged workers, and that the Regional Labor Board
be authorized to conduct a secret ballot among other employees to determine their choice of representatives for the
purpose of collective bargaining. The New York "Times" of
Oct. 15 quoted from the charges as follows:
2464
Financial Chronicle
"The Ward Baking Co. (Bronx plant), through various executives, has
Interfered with certain of their employees who exercised their rights under
Section 7-A of the NIRA to organize and to designate their agents for collective bargaining and/or other mutual aid or protection," said the Regional
Labor Board's report, in part.
"The action of certain officials of the company in taking up union membership books has the effect of requiring such employees to refrain from joining or organizing or assisting a labor organization of their own choosing
and constitutes a violation of Section 7-A of the NIRA.
"The atmosphere of fear and intimidation in the plant with regard to the
union activities was clearly shown by a witness called by the company, and
still in their employ, that he had refused to join the union because he felt
it would jeopardize his job to do so.
"The Ward Baking Co. operated under the President's agreement until
July 9 1934, when it became subject to the code of fair competition for the
baking industry. The company prints Blue Eagles on its wrappers. It is in
inter-State commerce.
"The company refuses to co-operate in an election and states it 'will use
every legal means available to prevent such an effort on the part of the
Amalgamated Food Workers Union or any similar organization.'"
Rules and Regulations for Baking Industry Approved
by NIRB—Method Provided for Abolishing Selling
on Consignment
A set of rules and regulations for the baking industry,
recommended by the Code Authority for the industry, were
approved on Oct. 16 by the National Industrial Recovery
Board. Under the rules members of the industry in any
State or region can by agreement prohibit selling the industry's products on consignment. The rules were submitted in
accordance with Article VIII, Section 1, of the approved
code. In noting the foregoing, Washington advices, Oct. 16,
to the New York "Herald Tribune" of Oct. 17 added:
Most important of the rules provide for equal voting power, in the case of
an application being made in any region, for the group which has engaged
in consignment selling and the group which has not. In other words, if
four out of 100 members in the industry were already engaged in consignment selling, those four would cast 50% of the votes and the remaining 96
would cast the other 50%. Eighty per cent, of the vote cast would be
required to abolish consignment selling.
The rules provide that an application for such an order must be signed by
15% of the members of the industry concerned, and a public hearing held
after 10 days' notice.
Previous refprence to the National Recovery Administration code for the baking industry was made in our issue of
Aug. 18, page 1030.
Federal Judge in Arkansas Upholds Price-Fixing Provisions of Lumber Code—Decision Contrary to
Ruling in Memphis and Mississippi Cases—Code
Authority Announces Minimum Prices Will Continue to Be Enforced
Federal Judge Martineau of Little Rock, Ark., on Oct. 13
issues a temporary order restraining six Arkansas lumber
companies from violating provisions of the National Industrial Administration lumber code. In handing down this
ruling, Judge Martineau specified that the Government must
immediately take steps to appeal from decisions by Judge
Harry B. Anderson of the Federal District Court at Memphis,
on Oct.6, and by Judge Edwin R. Holmes, of the Federal District Court at Jackson, Miss., on Oct. 9, in each of which a
similar restraining order had been refused. Judge Martineau said that he would set aside the injunction if there
was an unreasonable delay by Government counsel in applying for further hearings in the other two cases. The decision
by Judge Anderson was noted in our issue of Oct. 13,
page 2304.
David T. Mason, Executive Officer of the Lumber Code
Authority, said in a statement on Oct. 17 that the decision
by Judge Martineau and a similar ruling by Federal Judge
Dawkins in the Western District of Louisiana indicate that
the opinion among Federal Judges favors the stabilizing influence which has enabled the lumber industry to pay the
wages required by its code. "It is a healthy indication," Mr.
Mason said, "that ultimate success should attend the efforts
of Government in any court contest necessary to safeguard
the forces of recovery." Mr. Mason on Oct. 8 had said that
code prices would continue to be enforced and an appeal from
the Memphis injunction would be taken immediately.
A dispatch from Little Rock to the New York "Times"
summarized Judge Martineau's ruling as follows:
Arkansas firms affected by the order are alleged to have sold lumber to a
subsidiary of the Fisher Body Co. at prices below those designated in cost
production provisions of the lumber code. The firms are Lee Wilson dt Co.,
Helena; Shannon Brothers, Helena; Luther Wallin, Earl; Tschudy Lumber
Co., Weona ; Rhodes-Howe Hardwood Co., Helena, and the Northern Ohio
Co., Parkin.
Upholds Price-Fixing
In granting the order, Judge Martineau said that he was of the opinion
that the lumber code confers the power to fix prices, and that if this class
of legislation was held to be constitutional, it would be necessary for such
prices to be fixed if the law was to be effective. He said he was not passing
upon the constitutionality of the Act.
The Judge declared that under prevailing mass production methods in
Industry, competition alone no longer served to fix prices, and that the
public attitude on such matters had undergone resultant changes.
Oct. 20
1934
He compared the present emergency in the economic world to that which
resulted in the fixing of railroad rates and transportation prices some
years ago.
William H. Griffin of Washington, member of the NRA legal staff, spoke
for more than two hours at the opening of the hearing and reviewed provisions of the NIRA.
Arguments of the Defense
Lowell W. Taylor of Memphis, attorney for the six defendants, argued
that no price-fixing authority was given in the Act, and that such authority,
if given, would render the legislation unconstitutional.
He quoted at length from cases of record in other States and before the
United States Supreme Court, asserting that they were analogous to that
under consideration here.
Nine of 20 New York Banks Settle Claims of Depositors
in Defunct Harriman National Bank & Trust Co.
Supreme Court Justice Dore of New York City on Oct. 5
signed an order discontint ing against nine of the 20 banks
of the New York Clearing House Association, and five of
its officers, a suit brought by the Comptroller of the Currency
to compel them to meet losses sustained by depositors of
the defunct Harriman National Bank & Trust Co. The
order followed the acceptance of a compromise offer of more
than $2,835,000, or more than 45% of the $6,300,000 deficiency when the bank closed.
J. F. T. O'Connor, Comptroller of the Currency, announced on Sept. 27 that 90% "in amount" of the depositors in the Harriman National Bank & Trust Co.
have approved an adjustment made with 10 of the 20 New
York City Clearing House banks against whom suit was
brought by the Treasury in relation to the liquidation of the
bank. Under the proposed adjustment the 10 banks would
pay a total of $2,867,883 immediately. A Washington dispatch of Sept.27 to the New York "Times"added the following regarding the Treasury announcement:
"The agreement in the matter was made under the supervision of the
Comptroller and was contingent upon the approval of90% ofthe depositors,"
the Treasury said, "The assents of the depositors already received make
certain of the effectuation of the adjustment."
Officials thought that the remaining details would be worked out within
two weeks, so that a further distributon of about 16% to assenting depositors could be made. Depositors have already received 50% of their
deposits.
"Those who have not heretofore assented must act within this extension
period If they are to receive the distribution," the Treasury said.
The suit against the other ten Clearing House banks will go forward, the
Treasury announced.
Difficulties in the Harriman Bank were discovered by National bank
examiners, but action was delayed, according to the Treasury, on an agreement of the Clearing House banks that they would guarantee 100% payment to depositors. It was represented by the banks, officials declared, that
closing of the Harriman institution would endanger other banks.
After closing of the bank, Clearing House banks did not fulfill their
agreement, the Treasury asserted, and the matter was taken to court.
The most recent reference to the compromise offer was
contained in our issue of Sept. 22, page 1792. The New
York "Times" of Oct. 6 described the order dismissing the
suit as follows:
The nine banks eliminated from the action are the following;
Bank of New York & Trust Co., Central Hanover Bank & Trust Co.,
Chase National Bank, Commercial National Bank & Trust Co., Corn
Exchange Bank & Trust Co., Irving Trust Co., Lawyers County Trust Co.,
Manufacturers Trust Co., Marine Midland Trust Co. and New York Trust
Co.
The individuals against whom the suit was dropped were Charles S.
McCain, former Chairman of the Chase National; Harry E. Ward, President of the Irving Trust Co.; George W. Davison, Chairman of the Central
Hanover; Herbert P. Howell, President of the Commercial National Bank
& Trust Co., and Mortimer N. Buckner, Chairman of the New York
Trust Co.
The suit will continue against the Bankers Trust Co., Chemical Bank
& Trust Co.. Continental Bank & Trust Co., Fifth Avenue Bank, First
National Bank, Guaranty Trust Co., National City Bank, Bank of Manhattan. Public National Bank & Trust Co.. and the Title Guarantee &
Trust Co., and against Gordon S. Rentschler, Percy II. Johnson and
William C. Potter.
Judgment Against Bank of United States Director
Settled for $150,000—New Jersey Court Bars
Assessment Against 560 Stockholders in That
State
Two judgments in the $60,000,000 negligence action
brought by Joseph A. Broderick, New York State Superintendent of Banks, incident to the settlement of the affairs
of the defunct Bank of United States, of New York City,
will be settled for $150,000 under an order signed Sept. 19
by Supreme Court Justice Valente in New York City.
One judgment, for $12,760,773, was against Jac L. Hoffman,
a director of the closed bank, while the other was for $28,332
on an assessment against his 1,072 shares of stock in the bank.
The New Jersey Court of Errors and Appeals on Sept. 27
sustained the action of Justice Charles W.Parker of the State
Supreme Court in striking out a suit brought by Mr. Broderick against 560 residents of New Jersey who were stockholders in the closed bank to collect a $436,840 assessment
at the rate of $25 a share. A Trenton dispatch of Sept. 27
to the New York "Herald Tribune" described this ruling
as follows:
Volume 139
Financial Chronicle
Justice Parker had held that Mr. Broderick's suit seemed to "fly directly
in the face" of a New Jersey Act of 1897 which provides that actions for
personal liability shall be maintained only in the nature of accountings
in the Court of Chancery.
The defendants Included 183 persons in Essex County, 148 in Hudson,
62 in Passaic, 51 in Bergen, 18 in Monmouth, 23 in Mercer, 22 in Ocean,
20 in Union. 28 in Middlesex, four each in Cumberland and Burlington,
three in Atlantic, and one each in Cape May, Hunterdon, Gloucester,
Camden, Somerset and Salem Counties.
We quote from the New York "Times" of Sept. 20 regarding the settlement of the judgment against Mr. Hoffman:
Mr. Hoffman is to pay $25,000 cash, $1,000 a month until Aug. 15 1937,
and the remainder of $89,000 on Dec. 31 of that year.
Approval of the compromise was asked by Fred W. Piderit, deputy
superintendent in charge of the Bank of United States liquidation, who
said that Mr. Hoffman had retired from active business life five years ago.
His property was worth $1,600,000 in 1929, including a $400,000 block
of Bank of United States stock.
American Federation of Labor Adopts Principle of
"Vertical" or Industrial Unionism—Convention
Re-elects William Green President—Opposed to
S. C. Williams as Member of Board of NRA
The fifty-fourth annual convention of the American Federation of Labor adjourned on Oct. 12 after the Federation
had voted that in the future mass production industries
would be organized along industrial or "vertical" lines rather
than on craft or "horizontal" lines. The convention reelected William Green for his eleventh term as its President,
enlarged its Executive Committee from 11 to 18 members,
and adopted a resolution describing as "biased, unfair and
inconsiderate" the membership of S. Clay Williams, tobacco
official, upon the National Recovery Administration Board.
Enlargement of the Executive Committee was part of a program for an intensive organization campaign to be conducted
by the A. F. of L. in the basic sand mass production industries
in the next year.
The opening sessions of the convention, held at San Francisco. were described in our issue of Oct. 13, page 2309. The
resolution approving the issuance of international union
charters providing for industrial unions was adopted on
Oct. 11. A dispatch from San Francisco on that date to the
New York "Herald Tribune" described the action of the convention, in part, as follows:
Industrial unions will be established.first in the
automotive, cement and
aluminum fields, with organization of the steel and
iron groups to follow.
The battle over the question developed with
unexpected swiftness on the
floor late to-day, when the Resolutions Committee
submitted a report favoring the industrial unions, but, at the same time, recommending
"safeguards
and guaranties" to the advocates of crafts unionism.
The committee report directs the Executive
Council to issue charters for
national or international unions in the three great
industries mentioned, but
also directs that the Council "fully protect the
jurisdiction of all unions
organized on crafts lines."
John L. Lewis, President of the United Mine Workers,
who led the fight
for industrial unionism as the only way to maintain
labor's strength
against Cr.mmunistic inroads, concurred in the report with
the support of
Charles P. Howard, head of the Typographical
Union.
However, a storm of protest arose, among the
protestors being A. 0.
Wharton, of the machinists, who expressed the fear
that branches of the
automotive industry, organized on crafts lines, would
have their jurisdiction
jeopardized.
The ultimate action, therefore, was in the form of a
compromise which
allows crafts unions to continue where "most effective."
William Green, President of the Federation, was among
those opposed to
the formation of industrial unions. Although taking a tactical
defeat in
this. Mr. Green emerged victorious in another skirmish in
which the threatened split of Federation ranks over the readmission of "outcast"
unions in
the building trades department was adjusted.
German Boycott Continued
Continuation of the Federation boycott on German-made goods
was voted
when the Resolutions Committee described the condition
German workers
as "intolerable," declared German trade unions had been ofwrecked,
and that
Fascism and Nazism were creating the danger of a new war. .
. .
Dr. Harold D Butler, director of the International Labor Office
at Geneva,
told of the work of his organization in bringing government
labor and
Industry together in what he termed "an international NRA." He
said the
objects of the International Labor Office were social and economic
rather
than political.
"The world has to solve the unemployment problem," he said. "It
will
not be easily solved, but the conviction is gaining ground that it will not
be solved without a reduction of working hours."
To Protect Craft Unions
The committee recommendation favoring vertical unions, as adopted, follows in part:
"The American Federation of Labor is desirous of meeting the demands
of these new industrial conditions. We consider it our duty to formulate
policies which will fully protect the jurisdictional rights of all trade unions
organized along craft lines and afford every opportunity for the development
and accession of those workers engaged upon work over which these organizations exercise jurisdiction.
"Experience has shown that craft organization is most effective in the
protection of the welfare and the advancement of interests of the workers
where the nature of the industry is such that the lines of demarkation between
the crafts are distinguishable.
However, we also realize that in many industries in which thousands of
workers are employed a new condition exists, requiring organization upon a
different basis. To be most effective to meet this situation the Executive
Council is directed to issue charters for national and international unions
in the automotive, cement and aluminum and such other mass production and
miscellaneous industries as in the judgment of the Executive Council may be
necessary to meet the situation.
"The Executive Council at the earliest date shall inaugurate, manage, promote and conduct a campaign of organization in the iron and steel industries.
2465
"In order to protect and safeguard the members of such unions chartered
the Federation, for a provisional period, shall direct the policies, administer
and designate the administrative and financial officers of the newly organized unions."
The proceedings of the convention, on Oct. 12, were summarized, in part, as follows in Associated Press San Francisco advices of that date:
The Executive Council, administrative and policy-making group of the
organization between conventions, was increased in size to provide a "greater
representation for more of the A. F. of L. crafts." The roll call vote was
22,423 for and 2,056 against.
Mr. Lewis sponsored the proposal, which provides for election of seven
additional Vice-Presidents.
Mr. Green and James M. Duffy, President of the International Potters
Union, engaged in a lively dispute when the latter charged that Mr. Lewis
had sought to enlarge the Council "as a means of forcing discrimination on
the convention." Mr. Duffy was silenced only by a convention vote ordering
him to stick to the subject before the delegates.
The committee recommending the Williams resolution told the convention
that it was "improper to appoint an individual to the NRA whose public
record *tows him opposed to trade unions and to collective bargaining as
set forth in Sections 7-A and 7-B of the NIRA."
Mr. Williams is Chairman of the new Administration Board of the NRA.
The alleged communistic element went down to defeat time and again when
the delegates yelled demands at Mr. Green to put the various questions to a
vote. A few of their proposals were accepted, most of them after modification.
Frank Duffy, of Indianapolis, of the Carpenters' Union, was re-elected
First Vice-President. Other Vice-Presidents re-elected and the unions they
represent, were: T. A. Rickert, of New York, garment workers; Matthew
Woll, of New York, photo engravers; John Coefield, of Washington, plumbers;
Arthur 0. Wharton, of Washington, machinists; Joseph N. Weber, of New
York, musicians; G. M. Bugniazet, of Washington, electrical workers; George
IL Harrison, of Cincinnati, railway clerks.
In the election of seven new Vice-Presidents to serve on the enlarged
Executive Council the following were named:
Daniel J. Tobin, of Indianapolis, teamsters; Williams L. Hutcheson, of
Indianapolis, carpenters; Major George L. Berry, of Pressmen's Home, Tenn.,
printing pressmen ; John L. Lewis, of Indianapolis, United Mine Workers;
Daniel Dubinsky, of New York, ladies' garment workers; Harry C. Bates, of
New York, bricklayers; Edward Gainor, of Muncie, Ind., letter carriers.
Frank Morrison, of Washington, of the Typographical Union, was re-elected
Secretary, and Martin F. Ryan, of Washington, Railway Carmen's Union,
was re-elected Treasurer.
American Federation of Labor Sees Autumn Business
Upturn After Sharp Summer Decline—Survey
Warns of Mounting Federal Debt and Asks Administration Program to Increase Production
Although the summer decline in business activity brought
the industrial level near to that of November 1933, an upturn
occurred in September, according to the "Monthly Survey of
Business," published by the American Federation of Labor
on Oct. 14. The Federation estimated that business gains
between November 1933 and May of this year provided jobs
for more than 600,000 unemployed, but that 470,000 of these
jobs were lost during the summer decline. Workers' total
purchasing power as a result of the increase in jobs and some
wage advances was estimated at about $250,000,000 higher
in May than in November, although much of this gain was
lost in July and August.
The survey warned that maintenance of the unemployed
on relief is rapidly increasing the Federal debt, thus threatening the Government's credit and impeding recovery. The
Federation called upon the Administration to develop a program designed to promote an increase in production as the
means of "putting the unemployed back to work in industry."
We quote from the survey, in part, as given in a Washington dispatch of Oct. 14 to the New York "Times":
"Summing up workers' gains and losses this year, we find that their gains
have been very slight. The best that can be said is that last year's progress
has been maintained. Industrial unemployment was less by 2,851,000 in
August 1934 than in March 1933. The average worker's income, however,
has made practically no increase since recovery began, for the rise in living
costs has in general offset wage gains.
"The return to work of even a small portion of the unemployed has raised
workers' total buying power so that it is now higher by over $600,000,000 a
month than it was in March 1933. Most of these gains were made between
July and October 1933."
TVarning on Mounting Debts
Stating that "the cost of maintaining the unemployed is rapidly piling
up Federal debts," the "Survey" added:
"The increasing debt makes business men hesitate to undertake new enterprises, for they know they will be taxed to pay the debt, and they also
know that unless industry recovers far more rapidly than in the past year
we probably cannot avoid inflation. So great is this fear in the business
world that it stops the progress cf realvery."
Diminishing national income and. mounting Federal debt were discussed
as follows:
In 1929 our national income was $83,032,000,000 and our national
debt $16,185,000,000; in 1933 income was $38,900,000,000 and debt
$27,053,000,000.
"If we add to the Federal debt our State and local debts, which have also
be'en greatly increased by emergency relief expenses, the total indebtedness
of all government is shown to be over $45,000,000,000, or more than our
present income.
"This is a serious situation, and it cannot long continue without undermining Government credit."
For Capital-Labor Unity
Suggesting a joint effort by capital and labor to restore business to the
level of the past spring, the "Survey" said:
"To-day we are in a race between rising production and rising debt.
cannot afford to lose time.
2466
Financial Chronicle
"Our immediate need is to increase production and buying power; to cut
through red tape and lift industry quickly to higher levels.
"We must find a practical, workable plan, and this can only be done
through co-operative action under Government leadership."
Shippers Sue for Injunction to Restrain Unions and
Steamship Companies from Interfering with Non-.
Union Trucks at New York Piers—Action Taken
Under Direction of Merchants Association and
Brooklyn Chamber of Commerce
Thirty-two New York City industrial and mercantile concerns on Oct. 16 brought suit in the Supreme Court in
Brooklyn for an injunction to free the docks and piers of the
city from stoppage of non-union trucks as a result of the
alliance between the longshoremen's and the truckmen's
unions. The action was sponsored by the Merchants'
Association of New York and the Brooklyn Chamber of
Commerce, which pointed out in a joint statement that the
ease is unusual in that arrangements for the suit were made
by the two business organizations which represent all shippers
in the port. Justice James T. Hallinan on Oct. 16 issued an
order directing about 50 labor unions and various labor
representatives and 52 steamship companies to show cause
why an injunction should not be issued restraining them from
further interference with the free movement of commerce.
The joint statement by the Association and the Brooklyn
Chamber reads in part as follows:
The trouble along the waterfront has existed for about six weeks and
while there has been no complete tie-up of freight movement, the barring
of the piers to many shippers has seriously interfered with commerce. In
some cases,it has become so serious as to force manufacturing plants entirely
to discontinue operations.
Numerous complaints have poured into the offices of both the Chamber
and The Merchants' Association from members, their officers say, because
of inability to make shipments or receive goods through their own trucks
and employees. In an effort to protect business interests from this discrimination, the two organizations, with the co-operation of other similar
associations, attempted to effect satisfactory settlement through joint conferences with union officers, steamship officials, officials of the City of New
York and Federal agencies. These efforts failed in their purpose, culminating in the decision to take legal action.
In a joint statement by Louis C. Wills, President of the Chamber, and
Louis K. Comstock, President of The Merchants' Association, following
filing of the court order, the attitude of the organizations in pressing the
matter was stated as follows:
"There is a fundamental principle at stake in this case—that is as to
whether there shall be an uninterrupted flow of commerce through the Port
of New York without stoppage through action of any kind, and without
discrimination. The Merchants' Association and the Brooklyn Chamber
and other commercial organizations joined in a fight for this same principle
In 1920 when injunctions were issued both in the State and Federal courts.
It is to be regretted that the lesson learned then has to be retaught. Public
opinion and the courts united to condemn such discrimination in 1920 and
we are confident they will be likewise united in 1934."
Loans for Feed for Newly Acquired Breeding Stock
Made Available by FCA in Primary Drought Areas
Farmers and stockowners in the primary drought areas
may now obtain feed loan allowances for pure-bred cows,
heifers or bulls acquired for breeding purposes since April 1
1934, according to a statement to-day (Oct. 13) by George
Susens of the Emergency Crop and Feed Loan Section, Farm
Credit Administration. Previously loans were not made to
purchase feed for stock acquired after April 1. In his statement Mr. Susens said:
The feed loans for recently acquired stock will enable cattlemen in the
drought areas to keep up their foundation herds. No advances will be made
to purchase feed for newly-acquired stock brought into drought areas from
another State or for animals acquired from a person who did not own them
prior to April 1. The total number of cattle, including newly-acquired stock,
for which feed loan allowances are now available may not exceed the number
owned on Oct. 1, or the number which the applicant will own after culling
his herd in accordance with requirements of the cattle purchase program.
Since early in July, when the emergency feed loans were first made available, more than 252,000 of such loans and supplemental advances have been
made, totaling over $17,000,000. The loans are disbursed from the drought
relief appiopriation approved June 19 1934. Application& may be made to
the local Crop and Feed Loan Committee in the applicant's county.
Third Annual Meeting of Railroad Credit Corp.—
$16,287,947 in Loans Repaid by Railroads, Report
Shows—Directors Re-elected
Of the 53 roads to which loans have been made by the Railroad Credit Corporation in order to meet fixed interest obligations, 13 railroads have repaid their loans in full, while all
the others have made reductions in the original amounts of
their loans, according to the report of the Corporation, submitted to its stockholders at their third annual meeting held
in Washington, Oct. 16. An announcement issued in the
matter also said:
Total loans made by the Corporation to the 53 railroads amounted to
$78,691,368. These loans have been reduced by $16,287,947, leaving a
balance outstanding of $57,403,421.
The amount of the loans paid in full by the 13 railroads totaled $4,282.318.
The railroads turned over to the Corporation $75,422,410, representing
the sums derived from the increased rates during the 15 months' period
ended March 31 1933, in which the pool was in effect. Liquidating distributions paid in cash or credited on obligations due the Corporation, together
with refunds of all taxes paid on the revenues, have amounted to $19,482,195,
reducing the contributions to $55,940,215.
Oct. 20 1934
In the report to the stockholders, E. G. Buckland,President
of the Corporation, stated:
Since June 1 1933 the Corporation has been engaged in liquidating its
affairs as rapidly as economic conditions permit. During the year ended
Sept. 30 1934 the Ccrporation made eight liquidating distributions to participating carriers aggregating $13,963,842.37, equivalent to 18% of the
net contributed fund, of which $6,157,371.20 were in cash, and $7,806,471.17
in credits on obligations due to the Corporation. The total liquidation to
date amounts to $17,696,016.82, divided cash $7,697,422.50, and credits,
$9,998,594.32.
The Corporation slid not make commercial loans as that term is generally
understood. On the contrary, it made emergency loans which should be
repaid, in whole or in part, prior to the maximum maturity date, if such
action does not entail undue hardship on the borrower. The contributions
of non-borrowers were made at a distinct sacrifice, which may not properly
be continued beyond the period of absolute necessity. This situation is
further emphasized by the fact that the cost of debt service to the fund is
nominal, being, currently, at the rate of 1%% per annum.
At the stockholders' meeting, Oct. 16, the following were
re-elected members of the board of directors:
F. W. Charske, Chairman of the Executive Committee, Union Pacific
System.
P. E. Crowley, President Rutland RR. Co.
G. N. Shriver, Senior Vice-President Baltimore & Ohio RR. Co.
A. J. County, Vice-President Pennsylvania RR. Co.
W. L. White, President American Shore Line RR. Assn.
E. G. Buckland, Chairman of the Board, New York New Haven k Hartford
RR. Co.
H. A. Scandrett, President Chicago Milwaukee St. Paul & Pacific Ry. Co.
G. B. Elliott, President Atlantic Coast Line RR. Co.
E. N. Brown, Chairman of the Executive Committee Chicago Bock Island &
Pacific By. Co.
L. A. Downs, President Illinois Central System.
J. J. Pelley, President New York New Haven & Hartford RR. Co.
J. J. Bernet, President Chesapeake & Ohio Ry. Co.
New York Savings Banks Association Concludes Convention—Upholds Sound Financial System and
Adequate Reserves—Henry R. Kinsey Re-elected
Pres,ident
The Savings Banks Association of the State of New York
yesterday (Oct. 19) concluded its 41st annual convention
in New York City, after adopting a resolution affirming its
belief in "the necessity of maintaining at all times a sound
financial system with currency issued against adequate
reserves." More than 900 persons attended the convention.
The Brooklyn "Eagle" of Oct. 19 summarized the proceedings, in part, as follows:
Preceding the unique re-election of Henry R. Kinsey, President of the
Williamsburgh Savings Bank, as President of the body for the fourth time.
the meeting heard talks by Dr. Jules I. Bogen, editor of the "Journal of
Commerce"; Dr. Lionel D. Edie of Edie-Davidson Corp.: Maj. Fred N.
Oliver, counsel of the National Association of Mutual Savings Banks, and
Mark Graves, State fax/Commissioner.
Predicts Lotelnterest
The recent monetary and Federal Reserve policies w...cs. nave created
an artificially low level of money rates will, if continued, bring low interest
rates for mutual savings banks, Jules I. Boden, editor of "Journal of Commerce," New York, predicted in his address to the convention this morning.
"Until Government policies are reversed," said Dr. Bogen. "and efforts
are made through changes in commercial bank reserve requirements Or
otherwise to mop up this vast mass of excess reserves, there will be a great
prethora of funds available for Investment in high-grade securities."
Speaking on "Public Relations. The Next Phase," Dr. Bogen pointed
out that one of the real public relations problems for savings banks in
the near future will be to explain the reasons for this low rate of interest
to their depositors. "If unwonted low interest rates in mutual savings
banks are not to be misconstrued by depositors," he said. "the public must
be told, and told repeatedly and in simple terms, of the operation of mutual
savings banking."
Annual Meeting of Savings Banks Association of the
State of New York—President Kinsey Sees Change
in Social Thinking—Lionel D. Edie Warns Against
Gold Exports and 'Tight" Money
The social thinking of this country has changed and
individual action must be sacrificed to "a spirit of cooperation which has broader motives and broader results,"
Henry R. Kinsey, President of the Savings Banks A sociation of the State of New York, and President of the Williamsburgh Savings Bank, Brooklyn, told 700 delegates
in opening the 41st annual meeting of the Association at
the Waldorf Astoria Hotel on Oct. 18.
"Where the public interest is at stake," Mr. Kinsey said,
"it is not enough to operate one's own enterprise soundly.
The bedrock of all is the sound institution—but sound
institutions must combine to bring pressure toward universally good administration of all institutions and at the
same time to extend reasonable aid if there should be a
need for temporary help to those less wholesome."
Charles A. Miller, President of the Savings Banks Trust
Co., and former President of the Reconstruction Finance
corporation, declared that "real estate will not revive until
the heavy industries are put to work and the men of the
building trades are given employment." Mr. Miller
pointed out that great care must be exercised in the selection
of investments. "We can smile sadly at our naive belief
Volume 139
Financial Chronicle
that the process of civilization has practically eliminated
the element of risk in investment."
Speaking of the excellent spirit of co-operation which
characterized mutual savings banking, A. A. Berle, Jr.,
New York City's Chamberlain, and former member of the
so-called "brain trust," declared that this co-operation
among New York savings banks must be continued. "With
it you can ride out even the most tempestuous season of
depression and can play a real part in the formulating and
effecting of reforms in our banking system which seem to
be essential and which I think must come very soon."
Dr. Berle declared that the record for integrity for savings
banks in this country has been "literally one of the firm
anchors of the recovery program."
In his talk on real estate and mortgage practices, Harold
Stone, President of the Onondaga County Savings Bank,
Syracuse, indicated that inflation may prove ownership of
some real estate properties by savings banks is "a blessing
in disguise." "Real estate is the foundation of all wealth,"
he said, and real estate is the only basic commodity the
savings banks are permitted to own. "We are living at a
time when the whole financial structure of the country is
undergoing a change," he added. "We cannot see very
far into the future, and while no one of us believes that
inflation or depreciated currency is going to strike us in
any such way as it has some foreign countries, it is nevertheless within the realm of possibility, and in the event
that it should come the experts all tell us that commodities
or tangible things increase tremendously in value."
Other speakers on the program Oct. 18 were: Joseph A.
Broderick, Superintendent of Banks; Ralph West Robey,
Financial Editor, Washington "Evening Post" and Philadelphia "Bulletin"; Peter Grimm, President, William A.
White & Sons. At the annual dinner of the Association
that night Eugene R. Black, former Governor of the Federal
Reserve Board, spoke on the future of banking under
the New Deal, and his remarks are referred to elsewhere
in this issue.
On Oct. 19 Lionel D. Edie, Board Chairman of EdieDavidson, Inc., declared that the present inflation talk
is just another recurrent scare. "The one sure way to have
done absolutely the wrong thing in bond policy during
the past three years was to have let one's judgment be warped
by the talk about wild inflation," he averred. Dr. Edie
addressed the meeting on the "Outlook for Railroad and
Utility Bonds," and in his comments stated that the "senior
obligations of the reasonably well managed roads, properly
mortgaged, are as conservative investments as they ever
have been." The lower grade bonds are "purely speculative due to practical confiscation through wage and
pension costs and taxes." While Dr. Edie considers that
the present level of bond prices is slightly abnormal, he does
not expect any sharp decrease in the general level, though
individual issues can be expected to fluctuate. He pointed
as follows to two signals which might be a warning of a
dangerous break, however.
First. It a heavy gold export should develop, running into
hundreds of
millions of dollars, probably the high grade bond market
would break
badly. One cannot see such a gold export movement
in immediate prospect, but one has to be alertly on guard for the possibility.
If a great gold
export movement a,sell bonds.Secon
money
eeou4:d,f
reeged
rwenc
to
ly
;Ace.
OolS exports
stenea
r:tnea
and tight
are the two red traffic iights to watch.
t,g
t
money
Annual Convention of American Bankers Association
to Be Held at Washington, D. C. Next Week, Oct.
22-25—President Roosevelt's Address Not to Be
Broadcast—Jesse H. Jones and Leo T. Crowley
Also Among Speakers
The coming week the attention of bankers will converge
toward Washington, D. C., where the American Bankers
Association will hold its 60th Annual Convention, from Oct.
22 to 25. President Roosevelt is to address the bankers at
Constitution Hall on Wednesday night Oct. 24, and it is
announced that his address is not to be broadcast, it will
however, be published for the most part in the future, the
President, it is stated,. will limit his broadcasts to his fireside
talks to the people of the nation. The details of the program
to be presented at next week's convention of the American
Bankers Association were given in our issue of Oct. 6, page
2147. Leo T. Crowley, Chairman of the Federal Deposit
Insurance Corp., and Jesse H. Jones, Chairman of the
Reconstruction Finance Corp. are speakers on the program
of the General Convention, and the same program includes a
discussion of "The National Housing Act" by the following:
Roger Steffan, Director of Modernization of Credits of the
Federal Housing Administration, and J. Howard Ardrey,
Deputy Administrator of the Federal Housing Administration
Francis Marion Law, (President of the First National Bank
2467
of Houston, Tex.) as President of the Association will deliver
the opening address and will preside over the sessions. In
addition to the program of the general convention, the
programs to be presented by the National Bank Division,
State Bank Division, Trust Company Division Savings,
Division, and State Secretaries Section were noted in our item
on page 2147; as was also stated at the time a special Convention feature will be a "Constructive Customer Relations
Clinic," to be held in three sessions.
Mrs. Roosevelt and Secretary of Labor Frances Perkins
to Address Convention of Association of Bank
Women at Washington, D. C. Next Week
Mrs. Franklin Delano Roosevelt and Frances Perkins,
Secretary of Labor, will address the 12th Annual Convention
of the Association of Bank Women,which,as indicated in our
issue of Sept.22, page 1815, will be held in Washington, D.C.
Oct. 22 to 25. The sessions of the convention are scheduled
to be held at the Mayflower Hotel. Mrs. Roosevelt will speak
at the annual dinner on the evening of Oct. 23 on "Steps
Toward International Peace"; another speaker on the same
occasion will be Sir Wilmott H. Lewis, Washington correspondent of the London "Times." Secretary Perkins will
address the opening session—"Social Trends in our Economic
Readjustment." Miss Helen Carloss, Special Assistant in the
Department of Justice will speak on "Income Tax as a Long
Time Measure."
A special feature, it is stated, will be a Round Table Discussion of Customer Relations to be given by members
representing the seven regional districts of the Association.
Convention of Investment Bankers Association of
America Opens at White Sulphur Springs on Oct.
27—H. F. Lowery Chairman of Transportation
Committee
As we have heretofore noted the 23rd Annual Convention
of the Investment Bankers Association of America will be
held at White Sulphur Springs, W. Va., from Oct. 27 to 31.
A bulletin sent to those planning to attend the convention
supplies detailed information regarding railroad rates, pullman reservations and train schedules. Reservations may be
made through Harry E. Lowery, Chairman of the Trans-portation Committee, at F. S. Moseley & Co., 30 Broadway,
New York City.
The other members of the New York Transportation
Committee are Douglas M. Dimond, Lehman Brothers, 1
William St., New York and Frank E. Gernon, Hayden,
Stone & Co., 25 Broad St., New York.
Reopening of Closed Banks for Business and Lifting
of Restrictions
Since the publication in our issue of Oct. 13 (page 2310)
with regard to the banking situation in the various States,
the following further action is recorded:
ARKANSAS
Voluntary suspension of the First National Bank of Hartford, Ark., and liquidation of its deposits through the City
National Bank of Fort Smith, Ark., has been announced by
I. H. Nakdimen, President of both institutions, according
to Associated Press advices from Fort Smith on Oct. 11,
which added:
Depositors will be paid 100% Nakdimen said.
FLORIDA
We learn from Tallahassee, Fla., advices on Oct.8, appearing in the Florida "Times-Union," that a dividend of 10%,
the third dividend, was to be paid on Oct. 10 to depositors
of the defunct Exchange Bank, according to an announcement on Oct. 8 by George White, State Bank Analyst of
the Comptroller's office. The dispatch said that the bank
paid a 20% dividend when it was taken over by the State
for liquidation several months ago.
MICHIGAN
According to the Michigan "Investor" of Oct. 13, reorganization plans for three more Michigan banks have been
approved by the State Banking Advisory Committee,
namely, the Macomb County Savings Bank of Richmond,
the Orion Savings Bank at Lake Orion, and the Peoples State
Bank of Auburn.
Three former officers of the People's Wayne County Bank
of Detroit, Mich., were reported indicted by the Federal
grand jury on Oct. 17 on charges of using bank funds for
speculation in stock of the Detroit Bankers Co. and concealing the transactions in reports to the Comptroller of the
Currency, in Associated Press advices on that date from
Detroit, which named the accused men as follows:
Oct. 20 1934
Financial Chronicle
2468
Edwin J. Eckert,former Director of the People's Wayne and later executive Vice-President of the First National Bank, Detroit;
Donald N. Sweeney, former Vice-President of the People's Wayne and
later President of the First National;
John R. Bodde, former President of the People's Wayne and ViceChairman of the Board of the First National.
All three were among the 34 men previously indicted by the same Grand
Jury on other charges growing out of their banking connections.
NEW JERSEY
The reopening on Oct. 15 of the Seacoast Trust Co. o
Asbury Perk, N. J., was indicated in the following dispatch
to the New York "Times":
The Seacoast Trust Co., the first bank in Monmouth County to close
three years ago, opened its doors to-day (Oct. 15) without ceremony and
under a reorganization plan approved by the State Department of Banking
& Insurance and the Federal Deposit Insurance Corporation. Frank
Allen, Executive Vice-President and Cashier, said new deposits of several
thousands of dollars were made. Credit for the first one went to Mr. and
Mrs. Charles P. Hidden.
The staff began the payment of all deposits of less than $5 on account
at the time of the closing, Dec. 22 1931.
George M. Hillman, Sr., receiver of the Mount Holly
National Bank at Mount Holly, N.J., announced on Oct. 18
that an initial dividend of 25% will be paid on Oct. 23 to the
depositors, according to advices by the Associated Press on
Oct. 18, which continued:
He said about $60,000 will be distributed. The bank has been in the
hands of a receiver since August 1933.
That the First National Bank of Pleasantville, N. J., will
reopen on Oct. 22 under the title of the Mainland National
Bank and that a dividend of 25% will shortly be distributed
to depositors in the old institution, is indicated in the following dispatch from Atlantic City, N. J., on Oct. 18 to the
New York "Herald Tribune":
A 25% dividend will be paid soon to 4,000 depositors with claims totaling
$1,250,000 in the First National Bank of Pleasantville, it was announced
to-day. The word came from officials of the Mainland National Bank,
under which name the former institution has been reorganized. Full-scale
business under the new regime is to begin next Monday.
The First National has been operating on a restricted basis in charge of a
conservator since the March 1933, banking holiday.
OHIO
That the Hamler State Bank,Hamler,Ohio,of which J. W.
Panning is conservator, had been closed on Oct.8 to expedite
its reopening for normal business, was reported in a dispatch
from that place on Oct. 9, printed in the Toledo "Blade."
The advices continued:
Ira J. Fulton, State Superintendent of Banks, was to apply to Henry
County Common Pleas Court for approval of a reorganization plan on
which a hearing probably will be held within two weeks. Under the plan,
stockholders would pay 30% of the value of their holdings to provide capital
of $30.000 and surplus of $5.000 without reducing their individual liability.
The plan also provides for immediate payment of all accounts of more
than $30 and 70% of other deposits. A trust committee would administer
assets set aside to provide for payment of deposits not paid at once.
PENNSYLVANIA
The Exchange National Bank of Marietta, Pa., resumed unrestricted banking operations on Oct. 8 with
deposits of $286,331, capital of $50,000 and surplus of
$10,000, according to a dispatch from that place, printed in
"Money & Commerce" of Oct. 13, which continued in part:
Deposits are 60% of those of the preceding Exchange National Bank.
Officers of the new institution are: President, Dr. E. K. Tingley; VicePresident and Cashier, George R.Miller; Secretary, Henry S.licch,Jr....
That a new bank is in course of organization in Shenandoah,
Pa., which will replace the First National Bank and Citizens
National Bank of that place, now, it is understood, being
operated on a restricted basis, would appear from the following dispatch from Shenandoah, printed in "Money & Commerce" of Oct. 13:
ever in its history," states C. E. Lawhead. receiver. There will be no
restrictions on deposits. . . .
WISCONSIN
Depositors of the Farmers' & Traders' Bank at Porterfield, Wis., which was ebbed on Oct. 11 by the State Banking
Department, were to be paid in full beginning Oct. 15. In
noting this, a dispatch by the Associated Press from Washington, D. C., on Oct. 13, went on to say:
In the first pay-off in Wisconsin under the Government's bank guarantee
plan the Federal Deposit Insurance Corporation will dispense at the bank
windows a total of $32,000 to some 256 depositors.
ITEMS ABOUT BAN CS, TRUST COMPANIES, &c.
Arrangements were made, Oct. 18, for the transfer of the
New York Stock Exchange membership of Charles K. Dickson to Robert Strasser at $90,000, unchanged from the previous transaction, announced Oct. 17. The sale announced
Oct. 17 was an increase of $5,000 over the last previous
transaction of Oct. 4.
4---
D. K. Pfeffer, formerly of the Guaranty Co. and the Guaranty Trust Co., has been appointed Manager of the municipal bond department of the National City Bank of New York.
Mr. Pfeffer will take up his new duties next Monday, under
Leo Kane, Vice-President in charge of the National City's
United States Government bond portfolio and its tax-exempt
bond department.
James Speyer was the gues- t of honor at a dinner given
on Oct. 17 by trustees and officers of the Central Savings
Bank, New York City, to commemorate his long years of
service as Senior Trustee of the institution. Mr. Speyer
was presented with an Old English silver tray. The dinner
was scheduled to have been held on Sept. 24, and while
announcement of it was made at the time, there was a
last-minute cancellation awing to the death of Ludwig
Vogelstein, a Trustee.
The Bank of New York & T- rust Co., New York City, has
announced the appointment of Roderick McRae and Albert
C. Simmonds Jr., as Assistant Treasurers.
John Cunningham, New York agent of the Bank of London
and South America, Ltd., died in New York City on Oct. 13
at the age of 39 years. Mr. Cunningham had been New
York agent of the bank for about two years and had previously served the institution in several Latin-American
cities. He began his career with the Commercial Bank of
Scotland. The New York Agency of the Bank of London
and South America, Ltd., announced that interment will be
in Scotland.
An application has been filed with the New York State
Banking Department by the Bronx County Trust Co.,
Bronx, N. Y., for permission to open a branch office at the
northwest corner of 149th St. and Exterior St., in the Bronx,
conditioned upon the discontinuance of the branch office
heretofore authorized by the Banking Department to be
maintained at 3397 East Tremont Ave.
Election of two trustees was recently announced by the
Excelsior Savings Bank,New York City. The new members
of the bank's board are Stewart Forshay, Vice-President of
Byrne & Bowman, Inc., and Willard F. Place, Assistant
Vice-President of the New York Central Lines.
It is expected that within a few days the sale of the 1,000 shares of capital
stock of the new Union National Bank will have been completed and the
way opened for a speedy completion of the organization. Stock is being
sold at $16 per share and only 250 shares remain unsold.
The Union National Bank will be a merger of the best assets of the First
National and Citizens National banks of the town, whose plans for reopening
have been approved.
E. F. Kuhn, who has been c- onnected with Manufacturers'
Trust Co. of New York for some years, has been named an
Assistant Manager of the Foreign Department. He will continue to be located at the Empire State office of the bank,
34th Street and Fifth Avenue.
Approximately half of the $400,000 in new capital needed
to reorganize the closed Commercial National Bank of Philadelphia, Pa., has been subscribed by 1,600 of the bank's 6,000
depositors, Albert H. Leiberman, Chairman of the bank's
Depositor's Protective Committee, announced Oct. 16, as
reported in the Philadelphia "Record," of Oct. 17.
The committee has set Nov. 10 as the expiration date for
receipt of acceptance to the reorganization plan,it was stated.
The Central Hanover Bank & Trust Co., New York, announced on Oct. 11 that Craig R. Smith, Assistant Secretary,
has been placed in charge of trust solicitation for the institution. Mr. Smith has been wtih the bank since 1928.
WEST VIRGINIA
Advices from Weston, West. Va., appearing in "Money
& Commerce" of Oct. 6, reported that the Citizens Bank of
Weston was to reopen on that date. We quote in part from
the dispatch:
The Citizens Bank of Weston, which has been closed since Oct. 13 1931,
will reopen its doors Saturday "in a stronger cash and reserve position than
John R. Henning, Manager of A. Iselin & Co., New York,
private bankers, died at his 'home in Cranford, N. J., on
Oct. 15. He was 46 years old. Mr. Henning began his career
as an office boy for A. Iselin & Co. in 1935 and had served
the firm since.
Payment of 50% of their holdings will be made Nov. 1 to
shareholders of the Shawmut Co-operative Bank of Dorchester, Mass., and a similar payment of 25% will be made at the
same time to shareholders of the Real Estate Co-operative
Volume 139
Financial Chronicle
Bank,53 State Street, Boston. In announcing the payments,
Herbert F. Taylor Jr., President of the Co-operative Central
Bank and Chairman of the committee in charge of the liquidation of the two banks, made known last night that all
shareholders will eventually be paid in full. Legislative
action creating the Share Insurance Fund made possible the
unusual progress which has been attained in the liquidation
of the banks. The foregoing is from the Boston "Herald" of
Oct. 14, from which we also quote:
Mr. Taylor made known that of 608 claims of the Shawmut Bank, 484,
involving $436,113, have been approved and that the Nov. 1 distribution
will be $218,056.76.
Of 1,974 claims of the Real &tate Bank, 1,926 have been approved. The
total involved is $2,089,096.37, and the initial distribution will be $522,272.94. The Liquidating Committee is hopeful of completing the final payment to shareholders of both banks in much less time than is allowed by
the Share Insurance Fund Act.
One of the factors which has speeded the settlement of the affairs of the
Shawmut Bank has been the promptness with which other co.operative banks
in Dorchester have taken over the mortgage assets of the bank, which was
forced to close because of a defalcation.
At a meeting of the trustees of the Boston Five Cents Savings Bank of Boston, Mass., on Oct. 9, Robert M. Morgan was
elected an Assistant Treasurer, according to the Boston
"Herald" of Oct. 10, which added:
Previous to his entry into the savings bank field he was an Assistant
Cashier at the First National Bank of Boston.
James J.Phelan,a member of the Boston investment banking firm of Hornblower & Weeks, died suddenly at his home
in Brighton (Boston) on Oct. 16, following a heart attack
suffered earlier in the day at his office in Boston. Mr.
Phelan, who was born in Toronto, Can.,was 63 years of age,
and had been a member of the Boston Stock Exchange for
37 years. He had been connected with the firm of Hornblower & Weeks since its founding in 1888, when he was the
sole employee, and had been a partner since 1900. Besides
being active in many corporations, he served on a number of
wartime relief and conservation boards.
•
From the New Haven "Register" of Oct. 11, we learn that
savings depositors in the closed Mechanics' Bank of New
Haven, Conn., were to receive beginning Oct. 15, an additional dividend of 10%,as the result of approval of a motion
for authority to pay such dividend granted Oct. 11 in the
Civil Superior Court by Judge Ernest A. Tnglis. The paper
continued in part:
Paymqpt of the additional 10% means that depositors will receive
S380.595.26. .
Thus far, counsel revealed, depositors in the savings division have received $1,534,263.63. Payment of the additional 10%. which brings the
total to 50% so far. will mean that the receiver has paid out exactly $1.914858.89 to the various depositors of the savings division.
On Sept. 25 the First National Bank of Fairview, N. J.,
went into voluntary liquidation. This bank, which was capitalized at $100,000, was succeeded by the United National
Bank of Cliffside Park, N. J.
• The People's National Bank of Newark, N. J., capitalized
at $300,000, went into voluntary liquidation on Sept. 18. The
Institution was absorbed by the West Side Trust Co. of the
same city.
Liquidating dividends aggregating $762,734, to be paid to
49,057 depositors in six closed Pennsylvania banks between
Oct.17 and 23 were announced on Oct.9 by the State Banking
Department. The Philadelphia "Record" of Oct. 10, from
which this information is obtained, continued:
An initial dividend of 15%, totaling $274,075, will be disbursed Oct. 17
to the 16,297 depositors of the Title Trust & Guarantee Co., Johnstown.
A payment of 5%,or $103,094, to be made Oct. 18 to the 10,561 depositors
of the Mid-Valley Trust Co., Olyphant, will raise aggregate dividends thus
far to 25%.
The 9,915 depositors of the Mechanics Trust Co., Harrisburg, are scheduled
to receive 10%, or $231,768, of the amount due them in a dividend to be
paid Oct. 19. With the new payment, return thus far will amount to 30%.
The Peoples Saving & Trust Co., Duryea, will disburse 10%, or $45,042,
to its 3,741 depositors on Oct. 19, lifting total return thus far to 40%.
A dividend of 10%, or $63,238, to the 4,229 depositors of the Bangor
Trust Co., Bangor, payable Oct. 20, will raise aggregate payments so far
to 36% of deposit liability.
Taylor Discount & Deposit Bank, Taylor, paying 5%, or $45,517, to 4,314
depositors, on Oct. 23, will raise the repayment proportion to 10%.
The Comptroller of the Currency on Sept.27 granted a charter to the National Bank of America in Pittsburgh, Pittsburgh, Pa. The new institution, which replaces the National
Bank of America at Pittsburgh, is capitalized at $250,000,
half of which is preferred stock and half common stock.
T. W. Friend heads the new bank, while Henry J. Breker is
Cashier.
2469
A charter was granted by the Comptroller of the Currency
on Sept. 6 to the First National Bank at Patton, Patton, Pa.,
an institution which replaces the First National Bank of
Patton. The new bank is capitalized at $85,000, consisting
of $50,000 preferred stock and $35,000 common stock. H. L.
Stevens and Francis X. Young are President and Cashier,
respectively, of the new organization.
On Sept. 28 the Oil City National Bank, Oil City, Pa., was
chartered by the Comptroller of the Currency. The new organization replaces the Oil City National Bank, and is capitalized at $500,000, of which $200,000 is preferred stock and
$300,000 common stock. H. J. Crawford heads the new institution, with A. R. McGill as Cashier.
On Oct. 4 the Exchange National Bank in Marietta, Mariette, Pa., was chartered by the Comptroller of the Currency.
The institution is capitalized at $50,000, half of which is preferred stock and holf common stock, and replaces the Exchange National Bank of the same place. E. K. Tingley and
George R. Miller are President and Cashier, respectively, of
the new bank.
At a recent meeting of the directors of the Washington
National Bank of Burgettstown, Pa., John M. Scott was
elected President of the institution to succeed the late James
B. Taylor, who died early last month, and Lee R. McKinney
was named Cashier. The Vice-Presidents are D. J. Coulter
and W. B. Culley. "Money and Commerce" of Oct. 13, which
reported this, also said:
Mr. Scott, the new President, has been connected with the Washington
National 21 years, most of the time as Cashier. Previously, he had been
for a time with the Burgettstown National Bank. He has been a leader in
banking in western Pennsylvania. . . .
John J. Ghingher, State Bank Commissioner for Maryland,
as receiver for the defunct Washington Trust Co. of Ellicott
City, 31d., filed in the County Circuit Court, on Oct. 4, an
audit of his disbursements under the plan of reorganization.
The Baltimore "Sun" of Oct. 5, from which this is learned,
also reported:
This showed the expenses of the receiver, including attorney's fees and cost
of distribution, were $1,987, or slightly in excess of 1% of the collections
of $189,210.
The report shows Mr. Ghingher collected from certain stockholders in full
settlement of their statutory liability and from directors in accordance with
an agreement the sum of $28,878. The receiver also holds assignments from
certain stockholders which will be turned into cash on ratification of the
audit.
A total distribution of $174,608, or 50%, will be made to depositors on
approval of the audit by the Court. It was pointed out that two weeks must
elapse after filing the audit before the Court can give its approval.
In its issue of Oct. 10 the Washington "Post" stated that
following the regular meeting of the directors of the Riggs
National Bank of Washington, held Oct. 9, Robert V. Fleming, President of the institution, announced that due to the
growth of the trust department, which is under the direct
supervision of Sidney T. Taliaferro, Vice-President and
Trust Officer, George M. McKee and Kenneth F. Brooks,
Assistant Trust Officers, were promoted and given the title
of Trust Officer, while Henry K. Dierkoph, formerly chief
clerk of the trust department, was elected Assistant Trust
Officer.
We learn from the Washington "Post" of Oct. 10 that several promotions were announced the previous day in the personnel of the Union Trust Co. of Washington, following a
meeting of the directors. W. Frank D. Herron, Treasurer
of the company, was advanced to a Vice-President, succeeding the late Edson B. Olds; S. William Miller, formerly an
Assistant Treasurer, was promoted to Treasurer in lieu of
Mr. Herron; G. Elmer Flather was made Senior Assistant
Treasurer, and Harry F. Harding, formerly a Teller, was
advanced to an Assistant Treasurer. Walter M. McCurdy
was elected to the recreated position of Auditor. In regard
to Mr. Herron, the new Vice-President, the paper said:
Mr. Herron entered employ of the company in 1901 as a bookkeeper. He
was appointed its Auditor in 1903 and became Assistant Treasurer in 1911.
He was elected Treasurer Jan. 9 1934.
The election of Blair Plate as a Vice-President and of
E. W. Macklin as a director of the People's National Bank
of Parkersburg, W. Va., was announced recently by H. J.
Lockhart, President of the institution, according to advices
from that place, printed in "Money and Commerce" of Oct. 6,
which went on to say:
Mr. Macklin is a well-known business man of the city, being Vice-President
and General Manager of the Eureka Pipe Line Co.
2470
Financial Chronicle
Mr. Plate is also well known in business circles as a contractor. He took
an active part in the organization of the People's National Bank, and has
been a member of the Board of Directors since the bank's opening. As VicePresident he succeeds the late Louis Storck, who had been Vice-President
since the organization of the bank.
The officers of the People's National are: H. J. Lockhart, President;
Blair Plate, Vice-President; John G. Williams, Cashier, and Howard C.
Work, Assistant Cashier.
The assets and liabilities of the First National Bank of
Oak Hill, W. Va., have been taken over by the Merchants' &
Miners' National Bank of Oak Hill, J. S. Lewis, Executive
Vice-President of the Merchants' & Miners', announced recently. In noting this, a dispatch from Charleston, W. Va.,
printed in "Money and Commerce" of Oct. 13, added:
The bank will continue under the name of Merchants' & Miners', he added,
asserting the consolidation was made to provide "more efficient service to
the depositors and patrons of both banks."
Stockholders of the Central National Bank of Buckhannon,
W. Va., of which W. T. Taylor is Cashier, voted to increase
the capital stock of the bank from $50,000 to $100,000, according to a dispatch from that place appearing in "Money
and Commerce" of Oct. 13, which added:
There will be issued $50,000 preferred stock, the Reconstruction Finance
Corporation taking what is not subscribed by Buckhannon people.
As of Oct. 1, the Lebanon-Citizens National Bank & Trust
Co. of Lebanon, Ohio, changed its title to the Lebanon-Citizens National Bank.
Effective Oct.9, the Painesville National Bank & Trust Co.,
Painesville, Ohio, was placed in voluntary liquidation. The
Institution, which was capitalized at $250,000, was succeeded
by the First National Bank in Painesville.
Melville S. Cohn,former Vice-President of the Meyer-Kiser
Bank of Indianapolis, Ind., is reported to have been sentenced formally to two to 14 years in the Indiana State
Prison, on Oct. 5, on a charge of embezzlement. Shortly
afterwards an appeal to the Indiana Supreme Court was
filed, together with a petition asking that he be admitted to
bail pending the outcome of the appeal. The Indianapolis
"News" of Oct. 5, from which we quote, also said:
He appeared before Alexander Cavins, Special Judge in Criminal Court,
and in addition to redeiving the sentence he was fined $1,000 and disfranchised for two years. He will be permitted to vote in the autumn election,
however, because the appeal has been accepted.
Cohn was convicted of embezzling money from the bank in an alleged
scheme whereby stockholders in failing realty company affiliates received
dividend checks, although the company's business did not warrant payment
of dividends.
Three other former officials of the bank are yet to be tried.
The Comptroller of the Currency on Sept. 19 chartered the
First National Bank in Carlyle, Ill. The new organization
replaces the First National Bank of Carlyle and is capitalized
at $60,000, of which $35,000 is preferred stock and $25,000
common stock. J. M. Krebs and Oscar Scheendienst are
President and Cashier, respectively, of the new bank.
On Sept. 8 the Comptroller of the Currency issued a charter to the First National Bank in Shawneetown, Shawneetown, Ill. The new bank succeeds the National Bank of
Shawneetown and has a capital of $50,000, made up of
$30,000 preferred stock and $20,000 common stock. Raede
Ellis is President of the institution and Max H. Galt, Cashier.
Effective Aug. 15, the Galva First National Bank, Galva,
El., was placed in voluntary liquidation. The institution,
which had a capital of $60,000, is succeeded by the First National Bank in Galva.
Oct. 20 1934
A payment of 20%, amounting to $421,441, to depositors of
the North Avenue State Bank of Chicago, Ill., has been
authorized by the State Auditor, bringing total payments to
45%, according to the Chicago "Journal of Commerce" of
Oct. 10.
Payment of an 8% dividend totaling $44,003 to depositors
of the North Town State Bank of Chicago, Ill., was announced Oct. 12 by State Auditor Edward J. Barrett, according to the Chicago "Journal of Commerce," of Oct. 14, which
added:
This is the fourth dividend paid since the bank closed and brings the total
repayments up to 40%. Checks will be given out to-day. In addition to
the liquidation dividends to depositors the bank has paid $78.418 to preferred creditors and $200,067 of bills payable. Funds for the payment
were obtained through a Reconstruction Finance Corporation loan.
On Sept. 5 the First National Bank of Hancock, Mich., and
the First National Bank of Laurium, Mich. (both capitalized
at $100,000), went into voluntary liquidation, similar action
having been taken Sept. 29 by the First National Bank of
'Calumet, Mich., with capital of $200,000. All three institutions have been succeeded by the National Metals Bank of
Hancock.
The Comptroller of the Currency on Oct. 11 issued a
charter to The First National Bank at Manistique, Manistique, Mich. The new organization replaces The First
National Bank in Manistique, and is capitalized at $50,000,
made up of $30,000 preferred stock and $20,000 common
stock. James C. Wood and Mauritz Carlson are President
and Casjier, respectively, of the new bank.
Concerning the affairs of the Pinconning State Bank of
Pinconning, Mich., the "Michigan Investor" of Oct. 13 carried the following:
The Pinconning State Bank elected officers and set Oct. 22 as the opening. John W. Jankowiak is President; William Urban and J. B. Harris,
Vice-Presidents, and J. R. Fotheringham, Cashier.
As of Sept. 5, the Citizens National Bank of Oconto, Wis.,
was placed in voluntary liquidation. The institution, which
had a capital of $65,000, was succeeded by the First National
Bank of Oconto.
The Comptroller of the Currency on Oct. 2 granted a charter to the First & Commercial National Bank of Williston,
Williston, N. Dak. The new bank, which is capitalized at
$50,000, made up of $28,000 preferred stock and $22.000 common stock, replaces the Commercial State Bank of Williston.
J. Arthur Cunningham is President and C. E. Cunningham,
Cashier, of the new bank.
In indicating that the Bank of Dakota City, Dakota City,
Neb., would cease operating on Oct. 10 and pay its depositors
in full, advices from Sioux City, Iowa, on Oct. 5 to the Des
Moines "Register" said:
Officers of the bank of Dakota City, Neb., six miles southwest of Sioux
City, have announced the institution will pay Its depositors in full and close
next Wednesday (Oct. 10), after operating 46 years.
"Business does not justify three banks in this county," said H. H. Adair,
President. The bank's deposits total $150,000.
A dispatch by the Associated Press from Lincoln, Neb., on
Oct. 3, reported that the Nebraska State Banking Department on that day had paid dividends, as follows, to depositors
In two failed State banks:
Wood Lake Bank, first dividend of 33%, $12,197, with Reconstruction
Finance Corporation loan; Citizens' State Bank, Wood Lake, 55% dividend,
$18,642, with RFC loan, bringing total returned to 75%, or $25,421.
The First National Bank of Decatur, Neb., was placed in
voluntary liquidation on Sept. 11.
The Farmers National Bank of Cambridge, Cambridge, Ill.,
effective Sept. 12, was placed in voluntary liquidation. The
Institution, which had a capital of $50,000, is succeeded by
the Peoples National Bank of the same place.
Effective Sept. 10, the Galena National Rank, Galena,
Kan. (capital $50,000), was placed in voluntary liquidation.
The Rochelle National Bank, Rochelle, Ill., capitalized at
$50,000, was placed in voluntary liquidation on Sept. 1. It Is
replaced by the National Bank of Rochelle.
W. H. Belote, Manager of the collection department of the
Union Planters' National Bank & Trust Co. of Memphis,
Tenn., on Sept. 28 announced his resignation, effective the
fallowing day,from the institution he has served for 17 years.
The Memphis "Appeal," in noting this, said:
Payment of a 25% dividend to depositors of the defunct
Gibson City State Bank of Gibson City, Ill., amounting to
$53,900, has been authorized, according to Bloomington, Ill.,
advices on Oct. 8 to the Chicago "Tribune," which added:
This is the second payment since the bank closed, making a total of 30%.
In addition, $13,985 has been paid on bills payable. Sixty per cent, of the
second dividend is being paid from the funds acquired through a Reconstruction Finance Corporation loan, while the remaining 40% comes from
liquidation!
Mr. Belote will open offices in the Union Planters' Bank Building tomorrow as a counselor and investigator in business and vocational problem&
The Blount National Bank of Maryville, Maryville, Tenn.,
a primary organization, was chartered by the Comptroller of
the Currency on Oct. 11. The new institution is capitalized
at $50,000. W. B. Townsend is President and 1. L. G. Stooksbury, Cashier, of the new bank.
--•—
Volume 139
Financial Chronicle
That depositors of the defunct Commercial Bank of Wilson, N. C., had received only $12,600 during the liquidation
of the institution was reported on Oct. 9 by Gurney P. Hood,
State Bank Commissioner for North Carolina, in announcing
the completion of liquidation. The Raleigh "News and Observer" of Oct. 10, authority for this, went on to sat:
Although the bank had assets of $121,701.73, including a $33,150 stock
assessrnent, only $26,164.86 was realized by liquidation. Of the total realization, $5,743.89 was from income during the liquidation period beginning
Sept. 19 1930. The income represented a gain of $283.17 over expenses of
$5,460.72.
Preferred claims of $576.62 were settled in full and bills payable of $7,526
were paid, the Commissioner said.
Depositors of the closed Farmers' Bank of Eure, Gates
County, N. C.,received $17,277.06 in dividends and $2,321,24 in offsets during the liquidation of the bank, Gurney P.
Hood, State Commissioner of Banks, reported on Oct. 10,
in announcing the completion of liquidation. The bank was
closed on Dec. 9 1930. The Raleigh "News & Observer"
of Oct. 11, from which this is learned, further reported:
Ofthe bank's $52,993.05 reported assets,48% or $25,391.93 was collected.
Of the collections, depositors received close to 75%.
In addition to payments to depositors, the bank paid $2,950 in bills
payable, $4.57 in preferred claims, and $14.78 interest. Each of these
payments represented 100% of the amount due. Unaudited claims to the
amount of $161.03 also were paid.
The expenses of liquidation amounted to $2,863.27, exceeding the income
of $1.861.70 by $801.57, representing the net cost of liquidation.
Effective Sept. 17, The First National Bank of Claxton,
Ga., was placed in voluntary liquidation. The institution,
which was capitalized at $50,000, was succeeded by The
Claxton National Bank.
The probable opening of a new banking institution in St.
Augustine, Fla., on Oct. 2, under the title of the Exchange
Bank of St. Augustine, was indicated in a dispatch from that
city of Sept. 27 to the Florida "Times-Union," which said,
in part:
Herbert E. Wolfe, who, with other prominent men of St. Augustine, has
been engaged for some time past with plans for the opening of a new bank
here, announced to-day (Sept. 27) that the Exchange Bank of St. Augustine
will open probably next Tuesday, Oct. 2, in the building on the corner of
Cathedral and Charlotte Streets, formerly occupied by the People's Bank for
Savings.
The First National Bank in Donaldsonville, Donaldsonville, La., was chartered by the Comptroller of the Currency
on Oct. 11. The new bank succeeds the Commercial & Savings Bank of the same place, and is capitalized at $50,000,
half of which is preferred and half common stock. Albert
Delery is President and Albert Delery, Cashier, of the new
institution.
A charter was issued on Sept. 28 by the Comptroller of the
Currency to the Citizens' National Bank at Brownwood,
Brownwood, Tex. The new organization is capitalized at
$150,000, of which $50,000 is preferred stock and $100,000
common stock, and succeeds the Citizens' National Bank in
Brownwood. J. F. Renfro heads the new institution, while
Clyde McIntosh is Cashier.
On Sept. 28 the Farmers' N- ational Bank of White Deer,
White Deer, Tex., was chartered by the Comptroller of the
Currency. The new bank succeeds the First National Bank
of White Deer, and is capitalized at $50,000, consisting of
$25,000 preferred stock and $25,000 common stock. A. J.
Dauer and J. C. Freeman are President and Cashier, respectively, of the new institution.
A charter was issued by
the Comptroller of the Currency
on Sept. 27 to the Snyder National Bank of Snyder, Tex.
This institution replaces the Snyder National Bank and is
capitalized at $100,000, consisting of half preferred stock
and half common stock. M. A. Fuller is President, while
A..C. Alexander is Cashier.
Effective Oct. 1, the First National Bank in Goldthwaite,
Tex., capitalized at $25,000, went into voluntary liquidation.
The institution was taken over by the Trent State Bank of
the same place.
Arrangements were completed on Oct. 13 for the absorption of the Stockyards National Bank of Fort Worth, Tex.,
by theFort Worth National Bank of that city, the merger to
become effective at the opening for business of the latter
institution on Oct. 15. According to a statement by R. E.
Harding, President of the Fort Worth National Bank,
w. L. Pier, for five and a half years President of the Stockyards National Bank, was to become a Vice-President of
the Fort Worth National, while W. M. McDonald, Cashier
2471
of the absorbed bank, was to be made an Assistant Cashier.
The Fort Worth "Record," authority for the foregoing, continued, in part:
Letters were sent out Saturday (Oct. 13) to approximately 4,000 depositors informing them of the merger. Late Saturday the cash on hand was
transferred from the Stockyards Bank to the Fort Worth National in an
armoured car with two extra guards on duty. Approximately $2,750,000
In deposits will go immediately to the latter institution as a result of
the consolidation. . . .
The Stockyards National Bank was owned by Armour & Co.
"During the past several years it has been the policy of Armour & Co.,
whim owned all the capital stock of the bank, to divorce itself from all
interests not directly applicable to the packing industry," said Mr. Pier,
"and this is the cause of the merger. The merger seems advantageous to
the stockholders of both banks. During its 31 years of existence the
Stockyards National Bank has enjoyed the confidence and business of the
livestock interests, as well as many other industries and individuals that
it served." . . .
Before Mr. Pier became President of the North Side banking concern he
was for eight and one-half years Vice-President of the Stockyards National
Bank at Omaha. Mr. McDonald came here about .four years ago from
Akron. Before that time he was connected with Armour & Co. for 17 years.
The 81-year-old bank becomes a part of a 60-year-old bank, the oldest
in Fort Worth, and said to be the third largest in the State. . . .
The resignation of Will F. Morrish as President and a
director of the Bank of America National Trust & Sayings
Association, the head office of which is in San Francisco,
Calif., has been accepted by A. P. Giannini, Chairman of the
Board of Directors. Mr. Giannini, it is understood, will serve
as President in addition to the present Chairmanship of the
Board.
The First National Bank of Cucamonga, Calif., capitalized
at $25,000, went into voluntary liquidation on Oct. 2. The
institution was taken over by the Bank of America National
Trust & Savings Association, with headquarters at San
Francisco.
Announcement of g pension plan offering employees of
the Bank of America National Trust & Savings Association,
head office San Francisco, Calif., was made Oct. 17 by
P. A. Giannini, head of the institution and its founder.
Mr. Giannini, in New York on a business trip, made the
announcement over a coast-wide radio hook-up reaching
257 California cities, where 6,000 employees of the bank
had gathered to celebrate the institution's thirtieth anniversary.
COURSE OF BANK CLEARINGS
Bank clearings this week will again show a decrease as
compared with a year ago. Preliminary figures compiled by
us, based upon telegraphic adyices from the chief cities of the
country indicate that for the week ended to-day (Saturday,
Oct. 20) bank exchanges for all cities of the United States
from which it is possible to obtain weekly returns will be
5.9% below those for the corresponding week last year. Our
preliminary total stands at $5,212,885,537, against $5,540,713,151 for the same week in 1933. At this center there is a
loss for the week ended Thursday of 14.1%. Our comparative summary for the week follows:
Clearingi-Returns by Telegraph
Week Ending Oct. 20
1934
1933
Per
Cera
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
$2,628,448,069
221,448,972
272,000,000
191,000,000
68,231.811
65,500,000
106,200,000
79,186,801
57,886.620
58,225,286
52,936,052
30,950,000
$3,061,067,596
185,281,695
261,000,000
196,000,000
58,671,720
60.400,000
89,458,000
67,908,795
45,337,404
53,443,464
40,149,305
21,441.000
-14.1
+19.5
-4.2
-2.6
+16.3
+8.4
+18.7
+16.6
+27.7
+8.9
+31.8
+44.3
Twelve cities, five days
Other cities, five days
$3,832,013,611
512,057.670
$4,140,158,979
543,142,075
-7.4
-5.7
Total all cities, five days
All cities, one day
$4,344,071,281
868,814,256
$4,683.301,054
857,412,097
-7.2
+1.3
Total all cities for week
$5,212,885,537
$5,540,713,151
-5.9
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday), and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week in all cases has to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous-the week ended Oct. 13. For
that week there is a decrease of 5.5%, the aggregate of
clearings for the whole country being $3,790,026,860, against
$4,010,176,830 in the same week in 1933.
Outside of this city there is an increase of 8.0%, the bank
clearings at this center having recorded a loss of 13.9%. We
group the cities according to the Federal Reserve districts
in which they are located, and from this it appears that in
the New York Reserve District, including this city, the totals
record a loss of 13.4%, but in the Boston Reserve District
the totals show a gain of 4.4%, and in the Philadelphia
Reserve District of 2.3%. In the Cleveland Reserve District the totals are larger by 2.0%,in the Richmond Reserve
District by 15.1%, and in the Atlanta Reserve District by
18.3%. The Chicago Reserve District shows an improvement of 8.8%, the St. Louis Reserve District of 11.5%,
and the Minneapolis Reserve District of 12.2%. In the
Kansas City Reserve District there is an increase of 23.5%
and in the San Francisco Reserve District of 7.9%, but in
the Dallas Reserve District there is a decrease of 0.9%.
In the following we furnish a summary of Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS
Week Ended Oct. 13
Clearings at1934
1932
3,790,026,860 4,010,176,830 -5.5 4,075,534,874
1,660,523.100 1,537,809,955 +8.0 1.580,796,301
99 nit lam
on? OR 4.10
045 701 aga
.1.1 o 4
041 929 491
6.623,047,277
2,473,496,981
553.106.068
We now add our detailed statement showing last week's
figures for each city separately for the four years:
Week Ended Oct. 13
Clearings at
1934
1933
Inc. or
Dec.
1932
1931
First Federal Reserve Dist riot-Boston
516,916 +2.9
531,988
Me.-Bangor
1,475,720 +21.7
1,796,533
Portland
171.000,000 162.000,000 +5.6
Mass.-Boston_
886,140 -44.9
488.040
Fall River_ _
219,721
209.380
Lowell
604,559 -9.9
544.827
New Bedford_ _
2,252,697 +2.9
2,318,700
Springfield. _
1.158,820 -2.2
1,132,955
Worcester
6,393.674 +1.8
6,505,578
Conn.-Hartford_
2,636,836 -14.0
2,266,806
New Haven_
7,372.400 -5.6
6.961,600
R.I.-Providence
335,785 -8.2
308.410
N.E1.-Manches'r
365.312
2.000,463
170.977.989
588,868
298,713
596.487
2,584,896
1.630,828
6.130,063
4,020,126
7,734,000
397,325
724.603
2,897,445
310.807,900
931.307
460,747
1.234,406
4,849.876
2.944.382
9,921,537
6,953,882
12,258.500
493,056
+4.4
197,325,070
354,477,641
Total(12 cities)
194,064,817
185.853,268
Second Feder al Reserve D !strict-New
5,310,278
4,489,295
N. Y.-Albany_ _
698,936
584,805
Binghamton
23,464,233
22,780.044
Buffalo
531,463
383,589
Elmira
320,222
451.249
Jamestown.._ _
2,129.503,760 2,472,366,875
New York..
5,825,811
4,652,650
Rochester
2,612,071
2,914,355
Syracuse
2,776.246
2,650,746
Conn.-Stamford
375,000
.285,000
N. J.-Montclair
13,506,928
18.544,541
Newark
20,823,423
20,236,969
Northern N. J..
York6.483,689
3,929,579
-15.5
981,777
687.529
-16.3
38,312,979
21,396,164
-2.9
986,158
497,925
27.8
876.560
488,059
-29.0
-13.9 2,494,738.573 4,149,550,296
9,098,345
5,449,550
-20.1
4,594,294
2,985,764
+11.6
2,797,100
1,897,357
1.070,180
517,262
-24.0
28,469,466
17.091,957
+37.3
34,366.986
-2.8 . 22.366,155
Total(12 cities) 2,207,345,976 2,548,742,513 -13.4 2,572,046,774 4,277,587,830
Third Federal Reserve Di. trict-Phila delphi a269,681
292,293 -29.0
207,474
Pa.-Altoona_
a2,300.637
a2,132,434
Bethlehem _ _
238,018
188.576
175.084
Chaster
1.103,692
779,300 +3.7
807,908
Lancaster
Philadelphia__ _ 223,000,000 218.000,000 +2.3 232.000,000
1,935.602
932,043 -8.8
849,924
Reading
2,175,747
1.631.576 -8.8
1,487.738
Scranton
1,301.767
1,221,540 -43.1
694,644
Wilkes-Barre_ _
966,856
1,044.009 -14.1
897,316
York
1,773,000
1.635,000 +72.4
2,818.000
N.J.-Trenton
595,632
a3,362,589
765.138
2,572 427
335,000.000
3,129.156
4.208,217
2.237.924
1,558,523
4,360.000
+2.3
241,764,363
354,427,017
Fourth Feder al Reserve D strict-Clev elandOhio-Akron ._ _ _
Canton
34,009,853
34,911,751
Cincinnati _ _
48,783,009 -2.2
45,739,126
Cleveland
6,604,900 +32.6
8,759,600
Columbus
764,267 +29.6
990,634
Mansfield
Youngstown _ _
76.937 455 +1.4
68,890,873
Pa.-Pittsburgh _
41,254,000
62,136.535
7,623.900
746,863
55,924.576
95,026.888
9,940.400
1,215,170
67,913,731
110,106,380
+2.0
179,675,029
272,213,414
Fifth Federal Reserve Dist riet-Itichm ond102,442 -18.9
83,123
W.Va.-Hunt'on.
1,642,000 +6.3
1,745,000
Va.-Norfolk__ _ _
30,573,592 +15.6
35,327,709
Richmond __ _ _
1,040,511 -10.2
934,095
S.C.-Charleston
37.940,383 +14.2
43,327,238
Md.-Baltimore
12,774.821 +20.2
15,351,403
D. C.-Washlon
316.471
2,348,000
24.091.721
700,000
54,317,660
17,875,607
533.637
3,201,884
35.329.215
1,742,583
75,063.732
23,939,268
84,073,749 +15.1
99,649,459
139,810.319
Total(9 cities)-
Total(5 cities)_
Total(6 cities).
230,938,088
159,291,984
96,768,568
225,724,337
156,099,484
Sixth Federal Reserve Dist rict-Atlant a-3,329,089 -34.1
2,194,824
Tenn.-Knoxville
9,620.721 +25.0
12.027.573
P Nashville
+16.6
38,800.000
42,900,000
Ga.-Atlanta._ _
1.056,456 +1.9
1,076,894
Augusta
755.795 +24.7
942,228
Macon
11,500.000 -12.7
10,038,000
Fla.-Jacks'nville
10,720,193 +41.0
15,119.515
Ala.-Birm'ham _
990.572 -11.6
875,567
ps Mobile
Miss.-Jackson
143.360 -34.7
93,628
Vicksburg
19,021,382 +36.1
25,895,323
La.-NewOrleans
2,058.253
9,198,867
28,300.000
968,198
434,591
6,217,439
8.452,476
853.399
3.614.805
11,792,317
42,600.000
1.430.719
842,643
11,202,127
11,969,130
1.129,801
134,489
24.667,336
158,207
30.682,573
93,937,568 +18.3
81,285,048
115,422,322
Total(10 cities)
111,163.552
Inc. or
Dec.
1932
1931
1.282,532
307,822,663
740,224
2,826,686
1,317,197
2,140,050
+8.8
271,458,378
478,569,337
Eighth Federa I Reserve Die trict-St.1.0 WSInd.-Evansville
12.9
54,300,000
61,300,000
Mo.-St. Louis_
18,728,422 +9.0
20,408,938
Ky.-Louisville
22.324.520
20,230,730 +10.3
Tenn.-Memphis
III.-Jacksonville
306.000 +4.9
321,000
Quincy
56,300,000
18,797,332
13,884,127
88.400.000
21,323.472
16,847.202
504,911
679,863
93.565,152 +11.5
89,486,370
127,250,537
Ninth Federal Reserve Dis tact-Minne apolis3.162,566 -27.8
2.283,894
Minn.-Duluth_ _
51,467,493 +3.1
53,087.931
Minneapolis_ _
17.064,241 +40.5
23,975.629
St. Paul
457,556 +19.0
544.354
S.D.-Aberdeen.
400,295 +19.1
476.867
Mont.-Billings _
1,828,617 +67.0
3.053,535
Helena
2,637,479
50.410.262
15,876,732
494,450
374.449
1,771,444
2.973.232
63.256.870
20,848,889
732.943
496,618
2,436,119
74,380,768 +12.2
71,564,816
90.744,671
Tenth Federal Reserve Dia trict- Kane as City
39,903 +92.9
76.958
Neb.-Fremont
65.802
Hastings
1,609,108
1.671,614
Lincoln
20,682.611 +14.9
23.771,380
Omaha
1,046,856 +249.3
3.657,022
Kan.-Topeka_ _
1.563.770 +60.6
2,512,166
Wichita
55.416,888 +22.4
67,851.283
Mo.-Kan. City.
+17.7
2.485,290
2,926.273
St. Joseph.__ 439,161 -2.4
428,800
Colo.-Col. Spgs
415,502 -4.0
399.086
Pueblo
104,666
129,079
1,734,124
19,537.967
1.359,894
3,858,804
57,884,126
2,384,050
487,873
527,880
178,183
138.786
3.156,837
31,580,348
1,816,502
4.921.909
82,658,459
3,237,414
950.758
1,090,635
83,699,089 +23.5
88,008,463
129,709,831
708,898
27,982,696
2,771,000
2.006,253
1,654,127
39,987.265
7,218.063
3,261,000
3.147,497
33,488,847
55,267,952
Frankel sco-+18.3
20,611,367
+58.5
5,092,000
+17.0
543,328
+9.1
15,647,985
+15.3
8,669.032
-13.2
2,717,587
-23.2
2,669,530
+48.6
5,945.515
+2.2
84,296,317
+9.9
1,612.540
-28.5
969,269
+44.5
1,027,787
31,354.768
9,392.000
1.013,003
27,609,092
13.357,104
4,458,803
4,234,283
6,699,507
123,705,781
2,722,740
1,579,525
1,439,800
291,561,727
267,978,100
162,720
803.526
96.559.357
4,051,767
2,633,356
1.697,113
14,805,000
1,188.972
4.362.621
23,445.623
2,154,484
6.953,134
3,622,312
1931
s
$
$
%
$
Federal Reserve Mts.
354,477,641
197,325,070
185,853,268 +4.4
194,064,817
let /309100..-.12 c1tie•
2,207.345,976 24518,742,513 -13.4 2,572,016,774 4,277,587.830
2nd N ewYork_ _12 "
351,427,017
241,764,363
225,724.337 +2.3
230,938.088
3rd Philadelpla 9 "
272,213,414
179.675,029
153,099,484 +2.0
159,221,981
4th Cleveland__ 5 "
139,810.319
t9,459
99,6
+15.1
81,073,749
93,768,568
"
6
.
Richmond
5th
115,422,322
81,285,018
+18.3
93,937,568
111,163,552
13513 Atlanta_ ___10 "
478,569,337
271,458,378
257,978,100 +8.8
291,561,727
7th Chicago - __19 "
127,250,537
89,488,370
+11.5
104,354,458
93.535.152
5th St. Louis_ __ 4 "
90,744,671
71,561,816
74,380,768 +12.2
83,422,210
Iltn Minneapolis 6 "
122,709.831
88,008,463
83,699.089 +23.5
103.360,384
10th Kansas City10 "
55,267.952
33,468.817
-0.9
44.499,838
44,108,039
5 "
llth Dallas
227,566,406
149,202.257
151,622,984 +7.9
163,647,057
12th Plan Fran_ _12 "
110 citiee
Total
Outside N. Y. City.
1933
Seventh Feder al Reserve D Istrlct-C h cago97,497
37,662 +81.2
68.241
Mich.-Adrian _ _
468.003
427,191 -20.8
338.248
Ann Arbor_
50.673.025
44,067,533 +21.0
53,304.478
Detroit
2,160.471
1,619,468 -4.4
1,547,452
Grand Rapids_
274.100
556,396 -25.4
415,200
Lansing
848,304
312,146 +44.7
451.656
Ind.-Ft. Wayne
11,080.000
9.375,000 +21.6
11,399,000
Indianapolis__ _
843.321
661.408 -34.1
435.571
South Bend
2,996,330
2,915,446 +10.8
Terre Haute_ _ _
3,231,018
13,114,924
11,726.374 +17.2
13,742,451
Wis.-Milwaukee
668,868
217,028 +213.6
680.691
lowa--Ced. Rap_
4,912.443
4.995,033 +16.9
Des Moines_ _
5.839.089
2,098,511
2,223,544 +21.9
Sioux City2,711.522
Waterloo
940,105
306,677 +30.2
399.214
Ill.-Bloomington
193.105,500 184,576.381 +4.6 176,191.792
Chicago
428,596
458,737 +5.1
482,089
Decatur
1.817.246
Peoria
1,982,263
2,116,616 -6.3
484.172
532,701 +14.6
610,240
Rockford
1.360,670
817,804
852,759 -4.1
Springfield_
Total(19 cities)
Inc.or
Dec.
1933
1934
Week Ended Oct. 13 1934
flanarla
Oct. 20 1934
Financial Chronicle
2472
Total(4 cities)_
104,354,458
83,422,210
Total(6 citles)-
Total(10 cities)
103,360,384
Eleventh Fede ral Reserve District-Da 11118656.473 +15.7
759.636
Tex.-Austin___
33,097,632 +4.4
34,555.485
Dallas
6.109.158 -13.2
5,303,917
Fort Worth_
2.878,000 -45.9
1,555,000
Galveston
1.760.575 +9.9
1.934.001
La.-Shreveport
Total(5 cities)_
Twelfth Fedex al
Wash -Seattle.
Spokane
Yakima
Ore.-Portland_ _
Utah-S. L. City
Calif.-L.Beach.
Pasadena
Sacramento _ _
San Francisco.
SanJose
Santa Barbara_
Stockton
44,108,039
44,499,838
Reserve D Istrict-San
18,307.986
21,653.273
4,766,000
7,555.000
552,491
646.144
16.792,162
18,327.698
8.506,518
9.808.999
2.392.644
2.075,914
2.509,435
1,926,638
3,098.271
4,603.931
90.608,329
92,640.075
1,804.795
1,983,109
1,197,089
855,566
1,087,244
1,570,710
-0.9
+7.9
Total(12 cities) 163.647,057 151.622,964
Grand total (110
3,790,026,860 4,010,176.830
elites)
-5.5 4,075,534,874 6,623,047,277
Outside New York 1.660.523.100 1,537,809,955
+8.0 1.580,796,301 2,473,496,981
149,802,257
227.566,406
Week Ended Oct. 11
Clearings at1934
CanadaToronto
Montreal
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William....
New Westminster
Medicine Hat..
Peterborough_._.
Sherbrooke
Kitchener
Windsor
Prince Albert.... _ _
Moncton
Kingston
Chatham
Sarnia
Sudbury
Total(32 cities)
5
91,960,897
88,526,642
45.909,875
13,198,020
3,844,253
3,382,507
1.874.270
3,604,971
4,750,133
1,417,412
1,275,529
1,922,438
3,902,515
4,833,009
320.143
405,583
1,446,479
504.109
767,179
665.854
575,489
219,377
484,301
548,210
991,530
1,519.634
297,071
570.897
499,726
382,868
304.583
670,041
281,555.545
1933
Inc. or
Dec.
1932
$
$
85,931,076-N.0
69,668,454
75,997,784 +16.5
65,483,892
39,105,089 +17.4
45,909,875
11,567,738 +14.1
10.424,230
3,245,572 +18.43,433,067
3,130,542 +7.4
3.541,541
1,679,969
1,622,590
28.5
2,806,476
2,684,778
4,308,497
10.3
6,019,946
1,073,327 +32.1
1,273,621
1,249,022 +2.1
1,201,506
1,774.024 +8.4
1,879,186
• 3,364.290 +16.0
3,416,956
4,189,394 +15.4
4,115,486
289,725 +10.5
329.657
359,192 +12 9
337,822
1,169.806 +23.7
1,683,936
464.394 +8.6
497,615
776,256 -1.2
739,259
444.469 +49.8
483.437
382,563 +50.4
362,979
234,313 -6.4
199,068
490.747 -1.3
486,284
733,948 -25.3
547.082
959,835 +3.3
906,704
1,522,262 -0.2
1,719,076
258,112 +15.1
231,700
524,136 +8.9
505,903
503,212 -0.7
463,468
335,104 +14.3
365,660
349.965 -13.0
299,857
482,617 +38.8
387,856
111.6
249,703.456 +12.8
231,222,491
1931
$
73,394,263
86,837,527
36.007,395
11,888,208
5,288,445
4,574,334
2,554,886
3,311,946
4,763,506
1,734,226
1,800,991
2,230.890
3,340,839
3,749,780
401,974
398,758
1,499,953
473.842
713,065
506.371
477,963
249,487
566,171
639,147
859.966
1,951,881
275,881
655,629
659,091
403,076
325.125
571,452
253,106,068
a Not included In totals. b No clearings available. c Clearing House not funotionIng at Present.
Volume 139
Financial Chronicle
THE CURB EXCHANGE.
Reactionary tendencies were apparent on the curb market
during most of the present week and with the exception of
a moderate upward swing on Wednesday, the tendency has
generally been toward lower levels. There was some activity
n the specialties group during the early part of the week,
but most of the gains were lost later on. Singer Manufacturing Co. was one of the most active stocks of this section
and during the forepart of the week showed substantial advances as it broke through to new high ground. Trading
has again been in small volume though the daily turnover
was somewhat larger than during the preceding week.
Curb Exchange prices drifted slowly downward during the
abbreviated session on Saturday, though there were a few
shares among the alcohol stocks and merchandising issues
in which small gains were recorded. Some profit taking,
due largely to week-end adjustments, was in evidence, but
trading was quiet and the turnover was down to 104,235
shares as compared with 125,065 a year ago. Public utilities
were the most active and a few of the outstanding issues
in that group showed moderate resistance following the decline of the first hour. These stocks included among others,
Electric Bond & Share and Niagara Hudson Power. Other
shares showing moderate losses were Teck Hughes, SherwinWilliams, American Cyanamid B and National Bellas Hess.
Canadian alcohol stocks were slightly higher and oil shares
were inactive.
Reactionary price movements characterized the trading
on the curb market on Monday, and while the list moved
up and down during the forenoon, it turned definitely downward during the final hour, most of the active stocks closing
at the lowest levels of the day. Singer Manufacturing Co.
moved against the trend and forged ahead about 5 points
to a new top for 1934. Some of the metals were in moderate
demand at higher prices but failed to hold their gains. Small
losses were also recorded by Aluminum Co. of America,
Sherwin-Williams, American Cyanamid B, Pittsburgh Plate
Glass and Creole Petroleum.
• Trading interest switched over to the specialties on Tuesday as the market moved slowly upward. Singer Manufacturing Co. continued its spectacular advance and closed
at 2393/2, with a gain of 43/i points. Parker Rust Proof was
another outstanding feature and registered a similar advance
in more active dealings. Scovill Manufacturing Co., Gulf
Oil of Pennsylvania and Sherwin-Williams attracted considerable speculative attention and closed about a point
higher. Fractional improvement was also apparent among
such stocks as Creole Petroleum, Wright Hargreaves,
American Cyanamid B and Swift & Co.
Moderate advances were registered during the early trading
on Wednesday, but the trend turned downward after midsession and most of the morning gains were erased. Singer
Manufacturing Co., which had shown sharp gains on Monday
and Tuesday, yielded 3% points to 236 due to profit taking.
Mining and metal stocks were easy, issues like Lake Shore
and Wright Hargreaves closing slightly off on the day.
Specialties like Swift Internacional°, American Cyanamid B
and Parker Rust Proof showed little change and most of the
alcohol shares were lower. Oil stocks were comparatively
quiet, Creole Petroleum and Carib Syndicate closing about
even on the day.
Irregular price movements, with a moderately broad
market, were the outstanding features of the dealings on
Thursday. Mining and metal stocks sagged, most of the
recent favorites showing moderate losses. This was true
also of several of the public utilities, particularly Electric
Bond & Share and American Gas & Electric, both of which
were down at the close. In the group of miscellaneous
stocks, Hiram Walker and Distillers Seagram were fairly
steady and Swift Internacionale was somewhat improved
though the change was fractional. Oil stocks were mixed,
Gulf Oil of Pennsylvania slipping off about a point, while
Humble Oil held close to its previous level.
Curb stocks moved irregularly lower on Friday though
most of the price changes were confined to small fractions.
Mining and metal stocks were fairly steady and some of the
more active of the market leaders were steady to firm, but
many of the specialties sagged. Public utility shares showed
little change from the previous closing levels, and most of
the oil issues were lower. As compared with Thursday of
last week, many of the market favorites were down, Aluminum Co. of America closing on Friday night at 53 against
54% on Thursday of last week, American Cyanamid B
at 16% against 17%, American Gas & Electric at 205%
2473
against 21%, American Superpower at 1% against 1%,
Atlas Corp.at8% against 9,Creole Petroleum at 12% against
13, Electric Bond & Share at 10% against 11%, Ford of
Canada A at 23% against 23%, Gulf Oil of Pennsylvania
at 52% against 53%, Hudson Bay Mining & Smelting at
12% against 13%, National BeHas Hess at 3 against 3%,
Teck Hughes at 4 against 4%, United Founders at %
against % and Wright Hargreaves at 9% against 9%.
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE
Week Ended
Oct. 19 1934
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Sales at
New York Curb
Exchange.
Stocks
(Number
of
Shares).
Bonds (Par Value).
Foreign 1 Foreign
Domestic. government. Carporahs.
104.235 $1,558,000
102.845 2,182.000
' 120,925 2,840,000
126.080 2,803,000
161,245 2,670,000
125,955 2,491,000
536,000
26,000
96,000
174,000
35,000
36.000
741,285 514,544,000
$403,000
Week Ended Oct. 19
1934.
1933
Stocks-No,of shares_
741,285
1,807,033
Bonds
Domestic
$14,544,000 $12,794,000
Foreign government _ _
403,000
949.000
Foreign corporate
293,000
934,000
Total
$15,240,000 $14,677,000
Total
530,000 $1,624,000
73,000 2,281.000
55,000 2.991.000
55,000 3,032.000
60.000 2,765,000
20,000 2,547,000
$293,000 815,240,000
Jan. 1 to Oct. 19
1934.
1933.
50,234,176
87.377,324
$780,024,000
30,114.000
21,837,000
$721,859.000
34.270.000
33,523,000
8831,975,000
8789.652.000
THE ENGLISH GOLD AND SILVER MARKETS
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Oct. 3 1934:
GOLD
The Bank of England gold reserve against notes amounted to £191,886,073
ultimo
as
on the 26th
compared with £191,821,508 on the previous Wednesday.
Owing to the appreciation of the gold currencies in relation to sterling,
the sterling price of gold advanced considerably during the week, the
quotation yesterday and to-day, viz: 142s. 234d. establishing a new high
record. There was a keen enquiry for the amounts offered in the open
market, about £2,100,000 being absorbed by a general demand, which
maintained prices at a considerable premium over the gold exchange
parities.
Quotations during the week:
Equivalent Value
Per Fine
of £ Sterling
Ounce
Sept.27
12s. 0.22d.
141s. 4d.
Sept. 28
12s 0.56d.
1415. )d.
Sept. 29
12s. 0.47d.
141s. nici.
Oct. 1
12s. 0.09d.
141s. 6d.
Oct. 2
118. 11.37d.
142s. 2Sid.
us. 11.37d.
Oct. 3
142s. 2d.
Average
12s. 0.01d.
1418. 6.92d.
The following were the United Kingdom imports and exports of gold
registered from mid-day on the 24th ultimo to mid-day on the 1st instant:
Imports
Exports
Germany
£18,176 Netherlands
£5,700
Prance
3.028 Prance
110.916
Switzerland
27,100 Belgium
49.900
U. S. A
51.331 Switzerland
237,161
British South Africa
1,063,938 Other countries_ _ _ _ -----2,380
British India
162,222
Argentine Republic
11,880
Australia
54,949
New Zealand
51,165
Other Countries
25,964
£1,469,753
£406,057
SILVER
The market continued to show a firm tendency with a further advance in
prices which, yesterday, reached 22%d. for cash and 223
%d. for two months
delivery. The weakness of sterling has been a factor but sellers have been'
reluctant, although some China selling was in evidence at the advance.
which also attracted some profit-taking sales. The Indian Bazaars and
speculators have been consistent buyers throughout the week.
The undertone is good but the market may continue to be influenced
to some extent by movements of the exchanges.
The following were the United Kingdom imports and exports of silver
registered from mid-day on the 24th ultimo to mid-day on the 1st instant:
Imports
Exports
Soviet Union (Russia)
£51.088 U. S. A
£19,675
Prance
15,883 Bombay-via other ports__ _ 40.493
Netherlands
10,668 Southern Rhodesia
4.953
H ongkong
78.233 Other countries
5,147
British India
32,000
New Zealand
20,268
Peru
3,900
Other countries
10,469
£222,509
£70,268
Quotations during the week:
IN LONDON
IN NEW YORK
Bar Silver per Oz.. Std.
(Per Ounce .999 Fine)
Cash
2 Mos.
Delivery
Delivery
Sept. 27
2234d.
22 7-16d
Sept. 26
49 11-16c.
Sept. 28
22 7-16d.
22 9-16d.
Sept. 27
49 15-16c
Sept. 29
22 5-188.
22 7-16d.
Sept. 28
50 tic.
Oct. 1
22 7-16d.
22 9-16d.
Sept. 29
50 Sic.
Oct. 2
22%d.
2234d.
Oct. 1
50 3-16c.
V 94d.
Oct. 3
22U d.
Oct. 2
50$ic.
Average
22.469d.
22.583d.
The highest rate of exchange on New York recorded during the period
from the 27th ultimo to the 3rd instant was $4.971i and the lowest $4.90.
INDIAN CURRENCY RETURNS
(In Lacs of Rupees)Sept. 22
Sept. 15
Sept.7
circulation
Notes in
18.456
18,4:10
18.450
Silver coin and bullion in India
9,805
9,838
9,876
Gold coin and bullion In India
4,154
4,154
4,155
Securities (Indian Government)
3.197.
3,170
3,151
Securities (British Government)
1,300
1,288
1.268
The stocks in Shanghai on the 29th ultimo consisted of about 52,700,000
ounces in sycee. 337.000.000 dollars and 32,900,000 ounces in bar silver, as
compared with about 56.400.000 ounces in sycee, 339,000,000 dollars and
32,000,000 ounces in bar silver on the 22nd ultimo.
2474
Financial Chronicle
Statistics for the month of September last are appended:
Bar Silver per Oz. Std.
Bar Gold
Cash
Per Ounce
2 Mos.
Fine
Delivery
Delivery
Highest price
22 7-16d.
141s. 7d.
22 9-16d.
Lowest price
21,id.
140s. 335d.
21 11-16d.
Average
140s. 10.04d.
21.8875d.
21.9500d.
ENGLISH FINANCIAL MARKET-PER CABLE
The daily closing quotations for securities, &o., at London,
as reported by cable, have been as follows the past week:
Mon.,
Oct. 15
2434d.
143s.1d.
814
Tues.,
Oct. 18
244d.
1429.9d,
815i
Oct. 13
Silver, per oz... 244d.
Gold, p.fine oz. 1428.8d.
Consols, 2%% 81%
British 355%W. L
105%
105%
British 4%1960-91L__ 114%
114%
Wed.,
Oct. 17
2334d.
1429.7d.
18%
105%
Thurs.,
Oct. 18
234d.
1429.16.
819
1053
10531
114%
114%
Fri.
Oct. 19
23 15-16d.
141s.8d.
81 9-16
10534
115
115
The price of silver in New York on the same days has been:
Silver in N. Y.,
(foreign) per
oz.(ets.)____
U. S. Treasury
U. S. Treasury
(newly mined)
534
50.01
644
55q
50.01
5534
50.01
6434
644
534
50.01
5334
50.01
5434
50.01
6434
644
644
PRICES ON PARIS BOURSE
Quotations of representative stocks on the Paris Bourse
as received by cable each day of the past week have been
as follows:
Oa. 13 Oct. 15
1934
1934
Francs Francs
10,300
1,185
152
199
18,800
2,105
1,480
Bank of France
Banque de Paris et Pays Bas
Banque d'lJnIon Parisienne
Canadian Pacific
Canal de Sues
Cle Distr. d'Electricitie
Cie Generale d'Electricitie
Cie Generale Transatiantique.Citroen B
Comptoir Nationale d'Eacompte
Coty S A
Courrieres
Credit Commercial de France
Credit Lyonnais
Eaux Lyonnais
Energie Eleanque du Nord....
Energie Electrique du LittoralKuhlmann
L'Air Liquide
HollLyon (P L M)
day
Nord Ry
Orleans Ry
Pathe Capital
Pechiney
Rentes, Perpetuel 3%
Rents§ 4%. 1917
Routes 4%. 1918
Rentes 4)4%, 1932 A
Rental 494%, 1932 B
Rental 5%. 1920
Royal Dutch
Saint Gobain C & C
Schneider & cis
Societe Franc:Jae Ford
Sedate Generale Fonelere
Societe Lyonnalse
Societe Marselllaise
Tubize Artificial Silk wet
Union d'Eleetrioitie
Wagon-Lila
Oct. 16
1934
Francs
10.200
1,150
147
194
18,800
2,02()
1,420
Oct. 17 Oct. 18 Oct. 19
1934
1934
1934
Francs Francs Francs
10,200
10,200
1,150
150
-iiii
199
18.900
18,900
1,975
1,50
- .5
1,380
---
-iii
"iiii "162
968
950
948
91
88
81
227
218
229
821
615
616
1,860
1,810
1.810
2,380 2,330 2,330
560
550
537
765
752
755
504
492
191
630
610
610
902
890
890
1.220
1,217
1,215
470
540
484
48
45
45
915
890
890
73.50
73.00 73.30
81.90 81.40 81.60
81.00 80.40 80.60
88.75 88.30 88.40
89.40 86.80 86.90
111.80 109.40 109.20
1,480
1.470
1.480
1,069
1,041
1,038
1,565 1.560
1,580
49
49
46
49
47
44
2,370 2,230 2,325
511
510
510
98
97
98
642
631
841
75
75
75
____
80
---1:830
2,320
__ _ _
____
Clo9ed
Ring
Alexunder's
Burisl
610
_ __ _
"iiii
__
7-3.16
81.30
80.25
88.20
86.70
109.00
1,500
47
-_ _
THE BERLIN STOCK EXCHANGE
Closing prices of representative stocks as received by
cable each day of the past week have been as follows:
Oct. Oct. Oct. Oct. Oct. Oct.
13
147
Reichsbank (12%)
96
Berliner Handels-Gesellschatt (5%)
72
Commerz-und Privat Bank A 0
Deutsche Bank und Disconto-Gesellschaft_ 70
79
Dresdner Bank
Deutsche Reichsbahn (Ger Rys) pret(7%)_1l3
29
Allgemeine Elektrizitaets-Gesell(A E C)
146
Berliner Kraft u Licht (10%)
125
Dessauer Gas (7%)
111
Gesfuerel (5%)
127
Hamburg Elektr-Werke (8%)
141
Siemens & Halske(7%)
145
10 Farbenindustrie(7%)
156
Saizdetturth (74 %)
229
rthelnIsche Braunkohle (12%)
108
Deutsche Erdoel(4%)
77
Mannesmann Roehren
29
}Wag
31
Norddeutscher Lloyd
15
148
96
73
77
79
113
29
148
124
111
128
142
144
155
229
107
78
29
31
16
17
18
Per Cent of Par
148
145
146
90
96
98
73
73
73
76
76
75
79
79
78
112 112
113
29
29
29
145
143 143
124
124
123
111
111
111
128
123
123
144
142
140
145
145 145
156
156
158
228 228 227
100
106
105
78
76
76
28
29
29
30
31
31
19
144
98
72
75
77
113
28
142
122
111
122
140
144
156
226
106
75
29
31
CHANGES IN NATIONAL BANK NOTES
We give below tables which show all the monthly changes
in National bank notes and in bonds and legal tenders on
deposit therefor:
Amount Bonds
on Deposit to
Secure Circula
lion for National
Bank Notes
National Bank Circulation Afloat on-
Bonds
Legal
Tenders
Total
2
$
s
$
223,606,135
917,988,768
Sept. 30 1934_ _ _. 700,112,950
894,482,633
226,778,812
928,988.450
Aug. 31 1934_ 707,112,660
702,209,038
228,770,240
941.784,225
713,013,985
July 31 1934.... 718,150,910
954.894,753
729,973,9138
224.720,785
June 30 1934._ 736,948,670
219.211.255
963.191.553
743,980,298
May 31 1934.... 750,869,320
974.148,798
791.996,353
182,152,445
Apr. 30 1934...... 799.699.770
981,547,863
140.869.333
840,848,330
Mar. 31 1934-- 847,058.170
984.838,948
100,489,113
884,147,835
Feb. 28 1934-- 887,005.520
985.594,513
99,508,223
886,086,290
Jan. 31 1934-- 890,191,530
101,678.700
987,514,378
885,835,678
Dec. 31 1933._ 890.138,780
107,333,292
961.271.287
8.53.937.995
Nov.30 1933.- 859,736,430
112,094,540
981,548,135
849.453,595
Oct. 31 1933-- 852.831,430
110.533.735
982.998,545
Rent. so 1933.._ 857.210.430
852.464.810
$2,432,763 Federal Reserve bank notes outstanding Oct. 1 1934, secured by
lawful money, against $2,524,683 on Oct. 9 1933.
Oct. 20 1934
The following shows the amount of each class of United
States bonds and certificates on deposit to secure Federal
Reserve bank notes and National bank notes Sept. 30 1934:
U. S. Bonds Held Sept. 30 1934
Bonds on Deposit
Oct. 1 1934
On Deposit to On Deposit to
Secure Federal
Secure
Reserve Ban* National Bank
Notes
Notes
Total
Held
$
2s, U. S. Consols of 1930
2s, U. S. Panama of 1936
25, U. S. Panama of 1938
38, U. S. Treasury of 1951-1955
33is, U. S. Treasury of 1948-1949
314s, U. S. Treasury of 1941-1943
3144, U. S. Treasury of 1940-1943
314s. U. S. Treasury of 1943-1947
3s. U. S. Panama Canal of 1981
38, U. S. convertible of 1946-1947
3345, U. S. Treasury of 1933-1941
3345. U. S. Treasury of 1944-1946
38, U. S. Treasury of 1946-1948
Totals
502.965.100
30,664,380
15.382.020
32,824,100
19.488,650
25,022.000
8,786,550
23.877,750
1.000
15,000
22,368,150
10,738,600
8.179,750
502,965.100
30.664,380
15,382,020
32,824,100
19,488,650
25,022,000
8,786,550
23,677,750
1.000
15,000
22,368,150
10,738,500
8,179,750
700.112,950
700,112.950
The following shows the amount of National bank notes
afloat and the amount of legal tender deposits Sept. 1 1934
and Oct. 1 1934 and their increase or decrease during the
month of September:
National Bank Notvs-Total AfloatAmount afloat Sept. 1 1934
Net decrease during September
8928,988.450
10,999.882
Amount of bank notes afloat Oct.-1
Loa Tender Notes--Amount deposited to redeem National bank notes Sept. 1
Net amount of bank notes redeemed in September
$228,778,812
3.272,877
8917,988,768
Amount on deposit to redeem National bank notes Oct. 1 1931
$223,508,135
Baltimore Stock Exchange
Oct. 13 to Oct. 19, both inclusive, compiled from official sales lists
July 1
IVtek's Range Sates 1933 to
Range Since
for
Sep.29
StocksPar of Prices
Jan. 1 1934
Week 1934
Low
High Shares
• 100 100
100
Appalachian Corp
314
• 134 1434
Arundel Corp
82
Black & Decker corn
*
54 534
8
Preferred
25 15
15
23
Ches & PotTel of Bait pf100 1113 117
Commercial Credit Corp:
10
615% lot preterred100 10414 105
15
7% preferred
25 29
2934
159
Como( Gas, E L & Pow __• 83
64
11
54% pref wiser E __100 111 111
57
100 105 10534
5% Preferred
E Porto Rican Sugar com..1
3
34
500
1
180
a% 7
Preferred
70
EmersonBromoSeltz A 2.50 21
21
Fidelity & Deposit
20 35
36
88
115
Fidelity & GuarFire Corot° 1834 19
Finance Co ot Am class A_. 6.4 84
149
170
Maryland Casualty Co_ _1
194 14
1
Jr cony pref ser B
200
194 154
Mereh & Miners Transp_ _• 25
III
2734
Monon W Perm P S 7%.pf25 1734 18
40
MtVer-Woodb Mills pf 100 35
8
35
New Amsterdam Casualty5
259
6)4 7
Northern Central
34
50 884 87
Penna Water & Pow come 56
99
5814
U S Fidelity ,St Guar
2
454 5
625
BondsMd El Ry 8345 (flat) 1957
Utd Ry & El let iki (tlat)'49
1st 65 cas (flat)_ _ _ _1949
1st 4s (flat)
1949
1st 4s et& (flat)_ _1943
414
9
834
9
834
5
82,000
9
4,000
834 1,000
9
2,000
834 4,000
Low
Low
High
100 Jan 13e
7c
Jan
1134 114 Sept 184 Jan
44
4.4 July
S.4 Feb
84
84 Jan 1414 May
112
Jan 119
112
July
85
90
24
20
4834 524
100
101
93
91
214
24
434
441
104 18
15
19
84 1014
3
3
1
14
14
134
27
25
12% 13
194 22
6
5%
71
7434
424 454
3
3
5
731
7%
7
734
44
84
7%
8
794
Jan 106
July
Jan 294 Oct
Jan SW July
Jan 11134 Sept
Jan 1054 Oct
Sept
334 Oct
Sept
7
Oct
Jan 214 Jan
Jan 4434 May
Jan 22
Aug
Jan
634 Oct
Jan
234 Feb
July
24 July
Oct 35
Feb
Jan 1934 June
Jan 49
Apr
Oct 1294 June
Jan SS
May
Jan 57
Oct
Jan
7
Feb
Oct
Jan
Sept
Apr
Sept
24
12
104
12
11
Jan
Feb
June
Feb
Feb
•No par value.
NATIONAL BANKS
The following information regarding National banks is
from the office of the Comptroller of the Currency, Treasury
Department:
CHARTERS ISSUED
Capital
Oct. 9-First National Bank in Blackwell,Blackwell, Okla
31110.000
Capital stock consists of 850.000 common stock and $50,000
preferred stock. President: R. E. Burks. Cashier: W. W.
Wilkins. Will succeed No. 5460, The First National Bank of
Blackwell.
Oct. 11-The Blount Nat. Bank of Maryville, Maryville, Tenn__ _
50,000
President: W. B. Townsend. Cashier: I. L. U. Stooksbury.
Primary organization.
Oct 11-The First Nat. Bank at Manistique, Manistique, Mich _ _
50,000
Capital stock consists of 820,000 common stock and 330.000
preferred stock. President: James C. Wood. Cashier:
Mauritz Carlson. Will succeed No.13513,The First National
Bank in Monistique.
Oct. 11-The First National Bank in Donaldsonville, Donaldsonville. La
50.000
Capital stock consists of 325.000 common stock and 325.000
preferred stock. President: Albert Delery. Cashier: Albert
Delery. Will succeed Commercial and Savings Bank of
Donaldsonville.
VOLUNTARY LIQUIDATIONS
Oct.6-First National Bank in Goldthwalte, Tex
25,000
Effective Oct. 1 1934. Liu'. Agent: W. 0. Dew, Goldthwaite,
Tex. Absorbed by the Trent State Bank, Goldthwalte, Tex.
Oct.6-The Peoples National Bank fit Newark, N.J
300.000
Effective Sept. 18 1934. Liq. Committee: George A. Guenther,
Vladimir Kusy and James P. Smith, care of the liquidating
bank. Absorbed by the West Side Trust Co., Newark, N.j.
Oct.8-The Merchants & Miners Nat. Bank of Ironwood, Mich_. 100,000
Effective Sept. 281934. Liq.Agent: Lynn S. Olson, Ironwood,
Mich. Succeeded by"The National Metals Bank of Hancock,"
Mich. Charter No. 14249.
Oct.8-The First National Bank of Cucamonga,Calif
25,000
Effective Oct. 2 1934. Liq. Agent: Geo. A. Klusman, Cucamonga, Calif. Absorbed by Bank of America National Trust
and Savings Association. San Francisco, Calif. Charter
No. 13044.
Oct.9-The First National Bank of Wampum,Pa
75.000
Effective Sept. 1 1934. Liq. Committee: John A. Ketterer,
David M. Stewart and F. M. Davis, care of the liquidating
bank. Succeeded by "First National Bank in Wampum,"
Charter No. 14112.
Financial Chronicle
Volume 139
Cavite.
Oct.10—The First National Bank of Amboy.Ill
$100,000
Effective Oct. 2 1934. Lig. Committee: P. A.Doty. .1. M.McGowan and R. G. Nowe. care of the liquidating bank. Succeeded by "The First National Bank in Amboy.' Charter
No. 14244.
Oct.10—The First National Bank of Claxton, Ga
50.000
Effective Sept. 17 1934. Liq. Committee: A. N. Oiliff, H. H.
Durrence and E. L. Tippins, care of the liquidating bank. .
Succeeded by "The Claxton National Bank," Claxton, Ga.
Charter No. 14243.
Oct. 12—The Painesville National Bank & Trust Co.. Painesville. Ohio
250.000
Effective Oct. 9 1934. Liq. Agent: E. C. Nighman, Painesville,
Ohio. Succeeded by "First National Bank in Painesville."
Charter No. 14232.
BRANCHES AUTHORIZED
Oct. 6—Union National Bank of Reading. Pa. Location of
branch: Lancaster Avenue and Noble Street, Reading, Pa.
Certificate No. 1030A.
Oct. 10—The Manufacturers National Bank of Troy, N. Y.
Location of branch: Village of Corinth, Saratoga County.
N.Y. Certificate No. 1031A.
AUCTION SALES
Among other securities, the following, not actually dealt in
at the Stock Exchange, were sold at auction in New York,
Jerey City, Boston, Philadelphia and Buffalo on Wednesday of this week:
By Adrian H. Muller & Son, New York:
Shares Stocks
10 Bush Service Corp.(Del.) pref. series A, par $100
10 Bush Service Corp.(Del.) corn., voting trust certificate, no par
$ per Share
$2 lot
$1 lot
By Adrian H. Muller & Son, Jersey City, N. J.:
Shares Stocks
8 per Share
25 Land Security Co. of Ocean City, N. J.(N.J.), par $100
$7 lot
2,500 A.B.See Elevator Co.,Inc.(Del.),common,no par
$1
233 Standard Safe Deposit Co. of New York (N. Y.), par $100
$10
8 National State Bank of Elizabeth (N. J.). par $50
$11
Certificate of beneficial Interest In 8-100 shares of the capital stock of National State Corp.(N.J.). no Par
$7 lot
By H. L. Day & Co., Boston:
Shares Stocks
$ per Share
20 Industrial Bank of Commerce, Middletown, Conn., par $25
15
10 Nashua & Lowell Road, ex-div., par $100
12654
6 Capital Fire Insurance Co. of Concord, N. H., pref., par $100
74
25 Lynn Gas & Electric Co., voting trust certificates, par $25
9831
2 Massachusetts Utilities Associates, corn.; $130 Southern New England Ice
Co.. 1st mtge. 65, Oct 1934. series A ctf. dep. coupon receipts; 160 warrants
Utility Hydro & Rail Shares; 10 Y D Service Garage Worcester, cont.;
$1,000 Y D Service Garage. Worcester, 7s 1960, ctf. deposit: 24 Mohawk
Mining Co., stamped, par $25; 2 Keweenaw Copper Co., stamped, par 125:
100 Mayflower Old Colony Copper Co., stamped 9, assess, paid, par $25;
$525 National Service Cos.. dividends Ws
$934 lot
1 Boston Athenaeum, par $300
330
25 Park Square Real Estate Trust, corn., par $100; 25 pref., par $100
$2 lot
2 The Badminton Club Inc., pref., Boston, par $100
$2 lot
400 Property Maintenance Associates, Inc
$1 lot
Bonds—
Per Cent
$1,000 New Hampshire Power Co. 6s, Dec. 1943
1024 ds Wt.
$2,000 Westchester Service 6s, April 1948
1931 & int.
By Crockett & Co., Boston:
Shares Stocks
2 Foxboro National Bank, Foxboro, Mass.. par $100
1131 American Cities Power & Light Corp. II, par $1
20 North Florida Realty Co
2 Mass. Power & Light Assoclatee, $2 pref
$ per Share
34
1
$5 lot
16
By Barnes & Lofland, Philadelphia:
Shares Stocks,
8 DIST Share
82 Chester-Cambridge Bank & Trust Co., par 520
15
12 United Gas Improvement Co.. 55 cum. pref., no par
9654
29 Metropolitan Edison Co., $6 pref., no par
7631
3 Metropolitan Edison Co., $7 pref., no par
8754
15 Metropolitan Edison Co., $5 pref., no par
64
21 United Corp., common •
28
Philadelphia
Electric Power Co., 8% pref., par $25
10
33
16 Philadelphia Electric Power Co ,8% pref.. par $25
3254
45 Union Traction Co., par $50
654
21 Philadelphia Traction Co., common, par $50
2054
30 Philadelphia Rapid Transit Co..7% pref., par $50
554
100 Second National Bank of Philadelphia, at Frankford, par $10
14
25 Fmnkford Trust Co.. par $10
19
10 Philadelphia National Bank. par 320
63
8 Corn Exchange National Bank & Trust Co.. par $20
3031
1 Northern Trust Co., par $100
440
Bonds—
Per Cent
1 Unit 10 E. Fortieth Street Building, Inc.. New York ($300 1st mtge. series
A. 3260 income es; 214 shares class A stock)
$2 lot
1500 1500 Walnut Street. 6%., let mtge. A.& 0. Ctf. of dep., due 1947_ _25 hflat
$500 Grant Building, Inc., Pittsburgh, Pa., 7% 1st mtge. Leashold sinking
fund. P. et A. Due 1947
$203 lot
$290 U.S. Government Treasury, 331%, 1943-45
102 2-32
$3,000 Electric & Peoples Traction Co., 4% stock trust ars. A..4.0. Due
1945
2054
By A. J. Wright & Co., Buffalo:
Shares Stocks
10 Zenda Gold Mines
$ per Share
$0.30
DIVIDENDS
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the
current week. Then we follow with a second table in which
we show the dividends previously announced, but which
have not yet been paid.
The dividends announced this week are:
Name of Company
Per
Share
When Holders
Payable of Record
Acme Gas & Oil, Ltd
2c Nov. 15 Oct. 31
Allied Kid preferred (quar.)
Nov. 1 Oct. 22
,
Ambassador Petroleum Co
Oct. 20 Oct. 2
American Book Co. (quar,)
$ Oct. 20 Oct. 16
American Fidelity (guar.)
50c Oct. 15 Oct. 13
American Investors.Inc.,$3 pref.(quar.)
750 Nov. 15 Oct. 31
American News
25c Nov. 15 Nov. 5
American Re-Insurance Co. (quar.)
62 c Nov. 15 Oct. 31
Amsterdam City National Bank(N.Y.)(quer.).
Oct. 31 Oct. 15
Asbestos Mfg. Co. $1.40 cony. pref. (quar.).
Nov. 1 Oct. 20
3
3c Nov. 1 Oct. 22
Auto City Brewing (quar.)
Bamberg& (L.) & Co.634% pref. (quar.)
$1.% Dec. 1 Nov. 15
Birtman Electric. common,(quar.)
10c Nov. 1 Oct. 15
Nov. 1 Oct. 15
Preferred (quarterly)
111
Binghamton Use Works 654% pref. (quar.)
Nov. 1 Oct. 20
S1
Blauner's, Inc.. common (quar.)
Nov. 15 Nov. 1
2
Preferred (quarterly)
75c Nov. 15 Nov. 1
75c Dec. 1 Nov. 5
Blue Ridge Corp. $3 preferred (quar.)
$151 Nov. 15 Oct. 25
Bohack (II. C.) first preferred (quar.)
7re Nov. 1 Oct. 19
Broadway Dept. Stores pref. (quar.)
$111
Name of Company.
2475
When holders.
Per
Share. Payable. ofRecord.
Boston Woven Hose & Rubber Go.,corn.,special
75c Nov. 1 Oct. 22
6% preferred (semi-annual)
*3 Dec. 15 Dec. 1
Buckeye Stee Castings prior pref.(quar.)
21% Nov. 1 Oct. 23
$134 Nov. 1 Oct. 23
Preferred (quar.)
Buck Hill Falls (quarterly)
1231c Nov. 15 Nov. 1
Builders Exchange Building (extra)
10% Oct. 19 Oct. 11
California Packing Corp
3754c Dec. 15 Nov.30
Camden Fire Ins. Co. (s.-a.)
50c Nov. 1 Oct. 16
50c Nov. 15 Oct. 31
Canadian Converters. Lid., corn. (quar.)
Canadian Dredge & Dock, Ltd.. pref.(quer.)
8131 Nov. 1 Oct. 19
Cedar Rapids Mfg.& Power (quar.)
The Nov. 15 Oct. 31
Central Cold Storage Co.. corn.(guar.)
1254c Nov. 15 Nov. 5
Central Power & Light Co.7% cum. pref.(qu.). 43*ic Nov. 1 Oct. 15
3734c Nov. 1 Oct. 15
6% cumulative preferred (guar.)
Chartered Investors. Inc.. $5 pref. (quar.)
$131 Dec. 1 Nov. 1
Chicago Yellow Cab (quar.)
25c Dec. 1 Nov.20
Columbia Investing (liquidating)
$4 Oct. 19 Oct. 17
Connecticut Lighting & PowerDec. 1 Nov. 15
654% preferred (quar.)
% preferred (quar.)
Dec. 1 Nov. 15
Connecticut Ry.& Lighting Corp.
31.125 Nov. 15 Oct. 31
434% preferred (quar,)
Cons didated Rendering Co.8% pref.(quar.)
82 Nov. 1 Oct. 20
1254c Nov. 1 Oct. 20
Crandall-McKenzie & Henderson
al NC Nov. 1 Oct. 18
Dallas Power & Light 7% pref.(guar.)
$iyi Nov. 1 Oct. 18
$6 preferred (quar.)
De Vilbiss & Co.(quar.)
25c Oct. 15 Sept. 29
1754c Oct. 15 Sept. 29
7% preferred (quar.)
334c Nov. 1 Oct. 25
Diversified Investors Trust
ioc Nov. 1 Oct. 24
Dominguez Oil Fields (monthly)
Eastern Shore Public Service Co.—
$1% Dec. 1 Nov. 10
$654 preferred (quar.)
$6 preferred (quar.)
$154 Dec. 1 Nov. 10
Eastern Township Telephone (semi-ann.)
36c Oct. lb Sept. 30
European Electric Corp.. Ltd.. cl. A & B (Bo.)- 150 Nov. 15 Oct. 31
Federal Services Financial Corp.(Wash.. D.C.)
Quarterly
50c Oct. 31 Sept.30
7% preferred (quar.)
SW, Oct. 31 Sept.30
Fidelity Fund, Inc. ((liar.)
50c Nov. 1 Oct. 20
Fire Association of Phila. (8.-a.)
$1 Nov. 15 Oct. 26
First All-Canadian Trustee Shares
The Oct. 15 Oct. 13
Florida Power Corp. preferred A (guar.)
$151 Dec. 1 Nov. 15
7% preferred (quar.)
8755c Dec. 1 Nov. 15
Fort Pitt Brewing
Sc Oct. 31 Oct. 20
Franklin Fire Ins. Co. of Phila.(qu.)
25c Nov. 1 Oct. 20
Sc Nov. 1 Oct. 20
Extra
Froedtert Grain & Malting Co.. pref. (qt1.)30c Nov. 1 Oct. 15
Gardner Denver Co. preferred (quar.)
$151 Nov. 1 Oct. 20
Gas Securities Co.. common (mo.)
Oct. 15
0 %ofl% Nov. 1 Oct.
15
Preferred (monthly)
50c Nov. 1
General Baking Co.common (quar.)
15c Nov. 1 Oct. 25
1254c Nov. 1 Oct. 23
Genesee Brewing Co.. Inc., A & B (quar.)
Nov. 1 Oct. 10
General Development
General Foods Corp. (quarterly)
45e Nov. 15 Nov. 1
Great Lakes Dredge & Dock (quar,)
25c Nov. 15 Nov. 3
Hartford Times. Inc.. pref. (quar.)
75c Nov. 15 Nov. 1
Hawaiian Sumatra Plantation
25c Oct. 25 Oct. 15
12;e
ig Nov. 15
Hollander (A.) & Son, Inc. (quar,)
Hollinger Consolidated Gold Mines(mo.)
NOV. 5 Oct. 19
Sc Nov. 5 Oct. 19
Extra
Hormel.(Geo. A.)& Co., corn. (quar.)
250 Nov. 15 Oct. 27
6% preferred (quarterly)
31 1-5 Nov. 15 Oct. 27
7% preferred 13 (annual)
$7 Nov. 15 Oct. 27
Horne (Jos.) Co.. pref. (quar.)
$1% Nov. 1 Oc.. 24
Howes Publishing Co.(quar.)
2% Oct. 15
Oct. 15
Preferred (quarterly)
Idaho Power Co.7% pref.(guar.)
15
31 Nov. 1 Oct.
Nov. 1 Oct. 15
$6 preferred (quar.)
l
International Harvester preferred (quar.)
$1% Dec. 1 Nov. 5
International Utilities Corp. $7 prior pf. (qu.)_ 87 c Nov. 1 Oct. 23
43 g Nov. 1 Oct. 23
5354 prior pref.. series 1931 (quar,)
Nov. 2 Oct. 18
Jefferson Lake Oil (quar.)
25c Nov. 1 Oct. 20
Kalamozoo Stove Co.(quar.)
250 Nov. 1 Oct. 20
Extra
Kings County Trust (quar.)
820 Nov. 1 Oct. 25
25e Jan. 2 Dec. 20
Klein(D. Emil)quarterly)
Preferred (quarterly)
$13-I Nov. 5 Oct. 20
40c Dec. 1 Nov. 9
Kroger Grocery & Baking (guar.)
Lansing Co.(quarterly)
250 Nov. 10
112 Nov. 1 Oct. 20
Lawbeck Corp.. 6% preferred (guar.)
Sc Dec. 1 Nov. 16
Lehigh Power Security (quar.)
Nov. 1 Oct. 26
$6 preferred (quar.)
$1
Lerner Stores Corp.. 654% preferred
h$1% Nov. 1 Oct. 22
Libhey-Owens-Ford Glass (quar.)
30c Nov.30 Dec. 15
25c Dec. 1 Nov. 14
Loblaw Groceterlas A & B (quar.)
Lord & Taylor Co.(guar.)
$154 Dec. 1 Nov. 17
Macy (R. H.) & Cc.common (quar.)
50c Dec. 1 Nov. 9
McNeel Marble Co.6% pref. (quar.)
21% Oct. 15 Oct. 10
McVicker (W. B.) Co. preferred
Nov. 10 Oct. 31
Mercantile Stores Co., Inc.. 7% pref.(quar.)_
Nov. 15 Oct. 31
Nov. 1 Oct. 20
Metal & Thermit Corp.(quar.)
Michigan Gas & Electric Co.
8734c Nov. 1 Oct. 15
7% prior lien stock (quar.)
75c Nov. 1 Oct. 15
$6 prior lien stock (quar.)
Michigan Public Service Co87540 Nov. 1 Oct. 15
7% preferred (quarterly)
75e Nov. 1 Oct. 15
6% preferred (quarterly)
3c Oct. 15 Sept.29
Midwest Oil Co.. 81 par (quar.)
210 par value (quarterly)
30C Oct. 15 Sept.29
Sc Oct. 15 Sept.29
Preferred (quarterly)
50c Nov. 15 Nov. 3
Minneapolis-Honeywell Regulator
50c Nov. 15 Nov. 3
Extra
Montreal Light. Heat & Power (quar.)
$2 Nov. 15 Oct. 31
750 Nov. 15 Nov. 1
Moody's Investors Service pref. (quar.)
Nov. 1 Oct. 22
Moore Drop Forging Co., class A (quar.)
$1
$2 Sept.29 Sept.22
Motor Finance 8% preferred (quar.
$1% Dec. 1 Nov. 20
Muskogee Co.6% cum. pref.(quar.
8c Nov. 20 Nov. 10
Mutual Telephone Co.(Hawaii)(monthly)
Nov. 1 Oct. 15
National Automotive Fibers
h$1
20c Dec. 1 Nov. 7
National Power & Light
National Steel Corp.(quarterly)
250 Oct. 31 Oct. 22
Nation-Wide Security Co.(Colorado) series B
40 Nov. 1 Oct. 15
New England Water, Light & Power Assoc.$1% Nov. 1 Oct. 20
6% preferred (quarterly)
North American Oil Consolidated
25c Nov. 1 Oct. 20
Northwestern Nat'l Ins. Ce.(Wis.)(extra)
$1 Oct. 31 Oct. 22
Norwalk Tire & Rubber preferred (quer.)
8734c Jan. 2 Dec. 21
Oahu Sugar Co., Ltd.(monthly)
10c Nov. 15 Nov. 6
Onomea Sugar (monthly)
20c dOct.20 Oct. 10
Ontario & Quebec Ry. (semi-annual)
23 Dec. 1 Nov. 1
Series B (semi-annual)
254A Dec. 1 Nov. 1
Oswego Falls Corp.8% 1st pref. (quar.)
Nov. 1 Oct. 27
Pacific Gas & Electric 6% let pref. (quar.)
3754c Nov. 15 Oct. 31
% first preferred (quar.)
3434c Nov. 15 Oct. 31
Pacific Power & Light Co.,7% pref
?i$1 51 Nov. 1 Oct. 18
$6 preferred
h$13i Nov. 1 Oct. 18
Philadelphia & Trenton RR.(quar,)
$235 Oct. 10 Sept. 30
Quarterly
$234 Jan. 1 Dec. 30
Pitney-Bowes Postage Meter (quar.)
Sc Nov. 1 Oct. 20
Prentice(G. E.) Manufacturing (quar.)
50c Oct. 15 Oct. 1
Proctor & Gamble (quarterly)
37;4c Nov. 15 Oct. 25
Producers Royalty Corp.(initial)
2 c Dec. 31 Dec. 20
Public Service Corp.of N. J.8% pref.(mthly.)_
Nov.30 Nov. 1
Quebec Power Co. (quar.)
25c Nov. 15 Oct. 25
Railway & Lighting Securities (Del.) pref. (qu.) 8134 Nov. 1 Oct. 24
Reliance Mfg.Co.of Illinois(quar.)
15c Nov. 1 Oct. 22
Rich's, Inc. (quar.)
30c Nov. 10 Oct. 20
Riverside Cement 26 pref.(quar.)
Sla Nov. 1 Oct. 15
Rockwood Sr Co. preferred
Oct. 20 Oct. 11
Russell Motor Car, Ltd.,7% pref
htl 51 Nov. 1 Oct. 20
Scotten Dillon Co
30c Nov. 15 Nov. 6
C
Financial Chronicle
2476
Name of Company.
St. Lawrence Flour Mills Co.. Ltd.—
Common (quarterly)
Savannah, Sugar Refining, common (quar.)
Preferred (quarterly)
Selby Shoe Co. common (quar.)
Preferred (quar.)
Shawinigan Water & Power Co corn. (guar.)...
Simpson, Ltd.. 64% preferred
Simpson (Robert)6% pref. (semi-annual)
Sioux City Gas & Elec. 7% pref. (quar.)
Southwestern Portland Cement (guar.)
Preferred (guar.)
Spiegel, May, Stern Co.. preferred
Stamford Gas & Electric Co.(Conn.)(guar.)--Standard Corp.. Inc. (quar.)
Strawbridge & Clothier, prior pref. (guar.)
Super-Corporation of America Trust Shares—
Series A bearer
Series B bearer
Superior Portland Cement A
Sylvania Industrial Corp.(guar.)
Telephone Investors Corp
Texas Power & Light Co.,7% pref.(quar.)
$6 preferred (quarterly)
Tide Water Power $6 preferred (guar.)
$6 preferred
Tide Water Oil preferred (guar.)
Tobacco Export Corp
Tobacco Products Corp
Toburn Gold Mines,Ltd
Union-Buffalo Mills 7% preferred
United States Banking Corp. (monthly)
United States Fire Ins. Co.(guar.)
Extra
Upson Co. 7% preferred (guar.)
West Virginia Pulp & Paper Co., pref.(guar.)._
Western Cartridge preferred (quar.)
Wolverine Brass Works 6% preferred
When Holders
Per
Share. Payable of Record.
50c
$134
$14
40c
$134
126
$111
$2
h$1 34
$2
4c
$14
Nov. 1 Oct. 20
Nov. 1 Oct. 15
Nov. 1 Oct. 15
Nov. 1 Oct. 25
Nov. 1 Oct. 25
Nov. 15 Oct. 25
Nov. 1 Oct. 20
Nov. 1 Oct. 16
Nov. 10 Oct. 31
Jan. 1
Jan. 1
Nov. 1 Oct. 15
Oct. 15 Sept.29
Nov. 1 Oct. 20
Dec. 1 Nov. 15
6.6434c Nov. 1
7.1437c Nov. 1
h55c Nov. 1 Oct. 23
25c Dec. 15 Dec. 5
25c Nov. 1 Oct. 20
$14 Nov. 1 Oct. 13
$13,5 Nov. 1 Oct. 13
Dec. 1 Nov. 10
$1
Dec. 1 Nov. 10
h7
$15.i Nov. 15 Oct. 29
10c Nov. 15 Nov. 5
10c Nov. 15 Nov. 5
2c Nov. 22 Oct. 26
'4134 Oct. 31 Oct. 24
4c Nov. 1 Oct. 17
30c Nov. 1 Oct. 19
10e Nov. I Oct. 19
Oct. 15 Oct. 12
$14 Nov. 15 Nov. 1
$14 Nov. 20 Nov. 1
ii$3 Oct. 15 Oct. 15
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. ofRecord.
$14
Abraham & Straus, preferred (guar.)
50c
Adams-Millis Corp. common (guar.)
Preferred (quar.)
$14
Sc
Affiliated Products (monthly)
$14
Alabama Power Co.. $5 prin.(guar.)
15c
Adams (J. D.) Mfg. Co. (guar.)
15c
Alaska Juneau Gold Mining Co.(guar.)
15c
Extra
Albany & Susquehanna (5.-a.)
$4
Allied Chemical & Dye Corp. common (quar.)- - $1
1
Alpha Shares. Inc
50c
Aluminum Mfg.(guar ).
7% preferred (guar.)
$14
2c
Ambassador Petroleum
50c
Amerada Corp. (quarterly)
American Can Co. common (guar.)
$1
American Cities Power & Light. class A (quar.)_ m75c
American Coal Co. of Allegany Co.(N. J.)
American Crayon Co.,6% preferred (quar.)
American }nvelope, 7% orrf. (guar.)
$14
10c
Amer. Factors Ltd.(monthly)
American Gas & Electric Co., pref. (quar.)...... 414
25c
American Hardware Corp. lunar.)
20c
American Home Products Corp.(mo.)
American Ice Co. preferred (guar.)
$14
American Light & Traction Co. common
30c
Preferred (quar.)
374c
American Machine it Foundry Co.. corn
20c
American Optical Co.,7% preferred (quar.)____ $14
American Ship tsuilding Co.. corn.(guar.)
50c
7% preferred
h$7
American Smelting & Refining Co.
7% 1st preferred (guar.) _
$1
7% 1st preferred
/424
American Water Works & Electric Co
25c
Amparo Mining
3c
Archer-Daniels-Midland. pref.(guar.)
$1 34
Associated Telep., Ltd.,$14 preferred (guar.)._ 3734c
Atlantic City Electric. $6 preferred (guar.)
$14
Atlantic Coast Line RR.5%, preferred
$24
Atlas Corp..$3 pref. A (guar.I
75c
Atlas Powder
pref. (guar.)
$14
Austin. Nichols
Co.,
,Sc Co., Inc., prior A (quar.)
$1
Automatic Voting Machine Co (guar.)
124c
Quarterly
124c
Quarterly
124c
Avon Geneseo & Mt.Morris RR.(5-a)
$1.45
Bandini Petroleum (monthly)
Sc
Bangor Hydro-Electric, corn.(guar.)
30c
Ramer(W H.)& Co .prof (guar 1
$14
Beatty Bros., Ltd., 1st preferred (guar.)
$14
Belding-Corticelli, common (guar.)
Belding-Heminway Co. common
5c
11
Beneficial Industrial Loan Corp., corn.(quar.)
37%c
Preferred series A (guar.)
87 c
Beet & Co., common (guar.)
374c
Block Bros. Tobacco (guar.)
37Sic
Preferred (guar.)
$14
Bloomingdales, preferred (guar.)
$14
Bon And Co., class A (guar.)
$1
Bourjois, Inc., pref. (guar.)
68rg
Bower Roller Bearing Co. (guar.)
Bradford Oil. (Mass.). A and B
10c
Briggs Mfg. (quarterly)
25e
Extra
25c
British-Celanese,7% 1st pref.(8.-a.)
33
Brooklyn-Manhattan Transit Corp.. pref.(gu.).
Preferred (quarterly)
Preferred (quarterly)
Brown Shoe Co., preferred (guar.)
Buffalo. Niagara & Eastern Power Corp.—
$5 1st preferred (guar.)
Bullock Fund
Burmah 011 Corp., Ltd.. coin. (Interim)
te3
Burroughs Adding Machine Co. (guar.)
10c
Extra
25c
Calamba Sugar Estate, common (guar.)
40c
Calgary Power Co.,6% preferred (guar.)
$14
Campe Corp., common (guar.)
20c
% preferred (quarterly)
$14
Canada Iron Foundries.6% pref. (5.-a.)
$14
Canada Northern Power Corp., Ltd.—
Common (quarterly)
25c
Canadian Bronze Co.. Ltd.. corn. (guar.)
15c
Preferred (guar.)
$14
Canadian Industries. Ltd., cl. A & B com.(qu.).
Canadian Investment Fund,Ltd.,ord.she
Special shares
3.5e
Capital Management(quarterly)
15c
Carolina Clinehfield & Ohio By.Co.(quar.)
Stamped certificates(guar.)
sit
Central-Arizona Lt.& Pr. Co..$6 pref. (guar.)._ $1%
$7 preferred (guar.)
Si
Nov. 1 Oct. 15
Nov. 1 Oct. 19
Nov. 1 Oct. 19
Nov. 1 Oct. 15
Nov. 1 Oct. 15
Nov. 1 Oct. 15
Nov. 1 Oct. 10
Nov. 1 Oct. 10
Jan. 2 Dec. 15
Nov. 1 Oct. 11
Nov. 10 Oct. 31
Dec. 31 Dec. 15
Dec. 31 Dec. 15
Oct. 20 Oct. 2
Oct. 31 Oct. 15
Nov. 15 Oct. 25a
Nov. 1 Oct. 15
Nov. 1 Oct. 11
Nov. I Oct. 20
Dec. I Nov.25
Nov. 10 Oct. 31
Nov. 1 Oct. 8
Jan. 1
Nov. 1 Oct. 15a
Oct. 25 Oct. 8
Nov. I Oct. 15a
Nov. 1 Oct. 15a
Nov. 1 Oct. 20
Jan. 1 Dec. 15
Nov. 1 Oct 20
Nov. 1 Oct. 20
Dec. 1 Nov. 9
Dec. 1 Nov. 9
Nov. 1 Oct. 5
Nov. 10 Oct. 31
Nov. 1 Oct. 20
Nov. 1 Oct. 15
Nov. 1 Oct. 10
Nov. 10 Oct. 24
Dec. 1 Nov. 20
Nov. 1 Oct. 19
Nov. 1 Oct. 15
Jan. 2 Dec. 20
Apr. 2 Mar. 20
July 2 June 20
Jan. 1 Dec. 28
Oct. 20 Oct. 2
Nov. 1 Oct. 10
Jan, 1 Dec. 20
Nov. 1 Oct. 15
Nov. 1 Oct. 15
Oct. 31 Oct.
Oct. 30 Oct. 15
Oct. 30 Oct. 15
Nov. 15 Oct. 25
Nov. 15 Nov. 11
Dec 31 Dec. 24
Nov. 1 Oct. 20
Oct. 30 Oct. 15
Nov. 15 Nov. 1
Oct. 25 Oct. 1
Nov. 1 Oct. 15
Oct. 30 Oct. 16
Oct. 30 Oct. 16
Oct. 31
Jan. 15 Jan. 2
Apr. 15 Apr. 1
July 15 July 1
Nov. 1 Oct. 20
Nov. 1 Oct. 15
Nov. 1 Oct. 15
Dec. 5 Nov. 3
Dec. 5 Nov. 3
Jan. 2 Dec. 15
Nov. 1 Oct. 15
Dec. 1 Nov. 15
Nov. 1 Oct. 15
Nov. 15 Oct. 31
Oct. 25 Sept.29
Nov. 1 Oct. 19
Nov. 1 Oct. 19
Oct. 31 Sept. 29
Nov. 1 Oct. 15
Nov. 1 Oct. 15
Nov. 1 Oct. 19
Oct. 20 Oct. 10
Oct. 20 Oct. 10
Nov. 1 Oct. 15
Nov. 1 Oct. 15
Name of Company
Oct. 20 1934
Per
Share
Carnation Co.,7% pref.(guar.)
$13'
Preferred (guar.)
81
Preferred (guar.)
$1
Central Hudson Gas & Elec. Corp.(guar.)._ _ _
20c
Voting trust certificates (quar.)
20c
Central Illinois Security, preferred
15c
Central Ohio Light & Traction, $8 preferred_ _ /414
Centr:fugal Pipe ('orp. (guar.)
10c
Century Ribbon Mills, Inc., preferred (guar.)._ 5134
Cerro de Pasco Copper
50c
Cherry Burrell
15c
Preferred (guar.)
$131
Chesapeake & Ohio By., pref.(semi-annual)_
$.3
Cinc. Sandusky & Cleve. RR.6% pf. (s.-a.)
$114
Cincinnati Union Terminal.4% pref.(quar.)
$1 4
1
City Ice & Fuel (quarterly)
50c
Preferred (quarterly)
$14
City Water Co.of Chattanooga. preferred (au.). 814
Clearfield & Mahoning RR. Co., (5.-a.)
8134
Cleveland Cinc. Chicago & St. Louis Ry. Co.—
Preferred (guar.)
$14
Cleveland Elec. ilium. Co., preferred (quar.).. $14
Cleveland & Pittsburgh,reg. gtd.(guar.)
8734c
Special guaranteed (guar.)
50c
Climax Molybloom Co. (quar.)
Sc
Cluett, Peabody & Co..common (guar.)
25c
Coast Breweries. Ltd. (guar.)
23c
Coca-Cola Bottling (St. Louis) (guar.)
25c
Columbia Gas & Electric Corp.—
Cum.6% preferred series A (guar.)
8154
Cum.5% preferred ser. No.22 (guar.)
8134
Convertible 5% cum. preference (quar.)
$134
Columbus Ry..Power & Lt. Co.634% pr.(rnl.)- $1.63
Commonwealth Edison Co. (guar.)
$1
Confederation Life Association (guar.)
Si
Consolidated Chemical Industries (guar.)
37
11 c
Consolidated Cigar Corp. prior pref
$154
Preferred (guar.)
Consolidated Gas of N.Y.5% pref. (quar.).,... $14
Consolidated Oil Corp.common
14o
8% preferaed (guar.)
$2
Consolidated Royalty 011 (guar.)
Sc
Consumers Power Co..$5 pref.(guar.)
$134
preferred
(quarterly)
65'
8134
preferred (quarterly)
$1.65
75', preferred (quarterly)
8154
67 preferred (monthly)
50c
6 preferred (monthlyi
50c
6 o preferred (monthly
50c
6.6% preferred month y}
Mc
8.8% preferred monthly
Mc
6.6% preferred monthly
55c
Continental Can Co
do%
Increased stock
60c
Continental 011 Co
25c
Coon(W. B.) Co..7% preferred ((Mar.)
$14
Corn Exchange Bank Trust Co. (guar.)
75c
Corn Products Refining Co., corn. (guar.)
75c
Crown Zellerbach Corp—
Class A & B preference
75c
Crum & Forster. 8_% Preferred (War.)
$2
Cudahy Packing Co. 13%preferred(11.-a.)
3%
7% preferred (semi-annual)
%
Cumberland County Power & Light6% preferred (quarterly)
8134
Cuneo Press, Inc.. common (guar.)
30c
Preferred (guar.)
$134
Davenport Water Co..6% preferred (quar.)._
$134
Dayton Power & Light Co..6% pref. (mo.)SOc
De IvIets, Inc., preferred
h55c
Dennison Mfg. Co., debenture stock
h$2
Denver Union Stockyards (guar.)
50c
7% preferred (guar.)
$134
Deposited Insurance Shares. A stock (s-a)
24
Derby Gas & Electric,$64 pref.(guar.)
$134
$7 preferred (quarterly)
$134
Detroit Hillsdale & So West. RR. Co
$2
Devonian 011 Co.(quarterly)
The
Extra
10c
Diamond Match Co. (guar.)
25c
Dividend Shares
.02c
Doctor Pepper Co (guar.)
15e
Dome Mines. Ltd. (quarterly)
Me
Dominion Bridge CO.common (guar.)
r50c
E.I. Du Pont de Nemours & Co.,Inc.—
Debenture stock (quarterly)
$14
Eastern Bond & Share, class B (guar.)
15c
Class B extra
Sc
Eastern Gas & Fuel Assoc.,44% pref.
$1.125
preferred (quarterly)
(quar.)6%
$14
Eaton Mfg. Co. (guar.)
25c
Edison Elec. Ilium. Co. of Boston (guar.)
Electric Bond & Share Co..$8 pref. (quar.)
$14
$5 preferred (guar.)
$134
Electric Houshold Utilities Corp
25c
Electric Power Associates,Inc.(guar.)
10c
Class A (quarterly)
10c
Elmira & Williamsport R.R.(s.-a.)____
$1.15
Empire& Bay State Teter..4% guar.(guar.).-- $1
Empire Capital.class A (guar.)
10c
Employers Group Assoc. (guar.)
10c
itscanawba Power & Traction.6% pref.(guar.). $14
Eureka Pipe Line Co
51
Faber, Coe & Gregg, 7% pref. (guar.)
514
Faber Coe & Gregg (quarterly)
25c
Quarterly
250
Farmers & Traders Life Ins.(guar.)
524
Quarterly
$24
Federal Knitting Mills Co. (quar.)
82}4c
Extra.
$l3.
Fibreboard.6% preferred (guar.)
814
Firestone Tire & Rubber Co.,corn.(guar.)
10c
Food Machinery, 634% preferred
50c
64 preferred
50c
preferred
6345'
SI
Frank in 'Telephone (semi-annual)
$14
Freeport Toms, preferred (guar.)
814
General Hosiery. 7% preferred (guar.)
$14
General Cigar Co. (guar.)
$1
Quarterly
81
Extra
83
Extra
$3
Preferred (quar.
‘14
Preferred (guar.
$134
Preferred (guar.
$134
General Electric Co., common (guar.)
15c
Special stock (emu%)
15c
General Investors Trust (s.-a.)
General Mills. Inc., corn. (guar.)
7650c
General Motors Corp.. $5 preferred (quar.)
_ $14
General Stockyards Corp., preferred (quar.)
_ $14
Common_
50c
Georgia RR. & Banking (guar.)
$24
Gillette Safety Razor.$5 convertible pref. (qu.). $14
Glen Alden Coal Co. (quarterly)
25c
Extra
25c
Gold Dust Corp corn. (guar.)
30c
Gotham Silk Hosiery Co., Inc.
7% cum. preferred (guar.)
814
Grace(W. R.)& Co.,8% first pref.(s.-a.)
$3
Preferred A (guar.)
$2
When Holders
Payable of Record
Jan. 1 Dec. 20
Apr. 1 Mar. 20
July 1 June 20
Nov. 1 Sept. 29
Nov. 1 Sept. 29
Nov. 1 Oct. 20
Oct. 22 Oct. 11
Nov. 15 Nov. 5
Dec. 1 Nov.20
Nov. 1 Oct. 16
Nov. 1 Oct. 15
Nov. 1 Oct. 15
Jan. 1 Dec. 7
Nov. 1 Oct. 23
Jan. 1 Dec. 20
dDec.31 Dec. 15
Dec. 1 Nov. 15
Nov. 1 Oct. 20
Jan. 2 Dec. 20
Oct. 31 Oct. 11
Dec. 1 Nov. 15
Dec. 1 Nov. 10
Dec. 1 Nov. 10
Dec. 31 Dec. 15
Nov. 1 Oct. 20
Nov. 1 Oct. 20
Oct. 20 Oct. 10
Nov. 15 Oct. 20
Nov. 15 Oct. 20
Nov. 15 Oct. 20
Nov. 1 Oct. 15
Nov. 1 Oct. 15
Dee. 31 Dec. 25
Na
ov. Oct. 15
N
5a
Dec. 1 Nov. 15a
Nov. 1 Sept. 28
Oct. 31 Oct. 1
Nov. 15 Nov. 1
Oct. 25 Oct. 15
Jan. 2 Dec. 15
Jan. 2 Dec. 15
Jan. 2 Dec. 15
Jan, 2 Dec. 15
Nov. 1 Oct. 15
Dec. 1 Nov 15
Jan. 2 Dec. 15
Nov. 1 Oct. 15
Dec. 1 Nov. 15
Jan. 2 Dec. 15
Oct. 25 Oct. 15
Nov. 15 Oct. 29
Oct. 31 Oct. 1
Nov. 1 Oct. 13
Nov. 1 Oct. 23
Oct. 20 Oct. 5
Dec. 1 Nov. 13
Dec. 28 Dec. 18
Nov. 1 Om. 20
Nov. 1 Oct. 20
Nov. 1 Oct. 13
Nov. 1 Oct. 20
Dec. 15 Dec. 1
Nov. 1 Oct. 20
Nov. 1 Oct. 20
Nov. 1 Oct. 22
Nov. 1 Oct. 20
Jan. 1 Dec. 26
Dec. 1 Nov.20
Nov. 1 Sept. 15
Nov. 1 Oct. 19
Nov. 1 Oct. 19
Jan. 5 Dec. 20
Oct. 20 Sept.29
Oct. 20 Sept.29
Dec. 1 Nov. 15
Nov. 1 Oct. 15
Dec. 1 Nov. 15
Oct. 20 Sept.29
Nov 15 Oct. 31
Oct. 25 Oct. 10
Nov. 1 Oct. 4
Nov. 1 Oct. 4
Jan. I Dec. 15
Jan. 1 Dec. 15
Nov. 15 Nov. 1
Nov. 1 Oct. 10
Nov. 1 Oct. 5
Nov. 1 Oct. 5
Oct. 25 Oct. 10
Nov. 1 Oct. 15
Nov. 1 Oct. 15
Nov. 1 Oct. 20
Dec. 1 Nov. 21
Nov.30 Nov. 20
Oct. 31 Oct. 17
Nov. 1 Oct. 26
Nov. 1 Oct. 160
Nov. 1 Oct. 20
Dec. 1 Nov. 15
Mar. 1 'eh. 15
Jan. 1 Dec. 11
Apr. 1 Mar. 11
Nov. 1 Oct. 15
Dec. 15 Dec. 1
Nov. 1 Oct. 15
Oct. 20 Oct. lh
Oct. 15 Oct. 10
Nov. 15 Nov. 10
Dec. 15 Dec. 10
Nov. 1 Oct. 15
Nov. 1 Oet. 15
Nov. 1 Oct. 20
Nov. 1 Oct. 16
Feb. 1 Jan. 16
Nov. 1 Oct. 16
Feb. 1 Jan. 16
Pec. 1 Nov. 22
Mar. 1 Feb. 20
June 1 May 23
Oct. 25 Sept. 28
Oct. 25 Sept. 28
Nov.
Set.
4::ap
t. 2
19a
5a
Nov. 1 Oct.
Nov. 1 Oct.
Nov. 1 Oct.
Jan. 15 Jan.
Nov. 1 Oct.
Oct. 20 Oct.
Oct. 20 Oct.
Nov. 1 Oct.
8
15
15
1
1
6
6
10
Nov. 1 Oct. 11
Dec. 29 Dec. 27
Dec. 29 Dec. 27
Volume 139
Name of Company.
Financial Chronicle
When Holders
Per
Share. Payable. ofRecord.
Gottfried Baking co . Tne.. preferred (guar.)_ __ 1S1% Tan. 2 Dec. 20
$2 Dec. 20 Dec. 10
Grand Rapids & Indiana Ky. Co. (s.-a.)
10c Nov. 1 Oct. 25
Great Lakes Engineering (quar.)
5c Nov. 1 Oct. 25
Extra
75c Nov. 1 Oct. 15
Greenfield Gas Light Co.,6% preferred (quar.)_
The Dec. 1 Nov. 15
Hale Bros. Stores. Inc.(quar.
31% Nov. 1 Oct. 24
Halle Bros. Co., pref. (guar.)
32 Oct. 20 Oct. 10
Hannibal Bridge Co. (guar.)
313i Jan. 1 Dec. 21
•Harbauer Co.. 7% preferred (quar.)
Harbison Walker Refractories Co. pref. (quar.) $1% Oct. 20 Oct. 1
$1 Si Dec 1 Nov. 15
Hardesty (R.) Mfg.. 7% pref.(quar.)
681ic Nov. 1 Oct. 15
Hartford Electric Light Co.(quar.)
20c Oct. 31 Oct. 24
(mo.)
Hawaiian Agricultural Co.
15c Oct. 20 Oct. 15
Hawaiian Electric Co. (monthly)
Nov. 15 Nov. 2
Hercules Powder Co.. pref. (quar.)
75c Nov. 15 Oct. 25
Hershey Chocolate Corp. (quar.)
$I Nov. 15 Oct. 25
$4 cony. preferred (quarterly)
10c Oct. 26 Oct. 19
Hibbard. Spencer. Bartlett & Co. (monthly)
10c Nov.30 Nov. 23
Monthly
10c Dec. 28 Dec. 21
Monthly
143% Nov. 1 Oct. 15
Holly Sugar Corp.. preferred
25c Nov. 1 Oct. 11
Home Insurance Co. (quar.)
Sc Nov. 1 Oct. 11
Extra
$I Oct. 25 Oct. 20
Homestake Mining Co. (monthly)
$2 Oct. 25 Oct. 20
Extra
15c Oct. 20 Oct. 12
Honolulu Gas Co.(monthly)
15c Nov. 10 Oct. 31
Honolulu Plantation Co. (mo.)
40c Nov. 1 Oct. 12
Horn & ilardart(N.Y.)(quarterly)
131% Nov. 1 Oct. 15
Houston Light & Power,7% pref.(quar.)
$1% Nov. 1 Oct. 15
$6 preferred (quarterly)
50c Nov. 1 Oct. 15
Humberstone Shoe Co. (quar.)
be Nov. 5 Oct. 31
Hutchin Sugar Plantation Co.(mo.)
$134 Nov. I Oct. 15
Illinois Northern Utilities,$6 preferred (quar.)
$114 Nov. 1 Oct. 15
Junior preferred (quar.)
Illuminating & Power Security Corp.(quar.)___ _ $114 Nov. 9 Oct. 31
7% preferred (quarterly)
$131 Nov. 15 Oct. 31
Imperial Chemical Industries, Ltd.—
zw234 51 Nov. 9 Sept. 19
Am.dep. rec. ord. req. (interim)
1
$334. Jan
Imperial Life Assurance (quar.)
e2S4% Oct. 20 Sept. 20
Incorporated Investors (s.-a.)
15c Nov. 15 Oct. 26
Indiana Pipe Line Co. (s.-a.)
Sc Nov. 15 Oct. 26
Extra
45c Nov. 1 Oct. 20
International Cigar Machinery Co
$11
4 Nov. 1 Oct. 2
International Nickel Co., preferred (quar.)
83ic Nov. 1 Oct. 2
7% preferred ($5 par) (quar.)
25c Nov. 1 Oct. 15
International Printing Ink,coin.(quar.)
$134 Nov. 1 Oct. 15
Preferred (quarterly)
60c Dec. 1 Nov. 15
International Safety Razor,class A (quar.)
25c Nov. 1 Oct. 15
Class B (quarterly)
Nov. 1 Oct. 20
31
Interstate Dept. Stores, pref. (quar.)
50c Nov. 15 Nov. 1
Interstate Hosiery Mills (quar.)
20c Dec. 1 Nov. 10
Iron Fireman Mfg. CO. corn. (guar.).
Jamaica Water Supply 7)4% pref.(semi-ann.)_ _ $1% Nov. 1 Oct. 11
10c Nov. 1 Oct. 15
Jantzen Knitting Mills
$131 Dec. 1 Nov. 25
7% cum. preferred (quar.)
15c Dec. 31 Dec. 20
Kalamazoo Vegetable Parchment Co. (quar.1_ _
$1 Oct. 29 Oct. 25
Kansas City Power & Light Co., common (cm.).
Kansas City, St. Louis & Chicago RR.Co$134 Nov. 1 Oct. 20
6% guaranteed preferred (quar.)
20c Nov. 1 Oct. 24
Kekaha Sugar Co.(monthly)
Kelvinator of Canada. Ltd..7% pref.(quar.)- - - SI M Nov. 15 Nov. 5
Kendall Co.. cum. & partic. pref. ser. A (quar.) $134 Dec. I Nov. 10
25c Nov. 1 Oct. 15
King Royalty Co., common
3c Dec 1 Nov. 1
Kirkland Lake Gold Mine (initial)
Kokomo Water Works Co.,6% pref. (quar.) _ $134 Nov. 1 Oct. 20
50c Oct. 31 Oct. 24
Koloa Sugar Co.(monthly)
25c Nov. 1 Oct. 10
Kress (S. H.) (quarterly)
15c Nov. I Oct. 10
Special preferred (quar.)
1-20 ofl Nov. 1 Oct. 10
Semi-annual
Kroger Grocery & Baking,7% 2d pref.(quar.).... $131 Nov. 1 Oct. 19
Landers. Frary & Clark.corn.(guar.)
3734c Dec. 31
Landis Machine. pref. (guar.)
3131 Dec. 15 Dec. 5
Lane Bryant, Inc., 7% pref. (quar.)
3131 Nov. 1 Oct. 15
La Salle & Koch Co.. preferred (quar.)
$1 /
1 4 Nov. 15 Nov. 14
Lawbeck Corp.,6% pref.(quar.)
$1.34 Nov. 1 Oct. 20
Lazarus (F. & It.) Co.,654% pref. (quar.)
$134 Nov. 1 Oct. 20
Lehigh & Wilkes-Barre Corp.(quar.)
Oct. 21 Oct. 11
Lincoln Nat. Life Ins.(Ft. Wayne)(guar.)
30c Nov. 1 Oct. 26
Lincoln Telep. & Teleg. Co.,6% pref. (quar.)__
$134 Nov. 10 Oct. 31
5% special preferred (quar.)
$134 Nov. 10 Oct. 31
10c Dec. 1 Nov. 15
Link Belt Co. (guar.)
Preferred (guar.)
$134 Jan. 2 Dec. 15
Liquid Carbonic Corp. (quar.)
25c Nov. 1 Oct. 17
Little Miami RR.special guaranteed (guar.)_
50c Dec. 10 Nov. 24
Original guaranteed (guar 1
$1.10 Dec. 10 Nov. 24
15c Nov. I Oct. 22
Leew's Boston Theatres (quar.)
LOOVeR, Inc.. 3614 cum. pref. (guar.)
31% Nov. 15 Oct. 31
Lone Star Gas Corp..
$134 Nov. I Oct. 20
% pref.(quar.)
Loose-Wiles Biscuit Co., corn. (guar.)
50c Nov. 1 Oct. 180
3131 Jan. 1 Dec. 18a
Preferred (quar.)
Lord & Taylor, 2d preferred (guar.)
$2 Nov. 1 Oct. 17
Los Angeles Gas & Electric.6% pref.(quar•)- - - $114 Nov. 15 Oct. 31
Louisiana Power & Light Co., 36- pref. (quar.)_ _ 1134 Nov. 1 Oct. 17
$13
4 Jan. 2 Sept.30
Lowenstein (M.)& Sons. Ist pref.(guar.)
r3c Oct. 20 Oct. 10
Lucky Tiger Combination Gold Mining
r2c Oct. 20 Oct. 10
Extra
$131 Nov. 15 Oct. 26
Lumberman's Ins. Co.(Phila.)(s-a)
3131 Jan. 2 Dec. 22
Lunkenheimer Co.6)4% preferred (guar.)
5c Nov. I Oct. 15
Macassa Mines
$134 Nov. 16 Nov. 5
Magnin (I.) & Co. pref. (quar.)
Mahoning Coal RR..coin.(quar.)
$63.1 Nov. 1 Oct. 15
3114 Nov. 1 Oct. 10
Malone Light & Power Co.(quar.)
40c Dec. 1 Nov. 15
May Dept. Stores (quarterly)
$134 Nov. 1 Oct. 15
Maytag Co.. $6, 1st preferred (quar.)
h75c Nov. 1 Oct. 15
$3 cumul. preference, with & ex-warr
50c Nov. 1 Oct. 15
McCall Corp. (quar.)
4331c Nov.30 Nov. 29
McCiatchy NTewsnapers, 7% pref. (quar.)
50c Dec. 1 Nov. I
McIntyre-Porcupine Mines
50c Nov. I Oct. 15
Melville Shoo (quarterly)
3114 Nov. 1 Oct. 15
1st preferred (quar.)
7S4c Nov. 1 Oct. 15
2d preferred (quar.)
e 662-3% Nov.30 Oct. 25
Mesta Machine Co.,common
25c Nov. 1 Oct. 10
Metropolitan Industries, 6% pref. (quar.)
2% Nov. 1 Oct. 20
Michigan Cities Natural Gas Co. (quar.)
25c Nov. 15 Oct. 15
Midcontinent l'etroleum Corp
31 Nov. 1 Oct. 20
Midland Steel Products Co., 1st pref. (quar.)__
Milwaukee Elec. Ky. & Lt. Co.. 6% pref. (qu.) $134 Oct. 31 Oct. 20
$131 Dec. 1 Nov. 25
Milwaukee Gas Light Co.,7% pref. A (quar.) _ _
50c Nov. 1 Oct. 15
Mississippi Power & Light, $6 pref
25c Nov. 15 Oct. 31
Mock. Judson, Voehringer
3734c Nov. 1 Oct. 20
Modine Mfg. Co. (quar.)
Mohawk Hudson Power Co.,$7 1st pref.(qu.)_ _ $114 Nov. 1 Oct. 15
$114 Nov. 15 Nov. I
Monmouth Consolidated Water, pref. (qu.)_.
11% Nov. 1 Oct. 10
Montana Power Co., 16 pref. (quar.)
1734c Nov. 10 Oct. 31
Montgomery & Erie RR.(s.-a.)
r37c Oct. 31 Sept. 30
Montreal Lt.. Heat & Pr. Consol., corn. (qu.)_ _
51% Jan. 1 Jan. 1
Moore Dry Goods Co.(quar.)
$2 Nov. 1 Oct. 15
Morris & Essex Ext. RR. (s.-a.)
$1 Dec. 1 Nov. 26
Morris Plan Ins. Soc.(quar.)
75c
Nov. 1 Oct. 24
(guar.)
Scotia
Mtge. Corp. of Nova
10c Nov. 1 Oct. 15
Mountain & Gulf Oil
$134 Dec. 28 Dec. 20
Mutual Chem.of America. pref.(guar.)
Sc Oct. 20 Oct. 10
Mutual Telephone (Hawaii), (monthly)
25c Nov. 1 Oct. 19
Nash Motors Co., common (quar.)
Nov. 1 Oct. 16
h33.j
prof
National Bearing Metals. 7%
50c Oct. 15 Sept. 14
National Biscuit CO.. corn. (quar.)
$2 Nov. 1 Oct. 19
National Carbon. 8% preferred (quar.)
$1
Nov. 15 Oct. 31
National Casket Co.. common (5.-a.)
c Dec. 1 Nov. 15
National Container Corp., preferred (quar.)_
h50c
Dec.
I Nov. 16
Preferred
3134 Nov. I Oct. 19
National Lead Co., preferred B (quarterly)
$135 Nov. 1 Oct. 5
National Power & Light $6 pref. (guar.)
Name of Company.
2477
When Holders
Per
Share. Payable. of Record.
1331c Nov. 1 Oct. 15
National Tea. preferred (quar.)
National Telep. & Teleg., 1st & 2c1 pref. (quar.)_ 8734c Nov. I Oct. 17
Neisner Bros.. Inc. pref. (quar.)
$114 Nov. 1 Oct. 15
$1 Nov. 1 Sept. 29
Nevada-California Electric Corp., preferred
$18
Newberry (J. J.) Co., 7% pref. (guar.)
4 Dec. 1 Nov. 16
Newberry (J. J.) Realty Co.
1134 Nov. 1 Oct. 16
6%% preferred series A (quar.)
13114 Nov. 1 Oct. 16
6% preferred series B (quar.)
50c Nov. 10 Oct. 20
New Jersey Zinc (quarterly)
50c Oct. 31 Oct. 16
Newmont Mining Corp
141% Nov. 5 Oct. 15
New River Co., preferred
25c Oct. 27 Oct. 16
New York & Honduras Rosario Mining Co.,reg_
50c Oct. 27 Oct. 16
Extra
3714c Nov. 1 Oct. 20
New York Merchandise Co. (quar.)
50c Nov. 15 Nov. 1
Nineteen 11 unthed corp., class A (guar.)
$1 Nov. 15 Oct. 31
Norfolk & Western Ky., adj. pref. (quar.)
Dec. 1 Nov. 15
$1%
North American Edison Co., pref.(quar.)
141 Oct. 20 Sept.29
North American Investors, 6% preferred
h91 2-3 Oct. 20 Sept. 29
554% preferred
Sc Oct. 25 Oct. 15
Northampton Brewing. pref. (quar.)
Northern New York Utilities, Inc.$114 Nov. 1 Oct. 10
7% 1st preferred (quar.)
50c Oct. 25 Sept. 29
Northern Ontario Power Co.. Ltd., corn.(guar.),
Oct. 25 Sept. 29
114
6% cum.cony. pref.(quar.)
$134 Oct. 3
Northern RR. of New Hampshire (qu.)
$1 Dec. I Nov.21
Northern RR. of N. J.. 4% gtd. (quar.)
Northern States Power Co..7% cum. pref.(qu.) 114% Oct. 20 Sept. 29
1 Si% Oct. 20 Sept. 29
6% cum. preferred (quar.)
15e Dec. 10 Nov 30
North River Insurance (quar.)
Sc Dec. 10 Nov. 30
Extra
$114 Jan. 1 Dec. 20
Norwich Pharmacal Co (quar )
45c Nov. I Oct. 29
Noyes (Chas. F.) Co.. Inc., 6% pref. (quar.)
58 1-3c Nov. 1 Oct. 15
Ohio Public Service Co.. 7% pref. (monthly)
50c Nov. 1 Oct. 15
.0% preferred (monthly)
41 2-3c Nov. 1 Oct. 15
55' preferred (monthly)
$2 Nov. 1 Oct. 20
Old Colony Insurance Co. (quarterly)
$2 Nov. 1 Oct. 25
Orange & Rockland Electric Co
50c Nov. 1 Oct. 20
Outlet Co., common ((mar.)
$131 Nov. 1 Oct. 20
1st preferred (quar.)
3134 Nov. 1 Oct. 20
2d preferred (quar.)
Pacific Finance Corp. of Calif. (Del.)—
20c Nov. 6 Oct. 15
Preferred A (ouar.)
Preferred C (quar.)
1631C Nov. 5 Oct. 15
1714c Nov. 5 Oct. 15
Preferred D (ouar.)
75c Nov. 15 Oct. 20
Pacific Lighting Corp.. corn. (quar.)
$1 Nov. 1
Pacific Tin Corp.. special stock
$114 Nov. 1 Oct. 20
Package Machinery Co., 7% 1st pref. (quar.)
25c Nov. 1 Oct. 20
Pan American Airways Corp
$2 Nov. I Oct. 15
Passaic & Delaware Ext. RR. (s.-a.)
$114 Nov. 15 Nov. 5
Peninsular Telep. Co.,7% pref.(quar.)
75c Nov. 15 Nov. 5
Penmans, Ltd. (quar.)
$134 Nov. 1 Oct. 22
Preferred (guar.)
550 Nov. I Oct. 20
Pennsylvania Power Co. $6.60 pref. (mo.)
El% Dec. 1 Nov. 20
$6 preferred (quarterly)
'
550 Dec. 1 Nov.2
$6.60 preferred (monthly)
20c Oct. 25 Oct. 1
Philadelphia Co., corn. (quar.)
$134 Nov. 1 Oct. 1
6% cum. preferred (semi-ann.)
Philadelphia Electric$131 Nov. I Oct. 10
5,5 preferred (quar.)
$131 Nov. 1 Oct. 20
Philips-Jones Corp., pref. (guar.)
1
50c Jan 10 Jan
Phoenix IP nanc,e, pref. (guar.)
10c Nov. 1 Oct. 20
Pioneer Mill Co. (monthly)
Pittsburgh Bessemer & Lake Erie RAC—
3134 Dec. 1 Nov. 15
, 6% preferred (s.-a.)
500 Oct. 20 Oct. 6
Pittsburgh Brewing Co., prof
Pittsburgh Fort Wayne dc Chicago R.R.(quar.)_ $114 Jan. 1 Dec. 10
$1.14 Jan, 1 Dec. 10
7% preferred (quar.)
Pittsburgh Youngstown & Ashtabula R.R.$131 Dec. 1 Nov.20
7% preferred (quar.)
11)1 Oct. 20 Sept. 29
Plymouth Cordage, $100 par (quar.)
1234c Oct. 20 Sept. 29
Employees special stock, $10 par (quar.)
$1 M Dec. 15
Pollock Paper & Box Co., pref. (quar.)
50c Nov.30 Nov.20
Portland & Ogdensburg RR.(quar.)
$IM Nov. 1 Oct. 20
Potomac Edison, 7% pref. (quar.)
Nov. 1 Oct. 20
$134
6% preferred (quar.)
$114 Dec. 1
Powell River. 7% preferred
58 1-30 Nov. 1 Oct. 15
Public Service Co. of Colo.. 7% pref.(mo.)
50c Nov. I Oct. 15
6% preferred (monthly)
41 2-3c Nov. 1 Oct. 15
5% preferred (monthly)
50c Oct. 31 Oct. 1
Public Service Corp. of N. J. 6% pref.(mq,)
Public Service of Northern Illinois$IM Nov. I Oct. 15
7% preferred (guar.)
3134 Nov. 1 Oct. 15
6% preferred (quar.)
$114 Nov. 9 Oct. 31
Public Utilities Corp.(guar.)
75c Nov. 15 Oct. 24
Pullman, Inc. (guar.)
$134 Nov.30 Nov. 1
Quaker Oats Co.,6% preferred (quar.)
3c Nov. 1 Oct. 15
Quarterly Income Shares, Inc
h50c Dec. 1 Nov. 10
Rainier Pulp & Paper,$2 class A
h50c Mar. 1 Feb. 10
$2 class A.
h50c June 1 May 10
$2 class A
50c Nov. 1 Oct. 25
Randall Co. class A (quar.)
75c Nov. I Oct. 20
Raymond Concrete Pile Co..$3 pref.(quar.)
50c Nov. 8 Oct. 11
Reading Co., (quarterly)
50c Nov. 1 Oct. 20
Reed (C. A.) Co. class A (quar.)
20c Nov. 10 Oct. 31
Republic Insurance. Texas (quar.)
Republic Investors Fund, Inc.15c Nov. 1 Oct. 20
6% preferred series A (guar.)
3c Nov. 1 Oct. 20
Republic Petroleum. Ltd. (monthly)
$1 Nov. 1 Oct. 15
Rhode Island Public Service. A (quar.)
50c Nov. 1 Oct. 15
Cumulative preferred (quarterly)
Richmond Fredericksburg & Potomac RR.Co$3% Nov. 1 Oct. 30
7% guaranteed (semi-ann..j
Oct. 30
$3 Nov.
6% guaranteed(semi-ann.
Oct. 11
10c Nov.
Richmond Insurance of N. Y.(quar.)
Oct. 11
25c Nov.
Extra
Oct. 15
20c Nov.
Rockland Light & Power (quarterly)
20c Nov. 1 Oct. 15
Stock trust certificates (quar.)
5%
Rolls-Royce, Ltd.(Interim)
141% Nov. 1 Oct. 15
Roos Bros. Inc.(Dela.) $634 prof
$334 Jan. 2 Dec. 15
St. Louis Bridge first preferred (semi-ann.)
$1% Jan. 2 Dec. 15
Second preferred (send-annual)
20c Nov. 1 Oct. 15a
Salt Creek Producers (quar.)
20c Nov. 15 Nov. I
San Carlos Milling Co., Ltd.(monthly)
$131 Nov. 1 Oct. 17
Scott Paper Co., 7% series A (quar.)
31% Nov. 1 Oct. 17
______ _
6% series B preferred
20c Nov. 5 Oct. 31
Second Twin Bell Oil Syndicate
(quar.)-(monthly)
$131 Nov. 1 Oct. 19
Securities Corp., general,$7 pref.(quar.)
Nov. I Oct. 19
$134
$6 preferred (quarterly)
62%c Nov. 1 Oct. 15
Seeman Bros. Inc., corn. (guar.)
Selfridge Provincial
'
Stores, Ltd., ordinary
2)4% Nov.30 Nov. 14
American deposit receipts for ord. reg
234% Dec. 7 Nov. 14
Sharp & Dohme,cum.cony. pref. (quar.)
87%c Nov. I Oct. 17
$2 Oct. 20 Sept. 30
Sheaffer (W. A.) Pen Co. $8 preferred (quar.)
Shenango Valley Water. 67,, pref. (quar.)
$114 Dec. 1 Nov. 20
Sierra Pacific Electric preferred (quar.)
$1.34 Nov. 1 Oct. 19
Sioux City Stockyards Co.. pref.(quar.)
$1 34 Nov.15 Nov. 14
Smith Agricultural Chemical Co.(quar.)
1254c Nov. I Oct. 20
$114 Nov. 1 Oct. 20
6% preferred (quarterly)
Smith (S Morgan)Co.(quar.)
Si Nov. 1
Solvay American Investment Corp., pref.(qu.)_ $134 Nov. 15 Oct. 15
Southern Calif. Edison Co.. Ltd., corn. (quar.). 3734c Nov. 15 Oct. 20
Nov. 15 Oct. 31
Southern Canada Power Co., Ltd.. corn. (quar.)
Squibb (E. R.) & Sons (quar.)
25c Nov. 1 Oct. 15
$134 Nov. 1 Oct. 15
$6. 1st preferred (quarterly)
Standard Cap & Seal Corp.. corn. (quar.)
60c Nov. 1 Oct. 4
Standard Fire Ins.(Trenton, N. J.)(quar.)_ _ _ _
40c Oct. 23 Sept.16
Standard Fruit Sz Steamship Corp—
n75c Nov. 2 Oct. 20
Participating preference
Standard Gas & Electric Co.—
h45c Oct. 25 Sept.301
$6 cumulative prior preference (quar.)
h52)4c Oct. 25 Sept. 30A
$7 cumulative prior preference (quar.)
Soc Oct. 31 Oct. 1
Standard Oil Co. of Kansas (Delaware) (quar.1_
2478
Financial Chronicle
Per
When Holders
Share. Payable. of Reco-d.
Name of Company.
Standard Power & Light. pref
52Sic Nov. 1 Oct. 15
Stanley Works. 6% preferred (quar.)
37 Sic Nov. 15 Nov. 3
Steel Co.of Canada,corn.(guar.)
Nov. 1 Oct. 8
Preferred (quar.)
r43 c Nov. 1 Oct. 8
Suburban Electric Security,6% 1st pref
Nov. 1 Oct. 15
$1
Sutherland Paper
10c Nov. 1 Oct. 20
Syracuse. Binghamton & N. Y. RR.(quar.)
$3 Nov. 1 Oct. 15
Syracuse Lighting. 6% pref.(quar.)
$1% Nov. 15 Oct. 20
6Si% preferred (quar.)
Nov. 15 Oct. 20
$1
8% preferred (quar.)
Nov. 15 Oct. 20
Tacony Palmyra Bride. 7Si% preerred (quar.)- $1
Nov. 1 Oct. 10
Teck-Hughes Gold Mines (quar.)
rlOc Nov. 1 Oct. 10
Telautograph Corp.,corn.(quar.)
25c Nov. I Oct. 15
Tex-O-Kan Flour Mills, pref.(quar.)
Dec. I Nov 15
$1
Preferred (quarterly)
Mar. I Feb. 15
51
Preferred (quarterly)
June 1 May 15
$1
Thatcher Manufacturing Co
25c Dec. 1 Oct. 31
Cony. preferred (guar.)
90c Nov. 15 Oct. 31
Tobacco & Allied Stocks. Inc
$1 Nov. 1 Oct. 22
Toledo Edison Co..7% pref.(monthly)
58 1-3c Nov. 1 Oct. 15
6% preferred(monthly)50c Nov. 1 Oct. 15
57 preferred (monthly)
41 2-3c Nov. I Oct. 15
Trustee Stand
Utility Bharat, bearer
8.2c Nov. 1
Tung-Sol Lamp Works, pref. (quar.)
75c Nov. 1 Oct. 19
Twin Bell 011 Syndicate (monthly)
$2 Nov. 15 Oct. 31
Union Bag & Paper Corp
Oct. 25 Oct. 18a
$1
Union Oil of Calif. (quar.)
25c Nov. 10 Oct. 19
United Biscuit 4'0 of Amer .pref. t• uar.)
SI Si Nov. 1 Oct. 16
United Gold Equities of Can.,standard abs
2S4c Oct. 25 Oct. 15
United Light & Rys Co.(Del.)
7% prior preferred (monthly)
581-3c Nov. 1 Oct. 15
6.36% prior preferred (monthly)
53c Nov. I Oct. 15
6% prior preferred (monthly)
50c Nov. 1 Oct. 15
7% preferred (monthly)
58 1-3c Dec. 1 Nov. 15
7% preferred (monthly)
68 1-3c Jan. 2 Dec. 15
6.36% preferred (monthly)
53c Dec. 1 Nov. 15
6.36% preferred (monthly)
53c Jan. 2 Dec. 15
6% preferred (monthly)
50c Dec. 1 Nov. 15
6% preferred (monthly)
50c Jan. 2 Dec. 15
United New Jersey RR.& Canal Co.(quar.)
$234 Jan. 10 Dec. 20
United Profit Sharing. pref.(s-a)
50c Oct. 31 qept 28
United Securities (guar.)
50c Oct. 15 Sept.27
United States & Foreign Securities, 1st pref.(qu) $134 Nov. 1 Oct. 22
U.S. Petroleum Co (guar.)
lc Dec. 10 Dec. 5
U. S. Pipe & Foundry Co.. corn.(quar.)
1234c Oct. 20 Sept.29
Common (quar.)
124c Jan. 20 Dec. 31
Preferred (quar.
Oct. 20 Sept.29
Preferred (quar.)
30c30c i an. 20 Dec. 31
United States Sugar Corp.. pref. (quar.)
$1 Si Jan. 5 Dec. 10
Preferred ruarterly)
Feb. 20 Sept 10
$I
Preferred (quarterly)
Apr. 5 Mar. 10
SI
Preferred (quarterly)
$1
July 5 June 10
United Verde Extension Mining Co
25c Nov. 1 Oct. 54
Upper Michigan Pow.& Lt.,6% pref. (quar.)
1 Si Nov. 15
8% preferred (quar.)
5134 Jan. 1
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:
TATEMENT OF MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR WEEK ENDED SATURDAY. OCT. 13 1934
Clearing House
Members
Surplus and Net Demand
Undivided
Deposits,
Profits
Average
• Capital
$
Bank of NY & Trust Co
8,000.000
Bank of Manhattan Co.
20,000.000
National City Bank,,__ 127,500,000
Chem Bank & Trust Co.
20.000.000
Guaranty Trust Co
90,000.000
Manufacturers Trust Co
32.935,000
Cent Hanover Bk & Tr Co
21,000,000
Corn Each Bank Tr Co.
15.000.000
First National Bank
10,000.000
Irving Trust Co
50,000.000
Continental Bk & Tr Co
4.000,000
Chase National Bank... 150,270,600
Fifth Avenue Bank
560,000
Bankers Trust Co
25,000,000
Title Guar & Trust Co
16.000,000
Marine Midland Tr Co_
5,000,000
New York Trust Co
12,500,000
Consul Nat Bit & Tr Co
7,000,000
Public Nat Bk & Tr Co.
8.250,000
3
3
10.198.000
102.599,000
31,931.700
313.446,000
38.849,300 a950,205,000
48,541.900
332.919,000
177,187,500 8089.305,000
10,297,500
253,308.000
81,309,300
575.529,000
18,208,100
182.581,000
88,203,400
397,142,000
57,789.400
371,815,000
3,548.700
27,323,000
85,803,400 4(1,288.455.600
3,278,400
41,548.000
80.123,700 .1597,103,000
8,185,100
18 382,000
7,378,900
48,814,000
21,714,500
215,388,000
7,594.300
53,380,000
5,078.100
47,872,000
Tires
Deposits,
Average
3
12,239,000
31.543.000
173,855,000
25,851.000
54,757.000
101,355.000
27.886,000
21,215,000
14.178,000
11.514,000
3,281.0012
72,351.000
102.000
22,407,060
277,600
4.079.000
19,398,000
1,849,000
35,418,000
Totals
814.955,000 723,157,200 8.784.494,000 833,513.000
As per official reports: National, Sept. 30 1934; State. Sept. 30 1934; trust
companies, Sept. 30 1934.
Includes deposits in foreign branches: a 8202.708,000; b $58,812,000; e 573,008,000: el 824,431,000.
The New York "Times" publishes regularly each week
returns of a number of banks and trust companies which
are not members of the New York Clearing House. The
following are the figures for the week ended Oct. 12:
INSTITUTIONS NOT IN THE CLEARING HOUSE WITH THE CLOSING
OF BUSINESS FOR THE WEEK ENDED FRIDAY, OCT. 12 1934
NATIONAL AND STATE BANKS—AVERAGE FIGURES
Loans
Disc. and
Investmants
Manhattan
$
Grace National
22,952,800
Trade Bank of N. Y. 3,453,288
Brooklyn—.
People's Nationa1_ 5.070.000
Cash
Res. Dep., Dep. Other
N. Y. and Baas and
Elsewhere
Trust Cos.
$
73,500
117,812
3
1.904,900
521,247
94.000
320.000
Gross
Deposits
$
3
1.836,000 22.015.400
87,217 3,147,297
199.000
6.080.000
TRUST COMPANIES—AVERAGE FIGURES
Loans
Disc. and
Immanent:
Cash
Ra. Dep.. Dep. Other
N. Y. and Banks and
Elsewhere
Truer Cos.
Grass
Deposit*
Manhattan—
S
$
$
$
3
Empire
58,893.000 *3,820,300 7,423,200 2,113,000 57.382,900
FederatIOn
8,745.203
88,869
681,493
980,199 13,888,2135
Fiduciary
9,189,152
*584,033
280,171
82,385 8,024,827
Fulton
17,340,100 *2,407.1360
9138,400
929,900 18.7913,800
Lawyers County
29,800,400 "4,884,500
381,700
32,344.300
United States
83,535,284 13,810,342 18,383,411
85.300.549
Brooklyn—
Brooklyn
88.781.000 2.381.000 23,584.000
284,000 100,878,000
Moon Counts,
27.337.331 2.001.461 6.723.705
29.485.631
• Includes amount with Federal Reserve as follows: Empire. $2,814,200: Fiduciary, $339,929; Fulton, $2,268,300; Lawyers County, 54.034,200.
Oct. 20 1934
Per
When Holders
Share. Payable. of Record.
Name of Company.
Universal Leaf Tobacco Co.. Inc.. corn. (quar.).
Utica Chenango & Susquehanna Valley Ry.—
Semi-annual
Utica Clintor & Binghamton.debenture (5.-a.).
Utica Gas dr Electric, 7% pref. (quar.)
56 preferred (guar.)
Virginian Ity.. preferred (quar.)
Vogt Manufacturing
Vulcan (ha iiiiig
Preferred (quar.)
Walluku Sugar Co.(monthly)
Walgreen Co
Quarterly
Walker Mfg.. $3 preferred
Walton (Chas. S.) & Co.. pref. (quar.)
Warren Foundry & Pipe Corp
Washington Gam Light Co.(quar.)
Washington Light & Traction Co.(D. C.)(qu.).
Westinghouse Air Bral‘e Co.(quar.)
Westinghouse Elect. & Mfg.. pref. (quar.)
West Jersey & Seashore lilt.6% spec. gtd.(s.-a.)
West Penn Electric Co..7% cum. pref.(quar.)
6% cumulative preferred (guar.)
West Penn Power. 6% pref. (guar.)
7% preferred (quarterly)
Weyenberg Shoe Mfg preferred (quar.)
Wilcox Filch Corp.. class B
Winstead Hosiery (qusr )_
Wisconsin Telephone Co.. 7% pref. (guar.)._
Woolworth (F. W.) Co.(guar.)
Worcester Salt. pref. (quar:)
Wroday i Wm.) Jr. Co. (monthly)
Monthly
York Railways. 5% pref. (quar.)
50c
Nov. 1 Oct. 17
$3 Nov. 1 Oct. 15
$24 Dec. 26 Dec. 28
$lu Nov. 15 Nov.
1
$134 Nov. I Oct. 15
SI Si Nov. 1 Oct. 13
25c Nov. 1 Oct. 15
uct. 2(1 i't. 10
1St
20c Oct. 20 Oct. 15
e5% Nov. 1 Oct. 15
25c Nov. 1 Oct. 15
h75c Nov. 1 (let. 20
$2 Nov. 1 Oct. 15
50c Nov 1 Oct. 15
90c Nov. 1 Oct. 15
$2 Nov. 11 Oct. 22
1234c Oct. 31 Sept.29
87 Sic Oct. 31 Oct. 15
$1 34 Dec. 1 Nov. 15
1 Si% Nov. 15 Oct. 19
Nov. 15 Oct. 19
11
Nov. 1 Oct. 5
Nov. 1 Oct. 5
tee. 15 (2ec. 5
'a
20c Nov. 15 Nov. 1
SI si Nov. 1 let. 15
h$7
Oct. 31 Sept. 20
60c Dec. 1 Nov. 9
$134 Nov. 15 Nov. 5
25c Nov. I Oct. 20
25c Dec. 1 Nov.20
62Sic Oct. 31
:
314
31
t The New York Stock Exchange has ruled that stock will not be quoted
ex-dividend on this date and not until further notice.
The New York Curb Exchange Association has ruled that stock will
not be quoted ex-dividend on tots date and not until further notice.
a Transfer books not closed for this dividend.
d Correction. e Payable in 'flock.
,f Payable In common stock. g Payable in scrip. h On account of accumulated dividends I Payable in preferred stock.
m American Cities Power 5r Light Corp. declared a div. of 1-32nd of one
share of class B stock upon each share of cony. class A stock, optional div.
series. Class A stockholders have the option of receiving 75c. In cash in
lieu of the div. In class B stock, provided written notice is received by the
Corporation on or before Oct. 15 1934.
n Any holder of Standard Fruit & Steamship Corp. cum. $7 pref. stock
who presents the same for conversion into participating preference stock
and common stock on or before the date last mentioned will thereby become
a holder of participating preference stock, entitled to share in such.
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.
U Payable In U. S. funds. s A unit w Less depositary expenses.
x Lass tax y A deduction has been made for expenses.
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 Oct. 17 1934,
in comparison with the previous week and the corresponding
date last year:
Oct. 17 1934 Oct. 10 1934 Oct. 18 1933
Assets—
Gold certificates on band and due from
U. S. Treasury_x
1,878,407,000 1,721,283.000 263.010.000
Gold
716,611,000
Redemption fund—F. R. notes
1,095.000
1,377.000
6,845,000
Other cash
53,754.000
49,828,000
55,941,000
TOM reserves
1,733,258,000 1,772,488,000 1,042,407,000
Redemption fund—F.R. bank notes.....
1,965,000
1,847,000
2,847,000
Bills discounted:
Secured by U. B. Govt. obligations—
2,149,000
1.817.000
12,075,000
Other bills discounted
4.441,000
5,044,000
27,613,000
Total bills discounted
8,590.000
8.881,000
39,688,000
Bills bought in open market
2,485,000
2,188.000
2,195,000
Industrial Advances
335.000
286,000
U. S. Government securities:
Bands
140.957,000 140,957.0(.0 169,997,000
Treasury notes
448,075,000 448,075,000 335,612,000
Certificates and bills
188,723,000 188.723,000 308,192,000
Total U.S.Government securities..
777,755,000
777,755,000
813,801,000
Total bills and securities
787,165.000
787,088,000
856,677.000
Gold held abroad
Due from foreign banks
F. It. notes or other banks
Uncollected items
Bank premises
All other vegeta
402,000
7,260,000
153.079,000
11,480,000
30,554,000
402,000
5,290.000
102.515,000
11.480,000
39,883.000
2,608,000
5,407,000
124,326,000
12,818,000
24,802,000
Other securities
Total assets
993,000
2,725,181.000 2,720,733.000 2,071,892,000
Liabilities—
F. R. notes In actual circulation
857,378.000 659.979.000 641,558,000
F. R. bank notes In actual circulation net
28,389,000
28,853,000
51,848,000
Depoelts—Nlember bank reserve seal_ 1,628,322,000
1.885.885.000 1,056,716,000
U. S. Treasurer—General account_
19,778,000
22,892,000
825,000
Foreign bank
2,021,000
2,891.000
6,224,000
Other deposits
108,792.000 110.940.000
37,060,000
Total deposits
1,754,911,000 1,802.388,000 1,100,825,000
Deferred availability items
154.328.000
99.768,000 118.134,000
Capital paid in
59,829,000
59.809,000
58,497.000
Surplus
45,217,000
45,217,000
85,058,000
Reserve for contingencies_
4,737,000
4.737.000
1,667,000
All other liabilities
20,594,000
20.382.000
14,305,000
Total liabilities
2 725,181,000 2,720,733,000 2,071,892,000
Ratio of total reserves to deposit and
F. R. note liabilities combined
71.9%
72.0%
59.8%
Contingent liability on bills purchased
for foreign correspondents
38.000
133,000
12,034,000
Commitments to make industrial
advances
389,000
24,000
•"Other cash" does not Include Federal Reserve notes or a bana's
own Federal
Reserve bank notes.
These are certificates given by the U. S. Treasury for tne gold
from the Reserve banks when the dollar was on Jan. 31 1934 devaluedtaken over
cents to 59.08 cents, thew certificates being worth less to the extent offrom 100
ference, the difference itself baying been appropriated as profit by the the difTreasury
underthe provisions of the Gold Reserve Act of 1934.
2479
Financial Chronicle
Volume 139
Weekly Return of the Federal Reserve Board
The following is the return issued by the Federal Reserve Board Thursday afternoon, Oct. 18, and showing the condition
af 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."
CONIBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS OCT. 17 1934
Oct. 17 1934 Oct. 10 1934 Oct. 3 1934 Sept. 26 19341Sept. 19 1934 Sept 12 1934 Sept. 5 1934 Aug. 29 1934 Oct. 18 1933
ASSETS.
Gold ctfs. on hand & due from U. Si.._
Gold
Redemption fund (F. It. notes)
Other cash •
Total reserves
$
4,965,342,000 4.960,596,000 4.958.544,000 4,958,007,000 4,957.624.000 4.960,996,000 4.960,078.000 4,979,482,000
22,019,000
215,803,000
21,158,000
204,633,000
21,798,000
211,449,000
22,298,006
236,651,000
23.382,000
229,733,000
23,043,000
228.314,000
23,889,000
209.113,000
24,293,000
235,917,000
956.818.000
2,598,697,000
36.569,000
229,208,000
5,203,164,000 5,186.387,000 5,191,791,000 5,216,956,000 5.210.739,000 5.212,353,000 5.193,080,000 5.239,692,000 3,821,292,000
1,897.000
2,186,000
1,829,000
1,995,000
2.226,000
1.898,000
2,112,600
11,315,000
4,306,000
7,406,000
3,795.000
8,244,000
4,452,000
10.805.000
5.137,000
15,177,000
5.357.000
16.608.000
5.624,000
17,716,000
6,180.000
17.457,000
4,146,000
16,861,000
22.798,000
89,956,000
11,712,000
12,039,000
15,257,000
20,314,000
21.965,000
23,340,000
23,637,000
21,007,000
112,754,000
6.177.000
4,576,000
5,809,000
3.708,000
5,810.000
2,467.000
5,812,000
1,961.000
5,202,000
1.494,000
5.202,000
1,281,000
5,219.000
922,000
5,247,000
810,000
6.569,000
U. S. Government securities-Bonds
Treasury notes
Certificates and bills
395,673,000 395,607,000 396,564,000 395,541,000 396,643,000 467,343.000 467.848.000 467,839.000
1,411,700,000 1,411,708,000 1,419.213,000 1,421,720,000 1,421,710,000 1,324,622,000 1.303,369,000 1,281,420,000
622.886,000 622,887,000 615.388,000 612.872,000 612,369.003 639,311,000 660,592.000 682.543.000
441.395,000
976.161.000
957,723,000
Total U. S. Government securities
Other securities
2,430,265,000 2,430,202,000 2,431,165,000 2.430.133.000 2.430,722.000 2,431,306,000 2.431,809.000 2,431,802,000 2,375.279,000
1,559.000
302,000
391,000
3.56,000
305.000
356,000
356,000
327,000
302,000
Redemption fund-F. R. bank notes
Bills discounted:
Secured by U. S. Govt. obligations
Other bills discounted
2.215.000
Total bills discounted
Bills bought In open market
Industrial Advances
Total bills and securities
2,453,032.000 2.452.060.000 2.455,004,000 2,458,547,000 2,459.739.000 2,461,485,000 2.461,943,000 2,459,257,000 2,496,161,000
4,913,000
Due from foreign banks
1,071,000
2.426,000
3,127.000
1.319,000
3,127,000
3,126,000
1,071,000
1,819,000
17,998,000
Federal Reserve notes of other banks...-.
17.834,000
21,164,000
22.735.000
18,733,000
22,488,000
19.700.000
17.539,000
19,572,000
Uncollected items
591,738,000 427,662,000 479,511,000 433,443.000 486,940.000 458,386,000 436.531,000 401.225,000 482.884.000
54,614,000
Bank premises
52,931,000
52.775.000
52.821.000
52,031,000
52,888,000
52.803.000
52,821.000
52.820,000
47,875,000
All other resources
56,824,000
44,887,000
54,024,000
52,937,000
57,121,000
68.582.000
53,642,000
55.390.000
Total Recta.
LIABILITIES.
F. R. notes in actual circulation
F. R. bank notes in actual circulation_
8.370,202.000 8,196,970,000 8.255,456,000 8.241.545,000 8.290,332,000 8.267,217,000 8,233.503,000 8.232,846,000 6,937,052,000
3 1E2,329,000 3,184.558,000 3,175,674.000 3.134.973.000 3.146.596,000 3,148,449.000 3.149,659,000 3,103,289.000 2,993,917,000
29.425,000
30,194,000
30.633,000
30,479,000
29.664.000
31.432,000
31,933,000 172,143,000
31,127,000
Deposits- Member banks' reserve account 3,996,276,000 3,978,521,000 3,894,632,000 3,969.517,000 3,889,365,000 3,948,304.000 3.907,169,000 4,12
3.000 2,655,343,000
16
1:2
93
78
53.194,000
17.634.000
U. S. Creasurer-General account _a___
51,387.000 156,387,000 154,512.000 210,462.000 138.729,000 162,988,000
29,936,04)0
Foreign barite
7,129.000
15,132,000
9,476,000
10,578,000
7,799.000
9.740,000
12.028.000
11.710.000
176,289,0011 175,232,000 172,933,000 175,920,000 184,524,000 200.998,000 191,180,000 192.686.000 151,122,000
Other deposits
Total deposits
4,232,888,000 4.212,939.000 4,233.428,000 4.309,689.000 4.294,929,000 4,300.059.000 4.273,047,000 4,360,833.000 2,839,231,000
Deferred availability Items
Capital Paid In
Surplus
Reserve for contingencies..
All other liabilities
Total liabilities
588.695.000
146,755,000
138,383.000
22,290,000
29,437,000
432,822,000
146.699.000
138,383,000
22,289.000
29,616,000
480.370,000
146,798,000
138,383.000
22,444.000
28,165,000
430.714,000
146,752,000
138,383,000
22,446,600
28,109,000
482,972,000
146.671.600
138.383.000
22.447,000
27.701,000
453,515,000
146,663,000
138,383,000
22,447,000
26,574.000
434.944.000
146,554.000
138.383,000
22,453,000
37.031,000
4
110
430
86..,35
80
820
30.,.0
000
00
00
04
30
5:000
14
75
1:5
4
2282..554345..000000
278,599,000
2142:410753..000000
8,370,202,006 8.196,970,000 8.255,456,000 8,241,545,000 8.290,332,000 8.267,217.000 8.233,503,000 8,232.846,000 6,937,052,000
Ratio of total reserves to deposits and
F. R. note liabilities combined
Contingent liability on bills purchased for
foreign correspondence
Conumtments to make Industrial advances
70.1%
70.1%
70.1%
70.0%
70.0%
70.0%
70.2%
65.5%
516.600
2,182,000
611.000
1,809,000
690,000
1.633,000
753,000
756.000
599.000
686,000
647,000
681.000
579,000
491,000
573.000
357,000
36,030,000
Maturity Distribution of Bills and
Short-term SecurUtes1-15 days bills discounted
16-30 days bills discounted
31-60 days hills discounted
61 90 days bins discounted
Over 90 days bills discounted
9,256,000
395.000
771.600
1,241,000
49,000
9,514,000
351,000
969,000
1,149,000
56.000
12,570.000
474.000
1.012.000
1,172.000
29,000
13,767.000
770,000
495,000
5,251,000
31,000
15,090,000
990.000
671.000
5,180.000
34,000
17,401,000
646.000
651,000
4,598,000
44.000
21,320.000
725.000
676,000
864,000
52.000
17.667.000
1.584.000
811.000
884,000
61.000
$1,432,000
9,456,000
11,712,000
12,039,000
15.257,000
20,314,000
21,965.000
23,340,000
23,637.000
21,007,000
112,754,000
4.036,000
964,000
905.000
172,000
50.000
3,917,000
413,000
1.254,000
225,000
186,000
3,687,000
320,000
1,617.000
149,000
3,703.000
349.000
1.611,000
222,000
360.000
4,288,00))
392,000
441,000
142.000
928,000
3,691,000
406,000
192.000
765,000
3.856,000
3,594.000
456.000
741,000
456.000
3,408,000
475,000
2,118,000
568,000
6,177,000
5,809,000
5.810,000
5,812,000
5,202.000
5,202,000
5.219,000
5.247.000
6.569,000
5,000
15.000
102,000
99,000
4,355,000
18,000
8,000
102,000
83,000
3,497,000
4,000
21.000
25,000
133,000
2,284,000
18.000
18,000
82,000
46,000
1,797,000
15,000
20.000
25,000
79.006
1.355.000
3,000
17.000
25,000
80,000
1.156.000
3,000
1.000
9.000
59,000
850,000
2,000
5,000
10,000
793,000
Total bills discounted
1-15 days bills bought in open market.- 16-30 (lays bills bought In oven market...._
31-60 days bilk bought In open market61-90 days bills bought In open market___
Over 90 days bills bought in open market
Total bills bought In open market
1-15 days industrial advances
16-30 days Industrial advances
31-60 days Industrial advances
61-90 days Industrial advances
Over 90 days industrial advances
Total Industrial advances
70.2%
1,96:04,,g11):
1,018,000
b
4.576.000
3,708,000
2,467,000
1,961,000
1.494.000
1.281,000
922,000
810.000
33,078,000
38,990,000
185,170,000
77,379,000
288,269,000
33.078,000
38,6110,000
36,425.000
229,925,000
284,769,000
40.782.000
35,079,000
54.865,000
209,276,000
275.386,000
46.547,000
32,078.000
71,115.000
187.525,000
275.607.000
48.515.000
43.982,000
75.568,000
189.169.000
255.135,000
48.522,000
51.547.000
78,4138,000
40.875,000
419.929,000
23.022.000
64,515,000
112.310,000
69,815.000
390,930,000
li 5
6 a.28
..,;,
104,325,000
110.815.000
369,280,000
117:
.
'
lii ;V:(
)
04
0
622,886,000
622,887.000
615,388,000
612,872,000
612,369,000
639,341.000
660,592.000
682.543.000
957,723,000
1-15 days municipal warrants
16-30 days municipal warrants
31-60 days munictom warrants
61-90 days municipal warrants
Over 90 days municipal warrants
302,000
302,000
305,000
327.000
356,000
356,000
356,000
391,000
1,449,000
Total municipal warrants
-Frdera1 Reserve NotesIssued to F. rt. Bank by F. it. Agent___
Held by Federal Reserve Bank
302,000
1-15 days U. S. certificates and bills
16-30 days U. S. certificates and bills
31-60 days U. S. certIrleate; and bills
61-90 days U. S. certificates and bills.
Over 90 (lays U. S. certificates and bills
Total U. S. certificates and bills
In actual Circulation..
.
:(1„g;..(10
00
362,304,000
37,000
73.000
302,000
305,000
327,000
356.000
356,000
356.000
391,000
1,559,000
3,474,757,000 3,471,589.000 3,448,330,000 3,427.582,000 3.435.055.000 3,436.603,000 3.416,357.000 3,392,499.000 3,262,380,000
292,428,000 287.031.000 272,656,000 292,609.000 288,459,000 288.154,000 266.698.000 289.210.000 268,463,000
3,182,329,000 3,184,558 000 3,175.674,000 3.134.973.000 3,146.596.000 3,145.449.000 3,149,659.000 3.103,289.000 2,993,917,000
Collateral Held bp .4gent as Securtty for
Soles Issued to BankGold cols on hand & clue from U. S. Treast
By From and gold certificates
3,214,416,000 3.194.416,000 3.177.416,000 3,175,916,000 3.187.416,000 3,189,656,000 3.145.56.000 3.130,656.000 1524794000
Gold fund-Federal Reserve Board
(1 152805 000
8,449,000
8,190,000
9,414.000
By eligible paper
10,662,000
11,788,000
69,032,000
10.665,000
12,852,000
13,120.000
294,400,000 292,400,000 304,800.000 298,800,000 292.300,000 278,400,000 296.000,000 296.000.000 575,200,000
(J. S. Government securities
.........
3,517,265.000 3,495,006,000 3.491,630.000 3,435,378.000 3.491.504.000 3.480.005.000 3,454.276,000 3,437.311 min 3.321.831.000
_
•"Other cash" does not include Federal Reserve notes or a bank's own Federal Reserve bank notes.
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 toe difference, the difference itoij having been appropriated as profit by the Treasury under the provisions
the Gold Reserve Act of 1934.
• Caption changed from "Government" to "U. s Treasurer-General account" and 0100.000.000 Included In Government deposits on May 2 transferred to "Other
b Less than 5500.000.
deposits.'
Total collateral..
2480
Financial Chronicle
Oct. 20 1934
Weekly Return of the Federal Reserve Board (Concluded)
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF
BUSINESS OCT. 17 1934
Two Ciphers (00) Omitted.
Federal Reserre Bank of-
RESOURCES
Total
Boston
$
5
New York
• Phila.
8
Cleveland
$
Richmond Atlanta
$
$
St. Louis .Vinneap. Kan. Cup
Chicago
Dallas
San Fran.
$
8
8
$
$
$
$
Gold certificates on band and du
from U.S. Treasury
4,965,342,0 372,344,0 1,678,407.0 269,011.0 368,315,0 193,679.0 113,639,0 1,031,738,0 196,469,0 136,771.0 171,014,0 112,299,0
321,656,0
Redemption fund-F. R. notes._
1,056,0
22,019,0
2.786,0
1.095.0
2,527,0
1,707,0
3,995,0
1,981,0
760,0
987,0
741,0
405,0
3,979.0
Other cash
53,754,0 34,927,0 10.887,0
215,803,0 20,678,0
8,428,0 11,149,0
9,553,0 10,791,0
29,174,0
7,124,0 6,711,0 12,597,0
Total reserves
5,203,164,0 394,078.0 1,733,256,0 306,724,0 381,729,0 203,814,0 128,783,0 1,062,893,9 298,812,0 148,549,0 178,879,0
119,415,0 338.232,0
Redem. fund-F. R. bank notes.
1,965,0
250,0
2,215,0
Bills discounted:
Bee. by. U. S. Govt.obligations
2,149.0
1,201.0
4,306.0
121,0
448,0
81,0
58,0
182,0
7.0
51,0
10,0
Other bills discounted
4,441,0
21,0
1,869.0
7,406.0
244,0
343,0
123,0
46,0
38,0
153,0
44,0
84,0
Total bills discounted
Bills bought In open market
Industrial advances
U. S. Government securities:
Bonds
Treasury notes
Certificates and bills
1,222,0
418,0
902,0
11,712,0
6,177,0
4,576,0
6,590,0
2,485,0
335,0
2,317,0
603,0
207,0
365,0
546,0
111,0
424,0
216,0
481,0
179,0
249,0
468,0
731,0
459,0
228.0
122,0
363,0
45,0
85.0
613,0
204,0
159,0
215,0
44,0
159,0
407.0
94,0
404,0
15.0
395.673,0 23,214.0
1,411.706,0 92.881,0
622.886,0 41,583,0
140,957,0 25,139,0 30,557,0 14,854.0 13,576,0
448,075,0 98,609,0 126,040,0 61,274,0 55,739,0
188,723,0 43,372,0 56.428,0 27,434,0 24.954,0
62,143,0 13,797,0 15.424,0 13,336,0 18.819,0 23,857,0
250,364,0 54,848,0 34.860,0 64,232,0 36,372.0 98.412,0
115.836,0 24.555,0 15,379,0 24,276,0 16.284.0 44.062,0
Total U. S., ovt. securities. 2,430,265,0 157,678,0
Oiliersecurities
302,0
777.755,0 167,120,0 213,025.0 103,562,0 94,269,0
302.0
428,343,0 93,200,0 65,663,0 91,844,0 71,475,0 168,331,0
Total bills and securities
2,453,032.0 160,220,0
Due from foreign banks
1,071,0
80,0
Fed. Res. notes of other banks...21,164,0
316,0
Uncollected Items
591.733,0 60,979.0
Bank premises
3,224,0
52.931.0
All other resources
44,887,0
637,0
787.185,0 170,549,0 214,047,0 104,683,0 95,165,0
402,0
41,0
103,0
116,0
37,0
1,892,0
1,035,0
650,0
7,260.0
749.0
153,079,0 47,233,0 57,482.0 50,561,0 18.817,0
11,480.0
3.128,0
4,431.0 6.788,0
2,372.0
30,554,0
1,446,0
4,636.0
2,000,0
1,642,0
429.533,0 93,913.0 66,406,0 92,422,0 72.085,0 166,844.0
9,0
146.0
7.0
30.0
30.0
76,0
722,0
3,536,0
1,231,0
2.063.0
248,0
1.462,0
74.496,0 25,968.0 15,994,0 34,979,0 23.498,0 28.652,0
7,337,0
3.126,0
1.664,0
3,485,0
1.757,0
4,089,0
937,0
233,0
903,0
467,0
865,0
567,0
--8,370,202,0 619,784,0 2,725,161,0 534,339.0 662,630,0 365,761,0 247,923,0 1.578.922,0 330.783.0 234,754,0 312,325.0 217,898,0 539,922,0
Total resources
LIABILITIES
F. It. notes in actual circulation_ 3,182.329,0 267,653,0 657,378,0 240,888,0 303.813,0 169.617,0 135,129.0
F. R. bank notes In act'l circurn__
29,425,0
1,056,0
28,369,0
Deposits:
Member bank reserve account_ 3,996,276.0 260.984,0 1,626,322,0 207,185,0 266.642,0 133,673.0 73,630.0
U. S. Treasurer-Gen. acct.__
53,194,0
1,150,0
2,712,0
2,338,0
19.776,0
834,0
2,747.0
Foreign bank
7,129,0
2,021,0
562,0
750.0
812.0
297,0
273.0
Other deposits
176.289,0
4,053,0 106,792,0 6,168,0
4.212,0
1.829,0
5.586.0
673.951,0 133,146,0 93,811,0 148.866,0 121,880,0 256.186,0
7,476.0
2,655.0
3.465,0
1,333.0
3,880.0
5,428,0
984,0
180,0
258,0
219,0
219.0
554,0
3,555,0 14.903,0
8,160,0
3.786.0 2.518.0 14,727,0
Total deposits
Deferred avallabilltY Items
Capital paid In
Surplus
Reserve for contingenelet
All other liabilities
685,966.0 151,772,0 104,206.0 154,204,0 128,497,0 276.895,0
77,377,0 27,111,0 15,742,0 33.448,0 26.136.0 26,572,0
3,123,0
4.063,0
12.705,0
4.127,0 4,032,0 10.793,0
20.631,0
3,420,0
4,756.0
3,613.0
3.683.0
9.645.0
850.0
2,967,0
1.026,0
620,0
1,133.0
1.619,0
211,0
637,0
4,189,0
141,0
341,0
452,0
4,232,888.0 268,311.0 1,754,911,0 215,315,0 273,942,0 136,633.0 82.236,0
588,695,0 60,562,0 154,326.0 46,435,0 54,749,0 48.083.0 18,154,0
59,629,0 15,189,0 12,993,0
4,961,0
146,755,0 10,761,0
4.379,0
138.383,0
45,217,0 13,352.0 14,090.0
9,610,0
5,171.0
5,145,0
22,290,0
2,345,0
4,737,0
1,053,0
2,300,0
2,485.0
1.155,0
29,437,0
743,0
815.0
20,594.0
778,0
141.0
395.0
Total liabilities
775,037.0 141,594.0 107,026,0 116,172.0 54,076,0 213,946,0
-
8,370,202,0 619.784,0 2,725,161,0 534.339,0 662,630,0 365,761,0 247,923,0 1,578,922,0 330,783,0 234.754,0 312,325,0 217,898,0 539,922,0
Memoranda
Ratio of total res. to dep. AC F. R.
note liabilities combined
Contingent liability on bills Purchased for torn correspondents
Commitments to make industrial
advances
70.2
73.5
71.9
67.2
66.1
66.6
59.2
72.8
70.5
70.3
516,0
53,0
38,0
76,0
70,0
28,0
26.0
92,0
24,0
17,0
2102.0
676.0
369.0
19.0
121.0
75.0
70,0
.
66.2
65.4
20,0
20,0
68.9
.
530,0
52,0
172,0
150.0
•"Other Cash" does not include Federal Reserve notes or bank's own Federal Reserve bank notes.
FEDERAL RESERVE NOTE STATEMENT
Two Ciphers (00)()mated.
Pedera-Reserve Agent at-
Total
Tntod collateral
764,288.0 257.986,0 320.297,0 179,410,0 150.582,0
9,793,0 15.453,0
106.910.0 17.098,0 16,484,0
657,378,0 240,888,0 303,813,0 169,617,0 135,129,0
775,037,0 141,594,0 107,026,0 116,172.0 54,076,0 213,946,0
773.706,0 218,000,0 271,431,0 150,340,0 81,385,0
5,090,0
364,0
841.0
285.0
202,0
40,000,0 50,000,0 30,000,0 72,000,0
792,513,0 139,936.0 109,000,0 111,550,0 60,675,0 210.763,0
228.0
7,0
141,0
44.01
25.0
7,000,0
30,000.0
3,400,0 15.000.0
47,000,0
778.798.0 258.841.0 321.795.0 180.625.0 153.587.0
822.513,0 147,164,0 112,407.0 126,691.0 60.719
$
York
3 017 265.0 2913.339.0
Phila.
Cleveland Richmond Atlanta
$
$
In actual circulation
3,182,329,0 267,653,0
Collateral held by Agent as security for notes issued to bkir
Gold certificates on hand and
due from U.S. Treasury...-. 3,214,416,0 295,117,0
Eligible paper
1,222.0
8,449.0
U. S. Government securities.. 294,400,0
Total
Boston
New
York
Phila.
Federal Reserve bank notes:
Issued to F. R. Bk.(outatdg.).
Held by Fed'I Reserve Bank__
3
40,828,0
11,403,0
1,511,0
455,0
8
29,109.0 10.208,0
740,0 10,208,0
In actual circulation-net ...
Collat, pledged eget. outst. notes:
Discounted dc purchased bills
U. EL Government securities..
29,425,0
1,056,0
28,369.0
Chicago
$
s
m267 7fIll n
BANK NOTE STATEMENT
Cleveland Richmond Atlanta
$
$
s
s
FEDERAL RESERVE
Two Ciphers (00) Omitted.
Federal Reserve Agent at-
X.Lends
Miami, Kan. Cap Dallas Son Fran.
----•
$
8
5
$
S
811.105.0 145.658.0 111,746.0 124,184,0 59.569.0 258,217,0
4.064,0
36,068.0
4,720.0
8,012,0
5.493,0 42.271,0
New
Boston
s
Federal Reserve notes:
Issued to F.R.Bk. by F.R.Agt- 3,474,757.0 293.715.0
Held by Fed'I Reeerve Bank- 292.428.0 28.062,0
$
$
Chicago
$
8
St. Louts Minneap. Kan. City
$
$
Dallas
$
San Fran.
-$
-.
Total collateral
46,474,0
5,000,0
29,474,0 12,000,0
46,474,0
5,000,0
29,474,0 12,000,0
_
•
• Dom not Include S88.209,000 of Federal Reserve Nog notes tor the retirement ot which Federal Reserve banks have deposited lawful money with
the Treasurer of
Sill United States.
Weekly Return for the Member Banks of the Federal Reserve System
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the reporting member banks in 91 leading cities from which weekly returns are obtained. These figures
are always a week behind those for the Reserve banks themselves. The comment of the Reserve Board upon the figures for
the latest week appears in our department of "Current Events and Discussions," immediately preceding which we also give the
figures of New York and Chicago reporting member banks for a week later.
PRINCIPAL RESOURCES AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN EACH FEDERAL. RESERVE DISTRICT AS AT
CLOSE OF
BUSINESS OCT. 10 1934 an Minions of Dollars)
Federal Reserve DistrictLoans and Inveetmente--total
Loans-total
On securities
An other
Investments-total
U. S. Government securities
Other securities
Reserve with F. R. Bank
Cash in vault
Net demand deposits
Time deposits
Government depasits
Duv from banks
Due to banks
lanromerinan trnm'
P..P._ Bank
Richmond Atlanta Chicago St. Louis Minneap. Kan. City
Dallas San Fran.
-- - --- -- - -3
8
$
$
$
3
5
$
Mai
Boston
New York
Phila.
Cleveland
$
s
s
s
s
17,824
1,202
8,004
1,059
1,178
350
334
1,926
516
363
584
434
7,814
662
3,533
483
398
161
173
712
218
164
215
195
3,055
4,759
222
440
1,613
1,920
207
276
182
216
57
104
56
117
288
424
72
146
38
126
57
158
50
145
10,010
540
4,471
576
780
189
161
1,214
298
199
369
239
974
6,658
3,352
368
172
2,999
1,472
292
284
570
210
129
60
101
80
861
353
181
117
141
58
243
126
180
69
593
381
2,977
273
13,204
4,468
1,095
1,541
3,864
206
70
913
338
90
108
206
1,487
57
6.767
1,091
630
129
1,690
126
14
687
314
61
139
232
143
19
651
459
41
102
172
55
12
235
135
8
92
99
27
6
184
128
23
77
77
475
47
1,709
439
52
221
521
86
8
353
166
30
96
151
88
4
253
125
10
78
114
85
11
459
166
20
180
281
76
0
290
122
60
133
145
153
16
703
937
70
186
198
.
1,874
900
213
687
Pt
Financial Chronicle
Volume 139
New York Stock Exchange Requests Data of Relationship Between Members and Investment Counsel
and Statistical Organizations.
Information as to the relationship between New York
Stock Exchange member firms and investment counsel and
statistical organizations is being sought by the Exchange
through a letter sent to the members on Oct. 17 by Ashbel
Green, Secretary. It is stated in the letter that the request
is made "in order that some uniform practice respecting such
matters may be adopted if deemed advisable.' The letter
follows:
NEW YORK STOCK EXCHANGE
Committee on Quotations and Commissions
Oct. 17. 1934.
To Member Firms:
The Committee on Quotations and Commissions is seeking information
with respect to arrangements between member firms and various investment counsel and statistical organizations in order that some uniform practice respecting such matters may be adopted if deemed advisable.
The Committee, therefore, requests that all members report concerning
any present or prospective arrangement between themselves and said organizations. giving the character of the services rendered by the organizations
the re nuneration paid therefor.
Me.nber firms are requested to furnish this information to the Committee
on Quotations and Commissions at their early convenience.
ASLIBEL GREEN, Secretary.
From the New York "Herald Tribune" of Oct. 19 we take
the following:
Particularly since the slump of trading during recent months, there has
been a trend to ward establishing separate investment counsel and statistical
departments by member firms. In some cases it has taken the form of
giving office space to investment counsel free of charge. The counsel
charge the firm's customers fees for their service. Firms have also set up
separate organizations, owned and controlled by the partmers, to give advice on a definite fee schedule. In other cases, contracts have been made
with outside statistical organizations to handle business for the firm.
Generally, any business developed by investment counsel is sent through
the brokerage firm, which therefore gains commissions through the arrangement. Ho.vever, some of the investment counsel point out to clients
that the business may be sent through any Stock Exchange house.
The Stock E(change has a provision in its constitution to the effect that
members or member firms controlling a corporation engaged In the "business of buying and selling securities" shall be responsible for the conduct of
the corporation in regard to fraud and In regard to any regulations of the
Stock E(change. The constitution particularly mentions any move to "defeat the purpose of the commission law the exchange."
New York Curb Exchange Seeks Privilege of Continuing Unlisted Trading Temporarily in Unlisted Securities
-All Applications by Exchange Approved
by SEC
The New York Curb Exchange announced on Oct. 13
that it had applied to the Securities and Exchange Commission for the privilege of continuing unlisted trading temporarily in all its unlisted securities. "The Securities and Exchange Commission has not rejected any of the Curb's
applications," the Curb's announcement of Oct. 13 said,
adding that "trading will therefore continue as usual after
Oct. 14 in all securities presently admitted to unlisted trading
on the Exchange." The announcement continued:
All applications filed by issuers of securities fully listed on the New York
Curb E c hange for the temporary registration of their securities have been
accepted by the SEC.
All applications which were made by the Curb
Exchange for the temporary registration of American Shares of foreign
corporations, and for the temporary registration of the securities of foreign
corporations and all companies in receivership and(or) bankruptcy have
been accepted by the SEC.
The issuers of 14 securities fully listed on the New York Curb
Exchange
have failed to file applications for the temporary registration of their securitles.
The Week on the New York Stock Market-For review
of New York Stock market, see editorial pages.
itANnACTIoNS AT r HE NEW YORK riToCK EXCHANGE
DAILY WEEKLY AND YEARLY
Stocks.
Railroad
Stale.
Week ktided
Number of and Mina. Municipal
Oct. 19 1934
Shares.
Poen Bonds.
Bonds.
_
Saturday
414,090 $4,204,000 $1,289,000
Monday
4,808.000
511.076
2,127,000
Tuesday
677.730
7,123,000
1,897.000
Wednesday
862.210
7,111,000
1.783,000
Thursday
655.110
5,889,000
2,251,000
Friday
527,312
5,456.000
1.745,000
Total
United
States
Bonds.
Total
Bond
Sates.
51.097.000
3,357,000
7,167,000
4.732.000
3,449,000
2,806,000
56,590.000
10,292,000
16,187,000
13.626,000
11,589,000
10.007,000
3,447,528 534,591,000 511,092,000 $22,608,000 $68,291,000
Sates at
New York Stock
&change
Week Ended Oa. 19
1933.
--3,447,528 13,263,937
273.881,281
572,600,571)
$5.738.800
14.242,000
36,552.000
$736.693.700
503.536,000
1,858,319,000
$349.088,000
612,906,000
1.729,040,900
Stocks-No. of shares,
Bands
Government bonds... $22,608,000
State & foreign bonds_
11,092.000
Railroad bonds
34,591,000
Total
Jan. 1(0 Oct. 19.
1934.
1934.
1933.
888,291,000 $56,530,800 $3,098,548,700 52,691.032.900
Quotations for United States Treasury Certificates of
Indebtedness, &c.-Friday, Oct. 19
Maturity.
mt.
Rats.
Rid.
Asked.
Maturity
Du.
Rate.
Sept. 15 1936.
Aug 1 1935-lune 15 1939___
Dec. 15 11)34.._
Mar 15 1935...
Sept. 15 1939._.
Dec 15 1933...
Feb. 111138..
Dee. 15 l936._.
1 )4 %
1 4%
214%
24%
24%
24%
241 W.
24%
234%
10022n
191232
1002232
(00",,
Min
10 I N.
Hue"
102"as
103,0n
1001,,,
101'11
100243,
(00",,
101 113,
102132
invia
102"ss
10314n
Apr. 151936....
.11ne 15 1938_
June IS 1935.. _
Feb 15 1937...
Ivr 15 1437..,
M er. 15 1938. _.
Aug. I 1936...
dept.15 1937_ _
2(4%
2 ti %
3%
3%
3%
3%
3q %
34%
Bid.
102802,
103",,
102
103203,
103Irn
10312,
103123,
104"n
Asked.
1031n
10314.
102233
103sist
1032482
103"n
103n.,
104"as
2481
United States Government Securities
Bankers Acceptances
NEW YORK AND HANSEATIC CORPORATION
37 WALL ST., NEW YORK
U. S.Treasury Bills-Friday, Oct. 19
Rates quoted are for discount at purchase.
Bid.
Oct. 24 1934
Oct. 31 1934
Nov. 7 1934
Nov. 14 1934
Nov.21 1934
Dec. 19 1934
Dec. 26 1934
Jan. 2 1935
Jan. 9 1935
Jan. 16 1935
Jan. 23 1935
Asked.
0.15%
0.15%
0.20%
0.20%
0.20%
0.20%
0 20%
0.25%
0.25%
025%
0.25%
Jan. 30 1935
FeO. 6 1933
Feb. 13 1935
Feb. 20 1985
Feb. 27 1935
Mar. 6 1934
Mar. 13 1935
Mar. 20 1935
Mar. 27 1935
Apr. 3 1935
Apr. 10 1935
Ann 17 1935 ...
_
Bid.
Asked.
0.25%
0.30%
0.30%
0.30%
0.30%
0.30%
0.30%
0.30%
0.80%
0.30%
0.30%
0.30%
-- -
United States Government Securities on the New
York Stock Exchange-Below we furnish a daily record
of the transactions in Liberty Loan, Home Owners' Loan,
Federal Farm Mortgage Corporation's bonds and Treasury
certificates on the New York Stock Exchange:
Daily Record of U. S. Bond Prices Oct. 13 Oct. 15 Oct. 16 04.17 Oct. 18 Oct. 19
First Liberty LoanHigh
3M% bonds of 1932-4'7..1.°w.
(Close
(First 3545)
Total sales in $1.000 units.__
Converted 4% bonds of.i High
1932-47 (First eo.... LewClose
Total sales in mom untts___
Converted 4 M % bonds.fligh
of 1932-47 (First 4345)41,0W.
(Close
Total sales in $1,000 units.__
Second converted 44%1 High
bonds of 1932-47 (First Low.
Close
Second434s)
Total sales in $1,000 units...
FourthLiberty Loan
{High
434% bonds of 1933-38._ Low.
(Fourth 4345)
Close
Total sales in $1 000 units...
FourthLiberty Loan
{High
44% bonds (3d called). 1.0w
Close
Total sales in $1,000 units-Treasury
{High
445 1947-52
LowClose
Total sales in $1,000 units.__
1High
is, 1944-54
Low
Close
Total sales in $1,000 units.High
43(s-3MB, 1943-45
.11.0W.
Close
Total sales in $1.000 units__.
High
390, 1946-56
Low.
Close
Total sales in $1,000 units___
High
Low_
314s. 1943-47
Close
Total sales in 21,000 untts..._
High
Low.
38, 1951-55
Close
Total sates in $L000 units ___
(High
Low_
3s. 1948-48
Close
Total sales in $1,000 units-High
3He. 1940-43
Low.
Close
Total sales in 81.000 units.._
{High
34s. 1941-43
Low.
Close
Total sales in $1,000 units.._
{High
34s. 1946-49
Low.
Close
Total sales in $1,000 units._ _
{High
334s. 1941
Low
Close
Total sales in $LOW units...
(High
SHY. 1944-46
Low
Close
Total sales is $1,000 units...
Federal Farm Mortgage 1 High
34s. 1944-64
Low
Close
Total sales in $1,000 unite._ _
Federal Farm Mortgage (High
38, 1949
Low.
Close
Total sates in $1,000 units.__
Home Owners Loan
{High
48. 1951
Low
Close
Total tales in $1.000 units...
Home Owners' Loan
High
3s. series A, 1952
Low
Mose
Total sales in $1,000 units...
Owners' 1 on,,
High
(High
234s, series 13 1949.....4Low_
24s,
Close
Total sales in $1,000 units...
103nn 1032032 10304,, 103"n
103128 1031232 103"ss 103"as
1031222 1031sn 10304n 103"n
47
133
20
304
10200,2
102",s
102",,
5
10-31;s; 10-3-2in 1032232 10327,,
1031232 103",, 1032232 103"ss
1031212 1030% 1032231 103"n
44
46
133
11
-
103",s 10300,1
103",, 1032432
103,0,2 10322n
220
159
16;;;
10320,, 103"n
10304,2 1032232
62
26
-
10-4
;
-2
103"ss 104232
1040s: 104232
52
83
102lers 1021132
1028n 1020,,
1028n 1020,2
67
109
111"rs 11114,
111.211 111",
111nn 11100s2
51
74
10723.2 107n.
107332 107232
107232 1071%
55
3
101121 102%
101113 101,73
101",, 102232
4
239
105111 105123
105412 105",
105121 1051.4
11
9
102123 103
10212, 10221,
102123 103
6
85
99313 100'n
992%
9904a
99",
992132
1
196
9904 100132
990s,
992232
992. 100132
3
153
--- 1031232
103232
1031232
62
103
103142
103
103°,,
103
103",,
4
128
1000012 101'n
100",s 10000:,
1002232 101'n
27
62
103132 103"st
103232 1030:,
103232 103",,
65
504
101 ,13, 101 22,2
101",, 1011232
101"n 101223
593
31
100
100432
100
9922,
100
100
24
75
97ss,
97123
97
97432
97232
9713,
65
26
97",, 97",
970n
970,1
97.n
97",
83
12
9710n 97",
970n
9714,
9712,
97.n
87
20
94,n
94",
940n
944n
94in
94",,
210
251
104-42104132
104121
71
10212,
102123
1021r,,
144
111"32
11114
1112832
226
10721s2
107143,
1072131
199
10211s,
102132
1021232
186
---laTiU
1034,
10311,
138
10000,1
1000ss
1000n
227
1000::
100.0,1
1000n
303
103":
103",
103",
123
103",
103"ss
103",,
234
101"n
101 4,2
101"as
148
1032,32
103",,
1032232
105
102",,
102
1021232
461
1001232
100232
1001232
80
9932
97242
9842
984
98232
9711,,
980::
1,037
940,1
971232
952,
2,418
950,,
9410s,
950,,
421
104-2;2104
104232
319
102123,
1021132
102113t
80
11114,
11122n
111"si
66
1072fn
107"12
10712n
322
1021232
10242
102132
76
105"st
105222
1052232
29
10314,
103232
103232
47
1002.2
100
100233
195
10042
100
1000t,
28
103"n
103",
103"n
5
103242
103223
103n.
4
101 30,
101232
101.212
35
1032212
1031232
1032132
539
102"33
1021,1
102.,,
278
100",,
1001s,
1000,2
93
980:1
9720:1
980n
475
980,2
972as
98.1,
324
94
:01,
9720s
9S131
595
951s,
94,13,
95132
649
1032132
1032132
118
102",,
1020n
1020n
59
1110.22
111"ss
111sen
654
10720st
10704,1
107"ss
47
1020n
102
102
127
105223
105n,
105223
2
103232
103
103133
36
1002ss
1000n
100'n
7
1004,2
100
100'n
324
1030°,1
1031232
10313,,
95
1032122
1031232
103.731
101
101',,
101
101'12
99
103"::
103"as
103"ss
71
102°,,
101",
101'13
429
100232
100232
100232
85
98232
97223
98
7
fr3
97213
98132
18
95',,
97".
9734
9514,
91
95232
243
104
103223,
104
6
102202
1020n
1020n
35
11104/2
1112%
120
107"n
107"n
107"sz
81
102'n
101"sa
102
23
105"12
105"n
105un
35
1030n
102"n
10341
31
100232
99"n
1001n
255
10042
99142
100212
191
10310.,
103"n
1031232
45
1021232
103,232
102',,
154
101132
100213,
101231
35
103"n
103"st
103"n
91
1020:1
1010422
1020n
452
100"ss
9920st
100,as
25
950,1
97",,
98
162
991,s
9700,s
980ss
219
902,2
94,
"
313
951.,
94
952.,
340
Note-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
3 4th 434s (uncalled)
22 4th 434s (3rd called)
3 Treasury 334s. 1943-47
7 Treasury 48, 1944-51
1032232 to 10 2132
1012n to 102..,
10314s, to 10310,,
107nn to 107"31
e
2482
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Nine Pages-Page One
NOTICE.-Cash and deferred delivery sales are disregarded in the day's range. unless they are the only transactions of the day.
gales In computing the range for the year.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Oct. 13
Monday
Oct. 15
Tuesday
Oct. 18
Wednesday
Oct. 17
Thursday
Oct. 18
Friday
Oct. 19
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
12
*11
1012 11
11
11
12
12% . 11
1218 •10
1614 1612 16
164 1534 16
164 1612 1612 *1612 1678
70
*65
70
*65
*65
70
70
*65
*65
70
7C
8% 858 5858 84
9
9
878 918 *878 9
9
43
.41
42
42
4212 4214 421 1 •4012 43
4234 *40
118
118
114
111
11 1
11 1
118
1% *118
11: •118
*34 4
338 34 .358 4
34 34
37
331 *338
414 438
412 41. *438 458 *438 458
412 *438 44
43
*4012 43 - •4012 41
403; 414012 43
4012 4012 *37
11 18
11
114 1114 1112 114 1112 114 1138 11
1114
11
11
11
11
104 1014 .104 11
*104 1078
It
•16
1618 1618
16
16
1634 *1618 164
*1514 16
16
99
•97
...97i4 99
99
9612 964 *97
*9613 99
99
64 *4
612 *4
612 *4
; 612 04
812
61. *53
35 - 3438 344 3434 344 3434 344 344 344 344 344
.
_ •11612
.*11434
__ •11634
_ •11434
.•1181
9738 9618 -9-6-4 964 -2-9612
9612
- 1 9612 -96
961
618 *9618
9618 -0-11612-58
6-5*
53
6
614
534 578
534 578
54
531 534
624 6218 6314 634 6334 634 67
62
654 6678
62
62
80
79
76
76
*754 80
7638 79
*754 80
80
*75
12
1612
.65
84
4214
114
334
414
4038
Ill..
*1012
16
•9612
•54
*3412
•0111 Ina yrkpr1 nrire.4 no gale.; on thls day.
100
Preferred
160
2,300 Am Water Wks Is Elec___No par
No par
1st preferred
No par
1,300 American Woolen
100
Preferred
400
1
900 :Am Welting Paper
No par
Preferred
400
600 Amer Zinc Lead Is Smelt_ _1
25
Preferred
200
13,900 Anaconda Copper 5.1 Ming_ _50
300 Anaconda Wire Is Cable__No par
Vo par
300 Anchor Cap
36.50 cony preferred _ _No par
10
10
Andes Copper Mining
1.200 Archer Daniels MIdI'd___No par
100
7% preferred
_
100
Armour Is Co (Del) pret
__
5
36.800 Armour of Illinois new
Vs par
56 cony pre!
10,800
_100
Preferred
600
2Corrmanles reported In receiver" e.
Range Since Jan. 1
On Basis of 100-share Lots
Lowest
Par
5 per share 5 per share $ per share $ per share $ per share 5 per share Shares
Vs par
Abraham Is Straus
___ *30
_ *35_ *30
. *35
. *30
.30
100
Preferred
40
109
.108
109 1-0-9- *10834 1-09
109 1-0-9- *10414 109 *10713 1119No par
738 4,400 Adams Express
7
738
7
714
714 712
758
74
714
714
712
105
Preferred
4.7912 85
*7912 85 .7912 85
*7912 85
*7912 85
*7912 85
No par
3012 8,600 Adams Millis
30
2914 2912 2912 304 3014 3138 3118 324 x31 31
10
600 Address Multigr Corp
814 814
814 84
814 814
818 838
838
838 838 .8
No par
418
4
418 44
414 414 7,200 Advance Iturnely
412 412
412 *414 412
*414
*514 538 1.700 Affiliated Products Inc _ _No par
512 • 514 514
514 54 *514
514 512
54 51a
No par
3.600 Air Reduction Inc
10438 10534 105 10512 10412 10534 104 105
10534 10534 10412 105
153 •112 158
200 Alr Way Hoc Appliance_ No par
134 .112 138 *112
134
158 158
•112 14
1812 1858 1858 1914
1834 1834 1811 1834 1812 1878 5,900 Alaska Juneau Gold Min__ 10
1834 19
100
_ _ *193 _ __ 193 ____ ___ _._ Albany A: Susquehanna
_ _ •193
*193
__ .*193
.193
No par
100 A P W Paper Co
514
*4
*34 -5
-44
112
-414 *4
4-12 *4
*4
No par
134 178 2.000 Allegheny Corn
134 178
14 14
178
178
134
14
178
134
100
Prot A with $30 warr
1.300
778 818 *712 8
818 814
74 818
734 734
•712 8
100
Pie? A with $40 warr
0612 712 1.100
634 7
74 *74 74
714 714 *7
714 714
100
ware
without
A
Peet
1,200
612
612
4
73
*712
8
7
7
*7
74
7
714 714
No pa,
100 Allegheny Steel Co
20
*18
2212 *18
18
2018 18
2212 •18
2212 *18
•18
Allegheny Is West 6% gtd__ _100
_ _._
_
_
_ ____
_
.
_
No par
Dye
de
Chemical
Allied
2,700
12
-1
3
1
FiifiT3
12
2
3
1
iii
324
1
iii fii Hii2 173-613 131
1.31 iii
100
200 Preferred
*12378 12512 924 1253 5134 12534 *124% 1258 12534 12534 126 126
No par
13% 135* 4.700 Allis-Chalmers Mfg
1312 137
1314 137
133
13
8 13
12,
134 135
14
1314 1358 •1358 1334 1.000 Alpha Portland Cement No par
14
124 124 1318 14
1314 131 1
1
3,800 Amalgam Leather Co
334 4
334 4
34 418
44
4
44
4
438
4
50
7% preferred
27 33 *27 334 .274 3338 na 33,4 *28 334 .28 334
par
No
Corp
Amerada
1.800
4012
3938 3938 03912 394 40
4018 394 40
4034 4034 40
Am Agri Chem (Conn) piNo par
T----__
4314 2,400 Amer Agri() Chem (Del) No par
4351 -i34
-iiis ii--i2T3 -----------4i4 --4212 43
43
1A ------2
43
10
1212 1,100 American Bank Note
144 *124 1338 134 1338 1312 1312 1212 1212 12
*13
50
"421; 44
Preferred
120
*4218 44
42
*4218 44
42% 4112 42
44
44
par
Fdy___No
1
&
Shoe
Brake
Am
2,000
25
25
2434 25 8
2412 2514
2314 2334 231 1 2338 2314 24
100
Preferred
20
10212 10212 10212 10212°10312 107 *10312 107 *10312 107 90312 107
25
6,200 American Can
10112 10214 10112 10212 102 10334 10284 103% 103 10334 10212 103
100
Preferred
300
143 143 *142 145 *142 145 .142 145
14214 14412 *142 145
No par
1618 1674 1714 1714 1634 1714 17
1714
174 1612 1612 1,600 American Car & Fdy
17
100
Preferred
900
3412 3412 3412 3412 3412 341..
36
36
36
36
37
.36
No par
100 American Chain
7
*6
7
*6
7
*6
612 612 *612 7
7
*6
100
7% preferred
.2238 254 *2232 2514 *2238 2514
*2238 27
*2238 27
.224 27
1,800 American Chicle_ . ___No par
65
6512 .64
65
6453 65
64
64
64
6212 6212 63
Co)25
Am Coal ot N J (Allegheny
30
*19
30
*19
30
*19
30
*19
24
.19
30
•24
10
100 Amer ColortYPe Co
*212 312 *212 414 *212 414 .212 414
3
3
312
*3
2e
2812 277 2834 5.300 Am Comm'l Alcohol Corp
2834 2878 2712 28% 2812 2914 2818 2914 23
10
700 9 American Crystal Sugar
; 9
577
8
8
9
814 812
812 85*
834 83
*87
100
7% preferred
60
59
59
60
*59
*583 60
*5818 60
6012 *5814 60
60
134 134 1,400 Amer Encaustic pilIng_No par
17;
134
14
184
14
*134
14 2
2
2
Amer European Sec's____No par
*438 512 *412 653 *4% 534 .412 612
6
*414 54 *4
No par
618 64 3,600 Amer & For*n Power
614 612
64 612
614 64
614 612
614 612
No par
Preferred
900
1614 1514 1514 *1412 16
*1512 1612 16
17
17
1614 17
No par
2nd preferred
400
83
814 84 *74 834 *712 812
84 *74 8
813 9
No par
26 preferred
1312 1312 1312 1312 1,100
14
1412 14
*14
14
14
134 14
10
Amer Hawaiian S S Co
*1112 1312
*1112 14
*1112 14
14
*13
14
*13
14
.13
par
Leather___No
Hide
Amer
&
100
518
*412
5
*412
44
44
5
*412
*412 514
*412 5
101
Preferred
800
2078 21
*1934 2112 *204 204 204 204 2012 2012 2012 2012
1
800 Amer Home Products
.3158 314
3112 3112 3112 314 3134 3134 317s 32
32
32
No par
400 American Ice
4
*378 4
*34 34 *312 378
4
0312 4
*312 4
100
6% non-cum pret
300
2858 *2712 28
*2712 274 *2714 2712 2714 271 1
2814 2814 *28
No par
612 612 3.400 Amer Internet Corp
653 84
658 7
634 678
634 6%
718
7
12 2,700 Am L France dr Foamite No par
12
12
12
.92
*12
12
12
52
52
5*
53
100
Preferred
60
312 358
*312 54 *312 518 *312 518 *34 518 *352 518
18
1734 174 1712 1712 2,000 American LocomotIve____No pa,
1714 1712 1712 1712 1712 1818 18
100
Preferred
300
*4114 434
44
434 4314 4338 *4358 4538 444 4478 *41
*43
174 17
174 1753 18
1734 174 17
x1712 177s 1734 174 5,700 Amer Mach & Fdry Co_-No par
2.100 Amer Mach Is Metals____No par
858 111
94
9
94 91s
918 938
94
9
Ws
*9
No par
Voting trust ctfs
834 *734 8
*8
9
84 *8
84 1118
878 *8
*8
No par
1.800 Amer Metal Co Ltd
1512 1558 1518 1514 144 15
16
164 1634 1514 1612 16
100
6% cony preferred
200
*7112 78
75
*7112 75
*71 12 75
*7112 75
75
75
'71
No par
100 Amer News Co Inc
024
25
25
25
25
*2412 254 .2412 2534
2518 *24
*24
No par
412 458 2,900 Amer Power & Light
412 458
478 5
434 434
478 478
434 5
No par
$O preferred
600
1434 1484 148 1473 1412 1412 .1312 1412
14% 147
15
15
No par
$5 preferred
900
12
13
13
1214 1212 12
1212 134 1238 1258 1214 1214
No Par
San'y
Stand
&
Rad
Are
1338 1334 134 1334 1318 1338 1314 134 1333 1358 134 1312 23,900
100
Preferred
_ 121
_ .•121
*121
_ 4'121
_ *121
121
MOE
25
!tolling
American
10.300
8
1
18
858
1
1818
174
4
-3-38
18
18
1818 -18-I2 1814 -I834
_-18
5412 5414 5414 5412 5514 5434 544 1,400 Amerlcan Safety Razor __No par
5412 *5312 5412 *54
*54
318 318 1,200 American Seating vs e. __No par
34
3
3
3
3
3
3
3
3
.234
No par
•118
78
•58
430 Amer Ship & Comm
78
78
.38
78
*58
34
34
4
7s
360 Amer Shipbuilding Co __ _ No par
21
1938 •19
1912 1978 x19
2112 191. 20
1934 2012 *20
pa,
No
Refg
Smelting
Amer
Is
24,800
364
3612
364
3718
38
3
3614
363
38
3718
8
363
8
363
4
353
100
Preferred
800
116 116 .11418 117
115 11531 11514 11512 11512 11512 *11434 116
100
2nd preferred 8% cum
700
98
98
98
08
98
09
98
*98
*9712 98
98
98
25
500 American Snuff
68
*67
67
67
6514 6514 661g 6612 663 663 *6638 87
100
Preferred
120
124 124
1234 124 *12312 124
120 12214 12214 12214 *12214 124
1358 1,700 Amer Steel Foundrles____No par
1312 1334 1234 1312 13
14
14
13$4 14
1353 14%
100
Preferred
60
74
*71
70
70
70
7212 71
*68
*71
*704 74
71
No par
500 American Stores
42
*4112 42
42
42
*4112 42
4212 42
*4112 42
42
100
Amer
Refining
Sugar
4,900
5912
6214 6212 6118 6214 60% 6134 59
804 5834
624 63
100
Preferred
400
11912 12018 *11912 12018 120 12018 *11912 12012 11972 11978 *11912 120
2034 13,000 Am Sumatra Tobacco_ _No par
2078 20
1912 194 1912 1912 1938 1912 1934 2012 20
- 100
11118 11238 1104 11112 11014 11078 11012 11133 11058 11114 10034 11034 12,500 Amer Telep Is Teleg
25
1.800 American Tobacco
7814 784
79
7712 7714 7714 77
77
*77
775* 781. 79
25
Common class B
8034 7912 8014 6,900
7914 80
784 804 7914 8014 80
7812 80
100
Preferred
200
123 123
122 122 .12112 124 .12112 124 *12112 124 *123 126
No par
600 1Am Type Founders
412 44
44 44
412 412 *412 5
434 434
518 54
lemma, +81e
No account Is taken of such
Highest
5 per share
35 Jan 17
89 Jan 2
6 July 26
7014 Jan 25
16 Jan 5
634Sept 14
31s July27
478Sept 25
9134June 2
112Sept 19
1638Sept 14
196 Sept 14
334July 27
112Sept 18
514 Sept12
5 Sept 8
514 Jan 6
15 June 16
82 Jan 10
11518Sept 17
12218 Jan 18
1038July 26
1112July 28
218July 27
25 Jan 6
39 Oct 8
38 Aug 18
2514 Jan 4
111 2Sept 18
40 Jan 4
1912Sept 17
96 Jan 10
904May 14
12612 Jan 6
12 July 26
32'4 Sept14
412 Aug 7
19 Aug 31
4614 Jan 8
22 Apr 7
24 Aug 6
2034 July26
7 July 26
4612 Jan 4
118June 27
412Sept 20
412July 26
1314July 27
618July 26
1112July 30
101 2July 27
312 July 26
174 Aug 1
2618 Jan 5
314Sept 18
227 Oct 5
434Ju1y 26
12Sept 21
314Sept 26
1412Sept 17
3512Sept 12
1238July 27
314 Jan 3
412 Jan 24
1412 Oct 4
7038 Oct 9
21 Jan 3
334 Sept 17
1112Sept 17
1014Sept 17
July 1
1933 to Range for
Sept. 29 Year 1933
1934
High
Low Low
$ per ill
per share
30
1318' 4012
89
80
97
3
6
1314
65
39
71
1412
8
214
6
54 1212
318
934/
1%
478
5% 1134
8018
4712 112
114
4
12
16%
1118 33
170
170
178
9%
354
1
112
814
78
2172
1
518
4%
112 21
412
114 20
1314
26
6
82
82
83
10712
7034 152
117
115
125
10%
2638
6
1112
534 24
94
218
$ per share
43 Apr 18
110 July 20
1178 Feb 5
84 July 18
3478 Apr 5
1138 Feb 6
74 Feb 5
95a Feb 6
10614 Jan 24
338 Apr 26
2378 Jan 15
205 July 16
74 Apr 24
514 Feb I
164 Apr 10
1458 Apr 10
144 Apr 9
2318 Feb 23
9814July 26
16036 Feb 17
130 June 22
2338 Feb 5
2018 Feb 5
734 Mar 12
45 Mar 13
2114
27
5538June 8
2712
40 Aug 21
20
434 Oct 18
11.18
2514 Apr 27
3412
5012 Apr 27
19'2
38 Feb 6
88
11012 Apr 18
80
10734 Feb 15
14812Ju1y 24 120
12
3378 Feb 5
31%
5812 Feb 5
4
1214 Feb 27
14
40 Apr 24
4312
6512 Oct 18
20
3512 Feb 21
2
612 Feb 5
624 Jan 31
2034
1312June 19
518
32
'278June 18
6 Feb 16
1,8
1012 Feb 3
412
1334 Feb 6
412
30 Feb 7
1314
174 Feb 6
6%
25 Feb 6
1014
2258 Feb 16
1012
1012 Feb 5
312
42141,18r 15
1734
364 Apr 26
2434
314
10 Feb 5
4514 Mar 26
2878
11 Feb 11
434
1 12 Apr 4
12
10 May 22
2
384 Feb 6
1412
7458 Mar 13
3512
1934 Feb 5
12
1014 MayII
3
10 May 22 '
3
134
2738 Feb 1.5
91 Feb 15
63
3434 Mar 13
2034
1214 Feb 5
334
2978 Feb 6
1112
2614 Feb 7
1014
10
10 July 26 1758 Feb 1
11112 Jan 23 123 Aug 23 10712
1238
1312July 26 284 Feb 11111
334
38 Jan 13 58 July 20
738 Feb 19
218July 27
2
238 Jan 30
% Oct 2
15
17% July 27 30 Jan 30
2812
3014July 26 51 14 Feb If,
71
100 Jan 2 125 June 29
57
7114 Jan 2 9812Sept (1
43
4834 Jan 5 67 Oct 18
108 Feb 2 x125 June 13 106
104
1018July 26 2612 Feb 5
712
5978June 2 81 Jan 30
3518
37 Jan 3 4414 Feb 7
46 Jan 3 72 July 14
4512
10312 Jan 3 1214 Aug 23 102
1334May 10 21I July 21)
11
10534July 30 12514 Feb 11 10538
6312
6514 Jan 6 8238 Feb 5
67 Jan 8 8412 Feb 5
644
10714 Jan 3 125 Aug 23 105
3 July 25 13 Feb 21
734 Jan 6 2834 Feb 2,
7
1414Sept 17 2758 Feb 7
1414
54 Jan 3 80 Feb 5
50
1718 Feb 5
7 July 31
7
36 Sept 18 8334 Feb 7
36
44 Mar 14
1 June 27
1
272July 27 1712 Apr 23
278
9 Feb 16
334July 26
334
37 Sept 17 5018 Feb 16
32
1734 April
10 July 26
10
914 Jan 12 1318July 12
7%
1318
1318July 24 2434 Jan 31
84 Feb 5 100 Apr 17
80
101s Apr 12
512 Oct 4
512
2614 Jan 9 36 Aug 31
214
110 Jan 24 11612Sept 26 106
64
7614 Jan 2 964 Oct 11
634 Aug 29
312July 26
312
464 July 26 67 Oct IR
4614
54 July 26 80 Oct 19
3114
41, sale. s Sold 15 days.
, ,
r
end
40
5
1812 4758
1018 31
714 35
2812
8
34
4978
918 4212
60
106
4912 10012
112
134
64 3934
15
594
14 14
313 3118
514
34
20
27
618
2
8978
13
16%
1
234 64
8
1
34 13
34 194
74 4478
44 2714
018 3538
412 2112
212 16
1312 5712
2434 4212
34 1712
25
574
414 1518
312
14
12
114
5% 3918
17% 63
84 22%
6
1
54
%
3% 23%
;
1512 757
17
3012
1978
4
9% 4118
35
9
44 19
8112 119
534 314
2018 4734
71,8
4,2
18
1112 364
1034 5312
9912
31
2012 73
3212 51 14
1024 112
4.4 27
3758 85
30
4778
21 12 74
80
11214
26
6
8612 13434
49
904
5034 9434
10234 120
218 25
7
374
1078 4314
35
80
312 17
224 6712
418
38
143.1
34
1078
214
66
20
2278
5
418 1512
3914
8
6212 90
238 1412
934 291 1
95
115
41
90
Ex rhrlit.8.
New York Stock Record-Continued-Page 2
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Oct. 13
Monday
Oct. 15
Tuesday
Oct. 16
Wednesday
Oct. 17
Thursday
Oct. 18
Friday
Oct. 19
Sales
for
the
lUeek
STOCKS
NEW YORK STOCK
EXCHANGE
4
•Bid and asked prices, no sales on this day.
s
t Companies reported In receivership.
Range Since Jan. 1
On Basis of 100-share Lots
Lowest
per share $ per share $ per share $ per share $ per share Shares
3 per share
Par
.518 5% •519 512
512 5% .
512 512
513 5,2
700 Arnold Constable Corp
518 512
a
*4
514 •4
*4
514
514 *4
514 *4
514 *4
514
Artlooto Corp
Vs pa.
64
.61
*61
*61
.61
•61
*61
......
Preferred
100
Art Metal Construction
10
-1214 -1-2-1-4 -12- -1112 12)4 13
127 -1727-4 1233 -11- ;1ii2 1234
Associated Dry Goode
,
70
70
70
.65
*6112 6934 *62
6934 '5514 68
*58
6712 .-21g
6% 1st preferred
101
•44
5374 •3613 48
*391 47 .3312 4714 .3934 47,2 *4014 4712
7% 2d preferred
101
36
•35
3612 3434 35 .3412 38
36
*34% 38
34% 3412
80 Associated OIL
21
5112 53
5254 53
.53
5374 5258 54% 5234 54
5212 53
15.200 .tett lopeka & Santa Fe
10(
82
81
•80
81
80
79
801z 81
•8012 84
84
84
600
Preferred
WO
32
.31
3112 3112 31
31
32'3 31
32
3214 3012 3112 2.300 Atlantic Coast Line RR
100
*7
12
*7
12
*7
*7
12
12
•618 612 *613 612
At 0 & W I SS Lines__N• 1,,J
*7
10
*4
•412 10
10
*412 9
*458 8
•518 8
Preferred
100
23% 2413 2314 2334 2313 2334 23
2312 22% 2338 2234 2314 11,500 Atlantic Refining
21
4312 44
4414 4414 43% 4414 44
44
*43
*42
45
43%
700 Atlas Powder
No pa.
10334 103% •10312 1044 •10313 -- .10312 1044 2102 102
10334 103%
60
Preferred
101
*612 712 •1312 712 .612 7,2 *612 714 •612 712 *612 712
Atlas Tack Corp
No pa,
2638 2134 28% 2958 28,2 2834 2812 2912 2814 2918 2758 2814 36.200 Auburn Automobile
No pa
12% 1234 •1113 12
8,2 1112
12
12
12
1212 12% 13
1,300 Austin Nichols
Ns pa
.49
.49
*49
53
58
*49
53
58
.5114 58
5612 60
120
Prior A
No par
418
4
373 4
4
418
4
418
4
378 4
414
6.200 Aviation Corp of Del (The)._..5
814 833
8
814 8%
814
818 814
7%
814
8
8,4
6.200 Baldwin Loco Works____No par
.3212 3412 *3234 34
3313 3412 33% 33% 3314 3314 33
33
1,000
Preferred
100
15% 1612 15% 16
16
1614
16
16% 15% 1614 15% 1534 8,000 Baltimore & Ohio
100
•1712 18,2 18% 1858 1858 18% 18% 1834 18
•181s 19
18
Preferred
700
100
•9913 101
*9934 101 •100 101
101 101
101 101 •10I 103
30 Bamberger (L) & Co pref
100
•40
41
*39
40
40
*40% 41
40
.40,4 42 .4018 41
100 Bangor & Aroostook
50
105 105
10514 106 •10012 106 •10012 106 *10412 106
106 106
70
Preferred
100
274 2% .234 3,8 .273 313
2% 318 *234 3,4 *212 318
400 Barker Brothers
Vu pa
.2038 22
22
22
22
22
2314 24 .2314 24
•2314 24
140, 6 si% cony preferred
100
614 6,4
813 614
6% 614
6% 6,4
618 6,4
618 614 8.700 Barnsdall Corp
6
3473 3474 3413 35
3512 36
36
3613 3534 36
3614 37
2,200 Bayuk Clears Inc
No pa
102
*10014
102 102
102 102 a102 102
102 102 90014 101
1st preferred
210
100
1714 1774 1713 17% •1714 17%
1714 1734 1714 1714 17
17
1,700 Beatrice Creamery
25
9412 •87
*87
90
90
90
8812 8812 .87
*88
90
200
90
Preferred
100
6712 6713 6713 6712 *6612 6734 6712 6712 6714 67,4 .66
400 Beech-Nut Packing Co
673
20
*1238 1234
1238 12% .12% 1234 12% 13
1212 1212 1212 1212 1,900 Belding Hem!' gway Co__No pa
*11034 114 .11034 114 •11153 11212 *11178 11218 .11133 11214 •11112 11214
Belgian Nat Rys part pref
1234 1234
1214 1258 1214 1274 1238 12's 1212 1234 12% 12% 4.200 Bendis Aviation
5
1533 1533 15
1514
15
1518 15
1518
15
1514 15
1518 5.100 Beneficial Indus Loan____No par
3413 3414 *33
3414 *3314 3414 34
3114 3414 3412 3434 35
2.000 Best & Co
par
No
2838 23% 28
28% 28% 29
28
2913 27% 23% 27% 23,8 13.800 Bethlehem Steel Corp -..,.No Par
6234 64
6314 6314 63
62
63
6312 62
62
62
•61
1,400
7% preferred
100
22
4
213
22
2314 2213 2314 2214 2212 2214 2212 2178 2212
520 Bigelow-Sant Carpet Ino_- No Par
713 734
712 712
7% 712
712 7%
734 738
78 73
1,400 Blew-Knox Co
No par
19
.18
20
20
20
•2012 21
20
.2012 2113 2012 2012
120 Bloomingdale Brothera
No Pr
•103 10612 •10318 10612 10612 10612 •10612 109 •10434 109 .10434 109
10
Preferred
100
.3114 3$
*3118 38
.3118 38
•3118 38 .31% 38
*31
14
33
Blumenthal & Co pref
100
77
8
8
814
773 8
733 833
734 73
1.900 Boeing Airplane Co
5
52% 1314 53
5312 53
5334 5314 5334 5312 5414 5134 5312 9,600 Bohn Aluminum & Br____ . 5
87
.86
86
8712 •8618 88
88
88
90
90
90
90
220 Bon Arni class A
par
No
25% 2574 2513 25% 2534 26
2534 2614 2512 2534 2514 26
6,000 Borden Co (The)
20
23% 23% 23% 2378 2378 2414 24
2438 2334 2414 2334 24
5,900 Borg-Warner Corp
.10
•712 11% *712 1174 *8
1134 *712 9
*712 10
.712 10
Boston & Maine
100
•I14
174 •1 14
*114 2
2
•114 2
•1 14 2
1 14
133
100 :Botany Cons Mills class A _60
18% x17% 1812 1714 18
18
1758 18
1712 1774 1712 1734 16,100 Briggs Manufacturing..._No to ,
•1853 2014 •1813 19% •1812 20
*1312 20
•1812 1912 *1812 1912
Briggs & Stratton
No par
.3212 34
3334 34
33% 3438 3414 3413 3414 3414 3378 3412 1.900 Bristol-Myers Co
,
,
4
4
•338 4
334 354 *3% 3% *33
374
358 334
400
Brooklyn
par
&
__No
Tr
Queens
.42
4474 •4218 44% 42% 42% .4218 44% *43
4438 *43
443
100
Preferred
No par
3814 3612 3334 39
39
39
3938 3913 3914 3912 40
39
5,700 Bklyn Mash Transit
No Par
91
.88
*8312 9113 .88
90
91
90
90
90
9012 90,2
300
$8 preferred series A. -N. Dar
60
*59
•58
60
*59
60
5912 5912 5912 5934 *5814 5913
800 Brooklyn Union Gas
No par
54
*51.
•51
51
*52
51
•52
51 .52
54
*52
54
Brown Shoe Co
No Pa*
•12I 12312 *121 12313 .121 12312 123% 12334 •12014 12214 *12018 12334
40
Preferred
100
513 512 •512 534
513 512 *518 512 *5
512 .5
512
400 Bruns-Balke-CollenderNo par
43g 43.
41.2
•4
8 •418
412 •414 413 *4
412
412 4,2 1,200 Bucyrus-Erle Co
10
733 734
738 733
718 733
713 7%
712 712
714
7,4
1,200
Preferred
6
53
*51
*52
53
63
53
•5338 58
.5312 57
53% 53,4
7% preferred
100
100
414 412
4
412
418 414
4
418
4
41s *4
418 1,900 Budd (E G) Mfg
par
No
24
34
*2214 24
*22
24
.21
23
24
24
•22
2313
110
7% preferred
100
213 212
3
.8 233
212 21
212 21
211
238 2% 1,000 Budd Wheel
No par
414
4.3 8 414 •3% 414
*354 414
*333 .14
3%
354
100
212
1
Bulova
Watch
No par
9
9
914 014
878 9
8% 8% •814 9
814
8
700 Bullard Co
No par
312 *2
*2
312 .2
31
312 •2
•2
312 •2
312
Burns Bros class A
No par
.114 2
•118 2
•114 2
.118 2
•114 2
•1 18 2
Class A v t c
No par
•34 2
"4 2
2
.
34 2
"4
•34 2
2
Class B
*34
No par
113
.10
•i2
•12 128
*22
•12133
1,8
11
•12 1 18
Class B ctf.s
No par
•7
.7
9
37
10
*813 9% •812 9,2 .812 912
10
7% preferred
100
13% 1312 13% 1418 1334 141
14% 14
14
14
1414
1418 10.800 Burroughs Add Mach____No par
1%
1% •114
it4
158 *114
114
1% •114
112 •1 14
112
200 :Bush Term
No par
•213 3%
3% 3% •214 4
4
*3
•214 4
.218 4
100
Debenture
100
.913 10
10
10
10
•912 14
11
•912 12
914 914
90 Bush Term 131 go prof ctfs
100
------ Butte & Superior Mining-AO
2
2
.17
8
.2
2
2
2
2
900 Butte Copper & Zino___.
6
1%
1% •153 2
134 .134 2%
134
134 *133 I%
•1521
200 13utterIck Co
No par
1714 1714
1634 16%
17
17
1634 1634
1634 1634 •1612 1634
800 Byers Co (A M)
No par
4413 •42
•42
4112 4213 4212 *43
4412 •43
4412 *43
4412
Preferred
10
100
3614 37
36% 3618 36
3658 36% 3812 38
38% 37
38
8,300 California Packing
Ns par
78
1
34
3,
34
34
3
34
"8
%
34
*%
600 Callahan Zino-Lead
1
314 314
3% 31,
318
318
318
318
318 314
318 1.200 Calumet & Ueda Cons Cop__ _25
3
7% 718 •713 3
712
718 718 •7
7
7
•674 7,4
300 Campbell W & C Fdy_No par
15% 16
14% 15
1518 15
1434 1514 15
1514 1534 2,600 Canada Dry Ginger Ale_ . 5
1514
•4812 51% •48l2 51 1,, .4812 51,2 *4812 5112 •4812 4934 49
49
30 Canada Southern
100
1213 12%
1274 13
1213 12%
1234 1274 1212 1234
1238 1212 7,600 Canadian Pacific
26
3334 33% 34
34
34 .34% 34% 3434 34% 34% 3478
34
600 Cannon Mills
Vu par
•713 8I4 •718 914
8
8
•718 8
*7% 914
200 Capital Adminis el A_.
7% 7,8
I
•____ 31%
34
32
32
32
10
Preferred A
10
•__. _ 95
95
90
90
Caro Clinch & Ohio etpd--100
4614 4714 4634 48
49% 4634 4812 46% 4714 17,300 Case (J 1) Co
4714 49
43
100
7418 70
•70
70
•7012 7312 7313 75
•7312 75
*7234 7412
250
Preferred certificates
100
2712 2778 2713 2734 27% 28
27% 2818 28
28% 2712 2812 7.800 Caterpillar Tractor
No par
25% 2534 2514 2618 26
26% 25% 2634 2513 2612 25% 2614 30,300 Celanese Corp of Am
No par
134 .11,4
1:
•114
1
is
•138
1%
138 .112 134 •113 178
100 tCelotex Corp
No pa
•I
114
114
114
11: •1 14
I%
112 •114
1,4 •114
1 12
200
Certificates
No par
9% 973
9% 933
93
934 1034 *9
4 10%
934
700
912 9,2
Preferred
100
26
36
26
26
25% 25% 25
2514 2434 2434 .24
2434
700 Central Aguirre Asso__No par
•58
63
61
.60
GO .
58
.5.3
58
57
56
60
56
300 Central RR of New Jersey
100
•613 712 •613 713 *658 712
6% 6% *13,2 634
612 612
200 Century Ribbon Mills_No par
95 .85
95
*85
95 .85
.85
*85
.85
95
95
95
Preferred
100
3914 3834 4018 33% 3934 38
37% 38% 333
3812 3734 38
15,200 Cerro de Pasco Copper
Ns pa
4% 4% •478 5
5% 5,4
5
Vs
473 4% 2,300 Certain-Teed Products_No par
514 514
25 .20
25
25 .18
20
•20
•18
20
18
25
IS
200
7%
preferred
100
•5)4
612 *5% Olt *514 612
612 •5
512
100 Checker Cab
5,4 5% .5
5
43858 4012 .3813 4014 *3858 4014 •39
4058 •3834 4014 39
39
100 Chesapeake Corp
No pa
43,4 43
4314 43
43
4314 4314 43% 4314 4312 4318 4312 5,800 Chesapeake & Ohio
.25
•134
2%
213
•I5
8
*1%
213 .134 21
: •158 212 .1% 213
:Chia & East III fly Co
100
*254 234 *238 234
2% 258 •258 234
2% 2% •212 3
200
6% preferred
100
214
213 *2
2
2% 214
*238 212
212 212
214
1,800 Chicago Great Western
2%
100
•412
.5
.434 5
•414
41: 412 *413 5
472
•414 5
100
Preferred
100
*212 5
•212 5
•212, 5
234 234 .213 5
.212 5
10 :Chic Ind & Loulsv pref _ _100
3
318 318
3
3
3,4 314
3
.3
3% 3%
318
900 Chic Milw SIP & Pac___./vo par
5% 538
514 5%
5
5%
5
5
5% 5%
518
3,900
Preferred
100
(1
618
618 638
614 614
6
618 .5% 6
574 814
4,600 Chicago & North Western __ _100
12
II% 1134
12
.1034 1174 1158 11%
•11 12 1218 •IPA 12
500
Preferred
.100
5
5
4% 478
434 5
5
5
.134 5% •434 5,8
1,000 Chicago Pneurnat Tool
No par
.1714 1812 •17
1814
1814 •1612 1814
17
1714 171
18
:
17
400
Cony preferred
No par
2% 214
214
214
214 214 .2,4
2%
*214
212 1,400 :Chicago Rock Isl & Pacific __100
214 214
414 412
434 *4
.413 412
4% 4% •413
414 •4
414
300
preferred
7%
100
•314 312
314 3,4 •234 314 •274 3,4
312
314 3,4 •3
200
6% preferred
100
.... _ Chic It Paul Minn & Om __ 100
......
Preferred
100
100 Chicago Yellow Cab
-;o" If" -;6T8 11 •913 11 -;6T8 Ii •918 1012 10 10
Vu par
2483
Highest
July 1
1933 to Range for
Sept. 211 Year 1933
1934
if
Low Low
$ per share $ per oh $ per share
5 per share
3 July 27
8% Fee
274
1 14
4% Jun 5 1013 Apr 21
318
912
2
65 Aug 16 70 July 24
6814
4812 70
423 July27
358
934 Apr 23
3,2
9%
312 20
714July 26 1814 Fen o
7%
46 July 26 7712 Apr 20
44
18
61 12
36 July 26 64% Apr 2u
15
36
5134
2912 Jan 5 4012 Apr 25
26
634 3512
4514 Aug 11 7334 Feb
4412
34% 8018
7018 Jun 5 90 July 14
.50
7934
5314
2412J11ly 31 5414 Feb It,
2412
16,2 59
5 Aug I
16 Apr 12
5
412 26
11
24
Oct
Apr 24
9
412 33%
9%
2112July 26 3514 Feb 5
2114
12% 3212
3514 Jan 8 5512 Mar 13
18
9
3918
83 Jan 9 10334 Oct 19
75
60
8318
6124,1,1 20 1614 Mar 14
112 3434
822
1612
162 July30 57% Mar 13
318414
512Sept 20 1658 Mar 6
4
%
9%
3114 May 14 64 Apr 28
13
2738
3912
512
168
8
Jan
334
31
lOss
26
4July
33
612July 26 16 Feb 5
812
3,2 17%
2212
27 July 27 6434 Apr 21
9,2 60
1314July 26 341/ Feb 5
13,4
8% 3778
1658
1658Sepl 11 3738 Feb 6
912 3914
86
6814 9978
8612 Jan 9 101 Oct 17
20
3512July 27 4618 Feb 1
2914
41%
91 12
9518 Jan 5 111 June 30
68% 10
214 July24
214
612 Feb 5
%
714
5% 2414
14
1618 Jan 9 3813 Apr 12
6
578 Oct 4 10 Jan 22
3
11
23
23 May 8 39 Feb 5
3,4 5213
27
80
89 Jan 15 102 Sept 26
100
834
10's July27 1934 Apr 28
7
27
45
55
55 Jan 13 91 July 8
85
54
45
58 Mar 2 6712 Oct 11
7012
7
878 Jan 3 1514 Apr 24
312 12,2
6214 101 14
9513 Jan 9 127 Sept 8
83,
4
934July 26 2378 Feb I
618 21 14
934
1914 Apr 26
1214
12% Jun 31
15
1314
26 July 26 35 Oct 19
21
9
3318
2514July 26 4912 Feb 19
23
1013 4914
44%
55 July 26 82 Feb 19
2514 82
1914 Sept17 40 Feb 5
6% 2912
18
6
6 Sept 17 161 Jan 311
312 1914
17 Oct 2 26 Feb 7
6% 21
16
65
88 Jan 8 10712July 3
88
53
42
34 Oct 5 5614 Feb 19
24
50
7
678 Oct 4 1014 Sept 5
4412Sept 17 68% Jan 24
33%
-5
.
/31-2
68
76 May 14 90 Oct 18
78
52
18
19% Jan 6 2824 July 14
18
3712
1618 July 26 2858 Feb 5
11%
512 2214
612July 27 1912 Feb 5
6
613
30
38
%July 25
3 Feb 9
38
412
258 14,
12 Jan 6 1938 Apr 26
8
814
14 July 20 24% Apr 21
1012
1834
74
25
26 Jan 4 3712July 18
25
3814
312
8% Feb 7
3,3
312 Aug 6
9%
38
38 July 26 5314 Apr 26
3534 6018
2814 Mar 27 44% Aug 27
2134 41 14
2534
64
8218 Jan 4 97 July 21
6914
8312
GO
5678
54378Sept 14 8012 Feb 6
8812
45 Sept 15 61 Feb 16
91
2812 53%
11814June 1 125 Aug 2 117
10814 118
4 July 23 10% Mar 17
4
134 1812
312July 27
9% Feb 5
2
312
12%
1412 Apr 24
6
6 July 26
234 19%
47
50 July 30 25 Jan 15
2012 72
978
34
3 July 26
7% Apr 25
3
3
16 July 25 44 Apt 25
35
16
2 July 26
5% Jan 30
2
1
534
78
5
2% Jan 9
613 Apr 28
212
574July 31 1512 Feb 16
418
212 1314
12
5
1% Jan 26
6 Feb 21
14
3
412 Feb 23
1 Jan 23
312 Feb 21
1 Aug 15
334
1
1,4
12 Jan 2
14
212 Feb 23
18
2
4 Jan 9 1512 Feb 2U
1% 13
1012July 26 s1938 Feb 1
618 2078
101*
3;
3% Feb 9
348ept 19
1
8
3 June 29
6 Mar S
2
912
1
518 Jan 3 1534 Feb 23
418
41s
8
112 Jan 13
218 Feb 16
1,
8
1
274
138July 2
12
414
314 Aug 8
158
112July 2
434 Feu I
114
712
1 12
1334July 2
3234 Feb 7
812 4314
13%
40 Aug
67% Apr 23
40
3018 80
18% Jau
4438 Aug 29
1658
734 34%
22
134 Jan 23
12July 2
14
214
2
234
234July 2
9%
633 Leo 5
6 July 2
15% Feb 23
2
6
1614
1212July 2
2912 Apr 24
1213
712 41 12
4812July 2
44
45
5612 Apr 24
40
1174July 2
1814 Mar 12
712 20%
1138
38 Apr 2
2812 Jan
14
3512
22,4
538 Jan
1014 Apr 20
414 1212
414
26% Jan 2
39 Apr 2o
26
2518 3512
70 Jan
9212June 23
70
5014 7912
35 July 26 8634 Fen 6
35
3012 10312
5678 Aug15 8412 Feb 6
56%
41
8614
512 2934
23 Sept 1
33% Apr 21
15
1718July 2
4473 Feb 5
1714
412 58%
12
578
1 14July 2
438 Apr 12
1 18
1 July 27
4 Apr 12
38
4%
613 Jan I
22% Apr 13
212
112 1234
2338Sept 1
3218 Feb 5
14
23%
41
53 July 2
92 Feb 3
53
122
38
512sept 1
1238 Feb 19
512
2
II%
82 Mar 31
95 Jan 2
52
75
100
3014May 16 4312July
5% 4434
2334
314 Jan 2
7% Apr 5
2%
1
7%
1712 Jan 19 35 Apr 5
4
10%
3014
518 Oct 10
1612 Mar 1G
6
712 2312
34 Jan 4 48% Apr 21
1478 521:
2912
39% Jar 5 41458June 16
3718
2458 4914
1% Aug 2
7 Feb 17
12
1
8
133July 23
8 Feb 16
1 12
12
812
2 July 26
2
1%
738
513 Feb 1
4 July 23 11% Feb 19
212 1478
4
234 Sept 26
7 Apr 24
6
25
234
212July 26
812 Feb 5
1
2,2
11%
332July 26 1314 Feb 6
112 1814
35s
41/July 26 15 Feb 1
412
16
114
814 July 26 28 Feb 16
2
2434
814
358July 26
9% Feb 5
3%
2%
1238
1414July 26 2834 Apr 24
512 2514
1414
2 July 24
614 Feb 7
2
2
1018
314July 26
9% Feb 6
312 1912
314
2 July 23
8 Feb 8
2
278 15
114 Sept 25
812 Apr 7
6
1
4 Oct 2 11% Feb 15
2
12
3,4
10 Aug 15 s16 May 18
818
1012
2238
o Name changed tron3 Amer. Beet Sum Co. z Ex-dividend
New York Stock Record-Continued-Page 3
2484
HIGH AND LOW SALE PRICES-PER SHARE. NOT PER CENT
Saturday
Oct. 13
Monday
Oct. 15
Tuesday
Oct. 16
Wednesday
Oct. 17
Thursday
Oct. 18
Friday
Oct. 19
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Oct. 20 1934
Range Since Jan. 1
On Basis of 100-share Lots
Lowest
Highest
July 1
1933 to Range for
Sept.29 Year 1933
1934
how Low
High
$ per share S per sh $ per share
Par $ per share
share Shares
34
5
15
$ Per share $ per share $ per share $ per share $ per share $ per
10 1914 Jan 8 308 Feb 5
500 Chickasha Cotton OH
2712 2712 2718 2712 2712 2712
*2612 28
*2712 28
28
28
2
1158 Feb 19
104
25
4July
34
33
OW
No
CO
Childs
514 514 1,400
53
512
512 578
84
6
58 6
614
9
*6
Apr
2112
17
6
1014
9
0
5
Aug
____26 1014
30 Chile Copper CO
1512 1412 1412 •123 1412 *1234 1412
1512 153 1512 •12
*12
734 5758
2614
7 6038 Feb 23
Aug
2914
8
Corp
Chrysler
5
79,700
3534 3614
3618 37,8 3534 37
3534 36
3538 364 3514 3638
14,225
.
No pa, 1714 Jan 5 243 Jan 30
500 City Ice & Fuel
72
1918 194 1834 1834 1834 1834 1834 1834 *1858 1834 1834 1834
45
83%
101. 67 .fan 3 86 Apr 23
Preferred
78
70
*77
79
7514 7514 *7514 7912 *77
77
7712 76
44
40
55
•77
27 52 Feb 17
Sept
100
44
Investing
City
44
*38
44
*38
44
*38
*38
44
44
*38
44
6
*38
350
Feb
218
27
12
4
12July
par
No
114 22,400 City Stores
118
1
114
14 14
118
1
14
1
112
218
114
18
14 Feb 8
%
• %July 24
No par
Voting trust certlfs
*12
58 1,600
12
12
%
•12
58
12
2
12
812
58
6
34
112
Feb
58
25
550
214July
par
No
Class A
*4
414
414 43* *414 438 *414 4% 1,700
4
4
434 434
54 Feb 21
34
514
34
2 July 20
No par
c
t
v
A
Class
43
200
4
37
*3
4
*3
*314
8
37
8
37
34
*312 4
612
5
1414
83 Jan 5 2134 Mar 5
No pa,
1614 1612 1638 1,900 Clark Equipment
164 164 163* 1612 16
16
15
15
•14
58
58
100 71 Jan 17 9034July 26 100
C C C & St Louis pref
_ *4334
- *4334
_ *4334
_ *4334
*4334 _ _ *4334
65
60
60
7012Sept 10 7678July 17
50
Pittsburgh
&
Cleveland
_
if
*7258
if
*7258
*7252 -if *7258 -if *72:4 -81
31
30
31
*7238 -81
50 38 Jan 25 4412 Apr 30
Special
4712
4712 *43
4712 *43
4712 *43
4712 *43
4712 *43
*43
22
4112
10
2 45 Apr 7
200 Cluett Peabody & Co____No par 26 Oct
*2434 28
29
*2434 29
*25
27
27
29
*25
29
*27
90
90
100
95 Jan 17 115 Apr 23
100
Preferred
•110 113 *110 113 *110 113 *110 113 *110 113 *110 113
85
7312 105
NV par 9514 Jan 2 142 Oct 17
3,200 Coca-Cola Co (The)
1414 142
141 142
13912 142
*136 137 *13612 13712 13712 139
4512
44
51
No par 5018 Jan 11 57 Oct 11
Class A
5534 .5534 5534 5534 5534 5534 5534 5518 554 1,100
2238
5512 5534 *55
9
7
1818 Mar 13
3
Jan
par
No
950
e-PeetColgate-Palmoilv
1518 5,800
15% 15,8 153* 1538 1538 15
1558 1534 15
157 16
88
86
49
100 6812 Jan 8 95 Aug 23
6% preferred
500
9118 9118
91
*9118 93
26
3
10
*914 9418 9214 9214 914 9118 91
No par 10 July 28 2812 Feb 19
13
1314 13
1318 *1214 1234 2,400 Collins & Alkman
1314
13
13
13
72
6378 85
1318 135
Sept 11 94 Apr 18
7.5
100
Preferred
30
7812
*78
*77
78
78
78
*7612 78
6
12
5
*7612 78
78
Feb
9
78
28
Aug
5
4
par
5
No
Colonial Beacon 011
*618 9
*618 9
9% *6
94 *618 0
*6
9
27
1758
*6
278
834 Feb 6
338 Jan 2
300 :Colorado Fuel dr Iron-No par
*458 5
412 412 •4,2 5
*412 434 *412 5
54
9
9
Jan 3 32 Feb 23
42 5
1012
100
Preferred
30
17
*17
2212 *17
2212 17
2212
*17
20
20
20
16
1514
51
1
20
4050
keb
4
Aug
100 18
110 Colorado & Southern
19
18
23
23
*19
23
*19
2014 *19
20
15
*2014 24
1212 4234
100 15 Aug 13 3314 Feb 9
4% let preferred
100
16
*1518 18
18
*1518 18
*1612 22
30
1418
10
1812 1812 *1612 20
100 1418 Sept 28 30 Feb 3
4% 2d preferred
70
15
18 •_- 1712 *-- 15 *____ 15
15 •
45
2318 71,2
15
par 58 Jan 8 7714 Apr 23
__No
c
t
v
Carbon
Columbian
2,900
4
6814
683
683
6814
6814 6938 681-4
174
6712 6712 6834 6712 68
650 28
26 3938 Oct 16
2112July
par
No
o___
t
v
Corp
Plot
Coiumb
3818 3714 5,400
2812
67
3812 3814 393* 3812 3918 3634 38
9
3814 3814 38
678Sept 17 194 Feb 6
par
858 834 11,600 Columbia Gas & Elec_ _ _No 100
834 9
9
878 9
83
83
50
50
834 88
9
83
52 Jan 5 7834June 21
Preferred series A
400
66
6514 *623* 6514
*60
6612 6612 66
67
*64
41
40
67
Apr 24
7412
67
71
9
Jan
41
100
preferred
5%
50
59
59
*57
59
*57
59
59
*56
59
*56
1114
59
*56
4
1914
10 1850 Jan 4 3512 Apr 21
2814 7,500 Commercial Credit
2878 28
2812 28
2734 28
27
1812 25
22
273* 27
274 275
July 19
30
5
Jan
2312
25
preferred
let
7%
10
29
*2718 29
29
*27
29
29
297 *27
*27
16
29
32
3912
9
*27
Mar
50
3
Jan
38
50
Class A
100
48
*4712 48
4712 4712 *46
*4712 48
*4712 48
23
1818 2518
*4712 48
25 24 Jan 3 30 Mar 3
Preferred B
220
29
*2812 29
2812 2812 29
*2814 29
70
2812 2812 2812 29
85
957
100 9112 Jan 3 107 Aug 28
835% first preferred
280
105 105
105 106 *10412 10512 10514 10514 105 105
274
3
10478 105
18
4312
16
Aug
81
4
Jan
No par 35
Trust
Invest
Comm
7
7,400
47
49
7
4
0
5
483
47
50
4912
478
4712 47%
84
4718 47
8412
9778
No par 91 Jan 3 11014 Aug 9
Cony preferred
400
10812 109 *108 10934
*1083* 10834 10834 1084 108% 10834 *10812 109
5714
9
154
30
Jan
4
363
28
4July
153
par
No
14,700 Commercial Solvents
38 Feb 8
194 2053 19% 20,2 194 2012 204 2034 19 8 203* 1938 20
114
114
618
112July 28
No par
1)2 18 27,200 Commonwlth & Sou
14 112
112
112 113
1%
14 13*
112 158
1738 8012
173*
No par 2112 Jan 2 5234 Apr 23
56 preferred series
600
34
353
3534 3534 3434 3434 *33
3514 *35
11
3
3614 *34
36
8Apr
19
133
4
53
2
Aug
5
par:
No
Inc
Conde Nast Pub.,
94 *75g 9,4
*658 914 *634 953 *74 94 *712 014 *75
73* 2758
1612
22 July 26 3114 Feb 16
7,000 Congoleum-Nairn Ine_..--No par
3014 2912 30
294 2912 2914 2912 2912 2912 2914 3018 30
612 18
714
714Sept 7 1412 Mar 5
--No pro
*713 10
*73* 93* *758 958
100 Congress Ctgar___
*750 912 •734 10
*712 95
60
52
60
23
June
61
17
Jan
50
Connecticut Ry & Llihting_100
50 •_ _ _ _ 50 *___ 50
*44
62 •_
•__ __ 62 •__ __ 60
504 5512
507
100 .55 Jan 18 58 Jan 15
Preferred
75 •____ 75
•___ _ 75 *____ 75 •_ _ 75 *____ 75 •
19%
514
312
17
Mar
8
133
26
514July
pa,
No
400 Consolidated Cigar
8
8
8
818 ;1.7,2 84 *8
8
8
818
8
8
3014 80
3014
100 31 Jan 5 59 Apr 12
Preferred
57
57
*55
*55
57
*55
*56
57
57
85
*56
57
*52
31
4514
28
2
Sept
67
Jan
454
100
.
_
preferred_
Prior
50
62
*61
63
*81
62
8338 63
*63
63
63
*6238 633
3812 8234
4514
100 49 Feb 13 6018June n
Prior pref ex-warrants
65
*5912 70
*60
70
65 .60
*5912 70
*60
*5912 70
534
134
138
534 Feb 15
132July 27
1
314 314 2,100 Conaol Film Indus
358 353
73
32 313
32 388
3,4 3,4
5% 1434
312 312
15
Feb
1712
2
Jan
104
par
No
Preferred
1512 7,900
15
1578 1512 1573 1514 153
15
34
145g 1478 144 15
64,8
25
No par 25 Sept 17 478 Feo 6
Co
Gas
Consolidated
24,700
2834
4
284
2714
283
27
2818
4
2
283
8
283
284
99
2818 2834
83*
8118
814
No par 82 Jan 4 95 July 23
Preferred
1,000
89
89
8812 8814 8812 8878 89
112
*8812 8912 884 8814 88
5,2
1,2
438 Feb 7
112Sept 18
No par
300 Congo! Laundrles Corp
214
1%
158
18 *158 212 •15
134
15
153
5
14 134 *150
74
26 1414 Feb 13
714July
par
No
Corp
Oil
Consol
12,400
8
7
4
73
734 8
778 8
734 8
9512 108
734 8
103
18
Oct
734 7
11218
9
Feb
108
100
87 preferred
400
1050
__ *110 11218 *110 11218 *110 1124 11218 11218 *110 _ __
114
218
*110
634 Feu 5
218 Jan 5
100
800 Consol RR of Cuba pref
12
314 314 *3,8 -338
3,4 314
3,4
314 314 *314 350
*34 _-338
14
12,ialy 28
24 Feb 7
No Par
34 2,200 Consolidated Textile
34
78
34
34
34
34
*34
1014
78
44
14
34
23
78
Apr
54
133
5
Jan
84
20
A
1,100 VA:milliner Corp claw
9
87
878 9
9
9
412
953 912
14
2
912
18
Apr
2
53
•834 912 *9
2% Jan 2
No par
Class B
334 334 *312 358 2,000
355 3%
338
35
313 338
514
3
18,4
3'8 334
54July 26 1455 Jan 24
No par
500 Continental Bak class A
ay
612 631
634 634 *64 714 *812 714 •612 714
312
612 612
12
7
Feb
27
28
%July
par
No
Class B
1,4 2,400
118
118
114
118
14 118 *14
118
118
114
114
64
36
464
100 4614 Jan 6 64 Feb 9
Preferred
500
5014
*504
3
504
8
51,
4
503
8
52
50
503
5050
783*
*5012
10
51
5512
3514
51
20 6912May 14 8814 Oct
8714 8,900 Continental Can Inc
8778 87
6
312 1718
86% 874 8634 8714 86% 8712 8834 8714 87
6 July 26 11% Feb 6
.5
300 Cont'l Diamond Fibre
04 612
64 6,2
*618 634 •618 612
*658 7
20
1012 3612
*68 7
2 50 2338 Jan 6 3512 Apr 20
Insurance
Continental
5,700
5
2918
4
293
2912
29
2914
2914
293*
2914
2950
4
2834 2914 2914
23 Feb 21
1
24
34
4July
3
vat
No
Motors
Continental
78 4,300
78
34
78
34
84
78
34
1214
78
44 1950
34
78
78
_ 5 1534July 26 228 Apr 21
le% 16,200 Continental Oil of Del_
163
16
1578 1678 164 1678 1638 1634 16
1678 1714
4012
20 4012Sept 18 51 Jan 31
Co
_Trust
Bank
Exchange
Corn
550
4412
444
3
4438
4434
4414
4412 4438
4412
4514 *4434 45
*44
5512
-4538 -90%
25 5512 Aug 8 8412 Jan 26
66
6414 653* 6412 6512 6,700 Corn Products Refining
664 8712 65
8612 6712 6714 683
11712 14534
100 135 Jan 4 14812July 24 133
Preferred
200
__ •14014 14512 *14014 142 *14014 14238
14212 14212 *14014
314
238
•1404 144
712
972 Feo 5
8July 28
35
par
No
Ins
Coty
2,000
518 518
5,4 5,4 *518 514
3912
23
23
512 • 54 _-5,4
518
5,4 5,4
NO par 28 Jan 3 35 Jan 31
32
323
3218 3238 324 3238 324 323* 3,400 Cream of Wheat Ws
32
32
313 32
7
214 148
8 Jan 2 1712June 18
par
No
Corp
Radio
Crosley
1,100
4
133
14
*134
14
*134
134 1314 *1312 1414 1312 1412 14
1834
1414 65
1834July 26 364 Feb 1
No par
900 Crown Cork & Seal
2214 2112 2112
22
22
2212 *2114 2212 22
22
22
22
32
2412 384
_ _. _No pa, 3512 Jan 2 4114 Apr 20
29.70 preferred
200
3912 3912 *3912 40
*3912 40
113814 40
*3850 40
40
*38
424
17
54
Jan 9 69 Apr 26
47
par
pfNo
__Paplst
W'mette
Crown
___
_-.._
___
__
__ ____
*6312 _ _ •6312 - -_ -__ _ . ____
65 Apr 27
34
1
812
358July 27
No par
Crown Zellerbaok v t o
37
4
3% -*334 _-4
4
*378 _-4
358 -4
118
*4
14
9
3712
17 July 27 3850 Feb 19
Amer:ea-AO°
of
Steel
Crucible
7
800
3
1912
*1812
1912
*1812
194
194 19
19
2012 1912 20
20
19
71
Apr
12
30
18
603*
Jan
48
100
Preferred
700
53
53
55
5314 534 5314 5313 53,2 5313 *53
34 Feb 9
53
12
53
1 Jan 2
34
435
No par
112
400 Cuba Co (The)
138
15
112 *114
112
1.12 *114
150
112
112
*114
3
212 16
3% Jan 15 1012 Jan 23
100
20 Cuba RR 8% prof
*414 5
44 412
97 Feb 8
*318 812 *334 712 *334 712 *44 6
212
10
Jan
1112
312
10
Ds
Sugar
erican
57g 614 8,000 Cuban-Am
614 68
64 718
712 712 *718 75g
1412
10
68
*74 755
100 204 Jan 9 65 Aug 30
Preferred
490
50
52
48
544 49
5412 5412 54'2 542 53
3518
*5413 56
2034 5912
50 37 Jan 2 5255 Aug 29
900 Cudahy Packing
48
48
4814 4834 4712 4712
*48
4812 4814 4814 *4612 48
1312
1312 Jan 8 2938 Apr 12
612 32,4
No par
800 Curtis Pub CO(The)
1734 173
175 1750 1714 1714
17% 18
18
*1713 1838 18
66
30
3812
No par 4312 Jan 3 8534Juiy 17
Preferred
8018 8018 1,200
79
7812 8014 *7812 8014 79
79
2
8014 79
54 Jan 31
•79
112
43*
2
Jan
212
I
Curtiss-Wright
6,300
212 253
218 258
212 238
212 212
212 238
38
23* 250
2
1214
Apr
3
54
Jan
2
I
8
Class A
74 3,800
7
74 714
714 7,2
714
7
73
7
73* 74
75
74
prof __100 804 Mar 6 91 May 1
9612
7%
Sons
Cushman's
*81
8312
*81
8312
83,2
8312 *81
8312 *81
8312 *81
*81
8812
6012 82
No par 6812 Apr 6 90 June 19
8% preferred
75
*70
75
*70
75
*70
75
*70
75
*70
75
*70
912
II Jan 4 214 Feb 21
44 21
No par
200 Cutler-Hammer Inc
15
*13
14
*14
15
14
15
*14
15
1412 1412 *13
8% Feb 6
512
(I Jan 10
1%
5
8%
Corp
Stores
Davega
1
100
74 74
*718 758 *7 4 7% *74 734
*74 8
1
3418
Feb
26
1018
24%
49
*718 8
1018July
par
No
2014 15,500 Deere dr Co
2058 20
20
2018
1978 21
1878 1912 1938 1934 19
1014
64 1838
20 10!4 July 27 1512 Jan 30
Preferred
3,400
8
147
1414
1414
8
143
14
1358
100 38 Aug 6 7312 Feb 1
14
1314 1314 1312 14
*13
35
3758 935
42
4034 4112 4012 4012 1,800 Delaware & Hudson
4212 42
3
42
4012 4114 4012 41
14
1714 46
Lack & Western___50 14 July 26 33 Feb 5
1934 1834 1914 1818 1858 8.000 Delaware
1834 1914
1834 1938 19
1834 1914
4
2
418July 26 134 Mar 28
19%
pref---100
West
Or
RIO
&
Deny
2,200
512 5%
54 512 *538 54 *512 534
*514 6
Feb
23
84
inn
5
*514 6
Jan
55
48
6312
9112
400 Detroit Edison
75
*72
75
*72
72
72,4 72
72
*7134 75
7 Feb 6
*7112 75
5
912
5 Jan 25
3
Ry Co _ _100
Mackinac
dr
Detroit
10
*612
10
10
*812
*612
*612 10
*612 1158 •612 9
112 16
112
5% non-cum preferred__ _100 10 Mar 19 1814June 20
10
20
*10
20
*10
20
*10
11
11
20
*11
21
1111
20
10
334
- Par 29 Jan 6 5518 Apr 25
& Raynolda A----N0
Devoe
400
44
44
43
43
43
43
43
43
45
*4014 43
*4012
8912
100 99 Feb 17 116 Sept 5
794 100
1st preferred
70
11214 11214 113 113 •11314 - •U314 - 11034 11034 110 110
21
1712 2912
No par 21 Sept 17 2812 Jan 16
500 Diamond Match
25
25
2450 24-3-4 *2412 2-4-34
*2412 25
25
2550 *2412 25
2758
264 31
25 2814 Mar 27 3412 Aug 21
preferred
Participating
200
304
3012
*3012
31
3012
31
33
*31
33
*31
33
*31
27
4814June
25
12
3912
25
Jan
32
par
No
Ltd
Mines
Dome
4014 4214 404 413* 7,400
42
424 4214 4212 423* 434 4212 43
1412
1412Sept 18 23 Mar 10
1012 2650
No par
1512 1,600 Dominion Stores Ltd
1514 1115
15
15
1512 1534 1512 1512 1412 1538 15
1414 Jan 2 28% Jan 31
No
114
1014
par
Ins
184
Co
Aircraft
Douglas
2,800
1512 153*
1558 154 15% 1614 1512 16
1618 1614 154 16
814
634 18
814 Sept 14 19 Feb 17
600 Dresser(SR)Mfg cony A.- No par
104
11
1012 1012 104 10,8 *93 10% *97 1038 *10
11
8
117
Mar
14
28
Sept
5
var
No
33*
218
10;
B
Convertible class
200
7
*572 612
912 52 *512 612 *57
12
612 612
158 Apr 20
*5,2 614
58 Jan 15
100
212
14
lop Duluth S S & Atlantic
34
84
78
*84
78
*34
*54
78
78
*34
169
218 Apr 20
38
78
%Sept 14
*34
318
38
Preferred
1
•22 1
•22
1
,28
•12 1
1
*12 1
*58
113
15
4
28
3
Sept
Mar
3
72 1434
International ____- _1
Dunhill
55
3,900
47
412
4
512
*412
550
43
4
412
43
518
412
5
9% 2853
14
14 July 27 23 Feb 16
No par
100 Duplan Silk
1512
1512 *15
1512 1115
1512 .15
*15
15
•144 1512 15
92
100 100 Feb 9 110 Mar 9
8284 05
Preferred
30
102 102
*101 10112 10112 10112 *101 102 *101 102 *101 102
3218 963*
60
80 May 16 10378 Feb le
&Co.20
deNemours(E.I.)
DuPont
84
947
16,100
9314 93
927
92
9214 9334 93
9212 93
9414 93
9712 117
100 115 Jan 3 127 Oct 8 10414
8% non-voting deb
12534 12534 12518 12534 12534 12534 1,500
126 126
*126 12814 128 126
85
Jan 16 107 Sept 21
85
102%
140 Duquesne Light 18t oref„ 1041 90 Feb
1044 1044 11104 105
105 105 *104 105 •1034 105 *10314 105
7 30 May 4
21
912 1914
13
_100
_
pref
Mills
Hosiery
Durham
20
25
*22
25
25
*2312 25
*2312 25
*2312 25
*2312 25
10
312
118
44July 25 1234 Feb 19
800 Eastern Rolling Mills_ --No par
6
*6
614 *534 6'2
6
6
•578 6
6
614 650
10434 Oct 18
46
6512
8984
4,300 Eastman Kodak (N J)_--No par 79 Jan 4 147
10312 10414 10334 104% 104 104
103 10414 10212 104
10214 103
130
110
June
16
27
Jan
120
100
120
preferred
corn
6%
40
14018 1404 14018 14018 *140 143 *140 143
•14018 144 .14018 144
10
318 16
No par
1218July 26 221 Apr 19
*155g 1578 4,200 Eaton Mfg Co
1618 1812 1558 16
1534 1534 1534 1618
1558. 16
6
6 Sept 17 1914 mar 6
No par
_- Eltingon &Mid
*758 8,2 *758 8,2 *758 812 *758 8(4
*734 8,2 •758 814
31%
Feb
21
1153
26
July
16
-2i12
15
5
2412 21,300 Moo Auto-Lite (The)
24
241, 25,4 2478 25
8 2458 25
,
243 25
244 25
75
75
8812
100 80 Jan 5 101 Apr 6
Preferred
570
1
987
3
9812
98
4
99
4
983
98
98
*9714 9818 *97 4 98,8 98418
712 Jan 29
814
3
1
3 July 26
3
1,400 Electric) Boat
4
4
4
4
4
418
44
418 418
438 43*
212
1
4,2
9,2MaY 8
44 Jan 3
9,400 Eleo dr Mug Ind Am shares
7,2 75
712 712
712 73*
713 712
73*
750 758
73*
318 15%
26
958 Feb 7
312
312July
par
--No
Light
af
Power
Electric
4,200
4
4
334 4
4
4
4
4
4
4
414 414
75
21
Apr
18
26
4July
2
7,
3
7
No
3612
Par
Preferred
934 *94 912 1,000
1014
0
934 978
94 94
*1014 1012 10
7
612 3234
7 July 27 193c Feb 7
No par
$6 preferred
300
834
834 834 *8
9
0
*834 934
84 87
*878 10
Ex-dividend. y Ex-righte.
z
sale.
Carib
C
sale.
Optional
a
receivership,
In
reported
oponles
day
1(7.1
Mr
• ,41,1 3,1,1 anted orlrea, o iite. on
New York Stock Record-Continued--Page 4
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Oct. 13
Monday
Oct. 15
Tuesday
Oct. 18
Wednesday
Oct. 17
Thursday
Oct. 18
Friday
Oct. 19
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
2485
Range Since Jan. 1
On Basis of 100-share Lots
Lowest
Highest
July 1
1933 to Range for
Sept.29 Year 1933
1934
High
Low Low
g per share $ per share $ per share $ per share $ Per share $ per share Shares
Par $ per share
$ per share $ per 4/1 $ per share
4213 43
42
43
424 43
No par 34 Sept 22 52 Jan 24
4214 4234 4214 4212 4214 4214 1,900 Elec Storage Battery
21
54
34
178 Feb 21
18
4
58May 11
No pat
34 1
200 /Elk Horn Coal Cort)
*34 1
78 .
*34
78
34
34
78
*34 1
38
334 Feb 23
*Al 114 *138 134 *158 134
1
1 July 26
14 112
50
800 6% part preferred
158 158 *112 14
6
4712 4712 4712 4712 4712 4712 4814 4814 *48
26
45
50 .4838 50
627s
500 Endicott-Johnson Corp.
oo 45 Sept 8 63 Feb 16
*125 12714 *125 12714 *125 12714 *12514 12714 *12512 12714 •12514 12714
100 120 Jan 3 12712July 26 112
107
123
Preferred
212
834 Feb 7
500 Engineers Public 8erv--No Par
212July 27
3,2 358 *314 34 *314 312 *314 313 *314 312
34 34
334 1454
*1612 1634 1812 164 18,4 1614 *16
17
*17
1714 17
11
1018
17
47
55 cony preferred
300
No Par 1018July 27 234 Feb 6
200
184
1858 1858 *1814 194 *1814 1914 184 18,4 *18
*1712 19
11
4978
11
85)4 preferred
No Par 11 Jan 8 2412 Feb 5
2118 19
*19
2118 *19
21
*19
2118 .19
20
20
12
12
19
55
86 preferred
No par 13 July 26 2512 Feb 5
200
5
812 1333
800 Equitable Office Bldg_No par
5311 533
5 July 24 1038 Jan 22
514 54
558
54 512 *538 514
*538 514
938
13
1338 1258 1278 1234 13
938Sept 17 2478 Feb 5
13
334 2534
100
1314 1234 1234 1212 1212 1,900 Erie
*1618 17 •1813 17 *16
18
*1614 1833 *1512 1712 16
44 2912
17
First preferred
300
100 1478 Sept 17 2814 Apr 26
1314
*1112 1213 1112 1112 *1114 1212
12
9
12
*1112 12 *1114 12
24 2314
9 Sept 25 23 Apr 21
Second preferred
500
100
*60
*60
68
68
*80 68 *60
45
50
Erie & Pittsburgh
•____ 88 •____ 68
50
50 50 Jan 25 60 May 1
812 834
84 812
812 84
3
638
184
853 853 1,600 Eureka Vacuum Clean
814 834 *812 834
7 July 26 144 Feb 19
5
1712 1612 17
17
1738 1738 1712 1738 1734 1714 17,2 17
3
10
3,500 Evans Products Co
9 Jan 3 2714 Apr 27
6
*358 4
4
4
418 44
*4
412
3
34 312 *334 4
312 1112
70 Exchange Buffet Corp---No par
3 July 27 1012 Apr 2
112 158
118 134
1
118 14
14 118
•I
138
711
258
238 Apr 17
500 Fairbanks Co
114
25
114
1 Sept 1
478 578 *5
5
*412 578 *4
1
578 *512 572
814
312
Preferred
120
513 553
334Sept 18 1212 Apr 14
100
212 1114
478
1112 1112 *11
1112 114 *1012 12
300 Fairbanks Morse & Co.--No par
1134 1118 1113 *1078 1113
7 Jan 6 18 Feb 19
*45
*45
48
10
25
*45
48
*45
48
48
4212
*45
48 .454 48
Preferred
100 30 Jan 10 61 Feb 19
4
*434 578 *412 578
458 458
434 1412
5
5
5
400 Federal Light & Tree
5
5
5
4 July 27 1114 Apr 3
15
*43
33
*44
53 *46
44
44
44
33
5912
53 *46
Preferred
No par 344 Jan 12 62 Mar 13
10
50
50 *46
*4978 60
15
103
52
*50
60 *50
*50
60
60 *5212 80 *5212 80
Federal Mtn & Smelt Co___100 52 Oct 11 1°7 Feb 14
74
18
50
82
*81
82
*61
82
*61
*61
82
Preferred
82
*81
82 *61
100 62 Oct 6 98 July 12
41
24
34 1134
4
378 414
834 Jan 30
*35s 418
418 418 *353 41s
414
27 July 25
800 Federal Motor Truck--No par
1
238 *2
*2
238 *2
34
238 *3%
238 *2
478
238
*2
538 Feb 23
Federal Screw Works--No par
238 •2
2 Jan 13
138
634
138
138 138
112 II
14 112
4 Feb 8
138 138 *138 11
700 Federal Water Berv A_.No par
1341 138
138July 27
714 30
2313 2212 24
2212 2314 *2218 25
1814
23
23 23
*2218 231
1,200 Federated Dept Storea___No par 20 Aug 7 31 Mar 6
1014 36
2014
2815 29
294 2914 2914 291s 2912 293
2.50 2334 Jan 5 35 Apr 20
2913 2953 7,800 Fidel Phen Fire Ins N Y
2958 30
64
5
938
Fifth Ave Bus Sec Corp.__No par
7 Feb 15 II Jan 3
9
30
21
25
25 ;23T2
34
1(1*7_7_ -3130 Filene's(Wm)Bons Co___No par 23 July 25 30 June 21
95
81
10512 105's 10512 1051 *10514 10512 10512 10512 10512 10512 '10514 10512 2,460
100 87 Jan 10 108 Aug 9 x85
00 64% preferred
14
14
9,8 3112
1312
1334 1334 14
1414 1418 1458 1334 1418 1334 1334
Firestone Tire & Rubber
10 1312July 26 2514 Feb 19
42
75
8718
78
77 78
78
78
78
*7778 784 •7778 7812 79
Preferred eerie' A
500
79
100 71 Jan 9 86 Apr 21
43
7034
4719
67
6733 6634 67
8812 87
66
8834 66 6612 6412 8412 1,200 PIM National Stores ____No par 5414 Jan 5 69',July16
712 18
1258
*17
1913 1913 '
20
20 .17
517
20 *17
100 Florshelm Shoe class A___No par 15 Jan 4 25 Apr 11
19
19 *17
312 312
212 19
2
No par
313 334
2 July 26 1738 Feb 2i
800 :Follansbee Bros
*333 314 *34 314 *34 34
34 31
612 18
*1412 181 *1412 1612 *15
18
18
11312 •15I4 1534 •1514 16
1012
200 Food Machinery Corp-No par 1012 Jan 9 21 May 4
412 23
1173 117 *11
111
8,2
11
1114 1112 11,4 1114 11
No par
*1034 1118
500 Foster-Wheeler
812July 27 22 Feb 16
444
70 *50
*50
70 *55
324 71
*50
70 *50
70 *50
par 55 July 23 80 Mar 16
70
Preferred
70
84 81
834 834
2
2338
*814 9
30
614
174
Jan
par
200 Foundation Co
*8
July
28
834 *814 834 *814 873
6g
N
No
o a
2212 22'2 2212 2258 2212 224 2212 2238 2218 2212 22
1358 2614
1658
2233 1.900 Fourth Nat Invest w w
1 174July 26 2712 Feb 5
13
124 13
13
19
13
1378 1358 14
12
814
1338 1312 1278 1318 6,800 Fox Film class A
84July 26 1712 Feb 26
NO par
*2512 271 *2512 291 *24
50
28
294 •23
12
*1734 26 *20 25
20
Fkln Simon & Co Inc 7% pf....100 20 Aug 16 63 Feb 7
2712 2758 27
27
2734 2738 2838 2712 28
27
1818 4933
2112
2712 2778 4,600 Freeport Texas Co
In 2112Sept 20 5038 Feb 19
*11558 ---- *11538 __-- •115
•115
97
16018
•115 --- *115
Preferred
100 11312Sept 21 16018 Jan 31 11312
1618 1618 *1512 1814 •1612 1814 *1612 18
17
17
9
31
12,2
1834 1634
40 Fuller (0 A) prior pref_-_No pa 14 July 26 3312 Apr 26
*6
*6
8
714 *6
4
23
74 *6
5
714 *6
714 •6
714
$6 2d prof
No par
5 July 26 1938 Apr 26
54
142
138 1114 *158 112 •138 112 •138 112
114 114
14 138
1
400 Gabriel Co (The) Cl A_
438 Mar 12
No Par
14July 25
*1014 1212 1014 1014 *1014 1012 *1014 1012
*1014 11
*1014 II
612 2073
10 Gamewell Co (The)
1014
No par 1014 Oct 9 20 Feb 19
7
7
7
714
7
714
7
738
258 12
713 713 *838 678 1,400 Gen Amer Investors
553
553July 27 1112 Feb 6
NO Par
*75 80
*75 80 *75 80
*75 80 *75 80
42
85
6412
*75 80
Preferred
No Par 73 Aug 25 87 Mar 13
*3458 3512 3434 3538 3512 364 3512 36,2 3512 36
3414 35
5,100 Gen Amer Trans Corp
1334 4314
2534
6 30 Aug 9 434 Feb 19
*154 1534 1534 1514 1512 1512 1534 18
453 27
1534 1834 1638 1714 6,309 General Asphalt
12
10 12 July 26 2312 Apr 24
734 813
74 8
753 734
*758 734
8
1012 2078
8
81s
733
5,400 General Baking
8
714 Oct 8 1438 Feb 5
8
*102 10333 102 10338 *10213 10338 10212 10212 10234 10234 104 104
9934 10814
190
88 preferred
No par 100 May 8 10812 Feb 7 100
64 612
64 634
6
612 2,800 General Bronze
612 678
634 678
218 1012
5
6
6,2 634
5 Sept 18 1018 Mar 9
*3
312
278 278 *278 314
*24 278
3
3
3
300 General Cable
3
214
61s Feb 1
No par
14 1112
214July 26
*44 7
*412 7
*453 7
6
*518 7
6
214 23
Class A
100
*434 7
414
No par
414 July 27 12 Feb 1
*14
184 *14
1712 *1513 1712 *16
1712 1712 18,8 •174 20
612
46
14
7% cum preferred
300
100 1412 Jan 9 33 Apr 20
57
57 x53
54
5134 5173 51
2414 4858
2414
4,600 General Cigar Inc
501
5114 50
5112 51
27 Jan 2 574 Oct 11
*11512 120 *117 120
120 120
120 120
112
11933 11912 11878 119
so
160
90
120
Oct
6
7% preferred
Jan
8
97
184 1834 1818 1853 1818 184 1818 1838 1818 1812 1813 181 37,200 General Electric
1012 3014
1618
No
:
pa
p100arr 164July 26 254 Feb 5
1212 1212 124 1212 1238 1238 1212 1258 1238 1212 124 121
1078 1214
1113
Special
5,900
10 1138 Jan 2 1234 Feb 26
30 3014 30
3038 30
311
311
3012 3053 31
21
28
39%
17,300 General Foods
3034
3034
No par 28 July 28 3678 Jan 30
84
*58
34
278
58
53
13
134 Feb 6
58
12
12
12July 24
No par
*58
34
58
34
38 2,200 Gen'l Gas & Eleo A
*1534 1718 *1534 17
1578 1578 *1538 1618 •1514 1618 *1514 16
318 1612
No pia
Cony pref series A
100
6,4
614 Jan 2 19 Mar 4.1
1738 1738 *1738 25
*1634 20
17
17 •1634 20 *1634 20
634
No par 11 July 25 21 Mar 13
614 1812
87 pref class A
20
*19
25
19
1812 181 *1833 241 *1833 741
19
19
19
5
20
712
$8 pref claw A
No par 13 Aug 8 22 Mar 12
70
6112 6112 *6053 82 *80 ____ *60
2414 5534
-- *6034 62's 6034 034
200 Gen Ital Edison Elea Corp__ -- 50 Jan 24 6134Sept 18
39,4
574 5838 *5612 57
57
57
57 -58 - 57
51
No par Si Sept 20 644 Jan 15
35,2 71
5858 5812 5812 1,900 General Mills
*111 112 *111 112 *111 112
112 112
9212 10812
Preferred
400
11134 112 112 112
100 103 Feb 27 115 Aug 1 10012
2938 3014 2912 304 2958 3014 30
3051/ 2978 301s 2978 304 64
10
3534
2212
.10 2438July 26 42 Feb 5
o
200
:3
700 General
MotorsCorp
10212 10258 10253 10214 10258 10258 10212 103 10212 103
84
6512 • 95
preferred
Na pa, 8934 Jan 6 10312July 11
10212 10234
*91 111
814
938 938 *912 1034 10
10
518 24
*012 101
No par
200 Gen Outdoor Ada' A
*94 1014
834 Jan 5 21 Apr 14
312 31
*312 378
*332 312
338 338 •34 338 •312358
213 1018
3311
338 Aug 30
Common
63s Apr 20
No par
300
184 181 .18
1812 1812 181
1812 181
184 191
No par lots Jan 3 2512 Apr 23
19
314 17
1012
19
560 General Printing Ink
*87 891 *87
8912 *87
891 *87 891s 87 87
891 *87
614
31
86 preferred
82
No Par 734 Mar 10 8812 Oct 8
10
*24 234
212 212
233 212 *214 238
218
538 Feb 7
509 Gen Public Service
238 238 *2538 26
2
814
No
N par
p.
, 24July 24
*2512 27
*25
27 *24
284 254 251
25
2312
2312July 27 4534 Mar 3
*2538 26
25
1314 4912
300 Gen Railway Signal
92
92
92
92 •___ 92 *___ 92
Preferred
100 90 May 2 10112 Feb 2 90
6934 93
•114 138 *1,8 114
14 112
438
1
1
34 Jan 30
1 July 26
400 Gen Realty & Utilities
14 1,4 *114 118 *118 138
38
*1014 1114 1014 1014 *11
1134 114 113 •1112 12
10
86 preferred
No pat 10 Sept 14 2618 Jan 30
512 2234
400
1134 1134
.12
13
14
13
1312 131 •12
*1312 15
812
212 1934
No par 1018 Jan 3 2338 Feb 23
13
*1218 13
400 General Refractories
*1112 117 *1112 1134 *11's 12
1138 1158 4114 1133 •11
Voting trust certlfs____No par 10 July 26 194 Feb 21
300
18
714
1112
3,2114 25
22
22
22
221
*2014 25
2212
2212 2212 23 23
938 3812
80 Gen Steel Castings pref ._No par 1738 Oct 3 481:Mar 15
1112 117
1153 1134 1173 1238 1218 121
1212 1314 124 1318 43,900 Gillette Safety Razor-- No pa,
738 204
758
84 Jan 8 1314 July20
*6113 627k 824 6212 *13112 6314 62 6314 8314 64 1 64
4512
454 75
Cony preferred
No par 47 Jan 11 6512July 6
6458 1,800
34 37
378 378 *334 414
418 438
No par
238
413 414 2,400 Gimble Brothers
4
414
638 Feb 5
238July 27
34
738
221
*17
•1918 224 *1918 2234 •1914 223 •1914 224 •1914 22
1312
514 33
Preferred
100 1614 Jan 8 30 Feb 5
*2414 241
2438 2412 2318 2334 2338 2338 234 2338 2253 23
vo par 1538 Jan 4 2838 Apr 26
3/14 20
12
2,200 Glldden Co (The)
1034 1031 1034 10312 10312 103,2 104 104
104 104
48
8038
1034 10312
914
Prior preferred _____ _ ..IOU 83 Jan 19 104 July 26
340
54 51
5
518
512 4,800 Gobel (Adolf)
5
51
5
5
5
3
54
16
912 Feb 27
5
334
334July 26
1713 171
1712 1712 1712 174 1712 173
1712 1712 1733 1752 8,900 Gold Dust Corp vs e
12
16
No par 1634 Jan 11 23 Apr 23
2738
*11218 118 *1124 116 *1121g 118 •1124 118 •112 11412 *112 11412
9812
964 105
86 cony preferred
No par 964 Jan 6 120 Sept 4
978 104
938 978
954 94
No par
9,2 978
3
8
9,2 10
2112
8 July 26 18 Feb 19
94 9,2 3,200 Goodrich Co(B F)
*384 4034 39
39 *38
39 *3814 39 •3818 39
38 3814
Preferred
9
63
2612
300
100 351k July 26 6234 Apr 21
2134 2212 22
2258 2178 2232 2112 221
2113 22
2112 2134 11,900 Goodyear Tire & Rubb-No pa, 18's Aug 8 414 Feb 19
1812
9,4 4712
7414 74,4 7312 7312 *7218 78
7312 731 *71
74
hit preferred
*7112 75
55
300
2734 8014
No PI, 84 Aug 6 8614 Feb 19
*54 512 *514 538
514 578
5,4 5,4
5,4 5113
vo pa,
812 1712
Ps 578 3,600 Gotham Bilk Hose
34
1134 Feb 5
378July 2
*54
57
*55
57 *55
57 *55
57 *55
57 *55
57
Preferred
41
4912
100 4912 Jan 22 7112 Apr 28
73
2
2
2
2
2
218
2
2
178 2
412 Feb I
134 173 7,600 Graham-Paige Motors
112
1
1
112July 2
553
612 612
612 838
65
*612 614
858 658
512
814
134 Feb 18
373 1553
2
6
612 1,900 Granby Cons M Sin & Pr _ _100
512July
512 512
512 512 2,700 Grand Union Co tr etfs
512 558
512 578
534 378
55.1 514
358 1058
358
4 Jan
1
814 Jan 31
33 33 *32
3334 3212 3312 3213 33
3212 3212 *3218 39
1,300
Cony prof series
20
20
40 Apr 24
23 Jan
3833
*214 23 .2112 23 .2112 23
*2112 22
*2012 22
22 22
100 Granite City Steel
3118 Apr 25
No
2078
o par 2118 Oct 1
114 3058
304 3012 3034 31
3218 3218 3114 3114 31,2 3112 31
3114
900 Grant(W T)
4038 Feb 19
25
No par 28 Sept 1
1534 Ws
11
11
1118 1141 *11
11
1118 1138 1133 1112 2,500 Gt Nor Iron Ore Prop
11,4 11
No par
1518 Feb 19
513 164
734
812July 2
155a 1618 1558 1534 1553 1833 18
1658 1534 1838 1533 1573 19,800 Great Northern pref
458 3334
1214
-100 124July 26 324 Feb 5
29
2914 2914 2934 29
2978 294 2934 29 2958 28
2878 4,500 Great Western Sugar__ No par 25 May 1
25
3514 July 9
878 4178
*112 114 *112 115 *112 113 *114 115
115 115 *11212 114
Preferred
10
11634June 23 99
100 102 Jan
7212 110
*32
50 •32
34 •32
37
34 *33
33 .3214 37
33
10 Greene Cananea Copper
100 18 Jan 10 59 Apr 24
18
8% 3014
134 134 *158 134
138 13/1 •138 178 *134 178
138 13
312 Feb 8
400 Guantanamo Sugar
No pa
34 Jan 2
14
412
53
.2412 2578 112212 2573 *2412 2578 *2412 2578 .2412 2578 *2412 2578
Preferred
100
714
5
3712
7,4 Jan 18 31 Feb 9
*538 853
*618 7
*13
7
534 534 *614 7
*578 61
200 Gulf Mobile & Northern_ _100
4
5 July 25 1614 Feb 20
13
4
1112
*1312
16
*13
18
*1212 18
*1312 16
*13
16 •13
16
Preferred
24 2312
100 12 July 28 3534 Feb 21
12
*1612 17
17
*1833 25 *1838 25
*18
17
25
184 1838
300 Gulf States Steel
No pa
1514July 28 42 Mar 13
634 38
134
155
.50 60
62 *55 60
60
*55
60 •55
80 60
Preferred
20
_100 47 Jan 8 83 Apr 20
2514
1614
64
25 *23
25
*23 25 •23
*23
25 *23
*23
25
25
Hackensack wso r
_2
2011 Jan 9 26',July 6
1978
15
2512
2912 •29
29
*29
*29 30 *29 291
2912 2912 2912 29
7% preferred class A
40
27 Jan 4 14012June 27
2
26
25
2878
578 6
558 578
553 534
512 53
334 (i
7,500 Hahn Dept Stores
558 534
No pa
312
814 Feb 15
312July 26
1
,
8
912
4214 *39
42
•42
4138 414 4112 4113 414 4214 *414 421
800
Preferred
100 2514 Jan 9 5234 Apr 21
18
9
384
74 714 7.000 Hall Printing
74 71
712 712
734 8
738 8
712 712
318 Jan 8
"
10
934 Feb 14
338
1012
34
*5
834 *5
1334 *5
83
834 .5
834 •5
834 *5
Hamilton Watch Co
338 Jan 26 1178 Apr 20
No pa
24
9
338
*40
47 *40
47 •40
•40
47
47 *42
47 *40 47
Preferred
100 25 Jan 15 5312 Apr 25
20
15
35
99
9934 *98
9934 *98 9934 *98
*98
•98
9934 *98
981
Hanna(M A) Co $7 pt-No pa
84 Jan 8 10134July 21
77
454
85
114
1614 •1434 1614 •1412 164 *1434 16 •1438 16 •1412 1614
Harbison-Walk Refrac-No Pa
13 July 26 2434 Feb 21
12
618 2512
_
_
Preferred
100 87 Jan 10 100 Jan 26
82
48
95
4
4
4
4
418 --4T8 -114
4
44 414 *44 4,4 _ -2:8t Hat Corp of America el A.--112July 26
612 Apr 13
112
s
712
*5712 60
60 8013 *5514 81,2 •574 6212 *5812 624
*5712 60
preferred
1934
100
4
Jan
61.4%
62I4June 27
518 30
1412
*12
72
•12
4,12
74
72
*12
72
*12
*12
'78
72
Havana Electric Ry Co ..No Pa
12 Oct 8
112 Jan 23
3
8
234
5
8
*4
6
*4
6
*4
13
*4
6
Preferred
6
*4
512 *4
100
3 Jan 2
84 Apr 19
3
112
634
•Bid and asked prices, no Bales on this day. I Companies reported in receivership. n outlonal sale. e Cash sale. z Ex-dividend. y Ex-rights
I
•16..-
New York Stock Record-Continued-Page 5
2486
._i
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Oct. 13
Monday
Oct. 15
Tuesday
Oct. 16
Wednesday
ro,Oet. 17
Thursday
Oct. 18
Sales
for
the
1Veek
Friday
Oct. 19
$ per share $ per share $ per share $ per share $ per share $ per share
214 24
212 212 *212 24
212 212
238 212
212 212
81
81
81
81
81 - 82
83
83
80
8212 8212
81
*11612 125 *11534 125 *11534 125 *116 125 *116 125 *116 125
•144 150 *14612 150 *14612 150 *14612 150 *147 150
150 150
*778 812
8
8
734 734 *718 812 *712 812
•74 734
73
724 7212 7212 7212 7134 7178 *71
*71
*71
73
73
123 123 *12312 124
12314 124 *122 124
*123 125
122 122
*64
67
68
•64
667 *64
66
68
*66
68
*66
6978
97
*9612 97
97
*96
97
96
96
*9612 97
*9612 97
634 *612 632
*64 634
6
6
64 612 *6
64 612
014 914 *918 912 *918 912
94 914
94 912 *914 94
.314 395 *360 395 *380 400 *390 400 *390 400 *390 400
2012 *19
2018 20
2012 *19
1912 19
*19
1912 *19
2012
438 412
412 434
44 434
414 438
414 438
414 412
*4518 47
*45
47
45
45
45
45
*4412 47
*4512 47
1514 *1412 1512
1438 1418 1412 1412 *1414 1512 *14
•15
1534
278 24 *234 272 *234 3
252 288
234 3
*234 3
5112 5214 5214 53
5214 5334 5114 5238 5014 51
53
537
5
5
*478 5
478 44 *472 5
5
54
512 54
*93
4
15
*93
2
15
*912 12
*10
15
*932 15
*912 13
872 9
10
94 10
912 978
934 94
1012
934 1012
233 238
212 232
212 24
258 234
238 238
288 234
17
1712 1714 1734 17
1714 1712 1718 1714
1712 1634 174
*2318 29
*2318 254 2334 2334 .2334 254 *234 2518 *2359 2518
59
59
60
*5412 59
*55
*5412 60
*56
60
*5412 59
*912 10
858 912
*912 10
*918 10
'94 10
'912 10
*212 3
*212 3
234 234 *212 3
*234 3
*212 3
2732 27
2612 2632 2612 2612 2632 2712 27
2712 2612 27
*55
57
5734 56
57
5572 557 *5518 58
*5512 56
56
9.9614
_ *10614 109 *10614 109
_ 90614
_ *107 __
111107--3978 3978 3912 3912 *38 -39-14 *38 -3-9-14 38
3838 3838
38
34 34
318 312
314 338
312 34 '314 34 '
*318 318
418 418 "4
418
4
4
*4
44
4
378 34
4
*1434 1478 1453 144 1488 1412 1418 1438 1418 1434 1478 1514
* _ 1412 '
•__.:, 14 *--,, 14 *---.., 1412 '1212 13
1 1 7.„ 1412
*44 534 *414
-534 .414 5;
*414 534 *414 534 *414 5
*3
5
*3
5
*314 5
*314 5
*314 5
*314
5
14
*1312 134 1212 1212 14
*1234 15
*1312 15
*1234 15
312
312 *3
312 *3
34 388 *3
*34 312 *34 312
514
5
5
54 54 *478 514 *5
54 514
*478 5
414 414
414 414
4
4
44 414
418 418
4
4
2612 2612 *2512 2712 *2518 2712 2712 274 *2712 28
2712 2734
140 140
140 140 "138 141
13978 1394 140 141
140 140
614 614 *524 614 *524 614
614 614
618 618 *54 612
2112 2114 2234 2212 2212 22
21
2134 21
2314
234 23
3112 3259 3118 3238 3158 3314 3312 35
334 3414
3334 347
12012 12012 '120 123 *120 121
1204 12018 *11912 124
120 120
35
312 358
312 34
334 37
'34 4
312 358
334
*214
234 *214 284 *214 234 '214 234 *214
234 *24 234
2414 2434 2438 2434 2458 2478 2458 25
2414 25
2458 2434
41125 12814 *125 12814 *125 12612 *126 12612 12612 12612 *12612 127
*234
24 234 *212 3
*212 3
*212 3
"212 3
114
132
132 "112
132 132
114
114
112 *112
*1
118 *1
1
1
1 12 *1
1
1
112
1114 1078 114 1012 1034 1034 1034
11
1114 11
2114 2112 2112 2112 2218 22
*2012 2134 21
22
*8312 85
*8314 85
*8314 85
75
*84
85 .84
'3014 3012 30
3014 "28
31
31
3014
3014 *28
*41
*41
42
4138 4138 417 4178 *414 42
42
26
2612 27
27
26
*25
*24
2534
•26
27
70
6912 *68
70
66
*65
67
72
73
74
97 1014
97 1018
10
1014
94 10
958 10
1212 1212 12
12
12
1214 *1134 12
1172 1178
65
68
65
*65
*6314 70
•6314 70
*65
70
*6
7
'6
7
*6
7
7
*6
63 "6
•28
287 29
29
2912 294 2918
288 2834 2834 2878 29
41105 110 *105 110 *105 110 *105 108 •105 108 *105 108
5072 5014 504 50
*4912 5072 *50
*5018 5112
51
5078 51
4758 4818 47
47
4812 47
46
4712 4714 48
477
4712
1164 11612 *115 117
117 117
11612 117 *11612 117 *11612 117
•130 175 *130 175 *130 175 *130 175 '130 175 *130 175
.48
4734 4814 474 4712 4712 49
48
49
48
4914 48
112 112 *112 11212 *112 11212'112 11212
112 112 *11134 112
814 814 *818 84 *8
84
812 854 *818 878 *714 834
*1212 14
14
1312 1312 •12
13
13
*1212 1434 *13
14
77
*7
734 *7
734 734
74 734
772
74
1412 1412 1412 1412 *14
*1414 15
•544 15
1412
1412 *14
40
35
35 "35
35
35
40
40
*35
*35
40 .35
158 158 •112 134
158 158 *153 134
112
14
112 158
8
*712 812
'634 74 *74 8
8
*7
778 *7
712
*5
05
7
*434 7
*434 7
7
*54 718 *514 718
*24 5
.238 5
*258 4
*24 5
*278 5
*234 4
1418 1438 14
14
14
1358 1334 1312 14
1434 1434 1512
"85
*85
87
87
87
*85
4184
87
87
87 "85
8634
1834 1814 1812 18
1812 18
1814 1834 18
1812 1752 1818
'838 1238 *838 1212 *818 1214 *818 1214 "10
1214
1214 '9
4
4
4
414
414 *372 6
4
*378 4
*334 5
•22
29
2914 '21
29 '22
•22
30 '22
2914 *2013 294
1818 1838 1814 184 1838 1858 1838 1812 1814 1838
174 18
106 10614 10512 10512 1064 10634 *10514 107
*1054 107 "10512 107
412 412 *312 514 *312 514
'312 534 *312 534 *34 54
*3934 48
*3934 48
*3934 48 '3934 48
*3954 48
*3954 48
*50
61
61
*51
*50
61
*51
61
61
60
6018 '57
2938 29
2914 29
3014 2918 30%
2812 2834 2858 2858 29
24
24
24
*23
2412 *23
"23
28
28
*23
2412 *23
37
*32
37 '32
37
37 '32
37 .32
*32
37 '32
2512 25
"24
2414 244 2532 25
24
24
2432 25
25
104 104 *1012 1112 1012 1012 104 1012 *104 1012 *104 1012
952 94 *912 94
958 94
912 912 '94 97
938 912
1333 1338 1312 137 14
13
13 '13
13
*1112 1314 13
75
75 •____ 7514 *____ 754 • _ 754
•7514 77
- 7514
114 11% 114 1218 1112 1112 '*1-112 1134
12
124 1112 12
353 333
34 312
34 333
34 353
332 353
359 3,2
1414
1432 1512 1432 144
*1414 1412 14
1433 1434 1433 15
69
69
6958 6958 674 69
68
68
6834 69
6814 68
*13
1412 '1418 144 1412 1412 *1414 145 *1414 1458 1414 1414
2814 2812 2812 2834 2758 2814 267 284 2678 2714 2578 264
20
20
20
20
20
1912 194 1934 1934 *1858 1934
20
9934
9614 9712 9834 984 9914 9934 9934 "98
*97
9814 96
99
9938 991 9934 9959 100,4 99,2 10014 100 10014 1004 10012
•1464 14938 •14658 14958 •147 14953 "147 14958 *147 14958 *147 1494
211g 22
2172 2238 2112 2178 218 22
*214 2112
*214 22
1712 174 '1618 1712 *1558 174 *164 1778 *1512 1778 "1512 1778
124 114 1112 *1034 1112 1112 1112 1112 1112
125* 1258 '10
2178 2212 2114 2114 x2114 214 2034 203 *2012 2114 20
2018
30
3112 31
298 303
30
303
3018 3078
3153 3058 313
9612
*95
96
9312 9312 '9414 9618 *9412 9712 9712 9712 96
*134 2
2
2
134
'14 1% •134 2
134
134
134
15*
158 *114
114
*114
134 *114
114
11
158 •114
15*
x3734 3812 3812 3812 3712 3734
37
3712 *3712 40 '3612 39
12412 12412 *12014 125
_ __ 125 125 *11934 125 *12014 125
"120
1832 1812 1814 1832
183* 18,2 Ms 1832 1814 1812 1814 1814
114 115 *114 117 *114 117 - *11514 117
114 115 *114 115
114 *1
114 .1
14 *1
118
118
1
14
14
112
*8
934 '8
'754 94 *734 10
*74 10
934
94 '8
14
14
14% *14
1414 14
•14
1414 '138 1412 *1334 14
*4212 437
4312 4214 43
44
4312 4412 44
4212 4212 *41
1278
13 .12
1312 134 *1212 1314 1312 1312 13
'12
138
•65
79
75 '65
70
70
79
"67
79
784 '65
*64
*3438 35
35
3412 3412 3434 35
*331 2 3412 3412 3412 *34
____ 10712 10712 *10712 ____ •10714 _--- *10712 ---- *10712 ---•104
138
•1
1114
2038
*8112
31
4138
*2512
*65
97
1212
*65
2
3
138
118
1112
21
85
3118
4138
26
67
1038
1234
7012
STOCKS
NEW YORK STOCK
EXCHANGE
Oct. 20 1934
Range Since Jan. 1
On Basis of 100-share Lois
Highest
Lowest
Shares
$ per share
Par $ per share
634 Feb 15
14 Jan 2
2
2.000 Hayes Body Corp
1,400 Hazel-Atlas Glass Co
25 74 Sept 11 9678 Apr 20
Hehne (0 W)
25 101 Jan 9 115 June 27
Preferred
10
100 12312 Mar 17 150 Oct 19
514 July10 1218 Mar 15
200 Hercules Motors
No par
400 Hercules Powder
No par 59 Jan 4 8138 July17
$7 cum preferred
280
100 III Jan 4 125 July 14
200 Hershey Chocolate
No par 4812 Jan 15 68 July 16
Cony preferred
200
No par 83 Feb 16 101 July 17
900 Holland Furnace
434 Aug 8 1014 Apr 23
No par
300 Hollander & Sons (A)
534 Jan 2 13 June 21
5
Homestake Mining
100 310 Jan 4 43018 July 19
11 Jan 8 2314 Jan 30
800 Eloudaille-Hershey ol A __No par
Class B
11,100
('Jo par
6% Jan 26
258July 26
200 Household Finance part pf___50 43 Feb 5 54 Mar 12
200 Houston 011 of Tex tern ctts..-100 1212July 26 29% Feb 5
voting trust ints new
500
558 Apr 6
2I2July 27
25
9,400 Howe Sound v t o
._.5 354 Jan 3 5714June 28
47 Aug 6 1212 Feb 7
500 Elud2on & Manhattan
100
Preferred
100
914July 26 2614 Jan 24
24.500 Hudson Motor Car
618July 23 2414 Feb 5
No par
7,200 Hupp Motor Car Cons
178July 23
10
714 Jan 30
5,300 Illinois Central
100 1338July 26 38% Feb 5
6% Prof series A
100
100 234 Oct 16 50 Apr 26
Leased lines
40
100 4834 Jan 5 66 May 2
RR See ctfs series A.......1000
550
712Sept 19 2414 Feb 6
100 Indian Refining
434 Apr 5
2523.lay 19
10
7,300 Industrial Rayon
No par 1938July 26 2712 Oct 16
1,400 Ingersoll Rand
No par 50 May 14 7334 Feb 3
Preferred
100 105 July 16 11634 Apr 20
No par 3414 Sept 14 4934 Feb 21
400 Inland Steel
64 Feb 5
3 July 23
20
600 Inspiration Cons Copper
414 Apr 25
700 Insuranshares Ctrs Inc
218 Jan 2
1
54 ;lily 26 1578Sept 10
4,600 tinterh, ro RapidTran Vie __100
6,2May 11 12 Aug 27
Certificates
No par
Internal Rys of Cent Amer__100
7 Apr 18
2 Aug 6
63 Apr 19
Certificates
212Sept 20
No par
go
100
758 Jan 15 2234 Apr 17
Preferred
578M 43, 4
214 Jan 15
200 Intercont'l Rubber
No par
4 Sept 14 1114 Feb 19
No par
300 Interlake Iron
618 Feb 5
2 Jan 8
No par
1,800 Internat Agricul
Prior preferred
100 15 Jan 8 3714 Feb 3
400
1,600 Int Business Machinee___No par 131 June 2 14914 Jan 30
412July 26 1218 Feb 21
1
300 Internet Carriers Ltd
4,200 International Cement____No par 1838Sept 18 3734 Feb 5
No par 2314July 28 46% Feb 5
20,300 Internal Harvester
Preferred
100 110 Aug 31 12538May 11
300
918 Feb 7
312Sept 18
25
2,300 Int Hydro-El Sys CIA
6 Jan 24
Int Mercantile Marine___No par
214July 27
27,000 Int Nickel of Canada„--No par 21 Jan 4 2914 Apr 27
Preferred
100 11534 Jan 13 130 June 26
100
Internal Paper 7% prof
100 10 July 27 25 Apr 24
64 Apr 20
2 July 23
200 Inter Pap & Pow el A-__ _No par
34 Apr 21
112July 27
Class 13
No par
500
2% Apr 23
78 Oct 11
Class C
No par
1.300
812July 26 2478 Apr 23
Preferred
100
2,700
9 Jan 13 25 Apr 21
1,700 Int Printing Ink Corp___No par
Preferred
100 66 Jan 2 90 July 13
No par 21 Jan 3 32 June 19
500 International Salt
No par 38 Sept 19 5038 Jan 26
300 International Shoe
100 19 July 27 454 Feb 15
300 International Silver
100 59 Jan 4 8412 Apr 9
7% preferred
290
712July 26 17% Feb 6
No par
12,800 Inter Telep & Toles
312 Jan 4 1638 Apr 20
No par
1,000 Interetaie Dept Stores
Preferred
100 2158 Jan 4 7218 Apr 24
100
538 Jan 3 10 Feb 8
No par
Intertype Corp
1 2434 Jan 29 3058July 18
1,2001 bland Creek Coal
90 Jan 31 110 Aug 7
Preferred
1
No par 33 Jan 9 52 Apr 20
0001 Jewel Tea Ilse
No par 39 Aug 6 66% Jan 30
8,000 Johns Manville
Preferred
_ __100 101 Jan 4 118 Oct 1
390
Joliet & Chic RR Co 7% gtd_100 135 Feb 14 140 Oct 11
220 Jones .4 Laugh steri prer -100 45 Aug 1 77 Jan 23
20 Kansas City P at L pfser BNo par 9778 Jan 3 11312July 19
1358July 26 1934 Apr 21
100
300 Kansas City Southern
200
Prwerred-100 1 114 Aug 7 2712 Apr 21
6 July 26 1038 Apr 13
500 Kaufmann Dept Storm $121.-50
5 1333 Jan 4 1812 Apr 20
300 Kayser 01 dr Co
200 Keith-Albee-Orpheum pref-_100 20 Jan 19 3712 Aug 2
44 Mar 12
1,300 Kelly-Springfield Tire
114July 26
5
5 July 26 20 Jan 30
No par
6% Preferred
Kelsey Hayes Wheel conv.clA __I
3 July 28 10 Feb 16
712 Feb 16
238Sept 15
Class B
1
No par 1158Ju1y 26 2114 Mar 14
15,400 Keivinator Corp
10 Kendall Co ist pt ser A.--No par 6518 Jan 18 90 July 20
No par 16 July 26 2318June 13
18,400 Kennecott Copper
No par 1134 Oct 0 1814 Apr 12
Kimberly-Clark
714 Apr 13
3 Jan 16
No par
400 Kinney Co
1312 Jan 6 41 Apr 26
Preferred
No par
10 1338 Jan 2 2234 Feb 5
9,700 Kresge (85) Co
100 101 Jan 4 III Mar 16
7% preferred
90
212 Jan 6
714 Feb 7
No par
100 Kresge Dept Stores
19 Jan 12 55 Apr 4
100
Preferred
No par 36 Jan 3 65 Sept 4
200 Krese (S H)& Co
No par 2314 Jan 8 3338 Apr 23
6,700 Kroger Gm & Bak
10 Laclede Gas Lt Co St Louis --100 20 July 26 634 Feb 13
5% preferred
100 30 Aug 30 60 Feb 9
No par 2214 Jan 4 3138 Feb 5
4,100 Lambert Co (The)
No par
5 Jan 6 1414 Apr 19
300 Lane Bryant
7 July 26 1412 Apr 26
5
1,000 Lee Rubber & Tire
50 11 May 14 20 Feb 23
1,300 Lehigh Portland Cement
100 7358June 22 81 Apr 26
7% preferred
20
912July 26 214 Feb 5
50
1,400 Lehigh Valley RR
5 Feb 21
212 Jan 8
No par
1,100 Lehigh Valley Coal
5 Jan 3 1638July 19
50
Preferred
2,600
No par 644July 26 78 Feb 6
1.800 Lehman Corp (The)
5 1112Sept 17 2312 Ain 19
300 Lehn & Fink Prod Co
12,300 Libby OWeile Ford Glass- No par 2514July 26 4378 Jan 19
s 1718 Jan 8 24 A pr 23
900 Life Savers Corp
3,396 Liggett & Myers Tobacco--25 73 Jan 6 995 Oct 18
25 744 Jan 8 10012 Oct 19
Series B
7,500
100 129 Jan 13 150 Aug 16
Preferred
1,300 Lily Tulip Cup Corp____No par 16 Jan 15 21312July 18
300 Lima Locomot Works....-No par 154Sept 12 3614 Feb 5
1928 Feb 6
NO par 1112 Oct 16
500 Link Belt Co
No par 1618July 26 3553 Apr 23
700 Liquid Carbonic
No par 2078July 26 3518 Apr 12
39,900 Loew's Incorporated
No par 72 Jan 2 9712 Oct 17
Preferred
300
3 Jan 31
No par
1 14 Aug 15
2,000 Loft Incorporated
234 Feb 20
1 July 26
No par
200 Long Bell Lumber A
25 38 Oct 9 z443 Jan 17
1,200 L000e-Mee Biscuit
100 11934 Jan 11 12812July 13
7% let preferred
30
10 155 Jan 8 1912 Feb 5
4,600 Lorillard (P) Co
_W0 102 Jan 26 11512Setit 1
220
7% preferred
332 Apr 4
1 Oct 15
No par
1,800 Louisiana 011
714 Jan 2 2312 Apr 4
Preferred
100
400 Louisville Gas & El A.._No par 13 July 26 21 Feb 7
100 37348ept 18 6212 Apr 20
800 Louisville & Nashville
84July 26 1912 Feb 20
I
400 Ludlum Steel
No par 60 Oct 10 97 Feb 20
Cony preferred
100
10 30 Jan 5 37 Aug 27
500 MacAndrews & Forbes
6% preferred
100 95 Jan la 110 July 12
10
100 2018 Aug 25 33 May 2
Mackay Cos preferred
July!
1933 to Range for
Sets!. 29 Year 1933
1934
Low Low
High
$ per sh
1
65
94
120
514
40
10418
44
8112
4
51
200
712
212
43
1212
212
20
472
914
618
14
1358
25
4618
712
24
1938
45
105
26
3
2
512
5
2
3
658
2
4
112
10
12534
4
1838
2314
110
312
214
1434
101
814
2
1%
1
67
9
65
20
38
19
4012
7
234
1614
4
$ per share
54 312
65
9712
6912 105
13218
11614
3
17
15
684
85
11018
3518 72
6434 90
312 1012
214
1012
145
373
44 15
1
63
43
51 14
814 38
14
74
512 3818
612 19
1818 5112
3
1638
138
734
812 504
16
6018
31
60
412 34
112
459
1918 -78
105
106
12
4572
2
912
114
34
44 1334
5
104
11*
7
14
4
414 20
5/1
412
24 12
78
54
5
2712
7534 15314
6
27
188 "
4
10
1338 46
80
1194
212 1372
114
64
634 234
72
115
212 214
12 10
14
534
14
4
2
2212
34 14
35
71
1334 274
2438 564
93
5912
25
4:: 7
214
34
112
12
18
2034
11
85
85
26
23
3812
1214
87
42
115
115
45
35
98
978
658
612
1114 x12
514
258
12
672
15
8
114
78
5
6
212
2
112
112
7
318
55
30
1558
738
938
58
1
214
12
458
104
512
9914
88
2
1
12
10
2734
27
lo
1412
20
30
30
3712
1938
1938
418
3
334
5%
9
578
73
34
912
858
2
1
4
212
5834
3712
14
1111
21
434
1558
1558
7112
49
7314 I 4914
123 I 121
1414
13
1514
10
1134
634
1618
1014
812
194
66
35
114
112
12
1
35
1914
116
11312
1434
1038
8712
9812
1
58
312
6
13
1378
3412
2114
712
4
50
1438
21
9'2
8753
74
20I
84
4038
Ill
,
32
90
45
0312
10618
115
91
110
78
14
918
194
25
618
3118
8
634
1558
73
26
2538
614
30
1678
105
738
25
4414
3558
80
61
41 18
1012
1238
27
78
275
64
12
7038
2314
3733
2218
98
9938
1404
2112
315
104
50
3612
7818
414
sly
4434
120
254
106
4
29
2534
6712
204
95,2
3134
96
I
•Bid and salted prl es.so sales on Vile day
:Ownoanies reported
ace.verenip
a optional mile
c °nab Salo
.Sold 13 days.
SEX-dividend
r Es rights '
l
New York Stock Record-Continued-Page 6
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Oct. 13
Monday
Oct. 15
Tuesday
Oct. 16
$ per share
254 2518
4214 4314
47
47
*1812 184
*I%
17
*124 15
*112 214
*453 612
•458 .57
*38
3934
25
2512
'1214 13
.134 2
*5
54
6
6
*34
78
'Ps 4
*4
734
*78
178
.18
20
12
12
*414
513
27
2734
*126 130
*3912 4018
*434 5
.24
25
2834
.19
*76
77
2912 2913
413 5
4112 5
3113 34
.6
7
4613 47
*88
9014
7
714
2914 30
1033 11
6974 705,
3513 3513
558 6
*25
33
$ per share
247 247
43
4334
*434 44
1812 1812
*158 14
11
11
4:112 214
438 438
*412 57
.37
39
.244 25
.1214 13
*112 2
5
5
534 6
*34
78
*118 4
*4
734
*78
178
20
20
8 per share
25
25
43
4414
5
5
185* 1838
178
1%
*11
15
*113 214
*438 612
*5
54
*37
39
2434 248
*12
13
112 112
478 5
534 6
*34
78
*118 4
*4
712
*78
178
*19
2012
Wednesday
Oct. 17
Thursday
Oct. 18
Friday
Ga. 19
$ per share $ per share 8 per share
25
2518 25
25
247 25
44
45
44
4514 4414 4414
5
5
*478 5
434 478
*1838 19
*1838 1812 1838 1851*
.138
14 *151 2
.13s 2
*11
14
*11
14
1012 1012
*112 214 *112 214 .112 24
414
438
414 414 *414 612
*518 5% , *434 57
*434 578
*37
39
*37
39
3934 3934
24
2418 24
2414 25
2514
.12
13
*12
13 .12
13
.138 2
151
151 *112 2
5
5
5
5
*478 5
*534 54
534 578
578 57
*34
%
*34
78
*34
%
*138 4
*138 4
.138 4
*418 713 *44 734 .
418 712
*78
178
•78 178
*78
178
*20
2012 *1913 2012 *1912 2012
12
118 12
1214
12
1212 12
1214
1178 1218
*414 512 *414 51 9 *414
512 *414 512 *4,4 512
27
27
27
2714 2714 273* 2651 27
25% 263*
128 123
130 130
1304 13034.131.131 13112
40
4013 4012 41
4114 4112 4012 103-4 40 4034
47
47
*434 5
44 5
478 47
*412 5
24
24
24
24
*2312 24
2312 2312 *203 2312
.2018 2834 *2034 24 , *19
2834 *19
2854
2834 *10
*76
77
77
77
77
7712 77
77
*76
78
*2812 29
29
293* 2813 29
*29
2914 29
29
45
1
413 44
514
54 5 2
54 614
513 533
4
438
414 434
478 54
45* 551
44 47
3212 3313 34
32
33
3412 3313 3434 3334 40
*6
7
*6
64 .518 634 *558 6
6
6
46
46
464 4634 4613 4612 4551 4512 4512 46
8912 904 90
9012 90
90
8978 904 8912 8912
74 714
718
738
718 733
712 714
7
718
2934 30
3038 3113 304 3112 *3013 314 3014 3014
914 1051
9
912 10%
98
934 10
913 1051
69
70
*69
7018 70,2 7012 .70
72
70
70
3534 353.1 *3434 3534 3534 3534 35
35
.3434 3534
533 *533 54 *514 512
55*
533 512
513 512
.25
33
*3014 33
3014 31
*3014 33
.3014 32
_ _ *20
_ _ .21
__
*26
_ •2238
__ •22
__
2914 -2912
- .2813 -2913
- •29 -297-8 2913 -2978
*20
2934 30
29 -30
.25
26
*2512 2612 .25
2614 26
26
26
26
26
26
1
1
1
1
1
3
*314 3 3
3 4 3,2 *3,4 3 2 *3 4 3 2
312 34
35*
3
1014 1012 1018 1018 10
1018
10
104 10
10
.10
1014
812 813
9
9
918 918
9
94
84 8%
834 9
50
5012 5012 50
50
50
50
5014 x4934 50
*48
5014
5812 5812 .5534 5734 5731 58
58
58
5812 5812 .584 5813
34 3,8
34 34
3
31 1
34 318
3
34
3
3
*1914 2134 *21
•1914 23
24
*2014 24 •20
2351 •1914 22
*33_..
1"
4
12
•33
12
*38
13
"3
12
12
12
.1
1% *1
138 .1
138 *1
13
138 *I
*I
138
.1
212 *1
213 *1
214 *14 214 *1
212 .1
219
.214 312 *214 312
1
2
214
2,4
24
218 218
214
214
7
7
612 634
613 634
612 6%
651 63
612 612
15% 15% *1514 1534
1512 16
1512 1618 1551 15% *1538 1534
212 3
213 212 *213 3
.214 3
*214 3
212 212
*334 4
4
44
44 44
4
4
334 34
312 312
.1512 16
*14
15
*139 15 .13% 15
*1313 15 .1338 15
54
5412 5414 548 5412 5413 53
5412 5234 5312 5312 535
285* 2914 2838 294 2834 2938 287 2938 2812 2914 2838 2834
*5014 52
*51
5238 .51
5238 *51
5212 5214 5213 *51 12 5251
*5614 68
*5614 68
*5614 68
*5614 68
*5614 68
*564 68
12
13
*12
32
h
12
•12
32
58
32
•12
38
.8
1012 *914 1012 .912 1012 *934 1012 *8
1012 *8
10,2
2018 2014 1934 2018 204 2034 2034 211s 2012 21
2014 2013
8
8
.734 812
8
77
818
73
8 75*
78
738 712
9734 812 *734 812
734 8
8
8
84 8,8 *712 818
26
26
26
26
26
2613 2612 2612 27
27
*25
26
15
15
*14
16
1512 1512 *14
1514 *14
1434 15
15
.5
5
47
5
518
518
434 5
5
5
434 434
23
23
*2312 24
23)3 2313 *2212 24
52212 24
.2212 24
14% 14% 1438 147
3
15
1534 15
1514 21434 15
1412 1431
.23
25
*23
25
*24
25
25
25 .23
25% *20
25%
43
412
413 44
434 434
434 434
434 434
451 434
.538 63g '512 63g
512 512 *512 534
512 512 *512 614
712 8
.
64 75
651 7
*7
7,2
612 612
634 634
2713 26:18 2838 2914 29
2914 2918 30
2914 2913 2918 2951
*135 145 *135 145 .135 145 .135 145 .135 145 *135 145
1514 1551 1513 1512 1551 1534
1512 1638 157 17
1612 17
1612 167k
1614 16% 1638 1651 1614 17
1618 16% 1618 1678
2
212 2)2
212
214 214
28s 233
21
233
214
238
'16
1610 1810
18
1713 1710 18
18
*1712 184 1713 1712
223g 2238 2151 223; 22
225* 207g 2214 2078 2133 2038 20%
•21
25 .2014 23
*21
23
*2014 21,s *2114 2134
2114 2134
14934 1494 *140 149 *147 1495 *147 1494 148 148 *142 14934
*135 1414 *135 14112 *135 14112 .135 14112 *135 14112 *135 141%
•112 11612 *1123 116
11234 11234 11234 11234 1124 11234 *110 112
*8
814
8
77
814
818
8
814 814
8
74 8
*114
2
*114
2
.114
134
*114
173 .114
134 *133 14
73
%
34
34
*38
34
34
34
58
34
*5*
34
3312 37
3634 37
37
37
3718 37
3634 371s 23612 3613
'1218 1313 *1113 124 1214 1214 *1113 1214 *11
12
*II
117
.4012 4213 *4012 45
40
4013 90
40
*39
45 .39
45
*II
111_
11
11
104 11
11
11
1078 11
*ION 11
*21
2214 .1913 22
*1912 22
*1912 21
*194 2211 *1912 2119
93914 40
3914 3914 .3914 40
40
40
*3914 4012 *3914 4014
9 103 109 *103 109 .103 109 *103 109 .103 109 .103 109
57
.7
19
19
19
.7
*7
19
.7
19
.7
19
*734 8
.713 8
712 734
712 712
734 734
714 7,4
1812 18% 1812 19
1914 1913 1914 1934
19
204 20
21
2218 2212 22
2212 2134 22% 2218 23
2134 2258 2112 2218
1418 144 1212 1212 .1213 1414 *1318 1412 *13
14
1234 13
'21.
2112 2138 2138 21
2012 201
21
21
21
•1913 2012
.234 351 *24 338 *278 358 *278
35* .24 351 *278 310
.618 9
*618 9
.6
9
.6
9
.6
9
*6
9
116 116 *116 11734 11734 11912 11912 120 .118 119
11618 11618
11213 11212 .110 114 *110 11212 11212 11212 114 114 .11010 125
*33
12
*33
12 .
38
51
12
*1
/
4
38
38
•38
12
103* 10 8
•1634 17
614 614
• 78 1
.1251 13
80
*75
9134
.85
*9814 108
3834 3914
.1% 212
168 168
96
.95
IS% 14
42
•41
333 312
65
.412
*7
812
•86
__
1038
1658
6
•%
1278
*7813
•85
.99
384
*153
168
95
1338
4012
314
.64
*7
86
10%
16%
6
1
128
80
9134
10712
38%
213
16814
96
134
4012
33*
65
812
86
1014
1612
*534
*78
13
7813
85
599
39
*1%
168
9612
1312
.4012
314
65
.612
*8614
1012
1634
614
1
13
7812
85
10712
3913
212
16838
9612
14
4112
35*
05
8
.._ _
STOCKS
NEW YORK STOCK
EXCHANGE
Shares
2.200
13,700
500
210
100
50
Par
Mack Trucks Inc
No par
Macy (R ID Co Inc
No par
Madison S0 Gard v I o
No par
Magma Copper
10
Mallinson (H R) dr Co___No par
7% preferred
100
2Manati Sugar
100
Preferred
100
Mandel Bros
No par
2:Manhattan Ry 7% guar___100
Mod 5% guar
100
Manhattan Shfrt
2'.
Maracaibo 011 Explor_ __No par
Marancha Corp
5
Marine Midland Corp
5
Market Street Ry
100
Preferred
100
Prior preferred
100
2nd preferred
100
Marlin-Rockwell
No par
Marshall Field & Co
No par
Martin-Parry Corp
'Jo pa?
\lathleson Alkali Works__No par
Preferred
100
May Department Stores
10
\iaytag Co
No par
Preferred
No par
Preferred ex-warrants__No par
Prior preferred
/§/o par
McCall Corp
No par
/McCrory Stores clasaA No par
Class B
No par
Cony preferred
100
McGraw-Hill Pub Co_ _No par
McIntyre Porcupine Mines____5
McKeesport Tin Plate___No par
McKesson & Robbins
5
Cony pref series A
50
:McLellan Stores
No par
8% cony pref ser A
100
Melville Shoe
No par
Mengel Co (The)
1
100
7% preferred
Merch & Min Transp Co_No par
Mesta Machine Co
5
27
Metro-Goldwyn Pict pref
Miami Copper
.5
Mid-Contlnent Petrol
10
Midland Steel Pr,c1
No par
8% cum let Dref
100
Minn-Honeywell Regu___No par
alinn Moline Pow Imp! __No par
Preferred
No par
IMinneapolls & St Louis...AO()
Minn St Paul & SS Marie_ 100
7% preferred
100
4% leased line ctfs
100
Mo-Kan-Texas RR
No par
Preferred series A
100
:Missouri Pacific
100
Cony preferred
100
Mohawk Carpet Mills
20
Monsanto Chem Co
10
Mont Ward & Co Inc____No par
Morrel (J) & Co
No pa,
'
5,1orrls & Essex
50
Coalition...No
Lode
pal
Mother
\foto Meter Gauge & Eq
1
Motor Products Corp_ ___No per
5
Motor Wheel
Mullbas Mfg Co
No par
Cony preferred
No par
Munsingwear Inc
No pa
1(1
Murray Corp of Amer
Myers F & E Bros
No par
No paNash Motors CO
Nashville Chatt ,k St Louis „IOC
National Acme
1
National Aviation Corp._ _No par
:National Hellas Hess pref___100
National Biscuit
10
101
7% cum pref
Nat Cash Register
No po
Nat Dairy Prod
No pa.
:Nat DepartmentStores No pa,
Preferred
101
Nati Distil Prod
No pa •
Nat Enam de stamping,
._No par
National Lead
100
Preferred A
100
Preferred II
100
National Pow & Lt
No par
Nat Rys of Me: 1st 4% pf--100
2e1 preferred..
100
National Steel Corp
25
National Supply of Del
25
Preferred
100
National Tea Co
No par
Nelaner Bros
No par
Newberry Co (.1 -I)
No par
7% preferred
100
:New Orleans Texas & Mex100
Newport Industries
1
N Y Air Brake
No par
New York Central
No par
NY Chic & St Louts Co
100
Preferred series A
100
New York Dock
100
Preferred
100
N VA Harlem
50
Preferred
50
2N Y Investors Inc
No par
NY Lackawanna & Western_100
NY N H & Hartford
101
Cony preferred
118
N Y Ontario At Western
1011
NY Railways pref._. ___. No par
NY 3111661dg Corp part stk__._1
7% preferred
100
N Y Stearn 56 pref
No par
$7 1st preferred
No par
Noranda Mines Ltd
No par
:Norfolk Southern
100
Norfolk & Western
100
Adjust 4% pref
100
North American Co
No par
Preferred
50
North Amer Aviation
1
No Amer Edison pref____No par
North German Lloyd
Northern Central
50
240
30
3,300
200
1,400
2.600
100
5,300
3,200
100
2.000
600
300
60
900
45.500
12,400
5,800
200
1.800
1.800
8.800
3,600
66,800
800
400
1,000
20
_ _ ___
2:800
300
800
1,900
900
80
900
4,600
400
680
3.200
2.000
200
700
3.800
80.500
400
800
4.600
1,100
400
230
300
4,600
200
9,400
10
2,100
200
1.000
13,500
16,300
14,800
2.700
450
56,400
200
600
40
3,100
1,300
2,300
100
40
1,100
200
1,200
5,100
34,000
400
700
60
30
100
1038 104 1011 1033
934 10
7.200
17
1738 17
1714
161 4 1612 1,600
618 614
64 618 *534 612 1,400
•73, 4
•73
I
*78 1
13
13
127 1278 1212 1213
800
7812 79
*79
82
.7812 82
70
*85
96
*8512 9134 .8513 0134
30
*99 10712.100 10713 *100 1071 2
3312 3914 3812 3842 3713 38
4,000
.15* 212 •153 212 *15/1
212
16914 1691 1 16914 16914 16812 169
2.200
96
9634 967 97
*9714 98
310
1312 14
1318 1313 1318 1338 11.400
4012 4012 *40
4012 40
40
400
34
3%
333 312 3,700
312 312
64% 65
•64
65
*64
65
400
.738 812 *714 812 .
714
812
*86 -... .86
____ •86
_.__
100
• PM And clted mires. nn gale, on this day.
Sales
for
the
Week
2487
Range Since Jan. 1
On Basis of 100-share Lots
Lowest
Highest
July 1
1933 to Range for
.Sept.29 Year 1933
1934
1,6u. Low
High
$ per share
$ per share 8 Per sh $ per share
22 July 26 413 Feb 6
22
1312 4638
3514 Sept 14 62,8 Jan30
3514
244 654
7 Ap, 27
25 Jan 2
212
1%
7
1512 Jan 17 x2314June 28
1214
538 19%
112July 26
414 Apr 24
1
4
5,4
758 Jan 9 3338 Apr 24
4
3
2634
334 Jan 23
1 Jan 8
1
4
534
914 Apr 26
3
134 Jan 3
1
978
113
073
3 July 26
812 Jan 26
3
20 Jan 3 3934 Oct 19
14
28
1
12
1034July 26 2938Sept 10
20
1034
!
6
1014
1012July 27 2033 Feb 1
513 23
'
118July 25
333 Feb 17
118
12
4
538 Feb 5
418Sept 14
418
44
538
512July 27
9 Feb 6
5
5
1112
la
313
13Sept 26
251 Mar 17
%
312July 20
2
814 Apr 24
1
414
312
178
8
48 Jan 16 1214 Apr 24
12
313
1 Jan 9
414 Apr 24
%
12
17 July 31 32 Jan 25
6
23,4
833 Aug 9 19% Apr 11
1851
83
414
12
4 July 27 1238 Mar 3
214
L78
2312Sept 15 403 Jan 24
2312
14
463
110 Jan 23 135 June 11 10512 10018 11214
23
30 Jan 2 448 Apr 23
934 33
418July 26
314
834 Feb 21
118
812
10 Jan 2 2812 Apr 26
834
3,8 1514
9 Jan 13 2358 Aug 2
8
8
11
49 Jan 3 9212 Apr 3
15
58
27
24 Jan 11 32 Apr 13
304
22
13
34
3g
478
118 Jan 8
638 Oct 11
114 July24
118
118
6
618 Oct 11
312
514 Jan 2 40 Oct 19
212 21
4 Jan 4 1012 Apr 21
4
3
8,8
48.38
3812 Jan 2.5 5012June 19
18
285*
6714
79 July 26 9414 Feb 21
4418 9534
44July 26
312
918 Apr 10
14 1312
912
int Jan 2 3413 Apr 27
3118 25
1 Jan 6 1212 Oct 10
14
338
34
913 Jan 2 72 Oct 11
2,8 22%
6
26 Jan 2 39 June 28
1712
834 2834
312July 26 11 Jan 22
2
20
3,2
24 Sept 26 52 Apr 19
57
24
22
28 Sept 18 3334June 13
28
.14
164 Jan 4 31,34 Oct 6
7
11
21 Jan 5 26341\lay 22
18
1313 22
3 July 26
612 Feb 16
3
I51
934
918July 26 1434 Feb 5
918
334
16
612July 26 2178 Feb 19
612
3
174
44 Oct 2 8514 Apr 21
51
26
72
36 Jan 4 60 Sept 21
2058
13
3638
1s July 26
578 Jan 30
113
4
534
1512July 26 3534 Feb 1
15
6
30
138 Mar 28
14July 30
4
24
14
33 Feb 6
1 July 26
1
12
54
518 Apr 20
134 Jan 8
14
34
8'2
712 Mar 10
2 Oct 17
2:8
212 14%
438July 27 147 Feb 5
438
534 1713
1314Sept 17 3433 Feb 6
1314
1112 37 1 4
2 July 26
6 Feb .5
2
118 1014
934 Feb 7
314July 24
314
151
1514
1213 Jan 4 2233 Apr 21
11
7
22
39 May 14 5512July 13
39
25
83
20 Aug 6 35% Feb 15
838 2878
1514
37 Jan 4 5213 Aug 29
347
25
56
53 Jan 11 71 Apr 18
4912 64
554
Is
12July 17
13 Feb 8
18
218
6 July 27 12 Feb 21
87
134
14
1514
1514July 27 443 Feb 15
734 3634
638July 26 1612 Feb 16
614
113 1151
37
155s Apr 23
514 Jan 12
112 1034
1218 Jan 12 46 Apr 21
10
5
25
13 Aug 10 2514 Apr 13
5
1838
10
3781uly 26
158 1112
1151 Feb 16
351
14 July 26 24 Oct 4
1313
8
2013
1258July 26 3214 Jan 31:
1238
11 18 27
2012 Oct 2 46 .18.0 24
21
57
13
34July 23
87 Feb 23
3
118
Pe
1314 Jan 31
P4 Sept14
514
95* 101s
97
314 Jan 6
1234 Mar 19
314
1,4
258 Oct 1 4912 Jan 16
2734
3112 6053
131 Jan 3 14812July 23 1291., 118
145
12 July 26 23% Feb 6
12 54 235*
13 Jan 4
1834June 9
1114
1012 25%
12
1 Jan 9
3 Mar 16
18
213
5 Jan 17 2212 Apr 18
3
10
1 14
16 July 26 3133 Feb 1
16
208 3314
1612 Jan 5 32% Apr 24
5
10
1938
135 Feb 10 163 July 14 100
4314 140
122 Jan 16 145 July 18 122
101
12814
10012 Jan 9 116 Aug 7
9934
75
10918
678
64 Sept 17 1512 Feb 6
6% 2012
%
313
238 Apr 4
1 May 16
33
1 Mar 7
38 Jan 5
38
%
138
33
3412Sept 25 5814 Feb 5
15
5518
10 July 26 21 18 Apr 24
914
4
2851
33
3312 Jan 4 80 Apr 23
17
6014
9 July 26 1834 Feb 1
612 27
9
4
612 Jan 4 3014 Apr 13
112 1218
31 July 26 497 Apr 10
31
100 Apr 3 Iowa Aug 21 100
6 July 26 25 Feb 21
538
-638 li
13 Mar 6
5
138 11%
512Se1't 18
11 12July 26 2444 Feb 7
1112
618 231 2
1838 Aug 6 454 Feb 5
1838
14
5812
9
6 July 26 264 Apr 24
218 2758
16 Sept 17 4314 Apr 23
251 3414
1414
814 Mar 19
258July 31
258
234 1175
5 July 26 20 Mar 13
5
6
22
108 Jan 2 139 Feb 1 101
1584
100
112 Sept 27 120 Sept 1 112
09
125
53
%Sept 14
114 Feb 7
33
234
7313
83 Feb 7 96 June 16
7514 80
0 July 26 2418 Feb 5
9
1118 347
14 Sent 17 37% Feb 5
14
56
18
412July 27
115 Feb 5
412
712 15
58
58Juiy 2:1
134 Jan 16
4
312
912.1uly 26 227g Feb I
918
134 2212
72 July 26 8934 Apr 13
6913
31
90
82 Jan 5 9913 Apr 10
70
70
10173
90 Jan 15 10978May 26
83
83
110
3314 Jan 4 457 Aug 9
25
173* 388
1 18 July 23
41g Apr 20
12
478
1
161 Jan 5 187 July 16 138
111 12 177
82 Jan 8 100 June 9
77
74
8712
1134Sept 17 2514 Feb 6
1134
1214 3613
34 Jan 9 45 Apr 20
31
46
31
251July 26
884 Feb 1
251
4
9
474 Jan 4 7418 Apr 26
39
39
79
714 Sept 27 16 Feb 27
714
81 Mar 10 88 July 18
71
"6-6 -1612
I Companies reported In reeelvertn
1ptinnli g•tle. ,,',II +ale.
, 1,
t ....-1old 15 days. z Ex-dividend. I/ Ex-right.
New York Stock Record-Continued-Page 7
2488
Oct. 20 1934
hay 1
HIGH AND LOW SALE PRICES-PER SHARE. NOT PER CENT
Saturday
Oct. 13
Monday
Oct. 15
Tuesday
Oct. 16
Wednesday
Oct. 17
Thursday
Oct. 18
Friday
Oct. 19
$ per share S per share $ per share $ per share $ per share $ per share
1938 2018 1912 2012 2058 21,
2018 2012
1938 20
8 2018 21
3712 *3() 3712
3712 *30
3712 *30
30
3712 *30
3712 *30
134 *134 2
*134 2
134
*134 2
134
134 *158 2
35
35 *____ 38 .___ 38 *__ _ _ 38
38
*35
3834 *35
9
94
9
914
914 958
918 912
914 94
9,2 9513
*3
334
314
34 314 *3
314 338
34 314
34 34
*1258 15
14
1434 1434 15
*1334 16
*1134 16
*1414 15
412 412
*412 434
438 44 *414 41, *414 4,2 *414 412
*7812 88
*7812 88 - *7812 88
*75
88
*75
95
*75
88
*914 10
*94 10
*914 10
*914 10
*914 10
10
10
1418 1412 1414 1414 1418 1438 14Io 1414 144 1414 14
1414
*9934 100
*9934 100
*9934 100
9934 9934 *9934 100
*9934 100
438 438
478 478 *438 478
438 438
*458 478
412 434
17
1718 1718 *1618 1834
*1618 1734 17
*16
19
19
19
*35
39
*35
39
*33
39
*33
39
*33
39
39
*33
*11458 _ _ *11412 ___ *11412 ____
8-___
*1145
_ *11458 _-_ .11458
7512
71 -7114 7112 -7112 72 14 7212 7214 77412 74 -7512 75
212 *118 212 *1 18 212
*118 34 *112 34 *138 212 *2
412 *334 5
*4
412 *4
*378 5
412
'4
412 *4
*212 3
'234 314 '184 434 *212 3
3
3
*3
314
1418 1414 1414 1412 1418 1434
1414
1334 144 14
1378 14
x2312 234 2318 2334
2312 2358 24
23
23
2258 2258 23
22
2212 *2112 25
2112 2112
2212 2112 22
*22
224 *22
*70
744 7278 73
*70
7434 *70
7212
75
75
*7138 75
*10512 107 *10512 107 *10512 107 *10512 107 I 10512 10512 105 10512
558 534
512 512
5,2 558 *512 54
*512 534 *512 514
312 358
358 334
359 334
358 334
338 358
34 37s
*1034 1114 *1034 1114 *1034 1114 *1034 1114
11
11
*1034 1114
20
20
20
1912 1912
*1912 20
*18
20
*18
*18
20
34
*4
58
58
4
5,3
58
59
*4
34
•12
34
*58
84
*NI
54
*58
34
"8
54
*58
78
'
58
78
714 714 *719 9
*714 9
*714 9
*714 9
'714 9
414 438
414 412
438 458
379 458
34 44
34 44
312 338
312 352
378 4
312 4
334 334
358 334
1 14
114
114
114
118
138
114
138
114
158
114
14
*14
1414 1414 15
1434 '134 1414
*1318 134 1314 1314 14
1318 *1234 134
1312 13
*1312 1418 1278 1312 1312 1312 *13
112 112 *112 158
158 159 •112 14
112 158
158
15*
5234
5118 514 52
51
52
52
*5012 5112 5133 5118 51
6412 6414 6614 6618 6634 6534 6634 6534 6612
6334 6518 64
_ _
_ *106
*106
_*106 . _ *106
_
*106
*106
_
312
1
312 *319 -334 -33-4 *3 8 _-*318 -312 *312 -2-4 *34 -34
314 314
312 312
312 312
34 338
34 312
314 314
*14
17
*14
17
1534 1534I 1512 1534 *1412 16
•14
17
2314 2312 2314 2379 2312 2414 2314 2334 2318 2338
2334 24
53
53
50
50 1 *4712 53
*4258 50
*4258 50
*4258 50
_ _ 112 112
__ *111
_ *111
*111
- *111
*111
- 24 2412 23
*24 -2534 244 -i43-4 *24 -i478
2-3-12 234 2314
*212 338 *212 338
338 338 *212 334 *212 378 .212 378
1612 1612
*1458 1712 *164 22
*1418 22
•13
25 .1414 25
3012
2978 '22
2978 *22
2938 *25
294 *25
*22
2978 *25
*1738 20
*1738 30 "1738 20
*1714 30
*17
30
'1718 30
15
15
*1412 15
*1412 15
*144 15
*1412 15
15
15
858 858
878 878 "834 87s
878 878
858 834
878 878
1414 1438 1438 1412 1412 141,3 1438 1378 1418
1458 1434 14
31
*29
31
3034 3034 3034 *29
*2612 3258 *2812 3218 *29
*51
55
*51
55
*50
55
*50
55
55
*45
55 .
214 214
258 258 *212 234 *212 234 *212 234
212 212
,
4 *558 64 '54 6,2 .518 612 •518 612
*512 634 "5311 6
479 5
5
5
518
5
5
54
5
54
318 518
3138 314 3134 3214 3178 32
*3112 3212 3112 3112 3114 32
978 *818 978 *81s 978
978 *818 94 *8
'74 978 '8
80
60 '55
*4914 60 '55
*494 60
*4914 60
*4914 60
1359 14
1338 1334 1338 1312
1334 1378
134 1418 1334 14
*434 54 .412 5s*434 6
*5
6
*434 57s *434 578
50
5212 *40
5212 *40
524 *40
50 1 '40
*40
5212 *40
2
2
24
2
178 2
178 14
134 24
158
158
12
12
12
12
*12
58
12
58
12
12
12
i2
"5
6
'5
6
*5
6
*5
6
.5
6
'5
6
1
1
*78
1
118
*4
118 *1
*78 14
*78
14
29
*2812 29
2834 29
29
2814 2878
2834 2834 *2878 29
7959 '7812 7958 *7812 7958
7914 *7612 795* *77
*7814 7934 *78
•9
10
*812 10
94 9,2 08,2 10
9
9
9
*30
32
32
*30
354 304 3018 *30
32
3134 3134 *30
*15914 160 *15914 170 *15914 170 *15914 170 *15914 170 *15914 170
*512 618 *512 618
578 578
6
578 578
578 6
6
2312 •20
2312 *2012 2312 *2012 204 *2012 2312
*2014 2312 *20
*2
278 *2
278 *2
24 *2
218 *2
27g .2
278
1914 *17
19
*17
1914 *17
*17
19
*17
19
18
18
•158 2
*114
*114 2
178 *138
178 *138 17s *138 17s
31
.27
35
31
31
33
*26
*30
32
*26
34
33
*10
16
*10
*10
16
*10
*10
16
16
*10
16
16
*259 3
3
3
318 318
*258 338
*258 3
'258 3
8l
812 84
85* 834
858 878
812 812
84
8'
872 9
*712 8
8
8
*712 8
*712 8
*712 8
*712 8
3
*3
3
34 *278 3
318 318
318 318 *34 312
112
138
158 *114
112
1 12 '114
112 *118
114
114 *Ps
1459 1434 '1414 1514 1438 144 1478 144 1412 1514 1412 1412
212 212
238 238
212 234
258 278
214
214 *218 212
1018 *812 10
*8
9
*812 10
1112 1112 10
12
12
39
3912 3812 3914 3834 3918 3914 3912 3912 3978 3918 3958
115 115 *115 118 *115 110
*115 117 *115 117 *115 117
____ ____ ___ ____ ____ ____ ____ ____
_ ___
__ ____
_
_ ____ _ _
3212 32 22-12 3212 /2,8 3215 -3
52
.
2-34 3112 3211 3114 3-1-4
*75
7612
*7314 7412 7412 7412 75
75
73
*73
7412 73
*87
8712 8712 8712 *8712 89
*86
88
86
86
*85
86
*9778 98
98
98
98 , 98
*96
98
98
*96
98 '96
'10812 11518 *10812 11518 *10812 11518 *100 114 *10834 114 *10812114
*10112 104 *100 101 '100 104 *10018 104 ,•1005* 104 *1004 104
39
40
39
3934 40121 395* 4014 3934 3978
3834 39.4 39
64 64
638 658
658 678
612 641
634 634
64 678
5518 56
56
56
56
5512 5512 56
*5512 57
*5518 57
912 934
934 934 *958 10
1018 1018
1014
10
1018 10
534 6
578 618
8
618
64
54 618
6
6
614
45
4534 *4512 46
*46
4612 45
45
4512 45
46
46
3034 30
2912 3078 30
3012 31
3034, 2958 3012 2938 30
238 238
212 212
24 212
238 212
212 212
24 21*,
1812
1814-1 1814 1814 *18
1818 184 *18
1814 1818 1818 '18
42 .4012 4134 *40
*39
42 '39
*39
42
4134
4134 '40
*40
4012 '40
4014 *40
4012 40
*3812 4012
40
4012 40
36
*3314 3612 *32
3658 *3512 3612 *3512 36 I .32
3612 .32
634
658 658 *6
634 *614 634 *614 634
*534 634 *6
*35
49
*3712 49
*3712 49
*3712 49
*3712 50
*35
49
*214 3
*214 3
214
*214
278 *214 27s
*214 3
214
11 12
1012 1012 1078 1078 *10
2's *054 11
9,8
'94 12
834 9
84 9
9
918
874 94
834 9
834 9
5434 5434 *5312 5612 55
52
"52
5478 52
55 I
55 I "51
54
5312 5312 52
53
55
51
5014 5012 51
5334 *52
238 212
218 214
238 218
24 24
214 238
238 238
1318 134 13
1312 1212 13 I 1212 12,
1318 135* 1278 13l
s
3978 4012 *3812 3912 3814 3812
3938 40
3914 40
*3858 40
734 *7
734 '7
734
734 *7
734 *7
*7
734 *7
•1312 1818 •1312 1818 *1312 1818 *1312 1818 *1312 1818 *1312 l8'
75
*51
54 .55
*55
75 I "55
75
*55
75 .55
75 I
2012 204 2012 2034 2012 204 2058 2078 204 21 1 2012 2012
*634 778
7,2 759 '65* 734 *712 778 *712 734 *712 734
4934 5018 4912 494
4934 50
494 494 4912 494 4938 50
*5712 81
*5713 61
59
59
*5712 59
*5712 59 I *5712 59 I
*1212 15
1212 1212 *13
•1234 15
1412 "1234 1818 *12,2 1818
*578
7
*54 7
.54 7
'558 7
*578 7 I *518 7
2318
*23
2334 *2212 234 *2214 23
*224 231 2 '223s 2234 23
_.4
I
• Ism .4. I .4414.4 pr,,'co a,, *31*, au tan,.14)
STOCKS
NEW YORK STOCK
EXCHANGE
Sates
for
the
Week
Range Since Jan. 1
On Basis of 100-share Lots
Lowest
Highest
1933 to Range for
Sept.29 Year 1933
1934
High
Low Low
Par $ per share
$ per share $ per oh
Shares
1412
100 1412July 31 3814 Apr 20
14.400 Northern Pacific
33
Northwestern Telegraph
50 33 Sept 13 43 Apr 26
412 Feb 19
158
158July 27
200 Norwalk Tire & Rubber __N. pm
30
50 30 Aug 13 4014Sept 5
Preferred
10
812
812Ju1y 28 1578 Fob 6
No pa,
8,500 Ohio oil Co
2
7 let, 6
2 July 25
No pa.'
1.300 Oliver Farm Equip
9
9 July 27 274 Feb 6
Preferred A
No par
400
358
638July 9
358July 27
No Pa,
200 Omnibu- Corp(The)vto
78
Preferred A
100 83 Sept 26 95 Jan 3
518
518July 27 1458 Mar 31
100 Oppenheim Coll & Co____ No pal
1934 Feb 15
1134
1338July 26
No par
4,800 Otte Elevator
92
100 92 Jan 18 10212 Aug 22
Preferred
10
a Feb I!'
358July 27
3
No par
1,200 Otis Steel
712
9 Jan 2 25 Feb 20
100
Prior preferred
300
28
No par 30 Feb 5 45 Apr 5
Outlet Co
97
100 97 Jan 23 11412May 19
Preferred
___
60
25 60 Sept 17 94 Jan 30
3,500 °wens-Illinois Glass Co
2
638 Mar 14
2 Jan 4
10
Pacific Coast
334
334 Jan 19 1114 Apr 20
No par
1st preferred
2
612 Mar 14
2 Jan 3
No par
2d preferred
10
1378
25 1238 Oct 4 2312 Feb 7
9,100 Pacific Gas & Electrio
37
Feb
7
4Sept
17
203
4
203
No
par
5,300 Pacific Lty Corp
19
No par 20 July 27 34 Feb 5
600 Pacific Mills
69
100 72 Jan 11 8512 Mar 13
70 Pacific Telep & Teleg
9914
100 103 Jan 3 116 June 22
6% preferred
50
878 Apr 25
513 Oct 4
534
400, Pac Western 011 Corp__No par
658 Feb 23
234
234July 26
No par
11,900 Packard Motor Car
814
5 1034 Jan 9 1112 Jan 30
100 Pan-Amer Petr & Trans
1658
1 17 July 26 3512 Feb 6
300 Park-Ttlford Inc
2 Feb 5
58July 30
58
400 Parmelee Transporta'n_ --No par
212 Apr 6
58July 24
58
Panhandle Prod & Ref__No par
712
714 Oct 18 2112 Apr 6
100
8% cony preferred
10
118
578 Feb 16
134 Jan 2
10
88.700 ;Paramount Publix Ms
2
678 Feb 15
212July 26
1
11,600 Park Utah C 151
12
12July 27
414 Mar 2
No par
8.500 Pathe Exchange
458
Preferred class A
No par 104 Jan 4 2434June 12
2.300
1212
1.100 Patine Mines & Enterpr No par 12t2Sept 18 2112 Jan 2
478June 5
114 Oct 4
1.200 Peerlese Motor Car
158
3
4458
No par 4458Sept 17 89 Jan 30
1.300 Penick & Ford
3512
No par 5112 Jan 4 6778 Mar 3
12,700 Penney (J C)
___ _ I
Preferred
100 1051p Mar R 108I2May 16 103
514 Apr 26
10
100 Penn Coal & Coke Corp
178
17* July27
734 Feb 5
1,800 Penn-Dixie cement
278July 26
No par
234
10
Preferred series A
100 124 July 28 32 Apr 24
300
2018
11,400 Penney vanla
50 2018Sept 15 3778 Feb 19
21
No par 21 Jan 9 55 June 29
200 Peoples Drug Stores
80
Preferred
100 86 Jan 19 112 Oct 19
50
22
900 People's 11 I. & C (ChIc)
100 22 Sept 14 4378 Feb 6
2
8 Feb 17
2 Sept 19
100
100 Peoria & Eastern
12
100 Pere Marquette
100 12 Aug 7 38 Apr24
1412
Prior preferred
100 18 Jan 13 6112 Apr 23
12
Preferred
-100 1318 Aug 7 43 Apr 23
200 Pet Milk
914
914 Jan 3 1514 Aug 27
No par
814
1.900 Petroleum Corp of Am
814July 27 144 Feb 3
5
5,000 Phelpe-1)odge Corp
114
25 1314Sept 17 1878 Apr 26
100, Philadelphia Co 6% pref
50 2414 Jan 2 37 Feb 9
21,2
$8 preferred
I
3814
No par 49 Jan 12 6434 Feb 17
2
6 Apr 25
140 Philadelphia Rap Tran Co___ _5()
218Sept 14
7% preferred.
1
3
412 Jan 12 16 Apr 24
53
634 Feb 21
3.600 Phil/4 & Read 0 & I
234
3,4 Jan 4
No par
4,100 Phillip Morris & Co Ltd
1018
10 1112 Jan 3 3512July 19
7
7 July 27 21 Apr 2
No par
I Phillips Jones Corp
48
100 48 Aug 14 7478 Apr 7
7% preferred
I
11
134 Oct 18 z2034 Apr 11
No par
10,200 Pbilips Petroleum
I Phoenix Hosiery
412
412July 26 1312 Feb 3
5
44
Preferred
100 50 Jan 27 64 Mar 3
612 Feb 19
112July 27
14
5
14,100 Pierce-Arrow Mot Car Co
12
118 Jan 30
12July 24
25
800 Pierce Oil Corp
5
I
5 Aug 24 1034 Feb 14
100
Preferred
2 Feb 6
1 July 26
1
No par
400 Pierce Petroleum
18
1812 Jan 8 294 Aug 7
No par
1.100 Pillsbury Flour Mine
5378
I Pirelli Co of Italy Amer sharee_7014 Jan 22 87 Sept 19
712July 26 18,2 Feb 19
Igo
712
500 Pittsburgh Coal of Pa
30
100 30 Jan 8 424 Feb
Preferred
200
100 14112 Jan 15 16818 Aug 13 1414
I Pitts Ft W & Chic pref
44
412 July 28 1138 Apr 4
600 Pittsburgh Screw & Bolt__ No par
1514
100 1514 July 28 43 Feb 21
Pitts Steel 7% cum pref
112July 26
100
312 Feb 21
118
Pitts Term Coal Corp
618
818 Jae 4 19 Oct 5
100
6% preferred
10
5 Feb 19
118
118Sept 26
25
Pittsburgh United
2558
Preferred.
100 2.558Sept 17 5978 Feb 19
60
1114
If tsburgh & Went VirgInta _100 1114July 30 27 Feb 21
5 Feb 21
134 Jan 4
No par
200 Pittston Co (The)
114
8
8 July 26 1634 Jan 30
5
1,400 Plymouth 011 Co
6
6 June 2 1478 Feb 5
No par
100, Poor & Co class B
6,4 Jan 30
212
238 Oct 9
No par
500; Porto Rle-Am Tob cl A
314 Jan 30
1 July 27
1
No par
400
Class B
104
1,5001 Postal Tel & Cable 7% pref _100 1012JulY 27 2938 Feb 8
12 July 27 20 Feb 20
25
12
Prairie f'lpe Line
512 Feb 16
14July 26
No par
1,700 tPressed Steel Car
114
100
558July 26 22 Feb 17
514
Preferred
400
334
No par 3318June 2 4114 Jan 23
5,400 Procter & Gamble
5% pref (ser of Feb 1 '29)__10 10212 Jan 22 117 Oct 4 10158
14 Mar 15
14 Jan 2
101I :Producers & Refiners corp -50
14
678 Feb 19
118May 2
14
_50
___
Preferred
2912
No par 2912Sept 17 45 Feb 6
2,700 Pub Sec Corp of NJ
5978
No par 67 Jan 2 84 Feb 6
$5 preferred
300
100 79 Jan 8 973g July 11
75
6% preferred
300
100 90 Jan 8 106 Feb 21
84
7% preferred
300
99
100 106 Jan 12 11912 Feb 17
I 8% preferred
8378
Pub Fier El & Gas pt 35--No par 90 Jan 10 10412 Aug 9
No par 3514 Oct 4 5938 Feb 5
3538
6.600 Pullniau Inc
638 Oct 5 14% Feb 16
No pa
7
6.900 Pure oil (The)
100 5513 Oct 19 80 Feb 6
8% cony preferred
8178
240
918 July 26 1934 Feb 5
No pa
94
1,900 Purity Bakeries
918 Feb 6
412July 26
No par
27,900 Radio Corp of Amer
412
Preferred
50 2314 Jan 4 48 Oct 8
22
900
1338
15 Jan 4 354May 11
No pa
Preferred B
10.900
No pa
414 Feb 17
112July 23
4,600 tRadlo Keith-Orph
112
1412July 26 23 Feb 5
114
400 Raybestos Manhattan-No par
3518
50 3518 Aug II 5638 Feb 5
I Reading
50 3312 Feb 8 4112June 9
191 preferred
28
800
3912June 19
60 2918 Jan 11
27
I 2d preferred
5
5 July 27 14 Feb 6
10
100 Real Silk Hosiery
37 Sept 15 6014 Apr 26
100
37
Preferred
I
No par
158 July 27
6 Apr 2
158
200 Reis (Robt) h Co
538July 28 3834 Apr 2
100
538
1st preferred
300
6 July 26 1338 Feb 23
I
514
8.500 Remington-Rand
100 3238 Jan 5 6912 Mar 14
2434
1s1 preferred
400
WO 30 Jan 8 67 Mar 14
24
2d preferred
23()
512 Feb 23
2 July 26
5
2
4,000 Reo Motor car
1012Ju1y 26 2534 Feb 23
9
No pa
14.800 Republic Steel carp
19
100 37 Aug 6 6712 Feb 23
6% cony preferred
2.100
3
5 Jan 8 1412 Apr 11
5
I Revere Copper & Brass
10 1114 Jan 29 2812 Apr 11
10
I (lams 4
100 46 Jan 5 00 June 25
35
Preferred
12
1512 Jan 2 2734 Apr 26
3,400 Reynolds Metal Co .....-No par
612 Jan 9 1312 Feb 25
1
6
1110 Reynolds Spring
3934
13.400 Reynolds(R J1 Tob class 41-10 3934 Mar 21 50,8 Oct 18
57
. _
._ -.)0 67 Jan 5 6012July 8
class 4
40
15
1212 Oct 16 23 Mar 13
Rhine Westphalia Elec Power._
512July 25 1312 Feb 8
512
I Ritter Dental Mfg . --No par
204 Oct 4 334 Apr 20
21
300 Roan Antelope Copper Mines__
I
2 Colup.smea reported in receiver-imp.
18 Opuntia I 3.21e.
c Cash on e. 2 Ex-dividend. y Ex-rigt ta.
$ per
958
2634
118
29
434
14
314
134
64
212
1018
9312
1 14
214
22
100
3112
1
158
1
15
22
6
65
9914
534
14
8
6
4
38
534
18
34
14
114
538
4
x2512
1914
90
34
34
418
1334
1034
65
25
78
378
6
412
612
458
4,2
2112
3814
2
3
212
8
3
35
434
158
25
3
4
37s
58
938
3338
4
17
134
178
1014
12
4
34
1534
64
38
634
134
158
58
4
7
58
3
1958
97
14
2
3238
5078
75
84
99
834
18
24
30
578
3
1314
612
1
5
2312
25
2312
512
25
4
14
212
712
8
138
4
9
114
214
7
6
112
2612
60
14
612
2338
share
344
43
578
36
1758
834
3034
834
95
15
2514
108
914
2134
42
105
9634
7
10
7
32
4338
29
9424
11112
912
64
14
3638
3
458
20
212
414
212
1414
25
9'8
604
56
108
938
912
32
4214
32
87
78
9
37
4412
38,2
15,4
15
187,3
36
82
57s
10
912
1478
16,
4
35
1834
174
72
712
14
137s
258
264
75
23
48
150
1134
3834
64
23,2
6,2
64
3534
7
174
1354
8
4
4034
22
512
18
4712
110,
4
278
13
57,8
Ws
1014
11212
125
1034
5818
1538
6978
2558
1214
40
27
534
204
6212
38
37
2078
60
412
18,2
11 14
3712
3534
659
23
5412
12
25
60
2112
1534
r5414
62,
4
24 •
18,
4
2812
2489
New York Stock Record-Continued-Page 8
l'
CENT
111011 AND LOW SALE PRICES-PER SHARE. NOT PER
Friday
Thursday
[Wednesday
Tuesday
Monday
Saturday
Oct. 19
Oct. IS
Oct. 17
Oct. 16
Oct. 15
Oct. 13
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Range Since Jan. 1
On Basis of 100-share Lots
Lowest
July 1
1933 to
Sept.2i1
1934
Highest
Range for
Year 1933
Low
High
$ per share $ per sh $ per share
Par 3 per share
share Shares
2
1078
33*
$ per share S per share 3 per share $ pef share $ per share S per
4 Jan 3 104 keb h
a
Rossia Insurance Co
174 3934
2978
3918 Feb 19
5
Oct
3218
shares)._
Y
(N
Co
Dutcb
100 Royal
1812
6
6
7
15
teb
5
Oct
3334 3334 *3214 3278 *3214 3278 *3212 3278 *3212 3318 *3212 33
104
53*
Rutland RR 7% pre!
8
*7
8
.7
8
*7
8
.7
8
154
2778 Feb 5
*7
6,8 3134
8
*6
1538July 31
0
2,300 St Joseph Lead
1634 1634
1658 1678 164 17
1678 17
17
112
17
938
438 Feb 6
78
1 12 Aug 9
1612 17
600 :St Louis-San Franclsco_.__100
4
13
4
13
914
4
2
13
4
13
"Pa
8
17
4
13
1
14
8
4
15
Apr
4
618
•13
14
*134
2 July 23
100
lot preferred..
500
24 218
214 214
214
214
514 22
8
23s 238
8
Mar
20
28
238 238 *214 213
July
8
101
Southwestern
1.01I1P
St
*512 141 2
8
12
263
2
4
Apr
23
614
July
2
100
*512 1412 "512 1412 *512 1412 *512 141 2 *512 1412
I referred
1778 *13
1778
1778 *13
1778 *13
6238
174 •12
28
354
1778 •12
*12
384 Oct 4 57 Apr 23
.No pa
5,300 Safeway Stores
72
9413
80
July
5
3
4334 4412 4358 4358 4314 4312 4312 4478 4412 4538 4412 4514
108
Jan
4
843
10l,
preferred
6%
390
9918 *9812 99
98 100
99
8014 105
9758 974 9878 99
9018
97
97
984 Jan 15 113 June 16
Ilk
7% preferred
110
107 10714 10612 10738 •10738 10814
214 12
412
*107 1074 10658 107 *106 107
512July 30 1214 Feb 15
No par
100 Savage Arms Corp
534 534
24
*512 612 *512 612 •512 64 *534 614 *534 614
1718
11
Apr
4514
3878
28
1718July
5
10,600 Schenley Distillers Corp
24
244 2312 2438 2358 2414 2312 24
212
2312 24
4 103*
8 Feb 5
2334 24
3 Sept 14
1
Stores
Retail
schulte
600
4
334
414
*4
378 378
4
4
414
12
34 3534
4 Apr 16
303
412 *4
2
*4
Jan
16
li./0
Preferred
10
18
18
20
2012 *1813 2012 "18
2012 *19
28
374
444
204 *18
•18
41 Jan 10 57 Oct 19
No par
230 Scott Paper Co
57
3
4
38
5612 57
58
5512 5512 56
*55
5478 55
2 Feb 6
5434 55
58Sept 13
N', pa
34 4,700 :seaboard Air Line
34
34
34
78
34
1
78
44
21
8
*34
3
Feb
78
34
78
12
78
Sept
34
1
100
Preferred
500
112 112 "138 134
8
15
433
19
II
112 .112 134 *112 14
112
Apr
8
383
112
•138
pa, 2034 Oct 4
2158 214 1,500 Seaboard 011 Coot Del___No
22
23
2212 2234 22
23
23
118
212
434
Feb 7
2334 2331 *22
478
15
212Sept
par
No
Corp
1
600 Seagrave
44 4 4
418 412
334
334
*314 334 '34 334 *34 334
1212 47
30
No par 31 Aug 6 51 14 Feb 5
23,500 Sears. Roebuck de Co
5
404 4112 4038 41
114
134
41, Jan 26
4058 4134 403* 4134 4012 414 4118 42
134July 25
..1
Second Nat Investors
.158 2
*158 2
*134 2
48
24
*158 2
30
*14 2
•14. 2
Jan 8 4518 Feb 2
32
1
Preferred
200
3914
*37
*3618 43
3778 38
358
4
43 '3018 40
22
Jan
12
2
13
12Sept
*3618 434 *36
pa
No
800 (Seneca Copper
58
58
58
58
74,
1 12
4
58
312
4
4
Apr 24
34
*4
4
58
438July 26 9
1
614 634 18,000 Servel Inc
13,;
558 638
6
54 578
534
1378 Mar 9
54 534
2
512 53*
Jan
54
54 512
6
Par
No
(F
Shattuck
(1)
1,500
8
818 84
8
818 814
8
4
8
1 12 12 84 84
1314 Feb 23
818 814
54 Jan 11
No par
Sharon Steel Hoop..
*678 7
888
*678 7
212
4
.64 7
*678 7
74 Feb 5
*634 734 *634 7
4 July 26
No par
800 shame & Dohme
434 44 '412 478
.
2114 417
30
434 478 •458 5
3
M.,y
518 *458 5
518
49
8
Jan
par
3814
...No
A
ser
Cony preferred
100
46
*44
46
"44
*44
48
°
45
31
1114
20
x45
14
45
Mar
*4412
2612
"4412 45
10 Shell Transport & Trading_ __.£2 21 June 12
2414 2438 2438
312 1188
2438 *23
•23
25
638
*21
Jan 27
25
"21
102
25
*21
18
Oct
6
par
--No
00
Union
shell
618 614 11,300
618
61
6
618 614
2812
47
84 614
28
Jan
638 612
89
612
618
31
July
57
_100
Cony preferred
900
6312 64
63
10,,.
*6012 63
*62
218
60
5:4
8018 6014 a60
.6014 66
8 June 4 1212 Feb 16
King Coalition Mines___5
438 31 °
114 1218 1112 111 *1158 114 2,000 Silver
84
1134 12
1134 12
12
818July 26 244 Feb 5
12
No par
2,900 simmons Co
934
912
8
93
10
123*
934
10
10
44
8
95
714
17
104
Oct
1512
10
10.4
10
714July 26
10
1438 1404 39,600 Simms Petroleum
9,.
1412 1512 1412 1514
3
6
1314 141
14
134 1312 13
6 Oct 4 114 Apr 25
25
800 skelly 011 Co
64 61
618 614
7
57,;
22
42
658 658 *614
26
658 658
Apr
6818
612 612
16
Oct
52
100
Preferred
600
52
52
521
5212
5214
521
521
35
7
12
52
4
8 *5212 533
2712 Feb 17
8 53,
53,
10 Sloss-Sheff Steel & Iron......100 15 Jan 9 42
25
*16
25
22
*16
814 42
"16
19
19
15
22
*HI
Apr 23
22
•16
100 1812 Oct II
7% preferred
110
•2034 28
24
*2212 28
934
4
34
.2034 2312 2112 2112 2312 2313 24
634 Jan 3 17 kly 5
Corp.-__No pm
Packing
Snider
10,600
1514
15
8
155
1434
15
4
143
17 6
1458 1514
912
Feb 5
8
197
1458 143* 1412 1434
28
1212July
15
Inc___
Co
011
Vacuum
Socony
29,800
131
1334 13
13
8 1418
92
1338 1358 13,
58
131
76
131
21
Sept
1338 13"
105
6
Jan
88
_100
1,000 Solvay AID Invt Tr pre!
154 48...8
2918
10312 10312 103 103 *10312 1044 1044 10418 1044 10438 105 105
No par 2834 Oct 13 394 Feb 5
_3,300 So Porto Rico Sugar
2934 2938 2958 2934 2978 2912 2978 2912 293
2834 2914 29
132
112
137 July 23 112
16
Jan
115
100
30
Preferred
13112 13112 131 131
144 28
1018
*130 136 *130 135 *130 134 *130 135
1018Sept 15 2218 Feb 7
25
5,300 Southern Calif Edison
124
12
12
123
1218
8
12
x12
12
12
512
12
34
20
2012
12
Mar
114
912
512Sept 24
40 Southern Dairies class A__No par
*734 1012 *734 1038' •734 1038
114
734
214
9,2 912 *734 14
234 Jan 15
734 933
214 Sept 10
No par
Class B
334
3
3834
114
144
5
Feb
*184 334 "24 334 "02 3 4 *112 334 *112 334 *112
4
333
6
Aug
_100 1478
181 18,500 Southern Pacific Co
1878 1838 1938 1814 1878 18
4l836
1834 18
1112
184 18
18
3612 Feb 5
6
Aug
1112
100
Railway
Southern
10,000
4
163
1712 1634 1714 1612
1634 1738 17
578 49
14
1658 1718 1612 17
100 14 July 26 4114 Apr 28
Preferred_
1,800
1978 20
2034 2112 2014 21
8
4014
28
2078 2078 *2014 2138 2012 201
Moblle & Ohio elk tr etre _100 32 Sept 15 4734 Apr 20
*3412 3534 *3412 3534
1178
*3334 3634 *3412 3634 *3412 36
4
5
21
Apr
*3314 37
13
2
Oct
5
par
Bros.__No
&
GO
IA
8
Spalding
•518
*54 8
.54 8
8
712 "5
61
.512 778 •,"
2518
3014
21
Apr
74
11
Jan
100
3914
1st preferred
10
*5118 53
*5118 53
*5118 53
*5118 53 .514 53
412 1512
51
7
51
7 Jan 22 154 Apr 23
Spang Chalfant& Co Inc__ No par
1712 50
20
100 30 Jan 23 62 Apr 24
Preferred
50
*4014 41
8
34
4012 4012 4014 4014 4014 4014 *4014 41 1 *4014 41
278
8 Feb 21
278Sept 14
No par
314 34 3,200 Sparks Withington
512
338 358
12
34 3 2
34 34
338 3,3
312 312
112
738 Apr 18
3
Jan
2
par
No
he
Co
Spear
5,s *334 54
'4
42
314 5
20
314 54 '
3012
24
Apr
53
53; *34 54 '
*314
10
Apr
39
100
Preferred
65
*50
65
65
*50
65
*50
*99
65
*49
22
712
65
*49
1214
1534 Jan 6 2714 Aug 29
900 Spencer Kellogg & Sons __No par
27
2612 2612 26,2 2612
2612 2634 2612 2612 *26
712
218
27
358
27
558 Jan 5 113s Apr 2
678 74 8,200 Sperry Corp (The) v t c_ . ____ 1
714
7
7
16
714
714
7
5
714
7
714
6
7
8 July 19 13 Feb 7
-No par
Co
Mfg
Spicer
7
*612
7
7
*634
8
7
.63
*612
7
1134 3212
18
•633 Ds .614
31 13 Feb 20
2
Jan
4
213
par
No
A
Cony
preferred
1
40
*2512 2634 "2512 2634 *2512 2612 2634 2712 2712 27 2
1
714
202
*2512 27
19 Jan 4 6712 Apr 25
No par
16.200 Spiegel-May-Stern Co
6112 60
60
6278 6012 62
60'
6014 5734 5914 59
1334 3758
1714
59
1714 July 28 2514 Feb I
No par
1938 204
1934 2014 1934 2018 19,300 Standard Brands
1958 201
124
1934 20
120
4 20
120
19,
4
Sept
127
3
Jan
par
No
12114
Preferred
370
938
12212 12418 1233* 1231 2 124 12414 124 12412
1
124 124
314
124 124
31g July 271
8 Mar 13
No par
338 338 1,100 Stand Comm Tobacco
378 378
334 378
378 378
378 378
34 4
518 2212
6
26 17 Feb 6
614July
par
Co...No
El
de
Gas
Standard
18,600
712
712
2578
734
634
814
712 8
734
8
8
712 712
8
658
17 Feb 6
658July 211
No par
Preferred
500
*734 818
8
8
8
8
812
61
8
•8
15
8
15
812
.8
15 July 27 33 Feb 6
No par
$6 cum prior pref
800
66
16
*164 1912 *1712 1812 *1712 1834 *1618 1712 *1618 1712
16
.1712 20
3812 Apr 24
4
Jan
1712
par
No
pref
cum
prior
$7
800
78
*1912 2012
20
24
2012 20
12
20
2014 *20
20
20
.2012 21
6
Jan
14
13
Jan
3
7
par
112 1,100 Stand Investing Corp____No
112
3*
3
158
112 1,2
112 112
112
112 112 *138
92,
102
9412
112
26
y
2 11014Ma
700 Standard Oil Export pref____100 9812 Jan 4 427
108 108
109 109 0108 108
1912 45
109 109
109 109
*10834 109
Jan 30 23038
,
Oct
2612
par
__No
.
Calif.
of
Oil
standard
_
2934 2812 2914 2834 2914 2912 301s 2912 3018 294 2912 18,700
254
29
30
Aug
2714
16
Oct
2378
25
2414 2418 2458 14,100 Standard 011 or Indiana
2378 2414 244 2414 24
-1-2-34 39i7g
19
2478 25
10 27 Sept 17 41 Apr 21
Standard 011 of Kantlisa
3118
3118 .26
30 .26
314 *26
3118 "2612 314 *26
331s
*26
2234 47,3
25 40 Oct 19 5018 Feb 17
4134 4138 4158 4038 4114 40
4012 29.100 Standard 011 of New Jersey
4134 41
4
424 41
11 12
6
42
19
Apr
1414
6 Jan 15
100 Starrett Co (The) L 8... _..No par
*9
934 .
914 934
4534
912 93* *914 10
4534 8034
•95s 10
*958 10
Jan 4 6812July 30
474
10
Inc
Products
SterlIng
378
8
5
62
6212 6012 6212 3,900
62
6238 8178 6212 6212 63
1
62
en
62
1.
61
3
2
Jan
14
600 SterlIng Securities Cl A.__No par
112 112
112
14 112
112
112 112
134
•112 14 *112
734
112
24
7 Feb 61
3 Jan 3
No par
Preferred
400
414 414
414 414
438 438 *414 412
5
20
5
*4
*4
2818
1
3614
Feb
364
12
Jan
30
50
preferred
Convertible
100
3518
3518 *34
.34
3518 *34
36
30
212 1112
3518 3518 .34
.34
412
412July 26 1058 Feb 21
5
-Warner
Stewart
2,700
1
1
818
1914
84
512
614 614
614 6 4
633 638
6 4 638
612 634
478
478July 20 1314 Feb 6
No par
534 534 1.200 Stone & Webster
838
112
534 6
534 554
534 54
0
618 *558 54
214
914 Feb 21
214July 24
318 334 23,500 :Studebaker Corp(The)_ _No par
318 314
314 312
34 314
3818
278 314
9
234 3
10
10 Sept 24 47 Feb 19
100
Preferred
2,000
144
163
144
4
16
144 1412
1712
59
14
1712 17
35
14
42
"13
19
Oct
7012
2
Jan
514
par
No
7014 7014 7012 7012 2,990 Sun 011
7014 70
70
103
6812 70
70
89
69
69
96
100 100 Jan 17 11712 Oct 8
Preferred
790
116 117
11612 11612 11612 117
0 11612 117
11612 11612 1161:117
712 27
1112
1112July 27 251,Feb 51
Superheater Co (The)____No par
*14
1312 16
.1338 16
1534
1
*1312 16 .
413
.1478 16
4
16
3
*14
ii
4
1
Feb
3
26
114JulY
1
158 1,200 Superior 011
138
14
14 *158 134
158
04
134
14
134
14
2
224
458
458 July 26 1534 Feb 19
100
Steel
Superior
8
300
75
*612
8
73
8
.63
7
64
8
10
.7
8
1
318
74 713 "7
534 Jan 26
3' July27
50
200 sweets Co of Amer (The)
18
38
4,4 .314 414 *314
4,4
44 *314 414 *314
4
"3,4 43*
212 Feb 19
38July 24
.N1.2 par
600 AymIngton Co
3*
34
*58
34
514
.58
14
134
ki
"58
34
34
34
112
34
538 Feb 23
112July 27
No par
A
Class
100
214
214
*218
214
214
212
.218
164
818
71:
*214
212 *214 212 *214
712Sept 14 1514 Feb 1
5
,Telautograph Corp
"912 10
•912 10
*912 10
0912 10
714
*912 10
138
318
•912 10
19
Feb
4
63
26
318July
600 Tennessee Corp_ .........--.....5
0334 418 •378 4
4
4
4
4
1034 304
4
418 418
1S14
4
2938 Feb 5
2038 15,500 Texas Corp (The)............ _25 20 July 28
20
2058 20
2058 2114 204 2114 204 21
154 4514
224
2158 22
6
Feb
4
431
26
July
30
par
No
138
612
212
3738 374 3718 3778 3712 3734 3734 3814 3758 3814 3712 3838 16,700 Texas Gull Sulphur
612 Apr 4
212July 27
10
234 24 3,200 Texas Pacific Coal & 011.
312 114
24 234
234 234
24 278
234 273
234 234
6
834 Jan 6 12 Apr 2
814 812
84 814
84 814 2,000 relliP Pacific Land Trust__ I
*812 834
43
834 834
15
838 858
1312
1
Feb
4314
27
131:July
100
200 Texas he Pacific fly CO
1814 1814 *1612 1914 •1638 1914
2218
5
8
*1712 1912 .1712 1912 1714 174
8 July 26 154 Jan 341
Vo par
,Thatcher Mfg
.1118 13
"11
13
124 *1118 13
*11
2758 44
13
3358
•113* 1212 .11
No pa, 39 Jan 16 45 Oct 18
100 33.80 cone prof
"4418 45
45
45
.444 45
1212
.4418 45
*44
45
238
45
4
.44
16
Feb
1218
4 Aug 7
Vo par
The Fair
634
84 *6
634 "6
.6
7
634 .6
70
'6
33
45
•538 7
100 50 Jan 10 83 Apr 30
30 Preferred
63
*4012 63
*50
63
"50
60
68
60
1
1012
60 '60
3
60
19
Feb
918
17
Sept
3
I
400 Therrnold Co
314
34 314
31s 3,8 '318 3,4 .3
314
314 .314 312
418
123*
4
84 Jan 12
4 July 26
100
6
6
512 512
618
300 Third Avenue
*534
.512 6
.54 6
.512 6
213*
10
13
6
Feb
1938
2
Jan
1312
I
_____
Nat
Investors__
'Third
19 '18
1834 .18
1884
184 *18
•18
18
18
*17
6
153*
*17
8
47
5
Feb
II
44 Aug 15
'Thompson (J R).. . __. _ ._25
.538 20,4
8 '518 54 *518 54 •518 578 *44 578 *44 512
10
*518 5,
10 July 26 2014 Feb 16
No par
1114 1138 1138 1178 114 1173 1112 1134 1138 1112 4,300 Thompson Products Ine_ No par
1114 113*
912
,2
14
512 Jan 29
,July26
15
214
1,200 Tbompeon-Starrett Co__
214
214 212
212 212 *212 24
24 238
30
212 212
12
1812
Oct 11 2413 Jan 30
18
par
No
prof
cum
$3.50
I
22
*18
22
22
*18
"18
22
22 .18
"18
22
•18
,8 1134
3
74
23
Apr
1438
4
Oct
818
par
No
011
Assoc
814 84 8,4 84 838 84 838 838 84 812 5,700 Tidewater
4
812 8,
2312 6514
44
preferred
100 6413 Jan 4 8518 Apr 30
900
744
74
76
7514 *74
75
*7412 75
*7312 75
75
75
18
914 25
30 Sept 25 40 Apr 27
No par
Tide Water 011
32
32
32 '22
"22
*22
32
.22
32
*22
80
45
32
*22
62
11
Oct
11
97
Jan
80
100
Preferred
814
•9418 9634 •04,8 9678 *9413 9612 *944 96
•9418 97
*9412 97
3
I's
24
812
Apr
4
378 Jan
618 4,200 Timken Detroit Axle_ __ _10
6
578 6
34 6
558 618
54 618
1334 353*
21
54 6
26 41 Feb 5
July
24
par
....No
Roller
Bearing_
Timken
6,109
30
8
294
295
3014
2912
8
2914 2912 294 3018 295
9
2
2914 30
518
5
Feb
818
2
518July
par
1
No
5 4 538 8,300 Transamerica Corp
514 54
34 5,2
54 54
278 1712
538 51 2
514 538
412
412July 26 1312 Feb 17
Transue he Williams St'l__ No par
8 612 *538 612
54 612 *558 612 "5'8 612 *5,
24
834
318
*534 6,2 '
31 July27
854 Feb 3
358 334 5,600 TM-Continental Corn___No par
358 4
4
4
4
4
34 4
x75
378 4
41
51
20
Apr
78
9
6% preferred... _____ No par 6014 Jan
100
72 .6712 7178
•67
71
71
71
*70
71
*70
72
2018. 384
"69
254
6 40 Feb 3
Jan
33
par
No
Corp
Trico
400
Products
4
363
*35
4
363
36
36
54
*35
35
12
35
36
.31
.3378 36
1 12
4', July 12
158 Jan 3
No par
200 Truax Traer Coal
3
3
'278 3
'234 3
3
3
.234 3
1234
2
338
'23* 3
958 Feb 19
31, July 23
10
400 Truscon Steel
412 412
458 458 *412 434 *458 434
434 434
•434 44
454
4
3
24
Apr
4
3
812
10
Jan
1
pa,
No
1
Trans__
Twin
City
Rapid
13*
800
434 434 "378 44 .378 4 2 *3 2 413
454 434
412 15
434 434
412
6 Jan 12 39 Apr 24
_1011
100
Preferred
2012 2012
21
22
21
204 22
614
34
21 12 21,2 2012 2012 21
1
4 Jan 15
July 23
1
par
No
Co
he
Ulen
200
17
8
8
17
2
8
*17
2
•154
Vs
1%
'178 2
0178 2
2212
94 394
:Jan 20
' 36 Jan 5 511
481: 49
1.200 Under Elliott Fisher Co .._No IN,
4914 *4812 49
4918 4918 49
49
105
76
95
484 484 49
100 102 Jan 22 125 July 30
Preferred
_ ____
.*12314
*12314
_ •12314 ___ .12314
512 60
3112
- *12314
Feb 23
•1231
8
607
26
par
3914July
Corp.__No
1,000
41
Union
Bag
Pap
he
*4512
al
*4512
4934
---x4934
4
12 -50
- 9914
517s
194
3412
494 -4-9-34 49 -49
19
Jan
19
50%
par
3578May
4418 4478 21,900 Union Carbide he Carb___No
45
44
4434 4538 4412 45
812 2338
444 454 4434 45
134
25
114 Oct 4 2012 Feb 5
3,600 Union 011 California
14
14
144
1418 1412 X14
1358 14
1418 134 14
14
• 11111 to,1 Likod (vireo no ialeS on this day.
...veNnlo.
t ,1.4 .1113 I,H+ ,00•ted In ,
3 /otIOnal late. cc tall ,,le
t iold 7 1out
r E 1 - 0 vida,“1 ,
I
It- main+
2490
New York Stock Record-Concluded--Page 9
_
Oct. 20 1934
,
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
July 1
Sales
STOCKS
Range Since Jan. 1
1933 to Range for
for
NEW YORK STOCK
On Basis of 100-share Lots Sept.20 Year 1933
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
the
EXCHANGE
Oct. 13
Oct. 15
Oct. 16
1934
Oct. 17
Oct. 18
Oct. 19
Week
Lowest
Highest
High
Low Low
$ per share $ per share s per share $ per share S per share $ per share
Shares
Par
$ per share
10134 10314 10114 10134 10114 10312 102 10414 102
$ per share $ per oh $ per share
10214
103
10312
4,400 Union Pacific
100 90 Aug 8 13378 Apr 11
*7814 7812 7814 7814 *7710 7812 7812 79
90
6114 132
*7734 7812 7812 7812
Preferred
600
_100 7134 Jan 18 89 July 13
.2078 2114 2034 21
6278
*2014 2012 2014 21
56
7512
*2014 2034 2012 2012 1,300 Union Tank Car
At, par
1553 Jan 9 2114June 13
1334
1012 2234
United Aircraft & Tran_ No par
1112Sept 18 3738 Feb I
912 10
1112
534 978
958 10
1612 46744
958 10
912 958
914
United
7,900
938
Aircraft
Corp
5
8I8Sept
18 1114 Sept 6
4
418
378 4
818
4
4
4
418
378 418
378 378 3,200 United Air Lines Transp v t a...5
314 Sept 14
612Sept 5
*812 1012 *812 1012 *834 1014 *812 1012 *812
314
-- - - 1012 *812 1012
United American Bosch _No par
8 July 24 17 Feb 6
23
2312 2314 2314 2314 2338 2318 2312 2278 227
7
i
1-7-14
8
223
4
23
United
2,200
131SOUlt
No par 2114 Sept 19 2914 Apr 26
•113 114 *11114 114 *11114 11312 11312 11312 *11212
19
1312 2758
11312 11212 11212
Preferred
30
100 107 Jan 9 120 June 30 10414
4214 4214 4214 4214 4134 4234 42
92
111
42
4134 42
4118
413
8
2,100
Untted
Carbon
No
par
35
Jan
4
4612June 16
378 4
334 378
334 378
2014
1014 38
323 378
338 37
338 334 17,000 United Corp
No par
314Sept 15
28
878 Feb 7
2812 28
2812 28
314
4
2838 281g 2818 27
1412
2778 2612 2714 6,200
Preferred
No par 2414 Sept18 3778 Feb 7
1314 1312 13
2218
1312 13
2218 4078
1358 13
1314
1238 13
123
8
123
4
13,500
United
Drug
Inc
5
914 Jan 8 1814 Apr 28
*412 6
618
4
4
618
*438 6
12
'438 512 *412 6
*43
8 6
100 United Dyewood Corp
In
338 Jan 2 1078 Apr 26
*75
7534 *75
7534 *75
234
7534 *75
34
7534 *75
67s
7534 *75
7534
Preferred
100 5934 Mar 9 7512May 2
•414 518
50
412 412 '412 5
2834 70
*412 434
438 438 *412 434
300 United Electric Coal
No par
318 Jan 10
7334 7414 7212 7312 7234 7278 7278 7378 7312 7338
6 Apr 25
3
1
878
7312 6,700 United Fruit
73
par
No
59
Jan
5
77
14
Apr
21
1438
14
1414
4912
14
2314 68
1414
14
1418 1378 14
137s 14
17,800 United Gas Improve
No par
1334Sept 20 2018 Feb 6
1334
96
96
1378 25
9514 9514 *9514 9812 *95
9812 *95
9812 *96
9812
300
Preferred
No par 88 Jan 8 9938July 18
*178 214 *178 214 *178 214 *178 214
8212
8212 100
178
178 *134 214
100 :United Paperboard
100
134 Feb 13
35
8
Feb
19
12
512
1
518 558
512 512
558 538 *538
534
514 514
553 528
1,200 United Piece Dye Wks_ _No par
4 July 26 1334 Feb 20
312 2172
45
*34
4
*34
35
45
*35
*34
40
*34
45
6Si% preferred
*34
45
100 35 Aug 30 88 Feb 21
438 434
414 434
35
438 478
35
85
412 478
412 434
412 514 10,200 United Stores class A___-No par
214 July26
6 Apr 20
*58
14
63
.58
63
*58
63
218
*58
63
*58
63
714
*58
63
Preferred class A
No par 54 Aug 15 66 Apr 16
50
4912
5012 49
45
4912 249
66
4934 50
5034 50
5012 4918 5014 7,700 Universal Leaf Tobacco No par 4014 Feb 26
5074t
Oct
11
126 126 *12512 126
37
2112
5112
126 12612 12612 127
12712 128
Preferred
1277
8
128
170
100
11212
Jan
9
128
Oct
18
*29
50
10814
*30
50
*30
96
41
12012
*30
50
*30
40
2918 30
20 Universal Pictures 1st pfd
100 1878 Jan 8 4612 Apr 11
114
15
114 *1
10
35
118
118
118
118
118
118
118
1
1
600 Universal Pipe & Rad
1
78July 27
3 Feb 141
78
*8
18
*7
12
*712 18
14
*712 18
353
*8
18
*8
18
Preferred
100
414
Jan
3
24
Apr
25
414
1912 1912 19
4
1812
1914 1912 1912 19
1914 19
1914 *1834 19
US
1,800
Pipe
& Foundry
20 1512July 26 33 Feb 7
12
*1734 1778 1778 1778 *1738 1878 .1734 1878 *18
618 2218
1878 '18
let preferred
1878
100
No
par
1812
Jan
11
193
8
Feb
23
1314
1234 19
*34
1,2
058
1,2
*58
112
*58
112
*58 112
US Distill) Coro
*58 112
No par
112 Jan 5
4 Jan 3 1
1
*438 612 *438 578 *438 578 *438 578
1
(3
438 438 *234 5'2
Preferred
40
100
418 Oct 18 13 Feb 20
.814
12
*14
4
12
*14
4
12
20
.14
12
*14
United
States
12
Express
*14
100
12
12May
29
12
04
Apr
19
*1314 1434 '1314 1434 *1314 1434 *1314 1412
3rt
218
1334
1314
1212
1212
U
600
S
Freight
No par
11 July 26 2712 Feb 5
11
838 838 *778 838
7
2938
734 778
714
714 *714 758
738 738 2,100 U S & Foreign &cur
No par
618 Aug 7 1514 Feb 5
*64
6,3
69
.60
71
*65
71
318 1734
'68
71 .•65
*65
71
71
Preferred
No
par
8314
Jan
5
78
Feb 26
60
40
4038 40
3612 84
4038 3958 3938 3934 40
3934 3978 39
2,100 US Gypsum.
40
20 3414J1Ine 1 5012 Jan 24
3414
•130 136
136 136 *133 136 *133 136 *133 136 *133 136
18
531 2
7% preferred
10
100 11$ Jan 10 14078Ju2y 27 110
10114 121
*534 638 *512 Ps *512 612 *512 612 *512 638 *512 638
U
S
lion
5
Mach
Corp
438 Jan 9 1018 Apt 24
314
13
8
37
3734 3714 37,2 3778 3914 3734 39
1178
38
3818 3714 3934 8,600 U S Industrial Alcohol___No par 32 Sept 17 8434 Feb 9
32
.6
614
1312 94
578 6
*578 614 *578 614
578 578
500 U S Leather v t a
553 578
No par
518July 26 1178 Jan 24
518
918 918
23
912 9,2 *918 958
8
1714
9I8 *918 912
918
8
400
Class A v 1 a
91
913
No par
712July 26 1934 Feb I
712
4,4 2734
*4312 50
*4312 50
.4312 50
*4312 50
*4312 50
*4312 50
Prior preferred v t a
514 538
100 45 Sept 24 80 Jan 30
518 514 *5
45
518
30
5
7814
515
5
518
5
2,100
5
U
S
Realty
&
Impt
No
par
4
July
1234
26
Feb
2
4
1618 1658
1618 1658 1638 1634
212 1412
1618 1612 16
1614
6,200 U S Rubber
1534 16
No par
11 July 26 24 Apr 21
1034
3818 3914 38
3834 38
27
8
3918 38
25
3834 3712 3814 3718 38
5,900
lot preferred
100 2418 Jan 8 6114 Apr 20
1718
114 115
11514 11714 117 12012 117 12012 116 11712 11414 11614 16,900
512 4378
U S Smelting Ref & Min
50 9638 Jan 13 141 July 19
5314
*6158 63
*62
64
1312 10558
*62
64
*62
64
Preferred
*6034 63
60
100
50 5412 Jan 13 8512 Oct 1
5112
3358 3412 3314 3418 3318 3334 3314 3414 60
3912 58
33
333
327
4
US
8
333
Steel
8
38,000
Corp
100
293
8Sept
Feb
597
19
17
8
76
29.38
76
75
75
75
7514 76
38 6712
7612 7478 7514 7412 7412 1,800
Preferred
100 6714 Se 17 9912 Jan 5
6714
10512
5
*10634 119 *115 119 *115 119
115 115 *11212 119
113 113
300 US Tobacco
No par 99 Jan 5 120 July 10
8134
•139 150 *130 136 *13912
59
-_ *13912 150 *13912 150 *13912 150
109 1
Preferred
100
Jan
126
10
14512July
19
12438 12438 13042
*5234 6712 •-_-_ 6712 *5114 -6-712 *5114 6712 *5114
6712
Utah Copper
*5114 67,2
10 51 14 Oct 6 67 Apr 26
5231
2
2
35
2
218
2
2
83
178 2
178 2
178
178 1,600 Utilities Pow & Lt A
1
518 Feb 8
178 Oct 17
2
*78
118
*78
1
1711
Fe
,ti
78
*78
*78
1
118
*78
100 Variseo Sales
118
No par
34July 21
178 Jan 29
.19
1912 *19
1912 *19
3
4
3
8
1912 .19
318
19(2 .19
1912 *19
Preferred
1912
100
1914 Aug 28 22I2June 27
1914
1518 2478
1714 1738 1718 1738 17
1711
1714 1738 17
1718
1612
Vanadium
1,900
17
Corp
Am__No
of
par
14
26
July
313
4
Feb
19
14
913 912 *9
934 *912 934
934 *914
758 3614
912 912
912 912
‘
5
50() Van Raalte Co Inc
412 Jan 2 1138 Apr 18
334
79
79
80
80
138 10
80
81
"8012 8212
8212
8212 *81
170
7% lot prof
100 x5414 Mar I
98 Feb 5
28
*3218 3212 3214 3234 3258 3314 *3214 337s *8112
2012 65
323
4
3234
*3212
3314
Vick
1,800
Chemical
Inc
5 2438 Jan 4 3634July 20
*312 338
312 312
18
23
312 312
2318
31
312 312
312 312 *338 312
300 Virginia-Carolina Chem __No par
538 Jan 23
178 July 23
1914 1914 19
19
178
19
19
*1812 19
38
738
*1814 19
1814 1814
900
6% preferred
100 10 July 26 26 Feb 5
332 2612
10
'76
82
*75
82
*7734 82
*7734 82 .78
82
*78
82
7%
preferred
100 593A Jan 8 84 Aug 17
5714
*7412 75
*7412 75
*7412 75
3518 6312
*7412 75
7412 7412 *7434 75,2
80 Virginia El & Pow $6 pf __No pa, 85 Jan 2 80 July 31
.418
60
712 *418 712 *418 712 *418 712 *418
60
8538
712 *4I8 712
Virginia Iron Coal & Coke___100
9 Feb 23
338July 31
312
218 15
60
60
*5912 6038 6014 6034 5914 61
59
5912 59
5912
330 Vulcan Detinning
100 62 Jan 4 79 Mar 9
36
'105
__ •105
123
__ *105 . _ '105 - _ *105 _ _ 8 105
4
677
8
__ ___ ___
Preferred
100 95 Jan 20 110 Apr 26
.218 _-238 *218 _-238
95
218 118
57
2
102
-2238 -24
2
_-2
500 :Wabash
4312 312 •318 334
11.10
478 Jan 30
178July 27
*314
334
178
*314 312 4314
312
314
112
314
712
Preferred A
100
MO
238July 26
Pa Apr 26
*2
214
318 *2
314 *2
118
972
318 *2
318
*2
318 *2
Preferred 11
318
100
2 Oct 11
612 Mar 14
*414
2
438 *414 438
438 438 *438 412 *43* 412
1
6
400 WaldorfSyst
418 418
No pa'
418Sept
878 Feb 21118
15
418
5
2414 2412 2418 2412 2438 2434 2434 2434 2412 2438
em
12
2412 2438 2,500 Walgreen Co
No par 2214 Feb 26 2914June 18
•10914 110
10914 110 *10912 110 .10913 110
2214
10914 10914 .10914 110
40
63,
5% preferred
100 8412 Jan 4 110 Sept 13
31g
318
81
3
318 *3
314
-75
3
3
-9612
*234 318
700 Walworth Co
234 3
214 July 27
No par
638 Feb 1
*6
678
6
6
*6
7
213
*6
78
714 .6
838
7
"5
7
100 Ward Baking class A
No
5
par
Aug
8
12
Feb
178
5
178
5
178
178
178
218 20
178 *134
178 '134
17
8
Class
13
4
18
400
13
4
No
par
338 Feb 5
114July 27
*26
30
*24
30
*25
30
114
*25
30
5
8
*24
5,
8
2912
*26
29
Preferred
100 24 Sept 18 36 Jan 24
5
518
24
478 518
5
11 12 4478
514
5
514
5
5
478 478 17,000 Warner Bros Pictures_ --. --__5
814 Feb 5
234July 26
•1712 1912 '15
20
234
*16
20
1
*1514 20
918
*1414 20
*1414
20
$3.85
cony pret
No par
16 Sept 19 3178 Apr 24
114
114 *114
12
138
114
114
41 1 2412
114
138 *114
158
138
138
600 Warner Quinlan
No par
114 Sept 14
378 Feb 16
It,
638 658
614 614
658 634 *638 634
11
478
612 612
614 612 1,000 Warren Bros
No par
512July 26
1353 Jan 24
15
*11
*1012 15
512
*1012 15
212
*1012 15
2238
*1012 1314 *1012 1314
Convertible prof
No par
10 July 30 2878 Apr 23
20
20
1978 20
10
20
2014 *20
2012 *1714 20
7,2 3523
*19
2012
Warren
1,100
Fdy
&
No
par
31
1312July
27
PIPE
Jan
,
2(1
.5
5
*434 5
*434 5
1312
5
*434 514 *434 514 *434 5
30
200 Webster Eisenlohr
No pa3 July 27
7 Jan 25
3
.80 _ _ *80
. *80
__ _ *80
1
_ _ .80 _ _ .80
8
_ ______
Preferred
100 65 Jan 8 90 Aug 2
60
*78 114
.78
1-14
*78
50
114
*7t3
75
1-14
*741
1-14
*7
8
Wells
Fargo
_114
&
Co
1
3
4July
214
27
Jan 23
34
2812 2878 28
2838 2814 2834 2812 2858 2812 2812 2814 2812
18
312
4,500 Wesson Oil & Snowdrift __No par
1534 Jan 4 2938 Aug 29
6712 6712 6712 6712 68
15
68
7
6814 6814 69
3712
69
*6812 69
1,000
Cony preferred
No par
5212 Jan 5 69 Oct 18
49
40
63
3412 35
3438 3514 3412 3514 3414 3512 34
36
3414
10,000 Western Union Telegraph-100 2912Sept 15 6678 Feb 6
2312 2438 2312 24
2912
2378 2434 2412 2478 2414 2514 2478 35
1714
7714
2612 15,400 Westingh'se Air Brake
No par
1578 July 26 38 Feb 6
3218 3234 32
3258 3134 3234 3238 3318 3238 3323 32
1578
1134 3553
3212 11,400 Westinghouse El & Mfg
50 2778 July 26 4714 Feb 5
•85.38 8712 *86
2778
8712 *86
1938 5834
8712 •86
8712 *86
8712 8612 861 2
50
10
82
1st
preferred
Aug
8
95 July II
1138 1214 *1114 1178
77
1218 1218
12
6012 96
12
12
12
*1112 1178 1,300 Weston Elea Instruml___No par
6 July 30 14 Feb 5
27
27
*27
5
271. 27
27
*27
353 13,4
2712 *27
2712 *27
2712
110
Class A
No par
1638 Jan 5 27 Sept 14
.50
15
58
*5614 58 - 58
58
10
*5614 5912 55614 5912 .58
2214
20
West
Penn
59,
2
No
Elec
par
claw A_
4412 Jan 8 70 June 13
70
3914
70
*6912 72
*6912 72
6912 6912 26734 6734 6714 6712
30
73
170
Preferred
1011 5134 Jan 8 80 July 13
.57
531
64
47
58
58
57
58
*57
37
*5338 58
*6338 58
773
4
6%
30
preferred
100
45
Jan
3
x6812July
19
•10512 107 a106 106
4018
106 106
106 106
3312
6912
10714 10714 *107 10812
90
West
Penn Power pref
100 8912 Jan 2 11058June 2
*9614 98
97
97
*97
98
5512
98
98
88,2 1101s
*9712 101
*98 101
6% preferred
80
100
10
Jan
783
4
105
June
29
*214 234 *2
7834
214
218
218 .2
80
214
101
2
*178 218
2
200 West Dairy Prod cl A___ -No Par
178 Aug 1
6,4 Jan 30
34
17e
31
34
04
33*
34
2,2 1134
*58
34
34
1,000
34
Class 13 vte
•314
34
No par
12July 27
212 Jan 30
12
.9
958 *9
938 *918 938
914 958
78
414
914 914
9
918
600
western
Maryland
100
71/4
26
July
1714
Feb 20
•10
14
*1014 14
658
*12
13
4
.10
16
13
*10
*10
13
13
2d preferred
100
914Sept 17 23 Feb 20
*314 4
914
'312 334 *312 334
538 1912
314 312 *318 318
300 western Pacific
318 318
100
23
27
8July
812
Mar
29
878 878
818 818 .814 878
218
1
77s 8,2
738 8
6,2
758 758 3,000
Preferred
100
438 Jan 5 17I2Mar 28
2072 2078 *1934 2034 *20
4
2012 1934 21
178
16
20
20
1938 1958
600 Westvaco Chlorine Prod__ No par
1478 Jan 12 2714 Feb N
13
13
*13
1214
1412 *13
1412 *13
5
1412 *13
*13
14
1412
2
0,2
100
Wheeling
Steel
par
Corp
No
1112Sept
17
29
Feb 21
*33
3612 *33
1112
3718 533
3718 35
35
*33
3718 .33
72 35
3718
Preferred
100
100 35 Sept 17 67 Feb 26
*1514 1634 1634 1634 *1534 17
35
17
15
1714 *16
67
17
•1514 17
80 White Motor
60 15 July 26 2812 Feb 19
15
2612 2612 '26
2612 *2512 26
14
*2514 26
2613
*2514 26
*2514 26
300 White Rk Min Spr otf __No par 2114July 26 3112 Apr 19
21 14
•112
134 *Ps
134 *158
23
134 *138
134
29
138
138
134
134
200 White Sewing Machine___No par
112 Jan 8
378 Feb (I
112
12
434
•412 8
*412 8
*412 8
*412 8
*412 6
*412 8
Cony preferred
par
No
5
25
July
1114
Apr
•234 278
20
234 234
4
234 234
118 1012
234 234
234 278 *234 3
500 Wilcox 011 & Gas
212July 26
.6
534 Apr 6
*30
212
32
*30
2
3112 530
512
3112 *30
32
32
*32
32
33
100 Wilcox-Rich Corp class A _No par
2718 Jan 17 32 Feb 19
*634 7
2278
*612 7
.678 7
15
638 7
2714
678 712
723 3,000 Wilson & Co Inc
714
No pa,
434 Jan 8
9 Apr II
2334 2418 2314 2378 2312 24
318
2312 2334 24
72
11
2614 2534 2634 42,100
Class A
No pat
1214 Jan 9 2634 Oct 19
8312 84 .83
1114
8312 8312 8378 8412 85
4
22
85
88
8734 8838 5,100
Preferred
100
53
Jan
8818
8
Oct
4934 5018 4938 50
19
30
4978 5018 50
19
7212
5014 50
5034 5018 5012 19,000 Woolworth (F W) CO
10
4114
Jan
547
8 Apr 21
3
35
'18
1878 517
18
*1614 18
2518 5078
*1612 1838 *1512 1778 *16
18
Worthington P & W
100 1312July 24 3178 Feb 5
53412 3638 35
35
1312
35
36
36
8
36
3978
3578 3612 3534 3534
190
Preferred A
'or 3112Sept 14 53 Jan 24 3112
.25. 27 '2514 27 27 27 '233
14
4 28
51
*2334 28
28
*26
100
Preferred
B
104, 2338 Auk 6 42 Jan 24
4778 4778 '47
4812 .46
2214
47
47
14
47
47
4634 47
45
80 Wright Aeronautical
4512
No
par
8
Jan
75
167
8
Jan
27
67
67 .67
70
68
68
12
69
6
24
6914 26912 6912 *68
6914
500 Wrigley (Wm) Jr (Dep.-No pa, 541
:Jan II 26912 Oct 18
*15
1634 *1534 1634 1534 1534 *1514 1634 16
4734
3412 5714
.1514 1614
16
200 Yale & Towne Mfg Co
25 14 Jan 5 22 Apr 24
312 312
1138
3,2 312
7
23
318 312
314 312
2,900
314
Yellow
318
314
314
Truck
&
al
Coach
B
231July
10
26
714
Feb
19
*35
36
36
36
234
*36
40
*36
21g
40
*36
734
38
*36
40
110
Preferred
100 28 Jan 2 4712 Apr 26
1634 1634
1634 1634 1634 17
25
18
1714 1714
42
1634 1634 1634 1634 1,500 Young Spring & Wire__. Nopar
13 July 26 2234 Feb 19
17
17
1658 17
17
1018
1738 17
312
1918
1738
1612 1678 1612 1634 2,300 Youngstown Sheet & T_...No Pa
3
I23
8July
26
334 Feb 10
4134 *3514 38
'37
1238
712 3752
*3514 38
37
37
*3514 3918 '3514 37
100
534 preferred
100 3612July 27 5934 Feb 17
214 214 '218 258
41
214
25
214
61
*218 214 *2
214 *2
200 Zenith Radio Corp
214
No pai
178 July 26
434 Feb 5
418 414
4
4
i2
378 4
5
1 18
378 353
4
4
378 4
2,400 Unite Products Corp
1
338July 211
734 Feb 19
338
338
8,2
• 131,1 a id asked prices, no sales on this day.
x Companies reported In receiverthlp.
a Optional sale.
c Cash sale.
3 Sold 7 days. z Ex-dividend.
I Ex rights
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
2491
price; are now "and interesi"-except for income and defaulted bonds
On Jan, 1 1909 the Exchange method of quoting bonds was changed and
of the
range, unless they are the only transactions of the week, and when selling outside
NOTICE-Cash and deferred delivery sales are disregarded In the week's No account Is taken of such sales in computing the range for the year.
occur.
regular weekly range are shown In a footnote In the week In which they
'July 1
July 1
liege
1
1933 to
Week's
BONDS
Range
933 to
Week's
h
BONDS
Stade
Sept.29
or
Range
EXCHANGE
N Y. STOCK
Since
Sept.29
Range or
N. Y. STOCK EXCHANGE
Jan. 1
1934
H Last Sale
19
Oct.
Ended
Week
1
Jan.
1934
Sale
Last
Oct.
19
Ended
Week
H
1140,1
High No. Low Law
Low
Foreign Govt. & Munk.(Con.)
Eton
High No.1 Low Low
Low
U. S. Government.
4
747y 9912
681e
96
1944 M S 94
100.24104"12 Cuba (Republic) 53 of 1904
First Liberty Loan-34 of '32-47____ J D 10317:21031h2 880 99
93
9512
Sept'34
831.:
a95
FA
1949
A
ser
1914
External 5s of
5 1001744 1001,44 103312
1 D 102133210211n
Cony 4% of 1932-47
7
6152
6272 86,2
8612
1949 FA 8613
External loan 414s
991322 10144,104'3n
J D 103722 103"s4 226
Cony 4q% of 1932-47
61
8172 8418
7434 39
737
S
J
1953
15
Jan
5343
fund
Sinking
1021.3210231n
102
.1 D 1021444June'34
2d ,conv 43.(% of 1932-47
2252 41%
2912 86
1934
1945 J o 2878
Public wks 54s June 30
Fourth Lib Loan 44% of 1933-1938 A 0 103",,101',, 755 1003 s2 101 28.004,°11
23
1012 1934
10
16
N 15
1959
1026;2102,542
- 102344 102,34: 474
1933-1938
414% (3d called)
20
88 101
96
95
AO
4
778
1951
(Rep
8s
of)
1181
Czechoslovakia
1011422 104114,114,n
1947-1952 A 0 11184: 111311.4
Treasury 4)(s
6
101
90
77
95
8
947
AO
1952
Sinking fund 83 ser B
Treasury 448 to Oct 15 1934.
142
8612 U9
99
7972
1942• J 9712
1943-45 A 0 10111421021'st 660 9714,, 9733421041192 Denmark 20-year extl 6s
thereafter 3Si %
80
9512
75
8334
9512
92
FA
21„
1955
44109
External gold 5143
1944-19942 D 1073n 107114, 711 10191n 101 3,
Treasury 43
135
87
61
71
84
1962 AO 82
External g 4 48__Apr 15
99,10 100342 108324
1946-1956 M 9 1058.2 105+34, 194
Treasury 3Ais
1932
elf
Ilk
part
6s
Am
Deutsche
345
98114105,1n
98,22
1943-1947 J D 1021%103,3n
6
Treasury 34s
7714
5072
.5218
8
507
52
Stamped extd to Sept 1 1935
Sept 15 1951-1955 M S 99'34,100134. 1057 93,132 9301121021,n
Treasury 3s
2
4334 70
40
65
81-"S z65
97134, 9721421021'n DomlnIcan Rep rust Ad 534s -Dec 15 1946-1948 J D 9923.410011.1 1409
Treasury 33____
4
67
36
36
5712
574
A0
1940
1st
543
1926
ser
of
981144 985.22105,1n
Treasury 343_ _ June 15 1910-19432 D 10314 1031en 334
3712 87
36
Oct'34
1940 AO 60
2d series sink fund 514s
1031,41 653 9834. 9,431,45105"42
Treasury 314s____ Mar 15 1941-1943 M S 103
4514 5813
27
1945 M N 48 Aug'34
941.44 951321039n Dresden (City) external 7s
Treasury 343._ __ June 15 1946-1949 .1 D 100,34:101 1,42 404
16412
151
107
161
Oct'34
MN
1953
973'42 973144105"n Dutch East Indies 543 Nov
Aug 1 1941 F A 103144 10321x, 1338
Treasury 349
y9244, 993424164'3n
101,3.210210n 2351
1944-1946
Treasury 3 yis
4812 60
36
Aug'34
56
.1
83
____1948
A
(Republic)
El
Salvador
98 102134,
. 991.2310013n 361
OS
1964 ixi-S
5
Fed Farm Mtge Corp 3Sis
55
38
35
5034
5034
.1
Certificates of deposit
943732 943,
983.4 1984
1944-1949 M S 97
3s
40
5772 79
4812
79
7812
945$,- 9413n 1013312 Estoril:4 (Republic of) 75
1967 J
1051 J .1 97542 98332 1992
Home Owners Mtge Corp 43
101
35
79
4
693
101
9934
S
M
5
0
4
95
,
1
1952 M N 97(,4 98342 3860 94t6 94,11 42 1011. Finland (Republic) ext 6s
33 series A
8614 11-144
77
10134 97
MS 10018
sinking fund 75
te
Exrnal
93.12 92,122959n
1939-1949 F A 943,. 95342 2128
2,348
7813 10114
7012
101,4 124
1956 101 S 100
External sink fund 6145
76 10013
145
4
663
4
983
100,2
FA
1958
External sink fund 5 48
State A City-See note below.
77 100
67
9912 27
1954 AO 99
Finnish Mun Loan 63
-Is
7512 100
19
4
,
8
67
997
99
AO
1195534
9
B
serial
External 6 14s
Foreign Govt & Municipals.
48
20
72
20
25
2214
MN
1834
11114 27,2 Frankfort (City of) 316 48
1947 F A 2712 Sept'34
Agrle Mtge hank 5 f 63
154,4 18812
18118
18312 18 126
3
1941
743
extl
French
Republic
8
33
1813
3258
Feb 1 1935 subset' coupon
189
160
35
127,
2
185
182
Jo
1949
External is of 1924
6
1538 38
1532
38
Apr 15 1948 AG 3512,
Sinking fund 63 A
German Government Interna33
16
18
3212 Oct'34
With Oct 15 1934 coupon ______
2312 634
2313
2612
2878 324
tional 35-yr 54s 01 1930
6613 8158
64
8 47
80,
1963 MN 7938
Akershus (Dept) ext 53
3112 87,3
104
3238
39
A 0 37
5j
919
19
7
81t. 1784 German Republic extl 7s
4
1378
738
1945 J J 12,
Antioquia (Dept) roll 79 A
0
j
1,58
Bks
Communal
&
Prov
German
4
1318
17
9
834
1945 J J 1278
Externa a f 7s ser 11
2312 71,2
22
2312
3412
36
(Cons Agile Loan) 6)4s
8
932 17
1314
712
Enema s f 73 ser C
1945 J i 1318
6741 100
2
49
100
1954 NI N 9934
16
818 1714 Graz (Municipality) 83
14
8
714
1945 J J 12,
Extents s t 7s ser D
84
62
2
62
84
81
on
coupons
unmatured
Only
778 1434
13
638
1957 AO 1214
Extents 3 1 is let ser
11712 65 107% 11132 1241,
1937 i--A 114
4
8
1435 Or Brit & Ire(U K of) 5343
1238
6,4
Externa sees f 732(1 ser
1957 AO 1238
109 11712
9538
a11318 al1438 88
1960
opt
E
+4%
loan
fund
12
8
,
14
8
628
13
1957 AO 1214
Externa sees t is 3d ser
3313
13
22
22
33
4 3212
Itc
:
M
m
19 01 26 A
8212 1021./ Greek Government P t ser 73
7312
9833 13
1958 J o 29814
Antwerp( 'Ity) external Os
20
1834 31
8
16,
28
1965 F A 27
a f sec 6s Aug '33 coupon
85
44
89
5312 8934
1960 AO 8812
Argentine Govt Pub Who 6s
7412 82
24
87
80
79
A
ser
6s
t
a
(Repuhlie)
Halt'
44
8918 110
5312 8972
1959 313 8818
Argentine 63 of June 1925
2612 58
2018
2238
2518 21
Hamburg (State) 6s
8914 107
90
4458
53
Esti of 63 of Oct 1925
1959 AO 8832
44
9
15
15
2114
20
8972 Heidelberg (German) extl 7)45____'540 2 2 9812
44
53
8914 185
Externals f 6. series A
1957 M S 8814
4 99,2
721
59
4
66,
9912
6148
5358 8912 Ileleingfors ((ity) ext
4414
8834 30
1958 J H 8814
External es series 11_ .Dec
8
285
1
4414
25
39,4
C 3914
71
4412
5358 8978 Hungarian M ill& Loan 7145 ...-In JA ;
89
1960 M N 8812
Enlist Os of May 1926
2714
25
25
J J 2718 Sept'34
Only unmet coup attached
4414
5312 90
8912 140
1960 51 S 8812
External Pt 6s (State Ry)
45
52
31
7
26
8
38,
3712
1946 2 2
External a r 73 (coup)
67
4412
89
1961 F A 8818
5232 89'2
2713 ao
Esti 65 Sanitary Works
2
30
2712
2712
I
J
_
_
attached
(.0'193
unrnnt'd
Only
45
N
M
45
8814
8
....1961
897
wks
54
89
52
pub
May 1927
Males
3312 50,8
8
293
Sept'34
47
N
M
_131
_
743
Inst
NI
Land
Hungarian
55
471h 84
41 14
1962 F A 8134
83
Public Works mai 548
31
6
50,8
31
45
4614
Sinking fund 74s err 11
6912
8034 101,4
1945 M S 35878
29934 23
Argentine Treasury Is E
41
31,2 4214
3112
40
39
Hungary (King of) 5 1 7((Is
9538 98
8812 9738 H
77%
Australia 30-yr 53_ .July 15 __ _ _1955 J 1 9414
118
10812
9012
Sept'34
10818
!I5
1F': g
,N
9738 Irish Free State extl a f 5s
89
78
External 55 of 1927._Sept
1957 M S 9414
9512 181
8934 102
9434 162
85,4
1951 2 0 9312
Italy (Kingdom of) ext1 75
95
83
7378
External g 4(45 of 1928
9114 112
1956 M N 9014
8924
9314 100
__'37 M 8 9912 Oct'34
56
9118 10012 Italian ('red Consortlem 75 A
8312
99
1943'2 D 96
Austrian (Govt) s f 73
894
100
2
8
82
927
4
923
1947 M 8
External sees t 7s ser II
77
50
4212
7158 18
Internal sinking fund 78
195712 J 69
931s
76
72,2
8512 42
1952,9 J 8318
20
26,4 5912 Italian Publie Utility esti 73
2614
30
1945 F A 2812
Bavaria (Free State) 1114s
87
96,2
4
84,
93
77
9212
A
1954'F
Japanese Govt 30-Yr 816 10
8812
95 105
1949 M S 9J78
Belgium 25-yr extl 6143
100,4 52
12
7312 88
66,3
7814
o 771s
A N
5M
57
196
Ext1 sinking fund 514s
8612
94 1(14
External s f es
19552 2 100
10012 37
Bank)Mtge
(State
Jugoslavia
N 10412
99 109
M I)
55 .1
External 30-year 3 f 7s
1956
10634 47' 9234
2318 4212
3412
2212
3412
Secured 9 f g 73
10034
Stabilization loan 75
9575 106114
10234 621 91
1538 37
1532
1957 -- -- 2212 Oct'34
78 with all unmet coup
88
2
88
8718
68
Bergen (Norway)53..Ort 15 __ _ A949 A 0 85
1312 18
1313
Sept'34
18
-------With Oct 1 '35 & sub coups on
41
1960 M S 80,2
6612 821 2
82,4
External sinking fund 5s
8013
52
18' 2213
22578
22
Berlin (Germany) of 614s
26
3014 6514
2938
11
36
3558
2012 49.- LelezIg (Germany) a 1 78
I) 2338
2013
External 5 f (Is..,June 15 _ _ 11958
2573 104
A D
959 J
99
60
8
50
99
9638
Lower Austria (Prot+) 74s
32
1718
1718 25
25
Bogota (('ity) maim( Ss
1945 A 0 1813
63
50
50
Feb.34 -50
_
97
_
954
.
1
_9
DA
F
j
attach'd
coups
Only
unmatured
612
4
19
1,3
8
Bolivia (Republic of) eat) 83
558
1947 M N
812
149 172
1
111,
17114
2
17114
N
51
1934
17
41,;
External secured 75 (flat)
54 1013 Lyons Way of) 15-year (is
714
1958 J J 634
7 111(2 149 173
17134
1934 /x1 N 17114
432
518 1012 Slarsellles (City of) 15-3'268
External of 73 (fiat)
7,4 20
1969 M 8 6,2
6
64 163,
1238
8
1158
Medellin (Colombia) 643
149 172
Bordeaux (City of) I5-yr 65
17134 19 111314
1934 NI N 17034
978
773
414
978 20
3
2
2178
2234 4114 Mexican Irrig Amtng 4148
Brazil (U S of)external133
41,4 54
;I.
1941 2 I) 38,
4
6 Sept'34 _.1
N0
m
Q
"
3
55
4
'4
99
_
11
of
.0
Ss
mai
1899
(US)
Mexico
192
0
37
2
193
2014
Externals!614s of 1926
3413
33,2
1957 A
13
618
37
4
13
1114
1945
---.
Assenting 58 of 1899
3313
3432 117
External s f 6 45 of 1927
2014 3672
13
7
518
83
13
11(2
Assenting 53 large
1838
7s (Central R3')
3814 91
20:2 38,4
m I: 3534
A
2J
7
35
618 10
195
618
10 Sept'34 - -'
Assenting 55 small
29
3412
6
3538
8318
29
Bremen (Staten!) en!75
712
8
43
3
8
,
4
02
712
1954
4s of 1904
7
68
7314 88
85
1957 M S 8414
Brisbane (('ite) a 1 55
Ca
4
8,
3
834 78
7'2
1954 _Assenting 4,3 of 1904
8512 39
8772
6813
Sinking fund gold 5s
73
1958 F A 8412
914
b
130
4
914
4
63
large
42
of 1910
Assenting
75
9712
20-year s f (is
9512 12
83
1950 J 1) 93,3
3
43
914
4
279
8
85
7
Assenting 48 of 1910 small
2934
308 401,
401s 23
Budapest (Ci(y) en!5 1135
1962 .1 D 393s
812 Ii 3s
.531
15
11
l of •13 assent(large)*____33 3 2 10,8
maa6is
ra
rs
.
*T
24
2612 Aug'34
24
26,8
Dec I 1934 coupon on
534 114
534
1112 57
I J 9
4014
8318 18
4612 8412
Buenos Aires (city)64313 2 _ _1955 J J 8234
9174
79
36
74
8412
(iirzln64,
Italy)
IlI„
ma
8334 21
extl64 -3 _1952 A 0 8214
In
Ai
ertay,
0l
((
,
36
47
) 7912
0
8334 NI
External a t As set C-2
960 A (
31
17
17
5
4
2213
223
8
M
1958
5
3614
7812
7818
4514 80,2
External 9 f 63 ser C-3
11960
2114 23
2114
Oct'34
2214
2914
September coupon off
5
65
Buenos Aires (Prov) extl 63
1961 M 8 6478
3014 65
17
3412
17
8
2252
8
,
23
S
NI
1959
A
(1
sec
s
series
Ext
((Is
88
8
255
54
55
56%
26,4
63 stamped
1961 M 8
2012 2214
2012
22,4 Oct'34
September coupon off
31
65
Oct'34
External s f 614s
31% 6512
2714 39
8
27,4
38
3734
Montevideo City of) 7s
2538
2 56111
A
r' 4
80
58,2 45
27
1j
617
(
110
9
_11,
6'4s stamped
2514 3312
25
3312. Oct'34
External s f Os series A
1
15
24%
2458
1872 2452
Bulgaria (Kingdom) e t 7s
96
88
9
7334
9312
F!ni:, 9234
7 'IN
9
9552
U5
19
1938 Oct'34
17
2012 New So Wales Mate) extl 52 --11
17
July coupon off
8814 9539
73'2
9234
9334 46
0
A
1958
f
e
pr
4
53
External
A
26,2
2
2
177
223
177
N
•
23
a
Malden 1 71(s. Nov 15 ____1968
914 1112
88
69
13
101
10134
A
Ds
0
A
F
NI
1943
6
1618
2114
1618 21 12 Norway 20-year est! (33
2112
May coupon oft
904 102
8712
10112 104
10038
20-year external Os
8
1014
1513
11138 1834
Caldas Dept of(Co(ombia)7 43'46-- 9 2 1418
8912 1021s
8
8318
10012
101 14
30-year external 63
192
8612
103
92 10414
1960 A 0 10214
Canada (Dom'n of) 30-yr 45
8
787
831, 9134
88
4
94
953
40 year 3 f 5148
10.113
10314 11212
11014 100
53
9912
8014 11212
76
9212 91
9012
A
)
I
1
.:
1
5
7
3
65426
16
(
10
1
1
.Mar
15
5s..
f
External
s
60
1035
104
8
105
414s
9812
n
2 ir N
ilri6
10034
834 9114
1
7712
9034
9034
0
Municipal Bank teal 3 f 5s
5614
5614 5012
.57
Carlsbad (City) 5 1 8s._
5814
7912
81
9134
1970 1 D 9038 Oct'34
Municipal Bank extl s f 53
7
10
1412
j 1438
1(114 19
jA O
Cauca Val (Dept) Colom 7143'46 _
19!!
111,
22
3
23
24
24
63
2912
esti
7
(city)
Nuremberg
73
2912
38%
Cent Aerie Bank (Ger) 75
1950 M S 38
784
64
81
7
78
4
773
S
2 t..1 A
11N:3
Orlental Dove) gear 63
26
3312 16
2
26
69
Farm I.oan s f 63_Jilly 15 _ _1960 J 1 32,
5914
4
6144 75
7212
1958 M N 7212
Extl deb 5%s
26
3312 61
26
69
Farm Loan 3 f (15, _Oct 15 _ _1960 A 0 32
13
9518
7612
73
29434
9518
N
M
19.55
Oslo (City) 30-year a 1 68
7
2718
2712 70
3512
1938 A 0 35,2
Farm I.oan gsser A Apr 15
7
1612
812 1832
1712 92
Chile (Rei)-Esti a 1 7s
98 105
8
39
105
104,4
5
712 1778 Panama (Rep) extl 5%g
1673 253
External sinking fund 65
N 4 1534
A
)"
Iggf2
2478
2914 44
12
40
Pli D
53 i
1963
N 3918
1678 66
Ent a t 583er A_ _Nlay 15
618
1778
7
1961 F A 1534
Ext striking ftind 6s_.Feb
1944 44
32
27
'38
37
117
Stamped
618
J
8
177
4
7
163
J
t
1534
3
ext
ref
63
__Will
Jan
fly
1074 1Al2
3
812
1713
S
M
4
17,
____'4'
ext.!
78
618
1672 101
Ext sinking fend 63- _Sept __Mil 51 S 1534
732 1772 Fern:imbue()(State of)
1572 17
2
17
17
September coupon off
618
714 1778
External sinking fund 63
1962 M S 16
1634 34
7
1
bla 1712
1612
1612
S
M
103
19.59
Peru
_____
(Rep
external
78...
6
1534
of)
8
167
External sinking fund es
718 1734
5
iTs 1414
1232 209
Nat Loan extl s t (33 1st err _1960 JO 1112
N 1514
738
1638 2$
M I)
s June 30 _1
963 .1
1957
912 1712
Chile Mtge ilk no
434
614 1414
8 121
12,
A0 1158
laantdL :
Iiienneo
tIsitfoli
x0
978
si 2
,
11
s er
61
10
16
1814 PoN
5r 6 Ai n of 1926_ _June 30 _._l961 J I) 1514
79
56
59
76,4 45
19
1 A 0 7212
6()
L844
71^
1534
81s 1714
_1961 A 0 1438
Gear e f (is
Apr 30
88 133S4
63
13334 292
AO 130,4
15
9
712
1195407
Stabilization loan 5 I 73
1514
N 1434
1638
8
Gear a f
42
2
63,
50
0204
88
86
J
J
fund
20
Ss
5
External
g
shik
1234
7
1114
1012
PNAI
2
10
1,
Mimic 78
Os1
Chilean Cons
1614
1712 35
8
24
22
2738 4272 Porto Alegre guar Rs _______ __ _1961 J O 24
1951 J D 3313 Oct'34
CLInese (11111tuang fly) 53
21
22
21 •
Oct'34
22
June coupon off
75
9412 15
8152 94,2
Chrintlarla (Oslo) 2o-yr 8 r as .54_ _ _ its s 9358
1418
1652 25
21
3
Extl guar sink fund 7 34s
1966 9 J 24
2214
51.
22
2434
Cologne (City) Germany6 43._ 1950 M PI 2434
23
21
21
2112 Oct'34
July coupon off
Colombia (Rep)63 of '28. Oct'61
7714
83 IOU
1
9018
9018
18
Prague (Greater City) 7 43
2112 39
3712 74
Oct 1 1934 and sub coupons on..,. _ A 0 36
2412
2412
49
4817
21,
30
S
N
INI
M
4
3914 Prussia (Free State) en! 61.43 ,,..'5I
1952
2012
21
3712 28
n)'61 J J 36
Ester 63 (Jely 1 '34 coup o
2318 174
2318
2914 86
2712
External 3 f (13
14
3
15
27
2412
Colonibla Mtge Bank 643 of _„1947 A 0 2378
94
101 10614
3
4
1043
105
Queensland
0
__
A
73
f
a
1952
12
(State)
_1941
esti
2
8
263
21
1512
24
Sinking fund 75 or 1926
9414 101
2
8334
102,2
25-year external as__ ____1947 F A 10214
14
8
15
2513
2713
24
F.
Sinking fund 73 of 1927
.
3714 11911
3518
3
42
42
Rhine-Main Danube 73 A.
87
601. 8312 84
81
1952 2 13 791.
Copenhagen (City) 53
19
2712
1
,
17
111
2618
2712
S
O
A
M
6
4
5
9
911
1
1
do
____
85
Sul
Grande
f
s
Rio
esti
37
5912 7812
78
5514
1953 M N 76
25-year g 414s.
1834
1834 27
10
27
2534
12
8
Apr'32-O't'33 Oct'34 cpu on _ _
1414 44
1957 F A
Cordoba (City) anti 5 t 7s
1514
1514 37
7
26,4
- - 26
External Milking fund 64
1968 31.3
15
49
39
40
39
1957 7s stamped
2012 2574
20,2
2538
2578 12
June coupon off
1978
2972 47
External 5 f 75.__ _ Nov 15 ....1937 M N 47 Sebt'34
1
1612
1718 78,
15
2618
26,4
N
51
1966
of
73
1
a
1926
External
2518
7234
25,4
6
70
70
J
1
1942
7s
(Prov)
Argentina
Cordoba
1838
1333 25,2
2434
2534
May coupon off
Costa Rica 00910)11O1714 1612
10
1714
26,4
Extornal 2 t 79 mettle loan. ... _1967 J D 2614
4034
2618
30
40
2
40
MN
1951
on
coupon
1932
I
Nov
n
2413 2554
11
2534
2534
June coupon off
14
1834 2618
,rumen on __ _1951 ...._ 26,8 Oct'34
78 May 1 1936'
11
17=
5
217 1 N
'
For footnotes see page 2496
Exchange. dealings In such securities being almost entirely over the counter,
NOTE -Sales of State and (.7117 securities occur very rare y on the New York Stock
tnem geeurtues, will he found on s subsequent page Under the general head of "Quotations for Unlisted Securities.11111 and asked vuotatlons, however, by active dealer,' In
2492
New York Bond Record-Continued-Page 2
BONDS
N. Y. STOCK EXCHANGE
Week Ended Oct. 19
E'g
t -..
t
...., a.
July 1
week., a. 1933 to
Range o?,..g.`.1 Sept.29
Last Sale
alit
1934
Range
Since
Jan. 1
BONDS
N. Y. STOCK EXCHANGE
Week Ended Oct. 19
Oct. 20 1934
'
la
t at
.i.
-8 a.
July 1
Week's ',,' _ 1933 to
Range or
g ." Sept.29
Last Sale
o4q.
1934
Range
Since
Jan. 1
Foreign Govt. &Munle.(Concl.)
Low
High No
Low Low
HUM
Low
High No. Low Low
High
Rio de Janeiro 25-year at lis
1946 A 0 21
2410
3
1312
1711 25,8 Atl & Char) AL lot 4345 A
1944 J J 101,
8 Oct'34 __-,
8678
867s 103
April coupon off
22
2214
2
19
19
2314
131 30-year 55 series B
1944 J J 10318
105
7
88
86
1063
4
External s f 8 143
1953 F A 2312
2334 14
13
18
25
Atlanta Gas L tot 55
1947 J D 10018 May'34 -_
95
95 10018
August coupon off
22
22
6
21 18
2118 24
Atlantic City lot guar 45
1951 J J 90 May'34 ---74
75
90
May coupon off
23 Sept'34
23
23
23
Ati Coast Line 1st cons 4s July __-_'52 M S 97
99
171
7113
82 10012
Rome (City) extl 634s
1952 A 0 8434
87 _-17
7812
HO
92
General unified 4345 A
85
1964 1 D 8314
96
6112
74
92
Rotterdam (City) extl 63
1964 M N 135
135% 39
9118 112 144
L Sc N coil gold 4s____Oct
18 71
1952 MN 75,8
76
57
68
85
Rumania (Monopolies) gu 78
2
1959 F A 34
37
5
23
23
40
All & Dan lot g 43
4014 14
1948 5 J 39
36
38
5378
Saarbruecken (city) Os
1953 1 J 7914
7914
4
56
6818 81
2d 43
19385 J 35
3578
3
27
35 . 47
Sao Paulo(city)sf8s__Mar
1952 MN 2712 Oct'34 _--18
22
30
1959 J J 42
All Gulf & W I SS coil tr Is
45
9
46
4012 6112
May coupon on
2514 Sept'34 ____
2012
2012 2514 Atlantic Refining deb Is
10714 52 101
1937 J J 10678
1032 108
External at 634s of 1927
1957 M N 2413
2412
2
15%
173, 26
Atl & Yad 1st guar 45
53
1949 A 0 53
1
37
46
64
May coupon on
22 Sept'34 ____
1912
1912 23
Austin & N W 1st gu g 58
1941 5 J 8412 Aug'34 ---75
7914 92
San Paulo (State) ext1 a 1 95
1935 .1 J 42
42
1
151s
18
42
July 1932 coupon on
40
Oct'34
32
32
42
Baldwin Loco Works 1st 55
1940 M N 1063s
10738
5
9814
102 10712
External sec s 1 88
9
1950 1 J 2634
28 ---1212
1358 2914 Bait & Ohio lot g 4s.. .July
10038 183
1948 A 0 9834
8214
5812 10314
July 1932 coupon on
2618 Oct'34 _-_
1813
1813 27
Refund & gen Is serles A
7234 87
1995 5 0 71
5412
63
86
External 8 I' 75 Water L'n
1956 M 5 2414
25
12
1278
133s 25
lot gold Is
1065u 88
July _ _1948 A 0 lOS3s
9418
9811 109
September coupon off
2313
2312
5
24
2318 24
Ref & gen 6s series C
31
84
1995
5 0 83
59
7338 9712
External at 6s
1968 J J 24
2478
5
1034
125a 2613
P. L E & %V Va Sys ref 45
9834 50
1941 N1 N 9618
76%
85 100
July 1932 coupon on
23
2334
6
177
177s 2414
Southwest Div 1st 314-5s
9514 145
1950 .1 J 9238
7414
8312 10014
Secured s f 7s
1940 A 0 91
9213 118
61
85
9212
Tol &(An Div 1st ref is A
1959 5 J 7714
81
26
61
66
8812
Santa Fe (Prov Arg Rep) 78
1942 7s1 S 48
2
48
17
1811 5212
Ref & gen 58 series D
39
72
53
2000 M S 70
6278 8518
Stamped_ 48
4912
2
38
38
5118
Cony 4%s
5512
5734
A
F
1960
134
4613
4912 7234
Saxon Pub Wks(Germany) 75
F
A
40
41
38
3512
3512
87
Ref & gen NI 58 ser F
-.45
72
1996 M S 7012
71
54
6212 8578
Gen ref guar 634s
387
-1951 M N 3814
9
2812
2812 6078 Bangor & Aroostook lot 55
10712
19335 .1 10712
3
9412 101 110
Saxon State Mtge Inn 75
1945 5 D 45
45
1
4213
4212 71
Con ref 43
9712 90
1951 J J 9558
7418
75
987s
Sinking fund g 6 kis__Dec
1946 J D 4614
7
47
7
46
44
70
Batavian Petr guar deb 4143
10818
1942 .1 J 108
6
94%
10238 116
Serbs Croats Sc Slovenes 85
28
1962 M N 2718
11
1914
2118 28
Battle Crk & Slur 1st gu 3s
1989 J D 6514 July'34 ____
60
60
6514
All unmatured coupon on
1818
2012 30
1234
16
23
Beech Creek 1st gu g 43
17
10114
88
19385 5 101
90 182
Nov 1 1935 coupon on
17
Oct'34 ____
1312
1312 17,2
2d guar g Is
1936 5 .1 101 Sept'34 -___
8912
91 10134
External sec 7s ser B
1962 M N 2514
2678 19
17
27
18
Beech Creek ext 1st g 334s
1951 A 0 92
Oct'34 --2
66
83
95
All unmatured coupons on
19
1
3
20
121_
20
2
1234
1948 J 3 11214
Bell Telep of Pa M series B
11278
9 103
106 114
Nov 1 1935 coupon on
17
Oct'34
11
11
17
1st & ref 55 series C
1960 A 0 11534
1163
44 10314
106 11638
1958 .1 D 68
Silesia (Prov of) extl 7s
69
26
42
52% 71
Beneficial Indus Loan deb Os ___,,1946 M S 102
210234
9
82
84 108
Silesian Landowners Assn 65 __ _ _1947 F A 42
42
1
33
89
33
Berlin City Elec CO deb 634s
33
1951 J D 3112
21
27%
273s 6534
Solssons (City of) extl 6s
17314
1936 M N 17314
2 117
1959 F A 30
150 17414
Deb sinking fund 634s
32
20
2534
2534 07
Styria (Prov) external 75
1946 F A 85
86
3
4714
55
88
Debentures Os
1955 A 0 29
3114 25
2438
2138
6514
Sweden external loan 534s
51
N 10018
1954
6
10038
8812 100% 10934 Berlin Elec El & Underg 6 kis _ _ _1956 A 0 31
32
10
273
2738 74
1955 F A 8.134
Sydney (City) 8 f 5345
9118 59
80
75
93
Beth Steel 1st & ref 513 guar A
M
N
05
242
1057
8 14
94%
9978 11538
Taiwan Mee Pow s t 545
1971 J J 73
7312 10
58
6134 741c
30-year p m 4ir !mitt s t 5s
1938 J .1 1033s
104
82
94
99 104
Tokyo City Is loan of 1912
1952 NI 5 70
71
2
5334
7312 Big Sandy 1st 4s
65
19.4 1 D lQl5s Sept'34 ---90
961s 103
Externals f 134s guar
1961 A 0 73
7312 21
5344
6134 74
Iling Sc Bing deb 6445
1950 M S 3713 July'34 -- 30
25
3712
Tolima (Dept of) extl 75
1947 NI N 1234
1234
813
2
1012 17
Boston & Maine 1st 53 A C
1967 M 5 707s
7214 41
5914
70
9018
Trondhlem (City) lot Skis
8312 12
634
1957 M N 82%
07% 8714
1st M 5s series II
7212 11
1955 M N 72
61
71
12
90
Upper Austria (Prov) 7s
2
1945 1 D 96
100
515
62 100
1st g 484s ser JJ
1961 A 0 67
0814
11
56
6612 84,4
Only unmatured coups attch__ _ _ - - _ 74 May'34 ____
74
74
76
Boston & NY Air Line 1st 4s
1955 F A 57
5914 20
50
51
7312
Externals f 6 kis_June 15 __ _ _1957 5
4112
4
9412
4811 9412 •fliotany Cons Mills 634s
89
11
1934 A 0 97s
27
914
914 25
Uruguay (Republic) extl 8s
F
A
4134
1946
2
4213
33
3412 46
Certificates of deposit
A 0 812
934 27
PS
738 20
Externals f Os
4034 114
1960 M N 40
26,2
2714 44
oBowman-Bilt hotels lot is
1934
Externals f (is
4114 23
263s
1964 M N 4012
2014 44
Stmp as to pay of $435 pt red
M S 412 May'33 ____
__
____ . __
Venetian Prov M
Mtge Bank 7s _ ..'52 A 0 8914
8912 109
8912
5
94
otIrway & 7th Av 15t cons 5_.,..s'133 D 10
Oct'34 --._
_-813
9% I-0,8
Vienna (City of) extl s f Os
87
51
5238
-1952 51 N 8512
58
9012 Brooklyn City RR 1st M.
um J J 84
84
1
6813
72
86
Unmatured coupons attached
M N a70
Oct'34 ____
4312
50
76
Ilklyn Edison Inc gen Is A
1919 .1 3 10911
10958
4 103
10512 109711
Warsaw (City) external 75__ _ _ _1958 F A 65
41
6638 29
53
6814
Gen mtge 5s series E
10914
1
5
1952
110
18 10212 10514 ill)
Yokohama (City) ext, Os
1961 J D 755
17
00
77
63
7778 Bklyn-Manh R T sec 65 A
1964 J .1 10213 103
172
863g
9314 183
Os series A
1949 1 J 99 Sept'34 __98
93 10014
RAILROAD AND I vDUSTRIAL
Bklyn 110 Co & Sub con gtd 59
NI N 5913 Sept'34 ---57
57
67
COMPANIES.
1st 5s stamped
-1911 3 J 63 Sept'34 - - _.
5734
5734 07%
3
:Abitibi Pow & Paper 1st 5s___ '53 1 D 27
2934 52
15%
1812 483, Ilklyn Union El 1st g Is
1951) F A 9612
98
32
7212
7512 9934
Abraham & Straus deb 534s
87
1943 A 0 104
10412 26
93 10512 Bkiyn tin Gas 1st cons g 5s
11438 38 105
1915 M N 1137
10654 1 1512
7812 12
Adams Express coil tr g 4s
81
1948 M S 7778
82
83
1st lien & ref 6s series A
1947 M N 11834 Oct'34 ____ 10514
1101 120
Adriatic Elec Co ext 75
9813
4
1952 A 0 9812
9004
9014 110
Cony deb g 534s
1936 3 J 158 Feb'34 --__ 158
158 158
Ala Gt Sou 1st cons A 5s
1943 J D 103 Sept'34 -_-8013
1/4 10412
Debenture gold 55
D
1043
4
1
105
1950
7
93
98 105%
74
1st cons 41 ger 10
1943 J D 99 Sept'34 ____
96 101
lot lien & ref 5s series B....
1957 MN 110144
11018
3 10012 10454 11018
2
Albany Perfor Wrap Pap 65
1948 A 0 64
4613
64
56
70
Bruns A West 1st gu g 4s
1938 .1 J 100 Aug'34 --887
8
8878
1946 A 0 9812
Alb Sc Susq 1st guar 31.0
99
83
10034
14
85
9914 Buff Gen El 4143 series II
1981 F A 10818
10853
9612
99 10834
Alleghany Corp coll tr 5s
66% 87
1944 F A 6513
473
5118 74
Buff Bach Sc Pitts gene Is__
1937 M 5 1047s
10512
5
91
97
1057
s
Coll Sc eons, 55
41
1949 5 D 5714
5814 57
44
6912
Consol 434s
_1957 M N 6512
68
37
50
5878 803
Coll & cony 55
19
2734 124
1950 A 0 2612
19
46
'11Burl C R Sc Nor 1st es coil Is --__'31 A 0 32
Oct'34 ---_
2614
27
Certificates of
21
48%
106
27
- 2612
21
4018
Certificates of deposit
27
Oct'34 --__
29
2678 40
Alleg & West lot gudeposit1998 A 0 86
62
Oct'34 __ _
45
7334 91
:Bush Terminal lot 4s
1952 -A0
- 60
60
17
39
50
60
Alleg Val gen guar g 48
93
1942 M 9 10314
13
104
96 10434
Consol 5s
1955 J 3 2414
2514 34
1018
1218 27
Allis-Chalmers Mfg deb Is
985s 64
8312
1937 M N 978
9011 100
Bush Term Bides 5s gu tax e
54
x '60 A 0 490s
20
31
3638 6012
Alpine-Montan Steel 1st 73
6
88
50
1955 M S 86
5614 84
By-Prod Coke 1st 5143 A
MN 68%
1945
6913
10
64
611 88
Amer Beet Sugar 6s
1935 F A 10012
71 101
7014
10012 10
65 extended to Feb 1 1940
F A a9278 69278
80
2
80
9614 Cal G Sc E Corp unf & ref Is
1937 MN 1078 10712
4 102%
10318 10812
American Chain 5-yr 65
5812
1938 A 0 89
9013 22
64
9011, Cal Pack cony deb 53
.3
10214
J
10238
1940
14
85
8612 104
Am Sc Foreigh Pow deb 5s
32
2030 M S 5234
537 135
35
5912 Cal Petroleum cony deb s 1 5.-9'39 F A 102
10212
5
92
961g 103
American Ice s f deb 55
62
1953 1 D 65
6834 15
62
Cony deb 5 f g 5143
793,
1938 MN 10214
10213 22
9414
9918 10412
Amer I 0 Chem cony 514s
1949 M N 9812
9934 122
7612
83% 9934 Camaguey Sugar 73 ctfs
5
1942
412
-4
l's
27 12
Am Internal Corp cony 534s _ _ _1949 1 J 83
84
25
65
(171s 87
canada Sou cons gu 5s A
105
1962 A
10618 27
79
92 10978
Amer Mach Sc Fdy s f 65
1939 A 0 105
9 103
10534
10413 10712 Canadian Nat guar 4143
1954 M 5 10434
10512 53
9118
Am Rolling Mill eons, 5s..
98%
10633
87
1938 91 N 10412 10512 127
9534 1161.
30-year gold guar 434s
1957 J J 10918
1097
54
91 14
9812 11 134
Am Sm Sc R lot 30-yr 55 ser A
_'47 A 0 16458
92
10512 101
9912 10512
Guaranteed gold 43.4o
1968 J D 10618
10678 55
91 18
9912 10834
Amer Sug Ref 5-year 63
1937 J J 105
8 10212 10414 10712
106
Guaranteed g 55
J
July
.1
1133
1969
4
11413
41
9634
105 11612
Am Telep Sc Teleg cony 45
5 10078 1015s 1045s
1936 M S lO37s
104
Guaranteed g 5s
Oct 1969 1 0 11512
11614 65
9618
10472 11814
30-year coil tr 55
1946 J 0 10834
10912 67 101 13 10518 11038
Guaranteed g 5s
1970 F A 11513
116
6
9634
105 11818
39
-years f deb Is
1960 1 J 10814
10912 144 1017s
19551
Guar
D
gold
10314 11112
4343
1135s
June 15
11414 24
9434
20-years f 5%s
1021s 1 157s
1943 SIN 11112
11238 108 104
1057, 113
Guar g 4349
1956 F A 1105i
111% 32
91% 100 1131s
Cony deb 434s
1939 J J 0812
10878 34 105
106% 113
Guar g 44s
Sept 1951 NI 5 110
1107s 37
91%
10018 11314
Debenture Is
1965 F A 10812
10934 180 10138 10318 11114 Canadian North deb guar 75
19403 0 071$
10734 19 102%
105 10958
2Am Type Founders 65 ctfs
1940 20
25
Oct'34
20 40
Deb guar tlyis
1946 J .1 11934
12012 21 1051s
10834 12212
Am Water Works Sc Electricguar g 4345
.1
.1
0212
1935
10234 24
9812 1004 it 418
Deb g 6s series A
1975 MN 7712
7913 16
58
6414 90
Canadian Par Ry 4% deb stock ----------7814
80
288
5234
81
8512
10-yr 55 cony coil tr
18
1944 M S 10034
10134 76
98 III
Coll tr 4165
1946 91 S 29612
99
50
66
7434 9934
1947 .1 J 21
:Am Writing Paper 1st g 65
18
45
22
62
18
Is equip tr etts
1944 J .1108
10914 46
9438
991, 11078
Anglo-Chilean Nitrate 75
1945 MN 1118
314
1134 10
6
Coll tr g Is
1734
Dec 1 1954 J D 9912 10018 74
731 i
7714 102
:Ann Arbor lot g 4s___July_ _1995 G J 5212
5212
4
27
29
60
Collateral trust 434s
1960 J .1 9114
93% 114
6434
/1 18
Ark Sc Mem Bridge Sc Ter 55
7818
1964 M S 86% July'34 _
8314 on
tCar Cent lot guar g 4s
1949 1 J 41
Oct'34 ___
3212 97
19
45
Armour Sc Co (111) 1st 434s
75
1939 1 D 0038
139
102
87% 102
Caro Clinch &0 1st 55
1938 J 0 0638
10612
4
9534
953
4 107,4
Armour Sc Co. of Del 534s
74
1943 1 J 9712
9978 182
997
82
1st & cons g 68 ser A
Dec 15'52 J 13 0658
107
13
8914
9014
109
Armstrong Cork cony deb Is
1940 J D 102
85
10278 52
88 10278 Cart & Ad 1st gu g 43
1981 J D 80 July'34 ____
68
70
84
Atch roll Ar 8 Fe-Gen g 4s
1995 A 0 10212
8414
10312 161
Cent Branch ll P 1st g 45._____ _1918 1 I) 49
93 108
49
5
2414
28
56
Adjustment gold 4s__JulY
977
13
7412
84
9934 Cent Dist Tel lot 30-yr Is
1995 Nov 97
19131 0 I091x
1097s
9
103N3
1045s 10978
Stamped 4s.
_1995 M N 97
July
99
87
75%
83 100
.Central of Ga 1st g Is
Nov 1945 ,
1 A 58 July'34 ____
39
41
Cony gold 45 of 1909
65
1955.3 0 a9452 a9438
3
75
8212 9612
Consol gold Is
SIN
22
1945
Oct'34 ---1613
1613 38
Cony 4s of 1905
1955 .1 D 9434
9514 31
7414
80
9712
Ref Sc gen 534s series B
1959 A 0 13
13
20
834
9
26
Cony g 49 Issue of 1910
78
1960 1 D 88 Sept'34 _
781l 9512
Ref Sc gen Is series C
1959 A 0 1218
13
2
813
9
26
Cony deb 4 kis
...1948 J D 104
31
105
881s
9514 107
Chatt Div our money g 4s
1951 1 D 204
20%
1713
1
18
37
Rocky Mtn Div 1st 4s
1961.1 J 9714
9714
8
82 102
Mac Sc Nor Div 1st g Is
79
1946 J J 35
Jan'33 ____
35
.._
.
Trans-Con Short I. 1st 48
89
_
1958 3 J 104
Oct'34 ___
9514 108
Mid Ga Sc At! Div pur m 5__ s '47 J J 21
Jan'34 _-_20
20
Cal-Ariz 1st & ref 4343 A
_21_12
1962 M S 1061 1
10612
3
95 1081s
8714
Mobile Div lot g 5s
1946 1 J 25 Aug'34 -___
25
9931
25
35
Ad Knox Sc Nor 1st g 5s
1946 5 0 10512 Aug'34 ---9934 10512 Cent Hudson G Sc E Is_ __ __Jan 1957 91 S 10912
10912
1 10018 10418 10912
a
For footnotes see page 2496
BOND BROKERS
Railroad, Public Utility and Industrial Bonds
VILAS & HICKEY
Now York Stock Exchange - Members- New York Curb Exchange
49 WALL STREET
-
-
-
-
NEW YORK
Private Wires to Chicago. Indianapolis and St. Louis
2493
New York Bond Record—Continued--Page 3
BONDS
N. Y. STOCE EXCHANGE
Week Ended Oct. 19
Week's
Range or
Lan Sale
July 1
1933 to
Sept.29
1934
Range
Since
Jan. 1
BONDS
N. It, STOCK EXCHANGE
Week Ended Oct. 19
5,3
t
t
Week's
Range or
Las, Sale
July 1
1933 to
Sept.29
1934
r%
1,1
Range
Since
Jon. 1
High
High No. Low Lou
Low
5913
40
40
Oct'34
1954 J J 43
Consol Sly non-cony deb 48
58
4918
J
4912
J
4912 Aug'34
1955
Debenture 4s
4482 59
4438
1955 AD 59 Mar'34 ____
Debenture 4s
44
5812
J
44
J
July'34
52
1956
Debenture 48
27
8
12
J O 2012
10
21
:Cons Coal of 151d 1st & ref 5s_.1950
1114 26,4
10
10
2012
8
203
Certificates of deposit
12
1051s
.1
98
100
1E1
8
10314
1035
Consumers Gas of Chic gu 5s ____1936 5.1 N
8
10012 10912
98
10834
10834
1952
Consumers Power 1st 5s C
9713
70
68
9218 12
1946 J D 9012
Container Corp 1st 65
8112
4913
52
705s 20
1943 S D 69513
15-year deb 5s with warr
1
6918
7511. 95
FA 8734
4
873
1954
15
Feb
Telep
58
Copenhagen
31
107
9612
9711
D
S
10612
106
1947
Crown Cork dr Seal s 1 6s
103
103 106
14
75
7912 97
97
1936 J J 106 Aug'34
Charleston & Say'h 1st 75
1951 is 95
Crown Willamette Paper (is
124
96 110
94
7
65
70
96
9012
Chesap Corp cony 58 _ _ _ May 1547 MN 10212 103
1940 MS 8912
Crown Zellerbach deb Saw w
1s
111
95
104
10512
MN
10912
11014
19
15
1914 39
in
1939
3
,
3514
36
Ches & Ohio 1st con g 5.4
1942
117
9114
9834 111 12 Cuba Nor Sly 151 5445
111
12
34
1314
18
J J 3014
1992 MS 10878
31
General gold 4548
1952
Sag
1st
RR
Cuba
8312
8858 106
6
1614 31
2834
1993 AO 10212 10312 82
1318
Ref & Impt 4548
1963 S D 28
1st ref 7543 series A
84
8812 106,8
2
10312 65
15
29
15
21
1995• J 10258
J O 21
Ref & impt 4448 ser B
1936
13
ser
65
ref
&
lien
1st
10514
971s
96
134
218 83A
27s 34
1940 J J 104 Sept'34
Craig Valley 1st 5s__May
1950 is 234
•:Cuban Cane Prod deb 65
101
85
9012
Sept'34
J
J
4
993
102
1073
10
4
10312
1946
10612
is
10614
4s
1st
Branch
Potts Creek
1937
1
0018
9712 10334 Cumb T dr T 1st & gen 5s
102
1989 is 102
R.& A Dly 1st con g 4s
_
8712 101 12
8014 97
67
87,3
128
9314
95
1989 is 10034 Sept'34
MN
2d consol gold 43
Del & Hudson 1st & ref 45------1943
99 102
99
1
97 10212
927s
1941 MS 102 Aug'34
1014
Warm Spring V 1st g 5s
1935 A 0 10118
5s
21
4512
5158 70,8
53
11
8912
92 105
1949 AO 5238
Chic & Alton RR ref g 38
1937 M N 10134 10214
Gold 5445
84
88 10114
4
933
_-_9414 10534
Oct'34
1949 S i 9914 1005s 21
10412
J
J
Chic Burl de 0—III Div 3445
1971
Del Power & Light lot 4445
93
97 107
10558 41
8953 10312
88
Oct'34 ____
1949 S i 105
J J 102
Illinois Division 4s
1969
4488
ref
&
1st
8414
9211 10514
94 104
_
93
Sept'34
J
1958 MS 10234 10458 98
J
8
1037
General 48
1969
1st mortgage 454s
77
10434
60
4
8818
1013
FA
_
100
06
9914 10138
May'34
8
1977
Ist & ref 4 56s ser 13
1936 F A 1015
8412
96 10934 D RR & Bridge 1st g 4s
10634 15
85
86 10278
5
1971 FA 106
lat & ref 58ser A
Den Gas & El 1. 1st dr ref s f 5s ____'51 M N 10012 10012
83
3
53
53
75
1
AO
75
3
8734 10334
2
83
1934
100,2
10014
N
M
1st
&
In
Gs
East
:Chicago
1951
Stamped as to Penns tax
812 2512
7 • 812
3532 6112
11
3012
20
41
1951 MN 1012
:C & E III By (new co) gen 55
1936 ▪ J 4018
Den dr R G 1st eons g 45
21
2
8
8
63
10
34
38
10
_
Oct'34
J
42
5
Certlfleates of deposit
1936
Consol gold 454s
DO
8212
91
30
4
32
1093
IN
109
1
5
1
13
13
14
1514
1478
1982
Chicago & Erie 1st gold 53
Den & R G West gen 55 ..Aug 1955 F A
49
97
9514 106
25
11
11
7
8
133
1937 Si 10312 104
1314
Ch G I. & Coke 1st gu g 5s
to
plan)
Assented (subj
57
28
25
25
.3414
21
32
4913
11
22
MS
26
2434
0
1959
West
4s
1st
Chicago Great
Apr 1978
Ref & Inapt 54 ser B
33
24
76
24
S114
33
4
3112
6
218
714
714
45 stamped.,1959
1935 J J
6
2134 471, :Des M & Ft Dodge 4s ctfs
2334
2234
8712
65
5
633
Sept'34
77
S
M
1947 Si 2134
:Chic Ind & Loutsv ref 6s
1947
Des Plaines Val 1st gu4 3
4213
_
_
22
22
Sept'34
22
109
i
9634
S
95
31
8
1087
1947
Refunding g 55 ser B
1949 A 0 10734
Detroit Edison 55 ser A
41
20
20
92
9638 109
10814
1947 J i 2012 Oct'34 _--Refunding 9s series C
1955 J D 107
812
Gen & ref 55 series B
1
9i2
912
812 2378
9414
9638 10814
1
1081
1966 MN
1st & gen 58 series A
1962 F A 10818
Gen & ref 5s series C
8
_
253
_
_
9
9
Oct'34
912
i
J
89 10512
39
85's
1051
1966
F A 105
1st dr gen 6s series Ii_May
1961
D
series
454s
ref
&
Gen
9534
70
71
Oct'34 -97 109
9173
7
109
10712
0
1956 is 89
A
Chic Ind & Sou 50-year 4s
1952
& ref 58 series E
Gen
99
99
—
10514
Aug'34
105
D
J
241,
20
20
July'34
1969
Chic I. S & East 1st 444s
1995 J D 2012
50
7478 Dot & Mae.1st lien g 4s
50
5418 97
1118
1118 121z
Sept'34
1118
D
J
Chic M & St P gen 43 ser A.. __ _1989 J J 5258
1995
43
Second gold
5
47
47
71
54
106
84
84
16
105
1989 J J 49
10412
N
M
Gen g 34458er 13 May 1
1961
5218
6018 37
92
9814 10734
521s 8012 Detroit River Tunnel 4448
10712 144
Gen 4543 series C_ _May 1 _ _ _1989 is 5912
1940 M N 10718
Dodge Bros cony deb 65
81
52
52
5912
601s 31
94 10112
87
4
Gen 434s series E_ .141 ay 1 __1989 J
J 10012 10112
1942
Donner Steel 1st ref 78
9
57
84
57
6214
102
8 10378
1037
1989 J J 6114
Jan'34
8
Gen 4585 series FMay 1
1037
J
1941
2312
2312 .5613 Dui Missabe de Nor gen 55
2814 362
10212 10814
3 102
1975 FA 2658
107
4
Chic Mllw St P & Pac 5s A
1063
0
A
1937
5s
Range
1st
Dui
& Iron
718
838 455
718 2358
231, 491,
20
4
3112
Jan 1 . _2000 AO 734
Cony ad,1 5s
31
J
1917
Dul Sou Shore & Atl g 5s
4712
48
70
5212 22
9914
10134 10834
1987 M N 5012
Chic & No West gen g 344s
10834 42
Duquesne Light 1st 434s A __ _ _1967 A 0 10818 Oct'34
58 . 12
53
77
54
9934 10212 Ill
1987 /41 N 57
General 43
S 110
1957
1st M g 4445 series B
5412
5514 78
Stpd 4s non-p Fed Inc ta__ x '87 141 N 5514 Sept'34 12
5513
64
5512 8234
614
714 221.
7
1987 M N 6112
1314
Gen 4583stpd Fed Inc tax
51
10
30
58
58
69
8738 *East Cuba Sug 15-yr 3 1 7543 ____'37
1987 51 N 6612
8912
8912 9914
0 99111 Oct'34
Gen 59 stpd Fed Inc tax
East Sly Minn Nor Div 1st 4s -—
62
Aug'34
56
6012
62
MN
10918
91
78
_
1987
Oct'34
4445 stamped
103
East T Va .4 Ga Div 1st 55------1956
78 I 30
6678
6678 98
1936 MN 7612
99
4
10013 107
Secured g 654s
10513 10512
1939
21
40
3212
3212 8612 Ed El III liklyn 1st cons 4s
124
110
_2037 JD 38
May 1
10712
Oct'34
1st ref g 5s
124
.1
1995
27
27
6078 Ed Elec(N Y) 1st eons g 54
3534 39
31 18
3212 6912
4
1st.!, ref 4453 stpd_ May 1 ____2037 S D 34
35
3334
El Pow Corp (Germany) 6445 ____'50
3534122
61
28
28
.
691
30
33
1
__2037 S D 3414
1st & ref 4445 ser C_May 1
36
A
36
1953
1st sinking fund 6 445
216
28
21
21
5312
9412 10512
89
1949 MN 2634
3
Cony 4485 series A
10138
101
1941
Elgin Joliet & East 1st g 55
8112
8112 94
Aug'34
•(Chicago Railways 1st 5s stpd... _ _
8
867
0
A
1965
W
S
El
53
&
1st
Paso
60
4234
47
5812 14
FA 58
941, 10078
3
90
Aug 1 1933 25% part pd
10033
10078
1940
54
46
42
5158 73,2 Erie & PIUS g gu 3448 ser 13
95 10013
90
1988 is 53
:Chic R I & P Sly gen 43
10012 Oct'34
1940
1
Series C 354s
73
64
52
52
52
7913 98
69
37
96
Certificates of deposit
9412
1996
16
17
1858 60
3112 Erle RR 1st eons g 4s prior
7933
52
64
1934 AO 17513
80
*Refunding gold 4s
4
733
7134
1996
1st ronsol gen lien g 4s
9
29
16
16
18
1714
9918 10438
99
Oct'34
Certlfleates of deposit
10438
A
1951
Penn coil trust gold 48
19
16
18 '3234
20
5012
37
_ _1952 51 S 1914
6233
73
75
*Secured 4453 merles A _ _ _ _
71
A
1953
Cony 45 series A
1718 28
1812 23
15
1712
78
63
5012
72
17
7112
Certificates of deposit
1953 A
Series 13
7
834 37
1834
1.:1 814
7
76
62
62
Aug'34
Cony g 4448
1960
73
1953
Gen cony 4s series D
4612
60
7978
68
205
66
1967
Ref & lmpt 53 01 1927
Oct'34
75
83 107
5934 7978
143
4634
Ch St L & N 0 5s
68
June 15 1951 • D 101
0
A
66
1975
Ref & inapt 5.4 of 1930
6312
8434 8434
114
96
112
16
9014
Gold 3443
8
1103
June 15 1951 S D 8434 Sept'34
1955
Erie & Jersey 1st s f (Ss
59
6314 8634
97 III
9212
5
1951 J O 83 Aug'34
Memphis Div 1st g 4s
10712 1071
1957
Genessee River 1st s f 6s
45
47
80
5634 .52
86
9334 10512
Chic T if & So East 1st 55
10118 Sept'34
1960 J O 5514
1947
NY & Erie RR ext 1st 48
15
62
35
35
363
3814
MS
8
100
100
95
Mar'34
Inc gu 5s
100
_1960
1
Dec
1938
3d mtge 4445
10712 14
9334 10038 10712
89
68
68
Oct'34
1063 J J 106711
Chic Un Sta'n 1st gu 4445 A
78
A
1954
14 100
10512 11012 Ernesto Breda 78
10814
1st 5s Series B
1963 S i 108
5
95
9714 10812
10734
82
64
6
1944 JO 10734
60
80
MS 77
Guaranteed g 58
1942
55
1st
Tr
&
Light
25
Federal
108
11134 115
8034
75
75
1963 J J 11312 114
1st guar 6%s series C
1942 MS 8034 June'34
58 International series
316
6378
7214 93
89
8214
6012
1
1952 S i 87
59
Chic & 1Vest Ind con 43
7712
M
7712
1942
lot lien s f 5s stamped
40
82
8438 10412
102
8512
5912
8
64
84
1062 51 S 10138
1st ref 5553 series A
MS 8212
1942
stamped
68
Ilen
1st
37
41
54
65
3014
I
5112
6812
4614
5618
1943 AO 53
5618
Childs Co deb 55
O
J
1954
B
series
68
deb
30-year
55
46
87
56
7412
753.
J
J
106
9.214
18
101
1947
Chile Copper Co deb 58
1939 S D 10312 104
Federated Metals s f 75
40
46
62
9712
101
1
9712 105
1952 MN 46 July'34
Choc Okla & Gulf cons 53
101
1946 J
8778
92 10278 Fiat deb a f g 7s
10212 38
46
_
34
1968 AO 10218
25
Cin 0 & E 1st M 45 A
__1943 55 4012 Sept'34
l'enin 55
&
:Fla
Cent
12
1023
10314
8
4
887
98
'
1031s
is
64
50
48
5734 21
1937
S D 5414
Chi II dr D 2d gold 4348
1959
4445
1st
East
Coast
(Florida
30
10312 104
9713
99 104
19
612
22
1014
914
C I St L & C 1st g 4s _Aug 2 .... — 1936 Q
612
M
1974
1
1st & ref 53 series A
85 101
101
67, 1713
82
N 101
1942
578
912 47
9
Cin Lob & Nor 1st cot gu 45
7
Certificates of deposit
9758 10012 10812
2020 J J 10712 108
Chi Union Term 1st 4545 A
1952
11012 11
9834 10438 11112 (Fonda Johns & Glov 41-45
15
7
_
2020 S i 110
4
Aug'34
1st mtge 5s series B
13 100
Proof of clalm filed by owner __ . MN 10
10413 111
• 1957 MN 11012 111
1st guar 5s series C
1982
(Amended) 1st cons 2-43'
5218
5'218 6518
312 12
3
Oct'34
1940 J J 6518 June'34
8
45
N
•
Clearfield Illt Coal 1st 4s
Proof of claim filed by owner__ _ _
9658 10334
7812
83
98,2
.• 1 9812 Sept'34
1943 J J 103 Sept'34
83
Clearfield dr Mah 1st gu 5
1941
Fort St U D Co 1st g 4 54s
31
7518 97
65
94
9614 10.512
1
1993 S D 9278
9478
103
Cleve Cln Chi & St L gen 43
1061 S O 103
Ft W & Den C 1st g 5443
9213 109
9212
10211 110
Oct'34
1993 JD 10812 Sept'34
4
943
J
106
1
General 54 series B
73
80 10012 Framerican Ind Dev 20-yr 7448.......'42
Oct'34
41
1
19
1041 J J 100
25
15
N 25
Ref dr impt 6s ser C
1942
4
7433 9112 :Franc1sco Sus 1st 5 f 7543
66
7912
1003 J J 77
Ref dr Impt 55 ser D
116
82
64
12
71
7312
J
4
J
553
9114
75
1977
75
81
Aug'34
Ref & impt 4145 ser E
.538 AO
92 104,4 Galv nous dr Trend 1st 5445 A .
8818
7914 9912
6
9612
1939• J 10234 10312 11
7334
Cairo Div 1st gold 48
1943 FA 9638
8
9212 Gannett Co deb 68 ser A
58
68
8512
J 83
104 112
1991
Sept'34
8
1033
112
D
•
Cln W& M Div 1st 48
Gas & El of Berg Co cons g 53_ _ ,1549
13
66
77
95
87
14
4612 50
1990 MN 8678
61
3512
St L Div 1st coil tr g 48
1934 MS 60
°Gelsenkirchen Mining 6s
92
85
99
Oct'34
99
7918 9858
1940 M
9434 10
7312
TA 94
Spr & Col Div 1st g 42
72
7378 0514 Gen Amer Investors deb 53 A_, 1952 AO 10473 105
10534
1940 J J 05 July'34
102
25
W W Val Div 1st g 4s
100
1940
9912 10334 Gen Baking deb 131 5555
87
10134 Aug'34
7714
59
27
46
Cleveland ar Mahon Val g 53 ..
75
i
S
7314
1938 is
1947
Gen
s
1st
5548
f
Cable
A
2
9912 102
99
101
1935 MN 10078
1815
100
97
Clev & Mar 1st gu g 4543
Oct'34
FA
8
1037
1942
Gen Electric deb g 3443
1942 AO 98 June'33
3212 68
5
3212
Clev & P gen gu 4543 ser B
40
is 3912
15_
'45
Jan
__
Elec'
Gen
75
(Germany)
Jan'33
1942 AO 86
34
4
6312
Series 13 3568 guar
33
40
1940 JO 40
10-6171 115134 161-34 s 1 deb 6548
1942 is 10134 May'34
Series A 45.4s guar
3218 6312
7
3014
40
1948 MN z3912
20-years 1 deb 65
90
1948 MN 91 Aug'33
28 10234 10312 106
Series C 345.5 guar
FA 10412 105
1940
1st
I'd
Gen
sink
Petrol
5s
Oet'32
1950 AF 83
9514
Series D 3443 guar
76
8
90
76
1939 S i 90
Gen Pub Serv deb 5545
161312 104
1977 FA 103 Sept'34
Gen 444s ser A
6815 90
8412 25
55
7312
_. r '49 J J 84
1
82 10412 Gen Steel Cast 5543 with war,
101 14
314 13
612
712 43
1961 AO 10114
Cleve Sho Line 1st gu 4443
212
AO
:Gen Theatres Equip deb Bs__ _ _1940
8412 1104 '
74
10014 48
1972 AO 9912
1134
3
Cleve Union Term gu 514s
9
6,2
714
214
Certificates of deposit
82 10078
71
9634 44
1973 AO 9534
1st e f 5s Series It guar
1412 26
9
*Ca de Ala Ry 1st cons 5s _ _ __ Oct '451-5 1712 Aug'34
56
75
66
89,2 45
1977 AO 8812
1st s f 455s series C
4:Ga Caro & Nor 1st gn g 55'
29—
2014 3012
19
95 1031 1
Extended 5(6% to July 1 __1934 S i 3012 Aug'34
9212
10
10314
1945 SD 10314
Coal River Ity 1st gu 45
60
40
39
1946 AO 5112 Sept'34
Georgia Midland 1st 35
51
82
51
5412 10
1938 S i 5412
Colon 011 cony deb 63
30
65
2612
56
19
1943 FA 5414
:Colo Fuel & Ir Co gen s 1 5.4
4212 6318
A0 4212 Sept'34
38
1945
Ir
dr
75
sec
Steel
Good
Hope
3313
1712
7
1558
241.
1934 FA 24
•SCol Indus 1st & roll 5s git
10434 10614 34
95 1(614
8912
1947 J
-Is
977,, Goodrich (B F) Co 1st 61
84
7234
9334 92
1935 MN 0214
Colo & South ref & ext 444s
90
72
8258 74
63
1945 J D 8134
Cony deb 6s
6434 8112
5513
7178 150
General mtge 4443 ser A
1980 MN 69
185
MN
4
1013
8914 103
103
4
833
_
.
_
5s
_1957
1st
Rub
&
Tire
Goodyear
69
907s
5912
8558 51
95
15
88
Columbia G & E deb 5s _.__ May 1952 MN 8334
88
O
J
8512
85
1936
9118 Gotham Silk Hosiery deb 6s
70
8
6014
8518
131
Debenture 58
22
Apr 15 1052 AO 8312
87s 22
8
1940 TA 20
6618 89 ':Gould Coupler 1st s f 65
58
8412 82
J 8212
Debenture 54
100
Jan 15 1961
D
Jan'3I
•
1942
Ss_
Gouv dr Oswegatchle 1st
96 103
04
Oct'34 _ 1948 AO 103
Col dr 11 V lat est g 43
-9&34 1414
87
1941 S i 10234 Sept'34
9878 Gr R & I est 1st gu g 4443
73
73
9612 19
Columbus Sly P& I. 1st 454s __ - -1957 J J 9312
105 10912
10714 43 10138
1940 AO 107
9014 10712 Grand Trunk of Can deb 75
22
105
90,4
1942 AO 10438
Secured cony g 554s
44
NI
10612
8
10252 109
1067
10014
1936
Deb guar (Ss
97 105
91
1955 FA 10212 Aug'34
Col & Tol 1st ext 48
J O 96 Nov'33
1.947
55
gu
1st
Term
Point
Grays
110
101
9512,
93
1949 FA 1091. 110
6814 87
8
TA
84
Comm'l Invest Tr deb 5143
8
845
1944
78
92
9812 Gt Cons El Pow (Japan)
92
1943 AO 9212 Aug'34 -Conn & Passum RP, 1st 48
8212 10
651a 83
56
1950 S i 82
18t & gen 5 f 654s
103 10434
8818
3
104
1951 ii 104
S i 8912
Conn Ity dr 1. 1st & ref 4545
82
9112 203
99,2
7112
1936
A
ser
78
gen
Northern
Great
97 10434
95
10412
3
1951 is 10418
J
J
Stamped guar 4445
9938
60
4
933
95
78
6812
1961
1st & ref 44.8s series A
ii 82
Consolidated Ilydro-Elee Works __ _ _
8412 105
7512 99
6412
1952
B
series
544s
General
60
4
343
34
1
38 8
3
1956 is 3818
,
923
is
of Upper Wuertemberg 7s
18
8
8
687
777
80
57
1973
C
aeries
5s
General
10112 10814
99
10814 52
1945 TA 10731
7412 42
85
C011/301 Gas (N Y) deb 5568
8733
5378
1976 S i 7034
General 4145 series D
9032 10314
88
55
102
1951 J I 1)1
hi 71
Debenture 4443
8613
68
8
6412
743
5312
1977
E
series
4544
General
106
9712
93
35
105
1957 J J 10114
Debenture 55
High NO
LOtt
6912 23
1951 F A 6858
Cent III Elec & Gas 1st 55
19
71
1961 J ./ 6814
Cent New End l 1st gu 45
10514 10
1987 J J 105
Central of NJ gen g 58
Oct'34
8934
J
J
1987
General 4s
9434 87
1949 F A 9314
Cent Pac 1st ref gu g 45
91
1954 AO 9012
Through Short L 131 gu 4s
7512 164
1960 F A 7418
Guaranteed g 55
2
65
Cent Slit & like of Ga coil 55 .._ __1937 MN 65
3
M
11312
11312
N
1941
Central Steel 1st g f 88
5938 91
1948 MS 58
Certain-teed Prod 5545 A
For foottiot...% see ..lage 2526
High
I,ow Low
4518 6978
43
.
833
60
65
95 10878
00
9712
78
78
6558
7512 9612
6312
7312 95
55
63% 87
73
49
53
10118 11312
100
5218 7178
42
ym.CY
ii.CM
...MayymyCsyymo, oyywy
......
CO,W..4C.CW,OX.4 04...4CM..J.C.C.:WCA ..... N;A:,... b4NW0.00.0.+
CCOLOC*CC.CW•;Co.y.-M.46,
4ma
=c=0..., _.ft
w m w -.
0-.. ..
,
. ;04
.......
0
---na 1
06.
.-s.
,
yolc.o.cocm...C ,
==0
Gct,.Q,-.00j.
ert7'er ce.;-2er
h:•..e.rm-,+,:.
.
.
tim.....Cmewows.....-...
..
-...ocm-m=......c.......
..
000 0
SO
00000 0
-4.41.1omwSw.G.S. y
..0......++.....y...0,0.w W.
..!'X X
ce
X
...
, G:mcc.
Mw m.=...:1
Xo!'er
X e
y
oc. wwwwm=
C
'
w=it.68=00wooY
X
AE"r1"
ort;-,V
........,- .-. ..
e ..
.
..
.p.m000ws
0 0 e:- 0
0
egyy.00.0.0.
4,...y.seas.c
0
0.
is.a.
OX:
Low
High No, Low Low
High
Cow
High No
Green Bay & West deb ctfs A
Feb 3818 July'34 --26
26
3818 Lea & East 1st 50-yr 55 gu
1965 A 0 10838
10934 41
Debentures ctfs B
Feb 7 Aug'34
4
88$ Liggett & Myers Tobacco is
53
4
1944 A 0 12812
13018 21
Greenbrier Ry 1st gu 48
1940 MN 102 Aug'34 -8814
9812 102
5s
1951 F A 11338
115
Gulf Mob di Nor 1st 545B
24
1950 A 0 76 Aug'34 -50
6212 8612 little Miami gen 48 series A
1962 M N 10058 June'34
1st mtge 5s series C
1950 A 0 6178
SO
$3
4912
59
81
Loew's Inc deb 8 f 6s
1941 A 0 10212
Gulf &S list ref & ter Is ___ Feb1952 J J 67 Feb'34 ____
103
43
55
57
70
Lombard Elec is ser A
1952 J D 82
31
Stamped
84
_ J J 55 Dec'33 ---,
55
Long Dock consol g 68
1935 A 0 10318
Dull States Steel deb 540.- 1912 1 D 8834
10318
f
91
11
71
50
9212 Long Island—
Elarkensack Water 1st 48
1952 J J 102
10418 22
9512
96 10418
General gold 48
1938 1 D 10412
Flamm SS Lines 6s with wart
10434
3
1939 A 0 46
Oct'34 ---31
3914
5712
Unified
gold 4s
1949 111 S 101 18
Harpen Mining 6s
10138 2(
1949 1 J 51 Sept'34 -- -,
50
51
7038
20-year pm deb 5s
1937 M N 10338
Havana Elec consol g 5s
10334
it
1952 F A 3718
33
5
23
2912 39
Guar ref gold 49
1949 M 9 10012
Deb 55421 series of 1926
3E
101
1951 M 5 7
Oct'34 ---61
.
7
934 Lorillard (P) Co deb 75
0
125
A
1944
Hocking Val 1st cons g 4 WI_ .._ 1999 J J 10638
34
12512
10814 23
91
9882 11012
55
1951 F A 110
3tHoe (Ft) &(7o 1st 630 ser A ____'34 A 0 32
11012 14
Oct'34 ---25
20
40
Louisiana St Ark 1st 58 ser A
Holland-Amer Line 69 (flat)
1969 1 1 •58
69
60
1947 M N 1818 Oct'34 --.
29
1818 1818 Louisville Gas & El(Ky) 59
N
M
1952
1053
4
Housatonic Ry cons g Os__
21
107
MN
1937
98%
9872 41
80
82 10114 Louis & Jeff Bdge Co gu g 4s __ _1945 M S 29934
11 & T C 1st g 5s lot guar
100
a
1937 J J 105
Oct'34 ---,
903
8
97
1053
4
Louisville & Nashville 55
M N 10612
1937
Houston Belt & Term 1st Is
5
108
1937 J J 10038 10112 10
89
9134 102
Unified gold 4s
1940 J .110414
10478 92
Houston Oil sink fund 5345 A.... _1940 M N 8412
8512 26
61
65
88
1st
refund
534s series A
2003 A 0 10338
Hudson Coal 1st s f 5s ser A
10434 38
1962 1 D 4514
471. 37
38
51
39
lst & ref 58 series 13
Hudson Co Gas 1st g 5s
2003 A 0 10012
10034
8
1944 MN 11288
11212
5 10188 10514 114
1st & ref 430 series C
Hod & Mantua 1st 5s ser A
2003 A 0 9312
95
135
1957 F A 85
3714 138
6334
72
8912
Gold
59
A 0 10534
1941
106
Adjustment Income 58 __ __Feb 1957 A 0 3712
3
39
74
27
32
5053
Paducah & Mem Div 49
1946 F A 100
10034 94
St Louis Div 24 gold 3s
1980 M 5 67
Ilinois Bell Telephone 55
38
71
1956 J D 10938
1101. 37 10312 10534 11012
Mob & Montg 1st g 448
1945
M 5 al0412 Oct'34 - --_
Illinois Central 1st gold 4s
1951 J J 10012 Oct'34 --83
10212
9214
South
Ry
joint
Monon
48
1952
J
7614
J
1st gold 344s
6
77
1951 J J 100
100
2
7612
83
100
Atl
Know
& Cln Div 48
1955 M N 10012
Extended 1st gold 334s
10118 10
1951 A 0 9814 Sept'34 _--78
92
9814 Lower Austria IFydro El 65-is __ _ _1944 F A 8534
5
1st gold 3s sterling
88
1951 M S 73 Mar'33 ___
•
Collateral trust gold 4s
1952 A 0 77
77
3 57s
--Bili -8I 21McCrory Stores deb 530
1941
Refunding 48
8012 50
1955 MN 7912
55
74
8814
Proof of claim flied by own _- _ _er__
6738 44
- 81
Purchased lines 34.0
1952 J J 7812 July'34 ---56
63
82
McKesson & Robbins deb 534,,.s'50 ,-M N 8714
8812 131
Collateral trust gold 48
1953 M N 69
6912 17
5234
6212 7958 *2151anati Sugar 1st 8 f 7348
0
A
1942
18
Oct'34
...Refunding 58
9012
MN
1955
9012
5
7014
8012 984
Certificates of deposit12
12
1
15-year secured O34811
1936 J J 9934
100
18
82
90
1037
8
*Strop(' Oct 1931 coupon
1942 A -0 1638 Sept'34
40-year 4348
Aug 11966 F A 5814
6058 125
5112
5238 7612
Certificates of deposit
_ 20
Feb'34
Cairo Bridge gold 48
1950 J D 9958 Aug'34
7018
87
100
*Flat
stamped
modifie
d.
13
Oct'34 _- Litchfield Div 1st gold 3s
1951 1 J 8312 Sept'34 ---7338
75
8312 IManhat Ry(NY) cons g 49 _ _1990 A--0 5318
5514 52
Louise Div & Term g 334s __ _ _1953 J J 8438 Oct'34 ____
6312
78
88
Certificates of deposit
50
5172
8
Omaha Div 1st gold 3s
1951 F A 67
67
10
60
6212
2d
76
48
2013 1 D 37 Sept'34
St Louts Div 34 Ferns g 3s
1951 J J 6812 Oct'34 ____
61
79
66
Manila Elec RR & Lt s f 5s
1953
M
S
94
Sept'34
Gold 3349
1951 J 1 85 Aug'34 6212
8512 Manila RR (South Lines) 48
69
1939 M N 7313
7318
Springfield Div 1st g 343
3
1951 J J 80 May'34 ___67
67
80
1st ext 46
1959 M N 70 Sept'34
Western Lines 1st g 4.9
1451 F A 84
Oct'34 ___
75
90
75
Man 0 B & NW 1st 3149
191i 1 J 70 June'34
II Cent and Chic St L & N 0—
Mfrs
Tr
Co ctf9 of panic in
Joint 151 ref 5s series A
1963 J D 741. 77
101
55
6738 87
A I Namm & Son 1st 69
1943 1 D 70
1st & ref 4
4
71
series C
1963 J D 6714
6978 84
5138
11134 81
Marlon Steam Shovel s f 68
1917 A 0 4778
49
Ilinois Steel deb 430
6
1940 A 0 10614
1071
! 49 10114
10212
10814 Market St Ry is ser A_AprIl
8318
[seder Steel Corp mtge (3s
J
85
(2
1940
20
1948 F A 351
371
24
31
3488 5912 Mead Corp 1st 88 with warr
nd Bloom & West 1st ext 4s
7612 14
1045 M N 75
1940 A 0 9834 July'34 ____
8912
95 100
Merldionale Elec 1st 78 A
nd III & Iowa 1st g 4s
1957 A 0 95
95
1
19501 J 91
Oct'34 ____
72
75
9712 Mete Ed 1st & ref 59 ser C
nd Nat Gas & 011 ref 59
1953
J
J
10114
IOU:.
2
193(1 Pit N 101
Oct'34 ____
94
94 103
1st g 4 SO series D
Ind & Louisville 1st go 49
1968 M 8 9334
94.38
4
1956 .1 J 17 Sept'34 __17
17"
25
Metrop Wat Sew & 0 548
nil Union Ry gen 5s ser A
1950 A 0 8912
9012
1965 1
10312 Oct'34 __-_
96
9812 10412 •:Met West Side El(Chic)48 _ _ _1938 F A 1012 Sept'34 23
Gen & ref 5s series B
104 Sept'34 ____
1965 .1
9814
100 1114
nland Steel 1st 414 ser A
1978 A 0 10038
101
31
79
86 10112 Men Internal 1st 49 asstd
1977 Nf 5 1741 June'34 __
1st 51 s f 448 ser LI
1981 F A 9934
10012 90
80
85i2 101
511ag Mill Mach 1st s f 7s
1956 J D 48 Aug'34
Interboro Rap 'Fran 1st 5s
1966 1 J 7534
77
63
5612
6512 7712 Michigan Central Detroit & Bay
•10-year 6s
1932 A 0 51
5312 115
1914
30
5438
City Air Line 4s
1040 J J 10338 Aug'34 ____
Certificates of deposit
__ _ 4778
4778 17
2014
2712 50
Jack Lang & Sag 334s
1951 M S 91 May'34 _ _
•10-year cony 7% notes
1932 M 5 80
81
11
5712
7014 83
1st gold 340
1952 M N 99
Certificates of deposit
99
2
_ 7714
78
42
5712
6712 8112
Ref & !mot 41-59 series C
aterlake Iron 1st 5s 13
1979 J J 94 Aug'34
1951 PAN 64
6838 12
50
60
7718
Mid of NJ 1st ext 58
St Agric Corp 1st & coil tr 5s—
1940 A 0 78
iC
80
Midvale St & 0 coil tr s f 59
Stamped extended to 1942
1938 M S 103
10314 105
M N 83
86
12
52
62
86
MIlp El Ry & Lt 1st 59 B
St Cement cone deb 5s
8012
1961 J D 7914
14
94
1948 M N 9212
70
74
7978 96
1st mtge 5s
1n1-Grt Nor 1st 68 ser A
1971 J J 79
7912
17
1952 1 J 3212
3314
11, 25
25
4412 *Milw&Nor 1st ext430(1880)
Adjustment 6s ser A
,'34 1 D 8712 July'34
July 1952 A 0 914
1012 93
7
7
1814
*Cons
ext 440 (1884)
1st 55 series 13
931 .1 0 95 May'34
1956 J J 3018 Oct'34 ___
2314
25
401, Mil Spar & NOV 1st gig 48
1917 M 9 5212
1st g 5s series C
541 4
15
1956 J J 23
2/12
41, 2314
24
41
MItw & State Line 1st 340
1941 J J 75 June'34
aternat Hydro El deb 69—
1944 A 0 4318
5038 871 36
4018
693
2
:Minn
& St Louis 55 etre
1934 M N
at Mere Marine s f 6s
7
714
17
1911 A 0 48
49
8, 37
44
6312
lst & refunding gold 4s
aternat Paper 5s ser A & B
1049 M 9 338
338
1
68
1947 1 J 66
211 47
5712 8212
Ref & ext 50-yr 58 ser A
Ref 9 6s series A
1962 Q F 334
334
3
1955 M S 5114
5212 33
31 14
3834 73
Certificates of deposit
Q
It flys Cent Amer 1st 5s B
F
13
4
Sept'34
___
_
1972 61 N 66
5614 16
451a
4518 7214 M St PASS Men,g 4s lot gu ___ '38 J J 3112
1st roll trust 6% g notes
33
43
1941 M N 7012
73
12
4918
4918 7412
1st eons 55
1st lien & ref 6 4s
2612
1138
3612
1
1947 F A 72
73
15, 4312
4313 73
1st cons 5s gig /49 to lot
St Telep & Teleg deb g 444s
1938 J J 3714
3734
3
19,52 1 .1 5412
66
39' 27
4814 65
1st & ref 09 series A
1946 J J 22
Cony deb 444s
2338 12
19301 J 6312
6434 141
42
56
7312
25-year 5%s1949M 9 22
247
8
Debenture 58
8
1955 F A 59
6013 66
40
5112 6934
1st ref 5449 series B
Iiwestors Equity deb Is A
1978 J J 6612
67
11
1947 1 D 94
9412
3
8019
8218 98
151 Chicago Term a f 4s
1941 51 N 85
Deb 5s ser B with warr
Jan'34
1948 A 0 9412
9412
1
82
88
98
Mississippi
Central
1st
58
93
Aug'34
1
Without warrants
19495
9412
A
0
1948
9412
2
82
877
8
98
Iowa Central 1st 59 ctfs
1938 1 D 7
9
35
338
4
1138 (Mo-Ill RR 1st 5s series A
1959 J J 1912
1st & ref g 49
20
3
3
1951 61 S 212
5
1 14
134
512 Mo Kan & Tex 1st gold 45
pm J D 8812
Imes Frank & Clear 1st 4s
90
64
1959 J I) 8212
8212 11
6638
8412 8814 Mo-K-T RR pr lien 59 ser A
7914
1962
8012 45
40-year 4s series B
al A & G R 1st go g 5s
1962 1 J 6934
7012 25
1938 J J 10212 Aug'34 ____ 101,2
10212 10212
Prior lien 444s series D
19781 J 74
an & M 1st go g 45
Oct'34
199n A 0 94
94
6
70
79
97
Cum adjust 59 ser A
Jan 1967 A 0 4114
14 C Ft S & M Ry ref g 4s
44
30
1936 A 0 38
41
8
3013
36
5334 215fo Pac 1st dr ref 5s set A
1965 F A 2534 ' 26
Certificates of deposit
35
A 0 3634 Oct'34 ____
29
3512 52
Certificates of deposit
24
C Poo & Lt 1st 4445 ser B
Oct'34 ____
1075s
1907' 2 1075s
1
97
10012
10814
General 48
1975 M 14 934
1st mtge 43.4s
10,
8 90
1961 F A 10848
10212 28
96
10038 11014
1st & ref 5s series F
1977 1111 S 25
an city SOU 1st gold 3s
263s 201
1950 A 0 691t
95
5114
6212 7712
Certificate, of deposit
2514
Ref & !mot 5s
2514
1
_ _1950 J J 7012
Apr
7134 44
56
6212 84
1st & ref 5s series G
1978 i‘i N 2512
ansas City Term 1st 49
2638 42
1960 1 J 10178
10212 151
8434
9312 10418
Certificates of deposit
24 ' Sept'34
ansas Gas & Electric 430
1980 1 D 9578
9648 42
7014
724 9978
Cony gold 01.4s
1949 MN
734
814 61
arstadt (Rudolph) lot 68
1913 MN 30
32
39
1334
19
3012
1st & ref g 59 series II
1980 A 0 2518
2638 17
Certificates of deposit
___ 244
24
23
13
1612 32
Certificates of deposit
_ 2412 Sept'34
pith (It F) Corp 1st 6s
62
44
1946 M S 61's
11
51
72
1st & ref 59 series I
1981 1-A 2514
26
elly-Springfield Tire 65
131
1942 A 0 3714
40
32
2934
2934 591,
Certificates of deposit
25
2514
endall Co 5 Lis
10
68
1948 M S 9814
34
100
7418 100
Mo Far 3d 7s ext at 4% July __ _1938 MN 80 Sept'34
entucky Central gold 45
1987 J .1 10014
4
80
10035
9012 103
entucky & Ind Term 444s
1961 J J 8918 Aug'34 ___
73
73
92
Mob
&
Birm
prior
lien e 53
1945 J 1 93 July'34
Stamped.,,
Oct'34 ____
80
1961 J J 95
80
9512
Small
J J 90 Aug'34
Plain
93
1961
J 97 Sept'34 ____
03
9818
1st M gold 4s
19453 J 60 May'34
trigs County El I. & P 5s
1937 A 0 10814
10312
2 103
104 10838
Small
J J 60 July'34
Purchase money 6s __ _
14112
1997 A 0 14112
3 115
122 145 :Mobile & Ohio gen gold 4s
1938 US 5 99
Jan'34
logs County Kiev 1st g 4-9
1949 F A 9118
9212 27
66
75
9512
1947 F A 1538
Montgomery Div 1st g Os
puts Co LightIng 1st 55
1638
9
19542 1 110
Oct'34
_ 10034
10314 110
Ref & !mot 434s
1
1977
M
S
8
4
First and ref 640
814
3
1171
4 10512 108 120
1954 J J
2
See 5% notes
1938 M 5 914
914
inney(GB)& Co 73i% noto3
10
236 J D 103
106
8
77,2
8112 106
Mob
&
Mal 1st gu gold 48
1991 M 5 80
80
resge Found'n roll tr 69
2
67
-1936 .1 0 10012 102
51
8234 102
Mont C 1st gu 68
1937 J J 9978
10012 61
Creuger & Toll el A 5s ctfs
1959 69 S 17
2033 201
1014
1078 2134
1st guar gold 58
1937 J J 09
99
ickawanna Steel 1st Us A
8
1950 M 9 1041. 105
95
12
97 10818 Montana Power 1st 5s A
95
1
1943
J
9512 62
.aclede G-L ref & ext 55
94
1934 A 0
56
79
19
79
9712
Deb 5s series A
1082 J D 6712
6712
531934 extended to 1939
I)
9438 48
A 0 9314
92
90
945
8
Montecatird
Silo & Agrle—
Coil & ref 540 serle9 C
18
4634
1953 F A 6212
50
8952
Deb g is
1937 1 J 94
94
Coll & ref 5 48 series D
I
1960 F A 61
6234 26
46
50
693
4
Montreal
Tram
1st
&
ref
S.
1941 J J 10038
10078
Lice Erie & West 1st g 5.9
3
19371 J 100
101 18 25
A342 10134
77
Gen & ref s f 5s series A
0
195.5
7412
A
7412
2(1 gold 58
I
1911 J J 90 Sept'34 ____
61
70
95
Oen & ref s f 5s series B
1955 A 0 74
Feb'34
die Sh & Mleh So g 340
19971 I) 9212
8
94
78
81
98
Oen & refs f 44s series C
1955 A 0 76 June'34
tutaro Nitrate Co Ltd 6s
1954 J J 13
1434 84
434
512 1912
Gen & ref s f 5s series D
85
A
0
1955
Mar'34
thigh C & Nay s f 44is A
1951 J J 0918
9934
7
771 2
81 10134 Morris & Co 1st s f 4 S49
1939 J J 99
10018 80
Cons sink fund 4349 ser C
1954 / „I 9938
80
2
9938
80 10114 Morris & Essex 1st ICU 3348
2000 J D 86
8712 98
thigh ANY 1st go g 48
4
1945 M 5 71
5212
72
57
83
Constr US Onset A
N 98
195551
thigh Val Coal Ist & ref s f 5s __ __ '44 F A 8818 Oct'34 __
9818 21
64
7918 91
Constr
M 4569 series B
1955S1 N 89
8038 31
1st & ref s f bs
6
641.
33
1954 F A 6414
40
6434 Murray Body 1st 6149
D
1934
86
J
883
4
1st & ref s 1 58
19
3112
1964 F A 62
Oct'34 _
42g8 62
Mutual Fuel Gas let go g 5,
1947 51 N 10312
10412
1st & ref s f 5s
4
1974 F A 62
8
32
63
40
63
Slut Un Tel gtd 68 ext at 5 -----1941 M N 10218 Sept'34 ___ _
Secured 6% gold notes
1934 J J 9518 Sept'34 ___.
73
81 18 97
b Val Harbor Term gu 5s
1454 F A 10034 Sept'34 __ _
79
16312
8212
Namm
(A
I)
& Son __See Mfrs Tr_ __
41 vat N Y 1st eu g 4 Sig
1940 J J 91)
99
1
-0
7513
8314 10058 Nash °nett & St 1,48 ser A
1978 F A 91
9178
thigh Val (Pa) eons g 48
10
2003 1.1 N 54
5514 52
40,4
47
68
Nash Flo & 9 1st gu a 58
1937 F A t0414 Sept'34 ____
General cons 4 30
2003 M N 5838
15
5934
44
52
7412
Nassau Rice gu g 49 stpd
56
J
1951
J
563
4
General cons 58
4
2003 M N 6412
4
66
51
54
83
Nat Acme 1st 51 69
10421 D 84 Sept'34 _
h V Term Ry 18t gu ass
1941 A 0 10.5
10512
9
8918
94 1(16
Nat Dairy Prod deb 5401
1
9912 -1. 8
1918 F A 99
II I
For
e• s5e p4ge2 2 016.
e7
"
P.
icii.
0
Week's
Range or
Last Sale
.7 0.i'sr04-
.,a;
0
a ,-4
'SI:,
57B....8 .
*
87.E.D ..ZSE-o.......
A ... .......O.C
...
,
,.... -.7.....-,oc,-,, z0..a..,,...
..c.....-.0.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Oct. 19
..-y.op........ wooromOo.cww-ww.....
.
:
0
0
0
W 0
0
0
Range
Since
Jan. 1
§x4...;.
=tam.
Sept.29
1934
... . ,..A-40.y...,0
0.1'0 X
00 i 0.7
co
CnOtAW.Ww..
.--,..„
cnt :ggvag.7„,109=gysgEgg 4.7,17,.q .2,,,,J,,
July1
1 1933
to
71
.40,
1C.Q.Cm
CM,,,
-..4....4
week..
Range of
Last Sale
Oct. 20 1934
W
k..
BONDS
F3
N. Y. STOCK EXCHANGE.3 t
Week Ended Oct. 19
.
,
..ct
.g•
New York Bond Record—Continued--Page 4
..4WCx.-...W.0
POt==.CACC..4.W.
CmG.-GtCO3,......o..AC,,P=VC,--CW,W
r
2494
2495
New York Bond Record—Continued—Page 5
1 July 1
1 I 1933 to
;Sept.29
5301
1934
July
1.5,
Range
..."3
Week's
BONDS
Range
.3
1933 to
.
a
Since
Range or
24 t
N. Y. STOCK EXCHANGE
Since
El Sept.29
Jan. 1
,a.5
Last Sale
Week Ended Oct. 19
Jan. 1
1934
ta ,
•1
High
Low Low
Hiyh No
Low
High
High No. Low Low
Low
8312 10034
7714
984 158
1 J 9714
1961.
1957 J J 18 July'28 ----------------Ore-Wash RR & Nay 4s
Nat Ry of Mex pr lien 4 As
6912
86
6572
1
M
1963
S
85
85
512
212 Vs Oslo Gas & El Wks extl 5s
112
618 60
Assent cash war rct No 4 on
28
70
20
5
5834
1941 M S 5712
1977 A 0 1234 July'31 -------------Otis Steel let mtge (3s set A
Guar 4s Apr '14 coupon
25
404
D
.1
323
3
1946
4
29
3
32
4
g
5s
Co
let
218
6
112
Pacific Coast
Oct•34 _
6
Assent cash war rct No 5 on
9812 10012 10712
44
105
Pacific Gas & El gen & ref 59 A___*42 J .1 10418
1926
Nat RR Mel pr lien 4 As
67
9412
64
4
9212
-1936 M 8 92
2/
1
4 938 Pacific Pub Sem,5% notes
2
812 12
734
Assent cash war rct No 4 on
9 10314
10634
10414 10812
1937 J J 10638
Pacific Tel & Tel let 55
Apr'28 _
1951 A 0 22
let consol 45
10518 11112
11012 27 10414
1952 M N 10934
series
A
Ref
mtge
5s
614
2
5
15
8
214
64
rct
No
4
on
Assent cash war
8714 10034
30
1
987e
1938 F A 9878
91 10514 Poe RE of Mo lot ext g 4s
154
85
1956 A 0 10312 105
Nat Steel let coil 55
84 10012
84
2
94
1938 5 .1 94
2d extended gold 5s
1954 M N 7113 Nov'32 _
Naugatuck RR let g 4s
10034 10412
93
Oct'34 ---J 104
J
1955
g
Paducah
&
Ills
lets
f
11218
4145
103
1011,
_
Oct'34
112
D
J
1948
Newark Consol Gas cons 53
2
254 4712
2518
a38
8814 10434 o2Pan-Am Pet Co(Cal)conv (is _ __'40 J D a38
8212
Newberry (15) Co 534% notes— '40 A 0 10412 10434 15
28
25
4634
____ 3714 Oct'34 -Certificates of deposit
7718 9212
77i2
5
83
-1-945 J .1 7718
New England RR guar 55
30
47
2718
47
40
4312
J
1
1951
Paramount-lYway
1st
5149
66
85
615
8
_
Oct'34
19455 .1 704
Consol guar 4s
30
47
2712
7
4112
40
Certificates of deposit
11414 39 10438
10512 11514
1952 .1 D 11358
New Eng Tel & Tel 5s A
1947
101 11112 :Paramount Fam Lasky 68
10934
9914
7
1961 M N 10914
let g 4345 series 13
5934 108
2918
6112
2258
5614
•Proof
of
claim
filed
by
owner
8212 92
8212
914 17
1986 F A 9014
NJ Junction RE guar let 45
2812 8114
15
101
59
J D 56,4
6912 9354
Certificates of deposit
6812
9114 19
1960 A 0 91
NJ Pow & Light lot 434s
:Paramount Pub Corp 5345 -----1950 F A
5712 77
5712
9
5914
19832 J 5818
New On Great Nor 55 A
2914 6112
127
8
139
593
4
____
563
4
*Proof of claim flied by owner
53
7512
5778 19
54
NO & NE lot ref&impt 4340 A ____'52 .1 J 5634
6112
14
29
5914 74
___ 5614
Certificates of deposit_
5812 27
4112 65
38
1952 A 0 5412
New On Pub Serv let 55 A
1624
10414
25
12314
157
1583
4
S
M
1963
Paris-Orleans
RR
ext
5445
38
404 65
5812 80
1955.1 D 54
First & ref 50 series 13
8
93
4
2212
3
14
Park-Lexington 6345 ctfs__ _ __ _ _1953- - 1312
8'234 90
3
7978
5734
1953 J J 7912
New Orleans Term let gu 40
14
3512
14
3
25
0 21
1944 A22
16
2934 Parmelee Trans deb 63
1214
10
1935 A 0 1818
2181 0 Tex & Mex n-c Inc 55
12
102
2
11112
1034
811112
111
NI
1949
Pat & Passaic G & E cons 5s
23
1758 32
11
14
1954 A 0 2112
let 5s series B
9918 10
85 100
7314
1937 M N 98
Pathe Exch deb 75 with warr
2234
3
1814 33
1414
1956 F A 2112
1st 5s series C
50
90
4534
3
90
90
S
M
1942
ref
51
7s
Paullsta
Ry
1st
3112
1514
1418
2112 33
1956 F A 20
1st 4 As series D
94
94 10118
1937 NI 5 10118 Oct'34 --__
Penn Co gu 314s coil tr A
1712 33
1412
9
23
1954 A 0 2212
1st 534q series A
9434 100
8158
99
2
1941 F A 98
Guar 334e coil trust ser B
97 10258
92
19455 .1 10218 Aug'34
N & C I3dge gen guar 434s
86
833
4
9934
5
9814
9814
D
.1
1942
Guar 334o trust ctfs C
10114 114312
1 101
1935 A 0 10312 10312
NY B & M 181st con g 58
8634 9912
8112
1944 .1 D a9618 Sept'34 ---Guar 3348 trust etfs D
69
83 101
978 25
1935 M N 9614
NY Cent RR cony deb 6s
9912
85
8418
1
98
M
N
1952
98
Guar
4s
set
E
trust
ctfs
11812
11412 236 10934
10934
1944 MN 113
Cony secured 68
82
8534 10334
69
_1963 NI N 10112 103
Secured gold 4 A s
7338 9012
85
64
29
1998 F A 83
Congo! 40 series A
63
77
55
26
65
M 5 6338
1941
Penn-Dixie
Cement
1st
68
A
51
75
71
5512
60
613
4
0
Ref & !mut 434s series A
2013 A
78
85 10334
54
1021
Pa Ohio & Det 1st & ref 4 AsA___'77 A 0 101
82
60
6712 153
56
2013 A 0 6618
Ref & impt 55 series C
79
7534
9978
9714 172
Pennsylvania P & L let 4345
-1981 A 0 9612
794 96
734
66
93
N Y Cent & Bud Ely M 3 As __ _1997 J J 9014
101 1084
98,
4
1943 M N 10558 Oct'34 ---Pennsylvania RR cons g 48
8014 99
9612 15
67
1942 5 J 96
Debenture 48
944, 100 107
18
107
1948 M N 106
Consol gold 4s
5512 75
51
6012
6112 161
Ref &'mot 414s ser A
2013
9978 107
9638
1
1063
M N 10634
1948
48
sterl
stpd
dollar
May
1
8812
694
81
64
45
7912
1998
F
A
Lake Shore coil gold 3348
9812 103 112
11114 22
1980F A 11012
Consol sinking fund 434s
71
88
8034 44
65
1998 F A 7978
Mich Cent coil gold 3148
8838 10334
804
168
10234
General 4 As series A
77
854 101
10018 91
19651.1 D 10078
NY Chic & St List g 4s
1937 A 0 99
974 110
8738
29
109
1968 J D 10658
General 5s series 13
64
88
554 8034
4312
Refunding 5340 series A
1974 A 0 6612
1033
101
4 10712
48
1053
4
106
A
1938F
Secured 6 15s
4714 70
225
58
3634
1978 M S 5612
Ref 4340 series C
914 10434
81
64
19641 M N 10218
103
Secured gold 5s
49
80
411,
37
6212
65
1935
3-Yr 6% gold notes
66
133
784
9278
8812
863
4
A
0
1970
Debenture
g
4
As
96 10634
9212
10512 60
NY Connect let gu 434s A
1953 F A 10412
834 9812
7534
9634 96
1981 A 0 9534
General 412s series D
101 10712
99
1
10634
lot guar 5s series B
1953 F A 10634
9112 97
9112
9612 193
.1
9514
J
1984
67
4854
Gen
set
E
4112
mtge
434s
14
55
5614
A
N Y Dock 1st gold 48
1951 F
1004 11212
2 1041
11014
1943 A 0 11014
Peon Gas L & C 1st cons Cs
37
58
4414 11
30
Serial 5% notes
1938 A 0 42
80
83 10314
36
100
19471M S 9912
Refunding gold 50
10911 115
11418 41 10318
NY Edison 1st & ref(3As A
1941 A 0 11334
50
57
8134
10
69
69
0
A
1940
Peoria
&
Eastern
1st
cons
4s
10912 28 10212 10511 11015
1st lien Sc ref 55 series 13
1944 A 0 109,4
6
1914
43
4
2
8
Income 4s
April ____1990 Alu• 712
1st lien & ref 5s serles C
1951 A 0 10878 10912 36 10234 1054 10912
854 102,2
8312
10
100
1974 F A 9914
Peoria & Pekin Un tot 534s
N Y & Erie—See Erie RR.
116
2 10418 107 11612
NY Gas El Lt It & Pow g 5s __
1948 J D 11534
51
5812 90
7812 70
Pere Marquette 1st ser A 55 -__ A958 5 .1 7634
9912 108
24
107
95
Purchase money gold 45
1949 F A 10638
5014 7812
3, 48
6758
1956 5 1 674
1st 4s series II
88
68
61
1948 M N 87 May'34 _
N Y Greenwood I. gu g 5s
46
5112 81
96
703
4
let g 434s series C
1980 M 8 69
9514
88
8314
2000 M N 95 Sept'34
NY & Harlem gold 3340
984
100'2 107,2
9
10712
1943 M N 1064
9678 63
9234 9734 Plana halt & Wash 1st g 4s
9234
N Y Lack & West 90 set A
1973 M N 9534
9512
4
100
11012
10812
10812
A
1974IF
General .5s series B
Oct'34 _
8912 100 104
434s series B
1972 M N 102
924 l'1513
1977 1 J 10312 Oct'34 _-__I 87
7512 95
General g 4340 series C
7512
3
9318
NY Lit & W Coal & RE 5340____•42 M N 9318
10034
10034
33
1034
1035
8
102
D
J
1981
434s
General
series
D
87
10112
87
5
8
8
957
NY L E & W Dock & !rapt 55 _'43 J J 957
63,4 9278
8714 871 61'4
1967 5 0 Sat
9512 10034 Phila Co sec 5s series A
Oct'34 __
9512
NV & Long Branch gen 4s
-1-941 M S 99
10134 10812
71 100
1967,M N 1074 108
Phlla Elec Co 1st & ref 434s
1939 A 0 9512 July'29 _
NY & NE Bost Term 40
9314 115
893
8
29
105
1044
A
1971F
48
1st & ref
5034 89
4858
91
66
Phila. & Reading C & I ref Sa -- - _1973 J J 63
4212 85
5478
NY Nil Sc bi n-e deb 40
1947 M 5 4212 Oct'34 ____
36
5518
39
91
515
8
5012
8
m
1949
Cony
deb
6s
6012
39
41
.
40
Oct'34
S
Non-cony debenture 334o
1947 M
2314 3114
1003
4
11
25
2338
.1
Philippine Ry lot e t 4s
1937J
38
58
, 20
40
1954 A 0 40
401.
Non-cony debenture 334o
8414
894 102
241
101
9834
D
42
6412 Phillips Petrol deb 532s
4214
4614 15
Non-cony debenture 40
1955J 1 44
193111.1
105 109,2
8 1021 4
'43 A 0 10834 1091
Pillsbury Flour NIIIIs 20-yr 68
4112 64
42
4612 43
1956 M N 4434
Non-cony debenture 4s
9912 100 1014
5
1-952 M N al02 al02
40
5978 Pirelli Co (Italy) cony 7s
40
Cony debenture 334s
1956 .1 J 4012 Oct'34 _
16 100
1014 10814
0
A
1077
8
10818
1940
Pitts
C
C
&
St
L
A
551
8778
.
,
55,2
1948 .1 J 6038
434s
100
62
Cony debenture 60
102 108
13 100
1942 A 0 10658 108
Series II 4 As guar
83
8918
63
6918 33
Collateral trust Co
1940 A 0 6734
I 1004 103 10758
1064
1942 SIN 10658
Series C 434s guar
3638 58
374
3712 63
1957 MN 3638
Debenture 4s
_ 10414
..9918
8
9
,
4,2
18
43134 ____1
0,
M N
A 18
5F
0
,
4112
4 Au
lg
1949
Series 0 49 guar
1st & ref 434s set of 1927
4514 7012
4514
494 48
1967 5 D 48
Series E 3340 guar gold
8334 9978
82
9412 10
Harlem It & Pt Ches 1st 4s _ _ _ _1954 M N 9412
9918
65 10334
--_July'34
D
J
1033
4
1953
Series
F
45
guar
gold
5712 71
NY O&Wrefg 48
5212
66
63
June 1902 M 5 6012
98 105
1957 51 N 10434 Jun'34 ---98
Series G 4s guar
50
6818
45
21
55
General 40
1955 J D 53
10212 105,2
9618
1
1960 F A 10312 10312
Series H cons guar 4s
90
90
8118
Jan'34 ____
NY Providence & Boston 4s
1942 A 0 90
99
4
1003
4 109
108
108
A
F
1963
Series I cons 445
7178 8734
NY & Putnam 1st con gu 4s
1993 A 0 8412
6614
8434
7
1
9612 10138 108
108
1964 MN 108
Series J cons guar 414s
11
64
4
12
9
NY Rys Corp Inc 6s___Jan
1965 Apr812
8634
94 110
22
.1
D
1970
106
108
5s
series
A
General
NI
7214
83
56
2
71
7012
Prior lien (is series A
1985 1
85,4
9438 110
1975 A 0 10612 10712 12
Gen mtge 5s ser II
1951 M N 10612 Oct'34
96 107
96
NY & Richm Gas 1st 6s A
84s4 103
75
1977J .1 10014
102 I 38
Gen 4 As series C
5
3
Iii 5
11*
IN V State Rys 43.4s A ctfs
1962 ---- 3
103
103
97
____
Sept'34
103
0
A
1940
L
E
1st g 5s
212 412 Pitts Sh &
118
1962 -_ r - 4 Sept'34
634s series 11 certificates
__ _ _
____
--,,
-___
.5100
Nov'33
1943 2
1st consol gold 58
1024 11012
98
N Y Steam 6s series A
10938 12
1947 m -IV 10914
_ .
94
-___
Oct'33
94
N
M
1943
Vs
&
Char
Pitts
1st
40
guar
10838
983
8
90
16
1057
8
N
let mortgage 5s
10614
1951 M
56
So
5i
___
Oct'34
J
0
1958
6812
Pitts & W Vet lot 4As ser A
9112
9738 106
1st mortgage 5s
Oct'34
1956 NI N 106
52
5
7938
56
70
1958 A 0 70
1st M 4 As series B
50
76
N Y Susq & West lot ref 55
404
5
63
1937 1 J 63
56
80
5234
10
71
1960 A 0 70
43
5612
1st NI 434s series C
43
5
20 gold 41,2s
48
1937 F A 47
9258
9414
100
_-__
100
May'34
1948 .1 I)
3834 5812 Pitts Y de Ash 1st 40 set A
3134
2
48
General gold 5s
1940 F A 48
101 10912
97
1962 F A 10914 Aug'34 _-__
1st gen 5s series 13
824 9812
7234
1
9812
Terminal 1st gold 5s
1943 M N 9812
95
89
61 14
1953 F A 8012 Oct'34 ____
NY Telep 1st & gen s f 4 As
103 10912 Port Arthur Can & Dk (3s A
10834 71 10218
1939 M N 108
8912
70
60
1953 F A 79 Sept'34 -N Y Trap Rock 1st 60
1st mtge (is series B
4818 63
4558
Oct'34
10465 D 49
37
,
2
39
5734
115
S
4618
4712
M
1960
434s
C
Port
Gen
Elec
1st
set
365
8
594
3658
N Y Westch & B let scr I 434s _ _'46 J J 374
72
39
4734
49
47$4 15---1957 - - - „ 4714
50 assented
Niag Lock Sc 0 Pow 1st 5s A
90
90 108
10278 32
1955 A 0 10134
75
78
9512
1935 .1 1 90
4 19
923
Portland
Gen
Elec
let
5s
724
48
Niagara Rhare(Nfo) deb 534s __1950 M N 6518
50
59
664
38,
4
10
3212
57,2
3512
353
8
.1
J
Porto Rican Am Tob cony 6s _ .'42
4518 73
33
5
50
NorddeutscheLloyd 20-yr a f 6s _ __•47 SIN 4912
37
63
37
4478 209
-1953 5 1 4314
Postal Teleg Sc Cable coil 55
4118 49
4412
5
New 4-6%
4218
1947 NI N 41 18
40
5
40
6618
5312
J
50
J
1933
”Prmsed
Steel
Car
cony
g
5s._
17114
10512
39
128
169
Nord Ry ext sink fund 6340
1950 A 0 16712
50
1
37
50
37
1957 M N 37
Providence Sec guar deb 48
8
25
5
1814 29
5:Norfolk South 1st Sc ref 5s
1961 F A 1712
8112
5411, 914
19511 M 53 9112 Apr'34 _Providence Term 1st 40
1712 13
4
Certificates of deposit_ 174
754 22
9818
10012
13
10714
101312
107
D
5
1414
1414 40
:Norfolk & South let It 50
Pub Sony El Sc Gist & ref 4545 --_'67
1941 I-Yi-N 34 Sept'34 ____
100 108,4
97
6
-1970 F A 10714
10758
1996 0 A 10558
let Sc ref 434s
9l1 4
N Sc W Ry let cons It 4s
9834 10778
10614 58
88,4
93 106
18
1971 A 0 10412 106
9734
1st Sc ref 4s
10018 10835
15
DWI 1st lien Sc gen It 4s
108
1944 41 5 107
87
904 10034
10034 145
1937 F A 9834
9084 10634 Pure Oils f 534% notes
96
4
Pocali CA C Joint 4s
105
1941 J 0 105
82
9814 131
87
9914
1910 M S 9512
6118
5 f 5 A% notes
6311 914
North Amer Co deh 5s
8518 23
1961 F A 84
781*
7814 9911
8514 45
1948 1 J 8412
55
No Am Edison deb Sc set A
Purity Bakeries 51 deb 5s
Cl
91
9
84
1957 M 8 82
56
15
Deb 5)4s set li
62
95
86
Aug 15 1983 F A 8412
54
34
Deb 58 set C
5618 8734 2Radlo-Keith-Orpheum pt pd ctfs
79
Nov 15 1969 M N 78
35
37
35
- 3678 Aug'34 --95
for deb Cs Sc corn stk (65% pd)
North Cent gen Sc ref Us A
Oct'33 1974 M 8 99
1814 41
15
i
32
1941 J D 32
'
,Debenture gold 65
9912 10618
88
Oen Sc ref 4 As series A
1974 M S 103 Aug'34 —
9812
82
73
52
96
95
A
0
51
35
Reading Co Jersey Cent coll4s
35
60
:North Ohio lot guar It 55
1945 A 0 40 Aug'34 ___
88 105
79
10314 59
1997J J 102
Gen Sc ref 434s series A
354 64
Ex A pr'33-Oct•33-Apr'34 epns-- - -354
CO June'34 ____
584 105
794
94
103
1997 1 5 102
Gen Sc ref 4)4s series B
Stinpd as to sale Oct 1933, de
93
5
1034
964
103
1937 M N 10258
344 52
3435
Apr 1934 coupons
Remington Arms 1st 5 16s
.r.-, 48 Aug'34 _
63
964
76
9658 142
744 10514 Rem Rand deb 534s with wart.... __'47 M N 9412
744
Nor Ohio Traci Sc Lt Cs A
10312 22
1947 M 9 102
Oct'30
N
113
M
1941
76
140
Rensselaer Sc Saratoga 8s gu
83 101
North Pacific prior lien 40
9834
1997 Q S 9758
--.17.1
85- 10412
8 e4• --0/
4 103
1940 A 0 1021
60
71
5012
Repub I Sc S 10-30-yr 59 13 f
76
Gen lien ry Sc Id It as Jan
673
2047 Q F 6634
74
984
75: 614
1953 .1 J 9434
96
60
Ref & gen 5549 series A •
73
904
39
Ref & impt 4 As series A
84
20472 J 8114
80 105
li 76
10412
1948 M S 10412
83 103
Revere Cop Sc Brass 6s set A
681 3
Ref Sc impt6s series B
964 367
2047 J .1 9158
2612 73
2612
3358 34
1946 J J 3112
64
7614 9712 Rhelnelbe Union s f 7s
9
90
Ref Sc ImPt 5s series C
2047.1 5 8814
25
2538 5612
28'8 18
61
Rhine-Ruhr Water series 65
1953J J 2614
6
754 97
8978
2047 J J 874
Ref & imPt Is series D
3934
7
3758 734
19,50 M N 375s
1938 A 0 100
Rhine-Westphalia El Pr 7s
100 100
09
Nor lty of Calif guar g 5s
39
Jan'34 _
3512 71
3434
1952 M N 3634
Kok 10612
89
Direct mtge 69
371s 12
Nor States Pow 25-yr 5s A
1941 A 0 10272 10458 69
71
35
3534
4
38
1953 F A 3712
Cons mtge 69 of 1928
944 1074
93
10712 66
lot Sc ref 5-yr (is set 11
1941 A 0 106
33
3558 71
14
371
-'55 A 0 3634
Cons M 8s of 1930 with wart
684
774 90
8
Norweg Hydro-El Nit 534s
7912
1957 NI N 794
20
21,4 36
7
2734
1944 M N 27
*211.1chfield 011 of Calif 1,3s
3514
20
19,2
M N 27
25
28
4517
Certificates of deposit
48
72
Oct'34 _
Og & L Chain 1st gu g 45
1948 J J 48
38
1948 NI N 40 July•3 ____
Rich Sc Meck 1st g 4s
1943 M S 97 Mar'32 _
Ohio Connecting Rs lot 4s
9958
10
314
99
____
Sept'3
.1
19.52.1
10234
89
Mehra Term Ry 151 gu 5s
89 110
Ohio Public Service 7340 A
1916 A 0 10812 10912 12
45
1
5414 63
63
1955 F A 63
Rims Steel 1st s f 7s
78 107
78
8
1st & ref 7s series B
1947 F A 10312 104
963
8
70
73
Aug'34
J
D
1939
95
70
lot
Rio
Grande
June
100
10412
90
gu
55
2
104
10414
1
D
River
RR.
1st g 55
1936
Ohio
1 14
114 Oct'3 ____
1910 .1 .1
:Rio Grande Sou lot gold 4s
87
1937 A 0 101
89 104
Aug'34 _
General gold 5s
1
314 juir3 ___
Guar 4s (Jan 1922 coupon) _ _ 1940 J .1
1212 23
1412
7
1312
1944 F A 1212
20111 Ben Coal 1st 68
937
g
3)) -93
71
66
14
78
1939 5 .1 76
101 11014 Rlo Grande West 1st gold 4s
99
23
Ontario Power N F 1st 59
1943 F A 107 , 108
40
40
9
46
1949 A 0 4512
1st eon Sc coil trust 4s A
9412
101 11012
Oct'34 _
1945 M N 106
67
Ontario Transmission lot 50
96
994 10834
1
10834
_'48 NI S 10834
92 1044 Roch G&E gen M 5 As set C
8314
13
1946.5 D 10218
103
Oregon RR Sc Nay corn g 4s
86 103,4
85
197755 S 10212 Sept'34 __
Gen mtge 4340 Series D
10414 112
5 100
1114
1948 J .5:11114
One Short Line 1st cons It 5s
94 10734
8912
14
1962 M 5 10734
1073
Gen mtge 55 series E
9958 10411 115
3
1131, 11312
J
Guar stpd cons 5s
1
I
1946il
l'.
.13
BONDS
N. Y. STOCK EXCHANGE...,.....
.2;4
Week Ended Oct. 19
For footnote,.(3e 95cE 2499
Week's
Range Of
Last Sale
-r
New York Bond Record-Concluded-Page 6
2496
r.
ff
BONDS
Y STOCK EXCHANGE
Week Ended Oct. 19
r.3
3h
•72,7.
Week's
Range or
Last Sate
July I
1
1933 to
I Sept.29
1934
Low
High No
*:R I Ark & Louis let 4(45
1934 M 5 13/
1
4
14/
1
4 10
Royal Dutch 4s with warr
1945 A 0 135
135
20
Ruhr Chemical s f 6s
1948 A 0 44 Sept'34 ---Rut-Canada 1st gu g 48
1949 J J 51 Aug'34 ---,
Rutland it con 4343
1941 J , 54
54
1
St Joe & Grand fold 1st 48
1947.3 J 101
Oct'34 -St Joseph Lead deb 5345
1941 M N 10913 11014 33
St Jos By Lt Ht & Pr lot 5.1_
1937 MN 93
9312
5
St Lawr & Adr 1st g As
1996 J J 85 Sept'34 ---2d gold (is
1996 A 0 85
Oct'34 ---St Louis Iron Mt & Southern*RN & G Div 1st g 9s
1933 M N 56
5712 51
Certificates of deposit
___ 5412 Oct'34 ____
St L Peer & N W 1st gu 58
60
2
1948 J J 60
:St L-San Fran pr lien 45 A
15
45
1950 J .1 14
Certificates of deposit
___ 14
1412 18
Prior lien 5s series B
16
3
1950 .1 J 16
13
Certificates of deposit
Oct'34 ---Con M 434s series A
14
33
1978 M 5 1278
CUB of deposit stamped
____ 1212
1212
7
St L Rocky Mt & P56 atpd
19552 1 746 Sept'34 ---St L S W 1st 484g bond etre ____1989 MN 69
72
20
28 g 48 Inc bond ctfs
Nov 1989 .1 .1 61 Aug'34 ---,
1st terminal & unifying 55
1952 1 J 51
5178
7
Gen & ref g 53 ser A
1990.3 J 43
43
1
St Paul City Cable cons 58
1937 J J 72 Sept'34 ---Guaranteed As
Oct'34 ---1937 J J 73
St P & Duluth lst con g 48
1908.3 D 100 July'34 ---St Paul E Or Trk 1st 434s
1947 J J 73 June'34 --,,
St Paul & K C Sh L gu 434s
1941 F A 1814
1812 30
St Paul Minn & Man 5
10578 30
1943 J .1 105
Mont ext let gold 45
1937 .1 D 110012 10034
7
Pacific ext gu 43(sterling)
1940.3 J 9655
96's
1
St Paul Un Dep 58 guar
1972.3 2 110
11114
8
Range
Since
Jan. 1
Low Low
High
9/
1
4
9/
1
4 25
90/
1
4 1024 1421
.
44
7412
301
/
4
4312
47
72
50
53/
1
4 7816
8314
813 103
10534 105/
1
4 114
961,
70
72
95/
1
4
6414
77
70
79/
1
4 93
BONDS
N. Y. STOCK EXCHANGE
Week Ended Oct. 19
Oct. 20 1934
:
iV
.
E
43-
,
Week's
Range or
Lass Sale
July)
1933 to
Sept.29
. 1934
1
1
Range
Since
Jan. I
Low
High No
Low Lou
High
*Union Elev By (Chic) 58
1945 A 0 1012 Sept'34 -..„
1014 . 1014 24
Union 011 30-yr tis A
May 1942 F A 1111
/
4 114
10 105
1074 115
Deb 53 with warr
Apr 1915 J D 102
103
28
9212
9434 10414
Union Pac ER lot & Id gr 4s ____1917 J J 10634 10714 63
94
99/
1
4 10834
1st Lien & ref 4s
June 2009 M S 10012 10l1
/
4 Si
8012
89 10333
Gold 434s
19672 J 10114
10214 149
81
89
/
1
4
105
1st lien & ref fis
June 200e M S 11312 114
20
99
102/
1
4 11534
Gold 4s
1968.1 D 9533
97/
1
4 115
76/
1
4
824 99
/
1
4
United Biscuit of Am deb 68 __Will M N 106
10612 19
97
10254 10712
United Drug Co (Del) 58
1953 M S 8278
8412 78
53
60
8534
U N J RR & Can gen 48
1944 M S 10512 10612
2
9712 1004 10733
4518 . 4711 64
111:United Rys St L let g 43
1934 J J 21 Sept'34 ---1534
17
2112
52
52
59
US Rubber let & ref 583er A ____1947 1 .1 8414
86
94
56
68
91
53
6712 82
United S S Co 15-year 83
1937 M N a98
Oct'34 --„,
8513
9012
98
1951
1313
j
134 28
D:
Un Steel Works Corp 634s A
37
1637i2 13
26
26
8858
114
1112 26
1951 J D 3512
Sec.,f 6348 series C
37
16
2638
2633 6834
1334
Sink fund deb 6348 eer A
1334 30
1947 1 J 32
3212 13
23
23
87
13
13
28
Un Steel Works(Burbach)78 ____1951 A 0 112
Oct'34 __984 107 120
1112
12
251: Universal Pipe & Bad deb Os ____1936 J D 1878 Oct'34 ---,
13
13
33
1133
lita 2411 Unterelbe Power & Light 61
1953 A 0 3512
3512
2
33
33
7358
37
3714 61
Utah Lt & Tree 1st dc ref 58
1944 A 0 6112
66
14
5012
574 754
51
644 811
/
4 Utah Power & Light 1st 55
1944 F A 6614
671a 62
52/
1
4
504 Al
41.4
42/
1
4 63
Utica Elec L & P lot s f g Ets __ _1950 1 J 109 Sept'34 -- -... 109
109
110
43
48
6911 Utica Gas& Elec ref & ext 59 ____1957 J 1 11418 11412 . 9 100
102 11518
37
33
581: Util Power & Light 5343
1947 1 0 2812
30
39
2033
221
/
4 4114
45
45/
1
4 82
Debenture 5a
195, F A 2518
2634 149
18
181
/
4 381s
45/
1
4
4573 80
84
84 100
Vandalla cons g 45 series A
1955 F A 10114 10114
1
99
99 102
45
761:
Cons 5 f 48 series 13
63
1957 M N 101
101
3
85
974 101
17
3734 Vanadium Corp of Am cony 55 __ _'41 A 0 8234
17
84
8
5812
62
Me
9218
97 10656 *Vera Cruz & P 1st gu 448
1933 J J 514
6
38
134
212 6
86
94 10112
July coupon off
J J 3 Sept'34 --__
3
3
3/
1
4
85
89
99/
1
4 Vertientes Sugar 7s We
1942 --. 6
Oct'34 --__
3
3/
1
4 14
96
101 112
Va Elec & Pow cony 5348
1942 M 8 108
10812 15
95
96 10873
56; series B
D
103
1994 .3
10312 25 10114
10114 10412
S A & Ar Pass 1st gu g 49
1943 1 .7 78
7914 32
55
6012 85.
1
Secured cony 5340
1944 1 J 10834 10914 21 107
107 110
San Antonio Publ Serv 1st 6s ____1952J J 9612
9712 17 , 70
71 10012 Va Iron Coal & Coke lot g 58
1949 M S 52
Oct'34 ____
6514
50
52
Santa Fe Pres & Phen 1st 58
1942 M S 1O05 Oct'34 ---94/
1
4
97 10674 Virginia Midland gen 55
19311 M N 10314 10314
3
91
9814 11/3/
1
4
&Wilco Co guar 6348
1946 J J :39 Aug'34 ---3534
3514 41
Va & Southwest let gu 50
2003 J J 90
Oct'34 --_7
5
,
43
7571 97
Stamped
37 Sept'34 ---2612
30
45
1st cons 58
1958 A 0 7712 Oct'34 ___
55
67
ill
Guar s 11334s series B
Oct'34 -1946 A 0 36
29
32
41
Virginia By 1,1 53 series A
1962 M N 107
10812 51
89
9913 110
38 Sept'34 --Stamped
30
30
41
1st mtge 43412 series B
1962 M N 102
10234
8
8413
90 10312
Scioto V & N E lot gu 45
90
1989 ifti 10512 Oct'34 ---9715 10712
*:Seaboard Air Line 1st g 43
1714
Sept'34
---1538
1950 A 0
1714 27
:Wabash RR 1st gold 58
1939 M N 87
89
45
57/
1
4
74
95
16 July'34 ---,
Certificates of deposit
16
16
231:
1939 F A 7114
2d gold 59
72
3
4912
5111
/
4 8312
*Gold 48 stamped
1950 1714
11--6 171
g
/
4
124
16
27
1st lien g term 45
1954.3 J 53
53
1
53
53
60
Certifs of deposit stamped
1614
2
A 0 16
1014
15
25
Det & Chic Ext lot 53
1941 J J 100 .1u27'34 --70
70 100
Adjustment 55
4
3
3
3
Oct 1949 F A 4
712
Des Moines Div 1st g ,is
1939.3 J 49 Sept'34 --__
45
45
58
*Refunding 4s
5
712 25
1959 A 0 658
5
14
Omaha Div 1st g 3345
1941 A 0 4838
4818
1
38
45
55
Certificates of deposit
7
1
5
- 7
5
13
Toledo & Chic Div g 48
Oct'34 -_
1.941 M 51 75
56
70
75
1st & cons 65 series A
10
1945 I11 914
62
1354
8% 1612 :Wabash By ref & gen 5545 A
1712
'75 M 8 1712
4
121
/
4
1334 29
8
Certificates of depoelt
9
16
514
514 147,
-- "§_
. 16 • Oct'34 ____
Certificates of deposit
11
1312 25
*AU & Birm lot g 4s
1933 M S
19
9
10
144 2514
Ref & gen 53(Feb'32 coup) ____B'76 i--A 1612
1734 11
12
2813
13
:Seaboard All Fla 6s A ctfs
312
36
233
1935 A 0 3
233 7,,
Certificates of deposit
1614 Oct'34 ___
11
14
2414
Series 13 certificates
1
4 Oct'34 ---214
1935 F A 2/
214 71.
Ref & gen 434s series C
0 1612
1978 A1718 33
12
1812 2812
Sharon Steel Hoop s f 5 Hs__ _ s 1948 F A 6812
69
16
35
38
76
16
Certificates of deposit
Oct'34 -_.
11
le
2512
/952 54 N 10134 10312 113
Shell Pipe Line a f deb 58
86
894 10312
Ref & gen Is series D
1980 A 0 1612
1712
6
12
1314 28
Shell Union Oils f deb 5s
/
4 1021s 121
1947 MN 1011
7858
8953 10218
Certificates of deposit. 13 Sept'34 --__
13
13
234
Deb 58 with warrants
102
/
1
4
247
/
4
1011
79
1949 A 0
8933 10215 Walworth deb 814A with war__ __r '35 -i--0 2212
27/
1
4
7
1212
1211 441
/
4
ShInyetsu El Pow 1st 634s
84/
1
4 16
1952.3 D 82
1
4
58
6451 84/
Without warrants
A 0 30 Aug'34 ____
1212
15/
1
4 37
Siemens & Halske a f 75
Oct'34 _-63
1935.3 j 39
39
81
let sinking fund 13s ser A
40
1945 A 0 3712
9
1813
21
50
Debenture of 6412
Oct'34 --36
1951 M 5 37
36
69
Warner Bros Pict deb 68
1939 M S 59
61
79
28/
1
4
(I)7, 57
Sierra & San Fran Power 53
9754 54
1949 F A 96
8634
8834 1041, Warner-Quinlan Co deb 65
2934
1939 M 8 29
3
2714
27/
1
4 4812
Silesia Elec Corps f 6343
30
7
1946 F A 291s
26
26
681
Warner Sugar Refin let 78
1941 J D 107
10714
17
104
105,2
10838
Silesian-Am Corp coll tr 7s
1941 F A 49
52
16
33
37/
1
4 5834 Warren 1st ref gut 3349
2000 F A 7712 Sept'34 _76
76
1937 m s 10418 10414 66 10078 10212 1043
Sinclair Cons Oil 7seer A
774
. Warren Bros Co deb 6,s
41
4233 ii
1941 M S
3614
3614
43
1st lien 6345 series B
1045,
1053
8
30
9878 101 1055
193 1 D
, Washington Cent lot gold 48 ___1943 Q M 79 June'31 --79
79
79
Skelly 011 deb 5315
96
65
1939 AS s 92
80
8412 971
/
4 Wash Term 1st go 3345
1945 F A 10013 1001
/
4
1
86
93 103
So & No Ala cons gu g 58
96
1936 F A 10412 Sept'34 ---10033 10412
1st 40-year guar 48
1915 F A 10434 Sept'34 --94
1013
4
10134
Gen cone guar 50-year 521
1
4 Sept'34 ---89
1963 A 0 107/
91 110
1939 f .1 10534 1061
Wash Water Powers f 5s
/
4
6
981
/
4
Ms 11.1634
Westchester Ltg 58 stpd gtd
IMP 1 0 11312 Oct'34 ---, 10314
105 11412
So Pac colt 4s(Cent Pao coil) -1949 J D 6334
65
69
46
53
747, West Penn Power ser A 55
S 109
51
194e
109
12
6
1014 103/
1
4 11038
1st 430(Oregon Lines) A
78
127
55
634 841.
1977 M 8 704
SI 8 1121
Mt
series
/
4
E
1969
11312
55
14
1011
/
4 104 1131
1963 pii 8 6112
Gold 43413
6212 30
/
4
44
531
/
4 72
1st eee 50 series G
1951' 1 D 10858 10834 18 191
104
10914
6112
Gold 4348
6314
64
43
1969 MN
53
72
196, I J 104
1st mtge 48 set 11--...
Oct'34 --- 103
103 104
Gold 4348
6234 133
42
1981 MN 6114
52
71
San Fran Term lot 46
/
4
97
69
1950 A 0 961
801s
827s 99l Western Eleatic deb 55
1944 1. 0 103
10312 111
94/
1
4
9714 1.04
So Pac of Cal lst con gu g 58
1 100
1937 M N 10578 1057s
101 107
Western Maryland 1st 4s
1952 1 0 8334
8514 142
6112
704 844
So Pac Coast lot gu g 43
95
19372 J 101 Sept'34 r--99 101
lot & ref 534s series A
1977 J J 94
95
19
15734
gg
go
1955 j j 87
So Pac RR 1st ref guar 45
8812 145
1937 j J 10573 106
6018
70
9034 West N Y & Pa 1st g 55
3
100
10238 10634
1955 j J 9212 May'30 --- -_
Stamped (Federal tax)
_,,.. __,
Gen gold 4s
1943 A 0 2102
1025
8
31
78
85 1034
Southern Ry lot eons g 5s
98
102
74
1994 J J 95713
80 147a Western Pac lot 5s ser A
1946 31 S 36
38
28
28
30
Mid
Devl Se gen 45 series A
6012 118
me A 0 5812
4514
53/
1
4 7334
Assented
37
1946 -__ 36
3
_
36
38
Devl & gen 68
78
28
58
1956 A 0 7634
71
193° 2 j 10012 10114 40 -8312
95
Western Union coil trust 58
1
1
Devl & gen 6345
/155
02
1953 A 0 8012
8212 38
14
65
7334 973
.
Funding & real est g 4318
19.311 M N 7418
7514 19
6712
7414 904
Mem Div lot g M
88
5
60
19982 J 86
8034 100
15-year 6345
1936 F A 10054 101
40
92
96 10234
St Louis Div 1st g 48
1951 1 .1 7614
7613
5
5314
66/
1
4 91
25-year gold 58
1951 J D 7918
8112
93
715
3
79
95
/
1
4
East Tenn reorg lien g 58
73
1938 M 5 102 Aug'34 --84 10255
30-year 5s
81
1960 M 8 791s
64
72
78
944
Mobile & Ohio coil tr 45
624 35
1938 M S 6112
4212
56
81
Westphalia Un El Power 68
1953 1 J 3278
3512
9
2712
3273 8854
South Bell Tel & Tel lot St 58 __ _'41 3 J 1084 109
24 10312 10513 1104 West Shore 1st 43 guar
23111
1
J
8214
83
29
66
68,8 86
Southern Colo Power 6s A
83
1947.3 J 82
8
6014
634 86
Registered
J
78
2361
797
1
s 13
63
854 3213
S'west Bell Tel 1st & ref 53
195t F A 10912 110
50 104
10513 110/
1
4 Wheel & L E ref 434s ser A
1964 VI 5 100
100
6
81
85 10112
:Spokane Internet lot g 58
Ps
1
812
1955.3 .3 858
838 17
Refunding 55 series B1966 M S 1034
3 Sept'34 __ ,,,
651
/
4
93
/
1
4 105
Stand Oil of NJ deb 58 ---Dec 15 '45 F A 10514 10612 324 10214 1044 107
RR 1st consol 4s
1949 M S 10012 101
11
83
86/
1
4 101ls
1
4 81
Stand 011 of N Y deb 434e
96
1951 J 010334 104/
100 10412 Wheeling Steel Corp 1st 5345 ......_1948 .1 1 9412
95
6
70
_ . __
8214 97
Staten Island By lot 434s
1943.3 D 60 May'32 ____
1st & ref 434s series B
84
8112
0
1953
A
191
60
72
(Stevens Hotels 6s series A
8734
16 -1-i
15
1945 J J 1414
14 181
. White Sew Mach lis with warr____'36 1 .1 53 May'34 58
58
'(Stud
@FedFRASER